Charlty No. 526088 {England and Wal•8) Galloway's Society for the Blind Annual Report and Flnanclal Statements For The Year Ended 31 March 2023 Qmha MOORE & SMALLEY GALLOWAY'S SOCIETY FOR THE BLIND CONTENTS Cherfty Referenc* and Plministratrie Detsils Trustees, Report IrKlependent Aud￿0￿$ Re[￿ to the Trustees Group Staement of Fin*￿al ActThiitie5 13 Charlty Statement of Flnandd AdF¥liie8 14 Gr(￿p Balance Sha¢1 15 Charty Balance Sheot 16 Group Cash Flow Statement 17 Notes to the FlnancSal Statements 18 President The Flghl Worshipful The Mayor of Prestc Honorary Pr8shlents The Anglican 8ishop of Lanc4$1 The Roman Catholic Bishop of Lancaster The Chairman of the Methodbt Churth, North Lancashire Distrlct The Mayor ol Lancaster The Mayor of Ribble Valkny The Mayor of South Rib￿8 The Mayor of Wesl Lancashlre District CwrKil The Mayor of Penv￿rthaM The Mayor of Chorfoy Trustees Mr S K Booth- Chalrperson Mr J Bretherton- ChalrpW￿I Miss M Fecca - Tr8a$urw Mr J Ward OBE Mrs C J Holme8 MBE Mr A V Kimpton Mr8 Joanna Solankl Mrs Hannah Taylor Mr8 Ruth Cuthbort Chief Exe¢utlve Ollker Mr l J P8arson RegSstered Offl¢e H(￿ck Hou6e H0￿ck Park Avenue Penwortham Preston PR1 OLS Registered cWty wmber 526088 Auditor MHA Moore and Smalley Chartered ACC(￿nIan18 and Ststutory Auditor Richard House Wlnckley Square Preston PR1 3HP Investment ManageryJ Brown Shlpley 3 H8rdman Street Manche$ler M3 3HF Hedlgy & Co Slockbnkn Ltd 13b Winckley s￿J￿e Preston PR1 The trustees present thelr annual report arKI audlted financBI statements of the charity frx the yew ended 31st March 2023. The financial stslements have been wepared In acxordanc* with the accountry wliues Set out in notes to the accounts and comply with the Charity's goveming d(￿Ur￿n( the Charibes Act2022 and AxountirvJ and Reporting by Charifjes.. Statement of Re¢ommend&l Practke apF4icable to charl￿5 pyeparing their alxxiunts in ac£ordance th the Flnancjal Reportlng StsThJard th8 UK ar¥J Republ￿ of Irekind {FRS102). The Soctety was establk8hed In 1867 ar#Y Is by a CA)nstitutiDn amended 14 August 2013. The charfty 1$ an Independent loc•1 organlsation with a phys￿al presenc* in Preston, Morecam￿, Chorfey and Southwrt. together wllh other local support groups thr(xJghout Central ar¥J Norlh Lan(86hire and North Sefton. It lial8e8 wlih many other natlonal and local chariti8S With 8imilar obJectNes. A prOp￿trn of th& ￿lIdIng8 owned by t1￿ ¢harlty a￿ lel lo other comm8rcW ter￿lS indudiThJ IIK>SO from &ross all ￿tOrS, whkh on occa8ion mplimants tho charity's work opwatM)nalty. Oblectlves and ActIV￿leS for Fljblic Benefft The truste85 confirm that they have refeThed to the Charity CL*nmL88h)n's guidarKe on Publ￿ benefit when revthving tho charity's airrffj and obpctives and in plannin9 future actfvftles. Tho purp08es of the charity as set out in the governing dcumont we lo.. PrOv￿e facllltles for tho prewvalion of sighL Relleve the dl8ablrty of vlfyualfy Impalrwl perso1￿. The S￿l￿ty endeavour8 to the objectives set (¥Jt ffl its Constitution a6 the drbviry force8 b8hlnd Ils dedslon maklng. Mlsslon 8tatement- Updated in4ine y￿th new ffiV￿year stralegy {202212023- 202612027) 'To reach more pwle. bringing connects'on. cho￿8 and ￿nfidence tor everyone affectsd by swJht lovJ.' Corg Sgrvlc•• Core services pmided by Chanty as part ol the 8tralegy meetlrwJ its charilable obje¢llve$ Induded key rvkes a￿lIable to all In tho Swety'$ area of QFwakn.' Talking n6w8papers aThJ magazlros Equlpmenl domonstrath)ns and *lvi¢e InfDrmation and guidance'8ign posting. Newsletters {senl lo everyon8 who opted in on Charws databa88) Equipment exhibit￿n3 Wireless for the blind fund {Yh)8rn appltaUe> Braille. audlo and large prlnt transcrfpthjn Hosplt81 Informath)n s8￿ce Llving with sight loss courses Outdoor activities w(yamme Access to four Sight A(fvice Centres Vision Assessments Varfou8 actfvity groups and leamlrwJ progranme8 The redudon of soch4 i801atk)n TethThJogy advice service Additlonal S•r¥ke• A¥￿lable to people in several fAJtyiThJ lo¢atk)ns and open to an sep41ce ugers: Social club'pJsuFyort groUp&laclivib￿oU1Ing&l Voluntary vl5itin￿t8IePhone cx)n&Kt Bèfriending telephone sep4i¢e On8 off ￿entS and exhibitior Training Home visits Resource Centrg vI￿ts Transport Independent Ilviro accA)mmodatK Engag•m•nt and Outr&8ch Ser¥lc•• Events and 8CtNiti8g undertaken to raise awareness and Im￿￿0¥8 mainstream servi¢e5 for blind and partlal slghted people. Th8 list is not exhaustlve but includes engaging with: Schools. 1laison8law¥e￿SS trakninwevents Disability access grc4Jps Inter-agency partnership8 The Lancashire Vl Forum The Sefton Vl Forum Lancashlre Eye Health Netvnjrk Fundralslng Publi¢ Vlsion Matters- N8tk)nal Eye He8llh Week Local Authoriti88 and Dlstrlct C￿nCIl￿ Clinical CommissloniNd Groups The services offered by the charty are wlm*Hy for bllnd and partially slghted people. but support18 also glven lo people with pan4isabilitie8 and joinl wjrklng o(xurs with peoFlg of all ages and ablllties. The charity routlnely engag68 wilh partner8 gcro88 afi soctors wlth a key focus on othw charltatAe (ryardsathTh. G•ogrnphlul R￿h Thg Charity's maln geogrnFthical ar88 of operatbn 18 from Camfoth arKJ the Cumma bor(ler In the north to Om13klrk and Soulhwt and parts of Sefton in the south. The areas lo th8 8asl and west of LancashlTe are supported by other $lmllar 80cieties txrt due lo its Size and range of servtts, it is common for people from atto85 the County. aThJ on occaslon Country. to access the charity's services. Many ofthe society's talking newspapèrs are despatched to varknJ8 Parts of the UK. Headlln• Achl•v•m•nts In 2022123 The charlty began delwing Its fivfryw stratew the 1st Awll 2022 t*fiich aims to", Reach more people. Bnng connectlon. ctmiice and conmence. Deliver the best outcomes for p80ple affecled by $thl10sS. Develop the capacty and irrfrastructure of Ihe organisatK)n to athleve ch￿,5 ambitN)n. Furthemiore, a new MIS￿on was adopted 89 praviousty refererKed, "To rexh rTv)re people, brfngtng connection. choice and ￿￿ffidence for everyone affected by sght loss." In doing so, the charlty started making the transition from tradrfional service delNery, rellanl on people attending tts buildings, to a more community-baged m(xlel ublising face to fxe and online channe18 to athleve its aims and to primarily rn￿e I￿l￿d and partialty Sighted p80pIe. FOunda￿onal progress was Tnade acros8 the re[￿ing perM)d and vlll ¢ontiNe as Ihe char￿Y heads Inlo the second year (202312024) of it5 strategy. To suptM)rt ￿ strategy. the charity completed a root and branch pay and reward review to strerW)an its alilty lo recruit and retain staff wfthln a partbjlaty challen9ing employment market. The review [￿pOSed severa key changes which will come into effect from the 1st April 2023. Changes indud8 the introduthon of pay bands and KY0w$￿n polnts, Inc*eased al￿al leave entiuement and greater flgxibilty thrcwh revised hybr#J and 1]e￿ble w)rking pJKles. Progress was also made relating to strategt revi￿ of the char￿1,8 Current *al Structu￿ lunlncory)oraied). it8 propgrties and investrnents to strengthen 9ovemarK* arrar￿rnents and maximis8 Ihe use of thwllalje a88el8 and resources, reypectivety. Using available data, the charitys Servlces am began mapping key kxations across La￿aShire and Sefton whereby the charity's seThices could achleve the greatest imwL In tum the charity developed ne4V partnerships to as$i¥l delivery against its Strateg￿ aims. The year also VAl￿$Sed the re(xuf(ment of addilinal staff lo bolster capa¢ity. Wider outcomes Y￿uded (tKrt are not restricted to): Communlty S•r¥l¢o•: Exceeded the annual tsrw of 6.48019.040) for number of people rer*rving support by 28% Achieved 98% of annual tsrget of 500 {492) for number of new referrals {people new to Galloway's) Exceeded total Eye Cllnk Ualson Offic*f Int8ractKin8 annual target of 1,05011.891) by 56% Exceeded lolal InformalK)n and guidarth annual tsrget of 1.020 {1,eo21 by 64% Exceeded target of 420 {4941 number of l(M Vision assessments delivered by 15% Ex¢Èeded total number rrf dYJital and tdeph)ne interactions 2,70013,2301 by 16% Loamlng Sklll8 and Llf••tyl••: Exceeded asslstfve tethndogy sUpp￿t sessions 2401715) ty 197% Exceeded gel a¢tNe $essA)ns 72 (1481 by 10S% Exceeded get actNe atteThJee$ 500 (929) ty 86% Peer to peer support 9￿p8 taknTrJ shape across Commun￿88 with tho add￿lon of volunte8r8 hotstlng coffee mtynlngs In SouthFth. Omiskyk. Lanca818r and Preston. Incr8ased capaclty wlthin the LèamirKJ sk￿15 and Lrfostyle Team to deliv6r kncnased Nmbers ofa8818tfv8 leKhnology ses¥ions. Gel Active increased the ran90 ol aclith8 on cts $u¢h 88 vhualtry Impalred tenni$, Indoor cllmbing and taster 8essw)n5 for gliding. Activlty *so WKauded g￿1 (drt¥lng range based) arKI loint worklrYJ wllh Bdt*h Blind Sport in Sefton. Incom• G•n•rntlon: Progress agaln$t a880clated targets aThJ plans wa8 advwsety 8ffeGted due to a varw of causes, notably ongolng rvitmenl chalknges wlthln Income Generation ar¥J Communkations hovthier, the po85t￿n stsbllised towards the latter part of the year. The costd4Mng ctsl8 per815ted and iru)me gener8llon frfm ¢omnwnty events and WI￿1¢ ghlrvJ agaln proved Challenglng due to widegpread Iwhlening of dk8¢retionary spernllng- Indudlng chwitable donations. Don8llons, legades and fundralslrwJ a¢llvltles underperfornied against 202112022 outturn8. coup￿ wlth sustained1088e8 t￿rn Yla the ¢harlty's InveSt￿￿nt portfolK). 2022r2023 was indeed a harsh climate. The c*arity rect￿8d complalnts about furKlral8bng in th8 year 2022r2023. Communl¢atlon8: Foundatlonal work was undertaken to review the Cha￿5 Ma￿etIng and cLvnmuni¢ations ami and work commenced to revise the brand guidelines, markebng to(Akii armfj assocL91ed onllne and offline collateral with the 8UPPOrt of extsm81 expwlise. The benefrts of whth 5hwld flow Ihrwgh and pay dfvklends wrihin lh8 fdlowng fironcial year. Central R•sources In addition to the strategic ¢harvJes mentloned above. whKh witnèssed addilional re80urce8 being devoted to Central Resources in the form of streThJihening Finance fvnC￿n. Human Resources. Data and Compliance and Farylitses. which er￿bled the charity to a¢hleve some key infr8structurdl mmestones. Team successfully rolled out a HR system (Youmanage) to ensure data 58 captured and managés appropriately. This also enabled the ¢harty to be more paperte$$ wrthin th8 HR fUnct￿)n. Towards the end of the financial year. work5 Started to upgrae the ICT and teleptrw from the existing systems whkh some what restricted u8 from supportiThJ the Charity's approach communlty delr¥ery. The year saw 8 gradual lTrxease in lenancie$ aThJ rty)m hye and the team focused on strengthenlng the procedures wourMI tenanclgs and hlre. Operation8lly. vdunteer numbern showed SIgr￿ of irry*rovem&nt with the numt*r of'aclve, volunteers hcreasing to apKYoxlmately 260 arisirvj from the Concert￿ effort of the Vdunleer Ccffllnator. It 18 al30 pleaslng to note that no dats breaches crf health arKI safety ￿ches were reported acros8 the year. Plans for th• futur•- 202312024 The charity wlll continue to make progre¥s In Support of ts strategic almy and crudally, wlll strive to Increase income and manage overdl ch8ritable expendtiure lo erode year on year operating deficlts. In(xeased Ino)me18 cruchql to the thadty's firture succ*sses bul wll be challenging to achlev¢. primarly due lo the cO$t￿-11¥1n9 uisls arKI it8 Impact M publlc 9￿Ing. In 8UPm 0fchartta￿6 incoTh. nv•V income gerwath)n aThJ (x)mmunutw)n$ Strateg￿8/plans wlll be Implemenled to support diverse Irthm8 ¥lream$, increased fvThJralslw and greater brar¥J awaren888. Addlllonal re¢wllment wlll 8180 take place. charlty'8 investrn)ts vlll be 8crutinl¥ed to a greater ylebdrtotal relum wherè pos8ibla. and the Imiestmenl Pdl¢y wlll al80 be rev￿￿1. In a 8lmllar veln, chwlty wlll carefulty mgnage experrfjlbn In41n8 vAth Its Strateg￿ Intent. Th18 WHI Include a revlew of the charty's proper￿ and a&*)ciated operab'ng costs to ensure they are fft for puryx>se and r8pre8ent b8sI v4ue in browJe8t 8en88. Work will continue towards modemising the charlty's InfrastrucbJre incl￿11￿ ICT and telephony, amng8t oth8r areas, utilising doud based and aglle solutions. To track overall byogres8 and effecllveness. n8w key perforniar￿8 indicators wlll be adopted lo help mon(tor outputs. wtcomes and imrt aTrJ thwae wlll b8 revlewed xross all level8 of charfty lo accountakn'lity and offectfvene88. The charity's vision, mbsion and values will a150 be a88e88ed and upJatedlreviBed as necessary. FIn￿da1 Revlv Tot4 group funds as al 31 March 2023 vffjre £7.983.694. Overall resources have decreased by £1,132,885. PrIn￿paI funding sources Indudlrvj legacies, fundraising in￿me. donal*)ns and Investment income have supported the key objectives of the ¢harity in sustaining runThng (x)8ts and ¢¢￿￿nUe to fund the current $ervl¢as on offer. M$nagement accounts enable the charTty to dosdy monitor arwj cwefiAty manage all a8￿t6 of its in(xJme arml expendRure. both monthly and quarterfy. and these we 4$0 s(¥uiinised by the Treasurer prw to r8vMv at Ihe Finance and Inveslment SubGomrnittee. The monitoring offunding and a successfijl fundraisiThJ team is an ImFrf)rtant Part ol the ¢harity'$ work and without these sources of Income Ks abillty to maintain several proieds V•wld be in dwbt. The charity remalm apwe¢latl¥e of all hs fundiro b(xlies. charitab￿ Trusts. Integrated Care Bwd and its mary loyal supporters arKI tknnors. Inv•thm•nt Poliey and P•rfornian The charity's primary Investment Nonagers IBro*n Shpley) are Kistructed lo produce best financial retum Itolal retum) wth a medium levd of risk. The inyeslment obJ'ectNe 15 to gerwate a retum In exce88 of infiation over the long tem), whilst generallng an ir￿rne to SUPM the ongoing a(thityes. The Finance and Investment Subcommlttee receives from Br(Avn Shipley at their quwtsrfy meetings lo review performance of the Investrnent P￿01k) arKI risk veas duly raised vthh the Board of Trustees a8 necessary. Inveslment perfonnance Is also o)vered vla the new set of Tier 1 (Board) aTrJ Tler 2 {Subcommitteel Key PerfonnarK* IndlcatW3. Dudng the year the Investrn8nts have Ixoughl fft an inl￿* of £143,158 which VAS below budgeted Inve8lmenl Income. The market value of Investments Is £S.056.665 ag at year gndiw 31 March 2023. The movement in fthd asset Investments Is shown In note 13. Rlsk manag•mMt Trustees are ever rnindful of wtenlial risks to the cryanisal#)n aThJ regularty revlthv kfjy rlyk area8 8t B08rd and subcommittee levels. Furthermore, trustees rtyrtitWy rev￿ and pTc￿ures. ensuring that 811 risks to tho organi5alion are mitigated as far as poss￿¢ Ilyough sound protocols. In SUPFQrt of risk management, profes¥ional advlGe 1$ obtained g>0ss a variety of areas from Insurance, Investments, Hoalih arKI Safety and Employment matter¥. Apwopriate levels of Indemnty InsurarKe are also in pla¢0. R•••rv•8 poIIcy Total funds held as of 31 March 2023 £7,983,694. balarK8 hekl as unrestrKled reserves as of 31 March 2023 was £2,179.372. ofwhich £1.771.058 Is designated (rth 17). Freo reserves as al 31.03.2315 £381.861. The tfuslees aim lo malntaln free reserves in ur¥estricted fU￿J$ 81 a leve5 ￿1¢h equates lo approxlmatoly three monlh6 of unre$trlcted charhable experyjiture. Free reserves 8131 March 2023 are In line vAth th18 policy. Trustees acknowledge that the deficits rep(¥twJ in tho year we part of the 8tr8teglc sAan and the alm L8 to