Charity registration number: 220636
Wigan Leigh and District Society for the Blind
Annual Report and Financial Statements for the Year Ended 31 March 2023
McGinty Demack Chartered Certified Accountants Vermont House Bradley Lane Standish WN6 0XF
Wigan Leigh and District Society for the Blind
Chartered Certified Accountants
| Chartered Certified Accountants | ||
|---|---|---|
| Contents | ||
| Reference and Administrative Details | 1 | |
| Trustees' Report | 2 to 3 | |
| Statement of Trustees' Responsibilities | 4 | |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 | |
| Notes to the Financial Statements | 8 to 14 |
Wigan Leigh and District Society for the Blind
Reference and Administrative Details
Trustees A Fairhurst J Sharratt J R Roberts K Boylan D Storm K Stevenson A Leyland Principal Office 4 Scarisbrick Street Wigan WN1 2BS Charity Registration Number 220636
Independent Examiner
McGinty Demack Chartered Certified Accountants Vermont House Bradley Lane Standish WN6 0XF
Page 1
Wigan Leigh and District Society for the Blind
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2023.
Objectives and activities
Public benefit
Our charity helps blind people who live in the metropolitan borough of Wigan. We hold weekly social classes in the day. We hold day trips in the summer. We also offer advice on equipment and will order when requested daily living aids.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
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Wigan Leigh and District Society for the Blind
The annual report was approved by the trustees of the charity on 9 October 2023 and signed on its behalf by: Trustees' Report
......................................... A Fairhurst Trustee
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Wigan Leigh and District Society for the Blind
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the charity on 9 October 2023 and signed on its behalf by:
......................................... A Fairhurst Trustee
Independent Examiner's Report to the trustees of Wigan Leigh and District Society for the Blind
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Wigan Leigh and District Society for the Blind you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Wigan Leigh and District Society for the Blind's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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Wigan Leigh and District Society for the Blind
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accounting records were not kept in respect of Wigan Leigh and District Society for the Blind as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
......................................
Karen Richardson Chartered Certified Accountants
Vermont House Bradley Lane Standish WN6 0XF
9 October 2023
Statement of Financial Activities for the Year Ended 31 March 2023
| Income and Endowments from: Note Donations and legacies Investment income 3 Total income Expenditure on: Raising funds Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 10 Income and Endowments from: Note |
Unrestricted funds £ 8,123 17,188 (31,328) (6,017) 736,852 Unrestricted funds £ 25,311 (31,328) 730,835 |
Total 2023 £ 8,123 17,188 (31,328) (6,017) 736,852 Total 2022 £ 25,311 (31,328) 730,835 |
|---|---|---|
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Wigan Leigh and District Society for the Blind
| Donations and legacies 9,245 Investment income 3 14,195 Total income Expenditure on: Raising funds (31,489) Total expenditure Net movement in funds Reconciliation of funds (8,049) Total funds brought forward 744,902 Total funds carried forward 10 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 10. 23,440 (31,489) 736,853 |
9,245 14,195 (31,489) (8,049) 744,902 23,440 (31,489) 736,853 |
|---|---|
(Registration number: 220636) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 6 Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: Amounts falling due within one year 9 Net current assets |
2023 £ 172 455,203 128 254,937 255,065 (1,297) 455,375 253,768 709,143 |
2022 £ 191 476,894 102 260,933 261,035 (1,267) 477,085 259,768 736,853 |
|---|---|---|
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Wigan Leigh and District Society for the Blind
| Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 10 |
730,835 730,835 |
736,853 736,853 |
|---|---|---|
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 9 October 2023 and signed on their behalf by:
......................................... A Fairhurst Trustee
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Statement of compliance
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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Wigan Leigh and District Society for the Blind meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. 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 Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
The charity has investment funds.
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from donations and legacies
| Regular giving and capital donations 3 Investment income Interest receivable and similar income; Interest receivable on bank deposits Other investment income |
Unrestricted funds General £ 8,123 Unrestricted funds General £ 359 16,829 8,123 17,188 |
Total 2023 £ 8,123 Total 2023 £ 359 16,829 8,123 17,188 |
Total 2022 £ 9,245 Total 2022 £ 826 13,369 9,245 14,195 |
|---|---|---|---|
4 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
A Fairhurst
A Fairhurst received remuneration of £19,000 (2022: £19,000) during the year. 5 Taxation
The charity is a registered charity and is therefore exempt from taxation.
