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2025-03-31-accounts

Annual Report and Financial Statements For The Year Ended 31 March 2025

Charity no.: 526088

Performance Highlight - Reach and Early Intervention

2,418

People received support across local communities and within a variety of accessible venues.

600+

New people received support through effective partnerships and pathways.

Empowerment and Resilience

847

People supported with information and guidance, helping them navigate the challenges of sight loss with confidence.

Performance Highlight - 847 Independent Living and Practical Support

Reducing Isolation and Improving Wellbeing

300+

Over peer-to-peer 300 support sessions, benefitting visually impaired people by helping reduce loneliness and build community connection.

Low Vision Assessments

425

Low vision assessments completed, helping people maximise their remaining sight in the best possible way.

764

Assistive technology sessions, including oneto-one tailored support using accessible smart devices and communication tools.

Active Lives & Performance Highlight - Wellbeing and Community Social Inclusion 847

155

People taking part in Get Active sessions, facilitating accessible sport, recreation and friendships.

Extended reach through delivering services in East Lancashire, in collaboration with Accrington and District Blind Society

Key Charity

Performance 2024/25

Financial Resiliency and Impact

Exceeded group budget target Exceeded trading subsidiary budget target Net charity funds increased Number of people supported increased Expanded reach into East Lancashire Children and Young Peoples service ratified Strengthened supporter engagement and charity profile

Improved data management and decision making Completed transitional work for new charity legal structure

Stronger Communications and Charity Profile

Published two editions of “Bring Me Sunshine”, the charity’s magazine, connecting with communities across Lancashire and Sefton New Galloways website launched with better accessibility, branding and informative content Improved online rankings and reach

Community

Charity supported by 294 volunteers who gifted 14,000 hours of their time.

1867 Corporate Club expanded to include new business across the North West and wider country

Community fundraising initiatives increased. Including schools, groups and visitor attractions.

Impact

After receiving support from Galloways, service users reported measurable improvements across key areas of their lives.

+28%

Eye health knowledge

+15%

Physical health

+22% +22% Mental health & wellbeing Confidence & self esteem

FOR THE YEAR ENDED 31 MARCH 2025

Contents
Charity Details 1
Trustees’ Report 2
Independent Auditor’s Report to the Trustees 33
Group Statement of Financial Activities 36
Charity Statement of Financial Activities 37
Group Balance Sheet 38
Charity Balance Sheet 39
Group Cash Flow Statement 40
Notes to the Accounts 41

FOR THE YEAR ENDED 31 MARCH 2025

1.

President

The Right Worshipful The Mayor of Preston

Honorary Vice Presidents The Anglican Bishop of Lancaster The Roman Catholic Bishop of Lancaster

The Chairman of the Methodist Church, North Lancashire District

The Mayor of Lancaster The Mayor of Ribble Valley The Mayor of South Ribble The Mayor of West Lancashire District Council The Mayor of Penwortham The Mayor of Chorley

Chief Executive Officer Mr. Iain John Pearson

Registered Office Howick House Howick Park Avenue Penwortham Preston PR1 0LS

Registered charity number 526088

Auditor

MHA Richard House Winckley Square Preston PR1 3HP

Trustees

Mr. Simon Kenyon Booth – Chair of Trustees Mrs. Joanna Louise Solanki – Vice Chair of Trustees Mr. John Bretherton – Chair, Property Subcommittee Mrs. Ruth Cuthbert – Chair, Finance and Investment Subcommittee

Investment Managers

Brown Shipley 3 Hardman Street Manchester M3 3HF

Mr. John James Ward OBE Mr. Anthony Victor Kimpton Mrs. Hannah Jane Taylor Miss. Beatrice Booth

FOR THE YEAR ENDED 31 MARCH 2025

2.

Trustee Annual Report 2024/25

The Board of Trustees is proud to present its annual report and audited financial statements for the year ended 31 March 2025.

The annual report and financial statements 2024/25 will be the last registered by Galloways Society for the Blind (526088) as the charity will transition to a new legal structure from 1 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2022 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Charity Overview

Galloways (“the charity”) was established in 1867 and has supported blind and visually impaired people for 158 years. The charity is an independent organisation with bases in Preston, Chorley and Southport together with its renowned social enterprise café and community hub, Brew Me Sunshine in Morecambe. Additionally, the charity operates via multiple smaller satellite hubs across Lancashire and Sefton.

To further its strategic mission and aims, the charity works with many local, regional and national organisations and networks and is a member of Visionary (sight loss umbrella body). The charity employs a staff team (average head count of 39) which covers a broad range of skillsets and encompasses people with lived experience of sight loss (c20% of staff are sight impaired or severely sight impaired).

3.

FOR THE YEAR ENDED 31 MARCH 2025

The charity was supported by 296 volunteers who generously donated 14,000 hours of their time in 2024/25 and without whom, the charity could not achieve its desired outputs, outcomes and overall impact.

Services included, but were not restricted to:

4.

FOR THE YEAR ENDED 31 MARCH 2025

Services offered by the charity are primarily for visually impaired people, but support is also given to those with additional needs and joint working occurs with people of all ages and abilities. Services across 2024/25 were sustained financially by a blend of core (charity reserves) funding, external trusts and grants, NHS commissioned works (contracts), community and corporate fundraising and legacies.

To achieve the greatest return on its assets, a proportion of the the charity’s buildings are let to commercial tenants encompassing all sectors, which supports income and on occasion compliments the charity’s work operationally.

The charity works with a wide variety of partners to improve the quality of life for local blind and visually impaired people.

Such as:

Third Sector – Charities, support groups, umbrella bodies (including Visionary) and think tanks Public Sector - Schools, colleges, universities, local authorities, district councils and the NHS

Private sector – 1867 Corporate Club, wider partnerships and networks Specialists - Local Eye Health Networks and Optical Committees, Visually Impaired Forums and Councils The charity also participates in seasonal campaigns such as National Eye Health Week

5.

FOR THE YEAR ENDED 31 MARCH 2025

The charity’s main geographical reach is from Carnforth and the Cumbrian border in the north to Ormskirk, Southport and parts of Sefton in the south. The areas to the east and west of Lancashire are supported by other similar charity’s but due to its size and range of services, it is common for people from across the county, wider region and on occasion the country, to access the charity’s services.

The charity is proud to represent one of the largest sight loss communities in the United Kingdom.

The charity subcontracts Eye Clinic Liaison Services (ECLO) to Sight Advice South Lakes and Vision Support Barrow and District for delivery within South Cumbria.

Structure, Governance and Management

Historically, the charity has been registered with the Charity Commission as an unincorporated association. However, in 2022/23 the charity’s Board of Trustees passed a resolution to change its legal structure to a Charitable Incorporated Organisation (CIO). The resolution was passed in recognition that unincorporated status was no longer fit for purpose, due to associated risk factors, and that ultimately, unincorporated status did not support effective governance. The transition to CIO status was supported by Stone King LLP .

To this extent at midnight on the 31 March 2025, “Galloways CIO” (charity number 1208307) will go live and thereafter, all activity will be delivered through the new CIO structure from the 1 April 2025. Towards the latter stages of 2024/25 the charity began transferring all assets and liabilities to Galloways CIO including employees, property, investments and contracts and the transfers will be fully complete in 2025/26. The charity’s trustees will also transfer to the CIO.

6.

FOR THE YEAR ENDED 31 MARCH 2025

As part of the process the charity secured the necessary orders and declarations to support the transfer of assets and liabilities. In due course, the charity will dissolve however, it will forever be linked to Galloways CIO within the Charity Commissions register of merged charities.

Across 2024/25 the charity operated in-line with its historic unincorporated constitution (last updated in 2013).

The charity is governed by its Board of Trustees which totalled eight in number, across 2024/25. The Board of Trustees has lived experience representation (c22% of trustees are sight impaired or severely sight impaired) and moving forward, Galloways CIO will endeavour to grow the percentage of lived experience trustees to at least a third of its total number (maximum number of trustees is 12). Each year trustees approve the annual calendar of meetings and supporting Schedule of Business, which underpin effective governance.

7.

FOR THE YEAR ENDED 31 MARCH 2025

Trustee oversight includes;

Board of Trustees – Meets quarterly to review overall strategic performance, including Tier 1 Key Performance Indicators and reports from the Chief Executive Officer and Chief Operating Officer.

Finance and Investment Subcommittee – Meets quarterly to review strategic financial performance, including Tier 2 Key Performance Indicators, management accounts and investment reports.

