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2023-03-31-accounts

AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

(A company limited by guarantee)

Annual Report and Financial Statements

For the Year Ended 31 March 2023

Company registration number: 514204 Charity registration number: 207007

AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind Contents

Reference and Administrative Details .................................................................2 to 3 Chairman’s Report ......................................................................................................4 Trustees’ Report………………………………………………………………………5 to 11 Trustees’ responsibilities in relation to the financial statements ...............................12 Independent examiner’s report …………………………………………………....13 to 14 Statement of financial activities ................................................................................15 Balance Sheet ……………………………………………………………………………. 16 Notes to financial statements .......................................................................... 17 to 29

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

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 HA7 1EP

Members of the Board 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 1st 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 (resigned 26/1/23) Ms O Macauley Mr T Mills (resigned 13/8/23) Mr J Shingadia Miss R Goldberg Mr J Brown (resigned 26/10/22) P Basu-Barua (appointed 26/1/23) Q T Khattak (appointed 22/6/23) KRT Mennicken (appointed 22/6/23) Chief Executive Officer Mr S Singh (resigned 31/12/22) Ms V J Hill (appointed 1/1/23)

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

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 Assurance Services

5 Priory Road, Loughton, IG10 1AF

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

Chairman's report

Our 100th year has lived up to its promise. Middlesex Association for the Blind is experiencing increased demand for services across the board, with all nine boroughs being covered by our dedicated staff and volunteers. We were delighted to resume supporting residents in Haringey after more than 10 years.

We held a number of summer celebrations across our boroughs which were well attended by service users, staff and volunteers. Thank you to everyone who helped us celebrate this 100-year milestone.

Financially, we are glad to report continued sustainability with another balanced budget. We are continually striving to improve our systems and processes to support our growing service user base.

Remarkably, many of the services we provided in 1922 we continue to provide today.

Here is looking forward to the next 100 years.

Our team has grown – we’re delighted to have welcomed new members of trustees, staff and service users. But we’ve also said goodbye to much valued friends and colleagues, and we feel their absences keenly.

We look back knowing we’ve worked hard and achieved much. We look ahead knowing there is more to do. We hope for better things in the year to come, for all of us.

I thank you all for your invaluable support as we embrace the year ahead and its inevitable mixture of successes and challenges.

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

The directors present their report and the financial statements for the year ended 31 March 2023, 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 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. The charitable company adopted revised Articles of Association by Special Resolution dated 21 September 2022.

Appointment of Directors

CouncilTrustees / directors are appointed to the board for a term of three years and must retire at the AGM nearest to the third anniversary of their appointment and may stand for re-election. Trustees can be re-elected for two terms of three years and (except in exceptional circumstances) retire after nine years’ service. The policy of the Council board 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 interview prospective new trustees. The interviews are held by a nomination committee. The committee’s recommendation is subject to the board's approval.

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

Trustees’ Induction and Training (continued)

Upon their appointment, the new trustees are given a brochure outlining the functions of the Association, the duties of the trustees and the work required, as well as the governing documents.

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 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 occurrence of events which might cause a serious risk to the Association and its activities particularly, though not exclusively, in the following areas:

There are four main organisational risks – individually or in combination with one another – that would seriously disrupt the ability of MAB to deliver its charitable objectives. The four core organisational risks are:

We will also take into account any safeguarding issues.

The assessment of risk will be made according to the following chart:

On track – no issues (Green) Some concerns – flag and review (Amber) Significant risk – detailed actions (Red)

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

Risk Management (continued)

Our quarterly reports will consider the impact and likelihood of the risk. Where a risk (or future risk) is identified, we are asked to consider the following:

Reserves Policy

Our Reserves Policy is reviewed annually by the trustees and is based upon maintaining a minimum of 6 months operating costs to ensure that the charity could proceed in a properly managed way even if all funding ceased. Total unrestricted reserves are £423,166 of which £149,472 are invested in fixed assets and £Nil have been designated, leaving £273,694 representing 6.8 months of total operating expenses for the year ended 31 March 2023 of £480,366.

Maintaining a reasonable level of reserves is achieved through proper budgetary control whereby the Finance, Risk, Audit Personnel Committee examines income and expenditure performance against the budget set at the beginning of the financial year and reviewed every 3 months. Fundraising initiatives and service delivery can then be changed in a timely fashion to ensure our financial performance is properly balanced.

