Charity regislr8lion numbei 526090
THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
LEGAL AND ADMINISTRATIVE INFORMATION
Palron
Formerfy Her Majesty Ih6 Queen
President
Mlss J Woosey
Vl¢& Pr•sld•nts
Col M Amlot 08E OStJ DL FRSA
Dr D Wilhey MA PhD FRSA
Treasurèr
Mr M Rogers Irèsigned 25 April 20221
Ttvst•es
Col M Amlol OBE OSIJ DL FRSA
HHJ G E Morrow QC
MrAPerry FRICS C.Eng M.1. Mech
Mr B Lawlor LL.B
Dr D Wllhey MA PhD FRSA
Mrs S l George LL.8 M.Phil
Dr S Winchester klBCh.B Dubs RCOG MFCH
Miss J Woosey
Miss M MacCo3s Bsc, PGCE
Prof. Emerilus B Longdeh BSC. PEE, MSC. Ed
Ms H Casstles
Mr G Sinden
IAppoinled 15 Decernber 20221
Charity number
526090
Prlnclpal addrèss &
S¢hg01 and
Admlnlstrallon offlc•
Church Road North
Wavertree
Liverpool
L156TQ
Tel&phone.' 0151733 1012
Fax: 0151733 1703
Email.. karen.bibby@rsblind.co.uk
Website.. htlp:Ilww.rsblind.org
Audltor
BWM
Tempest
Suile 5.1
12 Tilhebam Street
Liverpool
L2 2DT
Bankers
HSBC 88nk PLC
99-101 Lord Street
Liverpool
L2 6PG

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
LEGAL AND ADMINISTRATIVE INFORMATION
Solleltors
P Bramhall and Associates
Head of Central Servl¢g$
Mrs K Bibby
Consulting Insurance
Brokers
Grifflths & ArrvKJur Flnancial
Investment adviso
Inve51ec Weallh and Investment
Archite¢t ond Surv$yor
Nightinoale AssociÈles

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
CONTENTS
Pagfj
Trustees. report
Slatement ol IrtJ81ees' re8ponsibililies
Independenl auditor's repotl
10-12
Slalemenl ol finanoal aclSvllies
13- 14
Balance she81
15
Statement ol cash flows
16
Notes to the financlal sl3temenls
17-30

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
The trustees (also known as the Commillee ol Managemenll present their report and accounts of the Royal
Schotsl foi Ihe Blind, LSvetpool la registered charity no.. 5260901 for Ihe year ended 31 August 2022.
The financial statements have been PTepared in accordance with the accounting poli¢ies sel ovl nolè 1 lo the
rinancial slalements and comply with the charivs governing document, the Charities Act 2011 and 'Accounling
and Reporting by Ch8rities'. Statement ol Recommended Practice applicable to charities prepaTing Iheir accoun15
in accordanc8 Wlth th8 Fin3nclal Reporting Slandard spplicable in th8 UK and Republic of Iteland IFRS 1021. las
amended for 8ccounlin9 periods commencing from 1 J8nuary 20191.
ObJ6ctlves and actlvltles
The Charily's prime objective was $Èt out in ils governing documenl, under an a¢1 of Parliam8nl in 1829, to
6Stablish and gtsV8Tn aTI institulion in Liverpool 'the school for the indigenl blind al LNerpool" Originally created
in 1791 lo support the Instructiori and employment of around one hundred blind persons in several Irades and
manufacture lo relieve 'lhe sliess and misery caused by their affliction.. Over time th£ "school. has evolved and
adapted lo Ihe changing nalvre of visual impairment while relaining its locus on education and c2re.
The Charlty's main fole continues to be lo provide education and care of the highesl quality lor muNiple disabled,
visually impaiied ytsung people. To deliver these activllles, Ihe charlty operales a school, nursery, residential care
and support lo young èdulls from its premises in Liverpool. It supports vlsually Impaired children and young
8dulls, often with addition81 complex, physical and learning difficutties, by-.
promoting the spiritual, mor81. cultural. inlelleclual, soc¢al and phy$i¢al developmenl of the pupils and
young adults al the School and Rvshton Futures.
preparing pupils and young adulls for the opportunllies, responslbilities and experiences of adv51 life.
encour8ging the development ctrf independence. comrnunlGation ond mobillty.
To deliver these objectives, the ¢harlly has had to respond lo the changing 18ndscap8 in which 11 operales
responding lo government policy, changing legislation and the needs of its pupils and servic& users without
compromising Ihe prolessional skills o15peclalist staff.
In recent years, under the dlredion ol ils serblor leadershlp team. the number of pupils in the school h8$
increased as th8 school has worked in close partnershlp with Local Aulhorilles, adapting lo the changing needs
ol ils pupils and service users, to provide a compbt8 support environment. Alongside Ihls, a need to support our
school leavers was recognised and Rushton Futures was es18blished for those aged 19 plus who wished lo
atlend a structured adult day service. By rèsponding to these challenges in a proactive and llgxible manner the
Charity is able to develop a progf8mm8 of life care from nursery to adulthood through a seamle88 SUPPOrt
prtsyfamme.
During this period of growth and change, the Charity's Ilnbnci81 resources have been applied lo develop beller
ways of wwkin9 and deliv8ring improvernenls lo ils prOTnlses Liverpotsl. The successful development ol
nursery lacililies, increased pupil numbers and a structUTed adutt day 5&rvice has been possible by using the
core Tesource In innovalive ways to support its pupil and young adulls. Howèvèr. conllnuÉd gr0￿h means that
th8 Trustees need lo consider Ihe rèlevance of its existing buildings to 8nsure they rernain fit for pulpose.
The Truslees believe Ihal wllhin the conlexl of the Charity's Iwfrhundred-year history, the original objèctlve has
had lo evolve to alluw for flexlbllily in the Charity's service delivery. This is judged to be an acceptable response
to rneèt the ehanging nature of Ihe educalitsnal needs and care of ils pupils and young adults while keeping true
lo the Charity's fo¢us on supportlng those wtth visual itnpaiTment.

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
The Charity provides educalion and care ol the highesl qualily lor rnulliple disabled, visually Impaired young
people IMDVII whilst valuing them and Ihe staff. a8 individuals.
In addition Its their visual Impairment, the pupils and young adults may have profound leaming dillieullies,
physic81 and mèdical needs or challenging behavlour. Their needs are mel by providing each child or young adult
wlth Individual educat￿Th and care plans as appropriate, in order lo devèlop them as individuals.
The Charity's success is measured by the continu?d referral of pupil$ and young adults lo the Charily by Local
Aulhorities and Social Services. high grade Ofsled reports and p051tive feedback from families, pupils, young
adults. Local Authorllies, partner org8nisalions, donor5 and fundralsers.
The Truste85 have recognlsed that the 8xlsting premises provide limited ¢8￿city and fvnclonalily to mèèt the
neèds ol the children and adults for whom it provides edu¢atiOT) and care. The success of bolh the school and
Rushlon Futures in attractin9 new pupils and seNice vsers means that the current premlstrs are no longer fil for
purpose and options have been considere(I lo revlew the current provislon. This has led lo and determination lo
redevelop the current building extensively and lo construct a PLirpose built adult faeillly.
The fvIuTe fundlny fiamework lor the CharSty's key pariners Is uncertain as Local Authorities cont'nue to review
their lundlng sources and m8n8ge demand for education an(S social care provi5vn. By tn8inlaining close
working rtrlationships wilh key partners, 11 Is hoped Ihal Ihe benefits delivered by the Charily lo pupils and young
adults alike will continue long into the future.
Achievements and performance
The Royal School lor the Blind Charity continues to invest highly across the school site and resource base. This
ensures the continuity oy safèty and high-qU81ity provision for the RSB community. Thère is a substanlial
maintenance rota planned by Ihe Cenlial Service and sile tèam lo ensure The Charity is compliant with Health
and Safely legislation. fire safely requirements and compliant with Disability Access regulations. There has boèn
significant investment in security around thè sile with external lighting and a drollér logging In and oul syslem in
piace acros$ both school Ènd residential.
This investment has been re¢ognSs8d and, alongside the hard work 8nd dedication ol Ihg whole team, Ihe school
achieved an OLJlstanding grade In its mosl recent OFSTED inspections in November 2021. The report slates the
'high-quallty education,, 'high èxpectations,, 'pupils feeling highly valued. and its 'lirsl rale SUPPtrTI' lo name a few.
The Charity has investÈd hSghly In ils Tesidenlial provision lo meet the stsndards as s81 out in the socl81 ca
common inspection framework ISCCIFI and il achieved a good ratin9 in its most recent OFSTED in July 2022.
This hBs included the develtsprnenl of Biadbury HoLtse. There 8re currenlly plans in place tts develop the
residential sotting lo increase the size of Ihe living accommodation to include additional recreati(￿ areas to
support the growing number of residentialli$$pile pupils ot lh& 8chool.
Scho
The educational and rèsidential leams, continue to dfrvglop the scopè, scale an¢S locus of educalion 8nd care
throughout RSB to further enhance Ihe provision, opportunities and standaids for all our pupils. The school
ap8cily curiently slts at 81 pupils from ages 2-19 y&8rs with a potenti81 of 90 by Ihe start of the new 3c£demic
year. All of Ihe children at RSB h8ve a visual impairrnenl ranging from some functional vision through lo none
and Ihey all have additional nèeds. The school w511 be al capae*ly Irorn September 2023.
A locus on provlding early intervention through the enhancement and inveslmÈnt in the school's EYFS provision
has creat8d strong relalion5hips with both parents and the wider community and onhanced the Tepulalion ol the
school as a centre ol excellence, which now has a wailing list lor places. Thè nvrsery has erisured many chlldren
are assessed in a lim61y manner and helped lo secure p18ces in school Irom mainstr8am, lo olhei speiaal
schoops and here èt RSB. A numb8¥ ol these plac¢men18 at RSB h8v& come Ihrough successful tribun81s or
appeals supported by the school.

