The Middlesex Association for the Blind (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 March 2021 Company registration number: 514204 Charty registration number. 2071J)7 AAK£iKIK3 30112r2021 COMPANIES House Alo
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The Middlesex Association for the Blind Contents Reference and Administrative Details ............................................................ .2to3 Chairman's Report ......... Trustees. Report..........................................-......................................5 to 13 Trustees, responsibilities in relation to the financial ststements ...............................14 Independent examinerfs report . .15to 16 Statement of Financial Activities (including Income and Expenditure account) -17 Balance Sheet................................................-....................................... 18 Notes to financial statements .......................................................................... 19 to 31 Pagell
The Middlesex Association for the Blind Reference and Administrative Details Charity Name The Middlesex Association for the Blind Charity registration number 207007 Company registration number 514204 Principal Office Suite 18, Freetrade House Lowther Road Stanmore Middlesex HA7 1EP Registered Office Suite 18, Freetrade House Lowther Road Stanmore Middlesex HA71EP Members of the Council of Management These are the directors for the purposes of the Companies Act and the charity trustees for the purpose of the Charities Act. The trustees set out below have, save where noted, held office during the whole of the period from 1 st April 2020 to the date of this report: Trustees Mr R Mehta Chair Mr B Hindocha Vice Chair Mr K Daneshyar Hon Treasurer Mr P S Wadhwa Hon Secretary Ms O Macauley MrT Mills Mr J Shingadia Miss R Goldberg MrJ Brown Mrs D Luff Resigned December 2020 Mrs N Yoganathan Resigned December 2020 Chief Executive Officer Mrs Singh Page12
The Middlesex Association for the Blind Reference and Administrative Details Bankers HSBC 235 Northolt Road South Harrow Middlesex HA2 8HP Independent Examiner James Lambden FCA CTA Calculus Accountants & Tax Advisers Ltd 5 Priory Road, Loughton, IG10 1AF Page13
The Middlesex Association for the Blind Chalmian's Report This is our 99th year and we are delighted and proud to continue providing high quality services to our MAB clients. We know this year has been like no other, and in many ways, we will all be glad to see the back of it! Irs been a difficult year for everyone as a result of the COVID-19 pandemic. The external environment has had a particularly negative effect on those with a sight loss. As MAB we have had to be flexible and adapt systems quickly in order to continue to meet the needs of our clients in this difficult time. Despite the challenges we fad, we believe we have come through this period stronger as an organisation. Financially, we made excellent progress towards ensuring our organisation's sustainability, having ended the year with a balanced budget after securing many new donor relationships. We have also revamped many of our intemal administrative systems to ensure we are delivering a better service to our clients. All that we have achieved in this past year. and our hopes for our expansion work in the next year, is only possible thanks to the support of our donors, our stsff, our volunteers and our Tiustees. I thank you all for your involvement and your commitment to MAB. Without you. we would not exist. Wilh you, MAB can thrive. As we move into 2022, let's look fOard to a New Year, new beginnings and to new, inclusive ways of working. Page14
The Middlesex Association for the Blind Trustees, Report The directors present their report and the financial statements for the year ended 31 March 2021, which have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, Statement of Recommended Practice. Accounting and Reporting by Charities (SORP (FRS102) 2019), issued by the Charity Commission in October 2019 and applicable UK accounting standards. STRUCTURE, GOVERNANCE AND MANAGEMENT Introduction to the Middlesex Association for the Blind The principal activity of the charity is to continue to provide the services set out under "Objectives. below in accordance with the Memorandum and Articles of the Association. Governing Document The Middlesex Association for the Blind is a company limited by guarantee (registration number 514204) and a registered charity with the Charity Commission (registration number 207007). The governing document is the Memorandum and Articles of Association. Appointsnent of Directors The board of directorsltrustees is referred to as "the Council.. Under article 30 of the Articles of Association. the Council appoints new members of the Council either to fill a vacancy or to add to the size of the Council. The policy of the Council in appointing new members is to create and maintain a body in which there is a wide range of experience in relation to both the treatrnent of visually impaired people and in relation to the administration of charities. Trustees. Induction and Training It is the general policy of the council to invite prospective new trustees to attend a Council meeting before they are appointed. They are given a brochure outlining the functions of the Association, the duties of the trustees and the work required. Trustees are encouraged to attend a visual impairment awareness training course and other training appropriate to their role. Pagels