Property Subcommittee – Meets quarterly to review property running costs, remedial works and to initiate and assess strategic property related matters.

The Board of Trustees and its subcommittees operate in accordance with tailored Terms of Reference.

Decision making by trustees is supported by a Scheme of Delegation which articulates the types of decisions to be made by trustees and those which are delegated to staff, notably the Chief Executive Officer.

The charity held its Annual General Meeting in December 2024 to review the charity’s performance across the previous year. Delegates included the charity’s beneficiaries, volunteers and corporate partners.

8.

FOR THE YEAR ENDED 31 MARCH 2025

Risk management

Trustees are ever mindful of potential risks to the organisation and regularly review key risk areas at Board and subcommittee levels.

Furthermore, trustees routinely review policies and procedures, ensuring that all risks are mitigated as far as reasonably possible. In support of risk management, professional advice is obtained across a variety of areas from insurance, investments, health and safety and employment law. Appropriate levels of indemnity insurance are also in place.

The charity’s risk register will be updated in 2025/26 to ensure its continued effectiveness.

Objectives and Activities 2024/25

The charity is currently working towards a five year strategic plan for the period 2022/23 – 2026/27. The strategic plan is reviewed and updated on a yearly basis, in-line with the charity’s financial year (April through March).

2024/25 represented year three of the five year strategy. Within which, the charity completed the final stages of its modernisation works and in parallel continued to reduce operating costs whilst striving to increase income.

To aid organisational clarity of purpose, the charity adopts key strategic themes which change annually to mirror its strategic plan and overarching financial strategy.

9.

FOR THE YEAR ENDED 31 MARCH 2025

In 2024/25, key strategic themes related to;

The charity’s Vision is – “A world in which every visually Vision impaired person realises their hopes and dreams and fulfils their potential as an individual and a member of their own community.”

The charity’s Mission is – “To reach more people, bringing Mission connection, choice and confidence for everyone affected by sight loss.”

The charity’s strategic aims are -

Reach more people

Bring connection, choice and confidence

Deliver the best outcomes for everyone affected by sight loss

Develop the capacity and infrastructure of the organisation to achieve our ambition

10.

FOR THE YEAR ENDED 31 MARCH 2025

In 2024/25, the charity’s strategic objectives included;

The charity’s activities across the year focused on the delivery of its strategic aims and objectives.

2024/25 Key Achievements and Performance

Building on groundwork undertaken towards the latter stages of 2023/24, the charity pressed ahead with the introduction of a new Customer Relationship Management (CRM) platform, Charitylog. The transition to Charitylog was a significant undertaking in relation to the design of relevant data fields and process flows through to the migration of data from the outgoing system.

As part of the transfer, mandatory fields have been introduced to more effectively illustrate the charity’s outputs, outcomes and impact through quantitative data. Charitylog went live in 2024/25 and whilst it remains a work in progress, provisional analytics are now emerging regarding the charity’s impact across eight key assessment themes.

11.

FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
Average Average Percentage
Assessment Theme Opening Closing Improvement
Score Score Change
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Assessment Theme Average
Opening
Score		 Average
Closing
Score		 Percentage
Improvement
Change
Daily Life 3.7 4.0 +8%
Social Isolation 3.9 4.0 +2.5%
Eye Health 3.9 5.0 +28%
Physical Health 3.9 4.5 +15%
Mental Health and
Wellbeing		 4.1 5.0 +22%
Digital and Technical
Capability		 3.7 4.3 +16%
Mobility and Travel 3.5 3.5 Neutral
Confidence and
Self-esteem		 4.1 5.0 +22%
Average Improvement 16% average

*Data relates to Quarter Three and Quarter Four 2024/25.

*Opening and closing maximum scores are 7.

Over time it is expected that data integrity will improve as mandatory fields begin to populate and a fuller picture emerges.

The provisional percentage improvements are positive and begin to illustrate the quantitative impact the charity is delivering for its beneficiaries.

Over time, the charity will place greater emphasis on delivering measurable outputs, outcomes and impact and further work will be completed in this regard.

12.

FOR THE YEAR ENDED 31 MARCH 2025

Performance Against Strategic Objectives 2024/25

Objective 1: We will develop community-based services offering connection, advice and learning options so everyone we support can manage their health and wellbeing with confidence and live life to the full.

----- Start of picture text -----
Indicator Target Result Status
Increase number of
2,000 2,418 On Target
people supported
Reach new people 570 613 On Target
Increase information
and guidance 750 847 On Target
interventions
Deliver Low Vision
420 425 On Target
Assessments
Deliver assistive
715 764 On Target
technology sessions
----- End of picture text -----

13.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 1: We will develop community-based services offering connection, advice and learning options so everyone we support can manage their health and wellbeing with confidence and live life to the full.

----- Start of picture text -----
Indicator Target Result Status
Reach more
people
through Get 148 155 On Target
Active
programme
Increase Get
Approaching
Active 929 909
Target
interactions
Increase peer-
300,
to-peer Approaching
/ baseline
support Target
year
sessions
Commence
Services
Support partnership
commenced
people within with
from On Target
East Accrington
October
Lancashire and District
2024
Blind Society
----- End of picture text -----

14.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 2: We will engage with people with lived experience to design and coproduce services and activities.

----- Start of picture text -----
Indicator Target Result Status
----- End of picture text -----

Indicator Target Result Status
Complete
consultations
to inform new
Children and
Young
People’s
service and
sign off
delivery
model		 Complete in
2024/25		 Consultations
completed
and delivery
model signed
off by Board
of Trustees		 On Target
Review future
Get Active
programme		 Engage with
people with
lived
experience
to influence
programme		 Survey
drafted. To be
executed in
2025/26		 Approaching
Target

15.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 3: We will engage, inform and inspire professionals to provide better support to everyone affected by sight loss.

----- Start of picture text -----
Indicator Target Result Status
Raise Collaborations
awareness of with the
visual University of Baseline Approaching
impairment in Lancashire and Year Target
sports British Blind
Sport
Visual
Awareness
training 10 14 On Target
sessions
delivered
Influence the
Cross-
pathway’s
sector
RNIB Eye implementation
working On Target
Care Pathway in Lancashire
group
and South
established
Cumbria
----- End of picture text -----

16.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 4: Our communications will bring to life our Impact and support the delivery of our work.

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Indicator Target Result Status
Launched new Launched in Accessible
On Target
charity website 2024/25 content
Publish x 2 Published
Maximise offline
Galloways 2 editions
engagement
magazines of Bring
with service On Target
me
including key
user/supporter
appeals Sunshine
database
messaging Magazine
Increase
Increase
percentage of
effective online 14 blog Approaching
blog posts and
communications posts Target
social media
and activity
content
Communications Update
All
and Social Media associated On Target
updated
Policies policies
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17.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 5: Our infrastructure will support the delivery of our work.

----- Start of picture text -----
Indicator Target Result Status
Complete work
towards new
Completed. To
New legal Charitable On
go live Q1
structure Incorporated Target
2025/26
Organisation
status (CIO)
Improve data
management, Transition to a
Transition On
integrity and new CRM
completed Target
usage across system
the charity
Undertake
Strengthen comprehensive
data review of data Data protocols
On
protocols and usage. Update and policies
Target
associated associated updated
policy policies and
procedures
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18.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 5: Our infrastructure will support the delivery of our work.

Indicator Target Result Status
Improve ICT
infrastructure		 Complete ICT
infrastructure
improvement
plan		 All ICT
infrastructure
works
completed		 On Target
Ensure
workforce
attrition
rate is
conducive to
effective
organisational
performance		 Mirror or
outperform
industry
attrition
baseline		 Outperformed
staff attrition
industry
baseline (15%) at
4.05% quarterly
average		 On Target
Effectively
manage staff
absence rates
to ensure
effective
organisational
performance		 Mirror or
outperform
industry
attrition
baseline		 Approaching
ONS sickness
absence
benchmark
(2.6%). 5%
quarterly
average		 Approaching
Target

19.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 5: Our infrastructure will support the delivery of our work.

----- Start of picture text -----
Indicator Target Result Status
----- End of picture text -----

Indicator Target Result Status
Utilise
volunteers to
support
staff
establishment
and
organisational
capacity,
reach and
impact		 Achieve total
number of
volunteers
target -
283
Achieve total
number of
volunteer
hours target –
13,000		 Outperformed
against total
number of
volunteers target -
296
Outperformed
against total
number of
volunteer hours -
14,100		 On Target

20.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 6: Our financial model will be sustainable for the long term.

