REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
WALSALL SOCIETY FOR THE BLIND LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
WALSALL SOCIETY FOR THE BLIND LIMITED |
WALSALL SOCIETY FOR THE BLIND LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Report of the Trustees | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 20 |
WALSALL SOCIETY FOR THE BLIND LIMITED (REGISTERED NUMBER: 03674948) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2023 |
The Trustees of Walsall Society for the Blind Limited ('the Society') present their report and accounts for the year ended 31st March 2023. |
Chairman's introduction |
I am very pleased to be able to report another good year for the Society. |
We have again received generous donations and legacies that have enabled us to keep providing our essential core services despite the ravages of a rate of inflation that was beginning to rekindle some unpleasant memories of the 1970s. We are reporting a modest deficit this year, but the financial position of the Society remains satisfactory. Our figures for recent years were better than those for 2023, but that is due only to the truly exceptional level of donations and legacies we received in 2022 and 2021. We have come to expect these fluctuations and we manage them accordingly. |
The highlight of this year has been our success in attracting extra funding for specific projects, the details of which are given in Note 17 of these accounts. The additional funding has enabled us to expand the breadth of the services we provide to the blind and partially sighted people of Walsall, and in doing so we have also created employment opportunities for local people. |
We have recently recruited two new Trustees to help us sustain and expand the services we provide. A very warm welcome to Amara Ismail-El-Banna and Baljeet Siyan - thank you both for volunteering your considerable talents and experience to assist the Society in its work. |
I continue to be amazed and humbled by the efforts of everyone connected with the Society and its work. I make no apology for repeating my annual message of grateful thanks to all those who make the work of the Society possible: our donors and funders for their extraordinary generosity; our CEO and her staff for their dedication, hard work, and above all the empathy and care shown for the visually impaired people that seek our help; our volunteers who give their time, energy, and talents with unstinting reliability and kindness; and of course, my fellow Trustees. Thank you again, everyone. |
John Cooke |
Chairman of Trustees |
23rd November 2023 |
TRUSTEES' REPORT |
The financial statements that follow this report are prepared in accordance with Financial Reporting Standard 102 and the provisions of the Companies Acts. The Society is exempt from the requirement to have an audit, but its accounting records and these financial statements have been subjected to an independent examination by a firm of Chartered Accountants and Registered Auditors. |
The Society is both a registered company limited by guarantee, and a registered charity. The Society's registered company number is 03674948 (England and Wales), its registered charity number is 1075854, and its principal and registered office is: |
Hawley House |
11 Hatherton Road |
Walsall |
West Midlands |
WS1 1XS |
Each Trustee of the Society is also a Director of the Society. The Society's Trustees and Directors are: |
John Cooke (Chairman) |
Julie Harris |
Amara Ismail-El-Banna (appointed 11th September 2023) |
Richard Meere |
Kevin Merchant |
Laurence Shore (Treasurer) |
Baljeet Siyan (appointed 11th September 2023) |
WALSALL SOCIETY FOR THE BLIND LIMITED (REGISTERED NUMBER: 03674948) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2023 |
David Smith (Vice Chairman) |
Elizabeth Smith |
The Society's Company Secretary and Chief Executive Officer is Amanda Reed. |
The Society's Memorandum and Articles of Association are its governing documents. The Society is governed by a board of at least three Trustees. Each Trustee is appointed by a vote at a general meeting of the Society and is subject to re-election every third year. Every person appointed as a Trustee must also be willing to serve as a Director of the Society. |
The Trustees oversee the running of the Society, meeting at least four times each year to review and plan its operations. The CEO appointed by the Trustees looks after the day-to-day activities of the Society, leading a small team of dedicated staff by example with passionate commitment and energy. |
