The Middlesex Association for the Blind (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 March 2022 Company registration number: 514204 Charity registration number: 207007 111 ABHIC5TC 1811112022 c(1PANIEs HOUSE A10
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The Middlesex Associatlon for the Blind Contents Reference and Administrative Details ................-...... ................................... ..2to3 Chairman's Report .................... Trustees. Report.................... .5t0.13 Trustees, responsibilities in relation to the financial statements . .14 Independent examiner's report . .15to 16 statement of financial activities ................................................................................17 Balance Sheet...................... 18 Notes to financial ststements 19to31 Paeell
The Middlesex Association for the Blind Reference and Administrative Details Charity Name The Middlesex Association for the Blind Charity reglstratlon number 207007 Company registration number 514204 Principal Office Suite 18. Freetrade House Lowther Road Stanmore Middlesex HA71EP Registered Office Suite 18. Freetrade House Lowther Road Stanmore Mrddlesex HA7 1EP Members of the Council of Management These are the directors for the purposes of the Companies Act and the charty 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 2022 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 Mr T Mills Mr J Shingadia Miss R Goldberg Mr J Brown Chief Executive Officer Mr S Singh Page12
The Middlesex Association for the Blind Reference and Administrative Details Ban kers HSBC 235 Northolt Road South Harrow Middlesex HA2 8HP Independent Examiner James Lambden FCA CTA Calculus Assurance Services 5 Priory Road, Loughton, IG10 1AF Page13
The Middlesex Association for the Blind Trustees. Report Chaiman's Re ort This is Middlesex Association for the Blind's 100 year and we are delighted and proud to continue providing high quality services to our MAB service users. As we returned to normality from the COVID-19 pandemic we continue to be flexible and adaptable in providing support to people with a visual impairment. Despite the challenges we faced, we believe we have come through this period stronger as an organisation. Financially, we made excellent progress in ensuring our organisation's sustainability and ending the year with a balanced budget. We have improved and introduced new systems and processes to ensure we are delivering the best seNice possible. There have been many other achievements. including the increase in demand for our services. Our service users increased by 28 % and we also saw a 34 % increase in the numbers of volunteers recruited from the previous financial year. Our Mobile Resource Unit has successfully relaunched and is continuing to make a considerable impact on increasing awareness around preventable sight loss. Here is looking fonNard for the next 100 years. I thank you all for your involvement and continued commitment to MAB as we look towards 2023 Page14
The Middlesex Association for the Blind Trustees, Report The directors present their report and the financial statements for the year ended 31 March 2022, 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 Charty Commission in October 2019 and applicable UK accounting standards. STRUCTURE. GOVERNANCE AND MANAGEMENT Introductlon to the Middlesex Assoclation for the Blind The principal activity of the charty is to continue to provide the sep4ices in accordan 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. Appointment of Directors The board of directorsrtrustees 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 treatment of people with a visual impairment 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. Page15
The Middlesex Association for the Blind Trustees, Report Organisation The Association carries 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 Trustee related meetings. Risk Management The Trustees have considered their obligations in relation to risk management and have instructed their Chief Executive Officer to ensure that members of staff are aware of this statement. Members of staff are instructed to report the Occurren 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; govemment policy. physical damage to physical assets. 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 ServiS. Page16