The Middlesex Association for the Blind Trustees. Report Organisation The Association carrtes out its local functions in the individual London boroughs in its area of operation. Decisions are taken by the trustees who have appointed a Chief Executive Officer to make day to day decisions and liaise with them on any issues affecting the Charity. The Association has local Co-ordinators, based in the boroughs in which they work, and one Operations Manager who report directly to the Chief Executive Officer. The volunteers report to the local Co-ordinators who then report to the Operations Manager. The Chief Executive Officer attends all Tiustee related meetings. Related Parties Details of related party transactions are given in note 16 to the financial statements. Mr R Mehta the chair of trustees is also a trustee of Thomas Pocklington Trust, who have provided a grant of £9,854 in the year. Rlsk Management The Trustees have considered their obligations in relation to risk management and have instructed their Chief Executive Officer to ensure Ihat members of staff are aware of this statement. Members of staff are instructed to report Ihe occurrence of events which might cause a serious risk to the Association and its activities particularly. though not exclusively, in the following areas: Governance risks e.g. inappropriate organisational structure, difficulties recruiting trustees with relevant skills & conflict of interest- Operational risks e.g. service quality and development, contract pricing, employment issues, health and safety issues. fraud and misrepresentation" Financial risks e.g. accuracy and timeliness of financial information, adequacy of reserves and cash flow. diversity of income sources, fundraising returns and investment management" External risks e.g. public perception and adverse publicity, demographic changes., government policy, physical damage to physical assets" Page16
The Middlesex Association for the Blind Trustees. Report Risk Management (contd.) Compliance with law and regulation e.g. breach of trust law, employment law, and regulative requirements of particular activities such as fundraising or the running of Home Visiting and other services; Reserves Policy Our Reserves Policy is reviewed annually by the trustees and is based UF)on maintaining a minimum of 12 months operating costs to ensure that the charity could proceed in a properly managed way even if all funding ceased. Maintaining a reasonable level of reserves is achieved through proper budgetary control whereby the Finance, Risk, Audit Personnel Committee examine income and expenditure performance against the budget set at the beginning of the financial year and reviewed every 3 months. Fundraising initiatives and ser4ice delivery can then be changed in a timely fashion to ensure our financial performance is properly balanced. The Trustees, policy and practi is to review the major risk possibilities in the areas listed above. As a matter of practice, these matters come before at least one Trustees, meeting a year. such meetings taking place every three months. They maintain personnel. finance and premises and grants sub-comrnittees which deal with many of the detailed issues arising and report to the Trustees as a whole. on these issues and on any relevant risk issues. Public Benefit The Council of Management are confident that their activities in pursuit of their objects are delivering Public Benefit to people who are blind. visually impaired and deaf-blind. Page17
The Middlesex Association for the Blind Trustees. Report Objectives The charitable objectives, for which The Middlesex Association for the Blind is incorporated. are as set out in the Memorandum and Articles of Association as amended on 26th June 2007. These objectives are within the areas of the London Boroughs of Barnet, Brent, Ealing. Enfield. Haringey. Harrow, Hillingdon, Hounslow and Richmond as constituted at the date of adoption of the amended Memorandum of Association and are" to assist in promoting in any and every way the welfare and the physical mental and spiritual wellbeing of people with visual impainnents in the above areas. to take such steps. as may frorn time to time be deemed expedient to promote the prevention or reduction of and the recovery from visual impairment of visually impaired people in the above areas, and for such purposes to act in conjunction with any other association or body or person or persons pursuing the objects. to organise, promote andlor support classes of instruction and activities of a similar nature for the instruction. benefit or welfare for people with visual impaimient in the above areas. The Beneficiaries The original areas of the Association were those within the boundaries of the old County of Middlesex. As a result of boundary changes, the Memorandum of Association now provides for the areas of operations of the Association to be the London Boroughs listed under 'Objectives' above. Supporting people with a visual impairment remains the prime objective of the Association's work. PaEe18
The Middlesex Association for the Blind Trustees. Report Aclivity in the year The number of people requiring support, advi or information continues to increase and puts extra pressure on both our staff and volunteers and, as always, they have risen to the challenge. Home Visiting remains our core service. in addition to this our focus has been to establish social clubs within each of the Boroughs we operate in after coming out of the COVID-19 pandemic. We are aware of the benefit and need for social inleraction with our clients and volunteers. In addition to our Home Visiting Service we also provide an Employment Service, Braille Training, Rapid Response Counselling, Visual Awareness Training, delivery of British Wireless for the Blind Radios and a Telephone Befriending SeNice. Achievement and Perfomiance in Core and Other Areas Approximately 140 volunteers work with us to enable us to deliver our services. They are engaged