Indicator Target Result Status
Reduce year on
year deficit
position		 Achieve
budget target
-£345,000		 Outperformed
budget
+£56K		 On Target
Stabilise net
assets and
reserves
position		 2023/24
£7.55m		 2024/25
£7.6m		 On Target
Strengthen
Galloways
Enterprises
financial
outturn		 +£5,147 +£7,378 On Target
Investment
Strategy and
Investment
Policy
Statement		 Fully update
Strategy and
Policy
Statement		 Initial drafts
completed. To
be signed off in
2025/26		 Approaching
Target

21.

FOR THE YEAR ENDED 31 MARCH 2025

Objective 6: Our financial model will be sustainable for the long term.

Indicator Target Result Status
Update
Reserves
Policy		 Fully updated
Reserves
Policy signed off		 Initial drafts
completed. To be
signed off 2025/26		 Approaching
Target
Realise
alternative
sources
of
unrestricted
income		 Provisionally
identify
opportunities to
drive income –
self-funded or
debt to grow		 Several
opportunities
identified and
being discussed
with lead trustees		 Approaching
Target
Fundraising
Policy		 Update
Fundraising
Policy		 Policy updated and
signed off		 On Target

The charity offers thanks to the Wilberforce Trust for helping to deliver its Sefton rehabilitation contract. The charity commissioned the Wilberforce Trust, in the form of a Rehabilitation Officer for Vision Impairment (ROVI).

In turn, through the partnership, the charity supported visually impaired people across Sefton and were able to deliver effective community-based services.

22.

FOR THE YEAR ENDED 31 MARCH 2025

Public Benefit

Trustees confirm they have referred to the Charity Commission’s guidance on public benefit requirement when reviewing its strategic aims and objectives and in planning future activities.

The objects of the charity, as set out in its governing document are:

(a) To relieve the disability of visually impaired persons. (b) To provide facilities for the preservation of sight.

The charity endeavours to follow its objects as the driving forces behind its strategy and decision making.

Income Generation

The charity’s income is diverse. Income is secured through NHS and Local Authority contracts, community and corporate fundraising, trusts and grants, the charity’s lottery, legacies and its investment portfolio.

Additionally, unrestricted income is secured from commercial tenancies and room hire charges, across the charity’s estate portfolio.

Income generation continues to be listed as a key strategic risk area, as current levels are not keeping pace with rising year on year costs.

Trustees are therefore mindful, that efforts must persist to increase income and erode year on year deficits, to a level they are content to subsidise from charitable funds.

FOR THE YEAR ENDED 31 MARCH 2025

23.

Each source of income carries inherent risk. NHS contracts are under constant review and inflationary uplifts have proved challenging, albeit uplifts were secured in-year. Community fundraising and individual giving continue to face challenging headwinds due to the cost of living crisis. Furthermore, income derived from the charity’s investment portfolio did not achieve target.

Securing income via trusts and grants is becoming increasingly difficult due to high levels of demand and reducing success rates. Many funders have tightened their criteria whereby others have ceased accepting applications all together.

The charity continues to work towards strengthening fundraising ratios by maximising engagement with current beneficiaries and supporters and crucially, through forging new relationships. At all times, the charity strives to fundraise ethically and in line with legislation. In 2024/25, the charity received no complaints about fundraising practices. The charity is registered with the Fundraising Regulator and is committed to meeting the standards set out on the Code of Practice. In 2024/25, the charity’s Fundraising Policy was updated to ensure it remained fit for purpose.

The charity is extremely appreciative of the support it receives from partner organisations, charitable trusts, the NHS and its many loyal supporters and donors across the region.

It is particularly grateful to those who leave bequests in their will, as these extremely kind legacies enable the charity to exist for the benefit of future generations and are a crucial lifeline for the charity.

Despite such challenges, the charity’s drive towards diversifying and increasing income is paying dividends and this approach will continue into 2025/26.

24.

FOR THE YEAR ENDED 31 MARCH 2025

Charitable activities

Donations & legacies

Future Plans – 2025/26

Trading income

The charity enters the fourth year of its strategy (2022/23 – 2026/27)

Fundraising activities

----- Start of picture text -----
Investment income
3%
10%
9%
20%
----- End of picture text -----

Updated strategic themes are:

Financial Resiliency – Via effective use of resources and identification of additional unrestricted income

Impact – Via effective outreach, partnerships and initiatives supplemented by robust impact measurement/reporting.

Furthermore; the following strategic aims and objectives were completed in 2024/25;

58%

Strategic Aim 4. “Develop the capacity and infrastructure of the organisation to achieve our ambition”

Strategic objective 5. “Our infrastructure will support the delivery of our work”

Subsequently, they will be replaced with;

New Strategic Aim 4. “Explore and exploit business development opportunities”

New Strategic Objective 5. “We will design a culture of innovation and transformation using recognised business models and lived experience”

25.

FOR THE YEAR ENDED 31 MARCH 2025

Looking to the future, and in readiness for the end of the current five year strategy (2026/27), the charity will begin planning for the creation and implementation of a new strategy, commencing in 2027/28.

The new strategy will coincide with the charity’s 160th anniversary and plans will also begin to mark this significant milestone.

In-line with the charity’s rolling three year financial strategy (2024/25 – 2027/28), its deficit target for 2025/26 is -£269,000 (22% reduction from 2024/25 deficit target -£345,000).

Considering all associated risk factors and the charity’s current financial context, the Board of Trustees were content to approve the 2025/26 budget deficit.

As the charity moves into 2025/26, its key financial objective will continue to focus on reducing the year on year deficit through tight expenditure controls, whilst striving to achieve income generation targets.

Operationally, as service user numbers continue to increase, the charity must manage the dilemma of increased demand versus limited frontline capacity. In 2024/25, the charity introduced a new triage process and waiting list and these approaches will continue into 2025/26.

Furthermore, the charity’s 2025/26 key Performance Indicators will encompass the introduction of a new Children and Young People’s service. Across 2024/25, the charity completed an extensive consultation to inform its delivery model and intends to submit funding bids in 2025/26 to kickstart the new service.

26.

FOR THE YEAR ENDED 31 MARCH 2025

Financial Review

Group funds as of 31 March 2025 totalled £7,611,901 and overall resources increased by £56,538.

The charity adjusted its balance sheet to address a long standing property impairment (associated net loss, £150,000).

Income streams, principally donations and legacies (58%), followed by trading income (20%), charitable activities (10%) and fundraising (9%) supported the charity’s key objectives and helped the charity achieve a surplus in 2024/25.

Robust management accounts enabled the charity to closely monitor and carefully manage all aspects of income and expenditure. Key financial information is routinely scrutinised by senior managers, lead trustees and the Finance and Investment Subcommittee.

Investment Policy Statement and Strategy

The charity’s discretionary investment managers (Brown Shipley) are instructed to produce the best financial return (total return) with a medium level of risk. The investment objective is to generate a return in excess of inflation over the long term, whilst generating an income to support the charity’s ongoing activities.

Brown Shipley provide monthly valuation reports which are reviewed by senior managers and lead trustees. The Finance and Investment Subcommittee also reviews performance of the investment portfolio (quarterly) and key risk areas are duly raised with the Board of Trustees.

During the year, investments realised an income of £54,335 which fell significantly below the budgeted investment income target.

27.

FOR THE YEAR ENDED 31 MARCH 2025

The market value of investments was £4,861,885 as of 31 March 2025. Movement in fixed asset investments is shown in note 13.

The charity’s Investment Strategy and Investment Policy Statement were updated in year and will be signed off and initiated in 2025/26.

To support this area, the charity will introduce a new Investment Working Group in 2025/26 to better manage and guide the charity’s investments.

As the charity heads into 2025/26, it will also plan for a tender exercise to select future investment manager(s) in line with best practice.

Reserves Policy

Total funds held as of 31 March 2025 were £7,611,901. The balance held as unrestricted reserves was £2,183,794, of which £1,488,237 is designated (note 17). Free reserves totalled £695,557.

The charity aims to maintain free reserves in unrestricted funds equating to six months of unrestricted expenditure. Free reserves as of 31 March 2025 are in line with the charity’s Reserves Policy.

In addition, total funds include:

Investment funds £4,305,633. These are shares held in the investment portfolio to generate income. The value of the fund itself can only be realised by disposing of the related investments

Restricted funds £394,425

Permanent endowment fund (Howick House) £728,060

FOR THE YEAR ENDED 31 MARCH 2025

28.