The Middlesex Assoclation for the Blind Trustees. Report Reserves Policy Our Reserves Policy is reviewed annually by the trustees and is based upon maintaining a minimum of 12 months operating costs to ensure that the charity could proceed in a properly managed way even rf all funding ceased. Total unrestricted reserves are £462,550 of which £151,454 are invested in fixed assets and £57,000 have been designated leaving £254,096 representing 8 months of operating expenses. Maintaining a reasonable level of reserves is achieved through proper budgetary control whereby the Finance, Risk, Audit Personnel Committee examine income and expenditure performan against the budget set at the beginning of the financial year and reviewed every 3 months. Fundraising initiatives and sep4ice 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-commrttees 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. Publlc Beneflt The Council of Management are confident that their activities in pursuit of their objects are delivering Public Benefrt to people who are blind and visually impaired. Page17
The Middlesex Assoclation 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 impairments in the above areas. to take such steps. as may from 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 instwction and activities of a similar nature for the instruction, benefit or welfare for people with visual impainnent 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 obj'ective of the Associats'on's work. Page | 8
The Middlesex Association for the Blind Trustees, Report Activity in the year The number of people requiring support, advice or infonnation 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 interaction 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 Equipment, social clubs for people with a visual impairment and the relaunch of our new and improved Mobile Resour Unit. Achievement and Perfonnance in Core and Other Areas Approximately 150 volunteers work with us to enable us to deliver our services. They are engaged in home visiting, 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 with visual impairments than would otheiSe be the cas.e. Home Visiting and Advocacy SeNlce: Supporting People to remain in their homes. remain independent and continue to be part of the community. - Over 8,000 hours of visrts 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 £3,000 during the year to 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 Association 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 Ser¥ice Braille. Audio USB, etc. as well as teaching people to read Braille. Information and Advice: Providing telephone advice and information in response to over 1.000 enquiries received during the year. Rehabilitation Services: We work in partnership with Local Authorities to provide Early Intervention and Rehabilitation 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 qualtfied counsellor who works across all our boroughs with those experiencing anxiety as a resutt of sight loss. Leisure and Soclal 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 impairments 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 with visual impairments across Middlesex. Page | 10
The Middlesex Association for the Blind Trustees. Report Our thanks go to: London Boroughs of Bamet, Ealing, Hounslow, Harrow, Richmond Childwick Charitable Trust Edward Gostling Foundation Field Family Trust Firmenich Garfield Weston Foundation Goldsmiths, Company Charity Hampton Fund Hillingdon Corporate Grants James Tudor Foundation Thomas Pocklington Trust Richmond Parish Lands Charity WG Edwards Charitsble Foundation Vision Foundation London Catalyst Partnership Grants RNIB National Lottery Mercers Company Charitable Trust D'oyle Carte Charitable Trust Clarion Futures Shanly Foundation Hounslow Thriving Communities Independent Age Grants Heathrow Hillingdon National Lottery Grants Field Family Trust Ellis Foundation 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 serve 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 service. We are partly funded by Hounslow Council to employ an Early Intervention Officer working with the sensory services team in that borough. At 31 March 2022 our total funds carried forward are £624,724 of which £162,173 is restricted. Our expendrfcure for the financial year has been £379,270 and our income has been £387,835 ending the year with surplus before investment gains of £12,517. Recognised investment gains were £10,541 resulting in a total surplus for the year of £23,057. The trustees have designated £57,000 of unrestricted reserves to cover two new projects for which we are fund raising. details of this are shown in Note 25 to the accounts. We are grateful to all trusts, philanthropies. grants and individual donors who have enabled MAB to continue to deliver our vital ServIS to people who are blind and partialty sighted. None of this would have been possible wrthout 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 commitments for the coming year: To raise enough funds to continue and enhance 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 affected by sight loss and assist our service users in helping them remain I become independent through our services. Going forward we will expand our Home Visiting Service into the Borough of Haringey. MAB has not had a presence in the Borough of Haringey in over 20 years. we are incredibly excited to start supporting Haringey's blind and partially sighted community. and the trustees have designated £10,000 of our reserves to support the launch of this new project. We also intend to relaunch our l.T Training service. providing support to people within Page | 12
