## **THE PARTIALLY SIGHTED SOCIETY**
**A company limited by guarantee**
## **Report and Financial Statements**
**For the year ended 31st March 2024**
**Registered Company Number: 00917003 (England and Wales)**
**Registered Charity Number: 254052**
## **The Partially Sighted Society**
## **Contents of the Financial Statements For the year ended 31st March 2024**
||Page|
|---|---|
|Legal and administrative information|1|
|Report of the trustees|2 -6|
|Independent Examiners Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to Financial Statements|10 - 15|
## **The Partially Sighted Society**
## **Company Information**
## **For the year ended 31st March 2024**
## **Management Committee**
G Reed Resigned KR Binks Chair P Moore JM Reed Resigned RL Mackay CV Kemp T Vadhia Appointed April 2024 R Magilton Vice Chair
## **Registered Office**
1 Bennetthorpe Doncaster South Yorkshire DN2 6AA **Company Number** 00917003 **Charity Registration No** 254052
## **Independent examiner**
Jon Lister Enterprise Chartered Certified Accountants 8 Castlegate Tickhill Doncaster DN11 9QU
Page 1
## **The Partially Sighted Society**
## **Report of the Board of Trustees For the year ended 31st March 2024**
The members of the Board of Trustees present their Annual Report for the year ended 31st March 2024.
## **Objectives and aims**
The main objective of the charity is to help people with a visual impairment make the best possible use of their remaining vision. The main activities to achieve this objective are the provision of advice, information, equipment and clear print material.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
## **Members of the Board of Trustees**
|G Reed|Resigned|JM Reed|Resigned|
|---|---|---|---|
|KR Binks|Chair|RL Mackay||
|P Moore||CV Kemp||
|T Vadhia|Appointed April 2024|R Magilton|Vice Chair|
The members of the Board of Trustees are all directors of the company.
The Charity is incorporated and is registered with the Charity Commission, No 254052. The Company is registered in England and Wales, No 00917003. The Charity's address is 1 Bennetthorpe, Doncaster, DN2 6AA. The governing document is the Memorandum and Articles of Association dated 3 October 1967.
The Board of Trustees are the members of the company. The company is a company limited by guarantee and therefore has no share capital. In the event of a winding up the liability of members is limited to £1.
## **Recruitment and appointment of new trustees**
Trustees are elected to serve for three years after which they may be reappointed for a further three year term. The Honorary Chairperson, Vice Chairperson and Treasurer are elected by the trustees.
The Trustees will review their composition on an ongoing basis to ensure that all relevant skill areas are represented and where necessary recruit additional Trustees. The Trustee Board endeavours at all times to ensure and maintain the professional standards required to maintain the Charity's National reputation.
## **Organisational structure**
The Board of Trustees meet quarterly and are responsible, with the CEO, for the strategic direction and policy of the Charity. The CEO has no voting rights. The CEO is responsible for the day to day provision of services and the implementation of policies agreed by the trustees.
Page 2
## **The Partially Sighted Society**
## **Report of the Board of Trustees - Continued For the year ended 31st March 2024**
## **Induction and training of new trustees**
The Charity has produced a trustee guide for newly recruited trustees. This draws upon in-house information sources as well as various publications of the Charity Commission. A formal induction programme is available when new trustees are appointed.
## **Changes to the Board of Trustees**
Gerald Reed (Chair) resigned from the Board Janet Reed resigned from the Board Tosh Vardia was appointed to the Board (April 2024). Keith Binks was appointed to the position of Chairperson. Robyn Magilton was appointed as Vice Chairperson.
The Partially Sighted Society are actively seeking appropriately qualified people with complementary skills sets to return the composition to a group of seven.
## **Wider network**
The Charity takes advice from and uses services of other organisations to achieve and deliver its charitable objective and aims.
## **Related parties**
The Charity continues to foster close working relationships with other charitable organisations working in the field of visual impairment.
## **Financial review**
The trustees consider the Charity to be in a stable and healthy financial position and well placed to undertake activities in future years.
## **Reserves policy**
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves at this level will ensure that that in the event of a significant funding drop, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised.
This level of reserves has been maintained throughout the year.
## **Investment policy and objectives**
The Trustees annually consider the most appropriate policy for investing funds to meet the charity's requirements to generate income and capital growth.
