# **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: 

- Talking newspapers and magazines 

- Equipment demonstrations, advice and exhibitions Information, guidance and sign posting 

- Braille, audio and large print transcription Support through Resource Centres 

- Various activity groups and learning programmes Enablement and social isolation 

- Social clubs, peer groups, outdoor activities and outings Independent living accommodation 

- Technology and digital interventions Living with sight loss courses Community/neighbourhood-based support Home visits, and telephone support Low Vision assessments 

- Hospital based services One off and themed events Training 

- Transportation 




**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; 

- 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 

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

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

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

- 5.Our infrastructure will support the delivery of our work 

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

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 -----**<br>
Average Average Percentage<br>Assessment Theme Opening Closing Improvement<br>Score Score Change<br>**----- End of picture text -----**<br>


|Assessment Theme|Average<br>Opening<br>Score|Average<br>Closing<br>Score|Percentage<br>Improvement<br>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<br>Wellbeing|4.1|5.0|+22%|
|Digital and Technical<br>Capability|3.7|4.3|+16%|
|Mobility and Travel|3.5|3.5|Neutral|
|Confidence and<br>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 -----**<br>
Indicator Target Result Status<br>Increase number of<br>2,000 2,418 On Target<br>people supported<br>Reach new people 570 613 On Target<br>Increase information<br>and guidance 750 847 On Target<br>interventions<br>Deliver Low Vision<br>420 425 On Target<br>Assessments<br>Deliver assistive<br>715 764 On Target<br>technology sessions<br>**----- End of picture text -----**<br>




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




**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 -----**<br>
Indicator Target Result Status<br>**----- End of picture text -----**<br>


|**Indicator**|**Target**|**Result**|**Status**|
|---|---|---|---|
|||||
|Complete<br>consultations<br>to inform new<br>Children and<br>Young<br>People’s<br>service and<br>sign off<br>delivery<br>model|Complete in<br>2024/25|Consultations<br>completed<br>and delivery<br>model signed<br>off by Board<br>of Trustees|On Target|
|Review future<br>Get Active<br>programme|Engage with<br>people with<br>lived<br>experience<br>to influence<br>programme|Survey<br>drafted. To be<br>executed in<br>2025/26|Approaching<br>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 -----**<br>
Indicator Target Result Status<br>Raise Collaborations<br>awareness of with the<br>visual University of Baseline Approaching<br>impairment in Lancashire and Year Target<br>sports British Blind<br>Sport<br>Visual<br>Awareness<br>training 10 14  On Target<br>sessions<br>delivered<br>Influence the<br>Cross-<br>pathway’s<br>sector<br>RNIB Eye implementation<br>working On Target<br>Care Pathway in Lancashire<br>group<br>and South<br>established<br>Cumbria<br>**----- End of picture text -----**<br>




**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. 


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




**17.** 

## FOR THE YEAR ENDED 31 MARCH 2025 

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


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




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





**19.** 

## FOR THE YEAR ENDED 31 MARCH 2025 

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


**----- Start of picture text -----**<br>
Indicator Target Result Status<br>**----- End of picture text -----**<br>


|Indicator|Target|Result|Status|
|---|---|---|---|
|||||
|Utilise<br>volunteers to<br>support<br>staff<br>establishment<br>and<br>organisational<br>capacity,<br>reach and<br>impact|Achieve total<br>number of<br>volunteers<br>target -<br>283<br>Achieve total<br>number of<br>volunteer<br>hours target –<br>13,000|Outperformed<br>against total<br>number of<br>volunteers target -<br>296<br>Outperformed<br>against total<br>number of<br>volunteer hours -<br>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<br>year deficit<br>position|Achieve<br>budget target<br>-£345,000|Outperformed<br>budget<br>+£56K|On Target|
|Stabilise net<br>assets and<br>reserves<br>position|2023/24<br>£7.55m|2024/25<br>£7.6m|On Target|
|Strengthen<br>Galloways<br>Enterprises<br>financial<br>outturn|+£5,147|+£7,378|On Target|
|Investment<br>Strategy and<br>Investment<br>Policy<br>Statement|Fully update<br>Strategy and<br>Policy<br>Statement|Initial drafts<br>completed. To<br>be signed off in<br>2025/26|Approaching<br>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<br>Reserves<br>Policy|Fully updated<br>Reserves<br>Policy signed off|Initial drafts<br>completed. To be<br>signed off 2025/26|Approaching<br>Target|
|Realise<br>alternative<br>sources<br>of<br>unrestricted<br>income|Provisionally<br>identify<br>opportunities to<br>drive income –<br>self-funded or<br>debt to grow|Several<br>opportunities<br>identified and<br>being discussed<br>with lead trustees|Approaching<br>Target|
|Fundraising<br>Policy|Update<br>Fundraising<br>Policy|Policy updated and<br>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 -----**<br>
Investment income<br>3%<br>10%<br>9%<br>20%<br>**----- End of picture text -----**<br>


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: 

- Select suitable accounting policies and then apply them consistently 

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: 

- give a true and fair view of the state of the groups and parent charity’s affairs as at 31 March 2025, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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: 

- the information given in the trustees' annual report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- enquiring of management and those charged with governance of any actual and potential litigation and claims; 

- assessing whether the judgements made in making accounting estimates are indicative of any potential bias; 

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; 

- auditing the risk of fraud in income, including through performing transaction testing, cut off testing, by reviewing credit notes raised after the year end, and by re-calculating accrued and deferred income, to ensure income is complete in the financial statements and recognised in the correct accounting period; and 

34 



## **GALLOWAY’S SOCIETY FOR THE BLIND** 

## **INDEPENDENT AUDITORS REPORT** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

- auditing the risk that all of the income the Charity is entitled to in the year is not correctly stated in the accounts, through review of minutes of Trustee meetings, correspondence files and after date records, for any entitlement to donations/legacies at the year-end that are due to be received after the year end, and through performing an analytical review of income received to highlight unexpected variances. 

