2020-10-31-accounts - The Ulverscroft Foundation

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	~Pa e
Charity Particulars
Annual Report ofthe Trustees	2-6
Independent Auditor's Report	7-9
Consolidated Statement ofFinancial Activities	10
Charity Statement ofFinancial Activities
Consolidated Balance Sheet	12
Charity Balance Sheet	13
Statement ofCash Flows	14
Notes forming part ofthe Financial Statements	15-33

administrative	information
Trustees		R.P.Gent * (chairman) R.J.Crooks *
		J.Sandford-Smith
		R.A. Clarke
		D.T.Hicks
		G.H.A. Woodruff
		I.R.Moon *
		(*Investment sub-committee)
Secretary		Mrs. J.Sumner
Treasurer		E.V.Hill *
Office		No.1 The Green
		Bradgate Road
		Anstey
		Leicester
		LE77FU
Independent	Auditor	Somerbys Limited
		Chartered Accountants
		Statutory Auditor
		30Nelson Street
		Leicester
		LE17BA
Bankers		Barclays Bank pic
		Leicester
Investment	Advisors	Brewin Dolphin
		9Colmore Row
		Birmingham
		B32BJ

				Note	General	Restricted	Total	Total
					Funds	Fund	2020	2019
					f000	f000	f000	f000
Income and endowments	from:
Voluntary income					19		19	91
Other trading activities
Trading income Investment income					8,221 383		8,221 383	9,860 465
Other					171		171	2
Total					8,794		8,794	10,418
Expenditure on:
Raising funds:
Commercial trading:- Expenditure -continuing				3@5	10,993		10,993	11,391
Taxation				10				(46)
Investment management		costs			27		27	27
Costs ofgenerating voluntary Charitable activities			funds		3 716		3 716	3 387
Total					11,739		11,739	11,762
Net income and net movement			in
funds before gains and losses on
investments					(2,945)		(2,945)	(1,344)
Investment gains/(losses)					(439)		(439)	515
Net income					(3,384)		(3,384)	(829)
Other recognised gains/(losses)
Foreign exchange adjustment
Net movement in funds					(3,383)		(3,383)	(830)
Reconciliation offunds
Total Funds at 1 November		2019			20,906		20,906	21,736
Total Funds at 31October	2020				17,523		17,523	20,906

					General	Restricted	Total	Total
					Funds	Fund	2020	2019
					f,000	f000	f,000	f000
Income and endowments		from:
Voluntary income					19		19	91
Gift aid from trading	group				300		300	300
Investment income					355		355	418
Other income					2		2	2
Total					676		676	811
Expenditure on:
Raising funds:
Investment management		costs			27		27	27
Costs ofgenerating	voluntary			funds	3		3	3
Charitable activities					716		716	387
Total					746		746	417
Net (expenditure)/income		and	net
movement in funds before gains				and
losses on investments					(70)		(70)	394
Investment (losses)/gains					(3,059)		(3,059)	451
Net (expenditure)/income					(3,129)		(3,129)	845
Other recognised gains
Revaluation gains
Net movement in funds					(3,129)		(3,129)	845
Fund balances carried	forward		at
1November 2019					20,607		20,607	19,762
Fund balances carried	forward		at
31October 2020					17,478		17,478	20,607

				Note	Note		2020	2019
							f000	f000
Fixed assets
Intangible assets					11		995	1,419
Tangible assets					12		2,680	2,527
Investments					13		9,997	10,905
							13,672	14,851
Current assets
Stocks					14	1,261		1,008
Debtors					15	1,938		2,513
Cash at bank and		in hand			16	4,174		6,210
						7,373		9,731
Creditors: amounts		falling due within one year			17	(3,349)		(3,599)
Net current assets							4,024	6,132
Total assets less current liabilities							17,696	20,983
Creditors: amounts		falling due after	more than
one year					18		(173)	(77)
							17,523	20,906
Funds
Unrestricted	income funds					17,523		20,906
(including capital		redemption reserve ofZ1.2million)
Total funds							17,523	20,906
Approved by the Board ofTrustees on 10~ June 2021
And signed on its	behalf by:		jl	~	RP GENT
					RCROOKS