THE ROYAL SCHOOL FOR THE BLIND CHARITII LIVERPOOL
TRUSTEES, REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
Aelivilies
nlinued
The Head of School conlinues lo work to develop ITusling partnerships with local authorities 8UOSS the
Northwesl of England and fyrther afield. The success of this approach has again been reflected the external
assessments made by visiting commissioners, Head Teachers and OSFSTED. This now includes an
Independenl School Heads Group which meets lerrnly to support and discuss developments Bcross the sector
and shar& good practice.
RSB has a strong working partnership with Liverpool HOPE University involving a wide r8nge ol stud&nt
placemenls taking place al the school. The Hoad ol School lecture5 on these courses Iwice per year. The Head
of School is also part ol Ihe partnership oommiltee which meets lem)ly and was invited lo lake part in the most
recent inspection Èt the university.
Partnerships continue lo develop lo include tsur parenls and carers. whom we are committed to supporting and
worklng closely to achieve the best lor Ihelr chikl. Recently we have appointed two new parenl governors who
have Joined our governing body and are sharing their experiences and showing svpport lor our families. They
have supported wlth paperwork and legis181ive and legal advice for some of our lamilies and have allended a
range of events such 85 our coffee mornSngs. BBQ and jumble sales.
Inilialives which comrneT)ced in Ihe18s1 year and Improved the quality of staff expertise included..
SO% of the current teaching slaff are QTVI tfdlned. By the end of the year, 213 01 Ihe leaching team will
be fully qualified QTVI'S with the remainder on the course, due to complele in 2024.
1 member of staff will be a fully quÈlified MSI.
Thè middle leadership slruclure has developed furtheT to include a Therapies Manager and a new
school nurse and nursing assislanl have also been appointed.
Appointment of an 8dditional SALT assistant.
New appolnlmenls wSlhin the SLT include a new Deputy Head of School wlth responsibility lor
S8feguarding and pastoral care.
All current apprenli¢es are workin9 lowards Level 3, with 2 having lully qualified within Ihe 18sI 12
months and gaining full lime employment. One at RSB and one elsewhere.
Further d8veloprnont ol Lago therapy w￿thin Ihe lher8peiilic programmè.
Appointment ol a part lim8 H8bilil8lion slatling their 2-year Habilitstion course. which will be completed
in 2024.
D8velopment ol tha In-house cover learn lo includè 2 additional cover teachers.
The much.needed developm8nl to thè sehools inlraslruclure within ICT has begLJn. enhancing the Wi-Fi and
Intranet capabilities across the Sile to ensure a blended learning approach within the school can 18ke place on
and off site. Both the school and rosidential provislons are moving towards a p8perless systern which will allow
lor (otal Iransparency in recording and rgporting and allow lor ease of Communication Irom school lo residential
3nd othor professional bodies.
The Iher8p8uli¢ Trnpul is being audited by the new Therapy Man8geT to ensure that this meets the gming pupil
popu18tion and ensiires B high quality and limety ref8rr81 pro¢ess to ensure Ihe school mèets the needs of all
pupils at both Ihe school and r6sidenlial.
The school will continuè to look lo￿ard and develop in line with thè neads and 8spiralion$ of all its gtakèholders
including local aulhorilies. This includes a focus on wellbeing and work life balance for its staff. A slaffroom
development has taken plac8 10 include a staff IraininglwoTkspace, r8cr8alion space lor breaks and knnches and
an increase In loilel lacilitifys, This has been done lo a high slandard and specificalion lo reflect lh8 valLJe the
charlty places on ils staff.

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
The completion tsf the developrnent of a librèry lo lurther enh8n¢e the literacy piovtsion al the sehool, showing
our commitment lo reading and books. This includes prtsvIs￿n for MOON and braille versions lo access lo all. A
classroomlworkroom area lo allow loi small group space for Ihe developmènt ol other initialiv8s such a5 Lego
therapy and intetventions. A small sen50ry integration room lo lurthsi enhance the therapeutic inlerventlons on
ofler for some pupils at the school. There are a number ol new SEND schools plann8d within the clly, to further
enhance provislons Dr allow lor incre8$ed capacity in mainlained schools in the borough. These have similaT or
superior lacilili$s and as a non-mainlained provislon RSB mu51 keep pa￿ to remain a firsl choice arwT)gsl such
ompetilion.
Our enharl￿d se￿iCe$, Including- the inc￿88ed days for therapists onsile,- continued dèvelopment ol the sile
and rts resources and the approaches piornotecl by the staff and partners, have placed the school al the heart ol
Ihe community il serves and has been the loundalion lor rts ¢ontinu8d success. not Iu81 In the provlsion of
èducalion and care, bul lor real bÈnÈfil to Ihe community.
ulur
Be￿een September 2021 and August 2022, Rushton Fuluies moved into a posl-covid World slowly removing
person facing reslricllons as il entered 2022. AlongS￿e oth8r He8lth and Sooial Care provlsions It was able to
appropriately remove Ihe mandatory need for face masks and this hBd a huge Impact on front-line Care.
Throughout the entire covid-pandemlc, il was able lo prolect ils vulnerable Sery1￿ users Irom serious in1￿110n$
wlth no evidence of hDSPitalisation due lo transmission on site
2022 saw the gre8lest period of slaff relenlion since the pandèmlc as Ihe seclor continues to move through
challenging pèriod of recruitment and Telention ol care staff rnembers. We have seen a stsslained peri)d of
increased 51aff morale since Ihe removal ol mandatory 18ce masks and the introduction of 8 stall wellbeing
programtne. This period t8ughl us the importance of rel8nlion and we 8re grateful for the team we have al
Rushton Fvlures, all of whom were posltlvely impacted by the NJC uplfft in 2022 in the lace of rising costs across
the UK. Although such an uplift in wages impacts oui Income we anticlp819 the Liverpool City Council 2023 uplift
will m88n Ihat our Income will not be as Severely impacted as lirsl anlicipaled.
There were no addilional transilltsns from the Royal School lor Ihe Blind during Ihls repcirting perlod. During the
reporting peiiod we supported 39 service users. Our slaffin9 learn consisle¢J 0136 with a laigèr number ol slaff
opting lor flexible working In cornparison to previous years.
All staff take part in slatulory tralning as relev8nl to their role with eight st8ff undertaking badership
8pprenliceshlp $18ndards at levels 3, 4 and 5. WE continue to ulilise Bridge Chapel 88 a secondary Iground floowl
sile which h8s 6 attendees who would be described as having complex needs and up lo eight staff. This
secondary sile offers the service incre859d safely and kne abilily to maintain suppori for those who rnighl
otherwise be pul at dsk on first Iloor Èccomrnodation. Ru5hlon Futures eontinues to 0¢h￿ve a sustainable and
surplus yea¥ on ye8r, even vAth the Èddilional renlal cost of the secondary sile. The additional income of those il
can suppot1 because ol this makes Ihe wot* of Rushton Futures finsncially stable.
Rushton Future5 has not beèn inspected by Llverpool City Councll in this reporting period, but one has been
requested. Wè have had arranged visits from the ¢ommlssi(>ning team at Livèrpool Cily counell 8$ well as the
lead for Adult services who tame to vlslt the seryice lo see Ots approach to dlgltal social carè and how il ulilises
technology lo m8inlain evidence and best practice in care and sUPPOrt.
Our adull seNice has ovlgrown Ils Snitial facilities on the first floor of the school and we await with expe¢lalion a
purpose built facility which will impact the lives ol a(Sults who are described as havlng complex negjs which Ihls
Eity desperately nfyeijs. We awail progress on the Rushlon Cenlre. This is a long ièrrn 51rategy but we are al the
early stale of archjtecl drawings of both the proposed new bullding and sile plans.
The Irusle85 have designated £6m ol ils reservès for this profftecl.