Structure, Governance and Management

The charity is managed by its Board of Trustees with day-today management entrusted to the Chief Executive Officer.

The Board of Trustees, Finance and Investment Subcommittee and Property Subcommittee meet quarterly (mirroring the financial year) to consider reports prepared by the Chief Executive Officer and Chief Operating Officer.

The trustees listed in the charity details have been appointed in accordance with the constitution which states;

“they shall consist of up to 12 competent persons, four of whom shall be appointed each year and serve for three years after which time they will be eligible for re-election. Vacancies occurring among trustees may be filled by the trustees and any such person so chosen shall retain his or her office so long only as the vacating member would have retained the same if no vacancy had occurred.”

In line with the constitution, trustees appoint a Chair, Vice Chair and Treasurer annually alongside a trustee with lead responsibility for property related matters. Four trustees act as the Finance and Investment Subcommittee with responsibility for strategic financial affairs and four trustees act as the Property Subcommittee with responsibility for strategic property, facility and fleet related activity.

The charity’s governing document will change in 2025/26 due to its transition to CIO status, commencing 1 April 2025.

The CIOs constitution will contain up to date, clearer and more appropriate trustee powers moving forward.

29.

FOR THE YEAR ENDED 31 MARCH 2025

Trustee Policies and Procedures

The charity continues to act in accordance with its policies and procedures in relation to trustee recruitment, induction, conduct, conflicts of interest and ongoing training.

The charity was pleased to welcome Beatrice Booth to its Board of Trustees on the 20 May 2025. Beatrice Booth will also serve on the Property Subcommittee.

All new trustees are asked to sign a declaration under the Charities Act 2022 confirming they are eligible to serve as a Trustee. A Trustee Induction Pack is then issued which includes information from the Charity Commission regarding the roles and responsibilities of trustees, the charity’s Strategic Plan, Organisational Structure and various policies and information.

As from 1 April 2025, the charity’s trustees will transfer to Galloways CIO.

Trustee and Management Remuneration

All trustees give their time freely and no trustee remuneration was paid in 2024/25.

Trustees are required to disclose conflicts of interest before all meetings, these being formally recorded where necessary, and registered with the Chief Executive Officer. In accordance with the charity’s policy, trustees may be withdrawn from decisions where a conflict of interest arises.

The pay of the charity’s Chief Executive and Chief Operating Officer are benchmarked at the time of appointment and reviewed periodically by trustees.

30.

FOR THE YEAR ENDED 31 MARCH 2025

Staff, Volunteers and Beneficiaries The charity endeavours to foster a culture which recognises, celebrates and supports its staff, volunteers and beneficiaries.

In doing so, it has adopted a suite of policies which facilitate security of employment, safe working environments and appropriate remuneration to build a stable and effective workforce.

All employees are appointed subject to satisfactory references and where appropriate a Disclosure and Barring Service (DBS) check. Additionally, all volunteers receive appropriate induction and are offered ongoing training.

The charity is immensely thankful for the continued support of over 296 volunteers who help with many activities and services. Including, but not restricted to, talking news, fundraising, transport, support groups, administration and reception duties and outdoor pursuits.

The charity communicates with staff, volunteers and beneficiaries via direct communications, meetings, groups, newsletters, the Annual Report and the Annual Meeting/Conference, amongst other means.

The opinions of staff, volunteers and beneficiaries drive the development of services and involving key stakeholders in the planning and delivery of services is key to the charity’s culture.

At all times, the charity strives to accommodate the views of those with lived experience, in-line with its guiding principles, notably;

Principle 1. Proactively engage with people with lived experience in all that we do

31.

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiaries: Lancashire Vision Services LTD & Galloways Enterprise LTD (Note 11)

The charity has two trading subsidiaries however, Lancashire Vision Services is now dormant.

A summary of the results of both trading companies is shown in note 11 and the statutory accounts for the respective companies will be filed with the Registrar of Companies.

Four charity trustees act as Directors of the two companies and any associated profits of the trading subsidiaries are covenanted to the parent charity, Galloways.

Galloways Enterprise Limited (GEL) year-end outturn demonstrates an overall profit of £12,411 and reports a net liability position as at 31 March 2025 of £72,324.

Tighter financial controls, monitoring and effective on site management have contributed towards the improved the financial outturn of GEL in 2024/25.

Board of Trustees Responsibilities - Financial Statements The charity’s trustees are responsible for preparing a trustee’s report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires trustees to prepare financial statements each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.

32.

FOR THE YEAR ENDED 31 MARCH 2025

In preparing these financial statements, the trustees are required to:

Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent

State whether applicable accounting standards have been followed, subject to any material departures disclosed, and explain such within the financial statements; and Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation

Trustees are responsible for keeping accounting records that disclose, with reasonable accuracy at any time, the financial position of the charity. Enabling them to ensure that the financial statements comply with the Charities Act 2022, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed.

They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on … 17 November 2025 ……. and signed on their behalf by:

…………………………………………… S K Booth – Chair of Trustees

GALLOWAY’S SOCIETY FOR THE BLIND INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Galloway’s Society For the Blind (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprises the consolidated Statement of Financial Activities, the consolidated Balance Sheet, the consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard

33

GALLOWAY’S SOCIETY FOR THE BLIND INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 MARCH 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Emphasis of matter

As explained in note 20, the whole of the charity has been converted into a 'Charitable Incorporated Organisation (CIO)' on 1[st] April 2025. Our opinion is not modified in respect of this matter.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, 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 parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial 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 obtain reasonable assurance about whether the financial statements as a whole are 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 audit conducted in accordance 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 or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

34

GALLOWAY’S SOCIETY FOR THE BLIND

INDEPENDENT AUDITORS REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed

MHA

Statutory Auditor

Richard House Winckley Square Preston PR1 3HP

30th January 2026

……………..

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

35

GALLOWAY’S SOCIETY FOR THE BLIND

GROUP STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Income From
Note
Donations and legacies
2
Charitable activities
3
Trading activities
4
Fundraising activities
5
Investment income
6
Total income
Expenditure on :
Charitable activities
8
Raising funds
9
Investment management
Total expenditure
Net gains/(losses) on investments
Other gains/(losses)
10
Net income/(expenditure) for the year
Transfers between funds
17
Net movement in funds
Total funds brought forward
Total funds carried forward
Net income/(expenditure)
before other gains and losses		 Unrestricted
Funds
Investment
Fund
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
855,305
-
60,324
-
915,629
338,746
152,978
-
-
-
152,978
124,166
317,902
-
-
-
317,902
271,919
139,804
-
-
-
139,804
106,438
96,633
-
-
-
96,633
115,713
1,562,622
-
60,324
-
1,622,946
956,982
1,129,375
-
69,024
13,726
1,212,125
1,422,868
217,901
-
-
-
217,901
238,010
25,326
-
-
-
25,326
24,917
1,372,602
-
69,024
13,726
1,455,352
1,685,795
190,020
-
(8,700)
(13,726)
167,594
(728,813)
-
38,944
-
-
38,944
300,470
(150,000)
-
-
-
(150,000)
(150,000)
38,944
-
-
(111,056)
300,470
40,020
38,944
(8,700)
(13,726)
56,539
(428,342)
-
-
-
-
-
-
40,020
38,944
(8,700)
(13,726)
56,539
(428,342)
2,143,774
4,266,677
403,125
741,786
7,555,362
7,983,694
2,183,794
4,305,622
394,425
728,060
7,611,901
7,555,362

All activities are classed as continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

The accompanying accounting policies and notes form an integral part of these financial statements.