## **Risk management**
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems and protocols are in place to mitigate exposure to the major risks. The Trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated quarterly by the CEO. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors to the Registered Office.
Page 3
## **The Partially Sighted Society**
## **Report of the Board of Trustees - Continued For the year ended 31st March 2024**
## **Activities**
Following on from a successful, progressive and developmental year in 2023-24, the charity continued to grow in terms of services offered to beneficiaries, income across all streams including online sales, donations and legacies and in staffing to meet growing needs.
The charity has put in place increasingly effective systems and procedures to support strategic development and monitoring. This has helped to evaluate growth areas and effective deployment of resources. Feedback from beneficiaries in relation to our variety of services is overwhelmingly positive.
The following are a selection of the year’s developments:
1. To further support the education of children with visual impairment and visual processing difficulties we designed and implemented the bespoke 'build-a-book' system. This system allows the stationery resources for writing and mathematics to be designed specifically for the child's needs. The system has over 14,000 different options and is available for teachers, parents and specialists working with the child to request samples and then order either online or directly from the Charity.
2. Some years ago we designed and produced a large print high contrast ruler and protractor and have now added to the range with a large print set square and isoceles triangle in response to feedback from QTVI's working with children with a visual impairment. The design and production of all these items is a financial commitment by the charity in supporting education for children which has proved successful.
3. We took a strategic decision to spend from reserves to further increase our resident low vision specialist optometrist’s hours from 2 to 3 days a week. The increased uptake of our enhanced low vision service from people from all over the UK necessitated this increase to avoid a wait list situation. The increase in hours also facilitated time to provide mentoring and training in Low Vision for Dispensing Opticians. This is part of a strategy to upskill Opticians nationwide to better support people nationally with low vision.
4. We were extremely grateful to our recently appointed Trustee, Tosh Vardia, for the donation of ‘state of art’ clinical assessment equipment that has greatly enhanced our ability to diagnose and identify sight loss conditions.
5. Following extensive research we identified a clear need and demand for mental health support amongst the visually impaired community. As a consequence we decided to employ a qualified therapist with specialism in visual impairment to develop a PSS Mental Health and Wellbeing support service. This service is provided by an Art Pyschotherapist who also has an extensive background in ophthalmic imaging and has been extremely well received. The service offers face to face therapy as well as online and telephone therapy. The demand has been such that we now utilise a VI volunteer who provides wellbeing befriending calls to alleviate loneliness and isolation.
6. We have developed monthly social activities to alleviate social isolation including: Art Therapy in the form of a Creative Wellbeing group, Craft group, Knit and Natter, Coffee Mornings, Support Group and Musical Wellbeing including a VI choir.
Page 4
## **The Partially Sighted Society**
## **Report of the Board of Trustees - Continued For the year ended 31st March 2024**
7. We also employed an Administrator to provide admin support to the team , which has also enabled our Communications Officer time to provide technology training on a one to one basis as well as develop our audio services.
8. During the course of the year, we did an extensive review of our finances, in particular our investment portfolio. We invited three investment companies to present to us how each would maximise our investments. This was a useful financial educational exercise for Trustees and the CEO, enabling us to have greater understanding and make appropriate financial decisions on behalf of our beneficiaries.
In summary we believe in a holistic approach to supporting an individual with any degree of vision impairment and we are proud to offer emotional, practical, clinical and social support.
On behalf of the Board of Trustees, I would like to thank our growing staff team on their dedication to the needs of the partially sighted community both locally, nationwide and internationally. Their complimentary skills and devoted professionalism is providing a ‘gold standard’ support to the visually impaired community.
Page 5
## **The Partially Sighted Society**
## **Report of the Board of Trustees - Continued For the year ended 31st March 2024**
## **Statement of the responsibilities of the members of the Board of Trustees**
Company law requires the directors of the company (who are also trustees) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the statements, the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the members are required to:
*Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The members of the Board of Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement as to disclosure of information to Independent Examiners**
So far as the Board of Trustees is aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the Independent Examiner is unaware, and each director has taken all the steps that he/she ought to have taken as director to make himself/herself aware of any relevant information and to establish that the company's Independent Examiner is aware of that information.
I would like to take this opportunity to thank all staff for their continued professionalism and commitment ensuring continuity of service and support to those living or coming to terms with sight loss.
The Trustees report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.