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**<br>**Note**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Trading activities<br>4<br>Fundraising activities<br>5<br>Investment income<br>6<br>**Total income**<br>**Expenditure on :**<br>Charitable activities<br>8<br>Raising funds<br>9<br>Investment management<br>**Total expenditure**<br>Net gains/(losses) on investments<br>Other gains/(losses)<br>10<br>**Net income/(expenditure) for the year**<br>Transfers between funds<br>17<br>**Net movement in funds**<br>**Total funds brought forward**<br>**Total funds carried forward**<br>**Net income/(expenditure)**<br>**before other gains and losses**|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Fund**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**855,305**<br>**-**<br>**60,324**<br>**-**<br>**915,629**<br>338,746<br>**152,978**<br>**-**<br>**-**<br>**-**<br>**152,978**<br>124,166<br>**317,902**<br>**-**<br>**-**<br>**-**<br>**317,902**<br>271,919<br>**139,804**<br>**-**<br>**-**<br>**-**<br>**139,804**<br>106,438<br>**96,633**<br>**-**<br>**-**<br>**-**<br>**96,633**<br>115,713|
|---|---|
||**1,562,622**<br>**-**<br>**60,324**<br>**-**<br>**1,622,946**<br>956,982|
||**1,129,375**<br>**-**<br>**69,024**<br>**13,726**<br>**1,212,125**<br>1,422,868<br>**217,901**<br>**-**<br>**-**<br>**-**<br>**217,901**<br>238,010<br>**25,326**<br>**-**<br>**-**<br>**-**<br>**25,326**<br>24,917|
||**1,372,602**<br>**-**<br>**69,024**<br>**13,726**<br>**1,455,352**<br>1,685,795|
||**190,020**<br>**-**<br>**(8,700)**<br>**(13,726)**<br>**167,594**<br>(728,813)<br>**-**<br>**38,944**<br>**-**<br>**-**<br>**38,944**<br>300,470<br>**(150,000)**<br>**-**<br>**-**<br>**-**<br>**(150,000)**|
||**(150,000)**<br>**38,944**<br>**-**<br>**-**<br>**(111,056)**<br>300,470<br>**40,020**<br>**38,944**<br>**(8,700)**<br>**(13,726)**<br>**56,539**<br>(428,342)<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>-|
||**40,020**<br>**38,944**<br>**(8,700)**<br>**(13,726)**<br>**56,539**<br>(428,342)<br>**2,143,774**<br>**4,266,677**<br>**403,125**<br>**741,786**<br>**7,555,362**<br>7,983,694|
||**2,183,794**<br>**4,305,622**<br>**394,425**<br>**728,060**<br>**7,611,901**<br>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:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Trading activities<br>4<br>Fundraising activities<br>5<br>Investment income<br>6<br>**Total income**<br>**Expenditure on :**<br>Charitable activities<br>8<br>Raising funds<br>9<br>Investment management<br>**Total expenditure**<br>Net gains/(losses) on investments<br>Other gains/(losses)<br>10<br>**Net income/(expenditure) for the year**<br>Transfers between funds<br>17<br>**Net movement in funds**<br>**Total funds brought forward**<br>**Total funds carried forward**<br>**Net income/(expenditure)**<br>**before other gains and losses**|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Fund**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br> <br>**855,305**<br>**-**<br>**60,324**<br>**-**<br>**915,629**<br>_338,746_<br> <br>**152,978**<br>**-**<br>**-**<br>**-**<br>**152,978**<br>_124,166_<br> <br>**191,191**<br>**-**<br>**-**<br>**-**<br>**191,191**<br>_137,851_<br> <br>**139,804**<br>**-**<br>**-**<br>**-**<br>**139,804**<br>_106,438_<br> <br>**96,633**<br>**-**<br>**-**<br>**-**<br>**96,633**<br>_115,713_|
|---|---|
||**1,435,911**<br>**-**<br>**60,324**<br>**-**<br>**1,496,235**<br>822,914|
||<br>**1,047,277**<br>**-**<br>**69,024**<br>**13,726**<br>**1,130,027**<br>_1,337,655_<br> <br>**187,303**<br>**-**<br>**-**<br>**-**<br>**187,303**<br>_195,921_<br>**25,326**<br>**-**<br>**-**<br>**-**<br>**25,326**<br>_24,917_|
||**1,259,906**<br>**-**<br>**69,024**<br>**13,726**<br>**1,342,656**<br>_1,558,493_|
||**176,005**<br>**-**<br>**(8,700)**<br>**(13,726)**<br>**153,579**<br>_(735,579)_<br>**-**<br>**38,944**<br>**-**<br>**-**<br>**38,944**<br>_300,470_<br> <br>**(150,000)**<br>**-**<br>**-**<br>**-**<br>**(150,000)**<br>**(150,000)**<br>**38,944**<br>**-**<br>**-**<br>**(111,056)**<br>_300,470_<br>**26,005**<br>**38,944**<br>**(8,700)**<br>**(13,726)**<br>**42,523**<br>_(435,108)_<br> <br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>_-_|