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Truslees have paid due regard lo the Charily Commission's guidance on public benefit in deciding Mthal activities
the Charity should undeTiake. Positive indlcators are found In individual pupil achièv8ment and the financial
support requlred to fund thesè aclivllies. This benefit is not just lo pupils who attend the school. or the young
adulls for whom the Charity provides social care, bul lo the lamili88, frierbds. partners, Local Authorilles and the
higher education providers wilh which (L co-operates.
Clearly, lo increase the posilive impact that the Chtrity can make to the lives ol individuals has involved some
economic risk. Aclivities heve bgen managed through effedive business planning and by Garelully Pl￿11Th9 these
dovelopments. This strategy is proving successful in attracting increased involvement ol individuals Ènd
communities across the Norih West of England.
Th6 Trustees, while pl&888d with the resulls arising Irom the growing use of the Charity's resources. are planning
to ensure it not only continues lo meet the reqvirem8nts of its key objecls but also add$ further value to the
community Ihal il serves by Ihe developmenl of a purpose buih faeilily which will enable addilion8I services lo be
offered.
Flnanclal revlew
The Charity's main financial objeclive Is to ensure sufficient funds are available to implernenl ils slrale9y
successfully and support its tsperatiorbal activities BS they continue lo grow and develop. The Trustees are
satisfied that this objective is belng mel.The flnanciAI slatemenls provide a detailed analysis ol Its Income and
ex￿ndIt￿re and balance sheet bul the following noles provide È summary of the financial resulls lor the year
ended 31 Au9usI 2022.
The Charity continuès to review and explore potential diversification opportvnities to ensure it continues lo
support the lives of the young people 85 it has done for over Iwo hundred and thlrty years and lo critical
examine its operaling b889 lo meet the changing d8m8nd for its services.
The principal sources of Income are fee income generated from its charilable a¢livilies 01 £4,382k 12021..
£4,214kl svpp16menled by donations from various benefaolors of £164k12021." £44kl and incorne genèrated by
the inveslmenl portfolio 01 £251K12021'. £225kl. Total income lor the year wa5 £4.805k12021'. £4,483kl.
Total expenditure for the year reflected the Increased cosls of teaching and svpport staff in both School an
Rushlon Futures lo suppori the rlsing Thumbers of pupils and service users as well the works undet1aken in
m8int8inlng the facilities The cosl ol providing charitable activitres rose to £5,729k 12021.. £4,438kl. W￿h the
cost ol raisin9 funds, lolal expenditure was £5,784k12021'. £4,492kl.
The nel expendiluTe for Ihg year, belore nel gains and losses on inv&strn8nt values was £978k12021'. nel Income
of £9kl which meant Ihat after the net decrease on investments of £1,105k 12021.. increase on investments ol
£1.651kl the deficil lo Ikjnds for the ye8r was £2,083k12021'. nel addition of £1,642kl. The accumvlated fund5
stood al £18,015k 85 al 31 Augusl 202212021.. £20,098kl. 01 these £6,OOOk12021.. £nill were designated by the
trustees lo the specffic project of a purposg-bullt Rushlon Centre.
The Charity's balance sheet provides an analysis the assets Illems owned by the Charilyl les8 liablllbes Iltems
owed by the Ch8rilyl to balance ils total funds and can be summarised 85 follows'.-
The Charity's fixed assets, which malnly consist ol its premlses and investment portfolio decrea5aY to £17.103k
12021.. £18,088kl. Thls reflected Ihg lair value losses in the value of the inveslmenls noted above.
The Charity's current assets consisl ol sums owed to il {deblorsl and cash al bank.. their lolal amounted to
£1.221k12021.' £2,365kl.
These current assets are reduced by creditors (amounts, mainW due lo suppliers and funding receive¢J in
8dvancel of £309k12021'. £354kl.

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Reserves Policy
The Commillee ol Mana9emenl has sel a minimum level of reserves lèvel ol between 3 and 5 years, normal
expenditure necessary to support approxirnately 85 pupils and 20 young adults. Reserves are also held for
unexpected events and in addilion lo lund capilal works such as sile redevelopmenl loi which is a growing
requiremenl. The reserves policy is reviewed annually bul currently reflects lh& tnedium-term level of uncertainly
8round ils key Income streams and Ihe dependence on IOCBI authority spending decisions.
During the yg8r ended 31 August 2022, the trustees elecled lo sel asKle £6m of rese￿eS in 8 separate
designated lund lo acknowiedge the 8nli¢ipaled costs ol the construction and fil out tsl of a purpose-buill Rushton
Cenlre.
Investment Pollcy
The Charity's Investment policy is one of overall long-term growlh with moderale rlsk 8nd wjthoul di81inction
between Income and capltal in support ol thè main finanelal objective as detailed.
This is 8Ghieved by Inv851ing prudently in a broad r8n98 01 eqLtilies 8nd fixed Interest securities quoled on
recognised investmenl exchanges logether with unit trusts and open-onded inve51menl companies aulhoris
under the Financial Selvices and Markets Act 2000.
Discretionary m8nagemenl ol Ihe investment portfolio within defined guidelines has been given lo Inv85teC, 8n
aulhorised person wlthin the rneaning ol the Financial Services and Markels Ad 2000. Th8 investment manager
provides quarler5y performance reports to, 8nd meets wilh the Committee Members, at least once per year al
which meetlng the investment policy is r84ssessed.
In recent years the Charity has utilised Ihe returns generaled by the portfolio lo support Ihe developm&nl of Ihè
school and adult social care resour￿$ and so ensure Ihe current nèeds of Its pup115 and Se￿l£e uS￿S are met
while ensuriny it5 funding security is maintalned.
Rlsk assèssment
During the year, the Trustees have reviewed an assessmenl of the risks lo whith the Charity Is exposed,
padicularly bu5ine5s, operational and finxnci81 risks, and have Introduced procedures and reporiing regimes to
manage and redu￿ the identified rSsk5. A risk regisler 1$ in place and reviewed regularly. Committee Members
and Gov•rnors have agreed clear lines ol delegalion and staff are involv8d in ￿COgnItIo1) ol risk in all their
a¢tivllies.

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 3f AUGUST 2022
StTU¢ture. 9overnane• and management
The Royal School lor the Blind. Liverpool is an incorporaled registered charity managed by a commitlee ol
Trustees Icurrenlly knowll as a Commillee of Marbagemenl) wlio manage the Charrty under powers contained in
the Act of Parliament 10 Georyell ChBp XV118291.
The Iruslees who served during the year weTe'.
Col M Amlol OBE OStJ DL FRSA
HHJ G E MorrowQC
MrA P8rry FRICS C.Eng M.1. Mech
Mr B Lawlor LL.B
Dr D Withey MA PhD FRSA
Mrs S l George LL.B M.Phil
Dr S Winchester MBCh.B Dobs RCOG MFCH
Miss J Woosey
Miss M Maccoss Bsc, PGCE
Rev J Phillips
Prof. Emeritus B Longden BSC, PEE. MSC, Ed D.
Ms H C8SStles
MT M Rogers
Mr G Sinden
(Resigned 31 August 20221
(Resigned 25 April 20221
IAppolnled 15 December 20221
Commillee Members serve for a term of three years and may be re-appoinled lo serve lor lurther terms by
election al the Annual General Meeting, whlch takes place in January or February each year. A public
announcement is mad8 in a local newspap8r of the time and dates ol the AGM lin accordance with the Acll.
Committee Members are inviltrd to nominate people to s8rv8. PrioT lo inviting nomlnalions, Ihe Mernbers review
their ski115 to try lo allract memb8r5 wilh the relev8nl experience and skFlls lo the Committee. To this end in rè¢enl
years advertisements have been placed in local profe55ional journals and by use of the sèrvices of R88ch la
registered ch8fily with the objective ol idenlilying individuals willing lo do voluntary workl. The Chair and Officers
are appoin18d by the Members from arnong their number. The Committee convenes sbx times each year and in
the past has held addilioy)al strategic planning days.
Prospective Members are inviltd to an induction tour of thè School and Rushlon Futures. An enhanced DBS
check Is undertaken as well as a S6etion 128 check. Members are given a copy ol thè Inslrumenl and Articles ol
Governrnenl and are made familiar wlh policies and procedures. On appointment and according lo th8ir skllls
and aptitude they take responsibility for at least one activily area and appoinlmenl lo relevant working parties are
set up as needed. Tralning needs are assessed and mel through relevant training coursès offered by the Local
Authority, the Ch8rity Ctsmmission and local Ilms in Ihe finance sector.
Thè School is managed by Ihe Head of SchoDI and the Governing 8ody under delegated powers set oul in the
Articles of Government. The Instrument requires eight foundatlon governors lo be appointed by the Committee
al leasl five ol whom are normally members of the Cornmiltse ol Managèment.
Rushlon Fulures Is managed by thg Servic& Manager and the Rushlon Board und&r dalegaled power8 gr8nted
by the Corntnilte8 ol Management requiTing at least five Members lo be appointfjd, who aTe nomally merrbers of
the Commbttee of Management.
The Governing Body and the Rushton Board report their a¢tivities to the Committee of Mènagement, via Ihe
Chair of the respeclive provlsion, on the perfomance againsl Developmenl Plans (approved by the Committee
Members).

