Forsight Ltd {Company Ilmlted by Guarantee) DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Forsight Ltd Forsight Ltd (Company limlted by Guarantee) CONTENTS Page Company Information Directors, report Directors, Responsibilities Statement Indep8ndenl Auditors, report 7-12 Statement of Comprehensive Income 13 Balance sheet 14 Cash flow statement 15 Noles to the financial statements 16- 24 Page 2 of 24
Forsight Ltd COMPANY INFORMATION Directors Jacques Henry-Bezy, Chair Fiona Guest Patricia Kane John Leech Shane McArdle Stephanie Walsh Malachy O'connor Declan Delanly (Appointed 1010212024) (Appointed 1010212024) (Appointed 1510312024) {Appointed 1010212024) (Appointed 1010212024) (Resigned 1311112024) (Resigned 1010912024) (Resigned 1210712024) Company number N1674129 Registered offic8 Second Floor Victoria House, 15 - 17 GIouSter Street, Belfast, Northern Ireland Audltors Grant Thomton, Chartered Accounlanls and Statutory Audll Firm. Penrose One, Penrose Dock, Cork. Solicltorn Arthur Cox, Second Floor Victoria House, 15 - 17 Gloucester Street, Belfast, Northern Ireland Bankers Bank of Ireland UK, 141 Main Street, Lisnaskea, Enniskillen, Co. Fermanagh, 8T92 OJE, Northern Ireland Charity number NIC108374 Page 3 of 24
Forsight Ltd DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 st December 2024. Prlneipal Activity The principal activity of the company is to raise funds to provide services to assist people who are blind and vision impaired and to help them overcome barriers that impede their independence and participation in society. It also supports those living with sight loss to live thé life of their own choosing and avail of life'chances,. Forsight Ltd fundraises. reiVeS donations and operates as a charity retail business generating income from charity retail aclivily. All profits generated will be used to support research programmes in Queens University into sight loss and living with low vision and to support AngelEyes, which is a Northem Irish sight los$ charity SUPPOrting parents and children with sight loss. The Company is limited by guarantee not having a share capital. Tho purpose of Forslght Ltd is to: 11 Provide funding for research into Sight loss and Low Vision in Northern Ireland. The public benefit thal flows from this is., a) The funding of research at Belfast City Hospital and Queens University 8elfast relating lo sight loss and low vision and associated ophthalmology diseases is to increase the knowledge and skills base available to surgeons and GPS in their treatment of all forms of sight loss. b) the funding of advanced slate of the art equipment is that researchers have access to laboratory facilities, lools and equipment not normally available through the NHS. This equipment will speed the analysis of data which will lead to shortened validation times of the research. c) Public awareness and actively promoting Ihe needs and opportunities of people with sight loss (51,000 + in Nl) 21 Provide funding for Northem Irish Charities providing services for children with Sight Loss and Low Vision. Forsight want to provide, fund or assist in the provision of facilities in the interests of social welfare which improve the conditions of life of blind and partially sighted children and young people and their families in Northem Ireland. The benefit of this is reduced stress, improved family life and individual well being for the parents, carers and families of children and young people who are blind or partially sighted and increased ease of access and efficiency to supports and services for those children and young people so that they may reach their full potential. Flnancial review The detailed results for the year are set out on page 13 to 24 of the finan¢ial statements. The total turnover frjr Ihe year was £297,32', (2023- £318,550). There was a net deficit of £97,580 in operating activities (2023.. surplus £108,607). Future Developments The company began trading as a charity retailer in Omagh in March 2022, opened a second shop in Enniskillen in April 2022 and a third shop was opened in Derry in November 2022. In 2023 a fourth shop was opened in Belfast Clty centre There are currently no plan.. to expand the chain. Page 4 of 24
