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2024-03-31-accounts

Charity registration number 207060

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND

OPERATING AS VISION NORFOLK

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK LEGAL AND ADMINISTRATIVE INFORMATION

Trustees K Norton (Chair) Dr D Goldser (Vice Chair) J A Foster (Treasurer) B Hemmant J A Manser R Laurie (Appointed 7 December 2023) J Kidd (Appointed 25 January 2024) Cheif Executive Officer Andrew Morter Patron King Charles III President The Right Reverend The Bishop of Norwich Vice Presidents The Lord Lieutenant of Norfolk The High Sheriff of Norfolk The Lord Mayor of Norwich The Sheriff of Norwich The Mayor of Great Yarmouth The Mayor of King's Lynn and West Norfolk P Scarfe FCA Honorary Consultant Ophthalmologist Mr N Puvanachandra MB BChir MA FRCOphth Honorary Physician Dr S Pinto MB BS DCH DRCOG MRCPG Charity number 207060 Principal address Bradbury Activity Centre Beckham Place Edward Street Norwich NR3 3DZ Auditor Argents Audit Services Limited 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT Bankers Barclays Bank 3 St James Court Norwich Norfolk NR3 1RJ Norfolk United Kingdom NR3 1RJ

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors

Howes Percival Flint Buildings 1 Bedding Lane Norwich NR3 1RG

Investment advisors

Barratt & Cooke Limited 5 Opie Street Norwich NR1 3DW

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK CONTENTS

Page
Trustees' report 1 - 10
Independent auditor's report 11 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 34

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

Established in 1805, Vision Norfolk is one of Norfolk's oldest existing charities, and the fifth oldest sight loss charity in the United Kingdom.

We owe our existence to our founder, Thomas Tawell (1763 - 1820) who, after experiencing a period of sight loss himself, purchased a sizeable property and three and a half acres of land at Magdalen Street in Norwich, generously donating these to establish 'The Institution for the benefit of the Indigent Blind in Norfolk and Norwich' which provided housing, education, and gainful employment to local blind and vision impaired adults and children.

In 1988, we changed our name to 'The Norfolk and Norwich Association for the Blind' (or NNAB as we were more commonly known), as a reflection of the changing language and attitudes towards the negative connotations associated with 'institution' and 'asylum'.

In 2020, we rebranded and again changed our name, this time to 'Vision Norfolk' to reflect a modern approach to the work we do and improve accessibility for the people we aim to support. Many people told us that they did not feel that they qualified for our services as they were not registered 'blind' and were either 'partially sighted' or 'vision impaired'.

To ensure that the charity operates effectively, the Board of Trustees and Senior Management Team regularly review performance against established indicators and assess progress towards meeting strategic goals outlined in the organisational strategy. As such, Vision Norfolk is on track and well positioned to deliver on its long-term vision.

Our Vision is that all people with a vision impairment in Norfolk live independent and fulfilled lives.

Our Mission is to improve the confidence, skills, and social engagement of people with a vision impairment across Norfolk by delivering high quality services and practical and emotional support which enable them to live independent and fulfilled lives.

Charitable Objects:

The charitable objects, as described in our governing document, are the relief of blind and partially sighted persons, primarily but not exclusively resident in Norwich or elsewhere in Norfolk.

The Charity supports people in Norfolk who are registered blind (severely sight impaired) or partially sighted (sight impaired). It is estimated by RNIB that more than 38,000 people in Norfolk have vision impairment. We are only able to contact a small proportion of that number, but believe many more people could benefit from our support and services

Activities for achieving objectives

The Charity provided the following services during the year:

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Trustees ensure that the objectives and aims of the charity are carried out through its activities for the public benefit and details its activities and achievements in the report.

Achievements and performance

Review of the year

The past year has been a period of strategic growth and resilience for the charity. With our leadership team and 5- year strategy firmly in place, we have focused on increasing the reach and impact of our services while addressing the challenges of financial sustainability.

A significant development this year has been the decision to change in our legal structure from a Registered Charity to a Charitable Incorporated Organisation. This transition reflects our commitment to modernising our operations and enhancing our organisational efficiency, and we have begun this process with the aim of completing the transfer for the start of the 2024/2025 fiscal year.

Our main focus areas have centred on growth and financial sustainability. The trustees and senior leadership team have been diligently working on our strategic plan to address our operational deficit by 2030. This involves an ambitious plan to diversify our income streams, recognising the challenges posed by increasingly competitive trust and grant funding, and the difficulties of fundraising amidst a cost of living crisis.

