THE ULVERSCROFT FOUNDATION AIYD ITS SUBSIDIARY UNDERTAKINGS AMYUAL ACCOUNTS FOR THE ITAR ENDED 31 OCTOBER 2024 SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LEI 7BA
THE ULVERSCROFf FOUIYDATION AND ITS SUBSIDIARY UIYDERTAKINGS INDEX Charity Parti¢ulars Annual Rep)rt of the TnteeS Jndepend¢nt AuditOT'$ Report 7- 10 Consolidaled Statements of Finan¢ial Activities 11-12 chlty Ststcments of Financial Activities 13- 14 Consoltdated Balance Sheet 15 ChaTity Balance Sh¢¢t 16 Statement of Cash Flows 17 Notes fornjing part of the Financial Statements 18-37
THE ULVERSCRowf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS CHAIUTY REGISTRATION NO: 264873 GOVERNED BY DEED OF TRUST DATED 31 OCTOBER 1972 LegAI and admln5stradve inforniatio TTuslees R.P. Gent. lthainnan) R.J. Crooks ' J. Sandford-smith G.H.A. Woodruff l.L Moon ' C. Ashton R. Clarke (* Invesknent sub-committee) Secretary Mrs. J. Sumner Treasurer I.R Moon oirice No.1 The Green Bradgate Road Anstey Leicest¢r LE7 7FU Statulory AuditOT Somerbys Limil¢d Chartered Accountants Statutory Auditor 30 Nelson Street Leicester LEI 7BA Bankers Barclays Bank plc Ikicester Inveslment Advisors RBC Brewin Dolphin 9 Colmore Row Bimiingham B3 2BJ
THE uLVERScRO FOiiNDATJON AI¥D ITS SUBSIDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 OCTOBER 2024 The Trnstees Present their report and the audited financial slatnentS of The Ulverscroft Foundation and its subsidiary undertakings for the year ended 31 October 2024. The financial statements have been prepared in accordance with Ihe 8c¢ounting policies set out in the notes to the a¢counls and comply wtth the charity's governing document. the ChaTiti¢s Act 2011 and Accounting and Reporting by Charities: Slalement of Recommended Practice applicable to ch8riti¢s preparing their accounts in ac¢ordance with the Financial Reporting Standard applicabl¢ in th¢ UK and Republic of Irelond published in October 2019. Trustees of the charity The ITUStees who have served during the year and since the year end were as follows.. R.P. Genl ' (cbainnan) R.J. Crooks * J. Sandford-smith G.H.A. Woodruff l.R. Mi>on C. Ashton R. Clarke (* Investment sub-CO]nmittee) Structsrs govern#llee mAnAgement The Foundation was created and is governed by a Deed of Tnt dated 31 (ktober 1972 and its Charity Registration number is 264873. New Trnstees are chos¢n by the existing Trustees having regord lo bDth their general and specific experience of the activities of the Foundation aJ]d may be appointed by the continuing Trustees for such litllited petiod as they may decide. The ordinance of the TnL8t is reviewed and amended regularly by the Trust¢¢s. New and existing Tntee$ have this and other relevant inforniation. discussions take place and explanations are giv¢n when appropnate regarding the policies and activities of the Charithble Tnt and regarding th¢ duties and responsibilities of TnLStees gellerally. The Foundation ¢ompli¢s with the Principles of the Code of Good overnance. The Foundation is operated on a day to day basis by the Secretary and the Treasurer, who call upon any of the TNslees for material decisions. The Trnstees meet eight times a year and more frequently if required. Alternate DctIng$ concentrate on progr¢ss reports and financial reports of the Foundation and its trading subsidiary company, The Ulverscroft Group Limited. The Tn]stees consider on a regular basis, the major risks to which the Foundation and its assets might at some time become exposed. The main risk identified at the preseni lime and for the immediate future is the continuing reduclion in local authority funding which will impact on the market for the group's products. In addition to any spe¢ific risks identified, the Trustees are aware that any trading venture, such as the Ulverscroft Gmup. may experience failures and losses, not always within th¢ Foundation's control. The Trustees endeavour to ensure that adequate direction and management exists within the GTOUP and review quart¢rly reports produced by the Group on the trading status of each activity, its level of suw¢ss and forecast of its fijture progress or decline, in addition to financial reports on profits. ets, liabiliiies and cash flow. Mr R.J. Crooks and Mr R.P. Gent were boih Trust¢¢s at the signing date of the accounts who hold tille to propety belonging to the Foundation.
THE ULVEILSCRowf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 OCTOBER 2024 Objectives and Aetfivfi¢ies The primary objects of th¢ Ulverscroft Foundation, as recorded in the original Trust De¢4 are to relieve. assist and provide treatment and education for sick OT handicapped persons and in particular (but without prejuth'c¢ lo the g¢neTality of the foregoing) persons suffering from defective eyesight. to promote or conduct medical research and to provide and assist in the provision of facilities for the trealment or alleviation of sick or handicapped persons. There are no specific restrictioJ)s nor are there specific investment p)wers irnposed by the Tnt Deed. The policie5 adopted to further these obj'ects are summarised as follows: to gather in donations. le8a¢ies and investment income including that from the wholly owned trading organisation, the Ulverscroft Group Limit¢(L which by the nature of its trading activity of publishing large print books and audio books. sUprS the objects of the Foundation by assisting persons with visual impairmeDt. in their capacity as Investors and shareholders of the Ulverscroft GTOUP Limited. the Trustees are required to act in accordance with th¢iT ordinance, remaining independent from the management of the Group and its day to day tiVitieS while r¢viewing the Stsle of busine8s progress" in other respects acting as shareholders. to mana8¢ Wlth the sUPPOrt of its invesknent advis{$. th¢ investmenl of funds not utilised in the wholly owned trading organisation or for other charltable purposes at the time. lo d¢velop long and short iern) chitable proJts and to make grants in accordance with the obje¢ts of the Foundation. to administer the Foundation as efficiently as possible ihrough its SecretaTiat. Publle benefit Trustees confirni that they have referred to the guidan¢e contained in the Charity Commission's general guid¥JLce on pub.¢ benefit when reviewing the Foundation's aims and objectives and in planning future activities. In considering applications Trustees take into account evidence of ne•J, the likely numbers of benefi¢iaries. clarity of outcomes, achievability, sustainability al financial viability. They also consider the applicant's previous track record of achievement. including otheT fimding already obtained Specialist advice may be sought wh¢re appropriate. In the case of funding for ies¢ar¢h, Trthstees look for evidence of medium to long-terni potential to deliver $i1ficant public b¢n¢fit. A fiwther ilerth'on of the online application fonn was designed to improve the bidding process for applicants. in the knowledge that some may have limited IT slills. Trustees continue to explore ways of encournging more, and better quality. applications. The Foundation's partnership with Share the Vision bas b¢en extended. It offers an effe¢tive means of providing strategic support to the public library sector, lo improve the quality of seie¢ offered to library users who are visually impaired. InvestmeDt powers* policy and performgn¢e In accordance with ihe Trnst tk¢d and agreed Investmeni Policy, the Tn1¢¢$ may invest in any manner of investments at their discretion. The TTUSt¢es have the same power8 in all respects as if they were absolute owners. The shareholdings in listed companies, shown on the Balanee Sheet of the Foundation, amount lo 590/fy of the fixed asset inv¢skn¢nts.