Forsight Ltd DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Directors Report- Continued Political Contributions The company did not make any disclosable political donations in the current financial period Post Balance Sheet Events There were no significant post balanc8 sheet events since year end. Statement on Relevant Audit Informatlon There is no relevant audit information of which the slatutory auditors are unaware. The directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and they have established that the statutory auditors are aware of that information Speclal provisions relating to small companies The above report has been prepared in accordance with the sp8cial provisions relating to small companies within Part 15 of the Companies Act 2006. .Audltors The auditors, Grant Thomton, Chartered Accountants and Statutory Audit Firm, indicated their willingness lo conlinue in offi accordance with Section 485 of The Companies Act 2006. This report was approved by the Board on signed on 11$ behalf by fr¥E£r Director Dlrector 4 /&o/- Page 5 of 24
Forsight Ltd DIRECTORS, RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors are responsible for preparing th8 Directo¢s Report and financial statements in accordance with applicable law an( regulations. Company law requires the directors to prepare financial statements for each financial period. Under the law. the directors have electec to prepare the financial statements in accordance with United Kingdom Generally Apted Accounting Practice {United Kingdorr Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republi( of Ireland" SÈction1A (Small Entities}. Under company law the directors must not approve the financial slatemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of the profit or loss of the company for that period In preparing those financial statements, the directors are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent.. state whether thè financial statements have been prepared in accordance with the relevant finan¢ial reporting framew identify those standards, and note the effect and the reasons for any material departure from those standards,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequale accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding thé assets of the company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. This report was approved by the Board On-z 2 f and signed on ils behalf by Director Director L)cJ Page 6 of 24
GrantThornton Independent auditor's report to the membets of Forsight Ltd Oplnlon We have audited the fmanci21 statements nf Forsight I.td, which comprise the Statement of Comprchensive Income, the Balance .£heet and the Statcment nf Cash I,-lows for the fin2ncial yeai cnded 31 December ?0?4, and the ielated notcs to the ftnancial statemcnts, including a summary of significant accounting policies. The fmanciAI reporting frAmework thac h2s been applied in their preparation of the fthancial statements is applic¢1blc w and UK Rccounting standards i88ucd b}p the binancial Reporting Council including FRS IQ? 'I'he rinancial Reporting Standard applicable in the Uk and IlcpubIic ()f Ireland,. (Generally ,4ccepted .-Iccounting l)ri1Cticc in Ircland)- In our opinion, F,oISht Ltd's financial statements: givc 2 truc 11 nd fair view in acciird¢1nce with Unitcd Kiiigdom Gcnerally .Iccept¢d .4ccounung Pr2Cticc of the asbcts, ]iAbiliticg and finAnci411 positinn of the ('omp2ny as at 31 Dcccmbcr 2024 and of it14 f21]c11 performance and C¢1sh fli)ws fnr the fmancial }'car then cndcd. And have been properly prcpAred in accordance with the requircments of the Cr)mpfinies Jlct ?006. Bas1$ for oplnlon We cnndiictid our 1udit in iccordincc wirli Inrern2tion1¢ l %tandArds on .luditing (Uk1 ('IS.4s IUK)? and Applicable law. Our rc%ponsibilitie4 uiidcr Ihosc sr1¢ ndard% are furthcr described in thc 'RL%ponsibilitie¥ of the 2udit()r for thc audit of the fmancial gtAt¢mcnts' %cction OF our rcport. Ive Are independcnt of the charity in Accordance with the ethicil requircmcntts that Arc relev1&nt to our audit of the fm14 iicial %t2ternents in the Uniied Kingdnm, ineliidingT tlic I,'RC'.s F". thicil StAndArd and the ethic1£ I pron()uncementg ebtab]i5hed by Chartered .4ccc)untant.8 Irclandi 1¢ pph'ed 1¢ % determined to be appropric1te in thc circumstanceq for the entit),. We have fu1red our other cthical re4p0115ibi]iUcs in accordance wich these rcquircmeiits. Wc bclici'e that the au(lit evidence we have obtAined 18 sufficient and appropriate to provide a ba$is for our opinion. Page 7 of 24