While we completed the renovation of Hammond Court 1 last year, we have commenced with our plans for upgrading the flats in Hammond Court 2. This includes improvements to heating and hot-water systems, as well as the installation of new carpets and double-glazed windows. These works, costed and planned during this financial year, are set to commence in 2024/2025, demonstrating our ongoing commitment to providing a high-quality living environment for our service users.

Achievements and performance

We are proud to report a significant increase in client engagement across all our services and activities.

Our Eye Clinic Liaison Officers (ECLOs), who are located in each of the Eye Clinics across the county, have provided practical and emotional support to 509 patients, helping them understand their specific eye condition at the point of diagnosis and treatment, whilst assisting them to navigate the different kinds of support available to them, referring to Vision Norfolk and signposting to other community-based services where appropriate.

Since it began accepting referrals in July, our new Community Outreach Service has provided 1069 interventions for vision impaired people either at home or in their local community, providing practical and emotional support to help build their confidence, skills, and personal resilience to live independently. In addition to the one-to-one support, our Community Outreach Workers have also set-up a range of events and activities in their local communities as a way of combatting isolation and enabling peer-to-peer support to people through sharing their own experiences of living with sight loss.

Our Equipment Centres have supported 349 people with access to the latest technology and equipment available to help them navigate the complexities and challenges of completing basic day-to-day tasks. Our new range of talking air fryers have enabled our clients to cook independently, and are now a key feature in our independent living cooking classes (which have proven to be extremely popular).

We have provided a wide range of social and leisure activities through our Health and Wellbeing Service, with 2,518 individual attendances recorded throughout the year. These events and activities have been specifically designed to promote physical and mental wellbeing, increase confidence and social interaction, and reduce instances of social isolation and loneliness. This has included regular sessions for yoga, boccia, short-mat bowls and ten pin bowling, darts, sailing, arts and crafts, cooking, audio book clubs, photography and gardening clubs, and regular coffee mornings. In addition to these, we have also hosted or arranged a range of one-off activities which this year has included pottery, glass blowing, and a range of visits to local places of interest such as Blickling Hall.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Our Children, Young People and Families Service has supported 222 families over the past 12 months, providing both support to the parents of vision impaired children and a range of fun activities for the children to take part in – such as canoeing, archery, pizza evenings, music sessions, theatre trips, match day tickets to watch Norwich City play at Carrow Road, and not forgetting our annual summer and Christmas parties and Christmas Train Trip. All of these events are set-up in a way which promotes the child’s confidence and social skills in a safe, friendly and welcoming environment, whilst also giving parents an opportunity to receive support and share experiences with other parents.

We continue to strengthen our partnerships within the community. Our Chief Executive now regularly attends the health and wellbeing board for West Norfolk, representing both Vision Norfolk and the Later Life Network. We maintain close working relationships with statutory partners in health and social services, particularly with acute hospitals where our ECLOs operate, and with Norfolk County Council’s Sensory Support Unit and Virtual School Sensory Support Team. Our collaborations with voluntary partners, including Guide Dogs, RNIB, and Age UK, remain strong and productive.

Challenges

While we've made significant strides, we continue to face financial challenges. Traditional funding sources remain under pressure, and we are actively working on strategies to diversify our income streams and improve operational efficiencies.

We've also encountered challenges in our supported housing service, where some tenants' care needs have exceeded our current service capacity. This situation, compounded by stretched social services, has prompted us to reassess our service standards to ensure the safety and welfare of both our tenants and staff.

Looking ahead

We are extremely proud of our achievements over the past 12 months, which have provided a stable foundation for what lies ahead of us. However, we must acknowledge that we still face numerous social and economic challenges, both internally and externally. As we move forward, our focus remains on achievable and sustainable growth. We are optimistic about facing our challenges head-on, confident that through a combination of creative income generation strategies and operational efficiencies, we can address our deficit over time. We will be investing in both our fundraising and marketing and communications to ensure that we maximise and diversify and can clearly communicate the numerous benefits we can bring through our work to individuals and wider society. We will also actively seek to gain a better understanding of what the needs and wants are for our communities to ensure that we design and deliver appropriate services to meet these demands.

Our achievements this year would not have been possible without the dedication and hard work of our trustees, staff, and volunteers. We also extend our heartfelt thanks to our supporters, whose continued backing enables us to pursue our mission of supporting vision impaired individuals across our communities.