THE ULVERSCROFT FOUNDATION AND ITS SUBSIDIARY UNDERTAKIP4GS ANNUAL REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 OCTOBER 2024 The main invesimenl held by the Foundation is that in the Ulverscroft Group, arnounting to £7.200,000. The Trustees Consider this to be a sound inv¢stm¢nl having r¢gard to its activities and to th¢ Balance Sheet value of the Group. Other than the Ulverscroft Group, the Trustees lake advice from their investtnenl advisors with the policy of a balance of yield and security, subject to ethical consideraiions, for example, fireajms, gambling, tobacco products And animal testing are all ¢x¢lud¢d. Th¢ performance durinE th¢ year is regarded as satisfactory taking account of market conditions. During the financial year 2023124 Tnlee$ reviewed their investtnent risk profil¢ with th¢ assistance of their advisors and it was detern]ined to retain the current level of risk. The Ulverscroft Group Since 1964, Ulverscrotl Limited has republished existing tiil¢s in a fornut ¢asily read by blind and partially sighted peopl¢. Profits were given to charitable causes conne¢t¢d with blind and partially sighted peopl¢ and to ophthalmic resear¢h. In 1972, the Ulverscroft Foundation was formed and acquired the Company in Order to PTolect tts trade and the charitable dtstiibution of its surplus profits. The accounts of Ulverscroft Group Limited incory)OTating the original Large Print Books Company are DOW consolidated with those of the Foundaiion. Redudions in public spending have impa¢ted adversely on the Group's trading position. It is addressing these issues through cost savin8s and Continuing to develop its digital offering. Gr&nts Grants are made in acrordance with the objects of the Foundation and are focused. when possible, on charity projects in partnership with the recipient organisalions. 42 grants were approved during the year. totalling £540,033 (£288.348 falling due after more than one year)- Additionally. payments totslling £108,242 were made in respe¢t of grant projects in progress. which were start¢d in previous yeats. The total grant payments during the amounted to £359,927. Included in CTeditors due within one year and after more than one year are grants for future y¢ars where intent has been declare without legal obligation, to maintain payments over future d¢fin¢d periods, primarily for research. A list of ma¢erial grants and projects expended dwing th¢ year is included within the attached accounts. Major grants approved to date include those to the Ulvers¢Toft Vision Research Group and the University of Leic¢sler. Both of these programmes have b¢en bedevilled by difficulty in recrniting and retaining suitably skilled acaden]ic staff. In the case of the University of Leicest¢r. an appoinlment has been made (with University and NHS funding) of an Associate Professor Iconsuliani Ophthalmologist. This will support work on retinobl&stoma. nystagmus. artd other conditions. Other major awards were m&d¢ to The Reading Agency, for the development of Reading Friends groups. to the University of Surrey, to fund multi-disciplinary research to create a fijll colour artificial retina; to the Ruharo Mission Hospital Eye Centre, Uganda. and to UN ABPAM.. Burkina F&so for equipment and training in their school for young. visually impaired people. Achievements #nd performance By the very nature of the objectives laid down for the Foundation, and the policies of the Trustees to achieve them, there are no regular defined patterns of charitable giving. The sear¢h for suitable recipients for major grants is ongoing. do not occur on a regul basis and in any event are depend¢nl on the finan¢¢ available. The Foundation reviews its grants policy regularly to ensure that an &ppropriate balance is maintained between expendire oll research and Innovatio clinical care, and comjnunity-based supikn to visually impaired people in the UK and overseas.
THE uLvERSCRO FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEES {CONTJNUED) YEAR ENDED 31 OCTOBER 2024 This year the Foundation rceeived the final instalment of a generous legacy from Mr William Hogg of Glasgow, totalling £337,000. A finxh¢r legacy of £30,000 was received from th¢ estate of Mrs Joyce Privett. Gifts such &% these are often prornpled by a reference to the Found3tion and its work, which is printed in every large print book published by Ulverscroft Ltd The Trust¢¢s are profoundly gratsful for all donations, large or small. They help fijrther our ¢harttable work, and often come with touching personal testimony of the importance of large priDt books to visually impaired readers. The perfom)ance of the publishing company continu¢s to Cause concem, although the Atralian and New Zealand markets remain strong. The Trast identified a wjtential new Tnjstee who has extensive senior level experience of public librdries. In the event, it was felt that her sknils would be more valuable in the Capacity of non-executive director of Ulverscroft Group Lttl., a post which she h&$ accepted. Finantil revRew The attached Statement of Financial Activities and the supporting notes summorise cle&rly the resources received and eXnded during the year ended 31 October 2024 and the attached Balan¢¢ Sheet and its supporting nofr5 reflect the position in temis of assets and liabilities at 31 October 2024. The Tte¢S consider that the r¢sults and position are satisfactory. Th¢ above pardgrnphs describe the vw10 wlicies adopted by the Twsfres within the activities of the Foundation which have included the management of finawe. Funding sources are detailed in the Financial A¢tiviti¢s Statement and stem from dI]dendS and interest from investments, donations and bequests. Resources expended by the Foundation ar¢ also detailed an¢ other than grants. primarily r¢late to salaries and professional fees. Res¢rY¢s are set out on page 15 of th¢ attached accounts. Toial reserves amount ¢0 £20.266,000 of which £10,783,000 relales lo the 8en¢ral fimds of the Foundation and £9,483.000 relat¢s to the Trading Group. There are no restricted funds at the balance sh¢et date and free reserves (unrestricted reSe¢S excluding fixed assets but including investments) amounted to £16,131,000. The TNst¢¢s' policy is to nintaill sufficient uncommitted funds in reserves to ensure the fjjttwe sustainability of its charitable activities. including the award of Major grant5 and capital investments. Unpaid voluntsers alld SerceS in kind The Foundation does nol depend upon the s¢rvic¢s of unpaid volunt¢eTS or other services in kind. Plans for perlods The Trustees continue to seaTch for the opportunity lo dIrt the funds of the Foundation towards major projects which appear to bring particular benefit and relief to those who are blind and partially sighted, including research lowards the PTevenlion of related diseases. the challenge being to select projects where the Fow]dation's resources can achieve the maximum effect. The research project to create an artificial retina is an example of an iniliativ¢ which, if successful, will greatly improve the quality of life of visually-impaired people. Tnte¢S ar¢ awaTe of the need to address succession planning. In the coming year, we will welcome a new Tnjstee. James Deane. a consultant ophthalmic surgeon. James 's presence will ensuTe that his fellow Trustees will sts'll have access to expert clinical opinion. Other skill areas remain lo be addressed. not&bly financia] expertise. The Trt'S Administrator 1$ taking steps to enswe thvll organisations w¢ grdnt aid acknowledge the Trust's assistance appropriately. This should ensure a continued flow of quality applications. There are no known post balanc¢ sheet events and no known contingent liabilities to be disclosed to date. The Trustees confinn that they believe this report and the attached accounts. which shguld be read with this yepK¢ comply with current statutory requirements including the Statement of Recommended Practice ISORP FRS102).