The Society is a long-established institution, well-known and valued by local people, some of whom support the Society with a regular commitment of their time and expertise. In a typical year, the Society benefits from about 1,322 hours of valuable time given by volunteers. |
OBJECTIVES AND ACTIVITIES |
The Society's purpose and its public benefit |
The Society exists to provide information, support and friendship to all visually impaired people living in the large Metropolitan Borough of Walsall, now recognised as one of the most deprived areas of the country with a diverse and ageing population. We aim to help anyone with visual impairment that needs our help, whether registered blind or not. We are the main and by far the largest provider of visual impairment services in Walsall, working alongside the Sensory Support team of Walsall Metropolitan Borough Council. |
The Trustees have considered the Charity Commission's guidance on the public benefit requirement of the Charities Act 2011 and are satisfied that the Society meets that requirement. |
Services provided by the Society |
The Society currently supports approximately 1,370 visually impaired individuals and the demand for its services is increasing each year. |
Our Community Officers provide personal support to visually impaired people and their families at Hawley House or in their own homes and communities. This one-to-one work is at the heart of what we do, advising and supporting people with anything that visual impairment makes challenging in daily life. |
We maintain the register of Blind and Partially Sighted people on behalf of Walsall MBC. After referral by a Consultant Ophthalmologist, our Registration Officer assists with the process of registration and advises on the benefits it can bring. |
Our Social Activities Centre is open every weekday. Conveniently situated in Walsall town centre near the bus station, it is a popular meeting place for groups of visually impaired people to enjoy activities such as arts and crafts, quizzes and entertainment. Social isolation is often a consequence of sight loss, so our centre is an essential resource for the local visually impaired community to meet and thus enable its members to remain independent in a safe environment. It is large enough even to accommodate the Walsall Visually Impaired Bowls Group. |
Our weekly Walsall Talking Newspaper is extremely popular. Each week in our own in-house studio, we record, edit and produce more than four hours of content which is then distributed on memory sticks by post, or by digital download. We also produce a monthly Audio Magazine with more than twelve hours of content. |
Digital technology designed specifically for visually impaired people is rapidly becoming more advanced and readily available. In response to growing demand, we have an Assistive Technology Officer. This important service provides both group and one-to-one training sessions on generic smart devices tailored to meet the needs of each individual. |
WALSALL SOCIETY FOR THE BLIND LIMITED (REGISTERED NUMBER: 03674948) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2023 |
OBJECTIVES AND ACTIVITIES |
Achievements and performance |
We are always busy, and our work benefits the lives of many visually impaired people in Walsall. |
With the restrictions created by COVID-19 now fully behind us, our activities have mostly returned to normal. This year we dealt with 2,914 enquiries at our reception desk, handled more than 5,900 community cases, and offered 1,704 placements in our Social Activities Centre (a 'placement' is simply the opportunity for one person to attend one session). We sent out more than 8,000 copies of the Walsall Talking Newspaper, and we know that many more people listen to it through online platforms. |
FINANCIAL REVIEW |
Financial review and policy |
The Trustees are extremely grateful once again for the truly magnificent, generous support the Society has received from its donors. Donations and legacies received this year total £203,698, lower than the exceptionally high figure of £295,845 in 2022. The Society depends heavily upon the donations and legacies it receives because our investment income - despite an increase this year to £83,644 from £76,549 in 2022 - represents only about 23% of what we need to maintain our services, the costs of which this year were £356,783 (£276,875 in 2022). This year's higher expenditure is mostly explained by the increased staff costs detailed in Note 9: we now have more employees as we expand the services we provide. |