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 A UGUST 2022
Struclurei governance and mAn#gement leontinuedl
The Head of Central Servicos is responsible lor reporting the financial and pertorM8nce position, includlng aclual
expenditure against budget, the Committee ol Management, Governlng Body and Board of Managemenl and is
also responslble lor th8 management ol capital inveslmènl. treasury manag8rnenl and financial planning.
Risk is mon110￿d and managed by the Committee ol Managemanl by regular assessrnenl ol the tisks lo which
the Charily 15 exposed, particularly business, operational and financi81 risks and when new risks are identified. 11
has prtscedures and reporting regimes to rnanage and reduce identified risks thiaugh the mainten8nce of a risk
register. Committee Members, Governors and Board members have agreed clear lines of d61eg8tion and *8ff
involved in recognition ol risk in all their activilies.
As parl of this process SafeguardSng ptslicies and procedures are in place within the School and Rushton Fulures
lo ensure thes8 vulnerable groups are protected and operate in a safe environment. The Committee of
Managemenl is aware ol Ihe potenlial risks arising Irorn havino children and adults sharing a comrnon building
and has ensured effeclive Se9￿gatIOn of Ihese vulnerable groups. Members of the Committee ol M8nagement.
staff, visitors and parents are made aware of the need lo ensure vulnerable gmups are protocted. This is
parlicularly importanl In Tesp8ol of the resld¢nlial lacilities offered by Ihe school and clear operating practlcès are
Sn place to prevent any form of abuse.
Management and Slaffing
The Committee of Management are responsible loi thg appointment o18enlor managers including the Head ol
School, Rushton Futures manager and the Head ol Central Services.
The Head ol Cenlial Semces is responsible lor the day-to-dky administration ol the charity and 518 two main
oper8lions and lor ensuring that bL)th School and Rushton Fulures adhere to the scheme ol delegation and their
financial budgets.
The Head of School and Governlng Body have iesponsibility for planning and developiT)g the s8Nices and
strategies lor the School within clear policies and protocols s61 by the Members. The Head ol School ensvres
that staff arè recruited and supporled to provide thè skills and expertise needed to run a successful school and
that its values are observed. During the year, the school has recruited a number of apprenlices to supporl the
growing numbers of pupils bul also lo assist in their developrnent of skSlls to work with visually impaired childr¢n
wilh complex learnlng needs.
The Rushlon Fulures Head of Service and the Ru5hlon Board have responsibility for plannlng and d8veloping
the services and stralegSes for Rushton Futures within clear policie8 set by the Committee of Managernenl. The
Rushton Futures M8n8g&r ensures that staff are reciui16d Ènd supported lo provid8 the skills and expertise
needed.
Auditor
In accordance wlth the company's at1ic1è5, 8 Tesolution PToposing that BWM be reappointed as auditOT ol Ihe
company will be pul 81 a General Meeting.
Disclosure of informatlon to auditor
Each of the trustees has confirmed Ihal there Is no Inlormalion of whi¢h they are aware which is ￿￿vant lo Ihe
audit, bul ol which the auditor is unaware. They have lurther confirmed Ihal they have tÈk8n appropriate sleps to
identify sueh 18levanl information and to establish that the auditor is aware ol such inform81ion.
On beh8lf of the trustees
Mlss J Woo$ey
Tiustee aJ)d President
D8ted.- 26 June 2023

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2022
The Iruslees ale responslble for preparlng the Tru5tee5' Reporf and the financial slalements in aecordènce ￿th
applicable law and Uniled Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounllng
Practice).
The18w 3pplieable to ch8rities in England and Wales requi￿$ the trustees lo prepare financial slalemènts for e8ch
financial ye8f which 9ive a true and tsir wew of the state ol affairs of the charity and of the incoming re80ur¢es and
application of resources ol the charity lor Ihal year.
In pr&patin9 these finBncial statements, the trustees ore required to..
select suitable acwunting pollcies and then apply them consislenlly..
observ8 th& methods and principles in Ihe Charitlès SORP..
make jud9emenls and esllmates Ihat are reasonable and prudenl..
slate whether applic8bl& accounling standards have been followed. subjeel lo any materlal departures disdosed
and explained in the financial statements,. and
prepare the financial slatemenls on the going ¢oncein b8s1$ unl8ss il is in8ppropri8le lo presun* that the charlty
will continue in operation.
The Iruslees are responsible for keepin9 sufficient accounting records that disclose with reasonable 8¢¢ur8cy 81 any
lime the financial position of the charity and enable Ihern to enSUTe that Ihe financial 51alemenls Comply with the
Ch8rities Act 2011, the Charily (Accounls and Report51 Regul•tion$ 2008 and the provisions of the Irust deeiJ. They
re 81so responsible lor 5afeguardlng the assets of the charity and hence lor laking reasonable steps for the
p¥evenlion and d8t&ction ol fraud and other irfegularilies.