GrantThornton Independent auditor's report to the members of Forsight Ltd (continued) Concluslons rèlatlng to goln9 ¢oncem In audittng the fmancial statements. we have concluded thAt the director's use of going concern basis of accounting in the preparation of the flnancial statement% is appropriate. Based on the work ive have perfnrn)ed, we h1¥ ve not identified An), m&1tCriAI uncertainties relRting to evcnts or ondiuong th&1t, indiiriduall}' or ci)Ilecrivcl)'. mA}' cast significant doubc on the Company's abibry to continue As A going concern for a period of at lea8t twelve mDnth5 from the datc when the fmancial statements are autliorised foI issue. Our re8ponsibiliues and thc re.%ponsibiliue5 of chc dircctors with Icspect to gotng concern are described in the relevant 8ecuon5 of thi8 reporc. Other Inforniatlon Other infomiation coinpribeb iiiFc)rination included in tlie ..Ititiual Ilepori, ()ther than the fthancial statement5 and our 14 udit()r'% rcp()rt rhercc)i). 'I'hc dirLctor% irL' rL4ponsible f()r tlie rjthcr infi)mi?tion. Our opinion on the finincial %tatements doe% not covcr thc infonn&iuon 11 lid. c¥cLpt to the extent orhctwi%e e¥pC1t1y slated in our report, we do not express any fonn nf a8%ufAnce conclusion thereon. In connection with our 111dit of thc fAnCiAl $tatemen¢s, our responsibAlity' is to read the other infornation and, in doin&r so. con%ider whcthcr tlie orhcr information is materixlly inconsistcnt with the fmancial statemcnts or our kn(Iwledge (>btained iii tlie Aiidit, or orhcrwisc Appe2r% to bc m1¢ tCriq& Il), mi%gtAtcd. If we id¢nul}T %uch m2teriRI incnn4i%tcncie% in the fin&1nci21 %tatcmcnts, WC 1rc rcqiiircd t() dctemiine whethcr there is A mit teriAI mi%statcment in The fancIAl .8tlÉ temen¢s or a mArcri21 mi8Stlf tcment of thc other inforniauon. If, bi1scd on the w()rk we hill'e p¢rf()nncd, we conclude that there is A material mi%$rAtement of this other infomiAtion, we are required to report tha¥ fact. Ve h2vc no¢liiiig to report in this regaid. Page 8 of 24
GrantThornton Independent auditor's report to the members of Forsight Ltd (continued) Oplnlons on ath•r matt•r8 pr•s¢rlbed by the Companlos Act 2006 In our opinion, based on tlie work undertaken in the course of thc audit.. the inform1L tion Ven in tlic Directors, Report prepared for the purposes of company law, for the fmancial j'car for which the fanCIal statements Are prepared is consistent with the fmanci21 statements. and the Directors. Report, have been prcpared in accordance with APP]icable legal requirements. Matters on whlch w• ar• r•qulr•d to report by •xc•ptlon In the hght of the knowledge and understanding of the charity 1¢ nd Ats cnvironmcnt obtained in the course of the audtt. we have noi idenufied An}T material inissratements in the l)ir¢ctors' Report. We have nothing to report in respect of tlie following mAtters where the Companies ,-Ict ?006 requircs us to rcporr to }?ou if, in our opinii)ii'. adcquatc and propcr accoiinting record4 have nut been kept, or returns adequatc for our audit have not bcen icceiircd fr()m branche4 noc visited by u.q' ot the f]nAllci1¢ I btatemcnt8 are not in agrccment with the Accounting record8 And recurns. or certtiin di8closiircs of trustec4' remuiicration %pccifiLd by law are not made. or wc have not rcceiTred ¥ill thc inforn]ation And explli nations we r¢quirc for our 2udit. Responslbllltles of th• management and thos• charg•d wlth g•v•rnan¢• for th• flnanclal statements .15 explained more fully in the directors, responsibilities statement, management 1% rc8pc)nsible for the preparation of ¢lic fmAncial stAtements which give a truc and fair view in accordance with United kingdom Gencrally .Icccpted .-IcciJuiiting l)ractice, including I,'RS I O? And for such inteinxl control 28 ¢he}' detcmiine necessary co enablc the prcplration of fiiixnci11 staterncntb that are free from ¢nateri21 misstatement. whether due to fraud or crror. In preparing the fmancial Statements, management is responqible for asseqqing the Cornpan}r'q Abilitip to continue as a going concern. disclosing. &s applicable, matters related to goiiig concern And using thc going concern basis of accoiinting unless thc mAnAgcmcnt eithcr intends to liquidate the Company or to cease opcrauons, or ha4 no iealisuc alternative but to do so. Those charged with goi'ern2ncc Are tesponsible for overseeing the Company'5 fmancial reporting process. Page 9 of 24