THE ULVERSCRoFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 ooBER 2024 Risk policy Th¢ Trustees bav¢ revi¢w¢d for any significant risks and have put in place systems or procedures to rnge these. Trn$tees' respon8lbllltles statement The Trwstees aTe restM)nsible for preparing the Thtste¢$' Annual Report and the financial statements An accordaw¢ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trust¢es to prepare financial 5tstements for finawial year whi¢h ve a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period In preparing the finawial statements, the Trnstees are required to.. select suitable a¢wunting p)It¢i&s and then apply them consistenily,. observe the methods and principles in th¢ Charitie5 SORP 2019 ffRS102): make judgements and estimates that are reasonable and Prudent.. state whether applicable accounting standaTds have been followed, subject to any material departures disclosed and explained in the financial stateMts. prepaTe the financial statements on the going concern b&sis unless it is inappropriat¢ to presume that the Foundation will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enabl¢ them to ensure that the financial statements comply the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also r¢sponsibl¢ for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other IegulaTities. The Foundation's PTocedure8 for miligaling the risks &ssociated with money laundering and finan¢ial crime are approved by ils auditors and bankers, and comply with the Charity cons1on'S requirements for due diligence in awarding grants. This has now been incorpornfrd into a forn1 policy on financial crime. On behalf of the Trnstees R P GELYT TRUSTEE 5 June 2025
THE ULVERSCROFT F017NDATION AND ITS SUBSIDIARY UM)ERTAKINGS INDEPENDENT AUDITORIS REPORT TO THE TRUSTEES YEAR ENDED 31 OCTOBER 2024 Opinion We h8v¢ audited the financial statements of The Ulv¢rscroft Foundation and its subsidiaries for the y¢ar ended 31 October 2024 which comprise the Consolidated Statemenl of Financial Activities. Parent Statement of Financial Activities. the Consolidated Balance Sheet. Parent Balanee Sheet, Consolidated Cash Flow Statemen¢ Parent Cash Flow Statement 2nd notes to the financial statements, including significant accounting policies. The financial reportmg framework that has been applied in their preparation fts applicable law 2nd United Kingdom Accounting Standards, including Financial Reporting Standard 102 Th¢ Financial Reporting Standard applicable in the UK and R¢public of Ireland (United Kingdom Genmily Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the stal¢ of the group's and parcnl charity's affairs as at 31 O¢tiA)er 2024, and of the group's incoming resources and application of resources, including lis income and ¢xpenditure, for the year then ended. have been properly prepared Én OrdanCe with United Kingdom Generally A¢¢epted Accountin8 Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS for oplnlo We conducted our audit in accordance with International Standards on Auditing {UK} (ISAS (UK)) and appli¢abl¢ law. Our responsibilities under those standards are further described in the Auditor's responsibilities foT the audit of the financial statements section of our report. We are independent of the group and parent ¢h2rity in accordance with the ethical requirements that are relevant to our audit of ihe financial statements in the UK, including the FRC'S Ethi1 Stattdard, and we have fulfilled our other ethical r¢sponsibilities in ac¢ordan¢e with these requirements. We believ¢ that the audit evidence we have obtained is sufficient and appTopriate to provide a basis for our opinion. Concluslon$ relating to golng Concern In auditing the financial slalements, we have concluded that the Iru8tee8' use of the going concern basis of a¢¢ountmg An the preparation of the financial statements is &ppropriate. Based on the work we have perfornied. we have not identified any material wicertainlies relating to evenis or conditions that, individually OT collectively, may casl signific&nÈ doubt on the group and parent charity's abdity lo continue LS a going concern for a period of ai least twelve monihs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of lh¢ tThs*es with respect to going concern are described in the relevant sections of this report. Other infonmation Th¢ other infonD21ion comprises the infonnation included in the trnstees, annual report. other than the financial statements and our auditor's reporl Ih¢reon. The trustees are responsible for th¢ other inforn)ation. Our opinion on the financial statements do¢s not cover the other infoTmation and we do not expTes8 any forni of assurance ¢onclusion thereon.
THE ULVERSCROFf FOUIYDATION AND ITS SUBSIDIARY UNDERTAKINGS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES (CONTINUED) YEAR ENDED JI OCTOBER 2024 Our responsibility is to read the other inforn)alion and, in doing so. consid¢T whether the other inforniation is mateTially inconsistent with the financial statements or our knowledge obtained in the course of the audtt or othenvise appears to be materially misstated. If we identify such mateTial inconsistertcies or apparent material misstatements, we are required to detern)ine whether this gives rise to a material misstatement in the financial stat¢m¢nts themselves. If. based on the work we have perfonned, we conclude that there is a material missts¢¢m¢nt of this other InforntI0n, we are required to report that fact. We have nothing to report in this Tegard. Matters on which we are required to report by exception We have nothing to report in respect of ihe following matters in relation to which the Charities (A¢¢ounts and Reports) Regulations 2(M)8 require us to report to you if, in our opinion.. the infornu¢ion given in the tntstees, report is inconsistenl in any maleTial T¢spect with the financial statements. or sufficient accounting records have not been kept. or Ihe financial statements are not in agreement with th¢ OUnting records. or we hav¢ not received all the inforniation and explanations we require for OUT audit. RespoDsibilities of Trustees As explained more fully in the trllstee responsibilities statement as Set out on page 6. the trustees are responsible for the preparation of the financial statements and for being satisfied that they &4ve a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the prepardtion of financial statements that are free from material misstaternenL whether due to fraud or error. In preparing the financial 5tstements, the trustees are responsible for assessing the group and parent charity's ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations. or have no realistic alternative but to do so. Auditor's n%pon*ibilltRes for the audit of the finaD¢i&I Statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial statement8 as a whole ar¢ 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 audil conducted in a¢¢ordance 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 01 in the aggregale, they could reasonably be expected io influence the ewnomic decisions of users taken on the basis of ihesc financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regutlations. We design procedures in lin¢ with OUT responsibilities, outlined above, to detect malerial misstatements in respect of irregularities, including fraud. The extent to which our predureS are eapable of detecting irregularities, including fraud is d¢tailed below: The risk of not detecting a material misstatement resulting from error is considued to be low. The risk of not det¢¢liDg a material misstatsment resulting from fraud is higher, as fraud may involve collusion. forgery? intentional omissions, misrepresentations, or the override of internal controls.
THE ULVEKSCROFT FOUNDATION AND ITS SUBSIDIARY UIYDERTAKtNGS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES (COIYTINUED) YEAR ENDED 31 OCTOBER 2024 Jn th¢ ¢ontex¢ of Th¢ Ulverscroft Foundation and its subsidiary undertakings, we have not identified any specific laws and regulations other than general commercial laws and regulations, such as- Charities Act 2011. Cljarity Con)mission guidance. Trustees Act 2000" Health and Safety legislation and GDPR regulations. Our understanding of the legal omd regulatory fram¢work applicable to The Ulverscroft Foundation and its subsidiary undertakings and how the charity has ¢omplied with its obligations has been obtain¢d by enquiry of manag¢menl and those charged with governance. As part of our enquiries, we have discussed policies and procedures on complian¢¢ with laws and regulations and whether any instances of non-¢omplian¢¢ have 4)ccurred. Our understanding of the charity's policies and procedures on fraud risk has been obtained through enquiry with management as to the Control activities, operational systems in plac¢ and whether there ts knowledge of any actual. suspected or alleged fraud. We consider that the audit team collectively had the appropriate comp¢ten¢e and capabilities to identify or recognise non-complian¢¢ with laws and regulations. During our audit work there were llo significant instances of non-compliance id¢ntified. Because of the inherent limitations of an audit, tlwe is a risk that we will not delect all }egUlaritieS, including those leading to a rnateri misstatement in the fiDan¢ial statements or non<ompliance with regulaiion. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refl¢cted in the finaDcial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 OCCU]ng due to fraud Tather than eOr, as frdud involves inntional concealmen¢ forgery, wllusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUK). we exercise professional judgment and maintsin professional scepticism throughout the audit. We also.. Identify aTJd assess the risks of mateTial misstatement of the financial statements. wh¢th¢r due to fraud or etror, design and pcrforni audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropria lo provide a basis for our opinion. The risk of not detecting a materia] misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intrntional omissions. misrepr¢s¢ntations. or the override of internal control. Obtain an understanding of internal control relevant to ihe audit in order to design audit procedures thal appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. Evaluate the approprit4teness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the truste¢s' $t of the going concern basis of COunting and. based on the audit eTridence obtained. whetheT a matertal uncertainty ¢xisls related to events or conditions that may cast significant doubt on the group's or charity's ability to continue as a going concem. If we conclude that a material uncertainty exists. we are required to draw attention in OUT auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, to modity our opinion. Our conclusions are bas¢d on the audit evidence obtained up to the date of our auditor'5 Teport. However. future events OT conditions may cause the group or parent Chty to cease to continue as a going concern. Evaluate the overall presentation. slructurc and ¢ontent of the financial ststements. including the disclosures, and whether the financial statements represeni the underlying trons8Ctions and entS in a manner that achieves fair presentation (1¢. VeS a true and fair view). Plan and perfornl the group audit to obtain sufficient appropriate audit evidence regarding the financial infonnation of Ihe entities or business units within the group as a basis for an op7nion on the group financial statem¢nts. We are responsible for the direction, supervision and review of the audit work perforn)ed for the pury)oses of the group audit. We remain sol¢ly responsible for our audit opinion.