Cautious, prudent financial policies are adopted by the Trustees to manage the inevitable fluctuations in the Society's income. Maintaining a Development Fund (described below) is a fundamental and essential part of this approach. The Trustees delegate the management of the Society's investments to a firm of professional investment advisers with the brief to maintain a balanced portfolio with moderate risk. The Trustees' aim is to maintain the real value of the Society's investments in the long term with a prudent mixture of equities, bonds and cash, and that aim continues to be met by the investment advisers. |
With the published rate of inflation now beginning to fall, the Trustees are satisfied that the Society's financial resources are adequate for the continued provision of its core services for the foreseeable future. |
Reserves and funds |
Details of our reserves are shown in note 17 of the accounts. Our reserves consist of restricted and unrestricted funds. |
Restricted funds can only be used for specific purposes according to conditions imposed by their donors. Note 17 gives details of the restricted funds. |
Unrestricted funds are the balance of our reserves, accumulated since the inception of the Society. These funds are required to ensure that - in accordance with the Charity Commission's guidelines - the Society has sufficient funds to ensure that it can continue to provide its core services to the visually impaired community of Walsall for at least another two years. These unrestricted funds include a special designated fund, called the Development Fund. |
The Development Fund was created by the Trustees to protect the long-term future of the Society and thus the interests of the visually impaired community of Walsall. Hawley House - the premises from which the Society has operated since 1986 - is leased on terms under which the Society could be asked, with just twenty-four months' notice, to find alternative premises. The Development Fund is thus intended to provide for the costs of the relocation of the Society should this become necessary. The Trustees would seek to ensure the Society's security of tenure in any new premises by acquiring a freehold or suitably long leasehold interest, the cost of which, together with renovation work, was previously estimated by the Trustees to be £1.5 million. Given the inflationary pressures in the UK economy, the Trustees have revised that estimate again this year and increased the Development Fund to £1.6 million. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document, organisational structure and trustees |
Details of the Society's governing documents, organisational structure and trustees are covered within the Report of the Trustees above. |
WALSALL SOCIETY FOR THE BLIND LIMITED (REGISTERED NUMBER: 03674948) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk review |
The Trustees have a duty to identify and review the risks to which the Society is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
The Trustees are satisfied that adequate systems and procedures are in operation to mitigate against the major risks faced by the Society so as to minimise the potential impact on the Society should any of those risks materialise. A risk register has been established. |
Further details of the Society's performance are contained within the Report of the Trustees above. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
John Cooke (Chairman) |
Julie Harris |
Amara Ismail-El-Banna |
Richard Meere |
Kevin Merchant |
Laurence Shore (Treasurer) |
Baljeet Siyan |
David Smith (Vice Chairman) |
Elizabeth Smith |
Company Secretary |
Independent Examiner |
Adrian Ralph FCA CTA |
Stanton Ralph & Co Limited |
Chartered Accountants |
The Old Police Station |
Whitburn Street |
Bridgnorth |
Shropshire |
WV16 4QP |
Approved by the Chairman of the Trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
WALSALL SOCIETY FOR THE BLIND LIMITED |
Respective Responsibilities of the Trustees and Examiner |
The Trustees (who are also the Directors of the company for the purposes of company law) are responsible for |
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). The company's Trustees consider that an audit is not required for this year under Part 16 of the 2006 Act and that an independent examination is needed. |
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company's accounts as carried out under section 145 of the Charities Act 2011 ("The 2011 Act"). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act. |
Independent Examiner's Statement |
In connection with my examination, no material matters have come to my attention which give me cause to believe that in, any material respect: |
(i) accounting records were not kept in accordance with section 386 of the Companies Act 2006; or |
(ii) the accounts do not accord with such records; or |