The Middlesex Association for the Blind Trustees, Report Future Plans (continued) their own homes in using assistive technology, further enabling service users to remain independent. Compliance wilh 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 trustees are not aware of any significant non-compliance with laws and regulations. Independent examiners The trustees have decided to take advantage of audit exemption under the Companies Act 2006 and the Charities Act 2011. The trustees view an independent examination as part of govemance and internal control of the charity. Calculus Assurance Sep4ices 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 and signed on its behalf by: xr rnehta INOV 15, 2022 21..31 GMT) Date Nov 15, 2022 Mr R. N. Mehta 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) are 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 state 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board and signed on its behalf by: mehtalNo¥ 11202221'.31GII Date Nov 15.2022 Mr R. N Mehta Chair Page | 14
Independent Examinerfs Report to the Trustees of The Middlesex Association for the Blind For the year ended 31 March 2022 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2022 which are set out on pages 17to31. Responsibilities 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 (Ihe 2006 Act,). You are satisfied that the accounts of the company are not required by charity or company law to be audited ad have chosen instead to have an independent examination. Having satisfied myself that the accounts of the 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 (Ihe 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 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 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Page115
Independent Examlnerfs Report to the Trustees of The Middlesex Association for the Blind For the year ended 31 March 2022 Independent examinerfs statement (contlnued) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. James Lambden FCA CTA Calculus Assurance Services 5 Priory Road, Loughton, IG10 1AF Date Nov 16, 2022 Page116
THE MIDDLESEX ASSOCIATION FOR THE BLIND srATEMENT OF FINANCIAL AcfiviTIES {INCLUDING IP4COME & EXPENDITURE ACCOUNr) FOR THE YEAR ENDEO 31 MARCH 2022 UNRESTrICIED FUNOS AESTrICTEO Fuf4DS 2022 2021 Note No Incilt znd Endowments from: Donat10Th5 and Legacies Chariiable Activities Other Trading Aciivitie5 Investrnent income Total 39,337 85.613 5,253 5.753 135.956 166.153 83,246 205.490 168.859 5.253 8.233 387,835 88.705 300,521 1,224 7.583 398.033 251,879 Expenditure on: Fundraising trading: c95ts of goods sold Charitable artmties Total 3,677 123.294 126.971 6.812 245,487 252.299 10.489 368.781 379.270 9,551 344.552 354,103 Gain (Lossl from Operations Netgzin50n sale ol InTents 8.985 3,951 14201 8.565 3,951 43.930 2,874 Net incomelempendltuve 12.936 14201 11516 46.804 NrfGalns (Losses) on rakl)n of In¥estments Gross transfers between fvnds 10.541 10.541 75,437 Net movements in funds 23.477 14201 23,057 122.241 RECONCILIAnoN OF FUNDS Total funds brought forward Total funds carried forward 439,073 462,550 162,593 162,173 601,666 624.723 479,425 601,666 Total Unre5trlrted Fynds-AYallable Free Reserve Designated funds TangibleAssets forown use 254,096 57.1 151,454 462.550 444,458 157,208 601,666 The notes on page$ 19 to 31 fomi an integral part of these financial stement5. Pa8e 17
THE MIDDLesEX SSOCiAIION FOR THE BUNO COIIPANY NUMBER: 514204 BALANCE SHEET AT 31 AIARCH 2022 2021 Flxtd Assèts raThJIb assets 12 151.454 157.208 IrNestmenls 13 02.427 382.6M 553.881 539.852 ¢urrwrtAss•ts Debttys 14 19,260 19,715 C8$h ai b8r and in harnl T2,819 89,768 2.079 109,543 Crodltors.. Amouhts f4llng ¢lu•whln oh• >war 15 P12) 147.729) ¢urr•ntA88•ts 70.843 61.814 To141 •M•ts Its• ¢wr•rt li•biliii 624.724 601,f66 Th• fund8 ofthe ehar6ty. R¢¥trlctod fvnd¥ In ¥wplwJ 23. 