move to a surplus Posltion in several years. In additlon. total funds indude.. Imiestment furKls £4,636,984. These are shares held In the investment por￿01￿) to generate income for the operational needs of the charity. The valua of th8 fund it8eif can only be realised by dispos1￿ of the related investrnenls. Restr¢cled funds £411,825 Permanenl endowinent fund £755.513 Slru¢tur•, gov•rnanc• and mwg•m•nt The dmrity is managed by a Board of Trustees wlth daY-t￿daY mwapornnt antrusted to the Chi8f Executivo Offwr and Senior Leadership Team. The Board of Trustees, Finance and Inveslment Subcommittee and Propety Sut¢ommittee meet every quarter Imlrroring the finarKd year) lo Co￿l￿er reports wepared by Chief ExecutNe ortlcer and Senlor Leadwship Team. The Iruslees Ilsted in ￿ charity delails have been appointed in accordafKe wlth the con8titLrtw)n whlch st8188 they shall consist of up lo 12 competent person$. four of whom shall be apwinted each yèar and gerve for three years after which lime fv will be eligible for rtrelection. V￿n(¥8S occuring among trustees may be fille(1 by the trustees and any such person so ¢hosen shall retain his or her office 80 kjng onty Ss the vacatlng member would have retsined the same rf no Va￿￿Y had 0(￿rred. In line wlth the ¢onstStulkin. trustee5 appoint a Chaimian. Chaini8n and Treasurw annually along8ld8 a trustee with lead respOn￿bIlIty for property ￿lated matters. Four trustees act as the Finance and Investment Subcommittee with responslblllty for stralegK finan¢o1 affairs and four trustees act as th8 Property SubGommitt8e wf(h responsibility for strateglc propety and facilrty ￿lated activity. Pollclos and procodur•s for th• appolnlmenL Indudion •nd trnining of tru#t•8• The charity continues lo act In accordance with its pol￿￿ and [￿￿1￿￿5 in rdation to tnjslee recrultmen( Induction and ongoing Iraining. No alditional trustees were recnjiled within the rerx)rting perh)d. As nec8ss8ry.' 811 new trustees are asked to sign a ￿ed*8￿n under the Ch8ritie$ A¢1 2022 confirming that they are eligiLqe to serve as a Trustee. A Trustee Induction Padt is then rosued which Indudes information from the Chanty Commission ￿ardIng the rokrys and responsitmlrties of trustees, the chartty's StrategK Plan, Organisat￿n81 Strudure and varths other p0￿cleS and inf0m￿tiOn. Tru8tM and manag•ffl•nt p•r•onnd remuneratlon JI trustees glve ther time freely and rK) Iw$toe remunernlion wa6 pakl In the yew. Trustees are fequred to dl8dose all relevant (x)nfiicts of Interost before all In￿te8 meetlngs. these b8lng fo￿allY re￿rded where necessary. and regi$iered with the Chlef Exe￿11￿ Officer and. In xcordance wlth the charty's poliw. withdraw from deci8kn￿ W￿re a Confi￿1 of intwtsl arlses. The pay of the charity's ChK9f ExeeJJtNe and Senior Man￿eMent Team L8 benchmarked at the lim8 of appointment and 18 revlw•ved pwodully. The last revlew belng completed as wt of the wlder pay and r8ward review wilhin the rep(wtlrvJ P￿￿. Slaff, volunl••r• and b•n4llcl•rl The ¢harlty eThJeavour¥ to knFlement which f*lllate swrStyofemployment, a 8affj worklng envlronmant, appropriate remuneration and con$lder Ihe vithys of pakl employees and volunteers. Slaff and volunteer support Is vlthved as crttlcal. In support of staff management and development, a new online HR system wa5 Introdu￿￿ to replace oldw mor• antlquated sy818ms. This rthv ap￿Y0ach has greally Improvtrj several HR woces5es, induding bookin9 annual leave. TOIL. tracking absence and staff tralnlTrJ and devdopment. HR support h88 been 81igned wlth Volunt￿ng and tho charty has woojrwj additK*nal oxtemal capacty to 1£￿1￿rd key HR related work. The charlty18 Immen8dy thankful for the ¢A)nlinued supp(Yt of over 270 voluntoers wFM> h•lp wlth many xllvltk$ and servths including talklng newspaper recwdiNJs. stre8t and store edthtions. fundralslng ovents, mlnlbu8 drlvlng, ¥i￿ting. ruming 8UPP(Kt groups. administration and reception and outdoor pursuts. AJI employees are appolnled subj'ect to Iwo salisfactcry refererc￿ and where approprkte a Di¥cl¢)sure and Barring SoNice (D8S} check. Additionalty. all vdunteers receive appropriate inductbn and are offered ongolng training. The charity rdate8 to benef￿arleS in a numbw of ways. vi& dYe¢l servKxs. user woups, newgletters ￿ v8rfou8 fomats. the Amual Report and the Annual MeetlryJlConfwm. The oplnkn8 of benef￿laneS drrrfe the development of servi¢es. arKI th15 Irrfrntion 1$ oJle¢ted through formal maetings, survey5, feedbad( f¢Yms. one to one dis¢ussM)ns and social rthorks. Involving beneflclaries in planning and delivwy of servtes Is key to the charity's ￿lI￿re. This has and continues lo be a focus across all area5 of the tharity. io Subsldiari•#: L•n¢¥8hiro Ifwion S•rvic•# Llmlt•d & Gall¢)way8 Ent•rprls• Llmlted (Note 11) The Soryety has Iwo trading 8ubsidirn. A summwy of the wults of both trading c¥)mpanies is shown In note 11 and the stabjtory aCci￿nts for the respectrye comp8nies V•il be Iled the Reglstrar of Comp8ni8S. Four charty trustees act as Directors of the iwo rAMnponies and any asscKiated proffts of the trading subskllwles are Covenanted to the charity. Following hIst￿lC trends. Gallcway's Enterprise Limrted Year￿￿1 ￿lbjrn demnstrates an overall k)ss of £32k and reports a net liabilty posit￿ as at 31.03.23. Finances for GEL Ltd has been under Scrutlny and due lo consistent year on year defiats at GEL Ltd, work wa5 undertaken towards the end oflhe 202212023 financlal year to analys8 the cafè's income and exF*ndrture. The overall IntentK￿ being to ￿duce. or dlmlnate. the operating d8ficit moving forward and 80 far. the r￿W measure introdu¢¢d has been Suc￿$$fUl In ¢hanglng thlngs around. Lancashire VK8ion Servrces reported a small loss of £600 as at 31.03.23. Subsequenty. trustees made the decision al the year-end to transfer all 8clNities into the parent d￿ty. From 01¥ April 2023. Lanoashlre Vlsion S8rvk8s remain a8 a dormant LX)mpany. Tru•tM•' Mspomlbllltlm In r•latlon to th• flnan¢l•l •tstww The chadty truste88 We responsible for weparlw 8 Iruslee8 rewl aThJ fhwKlal 8tatem8n18 In acxordance wth applicable law arKI Unrted Kilyd￿ Accounting stand￿ {Untsd Klryjom Generally Accepted ACC￿ntIng Pracllco). The law appltable lo charltles In England arrfl Wales r8quire8 the Ch￿ty trustees to prepare financial statements for each year whlch gfve a true and I￿r vl6w of the $tste of affairs of the ¢hwlty and of th8 inc4)ming resi>urces and appll&ilon of res￿r￿S of the chartty lor that rjeriod. In weparlng those finandal 8talements, the tnjslees are roqulred to: Select 8Uitable axounling pdicies and then apply Ihem ¢ons16tenlly. Observe the methods and FKinclple8 in the Charilies SORP. Make judgements ar¥J estimates that are reasonable and prudent. State whether 8ppIKable aLyx4Jnling standards have be￿ fol¢A**d, 8ubloct to any malerf81 departures d18dosed and 6xplained in the financbal stsleffonts.. and Prepare the fina￿la1 statements on the golrvJ corw t)a¥is unle$811 15 ir*pwwiato to th81 the charity bwll contknue In operation. The truslees are responsible for keopiffj a¢￿un11ng rwds tsl disdose with msonablg aCc￿rary al any tlme the financial posit*Jn of the charity and enoble them to ensure that the finarKi81 ststements comply wllh the Chorilies Acl 2022, the applKable Charities {Accwnts and Reports) Regulations and the provisions of thg Trust Deed. They a￿ also resrwisible for safeguarding the 888ets of Ihe charty and taklrvJ r8ason8ble stepg for prevention aNI dete¢bon of fra￿1 and other irregularille8. Tru•t•M' rn•pon•lbllllle• In r•latlon to the flnanclal Stst•m￿ (contlnu•d) The InJ8lees are responslble for the malnlenaTK¥ and IntwJrity of the charity and fin8rKial Snfomation induded In the charity's website in