THE ULVERSCROFT FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS io INDEPEL¥DENT AUDITOR'S REPORT TO THE TRUSTEES (CONTINUED) YEAR ENDED 31 OCTOBER 2024 We ¢ommuni¢ate with those charged with governance regarding, among other matters, the planned scope and timing of th¢ audit and significant audit findings. including any significant d¢fi¢i¢n¢ies in internal control that we identify during QUT a¢tt. Use of this report This Teport is made solely to the charity's Itees. as a body* in accordance wilh Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audii Work h88 been undertaken so that we might state to th¢ charity's trustees those matters we are required io state to th¢m in an auditor's report and for no other pO$c. To th¢ fileSt extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's thtee8 &8 a body, for our audit worl for this report. or for the opinions we have fonned. SOMERBYS LIMITED Chartered Accountants Statutory Auditor 30 Nelson Street Leicester LEI 7BA Date: Somerbys Limited is eligible for appointment as auditor of the charity by virthe of its eligibility for appointment as auditor of a company under s¢ction 1212 of the Companies Act 2006.
THE ULVERSCROFT FOUNDATIOIY A]YD ITS SUBSIDIARY UIYDERTAiaNGS ij CONSOLIDATED STATEMEwf OF FINANCIAL ACTIVITILS YEAR ENDED 31 OCTOBER 2024 Currellt Finanei*l Year Nots General Funds Restricted Funds Tot 2024 Total 2023 £000 £000 £Mo £000 In¢ome and endowments from: Voluftt income Other trading activities Trading income IDvestment income Other income 73 73 124 7,714 573 7,714 573 7,747 523 Total 8,360 8,360 8.394 Expendithre oth: Raising funds.. Commercial trading:_ Exp¢nditure - continuing Taxation Investhient managcment costs Costs of generating voluntory funds Charitsble activities 3&5 io 8,605 54 27 8,605 54 27 8,215 27 596 869 Totil 9.286 9,286 9,115 Net ineome And net movement in funds before galns and losses on investm¢nts (926) (926) (721) Investment gains/(losses) 1,234 ,234 (292) Net income 308 308 {1,013) Other re¢o%ni$ed galnsl(losses) Foreign exchange adjustment Revaluation gaiDs/{losses} 905 Net movement In funds 308 308 {108) Re¢ontili#tlon of funds Toial Funds at l November 2023 19,958 19,958 20,066 Total Funds al 31 October 2024 20266 20266 19,958 The statement of financial activities includes all gains and losses recognised in th¢ y¢ar. All income and expendire derive from continuing a¢tivities.
THE ULVERscRO FOitNDATION AND ITS SUBSIDIARY UNDERTAKINGS 12 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2024 Prior FinAncial YtAr ote Gener Funds £000 Restricted Funds £000 TotAI 2023 £000 Income and endowments from: Voluntary income Other trading actiiities Trading income Investment income Other 124 7,747 523 7.747 523 Total 8,394 8,394 ExpenditUTe on.. Raising funds.. Commercial trading:_ Expenditure - continuing Taxation Investment management cosls Costs of generating voluntary funds Charitable activities 3&5 io 8215 8215 27 27 869 869 Total 9.115 9.115 Nei Income And net movement in funds before gaiDS and losses on Investments (721) (721) Inv¢stm¢nt gains/(losses) {292} (292) Net income {1.013) (1.013) Other reeognised gainsl(1tssse$) Foreign exchange adjustment Revaluation gains/(losses) 905 905 Net movement In fund8 (108) (108) ReconciliAtion of funds Total Funds at l November 2022 20,066 20,066 Total Funds at 31 October 2023 19,958 19,958 The statement of fUne181 activities includes all gains and losses recognised in the year. All inwme and expenditure derive from continuing activities.
THE ULVERSCRoFf FOUNDATION 13 STATEMENT OF FILYANCIAL ACTIVITIES YEAR ENDED 31 ocfoBER 2024 Current FlnAnelAI Year Nole General Funds £000 Restricted Funds £000 Total 2024 £000 Total 2023 £000 lllcome and endoFvments from: Voluntary incorne Gift aid from trading group Inv¢stment income 73 300 510 73 300 510 124 300 450 Totsl 883 883 874 Expenditure on: Raising funds.. Investment manag¢m¢nt Costs Costs of generating voluntary fimds Charitable activities 27 27 27 596 596 869 Total 627 627 900 Net {expenditureVincome and net movement in funds before galns and losses on investments 256 256 {26) Investment (loss¢s)/gaitL8 1,021 1,021 (264) Net (expenditureyincome 1,277 1.277 {290} Other recogni$ed gains Revaluation gaAnsl(losses) (500) (500) Net movemen¢ in funds 777 777 (290) Fund balances Carried forward 84t l November 2023 19,217 19217 19507 Fund balan¢¢s Cled foTward at 31 October 2024 19,994 19,994 19.217 The statement of financial activities includes all gains and losses recolSed ID thc year. All income and expenditure derive from continuing adivities.
THE ULVERSCROFf FOUNDATION 14 STATEMENT OF FINANCIAL A[VITIEs YEAR ENDED 31 ocfoBER 2024 Prior Fanandal Year Note General Funds £000 Restricted Funds £000 Total 2023 £000 Income and endowments from: Voluntary in¢ome Gift aid from trading group IDvestsn¢nt incom¢ 124 300 450 124 3(K) 450 Total 874 874 Expenditure on: Raising funds: Investtnenl rnanag¢m¢nt costs Costs of generating voluntary funds Charitable activities 27 27 869 869 900 900 Net (expenditure)fincome gnd Det movement ID funds before glns nd losses on investments (26) (26) Investment (losses)Igains (264) 1264) Net (expenditurevillcome {290) (290) Other recognise<l gains Revaluation gainsl(loss¢s) Net movement in funds (290) (290) Fund balances Carried fonvard At l November 2022 19.507 19,507 Fund balances carried forword at 31 October 2023 19,217 19,217 The stalemenl of fanCIal activities incluiks all gains and losses reCOlSed in the year. All income and expenditure deTive from continuing aclivities.