GrantThornton Independent auditor's report to the members of Fotsight Ltd (continued) Responslbllltlos of tho audltor for tho audlt of tho flnanclal statam•nts The objective5 OF an 2uditor are to obtain reasonable a%surstnce about whether the fthancial statements as a whole are fIcc from m2teri21 misstatemcnt, whether duc to fraud or error. 111d to issue an Auditor'.% reporr that include% their opinion. Rcasonable 28surance is a high level <)f assurance. but is not a guarantee thAt An audit conducted in 2ccordance with lS.Is (UK) will AlIv¢1},. detect a material mis%tAtement whcn it eKiS¢S. li Iisstarements CAn arisc from friiid or error and are con.gidcrcd In2terial if. itidiiriduI1 Ily or in the aggreg1te, thc}T could xcasonably be expected to influcnce che economic decisions of users tAken on the basis of thesc fLni¢ ncial statements. .{ further dc8cription of an 2uditor's rcsptsnsibilitieq For the audit uf the fin¢1ncial Statements is located on the Fin2nciAI Ilepi)rUiig Councd's website 1( t.. WLVi.fl£ s11LUjjIQE>¥l)ILl}L1ttIO*. 'I'his dcscripuon fonns part of oiir 14 iiditor's repoit. Explanation as to what exlent th8 audit W8s considered capable of detecting irregulanties, Including fraud Irrcguli¢ rities, iiicluding frxudl ¢1rL' iii%taiiccb ()f n(In-coinpliAnce with Ixws and regulauons. We dc8]gn proccdures in ]ine with our responsibilitie%. outlincd Abovc, to dLtcct mt1tLriAI missti1tements in rc8pect of irregu11riries, including frAud. Owing lo the inhcrent limitarioni of An Audit, there is An unavoidiblc risk that matcriAI mi88tatemcnt in the finaiicilll %tatcmcnt% may not be dctccted. evcn though thc audit is properl), planncd and performcd in accordanc¢ with the lS.Is (Uk). Ba%cd on our undcr%tanding of the Cnmpaiiy And indiistry. we idcnufied th2t the principal risks of non- eompiiancc with Iiivs 111d regulatlQll8 rclf1tcd to ci)mpliq& lice witli the specific IAws and regulauons that apply to the CIItiryT iiid we coiisldcrcd thL L.xtciit to wliicli niin-c()n)pliaiice ini&ht havc a matCriAI effect on dic financial s¢atcment8. Wc also conbidcrcd rhc)4e laws Aiid rcgTrulAuon% that hAve a direct impact on chc preparation of the finAnciAI statcment8 such a8 the ('ompanies .4ct ?{1()6 and Uk tax IcgislAtion. 'fhe ..Kudit engagement parther COll8idcTcd ilie expcrience ftnd cxpcrti4e Df the engagement tcam (including indiistry gpecialists, ITGC spccialists. VAliii1tion expert8 etc 28 2pplicftble) to ensure thit the re1m liad 1¢ ppropriit tc compctcnce and capabilities to idenufy or recogniqe non-cnmpliaiicc with thc12w$ 2nd regulation. Wc evaluated management's incentlVCS And opportunities for frAudulen( manipulation lif the fin2llciAI statcment4 (including rhL risk of override of controls), and detennincd that Ihc ptincipal risk5 were rc12tcd to Posting inappropriate journal entrie% to manipulate f£nancial perFormince and managcincnt bias through judgements and a8sumpuons in sigmficant 2ccountÈng estimates, in p%rticular in ielauon to significant one-off or unu5uxI rransactions. We apply professional 5ceptici5m through the 2udit to consider potenti1& I delibcratc omission c)r conceairnent of significant transactions, or incomplete/inaccurate disclosures in the fanCIal statemciit5. Page 10 of 24
GrantThornton Independent auditor's report to the members of Forsight Ltd (continued) In response to these priiicipal risks. our 2udit procedures tncluded but were not Jimited to: enquiries of mxnagement on the policies and procedures in place regarding compliance with 12IVS 14nd regwlations. including coiisidcrati()n of known or suspected insrances of non- compliance atid whether rhe), haire knowledge of any actual, suspected or alleged fraud. inspccuon of thL Compan) 8 regLilatory And le] corrcspundence aad review of minutes of mLetitig% during the >rcar to corrobor&itc inquiries made. gaining an understanding of the entity's current activiueg, the scope of auchorisation and the effectiveness of its control environment to mitigatc risks relAted to fraud. discussion amongst the engagement team in iclation to the idenufied laws and regulations and regarding the riqk of fril ud. And rernaining 21ert to any indicauons of non-compliance or oppornnitics for frauduleiit in&lnipulacion of fmanciAI statementg throughout the Audit. identiF)'ing ilnd testing journal cntrics ¢0 addrcss the risk of inappropriate journals 2nd m2nagcm¢nt override of contiol de8igning Audir proeedurcs to incorpoiatc unprcdictabiliry around ¢he naturc, timing or extent of our tc%tiiig challenging a$5umpuoiis and judgcmcnt% m2de by management in their $ignifieAnt accounting e4timArc8 review of the finl& ncial statement diselosure% to undcrl}'ing ¥upporting documentfition 2nd inquiries of m2nAg¢mcnt. Tlic primary rcsponsibih'ry for the ptevention and dctcction of irregularities including frAud rests with thosc charged with govern8nce and m¢1n¢1gement. .4s with 8nJp audit, there remains a risk of non_detecuon or irrcguli1ritics, a* thege may involve collusion, forgery, intcntionAI omissions, misreprescntationb or ovcrridc of intcrnal controls. Page 11 of 24