The Trustees report was approved by the Board of Trustees.
…………………………………………………………………. K Binks - Chair of the Trustee Board Dated:
Page 6
## **Independent Examiners Report to the Trustees of The Partially Sighted Society For the year ended 31st March 2024**
We report on the accounts for the year ended 31 March 2024 set out on pages 8 to 15.
## **Retrospective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 145(1) of the Charities Act 2011 and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to;
- examine the accounts under section 145 of the Charities Act 2011;
- to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respects the requirements to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with accounting records, comply with the accounting requirements of section 386 of the Companies Act 2006 and with the method and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
## **Jon Lister FCCA**
## **Enterprise Accountancy Services Limited**
Dated:
8 Castlegate Tickhill Doncaster South Yorkshire DN11 9QU
Page 7
**The Partially Sighted Society**
## **Statement of Financial Activities (including Income & Expenditure Account) For the year ended 31st March 2024**
|**Notes**
**Incoming Resources from the**
**generated funds**
**Voluntary Income**
Donations & legacies
2
**Incoming Resources from**
**Charitable Activities**
Charitable Activities
3
**Investment Income**
Investments
4
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Charitable expenditure:**
Charitable activities
5
**Fundraising costs**
6
**Net gains/(losses) on investments**
7
**TOTAL RESOURCES EXPENDED**
**NET INCOMING/(OUTGOING)**
**RESOURCES FOR THE YEAR**
**Transfer**
**Funds at 1 April 2023**
**Funds at 31 March 2024**|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**52,756**
**-**
**52,756**
**184,613**
**-**
**184,613**
**25,511**
**-**
**25,511**
**262,880**
**-**
**262,880**
**396,183**
**-**
**396,183**
**6,382**
**-**
**6,382**
**51,537**
**-**
**51,537**
**351,028**
**-**
**351,028**
**88,148)**
**(**
**-**
**88,148)**
**(**
-
-
**-**
**1,745,449**
**-**
**1,745,449**
**1,657,301**
**-**
**1,657,301**|**Total**
**Funds**
**2023**
**£**
342,911
166,084
10,821
**519,816**
319,355
5,630
49,583)
(
**374,568**
**145,248**
-
1,600,201
**1,745,449**|
|---|---|---|
Page 8
## **The Partially Sighted Society Balance Sheet as at 31st March 2024 Registered Company Number: 2456840 (England & Wales)**
|**Note**
**FIXED ASSETS**
Intangible assets
8
Tangible assets
8
Investments
8
**CURRENT ASSETS**
Stocks
9
Debtors
10
Cash at bank & in hand
**CURRENT LIABILITIES**
Creditors due within one year
11
**NET CURRENT ASSETS**
**Creditors: falling due after more than**
**one year**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|**£**
**£**
**5,609**
**613,153**
**784,185**
**1,402,947**
**33,883**
**28,028**
**222,425**
**284,336**
**29,982)**
**(**
**254,354**
**155)**
**(**
**1,657,301**
**1,657,301**
**1,657,301**
**2024**|£
£
7,012
634,353
746,734
1,388,099
32,744
27,138
317,148
377,030
19,370)
(
357,660
310)
(
1,745,449
1,745,449
1,745,449
2023|
|---|---|---|
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
The company is entitled to exemption from the audit requirement contained within section 477 of the Companies Act 2006, for the year ended 31 March 2024. No member of the company has deposited a notice pursuant to section 476, requiring an audit of these accounts.
These financial statements were approved by the trustees on .
The directors have acknowledged their responsibilities for preparing account which give a true and fair view of the Company and of the profit/loss (which ever is applicable for the year then ended in accordance with the requirements of the Companies Act 2006 and which otherwise comply with the requirements of this Act relating to accounts, so far as applicable to the Company.
The directors have acknowledged their responsibilities for ensuring that the Company keeps accounting records which comply with the Companies Act 2006.
K. Binks - Chair of the Trustee Board
Date:
Page 9
## **The Partially Sighted Society**
## **Notes to the Financial Statements**
**For the year ended 31st March 2024**
## 1 **ACCOUNTING POLICIES**
## **Basis of accounting**
The principal accounting policies which are adopted consistently in the preparation of the financial statements are set out below.