The Trustees’ policy and practice 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-committees 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 and visually impaired.

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

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 21st September 2022.

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.

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.

Activity in the year

The number of people requiring support, advice 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 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 Resource Unit. We are in the process of launching a mobile IT trainer service which will offer support in the home with getting digitally connected, a very exciting area of development for MAB.

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

Achievement and Performance 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 otherwise 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.

Braille tuition : The Association provides the opportunity for people to learn braille.

Information and Advice : Providing telephone advice and information in response to a large number of enquiries received during the year.

Awareness Training : Providing training to the statutory and private sector, trustees and volunteers 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.

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.

Mobile Resource Unit (MRU) : Our converted motorhome visits all 9 boroughs, giving people the opportunity to try out some assistive technology equipment, raising awareness of the sight loss pathway and encouraging people to look after their eye health.

British Wireless for the Blind Fund (BWBF) : We are agents for the BWBF and distribute adapted radios to eligible residents.

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 impairments can get together and socialise in a relaxed and supportive environment. We also make small grants to individuals and a number of clubs supporting people with visual impairments across Middlesex.

.

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

Our thanks go to:

London Boroughs of Barnet, Ealing, Enfield, Harrow, Hillingdon, Hounslow, Richmond

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.

Volunteers and those who remembered us in their Will

Our incredibly hard-working staff and volunteers.

The Rehabilitation Officers and ECLOs across the nine London Boroughs we serve.

Financial Position and Reserves

A significant part of our funding is through grants from a diverse range of trusts, philanthropies and organisations, including local authorities which support our services. As of 31 March 2023, our total funds carried forward are £582,009, of which £158,843 is restricted. Our expenditure for the financial year has been £480,366 and our income has been £492,922, ending the year with a surplus before investment gains/(losses) of £12,556. Recognised investment gains/(losses) were £(55,271), resulting in a total surplus/(deficit) for the year of £(42,715).

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 commitments for the coming year:

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

The Middlesex Association for the Blind

Trustees’ Report

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 / become independent through our services. In the coming year, we will be relaunching our I.T. Training service, providing support to people within their own homes in using assistive technology, further enabling service users to remain independent.

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 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 governance and internal control of the charity. Calculus Assurance Services have expressed their willingness to continue in that capacity and resolution proposing their reappointment 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:

x________ Mr R. N. Mehta Chair Original report signed: 21/12/2023

22/01/2024 Date______

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

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:

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:

22/01/2024 x____ Date____ Mr R. N Mehta Chair Original report signed: 21/12/2023

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

Independent Examiner's Report to the Trustees of

The Middlesex Association for the Blind

For the year ended 31 March 2023

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023 which are set out on pages 15 to 29.

Responsibilities and basis 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’). 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 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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).

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AMENDED ACCOUNTS – TRUSTEES REPORT AMENDED

Independent Examiner's Report to the Trustees of The Middlesex Association for the Blind

For the year ended 31 March 2023

Independent examiner's statement (continued)

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 22/01/2024

Original report signed: 21/12/2023

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AMENDED ACCOUNTS - TRUSTEES REPORT AMENDED

THE MIDDLESEX ASSOCIATION FOR THE BLIND STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note No
Income and Endowments from:
Donations and Legacies
2
Charitable Activities
3
Other Trading Activities
4
Investment income
5
Total
Expenditure on:
Fundraising trading: costs of goods sold
6
Charitable activities
7
Total
Gain (Loss) from Operations
Net gains on sale of investments
Net income/expenditure
Net Gains (Losses) on revaluation of investments
Gross transfers between funds
Net movements in funds
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward
Total Unrestricted Funds -Available Free Reserve
Designated funds
Tangible Assets for own use		 UNRESTRICTED
FUNDS
£
21,358
88,365
3,716
6,196
119,635
3,157
128,105
131,262
(11,627)
(7,632)
(19,259)
(47,639)
27,513
(39,385)
462,551
423,166
273,694
0
149,472
423,166		 RESTRICTED
FUNDS
£
247,579
123,536
-
2,172
373,287
9,851
339,253
349,104
24,183
-
24,183
-
(27,513)
(3,330)
162,173
158,843		 2023
£
268,937
211,901
3,716
8,368
492,922
13,008
467,358
480,366
12,556
(7,632)
4,924
(47,639)
-
(42,715)
624,724
582,009		 2022
£
205,490
168,859
5,253
8,233
387,835
10,489
368,781
379,270
8,565
3,951
12,516
10,541
-
23,057
601,667
624,724
416,270
57,000
151,454
624,724

The notes on pages 17 to 29 form an integral part of these financial statements.