26 162,In 162.593 Unrnstricted funds Revaluatton reser 152,274 155,386 Oesionated fvJr4s 57.LK#) 8dance Unrestrfd8d 253.277 283.7D7 les5 Tarsitle Assets Tot•1 unr•strt¢tod fvtyd>Avitsje Fr¢• R•serye 1151.4S41 311.097 1157.2Q81 281.865 T•thglbl• fixod Ass•¢ lorowrn us• 151.454 157.208 To¢•1 cwty fvnds 824.724 801.666 The t4Jard 01lnA8lee8 are Salfi Ihe rthanlable comparty #J erled t0exeMr Ihe reqrdfO ot487 fftlef 477 of the Compan$ Act 2W6 and no menets r4uired in Se¢bty) 478 boart ofbwiee$ wportsitths tr. lil ihatthe compary keeps aCC¢¥tIj recryds1¥th rJythf%¥lh sectw 386.. aTrJ (Ill preparing acc4yJnls wtich gi%e a IA fwr ¥1 Oft slate {rfalr8 of Ihe ¢£ryY as at ofttte finartial ye¥aThl of its surplus of deficrt for the fnandal yearln acccrtance 1h wMrem8rt8 ofSaL"M M ar#1 {theISe c£dnrtylth the requIrerlS ofths Act rdalirJ lo aCcOt$. $0 faras aPie8te 10t ccfflparty. These accounts have been wepared In acCCd8re ith th8 at¢&at4e to uJmpares sLtspdt0 srnall mPaThs. and In accordarKe FRS 1Q2 aThJ the chane& SORP (FRS 102). ThBse finBrK4815ts18m8nts set cfi Pa 17 to 31 v4ere8Fpftr•J aTrJ 8hOw tr is$ TNstee8 w 20 OXot*r 2022 ond $lgned on Ihew haff by.. rmeh¢a INovJ5,3022IIJIGMTI Mr. Raj Mehla Chair- Oirector Nov 15.2022 Page 18
The Middlesex Association for the Blind Summary of Significant Accounting Polici•s For the year ending 31 March 2022 Summary of ¥ignifiunt accounting polici•s lal Gèneral inform•tion and basis of preparation Middlesex Association for the Blind is a pnvate company limrted by guarantee registered in England and Wales (number OS14204} and register&J as a charity wrth the Charty Commission {number 2070071. In the event of the charty being wound up. the liabilty in respect of the guarantee is . limited to £1 per member of the charty. The address of the registered Off is grven in the charty information on page 3 of these financial statements. The nature of the charty's operations and principal aclNities are supporting bliTrJ. partialty blind aThJ deaf blind Peop lo I independent lTries. The ¢harty constitutes a pubtic benefit entty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Ststement of Recommended Pra¢tsce appIable to charities preparing their accounts in accordance wrth the Financ1 Rew1ing Stsndard applicable in the UK and Republ of Ireland issued in October 2019. the Financial Reporting Stsndard appltsble in the United Kingd and Republic of Ireland IFRS 1021, Ihe Charities Act 2011. the Companies Act 20C6 and UK Generalty Accepted Accounting Praclice las (¢ applies from 1 January 20191. The charty ha5 laken advantage ofthe exemption frn the requirement to prepare a Statement of Cash Fl¢)ws available to small charibes with total income of less than £SC(t,000 under the Slalemeni of Recommended Practice". Accounting and Reporting by Charrties {SORP IFRS102)}. The financial statements are prepared on a ging concern basis under the historical cost conventKJn, mdrfied lo include certain rtems at fair value. The financial stemenls are presented in sterlin9 whh is the funCtLal currency of the chty and rounded to the nearest £. The significant accounts.ng policies applied in the preparation of these financial statements are Set out below. These ve been consistentty appk'ed to aH years presented unless othelwise stated. Ibl Funds Unreslricted fvnds are available for use al the discretn ofthe Irustees in furtheran of the general objectives of the charty arKI which have not been designated for other purposes. t)esvJnated funds compw unrestricted funds that have been set a5idg by the tnjslees for particular pOse$. The aim and use of each des&nated furKI is set out in th8 notes lo the financial statements. Restricted funds are funds whth ace lo be used in accordance with Specffj reStriCtnS imposed by donors or which have been raised by the charity for parkn"cular purposes. The cost of raising and ministering such funds are ch8rged against Ihe specfft fund. The aim arKI use of exh restrided fund is sel out in the notes to the finanual sLitements. Icl Income recognition All incoming resources are included in the Statement of Financial Actmlies ISOFAI when the charty is legalty entitled to the income after any perfomiance conditions have been mel the amount ran be measured reliably and il is Probab thal the income will be received. Fcf donatK>ns to be recognised the charity wil have been nolrfd ofthe amounts and the settlwngnt dale in wrrting. If there are conditions attached to the donation and this requires a level of perfonnan¢e before entitlement Can be obtained then incoTne is deferred until those conditions are fully met or the fulfilment of those condrtions is within the control of the charity and rt is probable that they will be fvlfilled. Page | 19