			Note		2020	2019
					f000	f000
Fixed assets
Tangible assets			12		400	400
Investments			13		16,648	19,859
					17,048	20,259
Current assets
Debtors			15	16		24
Cash at bank and	in hand		16	1,392		1,060
				1,408		1,084
Creditors: amounts	falling due within	one year	17	(977)		(659)
Net current assets					431	425
Total assets less current liabilities					17,479	20,684
Creditors: amounts	falling due after	more than
one year			18			(77)
Net assets					17,478	20,607
Funds
Unrestricted income funds:
General funds					17,478	20,607
					17,478	20,607
Approved by the Board ofTrustees on 10~June 2021
And signed on its behalf by:			P GENT
			RCROOKS

			The Group		The Charity
		Note	2020	2019	2020	2019
			f000	f000	f,000	f000
Cash used in operating		23	(2,278)	(1,338)	(175)	(302)
activities
Proceeds from sale of investments			1,827	1,889	1,668	1,308
Purchase ofinvestments			(1,690)	(1,815)	(1,516)	(1,470)
Purchase ofsubsidiary				(340)
Purchase oftangible fixed assets			(37)	(100)
Investment income			398	303	355	242
Interest paid			(2)	(2)
Cash provided by investing	activities		496	(65)	507	80
Change in cash and cash equivalents the year		in	(1,782)	(1,403)	332	(222)
Cash and cash equivalent	brought
forward			5,956	7,359	1,060	1,282
Cash and cash equivalent	carried		4,174	5,956	1,392	1,060
forward
Analysis ofcash and cash	equivalents
Cash and bank and in hand			4,174	6,210	1,392	1,060
Bank overdraft				(254)
Cash and cash equivalents	as at31		4,174	5,956	1,392	1,060
October 2020

Plant and machinery	4to 5years
Fixtures and fittings	4to 5 years
Motor vehicles	4to 5years
Freehold property	50years

Voluntary income
	2020	2019
	f000	f000
Donations	12	41
Legacies	7	50
	f19	f91

Y	EAR ENDED 31OCTOBER 2020	EAR ENDED 31OCTOBER 2020
3	Subsidiary activities (continued)		2020	2019
			f000	f.000
	Turnover - continuing		8,221	9,860
	Cost ofsales		(5,971)	(5,744)
	Gross profit		2,250	4,116
	Distribution costs		(749)	(952)
	Administrative expenses		(3,604)	(4,282)
	Exceptional administrative	expenses	(682)	(429)
	Fair value movements		320	64
	Other operating income		169
	Operating loss —continuing		(2,296)	(1,483)
	Investment income		43	61
	Interest payable		(2)	(2)
	Loss on ordinary activities	before taxation	(2,255)	(1,424)
	Taxation - current			46
	Loss on ordinary activities	after taxation	(2,255)	(1,378)
	Non-controlling interest
	Loss attributable to the parent company		(2,255)	(1,378)
	Foreign exchange losses		(1)	(1)
	Amount gift aided to parent	charity	(300)	(300)
	Movement in funds for the year		(2,556)	(1,679)
	Asset, liabilities and funds
	Assets		10,289	13,241
	Liabilities		2,544	2,940
	Funds
	Funds attributable to the parent company		7,745	10,301
			7,745	10,301
			2020	2019
			f000	f000
4	Investment income
	Bank interest		19	38
	Building Society interest		7	7
	Return on listed investments		357	420
			$383	X,465

Net income is stated after	charging:	2020	2019
		f000	f000
Auditors remuneration	audit fees	47	37
	other services	5	4
Goodwill amortisation		115	115
Amortisation ofintangible	fixed assets	91
Depreciation		141	205
Foreign exchange (profit)/loss Operating lease rentals other plants &machinery		11 32 124	8 32 88

				Costs of	Charitable	Governance	Total
				generating	activities	costs
				voluntary
				funds
				f000	f,000	f000	f,000
Staffcosts					29		38
Office costs							1
Professional		fees
Trustees travelling			expenses
Auditor's	fees
Insurance
Total					30	16	49

Charitable	activities
		2020	2019
		f000	f000
Grants payable		670	341
Support costs (note 6)		30	31
Governance	costs (note 6)	16	15
		716	387