36

GALLOWAY’S SOCIETY FOR THE BLIND

CHARITY STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Income and endowments from:
Donations and legacies
2
Charitable activities
3
Trading activities
4
Fundraising activities
5
Investment income
6
Total income
Expenditure on :
Charitable activities
8
Raising funds
9
Investment management
Total expenditure
Net gains/(losses) on investments
Other gains/(losses)
10
Net income/(expenditure) for the year
Transfers between funds
17
Net movement in funds
Total funds brought forward
Total funds carried forward
Net income/(expenditure)
before other gains and losses		 Unrestricted
Funds
Investment
Fund
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£

855,305
-
60,324
-
915,629
338,746

152,978
-
-
-
152,978
124,166

191,191
-
-
-
191,191
137,851

139,804
-
-
-
139,804
106,438

96,633
-
-
-
96,633
115,713
1,435,911
-
60,324
-
1,496,235
822,914

1,047,277
-
69,024
13,726
1,130,027
1,337,655

187,303
-
-
-
187,303
195,921
25,326
-
-
-
25,326
24,917
1,259,906
-
69,024
13,726
1,342,656
1,558,493
176,005
-
(8,700)
(13,726)
153,579
(735,579)
-
38,944
-
-
38,944
300,470

(150,000)
-
-
-
(150,000)
(150,000)
38,944
-
-
(111,056)
300,470
26,005
38,944
(8,700)
(13,726)
42,523
(435,108)

-
-
-
-
-
-
26,005
38,944
(8,700)
(13,726)
42,523
(435,108)
2,214,730
4,266,868
403,125
741,786
7,626,509
8,061,615
2,240,735
4,305,812
394,425
728,060
7,669,032
7,626,509

All activities are classed as continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

The accompanying accounting policies and notes form an integral part of these financial statements.

37

GALLOWAY’S SOCIETY FOR THE BLIND

GROUP BALANCE SHEET

AS AT 31 MARCH 2025

Fixed assets
Tangible assets
11
Investments
12
Current assets
Stock
Debtors
13
Cash at bank and in hand
14
Net current assets
Total assets less current liabilities
Net assets
Charity funds
16
Unrestricted funds
Designated funds
Investment funds
Endowment funds
Restricted funds
Total funds
Creditors: amounts falling due after more than
one year
Creditors: amounts falling due within one year		 2025
2025
2024
2024
£
£
£
£
2,662,855
2,888,737
4,908,618
4,632,886
7,571,473
7,521,623
18,570
11,301
62,630
85,017
103,274
85,988
184,474
182,306
(144,048)
(148,568)
40,426
33,738
7,611,901
7,555,362
-
-
7,611,901
7,555,362
695,557
442,002
1,488,237
1,701,772
4,305,622
4,266,677
728,060
741,786
394,425
403,125
7,611,901
7,555,362

The financial statements were approved by the trustees on………17-11-2025…………………….. and signed on their behalf by:

………………………………………………………..

S K Booth – Chair

….…………………………………………….. Ruth Cuthbert

38

GALLOWAY’S SOCIETY FOR THE BLIND

CHARITY BALANCE SHEET

AS AT 31 MARCH 2025

Fixed assets
Tangible assets
12
Investments
13
Current assets
Stock
Debtors
14
Cash at bank and in hand
15
Net current assets
Total assets less current liabilities
Net assets
Charity funds
16
Unrestricted funds
Designated funds
Investment funds
Endowment funds
Restricted funds
Total funds
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than
one year		 2025
2025
2024
2024
£
£
£
£
2,660,810
2,885,977
4,908,818
4,633,086
7,569,628
7,519,063
17,287
10,026
127,815
170,253
101,793
79,244
246,895
259,523
(147,491)
(152,077)
99,404
107,446
7,669,032
7,626,509
-
-
7,669,032
7,626,509
745,830
507,034
1,494,905
1,707,696
4,305,812
4,266,868
728,060
741,786
394,425
403,125
7,669,032
7,626,509

The financial statements were approved by the trustees on………17-11-2025…………………………..signed on their behalf by:

……………………………………………………….. ….…………………………………………….. S K Booth – Chair Ruth Cuthbert

S K Booth – Chair

39

GALLOWAY’S SOCIETY FOR THE BLIND

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

Cash flow from operating activities
Cash flow from investing activities
Net cash flow from investments
Proceeds from sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents b/fwd
Cash and cash equivalents c/fwd
Consisting of:
Cash at bank
Cash in hand
Net income/(expenditure) for the year
Investment income received
Net (gains)/losses on investments
Depreciation of tangible assets
Impairment of fixed assets
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities
Investment income received
Purchase of investments
Cash released from sale of investments
(Increase)/decrease in short term deposits
Net cash flow from investments		 2025
2024
£
£
167,478
(771,526)
(140,143)
839,937
-
-
(10,050)
(15,600)
(150,193)
824,337
17,285
52,810
85,988
33,178
103,274
85,988
102,367
84,531
907
1,457
103,274
85,988
56,538
(428,342)
(96,633)
(115,713)
(38,944)
(300,471)
85,961
89,683
150,000
-
(7,269)
(8,774)
22,345
(18,621)
(4,520)
10,712
167,478
(771,526)
96,633
115,713
(2,232,690)
(1,854,449)
1,996,958
2,757,353
(1,044)
(178,680)
(140,143)
839,937

40

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below.

General information, basis of preparation and assessment of going concern.

The address of the registered office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and group.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated

Consolidation of wholly owned trading subsidiaries

The consolidated financial statements incorporate those of Galloway's Society For The Blind and its subsidiary undertakings, Lancashire Vision Services Limited and Galloways Enterprises Limited, (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used into line with those used by the group.

Going concern

The trustees are required to assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation of the accounts. The UK current fiscal plans and Global events are not considered by the trustees to be likely to create material uncertainties in relation to going concern. The trustees and management have put plans in place to manage the situation and monitor reserves levels. At the date of approving these accounts, the trustees have a reasonable expectation that the charity will be able to manage the situation and that it has sufficient cash resources to enable it to meet its liabilities as they fall due for at least 12 months from the date of approval. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

As explained in note 20 ‘Charitable Incorporated Organisation conversion’ to the financial statements the charity has transferred the whole of the charitable trust into a 'Charitable Incorporated Organisation (CIO) as of 1[st] April

41

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

  1. As an unincorporated charity, this is not a separate legal entity and, as the intention is for the charitable activities to continue through the CIO the accounts continue to be prepared on a going concern basis.

Funds structure

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1 Accounting policies (continued)

Funds structure (continued)

Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.

Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and ‘Income from other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’. Where it is impracticable to fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within ‘Income from other trading activities’.

Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.

42

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income recognition (continued)

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Income from service level agreements is recognised when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

The charity is not registered for VAT; consequently expenditure incurred by the charity is included in the financial statements inclusive of VAT charged as this cannot be recovered by the charity.

Allocation of support and governance costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

Operating leases

Rentals payable under operating leases are charged to expenditure on a straight line basis over the lease term.

Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or deemed cost where the option in FRS102 to use a fair value of an asset at transition as deemed cost has been taken, less accumulated depreciation and impairment losses.

All assets costing more than £2,000 and having a useful economic life of more than four years are capitalised and included at cost which includes costs directly attributable to making the asset capable of operating as intended.

43

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

1 Accounting policies (continued)

Tangible fixed assets and depreciation (continued)

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset on a systematic straight line basis over its expected useful life as follows:

Property refurbishment - 7 years
Fixtures and fittings - 5 years
Café and computer equipment - 4 years
Motor vehicles - 5 years (fully depreciated)
Freehold land and property:
Freehold land - Nil
Freehold buildings - 30 and 40 years

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/ (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between their carrying value at the year end and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Other investments including shares in subsidiaries are measured at cost less impairment.

Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

All the charity's financial assets fall to be classed as basic financial assets and the charity therefore has no other financial assets.

44

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (continued)

Impairment of financial assets

Financial assets, other than those held at fair value through statement of financial activities, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of financial activities.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

All the charity's financial liabilities fall to be classed as basic financial liabilities and the charity therefore has no other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Stocks

Stocks are stated at the lower of cost and net realisable value.

45

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (continued)

Consolidation of wholly owned trading subsidiaries (continued)

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Related charities

One of the trustees of Galloway’s Society for the Blind are also trustees of the charitable company Sightline Vision (North West) Limited (charity number 1096452). The trustees do not consider this charity to be under common control since there are additional trustees on both Boards, therefore the accounts of Sightline Vision (North West) Limited are not consolidated within these accounts.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Defined contribution pension scheme

Employees of the charity are entitled to join the Auto Enrolment defined contribution ‘money purchase’ scheme. The charity also makes contributions to several employees’ private pension schemes. The costs of the defined contribution schemes are included within support and governance costs and charged to the unrestricted funds of the charity.

Judgements and key sources of estimation uncertainty

The following judgements and assumptions have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Impairment of tangible fixed assets

At the end of the reporting period, management undertake an assessment of the net book values of tangible fixed assets, including properties, compared to recoverable amount. The recoverable amount is the higher of net realisable value and value in use. The recoverable amount, for the purposes of the impairment review, is estimated and therefore may differ from actual recoverable amount. Where necessary, an impairment charge is recognised in the statement of financial activities.