in home visiting. providing advice and information at hospital eye-clinics, delivering radios supplied by the British Wireless for the Blind Fund and providing administrative support at head office. Volunteers are an invaluable part of our organisation and enable us to reach out to far more people wrth visual impairments than would other¥vise be the case. Home Visiting and Advocacy Service: Supporting People to remain in their homes, remain independent and continue to be part of the community. - Over 6,000 hours of visits were made in the past year. Grants to Individuals and Clubs: As part of the Meek Legacy of which the Association is the Trustee. the Association distributed almost £2,500 during the year lo 10 individuals and 15 clubs to enable people to have a holiday or visit a club to ensure they do not become isolated and can access activities within their own community. Page19
The Middlesex Assoclation for the Blind Trustees, Report Braille and Transcription: Enabling people to receive information in a format appropriate to them is vital. The Association provides a Transcription Service - Braille, CD, etc. as well as teaching people to read Braille. Hospital Infomiation Desk (Midsight): Helping and supporting people at the point of diagnosis within the Eye Clinics at London Hospitals. Information and Advice: Providing telephone advi and information in response to over 2,000 enquiries received during the year. Rehabilitation Services= We work in partnership wrth Local Authorities to provide Early Intervention and Rehabilitstion to carry out assessment of need and training for newly registered visually impaired people. Awareness Training" Providing training to the statutory and private sector to increase people's understanding of the issues affecting people with visual impairments. Employment Service: The Employment Service supports people with visual impairment to retain or seek employment. In the last year we have seen significant numbers find employment, set up their own business or move on to further education as a result of our expert support. Rapid Response Counselling Service: We employ a qualified counsellor who works across all our boroughs with those experiencing anxiety as a result of sight loss. Leisure and Social Activities: The Association has a cycling club to provide healthy activity in a social setting using a specially adapted twin seat tricycle. We also run social clubs where people with visual impainnents can get together and socialise in a relaxed and supportive environment. As mentioned above we also make small grants to a number of clubs supporting people wrth visual impainentS across Middlesex. Page 110
The Middlesex Association for the Blind Trustees. Report Our thanks go to: London Boroughs of Barnet. Ealing, Hounslow. and Richmond Brent NCIL Childwick Charitable Trust Drapers Company Charity Edward Goslling Foundation Field Family Trust Firmenich Garfield Weston Foundation Goldsmiths, Company Charity Hampton Fund Hillingdon Community Trust James Tudor Foundation London Community Response Fund Paddington Equip and the European Union Social Fund Thomas Pocklington Trust Richmond Parish Lands Charity WG Edwards Charitable Foundation Woodroffe Benton Individuals who gave donations Volunteers and those who remembered us in their Will Our incredibly hard working staff and volunteers. The Rehabilitation Officers across the nine London Boroughs we sep4e Page | 11
The Middlesex Association for the Blind Trustees, Report Financial Position and Reserves A significant part of our funding is through grants from a diverse range of charities and organisations including local authorities which support our services such as our home visiting serdice. We are partly funded by Hounslow Council to employ an Early Intep4ention Officer working with the sensory services team in that borough. 5t At 31 March 2021 our total funds carried forward (including our reserves held in investrnenls) were £601,666 of which £162,593 is restricted. Our expenditure for the financial year has been £354.000 and our income has been £398,000 ending the year with surplus of £44,000. We are grateful to all trusts, philanthropies, grants and individual donors who have enabled MAB to continue to deliver our vital services to people who are blind and partially sighted. None of this would have been possible without your continued support. Investment Policy The Meek legacy fund and general funds are invested to give equity exposures at moderate risk. The Trustees are satisfied with the rate of returns on these investments. The Association's major commrtments for the coming year: To raise enough funds to continue and enhan services. To raise enough funds to pay its staff. To raise funds to cover the expenses of its staff and volunteers. Future Plans Our mission is to continue providing assistance to anyone who is affecled by sight loss and assist our clients in helping them iemain I become independent through our seNices. Going for4vard. we have so much more to do. We need to expand our services in every borough in which operate, ensuring that more clients who are visually impaired and isolated, get the support they need to be independent and to experien better mental wellbeing. We need to give clients the skills and Confiden they need to thrive. We want to continue and improve our Telephone Befriending Service that started during lockdown. as this was clearly a sepiice that had great benefits for clients. We also want to create an all-new career development programme that trains people to become job ready. builds their confidence and gives them independence. Page | 12