||**26,005**<br>**38,944**<br>**(8,700)**<br>**(13,726)**<br>**42,523**<br>_(435,108)_<br>**2,214,730**<br>**4,266,868**<br>**403,125**<br>**741,786**<br>**7,626,509**<br>_8,061,615_|
||**2,240,735**<br>**4,305,812**<br>**394,425**<br>**728,060**<br>**7,669,032**<br>_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**<br>Tangible assets<br>11<br>Investments<br>12<br>**Current assets**<br>Stock<br>Debtors<br>13<br>Cash at bank and in hand<br>14<br>**Net current assets**<br>Total assets less current liabilities<br>**Net assets**<br>**Charity funds**<br>16<br>Unrestricted funds<br>Designated funds<br>Investment funds<br>Endowment funds<br>Restricted funds<br>**Total funds**<br>**Creditors: amounts falling due after more than**<br>**one year**<br>**Creditors: amounts falling due within one year**|**2025**<br>**2025**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**2,662,855**<br>2,888,737<br>**4,908,618**<br>4,632,886<br>**7,571,473**<br>7,521,623<br>**18,570**<br>11,301<br>**62,630**<br>85,017<br>**103,274**<br>85,988<br>**184,474**<br>182,306<br>**(144,048)**<br>(148,568)<br>**40,426**<br>33,738<br>**7,611,901**<br>7,555,362<br>**-**<br>-<br>**7,611,901**<br>7,555,362<br>**695,557**<br>442,002<br>**1,488,237**<br>1,701,772<br>**4,305,622**<br>4,266,677<br>**728,060**<br>741,786<br>**394,425**<br>403,125<br>**7,611,901**<br>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**<br>Tangible assets<br>12<br>Investments<br>13<br>**Current assets**<br>Stock<br>Debtors<br>14<br>Cash at bank and in hand<br>15<br>**Net current assets**<br>Total assets less current liabilities<br>**Net assets**<br>**Charity funds**<br>16<br>Unrestricted funds<br>Designated funds<br>Investment funds<br>Endowment funds<br>Restricted funds<br>**Total funds**<br>**Creditors: amounts falling due within one year**<br>**Creditors: amounts falling due after more than**<br>**one year**|**2025**<br>**2025**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**2,660,810**<br>2,885,977<br>**4,908,818**<br>4,633,086<br>**7,569,628**<br>7,519,063<br>**17,287**<br>10,026<br>**127,815**<br>170,253<br>**101,793**<br>79,244<br>**246,895**<br>259,523<br>**(147,491)**<br>(152,077)<br>**99,404**<br>107,446<br>**7,669,032**<br>7,626,509<br>**-**<br>-<br>**7,669,032**<br>7,626,509<br>**745,830**<br>507,034<br>**1,494,905**<br>1,707,696<br>**4,305,812**<br>4,266,868<br>**728,060**<br>741,786<br>**394,425**<br>403,125<br>**7,669,032**<br>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**<br>**Cash flow from investing activities**<br>Net cash flow from investments<br>Proceeds from sale of tangible fixed assets<br>Purchase of tangible fixed assets<br>**Net cash flow from investing activities**<br>**Net increase/(decrease) in cash and cash equivalents**<br>Cash and cash equivalents b/fwd<br>**Cash and cash equivalents c/fwd**<br>**Consisting of:**<br>Cash at bank<br>Cash in hand<br>Net income/(expenditure) for the year<br>Investment income received<br>Net (gains)/losses on investments<br>Depreciation of tangible assets<br>Impairment of fixed assets<br>(Increase)/decrease in stock<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>**Net cash flow from operating activities**<br>Investment income received<br>Purchase of investments<br>Cash released from sale of investments<br>(Increase)/decrease in short term deposits<br>**Net cash flow from investments**|**2025**<br>_2024_<br>**_£_**<br>_£_<br>**167,478**<br>(771,526)<br>**(140,143)**<br>839,937<br>**-**<br>**-**<br>**(10,050)**<br>**(15,600)**|
|---|---|
||**(150,193)**<br>**824,337**<br>**17,285**<br>_52,810_<br>**85,988**<br>_33,178_|
||**103,274**<br>_85,988_|
||**102,367**<br>_84,531_<br>**907**<br>_1,457_|
||**103,274**<br>_85,988_|
||**56,538**<br>_(428,342)_<br>**(96,633)**<br>_(115,713)_<br>**(38,944)**<br>_(300,471)_<br>**85,961**<br>_89,683_<br>**150,000**<br>_-_<br>**(7,269)**<br>_(8,774)_<br>**22,345**<br>_(18,621)_<br>**(4,520)**<br>_10,712_|
||**167,478**<br>_(771,526)_|
||**96,633**<br>_115,713_<br>**(2,232,690)**<br>_(1,854,449)_<br>**1,996,958**<br>_2,757,353_<br>**(1,044)**<br>_(178,680)_|
||**(140,143)**<br>_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** 