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AMENDED ACCOUNTS - TRUSTEES REPORT AMENDED

THE MIDDLESEX ASSOCIATION FOR THE BLIND

COMPANY NUMBER: 514204

BALANCE SHEET AS AT 31 MARCH 2023

Fixed Assets
Note No
Tangible assets
12
Investments
13
Current Assets
Debtors
14
Cash at bank and in hand
Creditors: Amounts falling due within one year
15
Net current Assets
Total assets less current liabilities
The funds of the charity:
Restricted funds in surplus
23, 26
Unrestricted funds
Revaluation reserve
23
Designated funds
23
Balance Unrestricted funds
23
less Tangible Assets
Total unrestricted funds- Available Free Reserve
Tangible fixed Assets for own use
22
Total charity funds		 £
£
149,472
352,857
502,329
33,529
75,768
109,297
(29,617)
79,680
582,009
158,843
103,646
0
319,520
(149,472)
273,694
149,472
582,009
2023		 £
£
151,454
402,427
553,881
19,260
72,819
92,079
(21,236)
70,843
624,724
162,173
152,274
57,000
253,277
(151,454)
311,097
151,454
624,724
2022

The board of trustees are satisfied the charitable company is entitled to exemption from the requirement to obtain an audit under section 477 of

the Companies Act 2006 and no members have required an audit in accordance with Section 476

The board of trustees acknowledge their responsibilities for:

(i) ensuring that the company keeps accounting records which comply with section 386; and

(ii) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its surplus of deficit for the financial year in accordance with the requirements of Section 396, and which otherwise comply with the requirements of this Act relating to accounts, so far as applicable to the company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 and the Charities SORP (FRS 102).

These financial statements set out on pages 15 to 29 were approved and authorised for issue by the Trustees on 20 December 2023 and signed on their behalf by:

----- Start of picture text -----
22/01/2024
----- End of picture text -----

Mr. Raj Mehta Chair - Director

Original accounts signed: 21/12/23

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The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2023

(a) General information and basis of preparation

Middlesex Association for the Blind is a private company limited by guarantee registered in England and Wales (number 0514204) and registered as a charity with the Charity Commission (number 207007). In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are supporting blind, partially blind and deaf blind people to lead independent lives.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with 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 (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice (as it applies from 1 January 2019).

The charity has taken advantage of the exemption from the requirement to prepare a Statement of Cash Flows available to small charities with total income of less than £500,000 under the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP (FRS102)).

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

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The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2023

(c) Income recognition (continued)

Voluntary income including donations and grants that provide core funding or are of a general nature is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP. Further

detail is given in the Trustees’ Annual Report.

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income from charitable activities includes “earned” income received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants in respect of services provided to blind or partially sighted beneficiaries. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Other income includes gains on disposals of investments and tangible fixed assets.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

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The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2023

(d) Expenditure recognition (continued)

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Premises overheads and other overheads have been allocated in proportion to the salary costs incurred in delivering the project or service.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 7.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold land and buildings Straight line over the shorter of the lease term and 50 years Plant and machinery 25% on written down value Motor vehicles 25% on written down value

(g) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

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The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2023

(g) Investments (continued)

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the revaluation reserve based on the market value at the year end.

(h) Cash and cash equivalents

Cash represents cash in hand plus bank balances immediately available to the charity. Cash equivalents are bank balances held on short term deposit available to the charity at up to three months’ notice.

(i) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(j) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(k) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(l) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

(m) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

P a g e | 20

The Middlesex Association for the Blind Summary of Significant Accounting Policies For the year ending 31 March 2023

(n) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(o) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(p) Financial instruments

Financial instruments such as accounts receivable, accounts payable and cash are classified either as basic or complex. All financial instruments are initially measured at their fair values at time the transactions occur. Subsequently all basic instruments are measured at amortised cost and all complex financial instruments are measured at a fair value through the statement of comprehensive income.