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year endlng 31 March 2022 (c) Income recognition (continued Voluntary income including donations and grants thatprovKleeorefunding orats of a general nure IS fecognised whefe there is entilknient. certainty of receipt and the amount can be measured with sufficient reliability. Donated facilith.es and donated professM)nal serVe$ are recognised in income at their fair value when their onoMiC benefft is prLable. it can be measured relkqbly, and the harty has control over the rtem_ Fair value is detemiined on the basis of the value of the gift to the Charity. For example, the amount the charrty would be willing to pay in the opgn markfjt for such fac41ities and serwces. A corresponding amunt is rwnL%ed in expendrture. No amount is included in the finanual statements for volunteer time in line with the SORP. Further detail is given in the Trustees. Annual Report. Vthere practicabte. gffts in kind dona for distributk)n to the beneficiaries of the chanty are included in stock and d¢)natKJns in the financial slalements upon weipt. If it is impracticable to assess the fair value at recp1 or rf the costs to undertake such a valuation ouNveigh any benefits. then the fair value is recognised as a component of donations when rt is di51rbi uled and an equivalent amount recognised as Charitab expenditure. Fixed asset gffts in kind are recognised when receivable and are included at fail valué. They are not deferred over the life of the asset. For legac$. entrtlement is the eadier of the chanty being notff*d of an impending distribution or the legacy being re¢wved. At this point income is reccrfJnised. On occasion legacies will be notrfied lo the charty however r( is nol possib to measure the amount expeeted to be dbstributed. On these cccasions, the legacy is treat as 8 eontingenl asset and disclosed. Income from trading xtivtties includes in¢ome eamed frcTh fvndrai5ing events and trading activities to raise fund5 for the charty. Income frcwn charitabk activ$ ildeS "earned. income received in exehange for supplying wcds and servi$ in order to raise funds and is renised when entrtlement has occurred. The charity receives governm1 grants in resFeCt crf servw provkjed to blind or partialty sighted beneficiaries. Income from g¢)vernment and other grants are recc#3nised al fair value when the charity has entrtkment after any performance conditions have been met, tt is probable that the income will be receNed, and the amount can be measur&J relrably. If enlrtbmenl is not met. then these amourrts are deferred. Investment income is earned through holding assets for investrnent purposes such as shares and property. It includes dividen¢ts. interest and rent. Where li not practuble lo idenlfy investment management costs incurred within a scheme with reasonab xcuracy the investment income is reported net of these costs. It is included when the amount can be measured rdiably. Interest income is recognLsed using the effective interest method and dividend and rent income is recognised as the charty's nghl to receTrR payment rs estsblished. Other income incIyeS gains on disS$ of invesknents and tsngible fjxed assets. Id> Expendire recognition All expenditure 15 accounted for on an ru01$ basis and has been classrfied under headings that aggregate all costs related to the category. Expenditure 6 recognised where Ihere is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be requiied. and the amount of the oblKJalion can be measured 11abty. It is calegorised under the following headings= Costs of raising funds indudes the costs associated with attracting voluntsry incorrE and the costs of trading for fund raisirKJ purposes." Expenditure on chaiitable aCtNit includes comprtses those costs Incurr by the charty in the delivery of ils xliviti'es and Serv for its beneflarieS. it indudes both eosts that can be all¢xaled directly and indirect support costs-, and Other expenditur8 represents those rtems not falling into the categories above. Page 120
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2022 (d) Expenditure recognition IntInued> Irre¢overabl& VAT is charged as * expense against the actNity ft)r which expenditure arose. Grants payable to third partS are within the charitable obJ"ethes. Where urKonditional grants a offered, this is accrued as soon as the elplent is notrfKed of the grant, as this gtves rise lo a reasonable expeclalKJn that the reupienl will receNe th8 grants. Where grants are conditional relating lo performance then the grant is onty accrued when any urrfulfilled cond((icfis are outside of the control of the charty. Grants payable without perfomian¢e conditions are On recognised in the accounts when a Ct)mmrtment has keen made and the are no conditions lo be met relating lo the grant which remain in the control of the chanty. Provisions for grants are mJe when the irrtentKJn to make a grant has been communicated lo th? rectpient bul there is uncertainty about eitherthe timing of the grant orthe amount of grant payable. le} Support costs allocation Supp)rt costs are