46

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

2 Income from donations and legacies

Group
# Donations and gifts
# Legacies
# Collections
# Grants
# Gift Aid
Charity
# Donations and legacies
# Donations and gifts
# Legacies
# Collections
# Grants
# Gift Aid		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
21,858
-
-
-
21,858
68,906
822,696
-
-
-
822,696
175,316
3,465
-
-
-
3,465
1,708
-
-
60,324
-
60,324
84,831
7,286
-
-
-
7,286
7,985
855,305
-
60,324
-
915,629
338,746
Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
21,858
-
-
-
21,858
68,906
822,696
-
-
-
822,696
175,316
3,465
-
-
-
3,465
1,708
-
-
60,324
-
60,324
84,831
7,286
-
-
-
7,286
7,985
855,305
-
60,324
-
915,629
338,746

3 Charitable activities

Charitable activities
Service level agreements
Low vision assessments
Service user activities
Access to work support		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
117,277
-
-
-
117,277
93,198
5,829
-
-
-
5,829
9,422
29,872
-
-
-
29,872
19,586
-
-
-
-
-
1,960
152,978
-
-
-
152,978
124,166

All of the income from charitable activities in the current and previous years was attributed to unrestricted funds.

4 Trading activities

Trading activities
Office rental income
Bungalows rental income
Hiring of social rooms
Visual awareness training
Other trading income
Galloway's Enterprises - Café sales		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
103,963
-
-
-
103,963
60,735
41,972
-
-
-
41,972
33,303
34,079
-
-
-
34,079
31,181
4,720
-
-
-
4,720
4,622
6,457
-
-
-
6,457
8,010
126,711
-
-
-
126,711
134,068
317,902
-
-
-
317,902
271,919

All of the income from trading activities in the current and previous years was attributed to unrestricted funds.

47

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

5 Fundraising activities

Fundraising activities
Fundraising events and activities
Corporate and community fundraising
Lotteries and raffles
Merchandise		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
46,308
-
-
-
46,308
49,927
58,711
-
-
-
58,711
27,832
34,485
-
-
-
34,485
24,654
300
-
-
-
300
4,025
139,804
-
-
-
139,804
106,438

All of the income from fundraising activities in the current and previous years was attributed to unrestricted funds.

6 Investment income

Investment income
Dividends and interest
Interest - deposits		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
96,633
-
-
-
96,633
114,249
-
-
-
-
-
1,464
96,633
-
-
-
96,633
115,713

All of the income from investments in the current and previous years was attributed to unrestricted funds.

7 Employee costs

Wages and salaries
Social security costs
DC pension costs		 Fundraising
and comms
£
112,350
9,907
2,563
124,820		 Delivery of
services
£		 Café
£
68,129
3,308
1,675
73,112		 Governance
£
-
-
-
-		 Total 2025
£
789,589
71,495
25,888
609,110
58,280
21,650
689,040 886,972
Wages and salaries
Social security costs
DC pension costs		 Fundraising
and comms
£
114,971
9,918
3,018
127,907		 Delivery of
services
£		 Café
£
82,454
2,286
1,573
86,313		 Governance
£
-
-
-
-		 Total 2024
£
720,331
62,450
23,700
552,907
50,246
19,110
622,263 806,481

Included within wages and salaries is one non-statutory severance payment of £2,300 (2024: £9,980). This had been fully paid at the year end.

48

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

7 Employee costs (continued)

Fundraising and communications
Charitable activities – delivery of services
Café
Governance
Galloway’s Enterprises Limited		 2025
Number		 2025
FTE		 2024
Number		 2024
FTE
8
20
-
8
5
7 5 9
17 10 32
- - -
10 8 12
9 4 5
43 27 45 29

High paid staff

The number of staff whose emoluments fell within the following bands are:

2025 2024
Number Number
£60,000 - £69,999 1 1

Trustees and key management personnel remuneration and expenses

The Trust considers its key management personnel comprise the Trustees, Chief Executive Officer and the Senior Management Team.

Wages and salaries
Social security costs
Pension costs		 2025
£		 2024
£
140,333
15,403
6,877
125,071
14,677
7,458
147,207 162,614

The charity trustees were not paid and did not receive any other benefits from employment with the charity or its subsidiaries in the year (2024: £nil), neither were there reimbursed expenses during the year (2024: £nil). Trustees made donations to the charity totalling £nil (2024: £nil).

49

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

8 Charitable activities

8 Charitable activities
Group
Charitable activities
Staff costs
Café
Service user activities
Property costs
Insurances
Office administration
Repairs and maintenance
Motor expenses
Other staff and volunteer costs
Promotional and publications expenditure
Legal and professional fees
Depreciation
Other costs of charitable activities
Governance costs
Charity
Charitable activities
Staff costs
Service user activities
Property costs
Insurances
Office administration
Repairs and maintenance
Motor expenses
Other staff and volunteer costs
Promotional and publications expenditure
Legal and professional fees
Depreciation
Other costs of charitable activities
Governance costs		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
729,662
-
60,324
-
789,986
908,922
8,242
-
-
-
8,242
10,729
23,911
-
-
-
23,911
46,884
68,206
-
-
-
68,206
96,035
20,712
-
-
-
20,712
16,583
37,194
-
-
-
37,194
40,249
103,258
-
-
-
103,258
106,893
10,734
-
-
-
10,734
14,655
16,433
-
-
-
16,433
19,459
8,201
-
-
-
8,201
7,393
17,495
-
-
-
17,495
38,251
63,535
-
8,700
13,726
85,961
89,683
1,041
-
-
-
1,041
1,099
20,751
-
-
-
20,751
26,033
1,129,375
-
69,024
13,726
1,212,125
1,422,868
Unrestricted
Investment
Restricted
Endowment
2025
2024
£
£
£
£
£
£
656,550
-
60,324
-
716,874
825,931
23,911
-
-
-
23,911
40,289
68,206
-
-
-
68,206
104,944
20,712
-
-
-
20,712
15,655
37,194
-
-
-
37,194
51,402
103,258
-
-
-
103,258
95,015
10,734
-
-
-
10,734
16,701
16,433
-
-
-
16,433
23,267
8,201
-
-
-
8,201
1,415
17,495
-
-
-
17,495
24,132
62,791
-
8,700
13,726
85,217
86,363
1,041
-
-
-
1,041
705
20,751
-
-
-
20,751
12,181
1,047,277
-
69,024
13,726
1,130,027
1,298,000

50

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

9 Raising funds

9 Raising funds
Group
Raising funds
Staff costs
Grant funded activities
Fundraising events and activities
Promotional and publication expenses
Other staff and volunteer costs
Office administration
Galloway's Enterprises - Café purchases		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
124,821
-
-
-
124,821
92,103
12,658
-
-
-
12,658
15,797
24,279
-
-
-
24,279
66,913
930
-
-
-
930
7,948
9,095
-
-
-
9,095
3,401
15,520
-
-
-
15,520
9,759
30,598
-
-
-
30,598
42,089
217,901
-
-
-
217,901
238,010
Charity
Raising funds
Staff costs
Grant funded activities
Fundraising events and activities
Promotional and publication expenses
Other staff and volunteer costs
Office administration
Other costs of raising funds		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
2025
2024
£
£
£
£
£
£
124,821
-
-
-
124,821
92,103
12,658
-
-
-
12,658
15,797
24,279
-
-
-
24,279
66,913
930
-
-
-
930
7,948
9,095
-
-
-
9,095
3,401
15,520
-
-
-
15,520
9,759
-
-
-
-
-
-
187,303
-
-
-
187,303
195,921

10 Other Gains/Losses

Other gains/(losses)
Impairment of fixed assets
Other gains/(losses)
Impairment of fixed assets		 Unrestricted
Investment
Restricted
Endowment
2025
2024
£
£
£
£
£
£
150,000
-
-
-
150,000
-
150,000
-
-
-
150,000
-
Unrestricted
Investment
Restricted
Endowment
2025
2024
£
£
£
£
£
£
150,000
-
-
-
150,000
-
150,000
-
-
-
150,000
-

51

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

11 Trading subsidiary

The charity has two wholly owned subsidiaries incorporated in the United Kingdom. Lancashire Vision Services Limited (02844404) sells donated and purchased goods together with distribution of braille leaflets and talking newspapers. During the year the Charity transferred the activities of its Café in Morecambe into its trading subsidiary, Galloway’s Enterprises Limited (10901305). A summary of the results of both trading companies is shown below and accounts will be filed with the Registrar of Companies.