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



## **3 Charitable activities** 

|_Charitable activities_<br>Service level agreements<br>Low vision assessments<br>Service user activities<br>Access to work support|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**117,277**<br>**-**<br>**-**<br>**-**<br>**117,277**<br>93,198<br>**5,829**<br>**-**<br>**-**<br>**-**<br>**5,829**<br>9,422<br>**29,872**<br>**-**<br>**-**<br>**-**<br>**29,872**<br>19,586<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>1,960|
||**152,978**<br>**-**<br>**-**<br>**-**<br>**152,978**<br>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_<br>Office rental income<br>Bungalows rental income<br>Hiring of social rooms<br>Visual awareness training<br>Other trading income<br>Galloway's Enterprises - Café sales|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**103,963**<br>**-**<br>**-**<br>**-**<br>**103,963**<br>60,735<br>**41,972**<br>**-**<br>**-**<br>**-**<br>**41,972**<br>33,303<br>**34,079**<br>**-**<br>**-**<br>**-**<br>**34,079**<br>31,181<br>**4,720**<br>**-**<br>**-**<br>**-**<br>**4,720**<br>4,622<br>**6,457**<br>**-**<br>**-**<br>**-**<br>**6,457**<br>8,010<br>**126,711**<br>**-**<br>**-**<br>**-**<br>**126,711**<br>134,068|
||**317,902**<br>**-**<br>**-**<br>**-**<br>**317,902**<br>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_<br>Fundraising events and activities<br>Corporate and community fundraising<br>Lotteries and raffles<br>Merchandise|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**46,308**<br>-<br>-<br>-<br>**46,308**<br>49,927<br>**58,711**<br>-<br>-<br>-<br>**58,711**<br>27,832<br>**34,485**<br>-<br>-<br>-<br>**34,485**<br>24,654<br>**300**<br>-<br>-<br>-<br>**300**<br>4,025|
||**139,804**<br>**-**<br>**-**<br>**-**<br>**139,804**<br>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_<br>Dividends and interest<br>Interest - deposits|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**96,633**<br>**-**<br>**-**<br>**-**<br>**96,633**<br>114,249<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>1,464|
||**96,633**<br>**-**<br>**-**<br>**-**<br>**96,633**<br>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<br>Social security costs<br>DC pension costs|**Fundraising**<br>**and comms**<br>**£**<br>**112,350**<br>**9,907**<br>**2,563**<br>**124,820**|**Delivery of**<br>**services**<br>**£**|**Café**<br>**£**<br>**68,129**<br>**3,308**<br>**1,675**<br>**73,112**|**Governance**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**|**Total 2025**<br>**£**<br>**789,589**<br>**71,495**<br>**25,888**|
|---|---|---|---|---|---|
|||**609,110**||||
|||**58,280**||||
|||**21,650**||||
|||**689,040**|||**886,972**|