Financial instruments held by the charity are classified as follows:

(q) Judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Where income is received for specific projects that income is recognised when the project is delivered unless the income is specific to certain expenditure for example, salary costs or purchase of equipment, in which case the income is recognised when the expenditure is incurred.

All financial instruments are basic instruments.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

P a g e | 21

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

2 Income from donations
Donations & Legacies
Appeals and donations
Legacies
3 Income from Charitable Activities
Grants
Vision Foundation
Local authority Grants
Government Covid support (CJRS grant)
Grants - other agencies
4 Other trading activities
Students secondments & trainings
Provision of CRB Services to Partners
other Income		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2023
£
£
£
21,358
247,579
268,937
-
-
21,358
247,579
268,937
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2023
£
£
£
-
-
-
-
123,536
123,536
-
-
-
88,365
-
88,365
88,365
123,536
211,901
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2023
£
£
£
-
-
311
-
311
3,405
-
3,405
3,716
-
3,716		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2022
£
£
£
23,837
166,153
189,990
15,500
-
15,500
39,337
166,153
205,490
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2022
£
£
£
-
-
-
-
83,246
83,246
308
-
308
85,305
-
85,305
85,613
83,246
168,859
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2022
£
£
£
-
-
300
-
300
4,953
-
4,953
5,253
-
5,253

Page 22

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

5 Investment income

Income from listed investments UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2023
£
£
£
6,196
2,172
8,368		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2022
£
£
£
5,753
2,480
8,233

6 Fundraising trading : cost of goods sold and other costs

Sales of goods and fundraising
Fundraising costs		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2023
£
£
£
3,157
9,851
13,008		 UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
TOTAL
FUNDS
2022
£
£
£
3,677
6,812
10,489

Page 23

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

7 Resources expended

Home Visiting & Supporting People
Employment services
Goldsmith Foundation
Midsight+Braille service
Early Intervention & Rapid Response Service
Communications and IT
Fundraising & Other Grants
Meek legacy
Mobile Resource Unit
The Trike Project
Social Club
Other costs not allocated to projects
Governance cost
Holiday Grant
Restricted pro rata
Unrestricted pro rata		 STAFF COSTS
OTHER DIRECT
COSTS
ALLOCATED
SUPPORT
COSTS
£
£
£
136,399
1,166
81,588
25,877
455
15,479
-
-
6,111
3,655
25,847
15,461
5,426
3,246
39,040
23,352
-
-
-
20,317
3,653
12,153
-
-
-
-
13,377
8,002
15,014
6,238
5,502
-
287,408
10,776
169,174
2023
£
219,153
41,811
-
9,766
41,308
8,672
62,392
-
36,123
-
-
21,379
21,252
5,502
467,358
339,253
128,105
467,358		 STAFF COSTS
OTHER DIRECT
COSTS
ALLOCATED
SUPPORT
COSTS
£
£
£
103,981
51,170
14,942
7,353
-
-
7,060
3,474
25,816
12,704
10,943
5,385
40,086
19,726
-
-
-
6,980
3,325
3,435
1,393
686
4,271
2,102
11,105
-
20,068
9,876
2,900
-
235,540
17,330
115,911
2022
£
155,151
22,295
-
10,534
38,520
16,328
59,812
-
13,740
2,079
6,373
11,105
29,944
2,900
368,781
245,487
123,294
368,781