Financial review

Net expenditure in unrestricted funds for the year amounted to £279,207 (2023: net income £189,165), before gains of £226,409 (2023: losses of £130,218) on investment assets. Total net expenditure was £52,798 (2023: net income £58,947). The unrestricted fund balance at 31 March 2024 amounted to £8,175,163 (2023: £8,227,960).

Net expenditure in restricted funds amounted to £9,064 (2023: £38,605), before gains of £1,211 (2023: gains of £416) on investment assets. The restricted fund balance at 31 March 2024 amounted to £80,818 (2023: £88,672).

Losses on the investment assets in the permanent endowment fund amounted to £5,933 (2023: loss £51,547), leaving a balance carried forward on the permanent endowment fund of £550,314 (2023: £556,247).

As a result of these changes the Charity's total reserves position has reduced to £8.8m (2023: £8.9m) reflecting the net deficit over the last year. However the Charity's underlying operating deficit (excluding exceptional income and investment gains) highlights the need for the current high level of reserves.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Going concern

The financial statements were prepared under the going concern principles. This is notwithstanding the fact that in the post balance sheet period the activities of the Charity were transferred, together with assets and liabilities to a new Charitable Incorporation Organisation (CIO), called Vision Norfolk , set up for the purpose. As a result, despite the fact this Charity has now ceased activity, it is not felt appropriate to prepared the accounts on anything other than the going concern concept on the basis that the activity is continuing into the future albeit under a different guise.

Reserves policy

The reasons the Charity needs reserves

The only activity that has recently generated a surplus for the Charity is Hammond Court (supported housing). Every other aspect of the Charity's work costs money.

In the current financial year the Charity contributed nearly £750,000 worth of services to the local community. This included costs of our Activity Centres, our Community Hubs, Outreach Workers, Eye Clinic Information Services, our Telephone Befriending Service, organised Activities and Transport Services.

Without reserves to produce investment income and cover any shortfall, the Charity would not be able to maintain its current service levels to the community.

Level of reserves required

Reserves are unrestricted funds that are freely available to spend on any of the Charity's purposes. Reserves are calculated to ensure that there is appropriate funding in place to meet ongoing financial commitments, to cover expenditure in the event of reduced income or changes in circumstances, and financial capacity to achieve the Charity's strategic priorities for developing existing or establishing new services.

The Board has reviewed and reapproved its reserves policy again this year in accordance with the Charity Commission guidance CC19. This policy primarily addresses our free reserves, which are defined as unrestricted funds excluding those derived from restricted or endowment funds. These free reserves include short-term investment balances, cash and other working capital balances. They also include any reserves balances which have been designated by the Trustees for particular future use (recognising that such designation may be changed in future by board resolution).

As part of effective financial management, we hold reserves to ensure we can manage the following financial risk:

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Given our mission is to continuously improve the quality of support available for vision impaired people in Norfolk, our reserves policy aims to ensure our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring we do not retain income for longer than required.

The Charity aims to put people with visual impairment at the heart of all that we do.

Providing targeted, effective support when it is needed is therefore core to our mission, and to the reserves policy we have set to ensure we are able to deliver on our vision and mission.

The board of management have calculated an appropriate reserves range for our organisation of £7.6m to £9.6m, which is analysed as:

Reserves range £m
1. Capital reserve 2.0
2. Risk reserve 4.1
3. Inflation reserve 0.3
4. Capital commitments 0.2
5. Working capital reserve 1.0
Minimum level of reserves 7.6
Maximum level of reserves 9.6

The board has approved the designation of reserves to reflect these areas of future financial need. At 31 March 2024, the Charity held reserves of £8,176,687 defined on this basis but is expecting to see a decrease in these reserves in the coming year to cover the operating deficit.

Principal funding sources

The main sources of income for the Charity are income derived from legacies, donations, trusts and grant income, and rental income from Hammond Court.

Investment policy

The board of management has approved an investment management policy which addresses the approach to the investment of a larger level of cash reserves.

The board recognises that whilst increasing risk increases potential returns over a longer period, it also increases the risk of a shortfall in returns as well as produces more short-term volatility in the Charity's funding position. In addition to targeting an appropriate overall level of investment risk, the board seeks to spread risks across a range of different sources, believing that diversification limits the impact of any single risk. The board aims to take on those risks for which they expect to be rewarded over time, in the form of excess returns.