|Wages and salaries<br>Social security costs<br>DC pension costs|**Fundraising**<br>**and comms**<br>**£**<br>**114,971**<br>**9,918**<br>**3,018**<br>**127,907**|**Delivery of**<br>**services**<br>**£**|**Café**<br>**£**<br>**82,454**<br>**2,286**<br>**1,573**<br>**86,313**|**Governance**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**|**Total 2024**<br>**£**<br>**720,331**<br>**62,450**<br>**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<br>Charitable activities – delivery of services<br>Café<br>Governance<br>Galloway’s Enterprises Limited|**2025**<br>**Number**|**2025**<br>**FTE**|2024<br>Number|2024<br>FTE<br>8<br>20<br>-<br>8<br>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<br>Social security costs<br>Pension costs|**2025**<br>**£**|2024<br>£<br>**140,333**<br>**15,403**<br>**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**<br>_Charitable activities_<br>Staff costs<br>Café<br>Service user activities<br>Property costs<br>Insurances<br>Office administration<br>Repairs and maintenance<br>Motor expenses<br>Other staff and volunteer costs<br>Promotional and publications expenditure<br>Legal and professional fees<br>Depreciation<br>Other costs of charitable activities<br>Governance costs<br>**Charity**<br>_Charitable activities_<br>Staff costs<br>Service user activities<br>Property costs<br>Insurances<br>Office administration<br>Repairs and maintenance<br>Motor expenses<br>Other staff and volunteer costs<br>Promotional and publications expenditure<br>Legal and professional fees<br>Depreciation<br>Other costs of charitable activities<br>Governance costs|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**729,662**<br>_-_<br>**60,324**<br>_-_<br>**789,986**<br>908,922<br>**8,242**<br>_-_<br>_-_<br>_-_<br>**8,242**<br>10,729<br>**23,911**<br>_-_<br>_-_<br>_-_<br>**23,911**<br>46,884<br>**68,206**<br>_-_<br>_-_<br>_-_<br>**68,206**<br>96,035<br>**20,712**<br>_-_<br>_-_<br>_-_<br>**20,712**<br>16,583<br>**37,194**<br>_-_<br>_-_<br>_-_<br>**37,194**<br>40,249<br>**103,258**<br>_-_<br>_-_<br>_-_<br>**103,258**<br>106,893<br>**10,734**<br>_-_<br>_-_<br>_-_<br>**10,734**<br>14,655<br>**16,433**<br>_-_<br>_-_<br>_-_<br>**16,433**<br>19,459<br>**8,201**<br>_-_<br>_-_<br>_-_<br>**8,201**<br>7,393<br>**17,495**<br>_-_<br>_-_<br>_-_<br>**17,495**<br>38,251<br>**63,535**<br>_-_<br>**8,700**<br>**13,726**<br>**85,961**<br>89,683<br>**1,041**<br>_-_<br>_-_<br>_-_<br>**1,041**<br>1,099<br>**20,751**<br>**-**<br>**-**<br>**-**<br>**20,751**<br>26,033|
||**1,129,375**<br>**-**<br>**69,024**<br>**13,726**<br>**1,212,125**<br>1,422,868|
||**Unrestricted**<br>**Investment**<br>**Restricted**<br>**Endowment**<br>**2025**<br>**2024**|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**656,550**<br>_-_<br>**60,324**<br>_-_<br>**716,874**<br>825,931<br>**23,911**<br>_-_<br>_-_<br>_-_<br>**23,911**<br>40,289<br>**68,206**<br>_-_<br>_-_<br>_-_<br>**68,206**<br>104,944<br>**20,712**<br>_-_<br>_-_<br>_-_<br>**20,712**<br>15,655<br>**37,194**<br>_-_<br>_-_<br>_-_<br>**37,194**<br>51,402<br>**103,258**<br>_-_<br>_-_<br>_-_<br>**103,258**<br>95,015<br>**10,734**<br>_-_<br>_-_<br>_-_<br>**10,734**<br>16,701<br>**16,433**<br>_-_<br>**-**<br>_-_<br>**16,433**<br>23,267<br>**8,201**<br>_-_<br>_-_<br>_-_<br>**8,201**<br>1,415<br>**17,495**<br>_-_<br>_-_<br>_-_<br>**17,495**<br>24,132<br>**62,791**<br>_-_<br>**8,700**<br>**13,726**<br>**85,217**<br>86,363<br>**1,041**<br>_-_<br>_-_<br>_-_<br>**1,041**<br>705<br>**20,751**<br>**-**<br>**-**<br>**-**<br>**20,751**<br>12,181|
||**1,047,277**<br>**-**<br>**69,024**<br>**13,726**<br>**1,130,027**<br>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**<br>_Raising funds_<br>Staff costs<br>Grant funded activities<br>Fundraising events and activities<br>Promotional and publication expenses<br>Other staff and volunteer costs<br>Office administration<br>Galloway's Enterprises - Café purchases|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**124,821**<br>**-**<br>**-**<br>**-**<br>**124,821**<br>92,103<br>**12,658**<br>**-**<br>**-**<br>**-**<br>**12,658**<br>15,797<br>**24,279**<br>**-**<br>**-**<br>**-**<br>**24,279**<br>66,913<br>**930**<br>**-**<br>**-**<br>**-**<br>**930**<br>7,948<br>**9,095**<br>**-**<br>**-**<br>**-**<br>**9,095**<br>3,401<br>**15,520**<br>**-**<br>**-**<br>**-**<br>**15,520**<br>9,759<br>**30,598**<br>**-**<br>**-**<br>**-**<br>**30,598**<br>42,089|
||**217,901**<br>**-**<br>**-**<br>**-**<br>**217,901**<br>238,010|



|**Charity**<br>_Raising funds_<br>Staff costs<br>Grant funded activities<br>Fundraising events and activities<br>Promotional and publication expenses<br>Other staff and volunteer costs<br>Office administration<br>Other costs of raising funds|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**124,821**<br>**-**<br>**-**<br>**-**<br>**124,821**<br>92,103<br>**12,658**<br>**-**<br>**-**<br>**-**<br>**12,658**<br>15,797<br>**24,279**<br>**-**<br>**-**<br>**-**<br>**24,279**<br>66,913<br>**930**<br>**-**<br>**-**<br>**-**<br>**930**<br>7,948<br>**9,095**<br>**-**<br>**-**<br>**-**<br>**9,095**<br>3,401<br>**15,520**<br>**-**<br>**-**<br>**-**<br>**15,520**<br>9,759<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>-|
||**187,303**<br>**-**<br>**-**<br>**-**<br>**187,303**<br>195,921|



## **10 Other Gains/Losses** 

|_Other gains/(losses)_<br>Impairment of fixed assets<br>_Other gains/(losses)_<br>Impairment of fixed assets|**Unrestricted**<br>**Investment**<br>**Restricted**<br>**Endowment**<br>**2025**<br>2024|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>**150,000**<br>**-**<br>**-**<br>**-**<br>**150,000**<br>-|
||**150,000**<br>**-**<br>**-**<br>**-**<br>**150,000**<br>-|
||**Unrestricted**<br>**Investment**<br>**Restricted**<br>**Endowment**<br>**2025**<br>2024|
||**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>**150,000**<br>**-**<br>**-**<br>**-**<br>**150,000**<br>-|
||**150,000**<br>**-**<br>**-**<br>**-**<br>**150,000**<br>-|