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
Oplnion
We have audited the linancial slatemenls of The Royal School for the Bllnd Charity, Liverpool Ilhe 'cha¥ity'l lor the
year ended 31 August 2022 which comprise the slalemenl of financial 8clivilies, Ihe balanc8 sheet, the stalemenl ol
cash flow$ 3nd the notes to the financlal statements, Including a summary of significant accounting policlgs. The
linanciBI ieporting framework that has been applied in their pr6p8r8lion is applicable law and United Kingdom
Accounling Standards, including Financial Reporting Standard 102 The Financi81 Reporting SlanLlard 8pplicable In
the UK 8nd Republic ollreland Iunited Kingdom Generally Accepted Accounllng Praclicel.
In our oplnlon, the financial statem*ntS'.
give a true and f8Ir view ol the slate ol Ihè tharily's affairs as 8131 August 2022 and ol tts Incoming resources
and application ol resources, lor thè y&ar then ended..
have been prgperly prepared in 8CCOTd¥nce with United Kingdom Generally Accepted Accounting Practics-
and
have been PTepared in accordance wllh the r8qViTements of thè Charities Act 2011.
Basis for opinion
We conducted our audit in accordance wilh Inlernalional Stand8rds on Auditsng IUKI IISAS IUKII and applicable
law. Our responsibilili&s under those standards are further described in the Auditor's responsibilities for Ihe audit ol
th8 financlBI st8lem&nls section tsf our report. We are independent of the charity in accordanc8 Wlth Ihe ethie81
requirements that are relevant lo our 8udil of the financial slalements in Ihe UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibililies Sn accordance with Ihese requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion.
Con¢lusions r•lJtlng to golng eoneèm
In auditing the financial slalemenls. we have concluded th81 the liustees, use ol Ihe going concem basis ol
aecounling in the preparation ol the financial stÈt&rnenls is appropri3te.
B88ed on thè work we have pertorlned, we h8ve not identilied any mat9rial uncertainlies relating to events or
Condit￿n$ that. individually or collectively, may ¢asl signific8nt doubl on th8 Charity's ability to continue as a going
concem lor 8 period of al least twelve monlhs from when the financial $talements are atrthorised for issue.
Our r8sponsibllilies and the responslbililies of the Iruslees wth respect to goin9 concern are dèscribed in the
relevanl sections of Ihis report.
Other Informatlon
The trusleès are responsible for the olher information. The other inlorm8tion wmprisès Ihe information Sncluded In
the annual report, olher than the financlal stalemènls and our audilor's report IherÉon. Our opinion on the lin8ncial
statements does r)ot cover the other infomation Ènd we do not expr855 any form of 8ssuiance conclusbn Ihereon.
In ¢onnection wth our audil ol the Ilnancial slalemenls, our rÈsponsibllily Is to read the other Information and, in
doing so, consider whether the other Snftsrmalion is materially inconsisteTIt wilh the financial sl8lemenls or our
knowledge obtained in the aLKltt or othe￿ise appears to be rnaterially misstated. If we identity such material
nconsislencios or apparent material misstatements. We are required lo determine whether there is a materi8J
misslalemenl In the financi81 statements or a malerial misstalement of the other information. 11, based on the work
we have perfom)ed, we conclude that there is a material misstatemgnl ol Ihis other infomialion, we are required lo
report that faci.
Wè have nothing tts reporl in this regard.
10-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE TRUSTEES OF THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
Matiers on whlch we aré rÈqulied to feport by except5on
In the li9ht ol the knowledge And understanding ol the Gharity and ils environment obtalned in the course of the
audil, we have not identified Tnaterial misstatements in the Iruslees. report.
We hava nothing lo report in respeel of the followng matters in relation lo which Ihe Charities (Accounts and
Reports) Regulations 2008 require us lo report to you il. in our opinion..
the information glven in the finan¢io1 statemenls Is inconsislenl in any malerial respect with th8 Iruslees,
report., or
suffielènl aecovnting record5 have nol be8n kept, or returns adequa18 lor our audil have not been received
from branches not vlsited by us.. or
Ihe financial statements are nol in a9reemenl with the accounting records.. or
W8 have nol received all the information and explanations we iequire lor our audil.
Responslbilities of tTuslees
As explained more lully In the Statement of Tmstees, Responsibilities, the trustegs are ￿sponSible for the
preparation ol the a¢coun15 and lor being satisfied Ihat they give a true and lair view, and for such Internal conlrol as
the Irustees delermine is necessary lo enable the preparation of accounts Ihal are free Irom materlal misslalement,
whelher due to fraud or error.
In preparing the aceounls, the trustees are responslble for assessing the char5ty's abS1ily lo continue as 8 going
concern, di5cbsing, ès applicable, matters relzl6d to going concern and using Ihe going con¢ern basis ol
accounling unless the trustees either intend lo cease operalions, or have no realislie allerndtive bul to do so.
Audltoes rèsponslbllltles for the audit of tho financlal statements
Wa h8ve been appointed as auditor under seclion 144 of the Charities Act 2011 and report in 8ccordance with the
Ad arKI relevanl regulations m8d8 or hÈving effect thereunder.
Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whob are free from
material missl8lement, whether due lo fraud or error, and lo issue an auditorfs report that includes our opiniors.
Reasonable assurance is 8 high level ol assurance bul 1$ not a guarantee Ihal an audit conducted in accordan
with ISAS IUKI will always detecl a material misslalement when il exists. Misstalemenls Can arise from fraud or
error and Bre cOns￿ered material il, indlvidually or in the aggregate, they could reasonably be expeGled lo influence
the economic decisions ol users taken on the basls of these financlal slalemgnls.
IrregulaTilies, including fraud, hre Instances of non-cornpllance wllh laws and regvlalions. We deslgn procedures in
Ilne with our responsibililies, Outlined above, to delecl material misslalemenls in respect ol ir¥ègularilies, including
fraud. The exlenl to which our pr0eadu￿$ are capable ol dete¢ling irrègularities. including Ir8ud, is detalled below.
The extent to whleh the audit was con$rdérèd eapable of detecting irregularltlès. Includlng fraud
Our approach lo idenlilying and assessing the risks ol material misslalement In respect ol iyregularilies. including
fraud and non-¢otnpliance with laws and r8gulations, was as follows..
the engagement partner ensured that the engagement learn collectively had the approprlate competen￿,
capabilities and 5ki115 10 id6ntlly or recognlse non-oornpliance with applicable laws and regulalions..
we Idenllfied the laws and regulalions applicable lo the charity through discussions with trustees Bnd olhèr
monagemenl,.
we focused on specific laws arhd regLrlalitins which we consKlered may have a direct material effect on Ihe
rin8nelal statements or the opeTations ol the charity, including the Charlties Act 2011, taxation legi$lalion
and data prolectlon. anti-bribery, èmployment and heallh and safely legislation.
we ass8S5ed the exlenl of compliance with the laws and regulations identified above Ihrough makiryJ
enquiries Of management and insp8cting legal correspondence., an
idenlif19d13ws and regulations were communicated within the audil team ￿9￿12T5Y and the team remained
aleri lo inst8nces ol non-compliance throughout the audit.
11

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
We assessed the susceptibility ol the ¢harilys finanel81 sl8lements lo material misslalemenl, Including oblaining
an understanding ol how fraud rnighl occur, by..
makiny enquiries of management as lo where they consldeTe¢J there w8s susceplibilily lo fraud. their
knowlgdge ol adu81, suspected and alleged Iraucl,. 8nd
considering Ihe internal controls in place to rniligate risks ol fraud gnd non-cornpliance with law3 and
rogulalions.
To address the risk ol fraud through managemènt bias and override ol Conlrols, we..
performed analytical prO￿dureS to Identify any unusual or unexpected reladtsnships..
lesled journal enlries to idenlify vnusual transaclions.
assessed whether judgemenls and assumplions made in delermining the accounling estimates were
indicative of potential bias.. and
Investigaled the rationale behind significanl or unusual transactions.
In response lo the iisk of irregularities and nonthcompllance wlth laws an¢J regulatlons. we dtt51gned PTocedures
whlch included, bul were not Ilmited to..
agreeing financial 51alemenl discknsures lo underfylng supporting documenlalion.
adino the minutes of meetings of Ihose charged with governance.,
enquiring ol managemenl as to actual and potential liligalitsn and claim$', and
reviewing correspondence with HM Revenue and Cusloms, relevant regulators lincluding Olsled 8Dd the
Charity Commission) and the charrty's legal admsors.
There are inherent limitalions in our audit Procedures described above. The more iemoved that laws 8nd
gulalions kre from linancial transaclions, Ihe less likely it is that we would become aware ol non-¢omplian¢e.
Auditing standards also limit Ihe audil proTrdures required lo identify non-compllance with laws and reoulations to
enquiry ol the trusletrs and other management and the Inspection of regulatory and legal corresrK)ndence, if any.
Material misstalernenls thÈt arise due to fraud can be harder lo delect than those that arise from è¥ior as Ihey may
involve d$lib8r8le conc68lment or collusion.
A furlher description of our responsiblliti85 for the audll ol Ihe accounts is located on the Financial Repotling
Council's website 81.. hllp".IAww4.frc.org.uklaudilorsresponslbllili8s. This (Jes¢riplion forms part of our a￿d￿Or,$ report.
Use of our report
This repori is madè solely to the charltys trustees, as a body, in accordance wth p8rt 4 of the Charltiès {Accounls
and Reports) Regulations 2008. Our audit work ha8 been underlaken so Ihal we might slate lo the charilys Iruslees
those matters we are required lo state lo them in an audilorfs report and for no other purpose. To the lullesl exlenl
permilled by law, we do not accept or assume responsibility to anyone othèr than the charity and Ihe charily's
IrusleÈs as 8 body, lor our audil work, for thls report, or for the opinions we h8ve formed.
av
BWM
27 2L714
Chart•red A¢¢ountantS
statutory Auditor
Temp851
Suite 5.1
12 Tilhebarn Street
Liverpool
L2 2DT
BWM is eligible lor appointmenl as audilor ol the charity by virtue of ils eligibility lor appolnlm8nl as auditor ol a
company under section 1212 of Ihe Comp8nies Act 2006.
12

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
Currènt financlal year
Unrestrlctèd Unr•strlcted
funds
fund5
general revaluatlon
2022
2022
Total
Tolal
2022
2021
Notes
mean
ndow
ents from..
Donalions and leoacies
Charitable activities
Investments
other incorne
163,618
4,381,749
250,707
9,024
163,618
4,381,749
250,707
9.024
44,190
4,213.782
224.849
Total income
4,805.098
4,805,098 4,482,821
Ralsing funds
54,206
54,206
53,240
Charitable activities
5,695.390
33.922 5,729,312 4.438.423
Total •xp•ndlturè
5,749,596
33,922 5,783,518 4,491,663
Ntrl Ilossèsllgains on Snvgstrnenls
14
11.105,0061
11,105,006) 1.650,785
Nel movement in funds
12,049.5041
133.9221 12,083,426) 1,641.943
Fund balances at 1 Seplomber 2021
18.479.875
1,618,619 20.098.494 18,456,551
Fund balances at 31 August 2022
16.430,371
1,584,697 18,015.068 20,098,494
The stalemenl ol financial activities indudes all gains and losses recognised in the year.
All income and expenditure dèrNès from conunuing activlliès.
13-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOMEAND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
Prlor flnanelal year
Unrestrlcted Unrestrlcttd
funds
funds
gèneral revaluation
2021
2021
Total
2021
Notes
Donations and legacies
Charitable activities
Inveslrnenls
44,190
4,213,782
224,849
44,190
4,213,782
224.849
Total Sncome
4,482,821
4.482,821
Raising funds
53,240
53,240
Charitable activities
4,404,501
33,922
4.438,423
Total •xpondlture
4.457.741
33,922 4,491,663
Net galnslllossesl on investments
14
1,650,785
1.650.765
Nel movem•nt In funds
1,675,865
133,9221 1.641,943
Fund balances al 1 September 2020
16,804,010
1,652,541 18,456,551
Fund balancès •t 31 August 2021
18,479,875
1,618.619 20.098.494
The stattrmenl ol financial acllvilles includes all gains and108ses recognised In the year.
Al in¢ome and exp8ndliur8 derives from continuSng aclNities.
14