Our overall investment approach to our investment risk profile is 'medium risk'. Our definition of medium risk is:

Funds will be invested with a large bias towards equity investments for potential growth in capital and income. The equity element may consist of managed funds, direct equity shareholdings, infrastructure, funds, REITS and gold, and up to 10% of higher-risk investments, creating diversified equity-based allocation. The balance of the portfolio will provide exposure to low-risk investments which will typically have a minimum weighting of approximately 15%.

Investments are under regular review by the Charity's Stockbroker who submits monthly returns to the Charity which are reported by the Treasurer to the Board periodically. Over the past 12 months, the Charity's stockbroker has met with the Board on two occasions to review investment performance.

The Treasurer and Finance Manager have regularly met the Charity's Stockbroker to discuss the portfolio performance on a benchmarked basis, in addition to which the Stockbroker briefs the Board annually. Investments are currently held as follows: Fixed Interest/Preference Shares = 26%, Unit / Investment Trusts = 6%, Equities = 64%, Cash on deposit = 4%.

Ethical statement regarding investments

The Charity will not buy, invest or deal in any stocks or shares which are derived solely from, or attributed to, the production and sale of alcohol or tobacco nor those associated with gambling, arms sales or the sex industry.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Major risks

Risk management

The risk management strategy plays an integral part in the governance and management of the Charity at a strategic and operational level. This risk management strategy is updated and reviewed on an annual basis, approved by the board.

The Board have assessed the major risks to which the Charity is exposed, in particular those related to the operations and functions of the Charity, and are satisfied that systems are in place to manage its exposure to the major risks.

In 2022, the board approved an improved risk management strategy in accordance with the approach outlined in the Charity Commission's guidance in its publication cc26 Charities and risk management (CC26). This approach incorporated inclusion of all risks proposed in the template to that guidance along with other risks relating to the Charity's distinct operations this year with the following key objectives:

Key elements of the strategy are:-

Policies and procedures are reviewed on a cyclical basis and a rolling schedule of audits and inspections is in place. The Charity has a separate training budget to ensure that all staff and volunteers receive the appropriate training relevant to their role, and to ensure compliance with all the current legislation and best practice.

When identifying, analysing and evaluating risks, the Charity follows the Charity Commission guidance to put extra weighting on the impact of a potential risk when contrasted with its likelihood.

The highest risks now faced by the Charity are considered to be:

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The board has currently approved the following approach to risk appetite to different broad areas of risk for the purpose of its future planning:-

Category Risk appetite (1-5)
(5 = most risk-taking)		 Trustee board’s comment
Strategic 4
(risk-taking)		 Due to the Charity’s income and expenditure position the board
recognises that organisational strategy will likely involve
considerable risk.
Financial 3
(balanced)		 The board considers the Charity needs to balance investment
in priority areas with overall prudence and the need to reduce
costs where possible.
Operational 2
(risk-averse)		 The board recognises that the Charity’s operations involve
significant risks and that these must be well-controlled but
cannot be eliminated.
Compliance 2
(risk-averse)		 The board is committed to ensuring the Charity fulfils its legal
and contractual obligations, although it recognises that limited
resources may at times prevent full compliance.
Reputational 1
(strongly risk-averse)		 The board considers that the Charity’s good reputation is of
paramount importance and must be protected.

Fundraising standards information

The board supports raising funds from the public in relation to our core activities. Our fundraising activities are carried out by the core staff team, and Vision Norfolk does not employ professional telephone or street fundraisers or commercial participators to carry out fundraising activities on our behalf. The Charity is registered with the Fundraising Regulator. There have been no complaints about our fundraising activity this year.

Vision Norfolk complies with all relevant statutory regulations, including the Charities Act 2022, the Data Protection Act 2018, and the Privacy and Electronic Communications Regulations 2003. We always seek to act in ways that are legal, open, honest, and respectful.

We strive for best practice in fundraising by complying with a range of codes of practice, including adhering to the Fundraising Regulator’s Code of Fundraising Practice and Fundraising Promise.

All of our marketing material or information from the Charity contains clear instructions on how a person can be removed from the mailing lists and is GDPR compliant.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

On 2[nd] April the Charity's assets and liabilities transfered to a new charitable incorporated organisation (CIO) named "Vision Norfolk" and so the following future plans apply to the ongoing operations under the new governance arrangements.

As we look to the future, our commitment to being a user-led organisation remains steadfast. We recognise that while we currently engage with around 4,000 vision impaired individuals in Norfolk each year, there are approximately 38,000 people living with vision impairment in our region. This presents both a challenge and an opportunity for growth that we are determined to address.