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<br>Cost of sales<br>Administrative expenses<br>Interest payable<br>Profit/(loss) for the year<br>Charitable donations to the Society<br>Other operating income<br>Retained profit/(loss) for the year<br>Fixed assets<br>Current assets<br>Current liabilities<br>Net assets/(liabilities)<br>Ordinary share capital<br>Profit and loss account|**Lancashire**<br>**Vision**<br>**Services Ltd**<br>**Galloway's**<br>**Enterprises**<br>**Ltd**<br>**Lancashire**<br>**Vision**<br>**Services Ltd**<br>**Galloway's**<br>**Enterprises**<br>**Ltd**<br>**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>-<br>119,729<br>-<br>134,068<br>-<br>(30,598)<br>-<br>(41,200)<br>-<br>(76,720)<br>-<br>(85,213)<br>-<br>-<br>-<br>-|
||-<br>12,411<br>-<br>7,655<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
||-<br>12,411<br>-<br>7,655|
||-<br>2,045<br>-<br>2,760<br>-<br>4,554<br>-<br>8,019<br>-<br>(77,319)<br>-<br>(95,515)|
||-<br>(70,720)<br>-<br>(84,736)|
||-<br>100<br>-<br>100<br>-<br>(70,820)<br>-<br>(84,864)|
||-<br>(70,720)<br>-<br>(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**<br>As at 31 March 2024<br>Additions<br>Disposals<br>Impairment<br>As at 31 March 2025<br>**Depreciation and impairment**<br>As at 31 March 2024<br>Charge for the year<br>Eliminated on disposal<br>As at 31 March 2024<br>**Net book value**<br>As at 31 March 2024<br>As at 31 March 2025<br>**Charity**<br>**Cost or deemed cost**<br>As at 31 March 2024<br>Additions<br>Disposals<br>Impairment<br>As at 31 March 2025<br>**Depreciation and impairment**<br>As at 31 March 2024<br>Charge for the year<br>Eliminated on disposal<br>As at 31 March 2025<br>**Net book value**<br>As at 31 March 2024<br>As at 31 March 2025|**Freehold**<br>**land and**<br>**buildings**<br>**Fixtures and**<br>**equipment**<br>**Motor**<br>**vehicles**<br>**Total**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>4,055,597<br>191,608<br>102,605<br>4,349,810<br>-<br>10,050<br>-<br>10,050<br>-<br>-<br>(48,275)<br>(48,275)<br>(150,000)<br>-<br>-<br>(150,000)|
||3,905,597<br>201,658<br>54,330<br>4,161,585|
||1,194,144<br>175,620<br>91,280<br>1,461,044<br>75,878<br>5,889<br>4,194<br>85,961<br>-<br>-<br>(48,275)<br>(48,275)|
||1,270,022<br>181,509<br>47,199<br>1,498,730|
|||
||2,635,575<br>20,149<br>7,131<br>2,662,855|
|||
||2,861,453<br>15,959<br>11,325<br>2,888,737|
||_-_<br>**Freehold**<br>**land and**<br>**buildings**<br>**Fixtures and**<br>**equipment**<br>**Motor**<br>**vehicles**<br>**Total**|
||**£**<br>**£**<br>**£**<br>**£**<br>4,055,597<br>182,074<br>102,605<br>4,340,276<br>-<br>10,050<br>-<br>10,050<br>-<br>-<br>(48,275)<br>(48,275)<br>(150,000)<br>-<br>-<br>(150,000)|
||3,905,597<br>192,124<br>54,330<br>4,152,051|
||1,194,144<br>168,875<br>91,280<br>1,454,299<br>75,878<br>5,145<br>4,194<br>85,217<br>-<br>-<br>(48,275)<br>(48,275)|
||1,270,022<br>174,020<br>47,199<br>1,491,241|
|||
||2,635,575<br>18,104<br>7,131<br>2,660,810|
|||
||2,861,453<br>13,199<br>11,325<br>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<br>Additions at cost<br>Disposals at carrying value<br>Gains/(losses)<br>Movement in temporary deposit<br>Market value at 31 March 2024<br>_Check_<br>Investment in subsidiary - LVS<br>Investment in subsidiary - GEL<br>Total fixed asset investments<br>Investments comprise:<br>Collectives<br>Equities<br>Fixed interest securities<br>Cash|**Listed**<br>**investments**<br>**Cash held**<br>**investment**<br>**porfolio**<br>**2025**<br>**2024**||
||**£**<br>**£**<br>**£**<br>**£**<br>4,372,336<br>260,550<br>4,632,886<br>5,056,629<br>2,064,952<br>167,738<br>2,232,690<br>1,854,449<br>(1,996,958)<br>-<br>(1,996,958)<br>(2,757,353)<br>38,944<br>-<br>38,944<br>300,469<br>-<br>1,056<br>1,056<br>178,692||
||4,479,274<br>429,344|4,908,618<br>4,632,886|
||_(0)_<br>_0_<br>200<br>200<br>-<br>-<br>4,908,818<br>4,633,086<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**Cost**<br>**MV**<br>**Cost**<br>**MV**|200<br>200<br>-<br>-|
|||4,908,818<br>4,633,086|
||**£**<br>**£**<br>**£**<br>**£**<br>1,060,499<br>1,084,358<br>450,643<br>398,936<br>2,361,958<br>2,636,463<br>2,972,132<br>3,310,835<br>635,823<br>633,657<br>682,496<br>661,174<br>547,268<br>554,140<br>58,029<br>261,941||
||4,605,548<br>4,908,618<br>4,163,300<br>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<br>Net unrealised gains/(losses) in the year|**2025**<br>**2024**<br>**£**<br>**£**<br>35,898<br>13,552<br>3,046<br>286,918|
|---|---|
||38,944<br>300,470|