The Middlesex Association for the Blind Trustees. Report Compliance with laws and regulations The trustees have established policies and procedures designed to ensure that it complies with all material laws and regulations in relation to the charitable company's operations and activities. The trUStS are not aware of any significant non-compliance with laws and regulations. Independent examiners The trustees have decided to tske advantage of audit exemption under the Companies Act 2006 and the Charities Act 2011. The trustees view an independent examination as part of governance and internal control of the charity. Calculus Accountants and Tax Advisers Ltd have expressed their willingness to continue in that capacity and resolution proposing their re-appointment will be presented at the annual general meeting. Small company provisions This report has been prepared in accordance with the small companies, regime under the Companies Act 2006. Approved by the Board 16 December 2021 and signed on its behalf by: Rnmehts (Dec 20, 2021 18:05 GMT) Date Dec 20. 2021 Mr R. N. Mehts Chair Page113
The Middlesex Association for the Blind Trustees, Responsibilities in relation to the Financial Statements The trustees (who are also directors of The Middlesex Association for the Blind for the purposes of company law) ale responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards {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 view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP,. make judgements and 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 charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable 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 laking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board 16 December 2021 and signed on its behalf by: XRnmehta IDec N2021 t85GM1j Date Dec 20, 2021 Mr R. N Mehta Chair Page114
Independent Examinerfs Report to the Trustees of The Middlesex Association for the Blind For the year ended 31 March 2021 I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2021 which are set out on pages 17to31. Responsiblllties and basls of report As the charity 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 requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company'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 examinerfs statement Since the charitable 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 confirm that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 that in any material respect.. 1. 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 with 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 Page | 15
Independent Examine$ Report to the Trustees of The Middlesex Association for the Blind For the year ended 31 March 2021 Independent examinerfs statement (contlnued) 4. the accounts have not been prepared in accordance with the methods and principles of the Staternent 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 concems 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. L,L James Lambden FCA CTA Calculus Accountants and Tax Advisers Ltd 5 Priory Road, Loughton. IG10 1AF Date Dec 23. 2021 Page | 16
STATEMENT OF FINANCIAL ACTMTIES {INCLUDING INCOME & EXPENDITURE ACCOUNn THE MIDDLESEX ASSOCIATION FOR THE BUND FOR THE YEAR ENDED 31 WIRCH 2021 UNRESTrICTED FU14DS REsTricfED FUNDS 2021 2020 Note No Intome and End¢>wrnentsfrom: Donations and Legaoes Charitable Attlvlties OtherTradin8 ALtivities Investrnent income Total 88.70S 156,985 88,705 3.521 J.224 7.583 398.033 54,424 141.738 1,932 12.731 210.825 143.536 L224 5.103 149.863 248,170 Expenditure ¢Jn: Fundraising trading.. costs of goods sold Charitable artiwties 3,596 93.485 97.081 5,955 251,067 257.022 9,551 344,552 354.103 14771 1489,3361 1489.8131 Gain ILosslfrom Operation Net 8ains sale of InvestmeDts 52,782 2.874 18,852} 43,930 2,874 1278.9881 74,993 Net incomelexppnditwe 55,656 18,8521 1203.9951 fjalns IL0$5esl on revaluation of inve5tinents Gross translers between funds 7S.437 75.437 192,6381 Net rnovempnts in fvnds . 131.(83 18.8521 122,241 1296.6331 RECONCILIATION OF FUNDS Total funds brou8ht forward Total funds carried forward 307,980 439.073 171.445 162.S93 479.425 601,666 776,058 479.425 Total Unrestrlrted Funds-Avallable Free Reserve T&n8ible Assets for own use 281.865 157.208 439,073 315.809 163.616 479,42S The notes on pages 19 to 31 form an integral part of these finanoal statements. Page 17
THE MIDDLESEX ASSOCIAMON FOR THE BUND COMPANY NUMBeR.. 514204 BALICE SHEET AS AT 31 IIAR¢H 2021 20 2020 Fbx¢d A$54ts Taryible assets InStMents 12 157.208 163.618 13 382,6H 299. 462.922 c1 14 19.775 13,445 Cash at bank and in haTh1 89.768 159.642 109.543 173,087 r•dIto. Ijnots lalllnq du•wlthln on• {47.729) 1156,5841 Net cuffent A888ts 61.814 16.503 Total a880ts les8 current Maknlill•s 1.efj6 479,425 Tho fund$ ofth• thorfty.. Restrfcted fund8 In 8uWu8 162.$93 171.445 UnrBstrlcl•d funds Revaluation rese 155. 79.929 BaLte Unresiritted 283.707 228.051 less Tan9e Asse1$ 1157.2081 281,5 1163,616) 144.364 Total unrestdeted fUnd8.AvaiIab Frt Rsw Tangiblg fx•d As5•ts forown u80 157.208 163.616 Toial charlty funds 601.eé8 479.425 The board of tn&iiee5 are salisftd the charitie ccffiparty is entiued lo exerfQtim the reoLNr&iient to oPA¥in an a11 dersectffi 477 of Ihe Compatws Act 2CpJ6 and Th) ha r¢Wir an acc48 ith seca 476 (Il ensuriry that the company kee acc(vJtsg recordsvM sedith ". aTr (ill prepariro accounts vthkh gi a I aTha fair Yiv¢ftl¢ swe cwyanyas a tre eryj L4the finala1 ar aTrJ of Sp15 of defiut lor Ihe financ4 ye¥ in actordan¢ TAilh requvemeNs Ofse¢ . and vthich otkn•5e %4ith requirements oftS Acl reling to a¢counis. $0 tsr a$ appliearAe to the compory. These accounts have been prepared Mi tre misirffj to crmw¥es sthjera lo ts $mall ¢omp•' reg4me and in aCCoanCeIlh FRS 102 and the Charities SORP IFRS 102). These finanoal statements set t) page$ 1710 31 vue akyo%Ed ar¥1 L$84e Tru$tees OA 16 Oecemir2W21 atsy or Ihwr bthair ty.. MehiDEID.24?lwJ5& Mr. Raj Mema Ch. reCtOr Mr 8harat HiTrJrha Vice I81r- t*"fe¢t Page 18