accordancè with legislatK￿ n the Unibj Kmgdom governing the preparation WKI dissemin81ion of finanryal statements. Approved by the trustees on .... . and $igned on Iheir behalf by.. S K 8oolh- Chak lif Trustees GALLOWAY'S SOCIEfY FOR THE BLIND INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEE8 Oplnlon We have audited the finarKlal statements of Galhxay's kniety For the BlirKI (the 'chariW) for the year ended 31 Marth 2023 which Compris￿ the Statement of FirW￿81 Activitie5, the Balance Shee( the Cash Flow Statement and notes to the financial St*￿nts. includiTrJ a summary of swJnificant accounting policies. The financial reporting framework that has been applied in their preparation ts app1Kab￿ law and Uniled KlThJdom Accounting Standards, induding Financlal Re￿ti￿j StsThYard 102 Th8 Financial Reporting Standwd 8ppllcable in the UK and Republlc of Ireland lun11￿ Klng¢*xn Generally Ac£ounling Prxticel. In our o￿nIOn financial statements: gNe a true and falr vl8w of the state of tho charws atraiTS as al 31 March 2023 and of btB incomlng reswrces and applKation of reswrces, IrKludlng its incomo ar￿ expenditure for the yw then ended,. have been wopefty wgparwj in V41th Unlted Klngdom Genorally Awted Accounllng Practice,. and hav8 been prepared in &wdarKe wlth the wulrements ofthe Chartlles Act 2011. 8a•h for oplnlon We conducted our audll In accordance wlth Intemational Standards on Audlllng IUKI (ISAS (UK)) and appllcable law. Our responsibil￿e$ under th080 standards are further de￿bed in the Auditorfs resp)ngbililies for the audit of the finar￿la1 statements s￿Ik￿ of Ouf repLYt. We are Indgpendenl of ttro ¢harity Ni aceordan¢e wlth the ethkal requlremenls that are relevant to our audit of the financial staten*nts In the UK, induding the FRC'S Ethical Standard, and we have fuifiiiwj wr other ethical responsibiliti'es in acc￿d9nce wth these requTrments. We bdleve that the audlt gvklenc8 V•* have okAained19 8uffi¢i8nt and apwoptsle to provlde a bas18 for our oplnlon. Conclu•lon• rnl•tlng to golng con¢•m In audltlng the financial sLqtements. we have co￿luded thal the trustees, u88 of thè golTrJ concom basis of ar%ountlrvJ In lh8 weparation of Ihe finarKial slatements L8 approwi8te. Based on the vnvk we have performed, we have not identified any mat6rfal uncertainties relatlng to events or con¢Jltlons that, individualty or collectively, may cast signrftsnl d¢>ubt on the tharlty's abilrty lo continue as a going con¢8rn for 8 per*)d of at least Iwefve months from when the financkql slatements ar8 auth￿sed for188ue. Our rospon8lbilitw and Ihe re8pon8iblitles of the tru¥te89 w4th respact to Ong 8ro d88crlbed in th• rebvant sections of Ihl8 report. Oth•r Inlormatlon The other Information comrrfises the InfLYrnatth included In the tr￿lee$, amual report. other than the flnancL91 ststements and our auditols repjrt thereon. The trustees we T85ponslble for the other infomiallon contslned wlthin the annual rewt. Our opinK>n on the financial statements does not cover the other informatlon and, except to the exlent otheThvi5e explicttly stated in our ￿port. ￿ do express any fC￿rn of a￿uranCe conclusion Ihereon. OUT rgsponsltmlity is lo read the other infomiatlon and. in doiNJ so. con8Kler whether the other inforniat￿n 18 materially inconsistent v•ith the finarKial statemenls or our krKthledg8 obtair￿A in th8 coutse of the audit or otherwise appears to be m8terially misswed. If we identsfy such material inconsistencles or apparent material misslalemenls, we are required lo detemiine vthelher th18 glves ri58 to a material misstatement in the financial stalements themselves. If. based on the w(Yk have p8rformod. we condudè that there is a material misststement of thi¥ other inf(rnllon. we are wuired lo report that faGt. We have nolhing to report in this regard. GALLOWAY'S SOCIEfY FOR THE BLIND INDEPENDENT AUDITOR'8 REPORT TO THE TRUSTEES {¢onllnu¢dl Mattor¥ on which wg arn r•quirod to r•port by •xcWion We have nothing to reFrfJrt in respect of the fdlowng matters in rdath)n to vthich the c￿tieS (Accounts arKI Reports) Regulations 2008 requiTr us lo repryl to you rf. in our opin￿n. tl* Irrfc*malSon given in the ffinan￿￿ $18tements Is I￿l$t￿t In any materlal rest￿t v#tlh Ihe trustees. report., or the charty has not kept sufficMrt ac(￿unt￿ r￿4)r￿S,. or thè finarKkn4 $latomerts are not in aweomont V￿th thé atu￿nting records and returns or we have nol re(*fved all the Inf￿latIon arnl explanallons we requlre fLY our aLMlSt. R•8pon8lblllll•• of tr￿1• As explained more fulty in the trustees, responsibilities st8teThnt set out on page 8, the trustees are responsltle for the pTepwath)n of financia statements which gNe a true and far view, and for such Internal o)ntrol as the trustees determlne Is ne￿SSary lo enable tho weparation of financlal 8tatemonts thal are free from m8lerlal ml88tatemenl. whether due to fraud ￿ emx. In preparlno the financial statements, the trustees are re8ponslbl8 for assessing the charrty'6 ability to conllnue a8 a going corKern, dtsdosing, as applicable, matters relate(I 10 g)ing corKem and u$lng the golng concern basls of accounllng unle$8 the truslees ellher Intend lo liquldate the chaflty ¢Y to cea6e oparatlons. or hav8 no reallsllc 8116mallve t￿1 to do so. AudltoV• Mpon•lbllltloB for tho •udlt of th• flnancl•l statomont• We have been appointed as auditor under section 144 (rf the Charfties **t 2011 aTrY repcrt kn acccffdance wlth regLA8llons mad6 undèr 86Ction 154 of that Act. Our oblacllve8 are lo obtaln reasonable assura￿0 abtyjl vthether Ihe flnarKW 8talements as a whole are frea frcm malerial misslatemenL whether due lo fraud or error, and to issue an auditor's r8POrt that inclLtdes our oplnlon. Reasonable assurance 1$ a hlgh lovel of assuran¢e bul 1$ nol a waranlefj that an audit conducted In ac%ordan¢o with ISAS (UK) VAII always dolKt a maI￿al mIs$tslom￿t w￿n it oxists. Misstalemenls can arise from fraud or wror and are considored material rf, indfvldually or in aggregate, they could reasonably be ex￿ted to Innue￿8 the economic of u8er8 taken on the basis of these financial statements. Irregulwiues. Includlng fraud, are in8tanc*s of nOn•￿)mPlISnce *ith laws and regulations. We design procedures In line with our responsibilit￿, I￿ulned above. lo detecl material misstatements in r88pect of irregularilios, indudirwJ fraud. The specrfic procedures for this engagement and extenl to whth thes6 are capable of detecting irregularitie8, Includlng fraud 18 detaibod bel¢)w'. Enqulrles managemonL al￿rt any 5uspethd Instances of non￿mpliar￿ 7Mth laws and regulallons arKI fraud., Challerying assumptions and judge￿nts m&Je by marwemrt In parucular In rolauon to fvturo performance in IvJht of the impKI of Covid-19,' A￿lItIng the rlsk of managemenl overrth of irKludlrvJ tlwough tes￿ng joum81 entries and otl adjuslmenls ft¥ apw0r￿atene$s. Reviewng ¢Ofrespondence with the Care Qualty Commissim and the Ch8ritbe$ CommL8sbn', and Revmving board mnutes. W8 id8ntrf￿ the followirvJ arga¥ as th)se most likely tt> havg a material impad on the financxal statements: employment law arKI complkqrtt with Ihe Charilies GALLOWAY'S SOCIETY FOR THE BLIND INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES {contlnu•d) Becwse of the inherenl Ilmltstions of an audit. there 15 a rlgk that ￿ wlll rw)t de￿t all kregularities. irKludlng those leading to a material mlsststemenl in finarKial ststements or non {SBI701) (134384) 12 1513,077) (513,077) {134364) N•t In￿Y￿•xpWthlrn) forth• >wr (8H275) (513,677 (Q71)0) 111726> 11.1W,378} (270.728) 4SI142 1451142) Not In fun (112.133) 1965MI9 1&71NJ) 113,726) {1,1ryJ,378) (2TO,728J 2.￿311 S.