O GrantThomton Independent auditor's report to the members of Forsight Ltd (continued) Tho purpos• ol our audlt work and to whom w• ow• our r•sponslbllltl•s Tliis report is inil(IL solely to the Comi)any's membets. as A body, in Aecordince ivith cl11Pter 3 nf l)Irt 16 of the ('onipic nies Act 2006. Our Aiidit ivork1i2s been undertAken so thRt we might state to the LoIni)any's iiieniber5 tliose mic tters Ive Éire required to stli te to them in An auditor's report and for no other piirpose. To the fullest extent permitted by l%iv, we do not accept or 2SSL)me responsibility to anyone other than the Compli ny 11nd the Company's members as a body, for our audit ivork, for this report, or for the opinions we have Forined. chicl Nolan (Senior Stfttutory Auditor) fc)r and on behfilf of Grant Thornton Chartered Accoiintll nts Siattitory Aiidii F irm Cork DAtc..22nd October 2025 Page 12 of 24
Forsight Ltd STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestrlcted Funds 2024 Restricted Funds 2024 Funds Total 2023 Funds Total Notes Income from: Trading activities Fundraising Donations in Kind 270,977 25,230 1,116 270,977 25,230 1,116 317,659 31 860 Total Income 297.323 297.323 318,550 Expenditure on: Raising funds Funds paid to 3rd party support seNice8 394,903 394.903 200,009 9,934 Total Expendltur& 394.903 394,903 209,943 Net (Expendlturel I Income before transfers {97,5801 197.5801 108,607 Net {Expendlture) I Income Total funds brought foward 197,5801 128,3111 197,5801 128.3111 108.607 {136,9181 Total funds carrled fonNard 11 1125,891) 1125,891) 128,311} All income is in respect of c3)nlinuing operations. There are no recognised gains or losses other than the net income Stsled above for the two financial years. This report was approved by the Board on and signed on ils behalf by IQLL Dlre¢tor Director Date: Lo4.av( Th• notes on page 16 to 24 fomi an integrdl part of these financial statemonts Page 13 of 24
Forsight Ltd BALANCE SHEET AS AT 31 OECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 123,822 138,036 Current assets Debtors Cash at bank and in hand 25,447 89,290 79,446 35,537 114,737 114.983 Current Ilabilltle8 Creditors.. amounts falling due within one year 10 {364,4501 1281.3301 Nèt current Iliablllt188) 1249,7131 {166,3471 Total a$s•ts less current Ilabilitles 1125,891) {28,3111 Funds of th8 ¢ompany Unreslricled funds Restricted funds 1125,8911 {28,3111 Total company fund$ 11 {125,8911 128,3111 The financial statements were approved by the board ona2 and signed on its behalf by IQIL Dlrector Dlrector The notes on page 16 to 24 form an integral part of these flnancial statements Page 14 of 24
Forsight Ltd CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Reconclllation of net in¢ome to net cash inflow I loutllowl from operating actlvltiOS Net operating lexpendilurel l income Depreciation Decrease I Ilncrease} in debtors Increase in creditors {97,580) 18,242 53.999 83,120 108,607 24,146 162,4811 19,972 Net cash Inflow from operating actlvities 57,781 90.244 Cash flow ststsrnent Net cash inflow from operating activities 57,781 90,244 Purchases of fixed assets 14.028) 183,6781 Increase In cash In the yoar 53,753 6,566 Re¢onclllatlon of net cash flow to Movement In net funds (Note 171 Increase In cash in the year Net funds at 1 January 2024 53.753 35,537 6,566 28,971 Net funds at 31 Dec8mb8r 2024 17 89,290 35,537 Page 15 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Infonnation These financial statements Comprising the Statement of Comprehensive Income, the Balance Sheet, the Slalemenl of Cash Flows and the related notes constitute the financial slalements of Forsight Ltd for the year ended 31 December 2024. Forsight Ltd is a company limited by guaranlee incorporated and gIstred in the United Kingdom. The registered number of the Company is N1674129. The registered office of the company is Forsight Ltd, Second Floor Victoria House, 15 - 17 Gloucester Street, Belfast, Northern Ireland. The principal place of business of the company is Forsight Ltd, 27-29 Market Street, Omagh. Tyrone, Northern Ireland. The natu of the company's operation$ and ils principal activities are sel out in the Directors, Report. The financial statements have been psented in Pound Sterling 1£), which is also the functional currency of the company. Statsment of accountlng pollcle8 The principal accounting policies adopled in the