THE ULVERSCROTrT FOUNDATION AND rrs SUBSIDIARY UNDERTAKINGS 15 COIYSOLIDATED BALANCE SHEET AT 31 OCTOBER 2024 Note 2024 £000 2023 £000 Fixed assets Intangible assets Tangible assets Investments 410 4,136 13,179 499 4.146 12.543 12 13 17,725 17,188 Current asset$ Stocks Debtors Cash at bank and in hand 14 15 16 794 1.757 2,951 939 1,950 2,841 5.502 5,730 Creditors: mounts falling due Mlthln one year 17 (2.511) (2.555) Net current $sets 2.991 3,175 Total assets less current Jiabilitles 20.716 20,363 Credltor8: Amollnts falling due &fter more thin one ye*r 18 (450) (405) 20.266 19,958 Funds UDrestrl¢ted ineome funds (including capital redemption reserve of £1.2 million) 20,266 19,958 Totsl funds 20,266 19,958 Approved by the Board of Trustees on 5 June 2025 And signed on its behalf by.. RPGENT R CROOKS
THE ULVERscRO FOUNDATIOIY 16 BALANCE SHEET AT 31 ooBER 2024 Iyote 2024 2023 £000 Fixed assets Tangible assets Inves(ments 12 13 600 18,304 600 17,744 18.904 18.344 Current assets Debtors Cash at bank and in hand 15 16 95 1,939 148 1,491 2.034 1.639 Creditf)r8: amounts falling due within one year 17 (494) (361) Net current assets 1,540 1.278 Total assets less current liabilities 20,444 19.622 Creditors: *moMnts falling due gfter more than one year 18 {450) (405) Net assets 19,994 19.217 Fund$ Unrestricted income funds: Gen¢ral funds 19,994 19217 19.994 19,217 Approved by the Board of Tnte¢S on 5 June 2025 And signed i)D its behalf by: RPGENT laJ-J-' R CROOKS
THE ULVERSCRoFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 17 STATEMENT OF CASH FLOWS YEAR ENDED 31 OCTOBER 2024 The Group 2024 The Charity 2024 Note 2023 2023 £000 £000 £000 £000 Cash used In operatlng acllvliles 23 (1.002) (1,197) (22) (130) Proceeds from sale of investment property Proceed5 from sale of investtnents Purchase of investments Purch&se of tangible fixed &8sets Purchase of intangibl¢ fixed ass¢t5 Investment income 361 2,177 (3.145) (30) (34) 523 1,807 (1.209) (26) (33) 573 998 (1,037) 1,744 (2,250) 509 450 Cash provided by Investing %clivitieJ 1.112 (148) 470 (56) Challge cash and ch equivalents in th¢ year iio (1,345) 448 (186) Cash and cash equivalent brought fonvard 2,841 4,186 1,491 1,677 Cash and ¢4sb equivalent earned fonyard 2.951 2,841 1,939 1,491 Analysls of cash ¢g4sh equivAlents Cash and bank and in hand 2.951 2,841 1,939 1.491 Cash and tash equlvglents as al 31 October 2024 2.951 2,841 1,939 1.491
THE ULVERSCRoFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 18 NOTES FORMING PART OF THE FII¥ANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2024 l.Aceounting pojkles Basis of preparAtion The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recommended Practice (SORP) applicable to chaTities preEiaring their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) issued in October 2019. the Financial Reportin8 Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021. the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The Ulverscroft Foundatiim meets the definition of a public benefit entity under FRS 102. The financial statements are prepared on a going con¢ern basis under the historical cost convention, modified to include ¢¢rtain item5 ai fair value. Tbc Trustees are satisfied thal the Group has suffjcient resources 2nd th¢refore consider that the going conc¢m basis remains appropriate. The finan¢ial statements are presented in sterling which is the fictional currency of the charity and rounded lo the nearest £000. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been Consistently applied to years presented unless otherwise slated. 1.1 Blsls of consolidation The financial statemenls consolidate the results of The Ulverscroft Foundation for the year ended 31 October 2024 with those of its subsidiary undertakings for the same financial year on a line by line basis. A sunllnary of the results of the subsidiaries is shown in note 3. 1.2 Income recognltion Voluntary income excluding legacies is accounted for on a receipts basis. Lewy income is recolSed when there ts notification of a grant of probate and the amount receivable can be measured with suffictent accwacy. Fundraising ttading income comprises the invoiced value of goods supplied, ¢xclusiv¢ of VAT and trade discounts and is wholly attributabl¢ to the principal activity of the tTading group. 1.3 Expendlture recognition RoUrCeS expended are a¢count¢d for on an accruals basis. The irrecover4bl¢ ¢l¢ment of VAT, where applicable. is in¢luded with the item of expense to which it relates. Siwort costs ar¢ those costs which enable the raising of funds and charitable tiVitieS to be undertaken. 1.4 Grants pay4ble Grants are accounted for on an accruals basis and are a)Unted for in 11 if the amount awarded is unconditional or ihe ¢onditions attached have been met. Grants paid are shown as a movement in creditors. Details of graftts in the year are shown in note 7.
THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKtNGS 19 NOTES FORMING PART OF THE FIIYANCIAL STATEMENfs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 1.5 Inv¢stmen¢ assets and investment income Investm¢rts are recognised initially at fair value which is nOMllY the transaction price excluding transaction costs. Subsequently, they are measured at fair valu¢ with changes recognised in 'net gains I (losses) on investments. in the SOFA if the shares are publicly traded or their fair valu¢ can otherwise be measured reliably. Investments in subsidiaries are measured at cosl less impairm¢nL Inveslment income is accounted for on a receipts basis 1.6 Leased assets Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basi5 over the lease lerni. 1.7 Employee benefits The tradÉng group operntes a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pay5 fixed contn'butions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated PTofit and loss account when they fall due. Amounts not paid ar¢ shown in a¢cruals as a liability in the balan¢e sheet. The assets of the plan are held separately from the Group in independently adminisl¢red fllll. 1.8 Intangible assets Goodwill represents the difference between amounts paid on the ¢osl of a business combination and the aUIrer'S interest in the fair value of the Group's share of its i(kntifiabl¢ asseis and Itabilities of the acquiree ot the date of acqllisition. Subsequent to inilial recolItIOn. G(K)dwill is measured al cost less umulaled amortisation accumulaled impairment losses. Goodwill is Rmortis¢d on a straight line basis through the Consolidated Statement of Financial Activities over its useful economic life, being 10 years fr(xn the date of transition lo FRS102 or a¢quisition. if later. 1.9 Tangible red a55ets Tangible fixed assets under the historical cost conv¢ntii)n, other than investment properties, are stated historical cost less accumulated depreeiation and any accumulated impaiTrnent losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition nec¢ssary for il to be capable of operdting in the manner intended by managem¢nL Depreciation is charged so as to allwale the cost of assets less their resithd value over their estimated Useful lives, using the straight-line basis. The estimated useful lives are as follows: Pl1 and machinery Fixttwes and fittings Motor vehicles Freehold propety 4 to 5 years 4 to 5 years 4 10 5 years 50 years assets. residual values, useful lives and depreciation n]eth(Mts are reviewed. and adjusted prospectively if approptiat¢. or if there is an indication of a signifi¢ant change since the last reporting date. ins and losses on disposals are determitied by comparing the pro¢¢eds with the caTrying amount and are recognised in the consolidated slatement of financial activities.
THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 20 NOTLS FORMING PART OF THE FINANCIAL STATEMENfs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 1.9 Tangible fixed Issets (continued) Annual impairnient reviews are perfonned in accordance with the requirem¢nts of FRS102 to ensure that the carrying value is not higher than the recoverable amount. 1.10 Investment properties Investment properties for whxch fair value can b¢ measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value iecognised in 'net gal1)(1055eS} on investment5, in the SOFA. l. I I Stocks and work In progress Stocks are stated at the lower of cost and net realisable value. being the estimatd selling pnct less costs to complete and sell. Work in progress and finished goods include advanced royalties, labour aDJ attributable overheads. At each balance sheet date, stocks assessed for impairnient. If stock is impaired the carrying amount is reduced to its selling price less ¢osls to complete and sell. Th¢ impainnent loss is recognised immediately iTh the Statement of Financial Activities. 1.12 Debtors Short tenn debiotE are me&sured al transaction price, less any impainnent. Loalls Teceivable are measured inilially al fair value. net of transa¢tion costs, and are measured subsequently at 2mortised ci)st Ing the effective interes¢ method. l¢ss any impairnient. 1.13 Cash And Cash equivalents Cash is represented by cash in hand and deposits with fmancial inslitulions r¢payabl¢ without penalty on notice of not more than 24 hours. Cash equivalents are bigbly liquid investments that mature in no mor¢ ihan three monrhs from the date of acquisition and that are readily conrtIble to known amounts of cash with insignificant risk to change in value. In the consolidated statement of cash flows, cash and equivalents are shown net of bank overdrafts that are r¢payable on demand and foTm an In part of th¢ Group's cash management. 1.14 Finanti21 Instruments The Group only enters into basic financial instrnents transactions thal result in the recognition of financial assets and liabilities like trade and other debtors and creditors. loans from banks and other third parties. loaDS to related parties. Financial assets that are measured at cost and amortised cost are a$s¢ssed at the end of each retK>rting period for objectiv¢ evidence of impairment. If obj'ective evidence of impairment is found, an impainnent loss is recognised in the Consolidated slatejnent of comprehensive income. For financial a55ets Tneasured at cost less impairm¢nt, the impairnlent loss is measured as the difference between as asset's ¢an)Ing amount and best estlnmle. whi¢h is an approximation of the amount that I Group would receive for the asset if it wer¢ to be sold at the balance sheet date. 1.15 Crediton Short t¢mi creditors are measured at the transaction price. Other financial liabilities. Iluding bank loans and grants, are rneasuTed initially at fair value, net of transaction cost4 and are measured subsequently al amortised cost using the effective interest metho
THE ULVERSCRoFf FOUNDATION AND rrs SUBSIDIARY UNDERTAKINGS 21 NOTES FORMING PART OF THE FINANCIAL STATEMENTS {CONTINUED) YEAR ENDED 31 OCTOBER 2024 1.16 Forelgn currency translation Foreign currency transactions are translated into the functional currency using itivhouse exchange rdtes at the date of the transaction. At each period end foreign cuTrency monelary ilems are translated wing the closing rale. Non-monelary items measured at historical cost are translat¢d ]ng the exchange rate at the date of the transaction and non-monetary items measured at fair value Are measured using the exchang¢ Tat¢ wh¢D fair value was detemiined. Forei8n ex¢hange gaiDS and losses resulting from the settlement of transactions and which arise when remitted from overseas bank a¢¢ounts. are deemed to be 'realis¢d' and recogmiied in turnover. Amounts arising on th¢ retranslation of year end monetary items are deemed to be 'unreall8, and Appear in administrAtive expenses in the profit and loss account. (kn consolidation, the results of overseas op¢r8tions are traSlated into S*rliThg at rat¢5 aPPToximating to those ling when the transactions look place. All assets a{ liabilities of overseas operations are translated ai the rate ruling at the reporting date. Exchange difference arising on translating th¢ opentng nel a%sets at opening rate and the results of overseas op¢rations at actual rdte are recognised in other comprehensiv¢ in¢ome. 1.17 Pension$- defined contribution pension plan The Group operates a defined contribution plan for its wnployees. A deflned contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Gn)up has no furtheT payment obligations. The contributions are recolsed as an expense in the consolidated profit and loss CoUnt when they fall due. Amounts not paid are show) in a¢cruals as a liability irt the balance sheet. The assets of the plan are held separately from the Group in independently athninistered funds. 1.18 Current and deferred tgxation The tax expense for the year comprises current and deferred tsx. is recognised in the consolidated profit and loss ac¢ount. except that a charge attributable to an item of income and expense recognised &s other comprehensive income or to an item recogDised directly in equity is also recognised in other cornprehensive income or directly in equity respectively. The current inwnie tsx charge is calculated on the basis of tax rntes and laws that have been enacted or substantively enacted by th¢ balance sheet dale in the counties wh¢K the Company and the GTOUP operate and generate income. Deferr tsx balanees are recognised on respect of all timing difference that have originated but not revers¢d by the Balance sheet dat¢. ¢x¢¢pi that: The recognition of def¢ed tsx assets is limited to the extent that it is prd)able that they will be recovered against the reversal of defeTred lax liabilities or other tUre taxable profAts' Any deferred tax balances are reversed of and when all conditions for retaining associated t&x allowances have been met; and Where they relate to timing difference in respect of interests in subsidiaries. associates, branches and joint ventures and the GToup can control the reversal of the tin)ing differences and such [ersal is not Considered probable in the foreseeable futtwe. D¢fetTed tax balances are not recogDised in respect of pern)aD¢nt difference except in respect of business combin8tions. when deferred lax is recognised on the differences between the fail values of ass¢ts aquir¢d and th¢ fvtyre tax deductions available for them and the differences between the fair values of liabilities acquired and that amounl that will be a5segsed for tax. Deferred tax is detennined using tax rat¢s and laws that have been enacted or substaniively enacted by th¢ balance sheet date.
THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 22 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2024 1.19 Prnvlsiolls for liabilldes Provisions ar¢ ma& where OD event had taken platt that gives the Group a legal or constructive obligation that probably required s¢ttlement by transfer of economic benefiL and a reliable estimate can be made of Ihe 8mowi¢ of th¢ obligation. Provisions are charged as an expense to the consolidated profit and loss account in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditrjre requited to s¢ttle the obligation, taking into aUnt relevant risks and uncertainties. When payments are eventually made, they are charged to th¢ provision cattied in the ba1ce sheet. 1.20 Fund *ccoundng Unrestricted funds are those that ar¢ available for use, at the dISl0n of the Tntees. in filltherance of the general objectivities of ihe charity. Restricted fimds are thos¢ that are to be used in accor(tance with specific restrlctions imposed by donors or which have been raised by the charity for particular purposes. Where r¢stricted inci)me hos been expended on the designated project it 18 Considered that the restrictions have been met and the sums are therefore transferred to UDrestiicted funds. 1.21 Judgememts and key sources of estimAtlon uncertalnty The following judgements (apart from those involving ¢stimates) have been mad¢ in the process of applying the above accounting policies that have had the most significant effect on amounts recosmised in the financial stat¢rnents.' (a) There were no critical judgments in applying the Group's accounting poli¢i¢s= (b) Critical accounting estimates and assumptiom: The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the Carrying amounts of the assets and liabilities within Ihe next financial year are addressed below. {i) Stock provisioning: The Group considers it necessary to consider the recoverability of the cost of stock and the associat provisioning required. Mq)en ¢al¢ulating the work in progress provision, managemtnt considers the nature, condition and age of the stock, as well as applying assumplions around anticipated saleability and tiiture usage. (ill Investh)ent properties.. The Group CaleS its investment properties at faiT value being reciggnised in the Statem¢nt of Financial Activities. Sce accounting policy note 1.10 and note 12 for more inforn)ation (iii) Legacy incorne.. Income from pecuniary and residuary l¢ga¢i¢s are recognised when there is entitlement and the income is Tneasurable and probable.
THE ULVERSCRowf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 23 NOTES FORMING PART OF THE FII¥ANCIAL sTATEmEs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 VoluntAry Income 2024 2023 Donations Legacies 71 123 73 124 Subsldiary activities The charity owns the whole of the ordinary share capital of UlverscToft Group Limited, which is incorporaied in England and Wales. Ulverscroft Group Limited has a number of other SLthsidiary ompanies under its control which, together, forni the trading group as detailed in note 13. The trading group is prin¢ipally engaged in the publishing, printing and distribution of large print and audio books for the blind and partially sighted lo libraries in the English speaking world. A summary of the consolidated Tesults for the trading group is shown on the next page. Audited accounts for th¢ Consolidated trading grwp hav¢ been filed with the Registrar of Companies.