## **a) Accounting convention and charitable status**
The accounts have been prepared under the historical cost convention and are in accordance with SORP FRS102 and applicable Accounting Standards and include the results of the company's operations described in the report of the board of management and all of which are continuing. The Company is a Registered Charity, No. 254052. Exemption has been taken from preparing a cash flow statement as the company qualifies as a small company.
## **b) Incoming resources: Revenue grants**
Revenue grants are recognised in the statement of financial activities in the year in which they are received. Grants received in respect of funding the Arts and Mind Development post and the Project Manager post are recognised in the year to the extent that salary and fees have been paid.
## **C) Unrestricted funds and Support costs**
Unrestricted funds are grants, donations, and other income received or generated for the charity's main activities. Unrestricted funds are designated at the discretion of the board of management. Support costs relating to the administration of the charity have been allocated to unrestricted funds. Those relating to artistic project delivery have been allocated to restricted funds.
## **D) Tangible Fixed Assets**
Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life:
Freehold land & buildings 2% Straight line basis Plant & equipment 25% Reducing balance basis Computer equipment 20% Reducing balance basis
## **E) Intangible Fixed Assets**
Intangible fixed assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and impairment losses.
Intangible assets comprise of costs incurred in the development of an e-commerce website. The asset is amortised over its expected useful economic life of six years.
## **F) Fixed Asset Investments**
Fixed asset investments are measured at cost (including transaction costs) and are subsequently measured at fair value at each reporting date. Changes in the fair value are reported in the SOFA.
Page 10
## **The Partially Sighted Society**
## **Notes to the Financial Statements - continued For the year ended 31st March 2024**
|2 DONATIONS & LEGACIES
Donations and gifts
Legacies receivable
Grants
3 CHARITABLE ACTIVITIES
Sales within charitable activities
Training
Charitable rental income
Employment allowance
4 INVESTMENTS
Income from listed investments
Interest receivable|**Unrestricted**
**Restricted**
**Total**
Total
**Funds**
**Funds**
**2024**
2023
**£**
**£**
**£**
£
**30,110**
**-**
**30,110**
30,857
**22,491**
**-**
**22,491**
311,899
**155**
**-**
**155**
155
**52,756**
**-**
**52,756**
342,911
**2024**
2023
**£**
£
**178,075**
**-**
**178,075**
156,960
**788**
**788**
**750**
**-**
**750**
4,124
**5,000**
**-**
**5,000**
5,000
**184,613**
**-**
**184,613**
166,084
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2024**
2023
**£**
**£**
**£**
£
**18,281**
**-**
**18,281**
10,539
**7,230**
**-**
**7,230**
282
**25,511**
**-**
**25,511**
**10,821**|
|---|---|
Page 11
## **The Partially Sighted Society**
## **Notes to the Financial Statements - continued For the year ended 31st March 2024**
|5|CHARITABLE EXPENDITURE
Staff costs
Depreciation, amortisation and impairment
Provision of low vision aids
Provision of information, advice & low vision
services
Equipment hire & maintenance
Stock movement
Support costs:
Equipment hire & maintenance
Property expenses
Telephone & postage
IT costs
Sundries
Bank charges
Governance costs:
Staff costs
Accountancy
Legal & professional
Insurance
Travel & meeting expenses
Other governance costs|**General**
**Restricted**
**Total**
Total
**Funds**
**Funds**
**2024**
2023
**£**
**£**
**£**
£
**170,789**
**-**
**170,789**
97,377
**30,945**
**-**
**30,945**
25,646
**51,913**
**-**
**51,913**
48,987
**1,182**
**-**
**1,182**
2,000
**18,416**
**-**
**18,416**
16,857
**1,139)**
**(**
**-**
**1,139)**
**(**
13,029
**3,082**
**-**
**3,082**
19,825
**19,872**
**-**
**19,872**
13,652
**2,594**
**-**
**2,594**
2,161
**31,097**
**-**
**31,097**
-
**1,370**
**-**
**1,370**
2,816
**3,601**
**-**
**3,601**
3,579
**33,981**
**-**
**33,981**
50,832
**3,673**
**-**
**3,673**
2,990
**21,890**
**-**
**21,890**
16,104
**1,763**
**-**
**1,763**
2,890
**749**
**-**
**749**
290
**405**
**-**
**405**
320
**396,183**
**-**
**396,183**
319,355|
|---|---|---|
Governance costs include payments to the Independent Examiner of £1,500 (2023: £2,800).