6 Tangible fixed assets
| Furniture and | |
|---|---|
| equipment | Total |
| £ | £ |
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 2,507 2,507 Charge for the year 19 19 At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 7 Fixed asset investments 2023 2022 £ £ Other investments Cost or Valuation At 1 April 2022 Revaluation At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Debtors Other debtors |
2,698 | 2,698 | 2,698 172 476,894 Total £ 332,462 122,741 455,203 £ 102 455,203 332,462 2,698 2,526 191 |
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|---|---|---|---|---|---|---|
| 2,698 | ||||||
| 2,526 | ||||||
| 172 |
||||||
| 191 | ||||||
| 455,203 Unlisted investments £ 332,462 122,741 |
||||||
| 455,203 | ||||||
| 455,203 |
||||||
| 332,462 | ||||||
| £ 128 |
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
Other investments
9 Creditors: amounts falling due within one year
| Bank overdrafts Other taxation and social security Other creditors Unrestricted funds Balance at 1 April 2021 £ Incoming resources £ General (744,902) (22,192) 11 Analysis of net assets between funds |
2023 £ 72 705 520 Resources expended £ 30,241 1,297 |
2022 £ 72 678 517 Balance at 31 March 2022 £ (736,853) 1,267 |
|---|---|---|
Funds
| Tangible fixed assets Unrestricted funds General |
Balance at 1 April 2022 £ (736,852) |
Incoming resources £ (23,393) |
Unrestricted funds 2023 General £ 172 Resources expended £ 29,410 |
Total funds £ 172 Balance at 31 March 2023 £ (730,835) |
|---|---|---|---|---|
Tangible fixed assets
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Wigan Leigh and District Society for the Blind
Notes to the Financial Statements for the Year Ended 31 March 2023
| Fixed asset investments Current assets Current liabilities Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets 12 Analysis of net funds At 1 April 2022 £ Cash at bank and in hand 260,933 Net debt At 1 April 2021 £ Cash at bank and in hand 270,117 Net debt 260,933 270,117 |
455,203 255,065 (1,297) Unrestricted funds 2022 General £ 191 476,894 261,035 (1,267) Cash flow £ (5,996) Cash flow £ (9,184) 709,143 736,853 (5,996) (9,184) |
455,203 255,065 (1,297) Total funds £ 191 476,894 261,035 (1,267) At 31 March 2023 £ 254,937 At 31 March 2022 £ 260,933 709,143 736,853 254,937 260,933 |
|
|---|---|---|---|
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Wigan Leigh and District Society for the Blind
Statement of Financial Activities by fund for the Year Ended 31 March 2023
| Income and Endowments from: Donations and legacies Investment income Total income Expenditure on: Raising funds Total expenditure |
Total Unrestricted funds 2023 £ 8,123 17,188 (31,328) 25,311 (31,328) (6,017) |
Unrestricted funds 2022 £ 9,245 14,195 (31,489) 23,440 (31,489) (8,049) |
|---|---|---|
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Wigan Leigh and District Society for the Blind
| Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
(6,017) (8,049) 736,852 744,902 730,835 736,853 |
|---|---|
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Wigan Leigh and District Society for the Blind
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Income and Endowments from: Donations and legacies (analysed below) Investment income (analysed below) Total income Expenditure on: Raising funds (analysed below) Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward |
Total 2023 £ 8,123 (4,504) (31,328) (27,709) 736,852 3,619 (31,328) (27,709) |
Total 2022 £ 9,245 14,195 (31,489) (8,049) 744,902 23,440 (31,489) (8,049) |
|---|---|---|
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Wigan Leigh and District Society for the Blind
Total funds carried forward
709,143 736,853
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Wigan Leigh and District Society for the Blind
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Donations and legacies Committed giving Investment income Interest on cash deposits Income from other investments Other Reduction in Net Investments Raising funds Fundraising costs Wages and salaries Rent and rates Computer software and maintenance costs Sundry expenses Bank charges Wages and salaries Insurance Telephone and fax |
Total 2023 £ 8,123 359 16,829 (1) (21,691) (1,918) (1,200) (3,900) - (3,800) (79) (19,000) (96) (740) 8,123 (4,504) (31,328) |
Total 2022 £ 9,245 826 13,369 - - (1,248) (1,200) (3,900) (40) (4,425) (96) (19,000) (431) (605) 9,245 14,195 (31,489) |
|---|---|---|
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Wigan Leigh and District Society for the Blind
| Printing, postage and stationery | (58) | (29) |
|---|---|---|
| Accountancy fees | (518) | (494) |
| Depreciation of plant and machinery | (19) | (21) |
Page 20
Audit Trail
| Document Details | Document Details | |
|---|---|---|
| Title | Accounts to Sign | |
| File Name | Charity Accounts - Updated Trustees.pdf | |
| Document ID | 6d69107b32164e15977a405046e27cd7 | |
| Fingerprint | 43666520c71e7f825d2959fa43187777 | |
| Status | Completed | |
| Document History | ||
| Document Created by Karen Richardson (info@mcgintydemack.co.uk)Fingerprint: | Nov 13 2023 | |
| Document Created | 935c167c95ff7488ec81f8f4b566a58d 10:09AM UTC |
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| Document Sent | Document Sent to Anne Fairhurst (annef49@btinternet.com) Nov 13 2023 10:09AM UTC |
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| Document Sent | Document Sent to Karen Richardson (k.richardson@mcgintydemack.co.uk) Nov 13 2023 10:09AM UTC |
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| Document Viewed | Document Viewed by Anne Fairhurst (annef49@btinternet.com)IP: | Nov 13 2023 |
| 31.94.24.98 10:11AM UTC |
| Document | Viewed | Document Viewed by Karen Richardson (k.richardson@mcgintydemack.co.uk) |
Nov 13 2023 10:39AM UTC |
|---|---|---|---|
| IP: 92.40.179.84 | |||
| Document Signed by Karen Richardson | |||
| (k.richardson@mcgintydemack.co.uk) | |||
| IP: 92.40.179.84 | |||
| Document | Signed | Nov 13 2023 10:39AM UTC |
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| Document | Viewed | Document Viewed by Anne Fairhurst (annef49@btinternet.com)IP: | Nov 13 2023 |
| 31.94.17.52 | 10:19PM UTC | ||
| Document Signed by Anne Fairhurst (annef49@btinternet.com)IP: | |||
| 31.94.17.52 | |||
| Document | Completed | This document has been completed. | Nov 13 2023 |
| Fingerprint: 43666520c71e7f825d2959fa43187777 | 10:22PM UTC |