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
BALANCE SHEET
ASAT31AUGUST2022
2022
2021
Notès
Flxed assets
Tangible assets
Inveslments
15
17
6,235.607
10.867,142
6,071.936
12.015,791
17.102,749
18.087,727
Current asset5
Debtors
Cash at bank and In hand
18
327,053
894,304
283,063
2.082,018
1.221,357
2,365,081
CredlloTs-. amounts falling due wlthln
one year
19
1309,028)
1354.3141
Nel current assets
912,319
2,010,767
Total assets less current IlabFlities
18.015,068
20,098.494
Funds of the charity
Revaluation reseNe
21
1.584.697
1.618,619
DesignBted fund5
General unrestficled funds
23
6,000,000
10,430,371
18,479.875
16,430,371
18.479,875
18,015,068
20,098,494
The financial st8ternents were approved by the
St88s on 2
2023
Miss J Woosey
Trustee and Presldent
Col M Amlbl OBE OSIJ
RSA
rrusl¢e and Vi
esident
Dr D Withey MA PhD FRSA
Trustee and Vice Presldent
15

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
2022
2021
Notes
Cash flows from opèratlng activltles
Cash labsorbed byllgenerat8d from
opeTalion8
26
11,022,418>
255,533
Investlng acti￿tI05
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investmonls
Investment Incomg and inleresl reeelv&d
1424,3301
11.308,0891
1,351.732
250.707
1622,5921
(1,998.0311
2,008.087
224.849
Not cash used In Investlng activities
1129.9801
1387,687}
Net eash used In flnancing a¢tlvltl•s
Net decrease in cash and eash èqulvalenls
11,152,398)
1132,1541
Cash and cash equlvalents 81 beginning of year
2,372.424
2,504,578
Cash and ¢0sh equivalents at end of year
1,630,218
2,372,424
RelalSng to..
Cash al bank and in hand
ShDrt 18rtn d8posils included in rued 8Ssel
inv$slments
Bank overdrafts included in credltors
P8yable wilhin one year
894,304
2,082,018
735,914
325,723
(35,3171
1,630,218
2,372,424
16

THE ROYAL SCHOOL FOR I-HE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Accounllng polScles
Charlty SnfoTm3tlon
The Royal School lor the Blind. Liverpool is 8 re9islered charity managed by a Comrnillee who are ils charity
Management Committee under powers contained In the Ael ol Parliament 10 George 11 Chap XV. The charity
is registered in England and Wales Iregislered no.. 5260901.
1.1 A¢¢ounting convention
The accounls have been prepared in accordance wlh Ihe ch8ritls governing document, Chariti& Act
2011 and "Accounling and Reporting by Charities.. Stalernenl ol Re¢otnmend8d Practice applicable lo
chari118s prep8rlng thelr accounts in accordance with the Financi81 Reporiing Standard applicable in the UK
and Republic ol Ireland IFRS 1021" las amended lor accounting peritsds commencing from 1 January 20191.
The charity is a Public Benefit Entity as defined by FRS 702.
The linancial slalem8nls are prepared in steding, which is the lunctional currency of the charity. Monetary
amounts in these firiancial stalements are roundèd (o Ihe nearest £.
The accounts have been prepared under the histori£31 Cost convenllon. modifled lo include the revalualion ol
freehold propèrties and lo include certain financial instrurnenls ai laif value. The princlpal accounting Po1￿cleS
adopted are sg1 oul bèlow.
1.2 Golng concern
At the time ol approving the accounts and as det8il8d in the Trustees. report the Trustees have wnsidered Ihe
impacl of Covid-19 or) Ihg ¢harily and the Truste85 have a reasonable expectation that the charily has
adequate resources lo continue in operational existenoe for the foreseeable fuluie. Thus, lh8 Tiustees
continue to adopt Ihe'golng concern, basls of accounting in preparing the accounts.
1.3 Charltable funds
Unrestricted funds are avallable for use al the dis¢relion ol the trustees in lurther8nce of Ihelr charitable
objectlves.
Monies received that are earrnarked lor specific purposes ale credited Io feslricled funds. Any expenditure
incurred in achiewng the specific purpose is rnet out ol the re￿vant restrictsd fund.
1.4 Incorn•
Income is recognised when the eharlty is legally entitled to it after any performance conditions have been mel,
the amounts can be measured reliably. and il is probable thal income will be received.
Cash donations ar8 recognised on receipt. Other donations are recognised On￿ the charity has been notified
of the donation. unle85 performance condilions require defe￿al ol the amount. Income tax recoverable in
relation lo donalions rgGeived under GSft Aid is rew9nised al the time ol the donation.
Legacies a￿ recognised on receipt or otherwise if Ihtr charity has been notified ol an impendirtg distribution,
the amounl is known, and receipt 15 expected. 11 the amount is not known, Ihe legacy is treated as a
contingent asset.
17-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 A UGUST 2022
Accounllng policies
(Continued)
1.5 Expendlture
Expenditure is included on the basis of Ihe amounts payable for work done and setvices provided, dc. in the
yeaf.
The costs ale allocated between headings as follows:
Costs ol raising fLJnds are those costs Incurred In attracling voluniary Irbcome, and those incurred in
investment management that raise funds.
Charilable aclivities included all expendilur8 incurred in the provision of charitable services. log8lheT
wllh support cosls, in pursuance ol the charity's objeclives.
Governance cosls Include the costs ol govemance 8rr8ngemenls which rela18 lo the genèr81 running
of Ihe charily and are primarily 8550cialed wllh constitution81 and statutory requirements.
1.6 Tanglbl¥ fixgd assets
Tangible fixed assets are initially measured al c051 and subsequently m885ured al eosl or valuation. nel ol
deprecialioth and any impalmenl losses.
Depreciation Is calculated so as to write off the cost or valuation of an assel, less its estlmaled residual value.
over the useful economic life of th81 assel as follows..
Freehold prop8rty lat valuation)
Improvement works capilalised
Kllchen & other equipment
Furniture & furnishings
Motor vehicles
2 10 per annum on a slraight line basis
Ov8r 3 or 10 years on a straighl line basls
10 or 20•k per annurn on a str8ighl line basls
10°h per annum on 8 Straight line basis
20/0 pe¥ annum on a straight line basis
Freehold land Is not depreciated and is included al v8lualion.
The gain 01 Its58 arising on th8 disposal of an a55el is determined as the differen¢9 between the sale
procee¢J$ and the carryino v8lue of Ihe asset, and is recognisèd in the slalemenl of fin8n¢ial activities.
Propertie5 whose fair value can be measured reliably are held undgr the revalUat￿On mo(tel an¢ aio ¢arried at
a revalued amount, beiny Iheir lair value al the dale ol valuation less any subsequent accurnulated
depTe¢ialion and subsequent accumulated Impalimènt losses. The fair value of the land and buildin95 15
Usual￿ considered lo be their market value.
Revaluation gains and losses are recognlsed in Oiher recognised gains 8nd losses and 8¢cumulaled in equity,
except to Ihe 8xtent thal a revalualion gèin reverses a ￿ValUatIOn loss prevlously rèeognised Sn net incomel
lexpendilurel or a ￿valUation loss excÈ8ds Ihe accumulated rev8lualion gains rectsgnised in equity,. such
gaSns and loss are recognlsed in net incornellexpendilurel loF the year.
The Committee of Management arè lo undertake a pmgrarrme of sufficlenl regular valuations ol the land and
property lo ensure the book value does not dlffer materially from the fair value al the year end.
1.7 Flxed a¥sel investments
Fixed asset inveslmenls are inilialty méasured al transaction pilce excluding transaction ctss15. and are
subs8qU8ntly measured at fair value al each reporiing dale. Changes in lalr value are recognised in nel
incomellexpendilurel for Ihe year. Transaction costs are expensed as incuried.
18