None of the Trustees (or other such connected with them) received any remuneration during the year. A total of £Nil (2023: £Nil) was reimbursed for travelling expenses.
|6|RAISING FUNDS
Fundraising and publicity
Advertising
Other fundraising costs|**General**
**Restricted**
**Total**
Total
**Funds**
**Funds**
**2024**
2023
**£**
**£**
**£**
£
**3,381**
**-**
**3,381**
2,524
**3,001**
**-**
**3,001**
3,106
**6,382**
**-**
**6,382**
**5,630**|
|---|---|---|
Page 12
## **The Partially Sighted Society**
## **Notes to the Financial Statements - continued For the year ended 31st March 2024**
|Employees
The average monthly number of employees during the year was:
Employment costs
Wages & salaries
Social Security costs
Pension costs|**2024**
**2023**
**Number**
**Number**
5
5
£
£
176,738
132,565
17,277
12,962
3,447
2,676
197,462
148,203|
|---|---|
The total amount paid to key management personnel totals £45,737 (2023: £44,534).
No employees received emoluments in excess of £60,000.
|7 NET GAINS/(LOSSES) ON INVESTMENTS
Revaluation of investments
8 TANGIBLE FIXED ASSETS|**2024**
**2023**
£
£
**51,537**
49,583)
(|
|---|---|
|**COST**
At 1st April 2023
Additions
At 31st March 2024
**DEPRECIATION**
At 1st April 2023
Charge for year
At 31st March 2024
**NET BOOK VALUE**
At 31st March 2024
At 31st March 2023|**Freehold**
**land &**
**Plant &**
**Computer**
**Total**
**buildings**
**equipment**
**equipment**
**£**
**£**
**£**
1,014,428
731,553
220,188
62,687
8,341
8,341
-
1,022,769
731,553
228,529
62,687
380,075
176,501
142,027
61,547
29,541
11,101
17,300
1,140
409,616
187,602
159,327
62,687
613,153
543,951
69,202
-
613,153
555,052
78,161
1,140|
|---|---|
Page 13
## **The Partially Sighted Society**
## **Notes to the Financial Statements - continued For the year ended 31st March 2024**
|8 INTANGIBLE FIXED ASSETS
**COST**
At 1st April 2023
Additions
At 31st March 2024
**AMORTISATION**
At 1st April 2023
Charge for year
At 31st March 2024
**NET BOOK VALUE**
At 31st March 2024
At 31st March 2023
8 FIXED ASSET INVESTMENTS
**COST OR VALUATION**
At 1st April 2023
Additions/(disposals)
Valuation changes
Portfolio management fees
At 31st March 2024
Investments at fair value comprise:
Cash or cash equivalents
Listed investments|**Software**
£
8,415
8,415
1,403
1,403
2,806
5,609
7,012
**Listed**
**Investments**
£
746,734
6,719)
(
51,537
7,367)
(
784,185
**2024**
2023
**£**
£
**12,331**
13,452
**771,854**
733,282
**784,185**
746,734|
|---|---|
Listed investments are included at the current market value quoted by an independent valuer at the balance sheet date. The historic cost of the investments at the balance sheet date is £703,200 (2023: £703,200).
Page 14
## **The Partially Sighted Society**
## **Notes to the Financial Statements - continued For the year ended 31st March 2024**
|9
10
11|STOCKS
Finished goods and goods for resale
DEBTORS
Trade debtors
Prepayments & accrued income
CREDITORS
Falling due < 1 year
Trade creditors
Accrued expenses
Other taxation and social security
Government grants
Falling due > 1 year
Government grants|**2024**
2023
**£**
£
**33,883**
32,744
**2024**
2023
**£**
£
**22,477**
25,958
**5,551**
1,180
**28,028**
27,138
**2024**
2023
**£**
£
**20,275**
6,458
**2,350**
6,380
**7,202**
6,377
**155**
155
**29,982**
19,370
**155**
310|
|---|---|---|
## 12 RETIREMENT BENEFIT SCHEMES
## Defined contribution schemes
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. The Charity contributes a specified percentage of payroll costs to the
retirement benefit scheme to fund the benefits. The obligation of the charity with respect to the scheme is to make the specified contributions.
The amount recognised as an expenses in respect of defined contribution schemes was £3,447 (2023: £2,676).
Page 15