preparation of the finan¢ial statements are set out below and havè remained unchanged from the previous year, and also have been consistently applied within the same a¢unts. Staternent of ¢ompllance The financial slalements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" IFRS 1021. Basls of preparation The audited financial statements have been prepared in 8¢¢ordance with accounting standards generally accepted in Iland and Irish stslule comprising the Companies Act 2006. A¢counting Stsndards generally acc£pted in Ireland in preparing financial slalements giving a true and fair view are those issued by the Finarsaal Reporting Council. The financial 51alemenls have been prepared under the historical cost convention. The company has also implemented many of the recommendations of the Slalement of Recommended Practice ISORPI"Accounling and Reporting by Charities" Income poll¢y All income is included in the Statement of Comprehensive Income when the company is enlilled lo the income, the amount can be quantified with reasonable aUraCY and il is probable the income will be Ceived, Income from Trading Actlvities Income from trading activities is income received in respect of the company Shops in Forsight Ltd and 1$ recorded on a receipts basis in the year the income is reived. Page 16 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure policy Expenditure on raising funds comprises those costs incurred by the company in respect of the CL)St of running the charity shop. It indudes both costs that can be allocated directly lo run the shop and those costs of an Indi¢t nature neSSary to support them. Reserves policy Company funds are managed between restricted and unrestricted reserves. Reslricled funds late lo in¢ome where the donor specifies how the funds should be spent. Unrestricted funds relate lo income donated to the mpany without any stipulation by the donor as lo how the lunds should be spent. Tangible assets and depreciatlon Tangible assets are stated at cost less accumulated depreciation and accumulated impairrnent loss. Cost includes all costs that are directly attributable to brin9ing the asset inlo working Condition for ils intended use. Depreclatlon Depreryation is provided on all tangible assets, al rates calculated lo write off the cost less estimated residual value, of each asset syslemalically over ils expected useful life, as follows.. Leasehold (under 35 year) premises refurbishment Motor vehides 100/0 Slraighl line 10% Straight line Flnanelal Instruments Financial assets and financial liabilities arè recognised when the charitable company becomes a party to the contractual provisions of the inslrumenl. Financial liabilitie$ are classified according lo the substance of the conlraclual arrangements entered into. Financial assets and liabilities All financial assets and liabilities are inilially measured al transaction pri&9 (including transaction Costs) unless the arrangement nstItuteS a financing Iransaclion. Financial assets are derecognised when and only when a} the contradual rights to the cash flows from the nancial asset expire or are Settled. bl the charitable company transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or cl the charitable company, despite having retained some significant risks and rewards of ownership. has transferred control of the asset to another party and the other party has the practical ability lo sell the asset in its entirety lo an unrelated third party and is able lo exercise that ability unilaterally and wilhoul needing to impose additional StrICtl0nS on the transfer. Financial liabilities are dere¢ognised only when the obligation specified in the contract is discharged, CanrIed, or expires. Balances Ihal are da$sified as payable or receivable wlhin one year on initial recognition are measured at the undiscounled amounl of the cash or other consideration expected to be paid or Ceived, nel of impairmenl. 1.10 Trade Debtors Trade and other debtors are initially recognSed al fair value and thereafter slated al amortised cost using the effective interest method less impaimenl losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the re1Vable8 are slated al cost less impairm&nt losses for bad and doubtful debts. Page 17 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.11 Trade Creditors Trade and other creditors are initially recognised at fair value and thereafter slated al amortised cosl using the effective interest rale method. unless the effect of discounting would be immaterial. in which case they are slated at cost. 1.12 Foreign ¢urr•ncies Monelary assets and liabilities denominated in foreign currencies are Iranslated into sleding at the rates of exchange prevailing at the balance sheet dale. Transactions in foreign currencies a recorded at the dale of the transactions. All differences are taken lo the Statement of Comprehensive Income. 