THE ULVERSCRoFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 24 NOTES FORMING PART OF THE FINANCIAL STATEMEKfs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 3 Sllbsidigry aetivities (tontinued) 2024 £00 2023 £000 Turnover- continuing Cost of sales 7.714 (5.145) 7.747 (4.911) Gross profit 2.569 2,836 Distribution costs Adminislratt've expenses Exceptional administrative expenses Fair value movements Other operating income (914) {2,561) (682} (2,638) 213 878 Operating profitl(lo$s)- continuing (693) 394 Investment in¢ome Interest payable 78 88 Profltl(Loss) on ordinary activities before txatlo (615) 482 Taxation- CUTrent (54) Profltl{Loss) on ordinary activities after taxation (669) 482 Non-controlling interest Profitl(Lo$s) attrlbutable to the prent company (669) 482 Foreign exchange losses Amount gift aided to parenl charity {300) (300} Movement in fund5 for the year (969) 182 Asset, liabilities and fund5 Assets Liabilities 9.690 2.018 10,835 2,194 Funds Fw)ds athibutable to the paT¢nt company 7.672 8,641 7,672 8,641 2024 2023 £000 4 Investment income Bank interest Building Society interest Return on listed investments 70 500 27 493 573 523
THE ULVERSCRoFf FOUNDATION AND ITS SUBSIDIARY ULWERTAKINGS 25 Tr40TLS FORMING PART OF THE FINANCIAL STATEMENfs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 N¢t income for the year Net income is stated after charging: 2024 2023 £000 Auditors remuneration audit fees other services 35 32 Goodwill amortisation Amorti$ation of intangible fixed ass¢ts Depreciation Foreign exchange {profityIoss Operating lease rentals 99 107 43 88 80 35 108 92 6 Support ¢o$ts The charlty allocales its support Costs to Teflect the use of resources in each area. Costs of generatlng voluntary funds £000 Charitable a¢¢ivities Governinet costs Total £000 £000 £000 Staff costs Office costs Protessional fees Trustees travelling expenses Auditor's fees Insuranc¢ 32 43 Total 36 20 60 A total of 6 trustees (2023- 6 ttees) were paid travelling expenses in the year, as shown abov¢. 7 Chari¢Able aetivities 2024 £000 2023 £000 Granis payable Support costs (note 6) Governance costs (note 6) 540 36 20 814 36 19 596 869
THE ULVERSCROFT FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS NOTES FORMING PART OF THE FINANCIAL STATEMENTS {CONTINUED) YEAR ENDED 31 OCTOBER 2024 Charltable activities (¢ontRnued) The following gr*nts were approved in year: 2024 £000 The ReadiTJg Agency UniveTsity of Surrey RUha MissionlKeith W. - Uganda UN-ABPAM - Burkina Faso Share the Vision (over 3 years) Orbis Charitable Trust University of St. Andrews Coventy Resource Centr¢ Andean Medical Mission - Bolivia Malawi University of S. & T. - Malawi Right To Sight & Health- Ghana Tshemba Charitable Foundation Book For All Trust - India Embrace the Middle East- Egypt My Sight York Microphthalmia Support (MACS) Sightline Vision (NW) Limitd Greenwich Dockiands Festival T¢eside & D. Society for the Blind Sutton Vision Nepal Leprosy Trust Vision of Adventure Vision Northumberlalld Be The Band Life Cycle Bristol Open Sight Hampshire Outlook Tru81 for Visually Impaired British Limbless Assoc'n (BLESMA) EthiopiAid - Ethiopia The John Fawceti Found&iion- Bali Greenwich Leisure Ltd KACSU- Kenya Lan¢ashire Lions Vl Sportg Club Leicester Visually Impaired Bowling Intee Limited Walthew House Pleasance Theatre Tnt Ribble Valley Visually Impaired Wirral C. Narrowboat Trwt Royal Court Liverpool Tllt Choose Nature Vl Talk 70 68 40 34 30 25 21 20 20 20 20 16 12 io 10 io 540
THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 27 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2024 21124 £000 Grants approved and not yet paid {Dotes 17 and 18): Charltable activities (continued) University of Leicester Ulv. Vision Research Gp UniveTsity of Surrey Ruharu Mission/Keith W. - Uganda The Reading Agency UN-ABPAM - Burkina F&so Share the Vision University of St Andrews University of Leicester Coventry Resource CentTe Malawi Unviversity of S. & T. - Malawi Right To Sight & Health- GIMna Shar¢ th¢ Vision Vision Action.. Ghana 427 166 68 40 35 34 30 22 21 20 20 20 16 14 933 Stxff costs The aVage number of employees during the year were as follows: 2024 2023 Management and administration of the charity Trading group Administration PToductton 51 32 52 32 84 85 2024 £000 2023 £000 Th¢ total staff costs for the year were: Wages and salaries Social security costs Other pension costs 2.275 197 85 2,290 205 87 2,557 2,582 Two directors (2023 - four) of the Ulvelscroft Group Limited hav¢ benefits accruing under a defmed contribution pension s¢hem¢. Totsl ¢mploy¢e benefits (incluth'ng pension contributions) paid to key management personnel of the trading group amounted to £145.000. One employee of the trading group received employee benefits (¢x¢ludtng pension contributions) in exce&% of £60,000. They earned bettve¢n £60.000 and £80.000. During the year. one Tn¢ also act¢d as Treasurer and received remuneration for their Servic amounting to £6,568 {2023 - £6,568) in accordance with Section 185 of the Charity Act 2011. No T1¢¢$ of the Foundation earn in ¢x¢ess of £60,0. Reimbursed expenses are showi in note 6.
THE ULVERSCROFT FOUNDATION AND ITS SUBSIDIARY UNDERTAKll¥GS 28 NOTES FORMING PART OF THE FINANCIAL sTATEmEs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 10 Taxation 2024 £(M)o 2023 £000 Corporation T&x- adjustments in respect of previous periods 54 TAX Trn loss on ordinary profits 54 Fa¢tors affecting the tax charge for the year The lax assessed for the year is different from the expected rate of Corporation tax. The differences ar¢ explained below: 2024 2023 £000 Profit/(Loss) on ordinary activities before taxatio (615) 482 2024 2023 £000 £000 Profitl(Loss) on ordinary activities multiplied by the expected rate of corporate tax of 25 /[* (2023 - 251J/•) (154) 120 Effects of: Expenses not deducted for tax purposes Goodwill arnortisalion and impairnlent Non taxable income Depr¢ciation in excess of capital allowances Capital allowances in excess of depreciation Utilisation of105SeS Chargeable gains Losses carried forward Other differences Adjustments in r¢sp¢ct of previous periods 25 (73) 25 (242) 17 {6) (6) 15 56 13 211 (6) 54 54
THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UPIDERTAKINGS 29 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTtNUED) YEAR ENDED 31 OCTOBER 2024 I I IniAnEible assets The Grou Goodwill arising on ¢ons0lidation Cost Ai l November 2023 Additions 3,128 33 At 31 October 2024 3,161 Amortisation At l November 2023 Provision for year 2,629 122 At 31 October 2024 2.751 Net book amowit At 31 October 2024 410 At 31 October 2023 499
THE ULVERSCROFT FOUNDATION AND ITS SUBSIDIARY UIYDERTAKINGS 30 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTII¥UED) YEAR ENDED 31 OCTOBER 2024 12 Tallgible assets Fixture Fittings and Motor Vehicles Investment Property £000 Freehold Property £(H)O Plant Ind Maehillery £000 Total £000 The Grou Cost or valuation At l November 2023 Additions Disposals Exchange adjustment Reclassification Revaluatson 2,784 1268 74 430 21 4,556 26 (2) (2) At 31 October 2024 2.784 1268 79 449 4.580 Depreciation At l Novemb¢r 2023 Provided in the year Disposals Exchange adju8tmenl Reclassification (29} 49 390 29 410 36 {2) (2) At 31 October 2024 (25) 52 417 Net book amount At 31 October 2024 2.784 1.293 27 32 4,136 Net book amount Ai 31 October 2023 2,784 1,297 25 40 4,146 The net book amount at 31 October 2024 represents fixed assets used for.. Management and athninistration of the charity Trading purposes tnvestment purposes 400 400 897 25 40 962 2,784 2.784 2.784 1.297 25 40 4,146