Our primary focus in the coming period will be to gain a deeper understanding of the needs we are not currently meeting for those who are not engaged with our services. This insight will be crucial in shaping our strategic planning for future service delivery, ensuring that we can extend our reach and impact to a wider portion of the vision impaired community in Norfolk whilst managing our costs more effectively.

We will continue to implement and expand upon our 5-year strategy, 'A Shared Vision', with a renewed emphasis on:

1. Increasing the reach and impact of our services:

2. Investing in our workforce and organisational capacity:

3. Improving financial strength and resilience:

4. Increasing awareness and building partnerships:

We remain acutely aware of the ongoing challenges faced by our service users, particularly in light of the continuing cost of living crisis. Our growth strategy will be underpinned by a commitment to designing services that alleviate hardship, improve physical and mental wellbeing, increase social interaction, and reduce loneliness.

As we embark on this ambitious journey of growth and increased impact, we remain dedicated to being responsive, user-led, and focused on improving the lives of vision impaired people in Norfolk. We are confident that by expanding our reach, strengthening our financial foundation, and continually adapting to meet the evolving needs of our community, we can make a significant difference in the lives of many more individuals living with vision impairment in our region.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

The Norfolk and Norwich Association for the Blind (NNAB) is a registered charity (no 207060). It was founded in 1805 and registered as a charity on 9 January 1964. The present charitable scheme dates from 1 November 1985. Its headquarters are in the Bradbury Activity Centre, Beckham Place, Norwich, NR3 3DZ. Telephone 01603 573000, e-mail address office@visionnorfolk.org.uk, website www.visionnorfolk.org.uk.

The management of the Charity is the ultimate responsibility of the board which comprise trustees who are elected, appointed and co-opted under the terms of the Charity Commission Scheme. The board of management delegate powers to the Chair, Chief Executive, Treasurer and staff under a scheme of delegation which is subject to annual review and approval by the board.

The trustees who served during the year and up to the date of signature of the financial statements were: K Norton (Chair) Dr D Goldser (Vice Chair) J A Foster (Treasurer) B Hemmant J A Manser R Laurie (Appointed 7 December 2023) J Kidd (Appointed 25 January 2024) R Hanson (Resigned 7 March 2024)

Recruitment and appointment of trustees

Potential board members are invited to attend board meetings as observers before joining. They are given familiarisation tours and briefings covering the wide range of activities carried out by the Charity. A Trustee Handbook is issued to all board members, this clarifies the duties and responsibilities of the board members for both existing board members and those considering joining the board.

Organisational structure

The full complement of Trustees on the Board of the NNAB is 12. The Board has met 8 times between 1st April 2023 and 31st March 2024.

Remuneration policy

Arrangements for setting pay and remuneration of key management personnel

The board consider that they, together with the Senior Management Team, comprise the key management personnel of the Charity with responsibility for directing and controlling, running and operating the Charity on a day to day basis. All members of the board give their time freely and no board member received remuneration or expenses in the year. Details of related party transactions are disclosed in note 29 to the accounts.

The pay of the senior staff is reviewed annually by the Board and normally increased by reference to inflation indices and other local salary comparisons. The Board work in a variety of professions in the area and, engage in detailed discussions to determine that the level of pay is appropriate to the position and consistent with the responsibilities of the senior staff.

Relationship with related parties

Related Parties

The Charity maintains close links with both national and other local charities for the vision impaired. The Chief Executive is a member of the Visionary network, which is an umbrella organisation linking local sight loss charities across the UK. Locally, the Charity has a close working relationship with the Sensory Support Unit of Norfolk County Council Social Services team, the Virtual School Sensory Support team, and the three NHS hospital Eye Clinics in Norfolk. The Charity has also become members of the United Kingdom Association for Accessible Formats (UKAAF), and works with a range of other charities who are providing services to communities within Norfolk, including the Later in Life Network. The Charity administers a Talking Book Service through Calibre Audio Libraries (on behalf of Norfolk County Council). Relationships and partnership opportunities are openly discussed with Blind Veterans UK, Guide Dogs, and the RNIB.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

K Norton (Chair)

Trustee

5 August 2024

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND

Opinion

We have audited the financial statements of The Norfolk & Norwich Association for the Blind (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

Audit response to risks identified

Our procedures to respond to risks identified included the following:

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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 (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Johnstone (Senior Statutory Auditor) for and on behalf of Argents Audit Services Limited 5 August 2024 Chartered Accountants Statutory Auditor 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT

Argents Audit Services Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
609,087
33,424
-
Charitable activities
4
156,494
-
-
Other trading activities
5
17,727
-
-
Investments
6
184,245
-
-
Other income
7
106,257
-
-
Total income
1,073,810
33,424
-
Expenditure on:
Raising funds
8
48,846
1,000
-
Charitable activities
9
1,304,171
41,488
-
Total expenditure
1,353,017
42,488
-
Net gains/(losses) on investments
14
226,409
1,211
(5,933)
Net expenditure and movement in funds
(52,798)
(7,853)
(5,933)
Reconciliation of funds:
Fund balances at 1 April 2023
8,227,961
88,671
556,247
Fund balances at 31 March 2024
8,175,163
80,818
550,314		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
642,511
441,262
89,314
-
156,494
991,133
-
-
17,727
21,311
-
-
184,245
131,104
-
-
106,257
721,494
-
-
1,107,234
2,306,304
89,314
-
49,846
92,896
-
-
1,345,659
2,024,243
127,919
-
1,395,505
2,117,139
127,919
-
221,687
(130,218)
416
(51,547)
(66,584)
58,947
(38,189)
(51,547)
8,872,879
8,169,013
126,861
607,794
8,806,295
8,227,960
88,672
556,247		 Total
2023
£
530,576
991,133
21,311
131,104
721,494
2,395,618
92,896
2,152,162
2,245,058
(181,349)
(30,789)
8,903,668
8,872,879

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
16
Investments
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Endowment funds
23
Restricted income funds
24
General funds
Designated funds - revenue
Designated funds - capital		 2024
£
£
1,968,791
6,357,790
8,326,581
15,632
515,346
49,653
580,631
(100,917)
479,714
8,806,295
8,806,295
550,314
80,818
582,372
5,424,000
2,168,791
8,806,295		 2023
£
£
1,908,796
6,236,103
8,144,899
13,595
684,571
350,375
1,048,541
(320,561)
727,980
8,872,879
8,872,879
556,247
88,672
8,227,960
-
-
8,872,879		 2023
£
£
1,908,796
6,236,103
8,144,899
13,595
684,571
350,375
1,048,541
(320,561)
727,980
8,872,879
8,872,879
556,247
88,672
8,227,960
-
-
8,872,879
8,144,899
727,980
8,872,879
8,872,879
556,247
88,672
8,227,960
-
-
8,872,879

The financial statements were approved by the trustees on 5 August 2024

K Norton (Chair) J A Foster (Treasurer) Trustee Trustee

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
28
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in)
investing activities
Financing activities
Proceeds from borrowings
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
2023
£
£
£
£
(510,026)
1,673,027
(115,165)
(553,698)
40,222
1,554,805
(802,122)
(2,681,062)
902,124
81,855
184,245
131,104
209,304
(1,466,996)
-
(48,698)
-
(48,698)
(300,722)
157,333
350,375
193,042
49,653
350,375

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

The Norfolk & Norwich Association for the Blind is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Bradbury Activity Centre, Beckham Place, Edward Street, Norwich, NR3 3DZ. .

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% - 5% straight line Office equipment 33% straight line Minibuses 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
33,660
2,979
Legacies receivable
568,427
-
Grant income
7,000
30,445
609,087
33,424
Grants receivable for core activities
Trusts and Foundations
7,000
30,445
National Lottery
-
-
7,000
30,445		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
36,639
22,366
11,064
568,427
408,396
-
37,445
10,500
78,250
642,511
441,262
89,314
37,445
10,500
68,302
-
-
9,948
37,445
10,500
78,250		 Total
2023
£
33,430
408,396
88,750
530,576
78,802
9,948
88,750

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Core activities
Thomas Tawell House - 838,418
Hammond Court 130,530 123,479
Community Hubs 22,400 25,219
Other income 3,564 4,017
156,494 991,133

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Community fundraising 11,064 17,011
Voluntary events income 4,150 2,815
Christmas card income 2,513 1,485
Other trading activities 17,727 21,311

6 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Dividend 180,924 126,084
Income from generated electricity 997 3,987
Interest receivable 2,324 1,033
184,245 131,104

7 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net gain on disposal of tangible fixed assets 40,222 676,810
Access to Work funding 66,035 44,684
106,257 721,494