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2021 Summary of significant accounting policies {al General information and basis of preparation MiddlesexAss¢xiati¢)n forthe Blind is a private company limited by guarantee registered in England and Wales {number 05142041 and registered as a charity with the Charty Ccxmmission (number 20700n. In the event of the charty being wound up, the liabilrty in respect of the guarantee is linited to £1 per member of the eharty. The address of the registered office is given in the charity infomialion on page 3 of these finaneial statements. The nature of the charty's operations and principal actNities are SLFPPOrtry I1nd. parts.alty blirKI deaf blind people to leJ independent INes. The Charty constrtute5 a publK bertefit entty as defmed by FRS 102. The financial statements have been prepared in accordance wrth A¢countsng and Repo"n9 by Charitses". Slalement of Recommended Pract applicable lo ¢haTrt preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charitie5 Act 2011. the Companies Act 2006 and UK Generally Accepted Accounting Practice {as it applies from 1 January 20191- The tharty has taken advantage of the eXeMptn from the requirement to prepare a Slalemenl of Cash Flcws availabk to small chanties wrth total income of less than £500,000 under the Statement of Recommended Practice: Accounting and Reporting by Charilies ISORP {FRS10211. The finaneial slalements afe prepared on a going concem basis under the historical cost onvenlion, modified to inelude eertain rtems al fair value. The financial statements are presented in sleding whth is the fundal currency of the charity and rounded to the nearest £. The significant accounting pdicw applied in the preparatk?n of these finan¢ial $tements are set out below. These poIleS have been consistently applied lo am years presented unless otherwise ststed. {b) Funds Unrestricted fvnds are availablefry use atthe dIsClon of the trustees in fvrtherance of the general objeth'ves of the charrty and whi¢h have not been designated for other purposes. Designated funds comprk8e unreslrKled funds that have been sel asKle by the Iruslees for particular purposes. The aim ar use of designated fund is set out in the rKJles lo the financkql ststements. Restricted funds are funds which are to be used in accordance with spec.ffic restrIDn$ imposed by donors or which have been raised by the Chanty for particular putposes. The cost of raising and administering SLtrch funds are charged against the specffK fund. The aim and use of each restricted fund is Set out in the notes lo the ffinancl slatements. Icl Income recognition All incoming resources are included in the Stslement of Financial AclNities ISOFAI when the charity is legally enlilled lo the inccffle after any perforrnance condiknon5 have been fflet. the amount Can be measured reliabty and tt is probable that the irTrcome will be received. For donations to be reccgnised the chartywil have been notsfied ofthe amounts and the settternent dale in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtained then income 1$ deferred until those condth'ons are fully met or the futhlmenl of those conditions is wrthin the control of the charity and rt is probable Ihal they wdl be fuffilled. Page 119
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2021 1¢) Income recognlllon Iconllnuedl Voluntary income induding donations and grants th provtde corefunding orare of a general nature is recognised where there is entitMent, certainty of receipt and the amount can be measured with sufficient relkqbilty. Donated facilthes and donated professronal serVe$ are recognised in income * their fair value when t11r economic benefit is probable. il ean be measured reliab, and the charity has contrd over the item. Fair value is delemiined on the basis of the value of the grft to the charity. For example. the amount the charity wouhj be willing to pay in the open market for such faeilsties and ser¥e$. A eorrespjnding amunl is recLyJnised in expenditure. No amount is includeil in the financial stements for wjlunteer ts.me in line with the SORP. Further etsil is given in the Trustees, Annual Report. VKthere practubke. gffts in kind donated for.distn"bution to the beneflaries of the charity are in¢lude(l in stk and donions in the financial ststements upon receipt. If il is inpraclicable lo assess the fair value at receipt or rf the costs lo undertake such a valuation OLthveigh any benefrts, then the fair value is recognised as a component of donions when it is distributed and an equivalent amount rCYnIsed as charitable expenditure. Fixed assel gifts in kind are wognised when receivable and are included at fair value. They are not deferred over the lrfe of the asset. For legac, entitlement ts the earlier of the charity being notified of an impending di$tribution or the legaey being reeerved. Al this point inecthe i% recognised. On Lxcas¢•n legacies will be notffied to the charity however il i5 not possible to measure the amount expected to be dislribLrted. On these ¢xcasions, the lega¢y 1$ treated as a tingent asset and disclosed. Incomefrom Iradirvj acliwties includes inc(xne frard frorn fundraisir@ events and trading aetivrt*s to raise funds for the charity. Income from charitsble xtivibes includes 'earned' income received in exchange for SUpping goods and seryres in wder to raise funds and is reccgnised wh8n entitlement has ¢xcurred. The charty weves govemment grants tn pecI of services provKJed to blind or partialty sighted beneficianes. Income from govemment and