THE ULVERSCROFT FOUNDATION AND TTS SUBSIDIARY UNDERTAKINGS 31 NOTES FORMING PART OF THE FINANCIAL STATEMENTS {CONTINUED> YEAR EIYDED 31 OCTOBKR 2024 12 Tangible 45sets (eont'd) The investment properties were valued in 2023 by th¢ directors on an open market value for existing use basis. The TTUStees believe there lo be no ma¢¢rial difference between the 2023 valuations and th¢ir open mark¢t value at the balance sheet dale. If the investment properties had been accounted for under the historic cost accounting rules, iD¢luding Ihe net book value of those properties reclassified at the transition date lo FRS102, the properties would have been included at £2,303.0(K) (2023.. £2.303.000). The Foundation's investtnent propety was last r¢valued by the Trustees in 2022 on an open market basis. The Trustees consider that this conlinues to r¢present the open market value of the property at 31 October 2024. The historical cost of the Foundation property as a wbol¢ is £317,000 of which £286,(M)O relates to the investment PToperty Portio Freehold Property £000 Investment Property £000 Total £000 The Charfty Cost or valuation At l November 2023 Revaluation 60 540 600 At 31 October 2024 60 540 600 Depreciation At l Novernber 2023 And at 31 October 2024 Net book amount At 31 O¢tob¢r 2024 60 540 600 At 31 October 2023 60 540 600
THE ULVERSCRoFf FOUNDATION AND ITS SUBSIDJARY UNDERTAKINGS 32 NOTLS FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2024 13 Investments The Group £000 The Charity £000 Quoted investments.. Market value at l NovembeT 2023 Additions Eliminated on Disposal Unrealised gains 12,543 1.439 (1,925} 1,122 10.044 1.268 (l.Il7) 909 Market value at 31 October 2024 13.179 11,104 Investment in Group undertakings.. At l Nov¢mber 2023 Impairment At 31 October 2024 7,700 (500) 7,200 Total.. Market value at 31 October 2024 13.179 18,304 Marke¢ value at 31 October 2023 10,719 17,300 Historical cost at 31 O¢tob¢r 2024 10.910 17,490 Group undertakings Name Printipal activAty Ulverscroft 13roup Limited- Co. No. 01672255 Ulverscrofi Limited _ Co. No. 01068776 Ulverscroft Larg¢ Print (Australia) pty Limited (incoTporated in Australia)- Co. No. 055644105 Ulverscroft Large Print (USA) Inc. (in¢o4)orated in USA)- Co. No. 1794135 La Jolie Ronde Limited _ Co. No. 02291948 Holding company Publishing and distribution Publishing and distribution Dorniant Educational publishing arKI franchising Dorn]ant Dorn)ant ** Words & Graphics Limited{ )_ Co. No. 02379011 Oakhill Publishing Limited* _ Co No. 05387076 Share$ held by Ulverscroft Group Limited All of the above subsidiary und¢rtakings are wholly owned and have been Consolidat into these financial staten]ents on a line by line basis. With the exception of the oversea5 subsidiary undertakings, as noted above. all of the subsidiary undertakings are incoTporated in England and Wales.
THE ULVERSCROFT FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS 33 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) TAR ENDED 31 OCTOBER 2024 14 Stocks The Group The Charity 2024 £000 2023 2024 £000 2023 £000 Work ill progress Finished goods and goods for Tesale 386 408 443 496 794 939 15 Debtors The Group The Charity 21124 2023 £{0 21124 2023 £000 Trade debtors Other debiors Pr¢payD)enls and accrued income 1,138 86 533 ,223 95 632 95 148 1.757 1.950 95 148 16 Cash and e*$h equlvalents The Group The Charlty 2024 £000 2023 £000 2024 £000 2023 £0 Cash al bank and in hand 2,951 2.841 1,939 1,491 2.951 2,841 1.939 1,491
THE ULVERSCRoFf FOiINDATION AND ITS SUBSIDIARY UNDERTAKINGS 34 N(wfES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2024 17 Creditor5: amounts falling due wilhln one year The Group 2024 £000 The Charity 2024 £000 2023 £O(Nl 2023 £Doo Trade creditors Social security and other tlxes Other creditors Grants AccTuals and deferred iticome 1236 72 141 483 579 1,284 56 136 348 731 483 348 2.511 2,555 494 361 18 Cre¢lltors: amount$ falllng due after more thAD one year The Group 2024 The Charity 2024 £000 2023 2023 £{0 Due between two and five years.. 450 405 450 405 Onerous lease provision 450 405 450 405 19 Penjion commilmeDts The Grou The trading group makes payments to employees. individual personal pension plans. The assets of th¢ s¢h¢me are held separately from those of the trading group in an IndendentlY athninistered fimd. The pension cost charge r¢pTesents contributions payable by the trading group and amounted to £85.(X)O (2023 - £87,0(N)). At th¢ year end there were outstanding contributions of £5,000 (2023 - £5.000).
THE ULVERSCROFT FOUNDATJON AND ITS SUBSIDIARY UNDERTAKINGS 35 NOTES FORMING PART OF THE FINANCIAL STATEMEiYfs (CONTINUED) YEAR ENDED 31 OCTOBER 2024 20 FRn8n¢ial commitments At 31 October 2024 the Group amd charity had future minimum lease payment under non-cancellable operating leases as follows.. The Group 2024 £000 2023 £000 Within on¢ year Within two to five yeaTS After more than five years io io li 21 The Charity 2023 £000 2023 £000 Under one y¢ar Within two to five years 21 Related party tr*ns4CtioDs TTansactiOs between individual group Companies have not been disclosed as the group has taken advantage of the exemption conf¢ed by FRS102 on the basis that the 0Up is a wholly owned subsidiary of the Foundation. 22 Restrlc¢ed iDtome fund There were no restricted fiu]d balan¢¢s held at 31 October 2024.
THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2024 23 Recolleili*tion of net incoming resources to net cash inflow from operating aedtIeS The Group 2024 £000 The Charity 2024 £000 2023 £000 2023 £000 Nel incoming r¢¢ourses D¢pr¢ciation Goodwill arnortisation Inlerest r¢ceived Interest paid D¢creasel(increase) in stocks Deciease/(illcreas¢) in debtors IncTeasel(deerease) in creditors Increasel(decrease) in provisions Foreign exchange Investment (g2ins)Ilosses Taxation r¢c¢ivedllpaid) ProfiLlloss on sal¢ Revaluation (gains)Aosses Non-operating items 362 35 122 (573) (108) 43 206 {523) 777 (290) {510) (450) 146 156 {16) (196) (119) 131 (36) 53 179 126 220 (1.021) 292 (1,021) 264 (213) (905) 500 (1,002) (1,197) (22) (130) 24 Financial instrnments The Group 2024 £000 The Charity 2024 £000 2023 £000 2023 £000 Financial assets Financial assets thai are debt instruments measured at amortised cost 1224 1.318 1224 1.318 Finan¢lal IIAbllhles Financi liabi]ities measured at amorlised cost (2,383) (2,229) (936} (759) (2.383) (2,229) (936) (759) Financial assets Ihat are debt instruments measured at amortised Cost comprise trade debtors, amounts owed by wup undertakings and other debtOTS. Financial liabilities measured at amortised cost comprise bank overdrafts, trade creth'tors, amounts ow to group uDd¢rtakings, and other creditOTS.
THE ULVERSCROFT FOUIYDATION AND rrs SUBSIDIARY UNDERTAKINGS 37 NOTES FORMING PART OF THE FIL¥ANCIAL STATEMENIS (CONTINUED) YEAR ENDED 31 OCTOBER 2024 25 Analysis of changes in net funds The Group The Charity At 01.11.23 £(N)O At 31.10.24 £000 At 01.11.23 At 31.10.24 £000 Cashflow £000 Cashfloiv £000 Nel cash Cash at bank and in Iwid 2,841 iio 2,951 ,491 448 1,939 2,841 2.951 1,491 448 1,939 2,84J 2.951 1,491 448 1,939