those that asstst the wtyk of chanty but do not direclly present charitable acliwties and include ¢)ffice costs. governance costs, administrative paywll costs. They are incurred direeuy in support of expenditure on Ihe objects of tfre charity and include project management carried out 8t Headquarters. ere support costs cannot be directty attributed lo partieular headtngs, they have been alltxaled lo cost of ra89 fvnds and expenditure on charitsbbe actNits"es on a basis consistent with use of the resources. Premises overh8ads and other overhgads have been a1xat8d in proportw to the salary costs incurred in deliveriryj the project or seThice. FundvrniSiThJ Costs are those inCUrd in seekiny NDlunlary CtributIOnS and do not include the costs of diSsnIn811ng informion in supwt of the eharitable 8Ctivth"es. The anatysi5 of these wsts is incbjjed in note 7. {fj Tanglble tlxed assots Tangible ftxed assets are stated al cost I deemed cost) or valuation less accumulated depreciatKJn and accumulated impainnent losses. Cost indudes costs direct attributable to making the assel capable of operabng as Intended. Depreciation is prowded on all tsngible fixed assets. al rates cakulaled to write off the cost, less estimated residual value. of exh asset on a syslemattc basi8 over its expected useful lrfe as Leasehokl land buildings Straight line overthe shc¥ter of the tease lem and 50 yea 25% on written dtr•vn value 25% on wrilten down value Plant and mxhinery Motor vehicles Igl Investments Investments are recognised inibalty at fair value which is nomwlty the transaction price excluding transaction costs. Subsequentty, they are n*asuied at fair value wrth changes recognised in 'net gains I Ilossesl on investrnenls. in the SOFA rf the shares are publty traded or their fair value can othenlSe be measureA rdiabty. Other investrnents are measured at cost S impairment. Current asset investments are shortterm highty liquid investments and are held at fairvahje. These include eash on deposil and cash equivalents with a maturty of than one year. Page121
The Middlesex Assoclation for the Bllnd Summary of Significant Accounting Policies For the year ending 31 March 2022 (g) Investments l¢ontlnuod) Redised gains and losses on investmenls a calcued as the differerlce between sales proceeds and their mart(el value the start of the year. or their subsequent cosL and are charged or credited lo the Ststement of Financial Act11eS in the peritsj of disposal. Unrealised gains and losses represent the movement in market values during the year aThJ are credrted or charged lo the fevaluats.on reserve based on the rnarket value al the year end. (h} Cash and cash oqulvalents Cash presents cash" in hand plus bank balances immediatety available to the charity. Cash equivalents are bank balances hekl on short temi deposit available to the charity at up to three mnths. notice. li) Dobtors and cr•ditors receivable I payable within one year Debtors and creditors wth no ststed interesl re a1 e1vle or payabk within one year are recorded * transaction prKe. Any h)sses arising from ImpalmlI are recognised in expenditure. U) Impalrnient ssets r¥)t measured al fair Val are reviewed for any indKation that the assel may be impaired * each balance sheet date. If such indicatK)n exrsts, the recoverable amount of the asset, or the asset's cash generating unit. is estimated and compared lo Ihe carrying amount. Where the carying amount exceeds ts recoverable amount. an impaimnt loss is recc#Jnised in profrt or loss uniess the asset is rrEd at a revalued amount wheie the irr4)airment loss is a revUatIon decrease. {k) Provision5 Provisions are recognised when the chanty has an oblation at the ba¢8 Sheet date as a resu of a past event, it is prcJable that an ouffiow.of ewiLNni¢ beneffits wll be required in settlement and the amount can be rellty eslimaled. {11 Leases Assets acquired underfinance knes are eapitalised and depreciated over the shorter of the lease term and the expected useful lrfe of the asset. Minimum lease payments are apportioned betsveen the finance charge and the redudion of the outstanding lease liability usiThJ the effective interest methc#J. The related obligalions, net ol fvture finance charges, arg incIjed in croditors. Rentals payable and receNable under operatirKJ leases are charged lo Ihe SOFA on a straight line basis over the period of the lease. {rn) Employee benefits ven employees have rendered service to tha thanty. short4em empbyee beneffts lo thich the employees are entitled are reojgnised at t1 undixounted amount expected to be paid in exchange for that service. The charty operates a defined contribution plan for the benefft of its empbyees. ContrtSLrtion$ exFensed a$ they b8me payable. Page122