(iii) the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or |
(iv) the accounts have not been prepared in accordance with the Charities SORP (FRS102). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Adrian Ralph FCA CTA |
Stanton Ralph & Co Limited |
Chartered Accountants |
The Old Police Station |
Whitburn Street |
Bridgnorth |
Shropshire |
WV16 4QP |
23rd November 2023 |
WALSALL SOCIETY FOR THE BLIND LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MARCH 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 17 | (13,247 | ) | 13,247 | - | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 2,483,070 |
WALSALL SOCIETY FOR THE BLIND LIMITED (REGISTERED NUMBER: 03674948) |
BALANCE SHEET |
31ST MARCH 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 2,446,820 |
Restricted funds | 36,250 |
TOTAL FUNDS | 2,483,070 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
WALSALL SOCIETY FOR THE BLIND LIMITED (REGISTERED NUMBER: 03674948) |
BALANCE SHEET - continued |
31ST MARCH 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Society is a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. |
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Society and rounded to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Funds |
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Society and have not been designated for other purposes. |
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Further details are given in the Trustees' Report. |
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Society for particular purposes. The costs of raising and administering such funds are charged against the specific fund. Further details are given in Note 17. |
Income |
All incoming resources are included in the Statement of Financial Activities (SOFA) when the Society is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. |
For donations to be recognised the Society will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Society and it is probable that they will be fulfilled. |
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the Society has control over the item. Fair value is determined on the basis of the value of the gift to the Society; for example the amount the Society would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. |
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Report. |
For legacies entitlement is recognised on the earlier of the Society being notified of an impending distribution or the legacy being received. Sometimes legacies will be notified to the Society but it is not possible to measure the amount expected to be distributed. On these occasions the legacy is treated as a contingent asset and disclosed in the notes to the financial statements. |
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Society. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. |
Income from government and other grants are recognised at fair value when the Society has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | ACCOUNTING POLICIES - continued |
Income |
Investment income is earned through holding assets for investment purposes such as shares and bonds. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. Investment income is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Society's right to receive payment is established. |
Expenditure |
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. |
The costs of raising funds include the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. |
Expenditure on charitable activities includes those costs incurred by the Society in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Other expenditure represents those items not falling into the categories above. |
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. |
Support costs allocation |
Support costs are those that assist the work of the Society but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Society; where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis considered to be reasonably consistent with use of the resources. |
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. |
The analysis of these costs is included in Notes 6 and 7. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Assets with a cost below £5,000 are not capitalised. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Leasehold buildings and improvements | 5% pa straight line |
Computer equipment | 33% pa straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The Society operates a defined contribution pension scheme for its employees. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. |
Investments |