other grants S reeogrtised al fair value when the harity has enlillement after any performance condrtions have been mel, rt is prcèable that the inrne will be re¢eNed. and the amount can be rneasur relrably. If entitnent is ncrt met. then these amcyjnls we deferred. Investment InMe is earned through holding assets for investment purposès such as shares and propety- 11 ildeS divklends, interest and rent. Where rt i8 not Practle lo idents.fy investment management costs iUrred within a schème wth reasonab accuracy the investment income is . reported net of these cos1$. It ts included when the amount can be measured reliably. Interest income is recognised using the effecttve intet method and dividend and rent income is recognised as the charity's rYJht Io fecewe payment is eslablished. Other income tiludes gains ¢)n disrthals of irnieslments and tangib fixed assets. Idl Expenditure rocognition All expenditure is accounted for on an accruals basts and has been classrfied Under headings that aggregate all costs rdated to the categixy. Expendrture Is recognised where there is a legal or cons1rL1lve obligation to make payments to third parties. rt is probable that the settlement will be required. and the amount of the obli9alion can be measured reliabty. tt is categorised under the following headings-. Costs of raising funds includes the costs associated with attrxting voluntsry ineome the costs of trading for frJnd raising purposes., Expendituie on charitable acts'vities includes ccmprises those costs incurred by the charity in. the delivery of its aclivrties and serv5 for its beneficiaries, rt includes both costs that can be allcLaled directty and indifect support eosts." and Other expenditure represents those items not falling into the Catego above. Page120
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2021 {d) Expenditure recognition {eontinued) Irrecoverable VAT is chargejj as an expense against the actmty for which expenditure arose. Grants payJle lo third parties are within the tharitable ¢iectwes. Where uncondf¢ional granls are offered, this is crUed as soon as the recipient is ncl1rd of the grant, as this gives rise to a ressorble expectation th the lplent will receNe the grants. Where grants are condi(ional relating to perfomiance then the grant i% onty accrued when any unfUffiId condrtions are outside of the contrd of the charity Grants payable wilhoul perfomiance condrtrons are onty wognised in the accounts when commitment has en made and there are no conditions to be met reLqling lo the grant which remain in the contrd of the charity. Provisions for grants are made when the intertt to make a grant has be8n communicated to the reepient bul there is uncertainty about etherthe timing of the grnnt or the anount ofgrant payable. {el Support costs allocation Support costs are those thal assist the work of the chanty bul do not dire¢lty represent charbtable aetivilies and include office eosts, govemance costs, administrative payrdl costs. TW are incurred directly in support of expenditure on the obj.ects of the chanty and indude project management carried out at Headquarters. Where 5UPPOrt costs cannot be diredty attributed lo particular headings, they have been alktaled to cost of raising lund$ and expenditure on charitable aclwilies on a basis consislenl with use of the resources. Premises overheads arKI other overhea(Is have been allocated in pr¢)porticm to the salary costs incurred in delivering the prclect or serwce. Fund-raising eosls are th¢)se IUrred in seeking voluntary contrt•Lrtion$ and do not irKlude the eosts of disseminating infomiation in support of the charrtable xtivities. The anatysB of these costs is in¢lLvJed in note 7. lfj Tangible fixed assets Tangible fLYed assets are stated at cost {cff deemed cost) or valualpDn less xcumulaled depre¢iion and accumuled impaimient losses. Cost indudes Costs directty attnbutable to making the asset capable of operab'ng as intended. Depreciation is provKled on all tangible fixed assets. at rates cakulated to wr((e off the eosl. less estimated residual value, of each asset on a systematic basis over tts expectèl useful life as folkhys: Leasehold land and buildings Straight line over the shorter of the sg term and 50 years 25% on written down val 25% on written down vu8 Plant and machinery Motor vehicles (gi Investments Investrments are fectsjnised inrtialiy at fair value wffiich ts nomialty the transaction price excluding transaction costs. Subsequently. they are rneasur&J at fair value wrth changes re¢oJnise(l in 'net gain5 11l¢)ssesl on investrnents. in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Olher investments are measured * wst less impairment. Current asset investmenls are short term highPy liquid investments and are held at fairvalue. These irxlude cash on deposrt and cash equiVanIs wrth a maturity of less than one year. Page 121
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2021 {gl Investments IntInued) Realised gains losses on investments are calculated as the dIfferce between sales proceeds and their market value al the stsrt of Ihe.year, or their subsequent cosl. and are charged or credited to the Statement of Financwl Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credrted or charged lo the revaluation reserve based on the market value al the year end. Ihl Cash and cash equivalents Cash represents cash in hand plus bank balances imrnediatety avaikble to the charty. Cash equivalents are bank baL8nces held on short term deposrt available to the Charity at up to three m¢)nths' notio. {•) Debtor5 and Creditors iKeivabl• I payable ¥•ithin one year Debtors creditors with no stated interest rate and recvable or payable within one year are recorded al transxIi Pre. Any h)sses