￿3.093 4X,525 769330 9,161.993 lo￿.082 2351.004 4,￿7,114 411M25 755,312 8.001,615 a311,861 I xtNitie$ are dassed as c#)ntinuing aclmtles. The statement of finarKaal xtivitb6 i￿aUdeS all galr* and k>3588 recoJnised durlng the year. The aC￿mpany1￿g ar￿unting FKAkles and Th>tes fomi an integral pwt of these flnancial statements. GALLOWAY'S SOCIETY FOR THE BLIND GROUP BALANCE 8HEEr A8 AT 31 MARCH 2023 2023 2023 2022 2022 Flxed a61•ts Tangl￿e assets Investsnents 11 12 2.962.820 5.056.829 8,019.449 3,042,965 6,086,910 9,129,875 Current a88ats Stock 2,131 110.867 36,360 149,348 13 66.396 33.178 102.101 Cash at b￿k aThl In hwKI Cr•dltorn: rdnounts falllng du• T*lthkn y•w 14 137 162.664 35,755) (13,316) Total M••t• l•M curr•nt Ilabllltl•• 7.983,￿4 9,116,559 Crodltorn: amount• falllng du• aft•r mor• th ono y•ar 7.983, 9,116,559 Charlty funds: Unrestricted furrtls Deslgnated funds Inveslment funds Endowment furyjs Rostrlcted lurKIs 102,306 1,747,726 4,966,326 755,512 411,825 1038604 1,907,573 4891192 782,964 Totsl fund• 16 7,983,694 9.116.559 flnarKaa1stat￿￿￿sWereap￿DVvJtythetrUSlee8on........... ..... ................. S KBooth-Chalr Marla F•¢d- Trwur•r GALLOWAY'S SOCIEfY FOR THE BLIND CHARrrY BALANCE SHEEr AS AT 31 MARCH 2023 2022 2022 Fix•d asMt• TarYJible assets 11 12 2.959,316 5.056.829 B.016.145 3,042,+16Q 6,087.110 9,129,570 CuTrent Debtors Cash at bank ar￿ in 13 149.884 26.678 176,562 160.904 35.891 196, 795 Cr•dltorn: am￿nts famlng du• w#hln on• y•w 14 131.093 164,372 32.423 Total a•••t• Iw• ￿rr•nt Ilabllhl•• 8,061,614 9,181,993 Cr•dllord: amounts f•lllng du• aft•r mor• than on• y•ar 4061,614 9,18t,993 Charty funds: Unrestrtcted funds D851gnated fiJrvJs Investment funds EndNmenl fiJnd8 R8strlcted furbJ8 155,414 1.772,338 4966,S25 755.S12 411,826 3,872 1,835,555 5603LX)3 769238 420525 Total fvnd• 8.061,614 9,161,993 ?o.l.i.i. la￿3 fln8nda statements appro￿1 by ts In￿le83 on.... .. 8rJr¢d on thek behall by: S K B¢oth- Chalr F•¢d-Treasurnr GALLOWAY'S SOCIEfY FOR THE BUND GROUP CASH FLOW STATEMEpir FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cuh flty* oper*iwd •CtMU {6S7,$35) (￿,940) Cuh fl(w fr(xn Investlng actlvltl•• Net ￿hknv from investments 654,353 494,673 Nat Incr•m￿de¢r03M) In cash and cuh •qulvth 13,182) (6.267) 46,627 Ca8h and ca8h •qulv•l•nts carTl•d ft>rward 33,178 Conslsts of: Cash at bank Cash In hand 31,839 1,339 34,887 f.673 33,1n R•conclllallon of cash IkM from opw*lng •rtlvkl•• Net Income for the year Investment Inci>me ￿elled 11,132,865> (145,000> (61,438) (178,439) Net gain$ on inv•stnwts Dewecthn oftangitAe a￿ets Derye0s￿ir￿rea¥e) in sto Detteasel{irK¥ease) in debtc (Deuea$eywease In c¥editcKs 513,677 87,396 1396) 44,461 (24,808 {89,187) 86, 132 1,284 (31,422) 227,870 1657.535) (500,940) Cash frr•m Inv•gtlng adl¥lti Investrnent IrM￿me r￿eNe￿I 145,000 178,439 14300,891) (4.477.171J 4,767.276 4,884.449 49.186 91,044 Cash released from Sa￿ of investments (Increaseyd&re&8e in short tem deposlts 660.571 494.673 GALLOWAYS SOCIEfY FOR THE BUND NOTES TO THE Accoup4rJ FOR THE YEAR ENDED 31 MARCH 2023 1 A¢countlng poll¢l•s Ttrt svJnficant a￿nting polrAes applied in the wep￿￿ of It￿0 fina￿1￿ statem8nts Set rArt bd¢)w. G•n•ral Inforn￿lI0n, bA•l8 ol prwrntim aBs••N￿ of goirvj conc•rn. The address ofthe registefed 18 gTrMI in ts ch*rty irformknn on pag8 1 of th8se fInar￿la1 statements. The Ch￿ constitutes a Publ￿ ber*fft entity as d8fined by FRS 102. Th8 financial stalements have been epwed in aC￿rdarth with kn￿ntir￿J arKI Rewfing by Chwitses.. Statemenl of Re￿MMe￿￿ed Practir apkI￿trA8 to charibes Kyeparyu their ￿c￿nts in xc(xdarKe wilh the Fina￿la1 Repciting Standard appfiGabl8 In the UK and Republ￿ of Irel￿d {FRS 1021 issued in Octijber 2019. the Financid Reporting Standard ap￿￿9￿8 in the Unthl Klngdom arwj Republ￿ d Ireland {FRS 102). tho ch&11￿ Act 2011. and UK GeneAIy The flnarrial stslements have been prepared to 9p￿ 8 and fairf view and have departed from tho Charitie8 (AcLyJJnts al￿ Rep)rts) Regulat￿ 2(L)8 onty to the extent requlr8d to ryOVKle a Irue and lair vleyl. This departure ha8 invdved follw'rYJ Ac¥y￿rtI￿ and Repthig by Chwiti8s prepariThJ th8Sr actounts in accordan v#tth the Flnanckd Rerortlng Starwjard appltsble in UK and Rewblic of Irdand (FRS 102) L8SL*d in October 2019 rather than the Accountsng and Reportiro by Chaiiti88: Statement of Recommended Pracke effective from 1 P4Yll 2005 whth h85 slrtt been withdra￿. The fina￿81 stalemerts we prep*wJ ¢)n a goirvJ (Xx￿£m ba815 under the hISt￿le4 C4)nvenlh)n. M￿lfied to Inchjdo certaln al vaue. Tho fknanclal 8t8tèrn￿ we wesented in 8terfiThJ ￿lch l& functional currency of chorty and wp. The 81gnfflcant 8ccounWng in th8 prepwalK)n of these financial statements are set OLrt bdow. These pollcl88 have tsen ¢onslstently apPl￿d io dl years wesented unless otherwise stsled Golng conc•rn The trustees are requtred to assess whelher use of goiNJ concern is appropria18, 1.8. whether there are ary malerk91 Ur￿rtaInl0eS relaled to events or condli￿$ that may cast SpJnffj￿ant doubt on the ablllty of the thwity lo contlnue a8 8 golng corwn. The truslees make this assessment in r8SP8(a of a period of at18a3t one year from the éate of aulhorisation of a¢￿UnIs. The UK oJrrenl flscal plans and Global events are nol ￿nsIdered by the trustees lo b8 likely lo ryeal¢ malwFal uncertalntles In r6latlon to going concern. The truste8s and management have w plans in place to manage the sMuatSon aTKI monitor reseNes16velg. At the date of approving these ao)Junts. the trustees have a reasonalAe exp￿￿tIon that the chanty wlll be able to manage the situation and that it hag suffrAent cash resourcw lo enable It lo me81 Its Ilabililies as IW fall due for al least 12 months from the date of apwoval. Thus, tho truslo05 contlnue to adopt lh8 golro wn¢em basis of aGG¢Junbng in prepar¥¥J the financial siateftwbts. Funds •truGtur• UnrgslJKled furKls are avail*e for use at the dis(¥el*)n d Ihe trustees in futhran¢e of goneral Ob￿ct￿8$ of 8rKI whhth have TK)t been for othw wrposes. Designated funds comprise unrestrithd furth that have been sel asK18 ty the truste8s for partK¥lar purFoses. The alm and use ol deswJnated fund is set (xrt in the notes lo the fin￿￿la1 statemerts. Restrthd fijnds are funds Vth￿h *e to be used in ￿¢￿darKe with restrictions imrx)sed by dcffior5 ich have been raised by the dwity wrposes. Thé cost of raising and adminislerir¥J such fvrKIs ¥e chwged agalnst the S￿￿riC fuThJ. Th8 aim arKI use (rf each restrthd fund iy set out In th8 fKrte8 to I fTrnclal statements. GALLOWAY'S SOCIETY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IAARCH 2023 Accountlng pollci•• (ess is the difference btheen the carylng 8moLsnt 8nd the present value ofthe estimatod cash discounted at the asseys ￿91n￿ effeclive interest rate. The impairment loss Is recognised in stalefflent of financial actNities. D•r•cognltl¢•n of fin*Kl•l •8••t• Financial assets are derecognised only v•hen the LX)ntractual rights to the cash flo￿ from the asset explre or are setled, or when the charity transkn ihe finawd asset and substantially all the risks and rwards of ownership to 8rnther entity, or rf some slgnffunt risks arKI rthyards of ownership &e retaln8(I but Control of the a888t has transferr*J lo arwJther pwty that 18 able to 8ell tr￿ as8et in Its entirety to an Unrelat￿ thlrd pty. Cla8•lll¢•tlon of Ilnanclal Ilabllltl•• Fln8nclo1 Ikqblliues are dassified acc(xding to the 8ubSlan￿ of the c¢ntrathal arraryJement8 frntered Into. Baslc Ilnandal Ilabllttl•• Bastcfinanclal Ilabililies, including (Yeditors, are initially reC￿nIsed al transaction prth untess th8 arrangement constllutes a ffinancing tr8nsactTh, where the debt instrument 1$ rneasured at the present Value of the fulure recelpls dlscounted at a market rale of YrteresL FInar￿181 Ilabllltth dassthed as payabl8 