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

|**13 Debtors**||
|---|---|
|_Debtors_<br>Trade debtors<br>Amounts due from group undertakings<br>Prepayments & accrued income|**Group**<br>**Charity**<br>**Group**<br>**Charity**<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**46,363**<br>**44,573**<br>29,661<br>29,661<br>**-**<br>**66,975**<br>-<br>85,236<br>**16,267**<br>**16,267**<br>55,356<br>55,356|
||**62,630**<br>**127,815**<br>85,017<br>170,253|
|**14 Creditors: amounts falling due within one year**||
|_Creditors< 1 year_<br>Trade creditors<br>Accruals and deferred income<br>Other creditors<br>Taxation and social security<br>Amounts owed to group undertakings|**Group**<br>**Charity**<br>**Group**<br>**Charity**<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**20,139**<br>**17,233**<br>58,152<br>49,673<br>**98,424**<br>**96,414**<br>60,256<br>58,456<br>**3,852**<br>**3,852**<br>9,436<br>9,436<br>**21,633**<br>**16,205**<br>20,725<br>20,725<br>**-**<br>**13,787**<br>-<br>13,787|
||**144,048**<br>**147,491**<br>148,569<br>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<br>Amounts released in the year<br>Amounts deferred at the year end<br>Balance carried forward|**2025**<br>**2024**|
|---|---|
||**£**<br>**£**<br>**61,997**<br>58,355<br>**(61,997)**<br>(51,071)<br>**98,424**<br>54,713|
||**98,424**<br>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**<br>**Designated funds**<br>Assets in use by charity<br>_Check line (should be nil)_<br>**Total unrestricted funds**<br>**Investment funds**<br>Investment fund<br>**Endowment funds**<br>Howick House property<br>**Restricted funds**<br>Howick Court bungalows<br>Other restricted funds<br>**Total funds**|**Balance 1**<br>**April 2024**<br>**Income**<br>**Expenditure**<br>**Other gains**<br>**and losses**<br>**Transfers**<br>**Balance at 31**<br>**March 2025**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>442,002<br>1,562,622<br>(1,309,067)<br>(150,000)<br>150,000<br>**695,557**|
|---|---|
||1,701,772<br>-<br>(63,535)<br>-<br>(150,000)<br>**1,488,237**|
||1,701,772<br>-<br>(63,535)<br>-<br>(150,000)<br>**1,488,237**|
||2,143,774<br>1,562,622<br>(1,372,602)<br>(150,000)<br>-<br>**2,183,794**|
||4,266,677<br>-<br>-<br>38,944<br>-<br>**4,305,621**|
||741,786<br>-<br>(13,726)<br>-<br>-<br>**728,060**|
||403,125<br>-<br>(8,700)<br>-<br>-<br>**394,425**<br>-<br>60,324<br>(60,324)<br>-<br>-<br>**-**|
||403,125<br>60,324<br>(69,024)<br>-<br>-<br>**394,425**|
||7,555,362<br>1,622,946<br>(1,455,352)<br>(111,056)<br>-<br>**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<br>Investments<br>Current assets/liabilities<br>Pension provision|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**Total**|
||**£**<br>**£**<br>**£**<br>**£**<br>**1,510,068**<br>**411,000**<br>**741,787**<br>**2,662,855**<br>**639,178**<br>**4,269,442**<br>**4,908,618**<br>**34,548**<br>**36,181**<br>**(16,575)**<br>**(13,728)**<br>**40,426**<br>**-**<br>**-**|
||**2,183,794**<br>**4,305,621**<br>**394,425**<br>**728,060**<br>**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**<br>General fund<br>**Designated funds**<br>Assets in use by charity<br>_Check line (should be nil)_<br>**Total unrestricted funds**<br>**Investment funds**<br>Investment fund<br>**Endowment funds**<br>Howick House property<br>**Restricted funds**<br>Howick Court bungalows<br>Other restricted funds<br>**Total funds**|**Balance at 1**<br>**April 2024**<br>**Income**<br>**Expenditure**<br>**Other gains**<br>**and losses**<br>**Transfers**<br>**Balance at 31**<br>**March 2025**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>507,034<br>1,435,911<br>(1,197,115)<br>(150,000)<br>150,000<br>**745,830**|
|---|---|
||1,707,696<br>-<br>(62,791)<br>-<br>(150,000)<br>**1,494,905**|
||1,707,696<br>-<br>(62,791)<br>-<br>(150,000)<br>**1,494,905**|
||2,214,730<br>1,435,911<br>(1,259,906)<br>(150,000)<br>-<br>**2,240,735**|
||4,266,868<br>-<br>-<br>38,944<br>**4,305,812**|
||741,786<br>-<br>(13,726)<br>-<br>-<br>**728,060**|
||403,125<br>-<br>(8,700)<br>-<br>-<br>**394,425**<br>-<br>60,324<br>(60,324)<br>-<br>-<br>**-**|
||403,125<br>60,324<br>(69,024)<br>-<br>-<br>**394,425**|
||7,626,509<br>1,496,235<br>(1,342,656)<br>(111,056)<br>-<br>**7,669,032**|
|||