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and publicity
Advertising and sundries
2,190
-
Staff costs
46,656
1,000
48,846
1,000		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
2,190
3,808
-
47,656
89,088
-
49,846
92,896
-		 Total
2023
£
3,808
89,088
92,896

9 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Establishment
Maintenance
Marketing and publicity
Administration
Computer costs
Staff training, advertising and expenses
Legal and professional
Share of support and governance costs (see note 10)
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 Core
activities
2024
£
841,221
55,168
203,893
37,624
21,990
17,704
98,062
19,489
38,506
1,333,657
12,002
1,345,659
1,304,171
41,488
1,345,659		 Core
activities
2023
£
1,325,512
68,722
411,467
76,649
23,177
73,413
91,579
28,031
42,892
2,141,442
10,720
2,152,162
2,024,243
127,919
2,152,162

10 Support costs allocated to activities

Core activities Total
2024 2023
£ £
Governance 12,002 10,720

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10
Support costs allocated to activities
Governance costs comprise:
Audit fees
AGM and Annual Report costs
11
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets		 (Continued)
2024
2023
£
£
10,800
9,480
1,202
1,240
12,002
10,720
2024
2023
£
£
10,800
9,480
55,168
68,722
(40,222)
(676,810)		 (Continued)
2024
2023
£
£
10,800
9,480
1,202
1,240
12,002
10,720
2024
2023
£
£
10,800
9,480
55,168
68,722
(40,222)
(676,810)
10,720
2023
£
9,480
68,722
(676,810)

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

13 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
33
2024
£
800,575
60,022
28,280
888,877		 2023
Number
50
2023
£
1,298,218
81,279
35,103
1,414,600

There were no employees whose annual remuneration was more than £60,000.

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

13 Employees (Continued)
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024 2023
£ £
Aggregate compensation 65,492 60,313

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Gains and losses on investments

Unrestricted **Restricted ** Endowment Total Unrestricted **Restricted ** Endowment Total
funds funds funds funds funds funds
2024 2024 2024 2024 2023 2023 2023 2023
Gains/(losses) arising on: £ £ £ £ £ £ £ £
Revaluation of investments 226,409 1,211 (5,933) 221,687 (130,218) 416 (51,547) (181,349)

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

16 Tangible fixed assets

Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 April 2023
2,527,088
Additions
108,650
At 31 March 2024
2,635,738
Depreciation and impairment
At 1 April 2023
635,622
Depreciation charged in the year
50,499
At 31 March 2024
686,121
Carrying amount
At 31 March 2024
1,949,617
At 31 March 2023
1,891,468		 Office
equipment
£
86,563
6,515
93,078
82,530
1,344
83,874
9,204
4,033		 Minibuses
£
105,944
-
105,944
92,649
3,325
95,974
9,970
13,295		 Total
£
2,719,595
115,165
2,834,760
810,801
55,168
865,969
1,968,791
1,908,796

17 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2023 6,236,103
Additions 802,122
Valuation changes 221,689
Disposals (902,124)
At 31 March 2024 6,357,790
Carrying amount
At 31 March 2024 6,357,790
At 31 March 2023 6,236,103
2024 2023
£ £
Listed investments carrying amount 6,357,790 6,236,103

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18
Stocks
Equipment for resale
19
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
20
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
21
Trade creditors
Other creditors
Accruals and deferred income
21
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:		 2024
£
15,632
2024
£
31,193
469,338
14,815
515,346
2024
£
15,723
1,590
33,303
11,983
38,318
100,917
2024
£
1,590
2024
£
1,590		 2023
£
13,595
2023
£
27,511
631,716
25,344
684,571
2023
£
11,161
1,777
65,640
10,812
231,171
320,561
2023
£
1,777
2023
£
1,777

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

21
Deferred income
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024
22
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 (Continued)
1,777
2,335
(1,777)
(2,335)
1,590
1,777
1,590
1,777
2024
2023
£
£
28,280
35,103

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

23 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 April Gains and At 31 March
2023 losses 2024
£ £ £
Permanent endowments
Endowment funds 556,247 (5,933) 550,314
Previous year: At 1 April Gains and At 31 March
2022 losses 2023
£ £ £
Permanent endowments
Endowment funds 607,794 (51,547) 556,247