within one year are not 2mortl8ed. Trade credltors are obllgallons to pay for goodB or services that have been acquir•J in the ordinary course of buslness from suppllers. Amounts payable we dassrfied as current Ilabl1￿leS rf payment is due within one year or less. ff rx)I, they are p￿sented as non8t usiTrJ effo¢tlvo Intwe8t method. Other financlal Ilabllltl All thè cherlty's financlal lIab￿lI￿ fall to bo classed as ba8ic fina￿[31 Ilabllrtlos and the ch8Nty therefore has no otl)er financlal ILqbll1l￿. Dw•wnltlon of flnanclal Ilabllltl•• Financial liabilrti88 are derecwnised when the tharlty's C￿ltra¢￿Ja1 obligthns oxpiro or are dischargèd or Car￿elled. Stocks Stocks are Slated at the lo￿ of(Tht and net reallsablo Value. Conwlklatlon ¢rfwholly own•d tr•Jlng 8ub•ldlarf•B The ￿￿OlIdate{l fina￿181 statements inc(wY*e those ofGalIowa￿S Soclety For The Blind and its subsldkqry undertakings. Lancashire Vision Seryices Lirniled and Galloways Enterwlses Llmited, {i.e. entities that the group controls through its F*)ww to the finarKaal and crf)erating polkl8s $0 as to obtain eccfflomic benefits}. Al finar￿la1 statements afe made up to 31 Marth 2023. Where necessary, adjustmen15 we made lo tho finanaal statements of the gubsmliarigs to ￿n9 ts accounting pcA￿leS used into line with th059 used by tho group. GALLOWAY'S SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 1 Accountln9 poli¢i•s (¢onllnu•d) Con8¢lldallon of wholly own•d trading wb$KIl￿￿ ((¥xttlnuad) PJI Intra4Jroup transaCtvyB, balances and unrealised gains on transa(*ions between bY<￿P companies are eliminated on ¢onsdklatK4n. Unre81iwl1068es we also dImIna￿ urkn ￿ transaction woviJ85 evldence of an impaimienl of 88sel transfwred. No consolidated financial statements We￿ presenled for the year ended 31 March 2017 as Lancashlre Vlslon Services Limited. the charity's s¢)le subsid1￿Y at the time. was not considered to be m81erial for purpose of presenting a true aThJ fair view in any consdKlated acc4)unls. Therefore, in 8ccordance valh parag￿ph 19 of The Charities (ACc￿jnts and Reports) Regulations 2008 the subsidiary was exduded and in accordance with paragraph 139 of It* Charllles Act 2011. where all subsidiaries p8mitted to be excluded from any consolldated a¢¢ounts. tNslee8 were not requ*ed to W8pare wesenl ¢on6011dated accounts. trustees ofGallcMay's S(• for the Bllnd al60 tru8te88 ol Sonior Citcen8 Commlltse Icha number 222823). Th8trust8es do notcortsider thk% chwty to b6 cornm￿ control there are ￿lI￿On81 trustees m the 8o¥d of FuIthr￿d sen￿)r Crtizens Commltte8, aThJ the Chwtty C(wnmisslon would not permit the merger of the chwilles. $lnc* ther otiects arKI ac11v￿leS we db81mllx. Thweth. thè ￿)Unts of FulY*ood so￿ Cltlzern Commrttee are not con8dklat8d wllhln th888 xo)unts. Two of the trustees of GalloYray'8 Socl8ty for the Blind are 8180 trustees of the charitable corwany Sighuine Vl$lon (Ncrfth Westl Llmlled Icharlty number 1096452>. The trustees do not consider this charty to bo und common Control SIn￿ there 8re addlilonal trustegs on both Boards, theffjfore the ac¢ounl8 of Slghlllng Vision (North w￿1) Limlled are rK>I con8011datwJ withln th086 ac¢ount8. Tax•tlon The charty18 an exempt chwity within the meaning of s&*dule 3 of the Charltles Act 2011 and 1$ considered to pass the tests sel out in Paragraph 1 S¢Wule 6 Finance Act 2010 a￿1 thwdore it meets the definrtion of charllable (>Jmpany for UK corporation lax wrp)8es. Ddlnod coMrlbutlon p•n8lon •¢h•m• Emptyees ofthe chafity are entided to j(Nn the Auto Enrolmentdefined conln'bub'on'money purcha8e' schamè. The charity also makes contributK)n8 to several employees. private pension schemes. The costs of the defined contribution schemes are induded wlthln Supp￿ and govern￿ costs and Ghargod to the unrestrlcted fvnds of the charity. D•finod b•nrfh p￿810Th •ch•ffl• Until the year eThled 31 Marth 2021 the charity operated a defined b8nèfit plan for the benefrt of its em ￿0YeeS. During the prev￿￿$ year the last active rrernlxr of the Schem8 left the Charity's employment and therefore further b8n8frts were being Iwilt up in thg &hème and the PenS￿n def￿11 liability crystallBed. The InJslee8 reql￿sted a valuat￿n of this liabilty fr(Th the Actuary and £221.0(KJ vns recx)gnised as 8 liability in °other creditors. on the balance ¥h8ot. The liabilty Vfds PaYa￿e immediatety trMJt was onty fully settled durlng the current yw. GALLOWAYS SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Judg•mwts and koy 80urco8 of •Btlmatlon unc•rtalnty The followirwJ I￿1geMentS aThJ assumptlons have been made In the priws of applyir#J the aLM)ve aco3unting policie8 that have had the m￿t S￿nIfICwrt dfecl amounts rWn1￿ in the financld statements: fix At the end of rewllng pthod. management undertake an assessment of the net book values of tangible fixed assets, including rry)ertie5, compar&J to recoveratAe aM(￿rrt. The recoverabk amount is the hvJher of net realisable value and value In use. The rec4)verable amount, fcy the purposes of the impalm￿t review, is estimated and therefore may drfler from actual recovwthe amount. Whwe T￿esS*y, an impaimienl ch8ry8 is recognised in thè Ststernent ol financlal activitw. 2 Incom• from donatk•n• and l•ga*• fund• fundl nd• 2023 tknnBlon8 WKI 4S,198 191.129 3.n1 44198 291,129 1721 30,317 Cdlocllr￿3 Grants Gm Abj SOJ17 OOJ17 392,•14 2022 3a628 526,402 34528 624402 L8g8des Gr8nt8 26,196 4842 709.020 135.215 a842 8Cfl,873 109,020 709.893 GALLOWAY'S SOCIETY FOR THE BLIND NOTES TO THE ACCOUNrJ FOR THE YEAR ENDED 31 MARCH 2023 3 Charitabh activilms nd* furn nd• 2022 105,670 11,447 10,seo 3.737 105,670 11.447 10.580 3,737 133,623 10,5(YJ 8,479 16 131A34 131A34 152.826 Al of the [rKOn￿ frcffi tharitsL4e *lvftles In the curront and wev#)us years was akntrArt￿ to unrestr￿ted funds. 4 TradlTrJ actMtI•• fvnd• fund• nd• 2023 2022 41,•VJ 35.110 41,820 33,110 18.863 4025 4.659 5,212 131.HJ 33,385 34885 13,443 2,125 &132 8urgabw8 rnnt81 hKom8 Hklng of 8(xknl rcm) V18ual ow¥rene88 tran* Cmhw trodkng In￿1 LVS- 881e olp4U 402LS $312 131.943 241A32 241N32 191, All of the income from tradirKd activlllo8 In ts c￿rent arKI wewou8 yews wa5 attfil>Lrted to unrestricted fund8. O FundrtA•lng fxdvltl•• nd• nd• fun0• 1022 04790 9,105 20,331 86,633 4,026 13,207 2, 153 CO￿￿)18￿ and eethrnuity 9,165 Methnd*e •7,001 97.1)99 106,019 l of the income from fundraising &tIvit￿ in the current a￿1 previous years was attributed to unrestrcted funds. GALLOWAY'S SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR ThE YEAR ENOED 31 MARCH 2023 6 Inve8tm•nt Ineom• fund¥ fvnd• 2023 Dfv•Jend8 and intwe81 Intwest ¢)n deF(O 144780 144.780 17a348 91 144000 145.000 174439 All of thg Income from hwestments in thg current and y￿S was attributed to unre6trkted funds. 7 Empkny•• ¢o•t• GO¥•m￿£• Totsl 2023 Wagg9 aTrJ satrarfes I21.￿$ 10.007 643312 78.594 843,615 74,291 23.224 DC F¢n8lcA) ccots 1.509 135,IJJ 721AS9 1,130 IW.548 16. 145 6.541 5ffj2 44,221 17.198 607,699 726,828 60,366 23,738 810,933 Dcpenth co318 607.￿9 810,933 Induded within wages and salari85 is on8 nowlatulory sevewce payment of £1129012022: £nil). This had been fvlly paid al the year end. GALLOWAY'S SOCIETY FOR THE BUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 7 Employ•• Costs Ictintinu￿) 2023 2023 2022 2022 FuThlralsing and ￿MMUn￿aN)nS CWilatJe ￿tIvIties- ddivery of C8fé Goveffla Galbway's Ente￿riSeS Lim* 34 19 61 28 Hlgh pakl •taff The wmb8r of Staff who88 8molumerts fell within t1￿ foll(Y*lng bands are: ),o(N). £69.999 T￿￿1 cx)n8kkn Its key mwwment pwsonnel <¥)mpw Trustees, Chi8f Ex￿Utfve Otfw and the s￿l0r Management Team. 2023 2022 188,020 21,354 5,380 172,027 19,065 8.766 Srxial s8￿rIty costs Penslon c4)8ts 214754 199,858 The charity In￿10￿3 not paid and did T￿l￿e ary (ther t￿effl5 from emptynent wllh the chvlty OT its subsidiaries in the ygar (2023.. £nil), nertr* wue there ￿m￿A￿Sed expenses durlrKJ ts year (20ZJ'. £nll). Tn￿te@S mad8 donati￿¥ to the charity lolalliro £nil (2023: £nl). GALLOWAY'S SOCIETY FOR THE BLIND NOTE8 TO THE ACCOUNT8 FOR THE YEAR ENDED 31 MARCH 2023 Charltable actfvitles 2023 TT5.014 40,289 104,944 15,655 51,402 95.015 50,317 825.931 104. 