The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2022 (n) Tax The charty ts an exempt tharty wrthin the meaning of Schedu 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 ar¥J therefore it meets the definition of a eharitable company for UK eorporation tax purposes. lo) Going concern The financial statements have been yepared 8 going coneem ba$1$ a$ the trustees bglieve tIt no malerial uncertainties exist. The trustees have considered the level of funds held and the expeded level of income and expenditure for 12 months from authorising these financial ststemenls. The b(Klgeted income and expendf(ure sufficient wrth the level of reserves for the charity lo be ale lo continue as a goir@ concern. Ip) Financlal Instruments Financial instruments such as accounts receivable. arJnts payabl8and are classffied either as basic or complex. A]1 financo14nstruments are inalty measured at their fair values al time the tranlIOnS ttcur. Subsequenuy all basic instrunts are measured at amorti$ed st and all complex financial instruments are measured at afairvalue through the ststement ofcomprehensive income. Financial irtslrumenls hebJ by the chlY are classtfied as foll.. Cash is held al cosL Investments are held * tsir value. Financial assets svch as debtors a heSJ * amortised cosl sing the effeclive interest rnelhod. Financial liabilities such as creditors are held at amortised cost using the effective interest methoj. Iql Judgements and key sour$ of estlmatlon uncertainty The folkwing Iernents lapart from those involving eslimates) have been mJe in the process of apptying the above accounting policies that have had the most Slgnffit effed on amunts recognised in the financial statemeftts". Where income i8 received for specrfic projecls that ineLYne reccgnised when the project i8 delivered unless the inccme is specfficlo certain expendrture for example, saL4ry costs or purchase of equipment. in whKh the Inc L¥ reCcgnis when the expendriure is incurred. All financk41 inslrLYnents are basic instruments. The key assumptions con¢eming the fvIU and other key sources of estirrth.on uncertainty at the reporting date th have a signfficant rtsk of ¢au&ng a material ajustmenl to the carrying arnounts of assets and liabilit$ wrthin the next financi81 year indude.. Useful econcmic lives of fixed assets have been eornpared to past experience or in relation to buildings and signfficant components therein, on reComffnded lie cycle replacement period. Bad debt provisions are based on past &XP8rience for Fersonal debtors while amounts re¢eivable from local 8Uthorrties and health authorr(ies are regarded as rewerable in fvll unless a specfft query has been kOJed whh is proved against in full. Page 123
THE MIDDLESUASSoUATIM FORIHE BUIID NOTES TO FINANcLsTATEmE1r5 YEAR ENDED JI MARCH 2012 FUIIDS FUIIDS FUNDS FUND5 FVNDS FUND5 2021 Appe4lsand donations Lrfades 23J37 15.5L 39.337 IE&153 88.705 88.705 15,SLJ) 2D5,49D L66,tsa 88,70S 88.705 Fu FU1¥ FVNDS FUND5 FUIID5 FIINDS 2021 Grants 70.(0) 126.co) 86.985 86,985 24.327 63.209 Loca1 authorityGTatrt* fjoveMrnentthdsuppt1(JR5sYlntJ Grants- othera6enue5 R3246 83246 24J27 632U 85.305 85.305 8S.6L3 83,246 168,859 143.536 156.985 300.521 4 Othertrnthn£acbM¥es FUPIDS FUI FLINDS RJWDS FUND5 FUNDS Studentsse¢ondments&traSnln Provln01CR6 SeNicestoPartne othÈrlncorre 390 834 4.953 .953 834 5.253 5,253 1.224 1.224 24
THE MIDDLE5EXAS%)CL4TK)N FOR THEBUIU> IIOTESTO Fifw4CIALSTATEME147S YEAR ENDED ak MARCH Z022 FVPIDS FUPtlb5 FUPWS FUNDS FU14DS FUNDS Incomefrorn ltsted IrNe5trnents 5.753 8.233 5.103 7.583 6 Fndratra*'.#O1IoO550j othervJA% FUNDS PJ14DS FUIIDS FUNDS FuThYraIrcQSts 3.671 612 10.489 5.955 9.551 15
THE MIDDLESEX ASs0aAoN FOR ThE BUPID NOTESTO FIP4ANQALsfATEMEFirs YEAR ENDED 31 MARCH 2022 H(rtnewr •ptir¢Peopl Em0Ytser5 GoldsmithFOundatityl MklsiEht+Brailleser¥yce lo31 14.912 5117D 73$3 7B.75B 13.161 3921 6.656 ityS79 &471 3.D34 12.433 5.814 20.246 2$6 IOW3 37.023 17J13 60.28Y IT Fundra18&01rfyts M¢ek4aty Moblle Resour Unil TheTffjkeProt Swaloub OthÈrta5tsnotalratedtopropcts GovErnanQ(45t H(dittJvGi¥mt 328 59A12 IIAYY 40.D13 19.r26 &435 13.710 17.73B 822 3M12 14,025 415 44,775 lJ93 42n 02 6373 IL105 ILIC6 22J 11.417 I7.j 115911 8.Tr1 225.197 5.492 I135 344552 245.487 251x67 93A85 Unre5tri(ted wor*d 781 Pw26
THE MIODLESEXN550aATIOPI FORIHE BUPID NOTESTOFINANCIAL5fATEMENVS YEAR ENDED 31 MARC71 ZOI2 7a) SwwtW5ts 8ènkcharyo5andintert5E ¢¥th &fety creaning 65 5.253 519 7A)13 S2S3 529 Depietia ElectrKIty 754 12751 uyj ndry Èxpenditure InSurae Staffand 2J28 2.121 L358 2ts2L L351 2.671 iizi Oudook Printing. ptysweandwfts Repairsarmallltell &PR vecharges 4979 4,979 5.422 L124 TelefveaThJbioadband IndEp*ident EX1n&an )) 2J36 2555 Redunrtan¢v 56.165 54165 115.911 53238 48mi .632 Pa8e27