Listed investments are valued at open market value with realised and unrealised gains and losses adjusted within the Statement of Financial Activities in accordance with the requirements of the Charities Statement of Recommended Practice and FRS 102. |
Impairment |
Assets not measured at fair value are reviewed for any indicator that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease. |
Employment benefits |
When employees have rendered service to the Society, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The Society operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Tax |
The Society is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 so that it therefore meets the definition of a charitable company for UK corporation tax purposes and so that the Society is exempt from corporation tax on its charitable activities. |
Going concern |
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the Society to be able to continue as a going concern. |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2. | DONATIONS AND LEGACIES |
Restricted | Unrestricted | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Midland Societies for the Blind | - | 3,193 | 3,193 | 3,811 |
Talking Newspaper | - | 1,437 | 1,437 | 1,980 |
General | - | 5,456 | 5,456 | 14,241 |
Box collections | - | 110 | 110 | 109 |
Day Centre Metrobox collections | - | 246 | 246 | 19 |
Legacies | 5,237 | 100,000 | 105,237 | 201,302 |
Corporate Trust Fundraising | 3,450 | 3,450 | 26,959 |
Charitable Trust Fundraising | 65,015 | 18,233 | 83,248 | 45,117 |
General and administration | - | 637 | 637 | 1,124 |
Gift aid | - | 651 | 651 | 75 |
Transcription income | - | - | - | 75 |
Charities Trust and aid donations | - | 33 | 33 | 1,033 |
70,252 | 133,446 | 203,698 | 295,845 |
In 2022 income from donations and legacies was £295,845 of which £52,793 was attributable to restricted funds and £243,052 was attributable to unrestricted funds. |
3. | OTHER TRADING ACTIVITIES |
Restricted | Unrestricted | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Sales of WTN bricks | - | 519 | 519 | 569 |
Sales of living aids and equipment | - | 8,043 | 8,043 | 2,518 |
Social activity centre | - | 2,311 | 2,311 | 1,729 |
Other income | - | 738 | 738 | 328 |
- | 11,611 | 11,611 | 5,144 |
In 2022 all income was attributable to unrestricted funds. |
4. | INVESTMENT INCOME |
31.3.23 | 31.3.22 |
£ | £ |
Interest on investments | 1,819 | 14 |
Interest on government securities | 2,842 | 4,864 |
Income from equities and unit trusts | 78,983 | 71,671 |
83,644 | 76,549 |
In 2023 and 2022 all income from investments was attributable to unrestricted funds. |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | INCOME FROM CHARITABLE ACTIVITIES |
Restricted | Unrestricted | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Walsall Metropolitan Borough Council: |
Registration, Information and Liaison Service | 18,623 | - | 18,623 | 18,623 |
Centre Management | 24,009 | - | 24,009 | 24,009 |
JRS Grant | - | - | - | 1,586 |
42,632 | - | 42,632 | 44,218 |
6. | RAISING FUNDS |
Voluntary Income |
Fundraising |
31.3.23 |
31.3.22 |
£ |
£ |
£ |
£ |
Cost of goods sold | 13,730 | - | 13,730 | 5,350 |
Property costs | 2,627 | - | 2,627 | 1,394 |
Fundraising and publicity | 380 | - | 380 | 177 |
Salaries and staff expenses | 18,103 | 21,023 | 39,126 | 26,262 |
General and office expenses | 2,323 | - | 2,323 | 950 |
37,163 | 21,023 | 58,186 | 34,133 |
7. | CHARITABLE ACTIVITIES COSTS |
Registr ation |
Translati on and talking news |
Day activiti es |
Commu nity work & Tech Officer |
Centre manag ement |
Gover nance |
31.3.23 |
31.3.22 |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
Talking newspaper equip, reps & maint |
- |
3,267 |
- |
- |
- |
- |
3,267 |
7,517 |
Sundry grants & gifts |
- |
- |
- |
360 |
- |
- |
360 |
292 |
Property costs | 3,296 | 4,991 | 7,880 | 9,982 | 10,166 | 788 | 37,103 | 37,214 |
Salaries and staff expenses |
17,434 |
35,100 |
55,264 |
94,624 |
10,803 |
4,654 |
217,879 |
161,88 4 |
General & office expenses |
2,580 |
4,412 |
6,966 |
8,825 |
3,624 |
697 |
27,104 |
26,100 |
Accounts/ book keeping |
- |
- |
- |
- |
9,462 |
- |
9,462 |
6,370 |
Fundraising and Publicity |
- |
722 |
1,141 |
1,445 |
- |
114 |
3,422 |
3,365 |
23,310 | 48,492 | 71,251 | 115,236 | 34,055 | 6,253 | 298,597 | 42,742 |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
The Trustees neither received nor waived any remuneration during the year (2022: none). |
Trustees' expenses |
The Trustees did not claim any expenses this year or last year despite being entitled to do so. |
9. | STAFF COSTS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
254,067 | 187,209 |