15.655 51,402 ,018 In8urance8 Repalrs arwj Motr* oxw8es Ofvr stafffvolunts8r F4Jblcallon8 tsxpenditurn 16.701 11701 21207 1,415 24,132 80,303 705 12,181 1A15 24.132 3,937 70S 11181 DopT8dalbn 700 13.728 59,017 1&728 1.298,OlXI s28.oe 32, 5T,724 11,392 144,718 672,776 32,409 57,724 11,392 40.503 428 Insuranc•8 1&056 1fj258 36 64.717 58.758 1.597 17,783 16.056 16.258 36 04,717 86,132 1.597 17.783 13,649 13,725 h8r 1.283 15&365 13.725 1,071373 GALLOWAY'S SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IAARCH 2023 8 Charitabl• acti¥ib•8 (wrtlnu•d) Analysls ol g0Veman￿ cog18 nth 2023 Govemance SJFWt. 8*y AGM and Off￿ ccqts AuLllorf8 reThwJnerntic 182 11,919 182 11,gBg 11181 12,181 nds fund• AGM thc8 costs Audiorf• 105 13,A) 105 13, 17,783 17,783 An•ly•l• ol •udttof• r•mun•rntlon nd¥ nth 2023 Ai*Jh ofcharity &CCAmts 11,99 4,730 4.730 ia 13, GALLOWAY'S SOCIEfY FOR THE BUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 9 Raising funds nth &aff eo&8 Grant fun￿1 FuTh*a&rYJ everrt8 Prcffioticffj81 expen8e8 Othèr 5tsfflvolunleerrJxts 121556 10,500 120.558 10.506 48,627 31,844 1373 7Ng5 4,￿15 68.987 31,844 1373 7A95 4595 987 LVS. equtynwrt pwcha GE- Café purtha*8 299083 2022 Staff w8t8 203,234 11.352 91,679 I2,￿1 2037 29.882 4,054 29,879 203.234 11.352 91,679 12,301 2,037 29,882 4,064 29,879 LVS- equtsThnlputh8&8 384.418 384,418 GALLOWAYS SOCIETY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IAARCH 2023 10 TradlNJ suhldiary The charlty has trwo wtrvJlly thvrod subsidiarwJ incorp(ffaled in th8 Unit￿1 Kingd(Mn. Lancashire Vision Servlces Limiled102844404) sd1$ donat￿1 and purthased g(￿S tOgelh8r wth distribution of brai11818afiets and talking newspapers. Dudng the year the Charty transferred the activities of its Café In Morecambe into its trading subsidiary, Galloway's Enterprises Limited (109)1305). A summary of tho re8uIts of toth trading componies is shown below and att 131,898) &850 (6,158) (962) (1.270) 81.091 (gq388) (18.626) (35,923) c￿9r￿able dwathjns to ts ctwty Other Operating Ir£orr 20,713 R•taln•d pmfftl{loM) for th• y• (SUI 131,898) (1084) (10,210) F￿ed assets Current 888et8 Current118blttkns 15,961 (I,T35) 1483) {1014921 (63,SYMJ Net 88sets 11738 191391) 14,228 {￿,4&3) Ordinary cap Profil aThJ loss aCrA￿nI 11)0 13.638 100 92A91) f 4,126 (eii,593) 13,73• (92,3911 14,226 (00,493) GALLOWAY'S socIErY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 11 Tanglble Ilx•d group Fr•ohold Flxturns •nd bulldlngs hlel•s Total At l Aprf 2022 Aldibons DiSFosal$ 4.055.597 169, 790 6218 102,605 4,327,992 6218 At 31 Mwch 21Y23 406&697 176,1)08 101605 4334210 D•pr•clallon and Impalm￿rt At l Apnl 2022 Charge for ye Ellmlnaw on dlspTh 103.5790 79,1TI 16,9069 1,436 80,168 5,760 1,285,027 86,363 At 31 Mwth 2ff23 1,114.967 170.505 85,918 1,371,390 N•t Ixxbk valu• Al 31 M•r¢h 2023 1940.630 16,687 2,962,820 Al 31 MwGh 2022 3.019.807 721 22.437 3,042,965 Tanglbk flx•d 18•th- chwlty d bulldlng• •qulpm•nt Total At 1 Aprll 2022 Add￿anS LYspo8al 4,LIK597 163.975 10Z605 4,322,777 Al 31 Mar¢h 21)23 40K697 163,gT5 11r2,605 4322,ITT D•preclatlon and Impalrmw At l Apnl 2022 Charg8 fcy year DIsF4X81 1035790 79,177 163, 759 716 80.168 5,760 1,279.717 85,643 At 31 March 2023 1.114967 164475 85.918 1,36&360 Net book valug At 31 klarch 2023 1940.630 (500) 16,687 2,966,817 At 31 Mwch 2022 3,019.807 216 22,437 3,042,460 GALLOWAY'S SOCIEfY FOR THE BLIND NOTES TO THE Accouiirs FOR THE YEAR ENDED 31 IAARCH 2022 11 Tanglbh Ilx•d a￿•ts (¢ontlnued) Cerlain freehokl laKI and bulhylngs Ind￿ above are slKwm at deem￿1 Ly)sl on tr￿rtion to SORP IFRS1021. These assets we beiThJ depredated frMI thek val￿1￿)n date of 31 Mwch 2014 arKI have a net book value of £1,456,802 (2022: £1.563,005). The Indepe￿Ient wofesslorxl valuation urKlertaken at 31 2014 Iyas rArt ty Amcat (UK) Ltd. Al valuations have undertak8n in axordarKe with the RICS Valuation- Professiond stsThj￿ds UK, January 2014 {revised April 2015). fixed rtems of pknt WKI m￿￿lr￿y, wl¥¢h knn part crf ￿l￿dIng5 structure or 8ervke i￿laIla￿on. ￿Pre incbjded in the valuatKTh. 12 Mov•m•nt In flx•d a•8•t Inv••1￿ (chwlty and group) Total Cah l*ld In 118t•d Inv••tm•nt rotal 2022 Math81 vdué brought fopN¥d Addllions at cost DIsp)50b 81 Can￿n9 value Unreallsed gal￿(1088) EqualisatKin payff 0,955.950 4,300.891 (4767,276 (514.674) 130.960 8,086,910 6.313.957 4,300.891 4,477. 171 (4,767,276) (4,884,Hg) (514.674 89,187 (49.1861 (49,188> 91,044 Mnrk•t valu• al 31 Mar¢h 2023 4,974,891 81,858 6.056,66S 6,086,910 Inv••tm•nt In sub•ldlarf•J 2￿fy {2021. 2(Ki) £1 Olltir￿ry stAre8 Total flx•d *s•l In¥••kn• 5,056,666 6.087, 110 2023 Cost M*k•t valu• 2023 2022 Cost Mathet valu• Coll8ctfves Equiti'es Flxed Interest securibe8 Cash heki wilhin p￿tI￿￿) 939,258 3.106.279 1,126.532 81,771 874,795 3.040.277 1.059.699 81,774 604.803 4,063,711 1,453.357 130,960 606.XI7 4,099,779 1,249,664 130,980 MHrk•t valu• at 31 2023 4253.843 5.056.545 6.252,831 6,086,910 GALLOWAYS SOCIEfY FOR THE BUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 12 Movem•nl In fixed asset Inv•sIme￿ (charrty and group) (¢ontlnuod} There were rwJ iryJNKJua investments in ex(w8 of 5% of th8 totsl mwket fdlu8. 2023 2022 Nel redlse¢J gavis in Net unre81i8ed gakns in ytar (338,780 174897) 232,994 143,807 (513,677) 89.187 13 1)•btor• Gn>up 2023 Chwlty Group 2023 2022 Chartty 2022 Trade debt￿8 Amounts due from group urKlwtaklw6 48,679 85,643 14562 43,857 411,45Q 52,254 67,%XJ 17,351 67.2C 396 149,884 110.857 180,904 14 Cr•dltor•: amount• falllng du• whhln on• yw Group 2W23 Charfty Group 2022 2022 Trade cxedltors ALx¥uals 8rKI dgferr•J Irwne Other ¢xeditors Taxation and S￿a81 seC￿rity Arn￿nts owed lo grwp undértaklngs Amwnts ow*J lo related ¢hwIt￿5 48.370 ¥197 52,271 14,418 18,258 48.347 85.795 10.484 18.038 37.120 84,769 10,484 18,038 13,961 18,25B 149 137.856 131,093 162,664 164,372 GALLOWAYS SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IW¢CH 2023 14 Cr•dltorn: amoun18 falllng du• wlthln on• y••r (contlnued) Ac{￿aS aNI deferrwj ir￿orne irKaLvJes SfTMyJnls defwred irto fuknre wtwe kwme relate8 to evefts du8 to take tthe or to b8 pwformed 8ftw as fdkM8: 2023 2022 Balance i￿￿ght fcfivard AnTh￿nts rdeased In the year Arnounts deferred sl the ye8r eThJ 54.713 151,071) 51713 51,071 (51,071) 54,713 8alanr* carr￿d frrnrd 54,713 15 P•n•lon Conlrlbullong and cofflmltm•nts- d•fin•d eontrlbuuon momy purchmo p•n•lon pl•M: The charity operate8 varlou8 cx)ntrlbutory perK8ion schemes t￿) ￿nplOyeeS (2022: NU). Th8y are personal defined contribution s¢*￿7e8 aThJ cA￿trirAllIOn5 are charged In the ststemont of financlal act￿lI1e$ as they accrne. A defined c<￿IbUtion p￿slon s¢hem was Introd￿11 ijn 1 October 201S for all el￿bble employees In ompllanc* wlth Auto Er¥dment Rg3ulatwts. The amount recognised 88 an experoe In ts year for employer defined oJntributK)n costs wa5 £23.224 (2022.. £24.297). GALLOWAY'S SOCIETY FOR THE BUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 16 a) l) Fund recon¢lllatlon- gn>up (current y#r) 31 Mwch 1Awi12022 Eynd Unr05trtthd funds General fu￿1 488.997 957282 11,490,087) 451142 408,314 D￿nat•d funds As9ets In use by the charty 1,832,986 s￿1hptyt Maculw Gr￿p 163,937} 1.789,029 2.029 1.771,OS8 1,834.995 (63,9371 Total unmtrl(thl fund8 2,323.W2 951362 (1,W241 432,142 2.179.372 Inv••tffl•nt fund• s.