1.13 Pensions The pension costs charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing rel1ment pensions and related benefits is charged to the slalemenl of comprehensive income over the employees, sernice lives on the basi$ of a constant percentage of eamings. 1.14 Cash at bank and In hand Cash al bank and in hand include cash with a short maturity of IVe1Ve months or less from the dale of acquisition or opening of the dèposit or Similar account, 1.15 Employee Benefits Forsighl Ltd provides a number of benefits lo èmployees including paid holiday arrangements. Short temi bènefits, including holiday pay, are cOgniSed as an expense in the period in whi¢h employees, seNice is recèived. A provision 1$ made for the eslimaled liability for annual leave as a re8uII of sèrvices rendered by employees up lo the end of thè finanaal year. Redundancy costs S recognised in the Statement of Comprehensive Income when there 1$ a demonstrable commitment to temiinalion, with provision for future redundancy costs meaSud al the best estimate of the expenditure that would be required to settle the obligation at the reporting dale. 1.16 Leaslng and Hlre Purchase Commitments Rentals applicable lo operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Comprehensive Income. Assets held under financ£ leases and hire purchase contracts a capitalised in the balance sheet and are depreciated over their useful lives with the corresponding lease or hire purchase obligation being capitalised as a liability. The interest element of the finance lease rentals is charged to the Stslemenl of Comprehensive Income over the period of the lease using the sum of digits method. Page 18 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.17 Allocation of Support Costs Support costs, which cannot be attributed dife¢tly to one activity, are allocated in proportion lo the estimated support reived. The cost driver used for the allocation of support ¢o$ls is headcount. Support costs indude human resources. finan, infomiation technology and governan. Governance co$1$ a the cost$ associated wlh the govemance arrangements and slalulory qUirementS of the mpany. These include costs related lo slralegic planning, data protection. audit and costs incurred due to legal and statutory requirements. 1.18 Crltical a¢counting Judgements and estlmates The preparation of these financial statements requires management to make judgements, eslimales and assumptions that affect the application of poliaes and rèported amounts of assets and liabilities. income and expenses. The resulting accounting estimates, wll by definition. seldom equal the related actual results. Judgements and eslimales a continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed lo be reasonable under the circumstanc88. The d1CtOrS consider the accounting estimates and assumptions bèlow lo be its critical accounting judgements and estimates.. Establlshlng lives for depréciation purposes ol flxèd assets The annual depreciation charge depends primarily on the estimated lives of each type of asset and estimalesof residual values. The directors and management regularly review these asset lives and change them as nec&ssary to reflect current thinking on MainIng lives in light of prospective economic ulilisalion and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisalion changes for the period. Detail of the useful lives is included in the accounting policies. Income The total incom¢ of the company for the year has been derived from its principal gctivlly wholly undertaken in Northern Ireland. Net Ineome 2024 2023 Nel income 15 slated after charging.. Depreciation 18,242 24,146 Employee8 Number of employees The number of people. in whole time equivalents, employed by Forsight Ltd is analysed into the following.. Trading activities 2024 2023 Number Number 10 10 Page 19 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Note 4 (¢ontinued) Employment costs 2024 2023 Wages and salaries Social insurants costs Other pension costs 176.363 6,144 2.752 177.830 1,790 2,516 185,259 182.136 The numborof hlgher pald èmploye•s was: 2024 2023 £60,000- £70.000 Transactlon¥ with dlrector¥ No member of the Board received