THE MIDDLESÉX AssocfAmON FOR ThE 8U14D NOTESTO FINANCIAL STATEMENTS FOR ThE YEAR ENDÉD 31 MARCH 2022 8 Trust•es' rqrnuner•tion and expenstsand drywtt Notrusiees recefved any remuneratKn duringthe. No irustees rec•¥d any expenses duringlhe year. Trustee donat5 recei¥%d in theyamounted to £6(K) upon GIftd of £ISOwas recoverable. 9 Surplusl Idthutl 15 sLited after chavyr¥l l(rethtlnsl'. 2022 2021 Net income 15Stated èftertharyi Serwces of IndepeTrdt Examiner Operatini lease rentals Depreciation of tsngible fixed assets 1,850 9.682 5.754 1.850 4.169 6.408 10 Enyloyees. remuneration The average number of persws employed byihe tharity lindudiw trulleesl dvrin8 the yeir. by(ategc¥y, wasas follows.. 2022 No 20 2021 No 20 2022 FTE 10.40 2021 FTE CharItae attlwtS CJovvn•n¢• The a88re8ate payroll£osts of these persons wefe as1dkn." 2022 2011 Wages and salaries $0¢o1 security Costs Other pension costs Rethjndancycosts 268.413 18.488 4.805 251.781 17.790 4.738 4.054 278.363 291.706 The aggregate payrc41 cost5 of key rnanagernent Fer$orw were asfolk)ws: 2022 2021 Wa8E5 and salaries Socyal security Costs other pensign costs 44,160 4.874 1.138 50.171 44,160 4,882 1.138 $0,180 11 faxatsun The cornpany is a re¥istered tharityarKI i%thereforeexempt from taxation. P4e 28
THE MIODLESEX ASSOCL4TfON FOR THE BU140 NOTESTO FINANCIAL STATEMEPI FOR THE YEAR ENDED 31 MARCH 1022 12 Tan8iblefixed assets LEASEHCKD FuflES, FIThNGS & VEHICLES EQUIthIEpns TOTAL AS at l April 2021 Additions Disposals A5 at 31 March 2022 189.633 24.978 49.147 263.758 189,633 24.978 49.147 263,758 Dtpred•tion As at I Wil 2021 Charge fortheyear D15ptss¥15 As at 31 Maith 2022 40.279 3.792 22.297 668 43.974 1,293 106,550 5.754 44.071 22,965 45.267 112,304 Net Book Vae As èt 31 Marth 2022 145.561 2,013 151.4S4 Asal 31 Maith 2021 149,354 2,681 5,173 157.208 13 In¥e51ments held a5 Flxed Assets Marketvalue As at l April 2021 Investments wthdrawn Investment ific¢)mo reinvested Investment rnanagementlees Gains on the sale of investments Gainsllossl on the revaluatin of irh¥estments zo 1021 382.644 299.306 .227 12,9361 3,951 10.541 7.583 12.5551 2.873 75.437 at 31 March 2022 4102.427 382,644 Nt Bok Vilue AS at 31 March 2022 402,427 382,644 As at 31 Marth 2021 382.644 299,306 l investrnent •ssetswere held in the UK aslolcr4V 2021 ash balarKes Li5tEd iFNestments 27.601 374,826 402.427 18,876 363,768 382,644 14 Debtors 2021 2021 Prepayments and a¢crued in¢ome 19.259 19.775 15 Credttots: Amount5faling thje wthin one >¥ 202Z 2021 Accruals and Creditws Deffered Income (Note Islall 10,476 37,253 47,729 15.827 21.236 151al Defffrd income 20 Brou8htforward Released in the ye•r Deferred in year Carriedtorward 37.253 137.2531 15.827 150.742 1150.7421 37.253 Pay 29
THE MIDOLE5EX AS%KlaThON FOR THE BUND NOTESTO FINANCIALSTATEMEPITS FOR THE YEAR ENDED 31 MARCH 2022 16 Relattd partytrahstittions Mr R Mehrè isa irustee of Thomas POckliwrTrUstw4 Prled a8rantdvrin8 tho yernded 31 Marth 2e22 of £lL(2021.. £9.8541. Mc Mehta was not Invot in eitherthe grant a131)n or CLW5ideration of the award. 17 Members. LSabJlity Thteharity isa prive eompany liftmted ty guarantee artltoAse4ueththes not have shart capital. Each ofihe mernbersi51iab to¢ontributÈ ¥Th afflourtt not ¢xc¢edi08£ltowMdsthe3ssetsof thee¥eThtof IwKlètKffi. 18 Controlltl)g ehlity The Charity 15 controlled bytheTru#eeswho ¥re ¥1 dire¢tors of the Company. 19 Subsequent Events Note There were no such events 20 An•lysis drtet assetsbetweeh fvnds Unrestrlded Restrkted fvnds fund5 Z021 Toral fvn 3012 Totsl nd5 2011 Inve5trnents Current assets Creditors h1n orse year 311,097 21.236 121.2361 311.097 151,454 462,551 91,330 70A43 402,427 92.079 121.2361 473,270 151,454 624,725 382.644 109.543 147,7291 444.458 157.208 601,666 162.173 Fixed assets 162.173 21 Operatrng lease c<bmmiiments The1re minimum ¥Se wyments UndernQrrfan1lab1e¢pe131kn6 leases are asfolkn•Js". 20ZZ 20 Wrthin one year 8etweeft one and twoyears Between two and fiveyears Totsl .107 6,532 16,330 30,969 4.169 4.169 22 Caplt•l Comlttments Contrattu commitmentsfor the wuigtyon of ifitswibleand tsAgible fixed assets ctrarted for but Thjt wovided in the finantyal ststernents amountedio £-12021 £-1- 23 Funds 2022 Total fvnds lunds fvnds fvnds Asat l Aprll 2021 Incoming Resour$ Transfers Capital Gains Realised gains As at 31 March 2022 155.366 283.707 12.936 157.OLKII 162.593 14201 601.666 12516 57.0 10.541 113,6331 10.541 13,633 24 FInaral Instrum FJnancÉil A55ets 2021 Finantiil asxtsrneasured at hirvalye Investrnents 374.826 363.768 nancial assets measured at •Trortised ¢ost Trade debtors 19.260 19.775 financial assets measured •t Cost Cash and cash equivaftts I.420 108,644 Total financlal assets 494.506 492.187 PaiE30
MJ loTF01 521 i. 115. 16117) 11155] Page 31