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES YO THE FINAIQCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 AUGUST 2022
Accounting policles
Icontlnued)
1.8 Impalmient of flxèd assets
At each reporting end dale, Ihè Gharily feviews the carrying amounls of ils tangible assets lo delerming
whether there is Èny indicatSon that those 8ssels havè suffered Bn ITnpairmenl loss. If any such Ind￿atIOn
exists, the r6cov8rable amounl of the asset is estimated in ordei to determin8 Ihe exlenl of the impairment
loss lil any).
1.9 Cash and cash 8quSvalènt$
Cash and cash ¢quivalents include cEsh in hand. deposits held al call with banks, olhei short-lerm liquid
investment5 Wlth original m81urilies of three rnonlhs or less, and bonk overdrafls. Bank overdrafts are shown
withln borrowings in current liabilities.
1.10 Financial Instruments
Th8 ¢h8rily has e18Cted lo apply the provisions of Section 11 'Basic Financial Instruments, xnd Section 12
'Olher Financial Instruments Issues, ol FRS 102 to all of Its financial inslrumenls.
Financial inslruments ar8 re¢ognised In the cha¥itls balan￿ sheet when the charrty becomes party to the
contractu81 piovisions of the insl¥ument.
Fln8nci81 assets and 118bililies are offsel, wSlh the net amounts presentad in the financial statements, when
there is a legally enforceable right lo sel off the recognised amounis and Ihere is an intention lo sellle on a
nel basis or to realise the asset and Sett￿ Ihe liability simullaneously.
Basi¢ financlal ass•ls
Basic finan¢i81 assels, which include debtors and cash and bank balances, are in111811y measured al
Iransaction price including transaction cosls and are subsequently cariied al amortised cost using the
effective interest method unless the arrangemenl Conslilutes a financing tr8rTrsaclion. where the Iransaction is
measured al Ihe present value of th8 future receipts discount8d al a market rate of inlerest. Flnanci81 assets
classified as receivable within one year are not amoriised.
Baslc flnan¢ial Ilablllll•$
Basic finan¢i81 liabilities, Including credltors 8nd bank loans are Initially recognised al transaellon price unless
the arrangement constilules a financin9 transacllon, Whe￿ the dfybt instrument is mea5ur8d al Ihe present
value ol the fulure pèymenls discount&d al a maikel rate of inL$re8t. Financtr81 liabililies cl8$311￿d as phyable
within one year are not amortised.
Debt instruments arg subsequenlly carried at 8nOrtised cost, Using the •ffgCtive inleresl rale method.
Trade creditors are obligations to pay for goods or service5 that hav6 be8n acquired In the oidinxry course ol
operations from suppliers. Amounls payable are classified 8s current liabilities If payment Ss dué within one
yèar or Eess. If not, they are presented as non-current liabilities. Trade credittsrs are recognis8d inrtially al
transacllon prict and subsequently measured 8t amortised cost uslng the effectivé interest method.
Der•eognilion of flnancial Ilabllities
Financial Ilabililies are derecognised whEn the charfty's conlractu81 obligations expire or are dis¢harg6d or
cancelled.
1.11 Employee beneflts
The cost of any unused hDlid8y enlillem&nt is recognlsed in the pertod in whlch the employee's services are
ceived.
Termlnation benefits are recognised immedialely as an expense when Ihe charity is demtsnslrably committed
lo t8rrninale the employment ol an ernployee or to PTovide lerminalion benefits.
19

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
Accountlng PC*ll¢ies
IContlnued}
1.12 Retlroment benefits
The Charity contributes 10 3 Group Personal Pension Plan defined wnlribulion scherne. These costs are
charged to the Slalement of Fin8nclalActivilies and represenl contributions pay8ble in the year.
The Charily particlpates in the Teachè¢s Pension S¢h8m• (England and Wales) defined benefil scherfft and
operates the defined benefit schemes, the 1983 Scheme and The Pension and Life Assurance plan. Thes6
costs, as calculated periodically by professlonal qualified acluaries, are charged to Ihe Slalement of Financial
Aetlvities so as lo spiexd the cost over lh8 service lives ol Ihe employees in the scheme.
1.13 Leases
Renlals payable under operating leases, includirbg any lease In￿ntIVeS received, are charged as 8n expense
on a str8lgh( line basis over lh8 term of the Televanl lesse.
Liabilities aTe fecognised once Iherelg B legal or conslruclSve obllgalion that commits the School to Pay OLJ¢
resources.
1.14 Taxation
The ¢harily benefits Irorn var40us exemptions from taxation afforded by 18x legislation and 18 not liable lo
corporation lax on income or gains falling within Ihosfy exemption$. Recovery is made ol lax deducted from
income and from re￿Ipts under Grft Aid.
The charity 15 not 8ble to recover Value Added Tax and eXpend￿ure is recorded in the accounts inclusive ol
VAT.
Crltlcal accounting •stlmates and judgen￿nIS
In lh& appliealion of the charills accounting policT8S. the trustees 8re reqvirèd lo make judg8mènts, eslimates
and assumptions about Ihe carrying amount ol as581S and liabilities Ihal are nol readily apparenl Irom other
sources. The 8stimates and asso¢ialèd assumptions are basèd on historical exp8riÈnce and other fa¢lors thal
are consider8d lo be relevant. Adual Tesulls may differ Irom these estimales.
The èslimales and Underty￿n9 assumptions are r8viewed on an ongoing basis. Revislons lo aecounling
estimales are iecognised in the peTiod in which the estimate is revised whefe Ihe revislon affects ￿]Y that
period. or in the period ol the revislon and future periods where the revision affects both current and future
periods.
-20-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Donations and l¢ga¢les
Unr•strlcted Unrestricled
funds
funds
general
gene[81
2022
2021
Donallons and gifts
Legacies receivable
27,958
135,660
18,314
25.876
163,618
44,190
Thè charity is fortunale to receive numerous donalions and 189acies Irom members of the public, some ol
which will come with reslriclions for their use. The ITuslees consider that these funds, where the funds are not
of a laige capital nature. be spenl in the school y8aT in which Ihey aro rtcelved and Ihal Ihe wishes ol the
benefactors are rnel. Accordingly the trustees have included this category of income wthin the amounts
shown above as unreslrided funds.
Where the charity recewes funds for 8 specific large capital project, the Iruslees include this Income wbthin the
restricted fun(Is held by the charity.
Charitable acllvities
2022
2021
Fees and other educatlonal funding
Nuisery income
Respile, Iransport and similar inwne
Soclal care
Room hilg and olhgf in¢ome
3,276,234
34,858
112.383
935,418
22,856
3,157.694
26.946
141,081
864,391
23,670
4,381,749
4.213,782
Inv•stments
Unrèstrlctod Unreslricled
funds
funds
gen?ral
general
2022
2021
Ineomg from listed investmenls
Interest receivable
250,564
143
222,485
2,364
250,707
224,849
21