Page 24

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

7a) Support costs

Bank charges and interest
Health &safety
Cleaning
IT equipment, software, maint & support
Depreciation
Electricity
Employment advice
Sundry expenditure
Insurance
Staff and volunteer training
Redundancy
Printing, postage and stationery
Repairs and maintenance
Adverising &PR
Service charges
Staff Recruitment Costs
Staff training and welfare
Other staff costs
Telephone and broadband
Independent Examination
Investment Management
Legal and professional
Governance costs
Salaries		 OFFICE ADMIN-
ISTRATION
PROFES-
SIONAL
STAFF
COSTS
2023
£
£
£
£
131
131
6,436
6,436
1,375
1,375
8,331
8,331
6,357
6,357
1,119
1,119
-
-
9,764
9,764
3,300
3,300
788
788
-
6,652
6,652
1,102
1,102
-
2,951
2,951
5,852
5,852
7,740
7,740
14,012
14,012
10,755
10,755
3,903
3,903
2,665
2,665
-
95
6,143
-
6,238
69,703
69,703
51,932
19,147
98,095
169,174		 OFFICE ADMIN-
ISTRATION
PROFES-
SIONAL
STAFF
COSTS
2022
£
£
£
£
77
77
7,013
7,013
1,022
1,022
11,084
11,084
5,754
5,754
(275)
(275)
1,340
1,340
2,828
2,828
2,121
2,121
595
595
-
6,073
6,073
867
867
-
4,834
4,834
1,124
1,124
10,500
10,500
1,853
1,853
2,936
2,936
-
-
56,165
56,165
53,238
4,789
57,884
115,911

Page 25

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8 Trustees' remuneration and expenses and donations

No trustees received any remuneration during the year. No trustees received any expenses during the year.

Trustee donations received in the year amounted to £600 upon which Gift Aid of £150 was recoverable.

9 Surplus / (deficit) is stated after charging / (crediting):

Surplus / (deficit) is stated after charging / (crediting):
Net income is stated after charging
Services of Independent Examiner
Accounts preparation
Operating lease rentals
Depreciation of tangible fixed assets		 2023
2022
£
£
2,275
1,850
1,625
1,200
7,227
9,682
6,357
5,754

10 Employees' remuneration

The average number of persons employed by the charity (including trustees) during the year, analysed by category, was as follows:

follows:
2023 2022
2023
2022
No No
F T E
F T E
Charitable activities 20 20
10.40
10.4
Governance 1 1
1
1

The aggregate payroll costs of these persons were as follows:

Wages and salaries
Social security costs
Other pension costs
Redundancy costs		 2023
2022
£
£
330,429
268,413
20,801
18,488
5,881
4,805
-
-
357,111
291,706

The aggregate payroll costs of key management personnel were as follows:

Wages and salaries
Social security costs
Other pension costs		 2023
2022
£
£
48,540
44,160
5,742
4,874
1,269
1,138
55,551
50,171

11 Taxation

The company is a registered charity and is therefore exempt from taxation.

Page 26

12 Tangible fixed assets

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Cost
As at 1 April 2022
Additions
Disposals
As at 31 March 2023
Depreciation
As at 1 April 2022
Charge for the year
Disposals
As at 31 March 2023
Net Book Value
As at 31 March 2023
As at 31 March 2022
13
Investments held as Fixed Assets
Market value
As at 1 April 2022
Investments withdrawn
Investment income reinvested
Investment management fees
Gains on the sale of investments
Gains(loss) on the revaluation of investments
As at 31 March 2023
Net Book Value
As at 31 March 2023
As at 31 March 2022
All investment assets were held in the UK as follows.
Cash balances
Listed investments
14
Debtors
Trade debtors
Prepayments and accrued income
15
Creditors : Amounts falling due within one year
Accruals and Creditors
Deffered Income (Note 15(a))
15(a) Deferred income
Brought forward
Released in the year
Deferred in year
Carried forward		 LEASEHOLD
PROPERTY
FIXTURES,
FITTINGS &
EQUIPMENTS
£
£
189,633
24,978
-
4,375
-
-
189,633
29,353
44,071
22,966
3,792
1,595
-
-
47,863
24,561
141,770
4,792
145,562
2,012		 VEHICLES
T O T A L
£
£
49,147
263,758
-
4,375
-
-
49,147
268,133
45,267
112,304
970
6,357
-
-
46,237
118,661
2,910
149,472
3,880
151,454
2023
2022
£
£
402,427
382,644
-
-
8,366
8,227
(2,665)
(2,936)
(7,632)
3,951
(47,639)
10,541
352,857
402,427
£
£
352,857
402,427
402,427
382,644
2023
2022
£
£
27,966
27,601
324,891
374,826
352,857
402,427
2023
2022
£
£
7,279
-
26,250
19,260
33,529
19,260
2023
2022
£
£
6,131
5,409
23,486
15,827
29,617
21,236
2023
2022
£
£
15,827
37,253
(15,827)
(37,253)
23,486
15,827
23,486
15,827

Page 27

THE MIDDLESEX ASSOCIATION FOR THE BLIND NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16 Related party transactions

Mr R Mehta is a trustee of Thomas Pocklington Trust who provided a grant during the year ended 31 March 2023 of £Nil (2022: £11,500). Mr Mehta was not involved in either the grant application or consideration of the award.