Turnover
Cost of sales
Administrative expenses
Interest payable
Profit/(loss) for the year
Charitable donations to the Society
Other operating income
Retained profit/(loss) for the year
Fixed assets
Current assets
Current liabilities
Net assets/(liabilities)
Ordinary share capital
Profit and loss account		 Lancashire
Vision
Services Ltd
Galloway's
Enterprises
Ltd
Lancashire
Vision
Services Ltd
Galloway's
Enterprises
Ltd
2025
2024
£
£
£
£
-
119,729
-
134,068
-
(30,598)
-
(41,200)
-
(76,720)
-
(85,213)
-
-
-
-
-
12,411
-
7,655
-
-
-
-
-
-
-
-
-
12,411
-
7,655
-
2,045
-
2,760
-
4,554
-
8,019
-
(77,319)
-
(95,515)
-
(70,720)
-
(84,736)
-
100
-
100
-
(70,820)
-
(84,864)
-
(70,720)
-
(84,764)

The company number of each trading subsidiary is as follows:

Lancashire Vision Services Limited - 02844484 Galloway's Enterprises Limited - 10901305

52

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets

Cost or deemed cost
As at 31 March 2024
Additions
Disposals
Impairment
As at 31 March 2025
Depreciation and impairment
As at 31 March 2024
Charge for the year
Eliminated on disposal
As at 31 March 2024
Net book value
As at 31 March 2024
As at 31 March 2025
Charity
Cost or deemed cost
As at 31 March 2024
Additions
Disposals
Impairment
As at 31 March 2025
Depreciation and impairment
As at 31 March 2024
Charge for the year
Eliminated on disposal
As at 31 March 2025
Net book value
As at 31 March 2024
As at 31 March 2025		 Freehold
land and
buildings
Fixtures and
equipment
Motor
vehicles
Total
£
£
£
£
4,055,597
191,608
102,605
4,349,810
-
10,050
-
10,050
-
-
(48,275)
(48,275)
(150,000)
-
-
(150,000)
3,905,597
201,658
54,330
4,161,585
1,194,144
175,620
91,280
1,461,044
75,878
5,889
4,194
85,961
-
-
(48,275)
(48,275)
1,270,022
181,509
47,199
1,498,730
2,635,575
20,149
7,131
2,662,855
2,861,453
15,959
11,325
2,888,737
-
Freehold
land and
buildings
Fixtures and
equipment
Motor
vehicles
Total
£
£
£
£
4,055,597
182,074
102,605
4,340,276
-
10,050
-
10,050
-
-
(48,275)
(48,275)
(150,000)
-
-
(150,000)
3,905,597
192,124
54,330
4,152,051
1,194,144
168,875
91,280
1,454,299
75,878
5,145
4,194
85,217
-
-
(48,275)
(48,275)
1,270,022
174,020
47,199
1,491,241
2,635,575
18,104
7,131
2,660,810
2,861,453
13,199
11,325
2,885,977

53

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

11 Tangible fixed assets (continued)

Certain freehold land and buildings included above are shown at deemed cost on transition to SORP (FRS102). These assets are being depreciated from their valuation date of 31 March 2014 and have a net book value of £1,357,509 (2024: £1,390,605).

The independent professional valuation undertaken at 31 March 2014 was carried out by Amcat (UK) Ltd. All valuations have been undertaken in accordance with the RICS Valuation – Professional Standards UK, January 2014 (revised April 2015). Only fixed items of plant and machinery, which form part of the buildings structure or service installation, were included in the valuations.

12 Movement in fixed asset investments (charity and group)
Market value at 1 April 2023
Additions at cost
Disposals at carrying value
Gains/(losses)
Movement in temporary deposit
Market value at 31 March 2024
Check
Investment in subsidiary - LVS
Investment in subsidiary - GEL
Total fixed asset investments
Investments comprise:
Collectives
Equities
Fixed interest securities
Cash		 Listed
investments
Cash held
investment
porfolio
2025
2024
£
£
£
£
4,372,336
260,550
4,632,886
5,056,629
2,064,952
167,738
2,232,690
1,854,449
(1,996,958)
-
(1,996,958)
(2,757,353)
38,944
-
38,944
300,469
-
1,056
1,056
178,692
4,479,274
429,344		 4,908,618
4,632,886
(0)
0
200
200
-
-
4,908,818
4,633,086
2025
2025
2024
2024
Cost
MV
Cost
MV		 200
200
-
-
4,908,818
4,633,086
£
£
£
£
1,060,499
1,084,358
450,643
398,936
2,361,958
2,636,463
2,972,132
3,310,835
635,823
633,657
682,496
661,174
547,268
554,140
58,029
261,941
4,605,548
4,908,618
4,163,300
4,632,886

54

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

12 Movement in fixed asset investments (charity and group) (continued)

Net realised gains/(losses) in the year
Net unrealised gains/(losses) in the year		 2025
2024
£
£
35,898
13,552
3,046
286,918
38,944
300,470

There were no individual investments in excess of 5% of the total market value.

13 Debtors
Debtors
Trade debtors
Amounts due from group undertakings
Prepayments & accrued income		 Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
46,363
44,573
29,661
29,661
-
66,975
-
85,236
16,267
16,267
55,356
55,356
62,630
127,815
85,017
170,253
14 Creditors: amounts falling due within one year
Creditors< 1 year
Trade creditors
Accruals and deferred income
Other creditors
Taxation and social security
Amounts owed to group undertakings		 Group
Charity
Group
Charity
2025
2025
2024
2024
£
£
£
£
20,139
17,233
58,152
49,673
98,424
96,414
60,256
58,456
3,852
3,852
9,436
9,436
21,633
16,205
20,725
20,725
-
13,787
-
13,787
144,048
147,491
148,569
152,077

13 Debtors

14 Creditors: amounts falling due within one year

55

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

14 Creditors: amounts falling due within one year (continued)

Accruals and deferred income includes amounts deferred into future periods for where income relates to events due to take place or work to be performed after the year end as follows:

Balance brought forward
Amounts released in the year
Amounts deferred at the year end
Balance carried forward		 2025
2024
£
£
61,997
58,355
(61,997)
(51,071)
98,424
54,713
98,424
61,997

15 Pension contributions and commitments - defined contribution money purchase pension plans:

The charity operates various contributory pension schemes for two employees (2024: Nil). They are personal defined contribution schemes and contributions are charged in the statement of financial activities as they accrue. A defined contribution pension scheme was introduced on 1 October 2015 for all eligible employees in compliance with Auto Enrolment Regulations. The amount recognised as an expense in the year for employer defined contribution costs was £24,213 (2024: £25,273).

56

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

16 a) i) Fund reconciliation – group (current year)

Unrestricted funds
Designated funds
Assets in use by charity
Check line (should be nil)
Total unrestricted funds
Investment funds
Investment fund
Endowment funds
Howick House property
Restricted funds
Howick Court bungalows
Other restricted funds
Total funds		 Balance 1
April 2024
Income
Expenditure
Other gains
and losses
Transfers
Balance at 31
March 2025
£
£
£
£
£
£
442,002
1,562,622
(1,309,067)
(150,000)
150,000
695,557
1,701,772
-
(63,535)
-
(150,000)
1,488,237
1,701,772
-
(63,535)
-
(150,000)
1,488,237
2,143,774
1,562,622
(1,372,602)
(150,000)
-
2,183,794
4,266,677
-
-
38,944
-
4,305,621
741,786
-
(13,726)
-
-
728,060
403,125
-
(8,700)
-
-
394,425
-
60,324
(60,324)
-
-
-
403,125
60,324
(69,024)
-
-
394,425
7,555,362
1,622,946
(1,455,352)
(111,056)
-
7,611,901

16 a) ii) Analysis of net assets between funds – group (current year)

16 a) ii) Analysis of net assets between funds– group (current year)
Tangible fixed assets
Investments
Current assets/liabilities
Pension provision		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
Total
£
£
£
£
1,510,068
411,000
741,787
2,662,855
639,178
4,269,442
4,908,618
34,548
36,181
(16,575)
(13,728)
40,426
-
-
2,183,794
4,305,621
394,425
728,060
7,611,901

57

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

16 b) i) Fund reconciliation – charity (current year)