Charitable activities (continued)	Charitable activities (continued)
The following grants were approved		in year:	2020
			f.000
LSH 8r, TM Will Dean Surgical	Training		261
Foresight Gardening Enterprises			3
Sheffield VI Walking Group			1
Sight For Surrey			2
Open Country			2
Charnwood Talking News Blind Cricket England 4 Wales			2 2
Extant			2
Bromley Talking News			2
Intercare			2
World Medical Education			4
University ofLeicester			247
Share the Vision			30
Living Paintings Trust			2
Devon Development Education			5
Second Sight (Pledge)			30
Sense International			2
Deafblind Scotland			5
Southend on Sight			2
Improving Lives Plymouth			3
North East Sensory Services			3
John Fawcett Foundation			5
Listening Books			3
Ruharo Eye Centre			50
			670

					2020
8	Grants approved and not yet paid		(notes 17and 18):		f000
	Charitable activities (continued)
	GOSH Ulverscroft Vision Research		Group		150
	University ofLeicester —Prof. IGottlob University ofLiverpool Newcastle University				168 52 83
	University ofLeicester —Proudlock Share the Vision				247 30
	Ruharo Eye Centre LSH&TM Will Dean Surgical Training				8 196
	Second Sight (Pledge) Comprehensive Research Network				30 2
	Ulverscroft David Owen Prize				1
					967
9	Staff costs
	The average number of employees		during the year were as follows:	2020	2019
	Management and administration	ofthe charity		2	2
	Trading group Administration			57	79
	Production			64	51
				123	132
				2020	2019
	The total staff costs for the year were:			f000	f000
	Wages and salaries			3,028	3,024
	Social security costs			258	250
	Other pension costs			94	96
				3,380	S3,370

Taxation
					2020	2019
					f000	f000
Adjustments in respect	of	previous periods				(46)
Tax on loss on ordinary		profits				(46)
Factors affecting the tax		charge for	the year
The tax assessed for the year is different				from the expected rate ofcorporation	tax. The differences are
explained below:
					2020	2019
					f,000	f000
Loss on ordinary activities		before taxation			(2,255)	(1,424)
					2020	2019
					f000	f000
Loss on ordinary activities		multiplied	by	the expected rate ofcorporate
tax of 19/o (2019—19/o)					(428)	(271)
Effects of:
Fixed asset difference					(25)	24
Expenses not deducted	for tax purposes					3
Utilisation oftax losses						6
Adjustments in respect	of	previous periods				(46)
Goodwill amortisation	and impairment				68	22
Other timing differences					3
Deferred tax not recognised					449	233
Non taxable income					(67)	(17)
						(46)

T~he Grou		Goodwill
		arising on
		consolidation
Cost
At 1November 2019		5,966
Acquisition ofsubsidiary	undertaking	24
At 31 October 2020		5,990
Amortis ation
At 1November 2019		4,547
Provision for year		206
Impairment charge		242
At 31 October 2020		4,995
Net book amount
At 31 October 2020		995
At 31 October 2019		1,419

Tangible assets
				Fixtures,
				Fittings
	Investmen	Freehold	Plant and	and Motor
	tProperty	Property	Machinery	Vehicles	Total
	f000	f000	f000	f000	f000
~The Grou
Cost or valuation
At 1November 2019	1,457	1,010	64	828	3,359
Additions			4	33	37
Exchange adjustment				5	5
Valuation	309				309
At 31 October 2020	1,766	1,010		866	3,710
Depreciation
At 1November 2019		247	29	556	832
Provided in the year		17	15	109	141
Impairments				53	53
Exchange adjustment				4	4
At 31October 2020		264	44	722	1,030
Net book amount
At 31October 2020	1,766	746	24	144	2,680
Net book amount
At 31 October 2019	1,457	763	35	272	2,527
The net book amount	at 31 October 2020 represents		fixed assets used for:
Management and
administration ofthe
charity		40			40
Trading purposes		706	24	144	874
Investment purposes	1,766				1,766
	1,766	746	24	144	2,680

	Freehold	Investment	Total
	Property	Property
	f,000	f000	f000
The Charity
Cost or valuation
At 1November 2019	40	360	400
Revaluation
At 31October 2020	40	360	400
Depreciation	40	360	400
At 1November 2019
And at 31October 2020
Net book amount
At 31October 2020	40	360	400
At 31October 2019	40	360	400