￿￿.￿3 (513.6771 1452.1421 4636,984 R•Jtrka•d lund• Ho￿￿k C￿rt bungalNs SoulhFA%t &ind Swety C*her re8trlcted funds 420&5 (8,7LYJ) 411,825 50.317 150.317 Total r••trlct•d fund• 420.$2S 50.317 (&1.0171 411,825 Endowm•nt fund H(hvkk House yopwty 769.239 (13,728) 705,813 Totsl funds 9,118,559 1,007,S79 (1,820,76n 1513,8ni 7.983,OM 10 a}11) Anaty•lg of n•t 4•••ts b•tw••n fund•- group (currnnl y•a fvnd• fund• To¢•1 Targlblg fflX￿ a58d8 Investments Current 8ssetsilK*libes 1.795A82 419.lJ45 P&7S4 411.025 755.513 2,9e2.820 8,0SO.629 1347551 4636.904 TrAa funds 1179Jn 4836.9 411,825 755,513 7,983, GALLOWAY'S SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 21Y23 16 b) l) Fund fKonGlliatlon- Gh*ity {curr•nt yw) 31 Mrrth 2023 12022 Unrnstrlcted funds General fund S33.6T2 820,107 11,321,16¥ 451142 484.750 D•slgnated fund¥ A5set5 in use by the chwtty 1M33m8 Southport Group 183J7) 1,770,309 2.029 1.772,33 1.835￿55 (G￿n T¢Xal unr••trld•d fu 2.369227 820.107 (1,304J82) 452,142 1257,094 Inv••tm•nt fund• 5.803,( (513.6771 (45i142) 4037,184 R••trlct•d funds Howick Ccwrt bungal Soutw Blind Ald Socbty Other re8trkted fvnds 420x5 18.70D) {xl IX•.31 411,J25 80.317 Total r•Jtrfthd furKI• 420x5 SOA17 (N017) 411,825 Endowmonl fund 769,238 (13.724 755,512 Total lund8 9.161.993 870824 (1A57.125) {513.67n 1061,815 16 b}11) Analy•l• of n•t a•••ts b•twwn fund•- chwlty {￿Tr•nt y•ar) fund• nd• fvnd• fixed assots 1,784,104 419,046 419.700 755,512 1959.317 4056.8 4637.184 I7￿7$) Total funds 225T.OM 4637.184 411.825 75lJ12 061115 GALLOWAY'S SOCIETY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IIARCH 2023 16 ¢) l) Fund recon¢lll•llon- group (fv y••r) 31 JI4wL* General fvrn 1ffj463 I.229.￿7 {1.25&￿¢1 329,341 48a997 Desonaled fund$ A88ets in use ty ts clwity 1,891.rk4 (S2758J 1.832,966 2,029 1,834,995 1.891fS3 (M750 Total tsnrwlrf¢￿ fvnds 2,LW.Ik8 s.229,￿7 (1,31T.362) 32q341 2,323,992 4842957 89,1 (329,341) 4602.803 HowKk CourtlwtU8lows soUth￿t aiindAkl So&èty 429.225 4Q645 {8.71XI) (40.649 (109.Q20J 420,525 (151365) 420,525 EthYowm8nl lurKI 782. (11725) 789,239 Total funds 9,ITT,99T 13,338,827 (1.489,452) 89,187 16 e)11) Anal￿1$ of not au•ts b•lw••n fund¥- group (prfor y•Ar) 1.844.822 484,107 4&)3,c 428,4CiI 769,238 3,04a4e4) 087,110 32,423 Investm8nls Cuffont &8seWllablitss 17.87• Tolalfunds 2.369.227 fi￿3.{ 4x1,525 769,238 9,161,993 GALLOWAY'S SOCIEfY FOR THE BUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IAARCH 2023 16 d>11 Fund r•conelllatlon- ¢hgrlty (prfor yw) Generalfund 214426 1.121103 1.13&2 329,341 533,672 Assets in use by tts ¢hwty 1.891.T24 (6419• 1.833.526 2,029 1,83&555 t,8A3.753 (581 Tot•1 un*wtslcl8d funds ZIIZI79 1.122.153 (1.19¢.446) 329.341 2,369,22T 48q167 89,187 (329,341) 4603,CQ3 R•strfcted funds 4￿.225 (8,7(Xl) (40.644 (109.020) 420,525 Souuwt Stithty Otherrestricted 109,020 Tot•1 rnstrf¢t8d funds 469,8TO 109,ff20 flM364 420,525 Endowm•nt fund Hobwck Hous& wopety 7B964 (11726) 769,238 Tot•lfvnds 9,XV170 1.231.173 (7.3￿,637) 89,187 9.161,993 16 d)11) Analy•l8 of n•t a88018 b•l4fv•n fund•- charlty (prlor y•ar) T8ryil>18 ffxed assets Investn7ents 1.844.822 484. 107 42£4 769,238 3,042,460 087,110 3Z423 17.875) Tot81 fuTrls •¥ Z369.227 4+XUI 420,525 789,238 9. 161,993 GALLOWAY'S SOCIEfY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 16 •) Fund r•conclllatlon Pomianenl ondowrnenl fund HOy￿Ck House was (%)na￿J to the chartty by the Wflliam WldirvJ Galbway Charity durlrKJ 1g97198. The Fffoperty was revalu&J in Mwch 2014 arKI ￿ malwl amount has been treated as deem8d ￿5t on transition under11 SORP {FFiS102) at 1 Awll 2014. Deryeclal¥)n (a￿l&led to ¥wite walue bukkling over a ￿0d of40 years is chty to the fund. Re8tflctod fund• urt bun The WOFertl8s were revalued at March 2014 arKI revaued amount th been treated a8 deern￿ cost on transfer under SORP (FRS1021 at 1 Wil 2014. DewwatK)n C￿cula￿d to off the value of the bulldlng over 8 per￿d of 40 years is charged to t￿ furKI. SoLrthport Blind Ald sc￿ety donated all its as8ets to Galluway's Soci8ty for Blind, who continue lo operate sw¥lces for bllrKI p8ople in S(MJthport and Il* surrounding wea. Expenditure including depreclallon charged aga1￿1 the fund durirvJ the year totalled £0 and rewesents tho opwatlng costs of ￿ntre at 22 Wrlghl Street. mbe develo Grants were recew ILAvards tho dvrfdopmont ol ltr*t w pyopety at Mwarnbe. The propety opened in October 2016 and a tr8txfer was made to ur*estrhXed fund8 as the purpos8 of the grant$ awarded had been fulfilled. Inv•8tm•nt fvnd The purFW of the Investment Fund18 b pl￿al8 esg•ttW ￿rIlal irthme to alow for the dwitable obieGtives to be mel," lo be called upon for fvbjre caprtal exper)Jitwe: aTrJ as a reswve lo ensure that r￿d costs of the organIsatK￿ can be rJ)vered wl*n other S￿re88 of irK(ffie may be le88 reliatle. D••lgnat•d fund• th Funds We￿ receNed from Souihwt at Ncffth Wesl MacJJl¥ SuFPOrt Group {Chwlty No 1142183) In May 2016 vthen11 was removed from clthty register are heid lo furKf thg ongolrvJ &tivrtles of the Soulhport Ma￿lar Grwp. ilal Tru The fijnds from above associated Charity wa5 tr￿SferreAl to as a pwt ofts dowre kYoce88 agreed by the trustees of Cottrill Cawtal Trust. GALLOWAY'S SOCIEfY FOR THE BUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IAARCH 21)23 17 R￿at￿ Part1￿ tran8O¢tlon• and In￿ exp•ns•F arKI r•munw T￿￿te8S. rnmunerallon and bon811ts Thg trustees all give freely ther lime arKI expth Wil￿NjI any f(¥rn of remwwati)n ty othor berlefft in (ash (x kind12022.' £7,193). Tkn were no trar￿a¢￿rffj wilh ary tntst88B the year arKI no 0xpty￿S paid trj or on bohalf of ￿ trustees (2022: Nil>. Related party transactlons Lancashire Vision Serv￿$ kn'rrthd is a trading sUb￿d￿Y and was trwed by Galloway's SoC￿ty for the 8I¥KI £11.989 (2022.. £13.961) as at 31 M￿h 2023. The bala1￿ 15 due to ￿ repaKI after year end. Galloway's Enterwises Lmrted VAS i￿OrpOrated on 4 August 2017 arKI r8 8180 a Whol￿ owned tra¢Ying $ub8ldlary. Galloway'8 &Ki&ty ft>r ts Blind is due £85.643 {2022: £52.254) from the subsidtary as at 31 March 2023. Trustees ar8 fully aware that GallNay'$ Enterwise Lrnrted Ls in a n8t Ik?bilty [os￿"0n and has been operating on 1088e8 year on yew. Hovmver, the ffin8￿ GEL Lld has 8(xuUny and new w(te3888, procedur￿, pr*8 changes etc have ￿en IDtrodurAd wrih ts overall intention ￿Ing lo re£1￿￿. or elimlnate, the op8ratlng def￿rt movirvj foNard. So fw. tr* réw measwe kntrcmluced has been surxxsful in changlng Ihings around. Slghtlln• Vlslon (North W•#t) Lknlt•d S￿hlIne Y￿K)n (Ncrth Westl L¥nTted L8 a related c*•. Durtrs the year £5.200 (2022.. £4,979) was charged to Swhline VIS￿ North West Ltd for offlce rwtsl etc. The amount by the charty al 31 March 2023 10 Galbway's S(Kknty for the Bmnd was £rl (2022: nll). GALLOWAY'S SOCIETY FOR THE BLIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 18 Commltm•nts under op•rating l•aw (offl¢• oqulpment)- group and th*ity The charity is committed to fulure18asing payThnts under nork￿rK￿L2bIe Op￿ati￿j leases for each of Iho following periods- 2022 Not later t￿ ￿ ye Later than ore yew and not later than fvo yeas Later than fve yws 180 5,172 5,157 Totsl eommlim•nt up lo th• of th• lam• 9,$45 19 Contlng•nt DwlThJ the yw Ihe Ch￿nY vrds bwuéal1￿d a Shwe In the ThJmb8r ofdeath estates. 1115 the pollcy ofthe ch￿ty to recognise ts Irtome once the ￿OUnts can be aC￿ratelY quantffwj. Al assets quant[r￿ have been induded In the At the year er#J Ihwe wwe a Thjmber In vAII8 still rAndlrKJ and due to th8 urK*rtainty of the rnn the Income VAII be recogni￿ in the yw In Nthich donat￿$ we 6ither reLeNgd or th8 amounts can b8 d8leTmir*d %￿th reasonatAe cwtainty. The a)woximale value of8￿* donalM)ns In w11810 vthich charty can wt a value Is £nil12022.' £nil).