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
other Income
2022
2021
LAC, studenl and oth9r sources
9,024
Ralslng funds
Unrestrlcttd Unreslrict6d
funds
funds
general
general
2022
2021
Investmonl management
54,2(XS
53.240
54,206
53,240
Charltabl• actlvltlfrs
2022
2021
Staff costs
Depr8cialion and impairment
Rates, utiliti85 and insur8nce
Mainl¢nance costs
Cleanlng conlracl
Class and other consumables
Therapy cosls
Catering c051s
Training costs
Office and similar costs
Mtslor and travel ¢os18
Nursing wsls
3.722,023
260,658
203,874
591,906
179,791
110,119
202,753
87.020
130,173
160,165
53.141
8,069
2.955,272
220,866
164.206
240.738
177,610
80,981
274,683
59,033
104,167
95.448
50,696
S,709,692
4.423,700
Share of gtsvemance cost5 Isge note 91
19.620
14.723
5,729,312
4,438,423
Th8 above expenditure on ch8ritsble activities included £33,922 {2021.. £33.9221 In respect ol the
unreslricled r6v¥luation reserve referred lo in note 21.
-22-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Support costs
Support Gov•rn8ncè
costs
cosls
2022
2021
Audit fees
Accountancy
8,613
?1,007
8.613
11,007
5,993
8,730
19,620
19,620
14,723
Analysed between
Charilable activities
19,620
19,620
14,723
Governaneè costs ineludes payfflents lo the auditors of £19,620 12021.. £14.7231 for audil and Becount2ncy
feès.
10 AudFlor's remuneratlon
The analysls ol audiloV5 rernuneration is as follows..
Fees payable to the charity's auditor=
2022
2021
Audil of the charitws annual a¢counts
7,425
5,250
NonvAudit services
Taxation compliance sèFvices
All othei non-audit servlces
300
8,430
11,(￿7
Total non4udit fee6
11.007
8,730
In respect of a88oclated penslon schÈm*$
Audll
1.188
743
11 Trustee5
None ol ihe Irustees lor any persons connected wllh them} received any remunèration during the year12021'.
nonel., none of the trustees WÈS reirnbursed travelling or other expenses dufing the y8ar12021.' none).
The cost ol indemnity insurance for Ihe Iru5lees was included in the annu81 rgnew31 premium for the yehr
ended 31 August 2022 and the amount has not been separately disclosed by the insurers12021'. advised a5
£2,614}.
23-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
12 Employeos
Number of employèes
The average monlhly number of employees durlng Ihe year was..
2022
Number
2021
Number
SenKJr m8n8gemenl
Teachers
Educalion support slaH
Adminislralion & other
Car8 lin¢luding residenlial and nursing)
Adull soci81 care
19
50
15
13
50
16
33
27
135
119
Employment Costs
2022
2021
Wages and salaries
Soclal security cosls
Other pension costs
Other staff costs
3,230,097
218,214
262.067
11,645
2,559.502
176,109
210.830
8,831
3,722,023
2.955,272
Included wtlhSn wages and salAfi8s 8r8 payments for supply staff of £415,10612021.' £205,349).
The number ol employees whose annuèl remuneralion was £60,000 or more were..
2022
Mumb•r
2021
Numbe
£60.001 to £70,000
01 Ihe employees whose emoluments exceeded £60,000. 1 12021.. 11 had retirement benefits accruing under
defined benefit pension schemes.
-24-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
IQOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
13 Rellrement benefit schemes
Dèfined contribution $cheme3
The school parllcipal&s in a multi employer pensSon scheme, The Government's Teachers. Penslon Dtrlined
Benefits Scheme. for its teachlng staff. The pension liability is Ihe responsibility of the Teacher5, Pensions
Scheme, As 8 result il is nol possible lo idenlily the assels and liabilities ol Ihe scheme whlch 8fE attribulable
lo the school.
The conlribulions for th8 y8ar lo 31 March 2022 were in IteTS IOT teachers and Ihls was between 7.4% arKI
11.7°A12021.. 7.4% to 11.7 /ol. For the employer the iale was 23.7Yo 12021.. 23.7°AI.
The school's contributions payable to the fund were £146,70812021= £104.0791.
The employers, penslon contributions for the period In respect of the Group Persor)al Pension Plan la defined
eontribulion schemel amounted to £115,359 12021.. £106,751).
As al 31 August 2022, contributions of £13,19212021' £13,223) were oulslanding.
The lolal charge to the stalèmont of financial aclivitles in respect of all pension schemes was £262.06712021..
£210.8301.
14 Net galnslllo8$esl on Invgstmpnts
Unrestrlcted Unrestricled
lunds
funds
9eneral
general
2022
2021
Revaluation Ilossllgain on inveslments
(Lossygain on s81e ol inveslments
1806,2141 1,503,520
1298,7921
147,265
11,105,006> 1.650,785
25-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
15 Tanglble Ilxtd assets
Iconllnuedl
At 31 Augvsl 2022, had the revalued assets been carried at historic cosl tess accumulated deprèciation and
èccumulaled impalrmenl losses, Iheir carrylng amount wovld have been approximately £1.069,137 12021..
£1.124,8151.
The Committee ol ManagFrnenl revalued the properly from which the charilèble company operates as 8t 31
August 2018. The professional valuation ol the freehold land and property was undertaken by C Weights Bsc
IHons1 MRICS ol Mallhews and Goodman on 29 August 2018 and their report dated 12 September 2018
concluded that Ihe market value of Ihe Iie8hold land and property was £5.44 mlllion.
The Committee of Management are lo undertake a programme ol sufficienl ieguLqr valuations ol the Lgnd and
property lo ensure Ihe book value does not drfler mateTially from the fair value al the year end.
16 Financlal Instruments
2022
2021
Carrying amount of flnanclal assets
Debt Instrurnenls rneasured al amortised cosl
Instruments mea$ureil al fair value through profit or loss
1,941,651
10,131,228
2,689,044
11,690.068
arrying amount ot fin8n¢ial Ilabllitles
Measured al amortised cost
233.192
272,467
17 Flxod asset Investmènts
Llsted
Investment$
Cash In
portfolio
Total
Cost or valuation
Al 1 September 2021
Additions
Valualior) changes
Change In cash
Dlsposals
11,690,068
1,308,089
1806,2141
325,723
12,015,791
1,308,089
1806,2141
410,191
12,060,7151
410,191
12,060,715)
At 31 Au9usI 2022
10,131,228
735.914
10,867,142
Carrying amount
At 31 August 2022
10,131,228
735,914
10.867,142
Al 31 August 2021
11.690.068
325,723
12,015,791
27-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
IQOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
18 Debtors
2022
2021
Amounts falllng due wlthln one year:
Other debtors
Prepayments and aecrijed Income
311,433
15,620
281.303
1,760
327,053
283,063
19 Cr•dStors.' 8mounts fa115ng due wlthSn one yBar
2022
2021
Notès
Bank overdrafls
Deferred Sncome
Trade creditors
other ciedllors
Accruals
35,317
81,847
4,318
17,725
215,107
20
75,846
66,406
17,444
149,342
309,038
354,314
20 Deferred In¢ome
2022
2021
Other deler¥ed income
75,846
81,847
Deferred Ineome is included in the financial $181emenls as follows..
2022
2021
75.846
81.847
2022
2021
Total deferred income at 1 Sèptember 2021
Amounts received in year
Amounts credited lo Slalement of Financial Activil￿S
81,847
75.846
181.8471
75,846
81,847
175.8461
Total deferr￿1 income at 31 Augusl 2022
75,846
81,847
Deferred income held at the year end ctsrnprises funds received in advance of the 2022123 school year Irorn
the Education & Ski118 Fundlnu Agency.
-28-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
21 Unrestricted funds . r•valuation
Those are unrestricled funds vA)Ich 8re rn8de up as follows..
•l•n¢o at Expendlture
I Stplember
2020
Transfers
881onc• &t Expendbtur•
1 Sppternber
2021
alaD¢O ai
31 Augu$t 2022
Revaluation reserve
1.652,541
133,9221
1,618,619
133,922}
1,584,697
The expenditure 01 £33,92212021'. £33.9221 w85 the addition81 depreciation charges required lo110v￿ng the
professSonal rèvaluotion of the charily's freehold property in August 2018.
22 Analysls of net assets betwe•n fun¢Js
Unrestricted Revaluation
g8ner81
reserve
funds
Total Unrestricte(S Rgvalualion
general fundy
reserve
Total
2022
2022
2022
2021
2021
2021
Fund balan¢85 al
31 August 2022
8re represenled
by-.
Tangible assets
Investments
Currenl asselsllliablliliesl
4,650.910
10,867,142
912,319
1,584,697 6.235.607 4,453,317
10.867.142 72,015,791
912,319 2,010,767
1,618,619
6,071,936
12,015,791
2,010,767
16,430.371
1,584,697 18.015.068 18,479,675
1.618,619 20,098,494
23 D•slgnated funds
The income funds of the charlly includ8 the following designaled funds whlch h8ve been set aside out tsl
urbreslricled funds by the trustee5 IOT specific purposes-.
Movèmènt
in fund5
Income
Movemènt
Sn fund5
Incorne
Balance at
1 S8Ptombtrr
2021
8alaThce at
31 A￿llUSt
2022
Rushlon Ctrntre
6.000,000 6,000,000
6,000,000 6.000,000
Th8 amount 8110¢8ted lo desionatEd furhds was the eslimale of the cosl of constrLJcling and fitting oul a
purpose-built building for adult servi¢e8 88 the charity has oulgrown Ihe exisling lacilities.
29-

THE ROYAL SCHOOL FOR THE BLIND CHARITY, LIVERPOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
24 Operatlng Itèsè Commitments
At Ihe reporting end date the charity had ovlstanding commitmenls for futurè minimum16asè payrn8nts urKJer
non-cancellhble operating le8ses. which fall due as follows=
2022
2021
Within one year
Between twg and five years
17,549
11,957
25.211
23,530
29,506
48,741
25 Rèlatèd party transacllons
Remuneration of key management personnel
The iemuneratlon of key managemenl personnel is as lollows.
2022
2021
Aggregate wmpensalion
222,996
198,864
There were no other rel3led party Iransaclions during the year12021.' none).
26 Cash generated from op•ratSons
2022
2021
IDeficltllsurpus lor the year
12,083.4261
1,641,943
Adjustrnents lor..
InvestmÈnl income recognised in statement ol financlal activities
Lossjlgainl on disposal of investments
Fair value lossllgainl on Investmènts
Depreciation 8nd impairment ol tangible fixed BSSÈts
1250,7071
298.792
806,214
260,658
1224.8491
1147,2651
11,503,520)
220.866
Movements in working caplt81'.
Ilncrea5elldecrease in deblors
IDecrease)fincrease in ¢reditors
IDecreaseYincrease in d8ferred income
143,9901
13,9581
16,0011
41.239
222.060
5.059
Cash lab50rbed byllgonerated from operatlons
11,022.4181
255,533

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