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

|Tangible fixed assets<br>Investments<br>Current assets/liabilities<br>Pension provision|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**Total**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**1,521,750**<br>**411,000**<br>**728,060**<br>**2,660,810**<br>**611,706**<br>**4,297,112**<br>**-**<br>**-**<br>**4,908,818**<br>**107,279**<br>**8,700**<br>**(16,575)**<br>**-**<br>**99,404**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|
||**2,240,735**<br>**4,305,812**<br>**394,425**<br>**728,060**<br>**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**<br>**Designated funds**<br>Assets in use by charity<br>Southport Macular Group<br>Morecambe Bay Walk recovery fund<br>Property refurbishment fund<br>_Check line (should be nil)_<br>**Total unrestricted funds**<br>**Investment funds**<br>Investment fund<br>**Endowment funds**<br>Howick House property<br>**Restricted funds**<br>Howick Court bungalows<br>Southport Blind Aid Society<br>L&D Talking Newspaper<br>Eric Wright grant fund<br>Other restricted funds<br>_Check line (should be nil)_<br>**Total funds**|**Balance 1**<br>**April 2023**<br>**Income**<br>**Expenditure**<br>**Other gains**<br>**and losses**<br>**Transfers**<br>**Balance at 31**<br>**March 2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>408,314<br>872,151<br>(1,511,281)<br>-<br>672,818<br>**442,002**|
|---|---|
||1,769,029<br>-<br>(67,257)<br>-<br>-<br>**1,701,772**<br>2,029<br>-<br>-<br>-<br>(2,029)<br>**-**<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>-<br>**-**<br>_-_<br>_-_<br>_-_<br>_-_<br>-<br>**_-_**|
||1,771,058<br>-<br>(67,257)<br>-<br>(2,029)<br>**1,701,772**|
||2,179,372<br>872,151<br>(1,578,538)<br>-<br>670,789<br>**2,143,774**|
||4,636,984<br>-<br>-<br>300,470<br>(670,789)<br>**4,266,677**|
||755,513<br>-<br>(13,726)<br>-<br>-<br>**741,786**|
||411,825<br>-<br>(8,700)<br>-<br>-<br>**403,125**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>84,831<br>(84,831)<br>-<br>-<br>**-**<br>_-_<br>_-_<br>_-_<br>_-_<br>-<br>**_-_**|
||411,825<br>84,831<br>(93,531)<br>-<br>-<br>**403,125**|
||7,983,694<br>956,982<br>(1,685,795)<br>300,470<br>-<br>**7,555,362**|



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

|Tangible fixed assets<br>Investments<br>Current assets/liabilities<br>Pension provision|**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**Total**|
|---|---|
||**£**<br>**£**<br>**£**<br>**£**<br>**1,735,950**<br>**411,000**<br>**741,787**<br>**2,888,737**<br>**366,211**<br>**4,266,677**<br>**4,632,886**<br>**41,613**<br>**(7,875)**<br>**33,738**<br>**-**<br>**-**|
||**2,143,774**<br>**4,266,677**<br>**403,125**<br>**741,787**<br>**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 -----**<br>
Balance at 1  Other gains  Balance at 31<br>April 2023 Income Expenditure and losses Transfers March 2024<br>£ £ £ £ £ £<br>Unrestricted funds<br>   General fund 484,756  738,083  (1,388,623) -  672,818  507,034<br>Designated funds<br>   Assets in use by charity 1,770,309  -  (62,613) -  -  1,707,696<br>   Southport Macular Group 2,029  -  -  -  (2,029) -<br>   Morecambe Bay Walk recovery fund -  -  -  -  -<br>**----- End of picture text -----**<br>


|Morecambe Bay Walk recovery fund|-<br>-<br>-<br>-<br>**-**|
|---|---|
|Property refurbishment fund<br>_Check line (should be nil)_<br>**Total unrestricted funds**<br>**Investment funds**<br>Investment fund<br>**Endowment funds**<br>Howick House property<br>**Restricted funds**<br>Howick Court bungalows<br>Southport Blind Aid Society<br>L&D Talking Newspaper<br>Eric Wright grant fund<br>Other restricted funds<br>_Check line (should be nil)_<br>**Total funds**|-<br>-<br>-<br>-<br>**-**<br>_-_<br>_-_<br>_-_<br>-<br>**_-_**|
||1,772,338<br>-<br>(62,613)<br>-<br>(2,029)<br>**1,707,696**|
||2,257,094<br>738,083<br>(1,451,236)<br>-<br>670,789<br>**2,214,730**|
||4,637,184<br>-<br>-<br>300,470<br>(670,789)<br>**4,266,868**|
||755,512<br>-<br>(13,726)<br>-<br>-<br>**741,786**|
||411,825<br>-<br>(8,700)<br>-<br>-<br>**403,125**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>84,831<br>(84,831)<br>-<br>-<br>**-**<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>**_-_**|
||411,825<br>84,831<br>(93,531)<br>-<br>-<br>**403,125**|
||8,061,615<br>822,914<br>(1,558,493)<br>300,470<br>-<br>**7,626,509**|
|**16 d) ii) Analysis of net assets between funds– charity (prior year)**<br>**Unrestricted**<br>**Funds**<br>**Investment**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>Tangible fixed assets<br>**1,733,191**<br>**411,000**<br>**741,786**<br>**2,885,977**<br>Investments<br>**366,218**<br>**4,266,868**<br>**-**<br>**-**<br>**4,633,086**<br>Current assets/liabilities<br>**115,321**<br>**-**<br>**(7,875)**<br>**-**<br>**107,446**<br>Pension provision<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**2,214,730**<br>**4,266,868**<br>**403,125**<br>**741,786**<br>**7,626,509**||
|Tangible fixed assets<br>Investments<br>Current assets/liabilities<br>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<br>Later than one year and not later than five years<br>Later than five years<br>**Total commitment up to the end of the lease**|**2025**<br>**£**<br>**5,880**<br>**1,168**<br>**-**<br>**7,048**|**2024**<br>**£**<br>**3,374**<br>**2,785**<br>**-**|
|---|---|---|
|||**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