any payment for expenses during the year. In¢ome Unrestrlctsd Restricted 2024 2024 Totsl 2024 Total 2023 Sales Fundraising Donations in Kind 270,977 25,230 1.116 270,977 25.230 1,116 317,659 31 860 Totsl Income 297,323 297,323 318,550 Expendlturo Unreslrictèd Re$trlcted 2024 2024 Totsl 2024 Total 2023 Wages and salaries (Note 41 Funds paid to 3rd party support servi$ Other operating (expenses} l income Support costs (note 71 {185,2591 {185,259) 1182,136) {9,9341 52,477 170,350) 1184,3051 125,3391 1184,3051 125,3391 Total Expendlture (394,903) 1394,903) 1209,943) Page 20 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs 2024 2023 Professional Fees Infomation Technology Advertising and Communicalions 12,962 323 12.054 32,699 779 36,872 Total 26,339 70,350 Tangible as80ts Leasehold Improvements Motor v&hlcle8 Totsl Cost Al 1 January 2024 Additions Disposals 160,303 4,028 20,532 180.835 4.028 Al 31 De¢ember 2024 164,331 20,532 184.863 Depreclallon Al 1 January 2024 On disposals Charge for the year 32,533 10.266 42,799 16,189 2.053 18,242 At 31 December 2024 48.722 12,319 61,041 Nt book valuJ Al 31 Dernber 2024 118,609 8,213 123,822 At 31 December 2023 127.770 10,266 138,036 Debtorn 2024 2023 Other debtors PpayMentS and ac¢rued inrne 4,342 21,105 8,139 71,307 25,447 79,446 Page 21 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Credltors". amounts falling due within one year 2024 2023 Other crnyltors Trade creditors Amounts owed to related undertaking (note 13} Accruals 29.280 319,615 14,990 14,855 250.304 16.424 Taxation cr•dltors PAYEIPRSI 565 {253} 364,450 281,330 Trade Creditors and aeeruals are payable al various datés in the next three months in accordance with suppliers. normal lemis. PAYEIPRSI is payable in aCPrdanCe with applicable stalulory provisions 11. Reconclllatlon of movements in total Company funds 2024 2023 Opening company funds Net incomel{expendilure) for the year {28,3111 1136,9181 {97,5801 108,607 Total Company funds 1125,8911 128,3111 Analysed a$: Unrestricted funds Re$tri¢led funds 1125,891 } 128,311) 1126.891) 128.311) 12. Analy81s of netassots bet•ieen funds: Re8trleted funds Unrnstricted Balancè fund8 3111212024 Fixed Assets Current Assets Current Liabilities 123,822 123.822 114,737 114,737 1364,4501 1364.450} 1125,8911 112S,891) Page 2Z of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Related party transacllons Intercompany year end balances due Itollfrom Company Relationship Transaction NCBI Group NCBI Retail NCBI Charitable Foundation NCBI SeNices Ultimate Parent Parent Fellow subsidiary Fellow subsidiary Inlercompany Intercompany Inlercompany Inlercompany 121.0841 {128.8611 {153,4931 (16,1771 14. Flnanclal commltments Al 31 December 2024 tha company had ¢ommilmenls under nOn-¢anlIable operating leases as follows.. Number of Amount Leases Payable Explry date: Beeen and five years In over five year8 66.919 232,060 Total 298.979 16. Ultlmats parent undertaklng The company regards NCBI Retail as its immediate parent company. The ¢ompany's ultimate parent undertaking 18 NCBI (National Council for the Blind} Group. The address of NCBI Group is NCBI Head Office, lOrth Road, Drumcondra, Dublin 9. 009 RP70, Republic of Ireland. 16. Gross ca8h flows 2024 2023 Capltal expendlturo Payments to aquire tangible assets 4.028 83.678 4,028 83,678 Page 23 of 24
Forsight Ltd NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Analysls of changos In net funds Opening balance Cash flows Closing balance Cash at bank and in hand 35,537 53,753 89,290 Netfunds 35,637 53,753 89,290 18. Golng ¢oncem The Directors have satisfied themselves that the Company is in a position lo continue as a going concern. 19. Financlal Instruments 2024 2023 Financial assets measured at amortised c08t 93,632 43,676 Financial liabilities measuffjd al amorti8ed Gost 363,886 281,583 Financial assets measured at amortised cost comprise other debtors, amounts owed by group )mpanIeS and cash al bank and in hand. Financial liabilities measured at amortised cost comprise trade creditors. a¢cruals and amounts owed lo group companies. 20. Company Ilmltsd by guarantee The company is one limited by guarantee not having a share capital. The company 18 a wholly controlled subsidiary of NCBI INational Council for the Blindl Group. 21. Post Balance Sheet Events There have been no significant events affecting the company since the year end. 22. Approval of financlal statemonts The board of directors approved these financial slalements and aulhorised them for i$$ue on Page 24 of 24