17 Members' Liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

18 Controlling entity

The Charity is controlled by the Trustees who are all directors of the Company.

19 Subsequent Events Note

There were no such events

20 Analysis of net assets between funds

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |2023|2023|2023|2022| |£|£|£|£| |Investments|273,694|79,163|352,857|402,427| |Current assets|29,617|79,680|109,297|92,079| |Creditors within one year|(29,617)|(29,617)|(21,236)| |273,694|158,843|432,537|473,270| |Fixed assets|149,472|149,472|151,454| |423,166|158,843|582,009|624,725|

----- End of picture text -----

21 Operating lease commitments

The future minimum lease payments under non-cancellable operating leases are as follows:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Within one year|6,532|8,107| |Between one and two years|6,532|6,532| |Between two and five years|9,798|16,330| |Total|22,862|30,969|

----- End of picture text -----

22 Capital Comittments

Contractual commitments for the acquisition of intangible and tangible fixed assets contracted for but not provided in the financial statements amounted to £ - (2022 £-).

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |23|Funds|2023| |Designated|Revaluation|Unrestricted|Restricted|Total| |funds|reserve|funds|funds|funds| |£|£|£|£|£| |As at 1 April 2022|57,000|152,274|253,277|162,173|624,724| |Incoming Resources|(46,123)|26,864|24,183|4,924| |Transfers|(10,877)|38,390|(27,513)|-| |-| |Capital Gains|(47,639)|(47,639)| |Realised gains|(989)|989|-| |As at 31 March 2023|-|103,646|319,520|158,843|582,009|

----- End of picture text -----

24 Financial Instruments

----- Start of picture text -----
|||| |---|---|---| |Financial Assets|2023|2022| |£|£| |Financial assets measured at fair value| |Investments|324,891|374,826| |Financial assets measured at amortised cost| |Trade debtors|33,529|19,260| |Financial assets measured at cost| |Cash and cash equivalents|103,734|100,420|

----- End of picture text -----

Total financial assets 462,154 494,506

Page 28

THE MIDDLESEX ASSOCIATION FOR THE BLIND

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
<----------------------- 2023 -----------------------> <----------------------- 2022 ----------------------->
25. Designateded funds
TOTAL Mobile Resource Unit LB Haringey TOTAL Mobile Resource Unit LB Haringey
Brought forward 57,000 47,000 10,000 - - -
Incoming resources - - - - - -
Expenditure (46,123) (36,123) (10,000) - - -
Transfers (10,877) (10,877) - 57,000 47,000 10,000
Gains / (losses) - - - - - -
Carried forward - - - 57,000 47,000 10,000
26. Restricted funds
----- End of picture text -----

----- Start of picture text -----
TOTAL FOR ALL TOTAL FOR ALL
Vision Vision
MEEK LEGACY THE MEEK LEGACY THE
TOTAL Foundation Other donations BOROUGHS TOTAL Foundation Other donations BOROUGHS
£ £ £ £ £ £ £ £ £ £
373,287 0 235,079 2,172 136,036 251,878 0 166,152 2,480 83,246
Incoming Resources
349,103 0 216,993 5,502 126,609 252,298 0 166,152 2,900 83,246
Resources Expended
Movement 24,184 0 18,086 (3,330) 9,427 (420) 0 - (420) 0
162,173 0 0 162,173 0 162,593 0 0 162,593 0
Balance as at 1 April 2022
186,357 - 18,086 158,843 9,427 162,173 - - 162,173 0
Transferred to Unrestricted funds (27,513) (18,086) (9,427)
Balance as at 31 March 2023 158,843 - - 158,843 0 162,173 - - 162,173 0
----- End of picture text -----

Restricted funds are those where the funder specifies that it is to be spent wither within a local authority area or for the specific project identified in the grant application or offer letter.

Page 29