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

24 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Committed donations fund
Funded investments
Norwich Minibus
Norfolk Communities fund
Norfolk Community Foundation
Active Norfolk
Early Childhood
Norman Lamb Foundation
Ellerdale Trust
Tesco
Garage Trust - Choir
The Reading Agency
Babylon Art Project
West Norfolk Hub fund
Adult Social Services		 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
-
-
1
-
1
18,048
10,979
(13,902)
-
15,125
41,700
-
-
1,211
42,911
12,553
-
(3,140)
-
9,413
-
5,000
(5,000)
-
-
1,800
-
(1,800)
-
-
4,936
-
(4,936)
-
-
2,140
2,405
(1,164)
-
3,381
4,994
4,987
(4,994)
-
4,987
2,500
2,500
(2,500)
-
2,500
-
1,125
(1,125)
-
-
-
936
(936)
-
-
-
1,296
(1,296)
-
-
-
251
(251)
-
-
-
2,500
-
-
2,500
-
1,445
(1,445)
-
-
88,671
33,424
(42,488)
1,211
80,818

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

24 Restricted funds (Continued)
Previous year: At 1 April Incoming Resources Gains and At 31 March
2022 resources expended losses 2023
£ £ £ £ £
Committed donations fund 40,072 8,564 (30,588) - 18,048
Funded investments 41,284 - - 416 41,700
Norwich Minibus 18,293 - (5,740) - 12,553
NCF Love Communities 17,243 - (17,243) - -
NCF Empowering Communities 9,969 - (9,969) - -
Mercers Trust - 40,000 (40,000) - -
Norfolk Library Services - 8,000 (8,000) - -
National Lottery - 9,948 (9,948) - -
Norfolk Communities fund - 2,497 (2,497) - -
Kings Lynn Borough Council - 200 (200) - -
Norfolk Community Foundation - 2,000 (200) - 1,800
Active Norfolk - 4,937 - - 4,937
NCC Equality Diversity &
Inclusion - 3,534 (3,534) - -
Early Childhood - 2,140 - - 2,140
Norman Lamb Foundation - 4,994 - - 4,994
Ellerdale Trust - 2,500 - - 2,500
126,861 89,314 (127,919) 416 88,672

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

25 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Designated funds - revenue
Risk reserve
Inflation reserve
Working capital reserve
Designated funds - capital
Freehold land & buildings
Other fixed assets
Capital commitments reserve
Total designated funds
General funds undesignated
Total general funds		 At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At 31 March
2024
£
£
£
£
£
£
-
-
-
4,124,000
-
4,124,000
-
-
-
300,000
-
300,000
-
-
-
1,000,000
-
1,000,000
-
-
-
5,424,000
-
5,424,000
-
-
-
1,949,617
-
1,949,617
-
-
-
19,174
-
19,174
-
-
-
200,000
-
200,000
-
-
-
7,592,791
-
7,592,791
8,227,961
1,073,810
(1,353,017)
(7,592,791)
226,409
582,372
8,227,961
1,073,810
1,353,017
-
226,409
8,175,163

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

25 Unrestricted funds

(Continued)

Previous year:

Housing project General funds

At 1 April
2022
Incoming
resources
Resources
expended
£
£
£
700,000
-
-
7,469,013
2,306,304
(2,117,139)
8,169,013
2,306,304
2,117,139		 Transfers
Gains and
losses
At 31 March
2023
£
£
£
(700,000)
-
-
700,000
(130,218)
8,227,960
-
130,218
8,227,960

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

26 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
1,959,378
9,413
-
Investments
5,764,565
42,911
550,314
Current assets/(liabilities)
451,220
28,494
-
8,175,163
80,818
550,314
Unrestricted
Restricted
Endowment
funds
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
1,896,243
12,553
-
Investments
5,638,156
41,700
556,247
Current assets/(liabilities)
693,561
34,419
-
8,227,960
88,672
556,247		 Total
2024
£
1,968,791
6,357,790
479,714
8,806,295
Total
2023
£
1,908,796
6,236,103
727,980
8,872,879

27 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

28
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Accrued income
Movements in working capital:
(Increase)/decrease in stocks
Decrease in debtors
(Decrease)/increase in creditors
(Decrease) in deferred income
Cash (absorbed by)/generated from operations		 2024
£
(66,584)
(184,245)
(40,222)
(221,687)
55,168
-
(2,037)
169,225
(219,457)
(187)
(510,026)		 2023
£
(30,789)
(131,104)
(676,810)
181,349
68,722
(7,495)
2,625
2,183,379
83,150
-
1,673,027

THE NORFOLK & NORWICH ASSOCIATION FOR THE BLIND OPERATING AS VISION NORFOLK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

29 Analysis of changes in net funds

The charity had no material debt during the year.