arisirKJ frcm impaimnt are reec8nised in eypenditure. Ul Impalm)ent Assets ncl ffasured at fair value are reviewed any mdication thal the asset nyay be impaired al each balance sheet date. If SLKh Indi110n exists. Ihe recoverable arrUnt of the asset, or the asset's cash generating unit. is estimaled and cOMpad lo the carrying amoijnl. Where the carrying amount exceeds ils recoverable amounL an impaimienl loss is recognised in profil or Ios5 unless the asset 1$ carried al a valUed amount where the impairment loss is a revaluation decrease. Ikl Provisions Provisions are recognised when the chanty has an obligation at the balance sheel date as a result of a past event, it is pr()able thal an ouffl(w of economic benefits will be required in Settment and Ihe amounl be reliabty estimated. {11 Leases Assets acquired underfinanee lea are capitalised and depreciated over the $horter of the lease tem and the expected useful lrfe of the asset. Minimum lease payments are apportioned behveen the finance charge and the reduCtn of Ihe"outstsnding se liabilty usiro the effective interest method. The related obligalions. nel of future finance charges. are included in credrtor5. Rentals payable and reeervable under c¢erating aSe$ are charged to the SOFA on a straight line basi5 over the perN)d of the. {m} Employee benef hen gmpbyees have rendered semce lo the chanty. short4erm employee benefits to which the employees are entitled are reeognised at the undi8eounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefft of its employees. Contributions are expensed as they become payab. Page 122
The Middlesex Association for the Blind Summary of Significant Accounting Policles For the year ending 31 March 2021 (n) Tax The charty ts an exempt charity within the meaning of schedule 3 of the Charrties Ael 2011 and is considered to pass the tesls sel out in Paragraph 1 S¢heOule 6 Finance Act 2010 arKI therefore r( meets the definition of a charitable 1paTry for UK corporation lax purposes. (o) Going concern The financial statements have been yepared a gftg coneem basis as the trustees believe that no material uncertainties exLSt. The trustees have ¢Slered the level of funds held and the expected level of inctyne arKI expenditure for 12 rnonths from authorising these financial stalemenls. The budgeted irKome and expendrture 15 sufficient with the level of reserves for the chanty lo be able to continue as a gcing corKem. {p) Financial instruments Financial instruments such as accounts receivable, accounts payable arKI cash are cla5STfied either as basic or compleL All financHI instruments are initsalty meaSUd al their fair values at lime the transactions occur. Subsequentty all bast instruments are measured at amothsed cost and all complex financial instruments are measured * a fair valuethrough the statement ofcomprehensive incorne. Financial instruments hehj by the charity are ckssffied as fo11ry4VS'. Cash is held al cost. Investments are held at fair value_ Financ1 assets such as debtors are held at amortised cost sing the effe¢tNe interesl method. Financ1 liabilthes such as credrtors are hekl at amortised cost using the effecttve interest methc•J. {ql Judgements and key sources of estln)ation uncertalnty The following judgements {apart from those invoknng estimates) have been made in the pre$S of applying the above aecounlirrfJ pOl*S that have had the most signthcant effect on amounts recognised in the financial statements.. vThere irwne is received for specfft prqecas that income is recognised when the proieet is delivered unless the income is Specif to certain expendtlure for examp. salary costs or purchase of equipment. in which case Ihe income is reccgnised when the expendrture 15 incurred. I fInela1 instruments are bas instruwÉnts. The key assurWions concerning the fLrture and other key Sources of estimation uncertainty at Ihe reporb'ng date that have a swJnrfKant risk of causing a material adjustment to the Carrying wnounts of assets and liabilities within the next financial year in¢lLKIe'. Useful ecOnCrfn lives of fixed assets have been Covared to past eXperIee or in relation lo buildings and significant eomponenls therein. on recommended lie cycle replacement peri¢XI. Bad debt provisions are based on past experience for personal debtors while arTh)unts receivable freffi bcal authcfiti.es and heamh authorrties are regarded as recoverable in fvll unless a specific query has been lodged which 1$ provhjed against in ftAI. Page123
THE MIDDLESEXAssocfATION FOR ThEWIID 140TESTO FINAfKIAL STATEMEIITS YUR ENDED 31 MARCH 20ZI 2 In¢¢mefvorndonJWc PJNDS FUNDS 2021 FUKDS FUNDS FUNDS Appealsand donations 14.471 39.953 54.424 14.471 39.953 54.424 18.705 18.705 3 ChJrirableActh FUND5 FUND5 FUNDS FIINDS FUNDS fjrants VS5ioDFtyJndoiion Local auth<Jfity Grants Govemrnent Covid support IOHSBrwt} Giants- othei aVnc$ 70.¢Xi) 86,98S 126.fO) 86,985 14.327 63.209 41,360 92.517 92,517 24.327 63.209 1.742 6.119 7,861 141.738 143.536 156.98$ 3fyJ.521 43.102 98.636 4 Oth*rtradl athllbts UIthESTRICTED RESTRICTED TOTAL FUP4DS FiINDS FUWDS PJND5 FUNDS Stuéent5 5ecwdrnents¥ irainir65 prov1& olCRBSe1vllo P¥tner5 thtr Incorhe 862 39) 39) 834 1.070 1.224 l.Z24 1.932 1.932 p4t 24
THE MIODLESEXASSOOATION FORniE BLWID NOTE5TO FIM4NCIALSTATEMÉlllS YEAA ENDED 31 MARCH 2021 LIN•ESTgKTED AESTRICTED TOTAL FUNDS Jr4DS FUNOS 2020 FUNDS FUNDS Jpjos 2021 IoMeOrn listed jn¥tstmÈhts 5,103 9,S61 3,170 12,731 6 FundralsiNtrathN'. tos1•00d5Sd&OthertsMts FUNIYS FUND5 FUNDS 2021 FUNDS JNOS FUP4D5 2020 Sales ofgoodsd FurtdtainKt¢%ts 5,95S 9.SSI 477 477 25