Unrestricted funds
General fund
Designated funds
Assets in use by charity
Check line (should be nil)
Total unrestricted funds
Investment funds
Investment fund
Endowment funds
Howick House property
Restricted funds
Howick Court bungalows
Other restricted funds
Total funds		 Balance at 1
April 2024
Income
Expenditure
Other gains
and losses
Transfers
Balance at 31
March 2025
£
£
£
£
£
£
507,034
1,435,911
(1,197,115)
(150,000)
150,000
745,830
1,707,696
-
(62,791)
-
(150,000)
1,494,905
1,707,696
-
(62,791)
-
(150,000)
1,494,905
2,214,730
1,435,911
(1,259,906)
(150,000)
-
2,240,735
4,266,868
-
-
38,944
4,305,812
741,786
-
(13,726)
-
-
728,060
403,125
-
(8,700)
-
-
394,425
-
60,324
(60,324)
-
-
-
403,125
60,324
(69,024)
-
-
394,425
7,626,509
1,496,235
(1,342,656)
(111,056)
-
7,669,032

16 b) ii) Analysis of net assets between funds – charity (current year)

Tangible fixed assets
Investments
Current assets/liabilities
Pension provision		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
Total
£
£
£
£
1,521,750
411,000
728,060
2,660,810
611,706
4,297,112
-
-
4,908,818
107,279
8,700
(16,575)
-
99,404
-
-
-
-
-
2,240,735
4,305,812
394,425
728,060
7,669,032

58

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

16 c) i) Fund reconciliation – group (prior year)

Unrestricted funds
Designated funds
Assets in use by charity
Southport Macular Group
Morecambe Bay Walk recovery fund
Property refurbishment fund
Check line (should be nil)
Total unrestricted funds
Investment funds
Investment fund
Endowment funds
Howick House property
Restricted funds
Howick Court bungalows
Southport Blind Aid Society
L&D Talking Newspaper
Eric Wright grant fund
Other restricted funds
Check line (should be nil)
Total funds		 Balance 1
April 2023
Income
Expenditure
Other gains
and losses
Transfers
Balance at 31
March 2024
£
£
£
£
£
£
408,314
872,151
(1,511,281)
-
672,818
442,002
1,769,029
-
(67,257)
-
-
1,701,772
2,029
-
-
-
(2,029)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,771,058
-
(67,257)
-
(2,029)
1,701,772
2,179,372
872,151
(1,578,538)
-
670,789
2,143,774
4,636,984
-
-
300,470
(670,789)
4,266,677
755,513
-
(13,726)
-
-
741,786
411,825
-
(8,700)
-
-
403,125
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
84,831
(84,831)
-
-
-
-
-
-
-
-
-
411,825
84,831
(93,531)
-
-
403,125
7,983,694
956,982
(1,685,795)
300,470
-
7,555,362

16 c) ii) Analysis of net assets between funds – group (prior year)

Tangible fixed assets
Investments
Current assets/liabilities
Pension provision		 Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
Total
£
£
£
£
1,735,950
411,000
741,787
2,888,737
366,211
4,266,677
4,632,886
41,613
(7,875)
33,738
-
-
2,143,774
4,266,677
403,125
741,787
7,555,361

59

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

16 d) i) Fund reconciliation – charity (prior year)

----- Start of picture text -----
Balance at 1 Other gains Balance at 31
April 2023 Income Expenditure and losses Transfers March 2024
£ £ £ £ £ £
Unrestricted funds
General fund 484,756 738,083 (1,388,623) - 672,818 507,034
Designated funds
Assets in use by charity 1,770,309 - (62,613) - - 1,707,696
Southport Macular Group 2,029 - - - (2,029) -
Morecambe Bay Walk recovery fund - - - - -
----- End of picture text -----

Morecambe Bay Walk recovery fund -
-
-
-
-
Property refurbishment fund
Check line (should be nil)
Total unrestricted funds
Investment funds
Investment fund
Endowment funds
Howick House property
Restricted funds
Howick Court bungalows
Southport Blind Aid Society
L&D Talking Newspaper
Eric Wright grant fund
Other restricted funds
Check line (should be nil)
Total funds		 -
-
-
-
-
-
-
-
-
-
1,772,338
-
(62,613)
-
(2,029)
1,707,696
2,257,094
738,083
(1,451,236)
-
670,789
2,214,730
4,637,184
-
-
300,470
(670,789)
4,266,868
755,512
-
(13,726)
-
-
741,786
411,825
-
(8,700)
-
-
403,125
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
84,831
(84,831)
-
-
-
-
-
-
-
-
-
411,825
84,831
(93,531)
-
-
403,125
8,061,615
822,914
(1,558,493)
300,470
-
7,626,509
16 d) ii) Analysis of net assets between funds– charity (prior year)
Unrestricted
Funds
Investment
Funds
Restricted
Funds
Endowment
Funds
Total
£
£
£
£
Tangible fixed assets
1,733,191
411,000
741,786
2,885,977
Investments
366,218
4,266,868
-
-
4,633,086
Current assets/liabilities
115,321
-
(7,875)
-
107,446
Pension provision
-
-
-
-
-
2,214,730
4,266,868
403,125
741,786
7,626,509
Tangible fixed assets
Investments
Current assets/liabilities
Pension provision

60

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

16 e) Fund reconciliation

Permanent endowment fund

Howick House was donated to the charity by the William Wilding Galloway Charity during 1997/98. The property was revalued in March 2014 and the revalued amount has been treated as deemed cost on transition under the SORP (FRS102) at 1 April 2014. Depreciation calculated to write off the value of the building over a period of 40 years is charged to the fund.

Restricted funds

Howick Court bungalows

The properties were revalued at March 2014 and the revalued amount has been treated as deemed cost on transfer under SORP (FRS102) at 1 April 2014. Depreciation calculated to write off the value of the building over a period of 40 years is charged to the fund.

Southport fund

Southport Blind Aid Society donated all its net assets to Galloway’s Society for the Blind, who continue to operate services for blind people in Southport and the surrounding area. Expenditure including depreciation charged against the fund during the year totalled £0 and represents the operating costs of the centre at 22 Wright Street.

Morecambe development fund

Grants were received towards the development of the new property at Morecambe. The property opened in October 2016 and a transfer was made to unrestricted funds as the purpose of the grants awarded had been fulfilled.

Investment fund

The purpose of the Investment Fund is to generate essential annual income to allow for the charitable objectives to be met; to be called upon for future capital expenditure; and as a reserve to ensure that fixed costs of the organisation can be covered when other sources of income may be less reliable.

61

GALLOWAY’S SOCIETY FOR THE BLIND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

17 Related parties transactions and trustees expenses and remuneration

Trustees’ remuneration and benefits

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil). There were weekly lottery transactions with a trustee during the year generating income of £104 and no expenses were paid to or on behalf of the trustees (2024: Nil).

Related party transactions

Lancashire Vision Services Limited is a wholly owned trading subsidiary and was owed by Galloway’s Society for the Blind £nil (2024: £13,786) as at 31 March 2025. The balance is due to be repaid after the year end.

Galloway’s Enterprises Limited was incorporated on 4 August 2017 and is also a wholly owned trading subsidiary. Galloway’s Society for the Blind is due £66,975 (2024: £85,235) from the subsidiary as at 31 March 2025. Trustees are fully aware that Galloway’s Enterprise Limited is in a net liability position and has been operating on losses year on year. However, the finances for GEL Ltd has been under scrutiny and new processes, procedures, price changes etc have been introduced with the overall intention being to reduce, or eliminate, the operating deficit moving forward. So far, the new measure introduced has been successful in changing things around.

18 Commitments under operating leases (office equipment) – group and charity

The charity is committed to future leasing payments under non-cancellable operating leases for each of the following periods:

Not later than one year
Later than one year and not later than five years
Later than five years
Total commitment up to the end of the lease		 2025
£
5,880
1,168
-
7,048		 2024
£
3,374
2,785
-
5,353

19 Contingent assets

During the year the charity was bequeathed a share in the number of death estates. It is the policy of the charity to recognise the income once the amounts can be accurately quantified. All assets quantified have been included in the accounts.

At the year end there were a number of donations in wills still pending and due to the uncertainty of the amounts, the income will be recognised in the year in which the donations are either received or the amounts can be determined with reasonable certainty. The approximate value of such donations in wills to which the charity can put a value is £nil (2024: £nil).

20 Conversion of the Charity to a CIO

The charity transferred the whole of the charitable trust (the aims and objectives in the trust document, the charitable trust assets and operations) into a ‘Charitable Incorporated Organisation (CIO)’ on 1[st] April 2025.

62