Investments		The Group		The	Charity
		f000			f,000
Quoted investments:
Market value at 1 November 2019		10,905			9,859
Additions		1,666			1,516
Eliminated on Disposal		(1,987)			(1,828)
Unrealised gains		(587)			(599)
Market value at 31October 2020		9,997			8,948
Investment in Group undertakings:
At 1November 2019					10,000
Impairment					(2,300)
At 31October 2020					7,700
Total:
Market value at 31October 2020		9,997			16,648
Market value at 31October 2019		10,905			19,859
Historical cost at 31October 2020		9,050			15,631
Group undertakings
Name			Principal		activity
Ulverscroft Group Limited —Co.No. 01672255			Holding		company
F.A Thorpe (Publishing) Limited* —Co.No. 00803803					Dormant
Ulverscroft Limited (formerly Ulverscroft	Large Print Books	Publishing		and distribution
Limited)* —Co.No. 01068776
Library Magna Books Limited* —Co.No.	01145362				Dormant
Ulverscroft Large Print (Australia) Pty Limited*
(incorporated in Australia) —Co.No. 055644105 Ulverscroft Large Print (USA) Inc.*		Publishing		and distribution
(incorporated in USA) —Co.No. 1794135		Publishing		and distribution
Isis Publishing Limited* —Co.No. 02723226					Dormant
Soundings Limited* —Co.No. 01664231					Dormant
La Jolie Ronde Limited* —Co.No. 02291948		Educational		publishing and
				franchising
Words &Graphics Limited(*) —Co.No. 02379011		Typesetting,	design and		printing
Oakhill Publishing Limited* —CoNo. 05387076					Dormant
Shares held by Ulverscroft Group Limited (**)At the year-end, the trade and assets ofthis company
was transferred across to Ulverscroft	Limited, following
which, it became dormant. .

14	Stocks			The Group		The Charity
				2020	2019	2020	2019
				f,000	f000	f000	f,000
	Work in progress			495	271
	Finished goods and goods for resale			766	737
				1,261	1,008
15	Debtors
				The Group		The Charity
				2020	2019	2020	2019
				f000	f000	f000	f000
	Trade debtors			1,375	1,239
	Other debtors			63	337
	Prepayments	and accrued income		500	937	16	24
				1,938	2,513	16	24
16	Cash and cash equivalents
				The Group		The Charity
				2020	2019	2020	2019
				f,000	f000	f,000	f000
	Cash at bank	and in	hand	4,174	6,210	1,392	1,060
	Bank overdraft				(254)
				4,174	5,956	1,392	1,060
17	Creditors: amounts		falling due within one year
				The Group		The Charity
				2020	2019	2020	2019
				f,000	f000	f000	%,000
	Bank overdraft				254
	Trade creditors			933	1,326
	Social security and		other taxes	98	168
	Other creditors			237	272
	Grants			967	651	966	651
	Accruals and	deferred income		1,114	928	6	6
				3,349	3,599	976	659

Creditors: amounts falling due after	more than one yea	r
The Group and The Charity	Group	Group	Charity	Charity
	2020	2019	2020	2019
	f000	f000	f000	f000
Due between two and five years:
Grants	1			77
Onerous lease provision	172
	173			77

The Group	2020		2019
	Land and		Land and
	buildings	Other	buildings	Other
	f000	f000
Within one year Within two to five years	84 99	93 118	84 99	67 152
After more than five years
	183	211	183	219
The Charity	2020		2019
	Land and		Land and
	buildings	Other	buildings	Other
	f,000	f000	f000	f000
Under one year
Within two to five years

cash inflow from o	pe	rating	activities
				The Group		The Charity
				2020	2019	2020	2019
				f000	f,000	f.000	f000
Net incoming recourses				(3,384)	(829)	(3,129)	845
Depreciation				194	205
Goodwill amortisation				448	115
Interest received				(398)	(403)	(355)	(242)
Interest paid				2	2
Decrease/(increase)	in	stocks		(253)	36
Decrease/(increase)	in	debtors		577	238	8	(8)
Increase/(decrease)	in	creditors		(72)	(244)	242	(446)
Increase/(decrease)	in	provisions		172
Foreign exchange				(2)	(1)
Investment (gains)/losses				438	(415)	759	(451)
Taxation received/(paid)					(46)
Profit/loss on sale					1
Non-operating items					3	2,300
				(2,278)	(1,338)	(175)	(302)
Financial instruments
				The Group		The Charity
				2020	2019	2020	2019
				f000	f000	f,000	f000
Financial assets
Financial assets that	are debt
instruments measured		at amortised cost		1,452	1,576
				1,452	1,576
Financial liabilities
Financial liabilities	measured		at
amortised cost				(2,300)	(2,748)		(747)
				(2,300)	(2,748)		(747)