IHE MIOOiESEX ASSOCJATIOFI FOR TNE BUND 140TESTOFINANOAL sfATEMENTS YEAR ENDED 31MAROI 2021 OTIIER ThIEcr AlLOTED HtyMeItPnE & Sur•r Peop EmpbymeDI 5etyi(e5 G0$mIth Foun¢at Mldsight+8TrilleseMce E•rtythterrtfitrfn&R¥pOP45pSeThe 39J21 6M6 118.579 121.587 30370 nJ97 18J33 194.984 48.703 2.0 4.69D 58.037 50.7S8 43. 6Xbn 3m4 433 37m) 5MS4 17.313 20 W289 21.847 19.107 16217 11.49J JM 31.651 26A66 Fundra15inE& Otherfrants MEek le8a¢Y bilt ResrQUn ThèTrike Pruiect G¥dnersTnut W4ernantE(051 H(4idayG¢ant 27.738 51.881 17.025 415 1237 Ill16 U.4J7 059 2201 Is.Ds 225.197 5.492 113*3 113r2 179J18 ftÈ&trirtEd prorata UnresErKttdyoMa 251.? 93.48$ 344352 236.297 Is339 489.336 pay26
THE MIDDLE5EXAS50tIATIOPI FOR THE BU14D NOTESTO FINANCIALSTATEMEPI YEAR ENDED 31 MARCH ZOZI 7a) Swtyfwsts *SF STAFF Bèrtk ¢har8esaffld intwest Health &5alety Oeanifft8 175 175 5.253 5253 479 16M14 7.178 4.%7 479 16M24 7.278 4,967 4.972 3.842 rkprEEiat 2.450 U50 EmpknymEfjtath SundryÈxoendi¢we 7surafflce iJS8 2,6n 341 1.614 158 Outlook Printiw posty aid5tsithiery Rep5 and AlYerlsin8&Pft 5prvice(hapS Staff Re¢ruitmenrc05ts TeWhOffltd broadband drePendentÈxa1n3I InvtMentmarrnÉnl Redunthn(y Saar 4J79 %422 4979 SA2 5.561 1261 4ml 5.561 1.261 4.071 2.912 LL5 LL401 2555 3.220 3.R20 22.958 80A76 179.919 58 80,876 103.834 tQ.632 113 67.4D5 PaEt27
TrIE MID0LE5EX ASSOOAnOPI FOR ThE BUND NOTES70 FINANCIALSTATEMEPITS FOR THE YEAR ENDED JI 1414RCH 2021 TruthS' remuneration •nd ww)ses No irustees received anyremuneratiN duringtheyew. Nolrustee5 rervved •nyexpensesdurinB the year. 9 Surplus I Idefidtl Isststed after dwrKiryl luerfitifi¢l: 20ZO Net Income Is stated afterdMryln8 SerTrAcesol Independem Examlner Operatin8 lease rentals Depre¢tiOn of tsngible hxed assets 1.85D 4.169 6.408 4,953 7,278 10 Empl¢)yets' remufteratlon The average numberof pefws empjoyed bythe charity lincknlir trustetsl thrinitheyear. anatysed by category. was a5 follows.. 2021 20ZI 2020 FTE 14 No 20 No 20 FTE 14 CharitaNe actItieS The aEgre8ate payTdl costs olihese pS$were a5follows'. 2021 2020 Wagesand salafrds S(Kial 5eEurity Costs Other pensim costs Redundart0sts 251.781 17.790 4.738 4,054 278.363 332,751 24,3 5.696 22,958 386,308 The awegate payroll Costs of key personnd were asfolknws". 2021 zo WaEe5 and salaries Soti31 securrty Costs Otherpension costs 44,160 4,882 1,138 50,180 34,260 3.537 37,797 11 TIMation The company is o reqistered charityarKI isthereforeexewfrom taxation. Poge 28
THE MIDDLESEX A550CIATIOII FOR THE BUPX) NOTES TO FINANaAL STATEMEPU5 FOR THE YEAR ENDED 31 MARCH 2021 12 Tangiblefixed assets LEASEHOLD PROPERTY FixfuRES. FITTINGS & eouipMENIS TOT AL VEHiaES Cost As at l April 2020 Addr(lons Disposals A5 at 31 March 2021 189.633 24,978 49.147 263,758 189,633 24.978 49,147 263,758 Depreclatlon As at l Aprtl 2020 Charge for the year Disposa15 As at 31 March 2021 36.487 3.792 21.406 891 42.249 1,725 100,142 40279 22,297 43,974 106.5 Net Book Value A5 èt 31 March 2021 149.354 2,681 5,173 157.208 As at 31 Marth 2020 153.146 3,572 6,898 163,616 13 Investments held as Flxed Assets Market value A5 at l April 2020 Investments wrthdrawn Investment income reinvested Investment mènagernent fees Gains on the sale of investrnents Gainsllossl on the revaluatitsn of investments X+21 2020 299,306 592.440 1285,0001 12,731 13,2201 74,993 192,6381 7.583 12.5551 2,873 75,437 As at 31 March 2021 Net Bookvalue As at 31 March 2021 382,644 299,306 As at 31 Marth 2020 299,306 592,440 All investment assets were held in the UK as ftAk) zozi zozo Cèsh balances listed investments 18,876 363.768 382.644 10.198 289.108 299.306 14 Debtors 2021 2020 PreYMeNts and accrued irtcome 19.775 13,445 15 Credltor5: Amounts lalliry due witluh ovr zoii zozo Accruals and Credito effered Incorne INote Islall 10.048 37.253 47, 5.842 150,742 156,$84 151•1 Deferred incoff 2021 2020 Brought lorward Released in the year Deferred in year Cavried lorward 150.742 1150.7421 37,253 150,742 150 742 Pw29
THE MIOOLESEX AssoaAIION FOR THE BLIND NOTESTO FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2021 16 Related partytransactloAs Mr R Mehta 45 a trustee ofThomas Pocklington Trustwho pmwded a8rant thjrinstheèrendeI JI Marth 2021 of £9,854. Mr Mehta wa5 not in¥ol¥ed in tyther thegrant application orconsideraiion of ihe award. 17 Members. abilIty The chèrity is • private rompony limyted ¢varantee Consequent dees•ot haveshare opital. Eath of the membews is liable to contribute an omount noi exceeding £1 towards theassets olthe tharityin theevent of liqwdation. 18 Controllln8 entlty The Charity is contrdled by the Tnr5tees who are 311 dtreaors of the Company. 19 Subsequent Events Note There were no such events 20 Analy4$ of net assets between fvnds Total fvnds 2021 Total fvnd5 2020 fvrtds li fvnds 20Zi Investments urrent assets Creditors within one ar 211.199 78.722 147,7291 242.192 157,208 399.4 171.445 30A21 299.306 173,087 1156.$841 315,809 163,616 479.425 109.543 147.7291 444.458 157.208 601.66G 202.266 Fixtd assets 162.593 21 Oper•iin8 le•se commitments The future minimum ase pèyrnents undev nOrKanCelke operating leases are as follos= 20Zi 20ZO Withln one year 4.169 4,169 22 Cawtal Comitlrnents Ctsntractual cornmitments lorthe acqU1110n of intsn8ible and tangible fixed assets contratted for tt not provided in the finarKki15tsteffEDts arwjnted to £-12020£-1. 23 UnreStri£t Fund5 2021 T•tsl fvnds e¥4lu•ilon Urutri¢ted Restyirted funds luv As at l April 2020 Incoming Resources Capital Gains As at 31 March 2021 79.929 228.051 55.656 171.445 18.8S21 479.425 46,804 75,437 601,666 75,437 155,366 283,707 162,593 24 Finanoal Instrunnts Finala1 Assets 2021 Finan¢lal ¥ss•ts measured atfaSrvalue Investments 363.768 289,108 FaN(la1 assets measured •t amortised tost Trade debtors 19,775 13,445 Fin•n¢i•l asstts n¥sUr at C05t Cash and cash eou1vènts 108.644 169B40 Totsl fihancial a55eis 492.187 472393 Pale ao
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