##
||~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|
##
|Legal|and|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|
##
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##
|||||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|
##
||||||Note|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|||||||
##
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##
|Plant and machinery|4to 5years|
|---|---|
|Fixtures and fittings|4to 5 years|
|Motor vehicles|4to 5years|
|Freehold property|50years|
##
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##
|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|
|10|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|
##
|13|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)|
##