The average monthly number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Average number of employees |
No employees received emoluments of more than £60,000 during the year (2022: none). |
The total amount of employee benefits received by key management personnel is £45,969 (2022: £45,845). The Trustees consider the key management personnel to be the Chief Executive Officer. |
10. | PREVIOUS YEAR'S COMPARATIVE FIGURES FOR STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | (10,772 | ) | 10,772 | - |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
10. | PREVIOUS YEAR'S COMPARATIVE FIGURES FOR STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 2,168,507 | 46,751 |
TOTAL FUNDS CARRIED FORWARD | 2,446,820 | 36,250 | 2,483,070 |
11. | GOVERNANCE COSTS |
31.3.23 | 31.3.22 |
£ | £ |
Accountancy / payroll and independent examiner's fees | 9,462 | 6,370 |
Support costs | 6,253 | 17,479 |
Investment management costs | 8,809 | 240 |
24,524 | 24,089 |
Accountancy / payroll and independent examiner's fees includes an independent examination fee of £1,000 (2022 £1,000) and payroll services of £1,362 (2022 £1,510). |
12. | TANGIBLE FIXED ASSETS |
Short | Computer |
leasehold | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2022 and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
13. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
Realised gains |
Net unrealised (losses) | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 | 2,021,932 |
At 31st March 2022 | 2,145,131 |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31st March 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 761,075 |
Cost | 1,260,857 |
2,021,932 |
Investments at market value comprise: |
31.3.23 | 31.3.22 |
£ | £ |
Fixed interest funds and gilts | 117,992 | 140,607 |
Equities | 1,535,063 | 1,587,569 |
Property and infrastructure funds | 368,877 | 416,955 |
2,021,932 | 2,145,131 |
Investments were valued at closing mid-market value as at 31 March 2023 by EFG Harris Allday, independent stockbrokers regulated by the Financial Services Authority and a member of the London Stock Exchange. |
14. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Prepayments |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
17. | MOVEMENT IN FUNDS |
Opening Balance |
Incoming Resource |
Resources Expended |
Gains/ (losses |
) |
Transfers |
Closing Balance |
Unrestricted: |
General fund | 946,820 | 228,700 | (235,768 | ) | (154,141 | ) | (113,247 | ) | 672,364 |
Development fund |
1,500,000 |
- |
- |
- |
100,000 |
1,600,000 |
2,446,820 | 228,700 | (235,768 | ) | (154,141 | ) | (13,247 | ) | 2,272,364 |
Restricted: |
Centre management |
- |
24,009 |
(34,055 |
) |
- |
10,046 |
- |
Registration, Information and Liaison Service |
- |
18,623 |
(23,307 |
) |
- |
4,684 |
- |
Charitable Trust Fundraising |
1,078 |
- |
- |
- |
(292 |
) |
786 |
Trust Fundraiser core costs |
(292 |
) |
292 |
- |
The Grimmitt Trust |
1,500 |
- |
(1,500 |
) |
- |
- |
- |
Postcode Neighborhood Trust |
7 |
- |
(2 |
) |
- |
(5 |
) |
- |
DMF Ellis Trust | 4,467 | - | (4,467 | ) | - | - | - |
Screwfix Foundation |
277 |
- |
(277 |
) |
- |
- |
- |
Ulverscroft Foundation |
43 |
- |
(43 |
) |
- |
- |
- |
Boshier-Hinton Foundation |
- |
- |
(42 |
) |
- |
42 |
- |
Children in Need |
175 |
9,961 |
(9,776 |
) |
- |
- |
360 |
The Worshipful Company of Grocers |
5,000 |
- |
(5,000 |
) |
- |
- |
- |
The Hospital Saturday Fund |
12 |
- |
(8 |
) |
- |
(4 |
) |
- |
Virgin Media O2 | 44 | - | (44 | ) | - | - | - |
Roger & Douglas Turner Trust |
9 |
- |
(9 |
) |
- |
- |
- |
The Beatrice Laing Trust |
17 |
- |
(17 |
) |
- |
- |
- |
Severn Trent Water |
23,621 |
- |
(19,324 |
) |
- |
(1,517 |
) |
2,780 |
BHSF Trust | - | 780 | (280 | ) | - | - | 500 |
The National Lottery - Awards for All |
- |
5,526 |
(4,741 |
) |
- |
- |
785 |
CB & HH Taylor | - | 1,000 | (823 | ) | - | (177 | ) | - |
WG Edwards | - | 1,600 | (1,778 | ) | - | 178 | - |
Edward & Dorothy Cadbury |
- |
1,648 |
(1,432 |
) |
- |
- |
216 |
Good Things Foundation |
- |
2,000 |
(1,000 |
) |
- |
- |
1,000 |
Postcode Local Trust |
- |
25,000 |
- |
- |
- |
25,000 |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
The Hospital Saturday Fund 2 |
- |
2,000 |
- |
- |
- |
2,000 |
The Gosling Foundation |
- |
7,500 |
(7,500 |
) |
- |
- |
- |
The Beatrice Laing Trust 2 |
- |
2,500 |
- |
- |
- |
2,500 |
Ulverscroft Foundation 2 |
- |
2,000 |
(1,912 |
) |
- |
- |
88 |
D Bostock Legacy |
- |
5,237 |
(3,145 |
) |
- |
- |
2,092 |
The National Lottery Community Fund - RC Midlands Region |
- |
1,000 |
(240 |
) |
- |
- |
760 |
Leeds Building Society |
- |
1,000 |
- |
- |
- |
1,000 |
The Clive Richards Foundation |
- |
1,500 |
- |
- |
- |
1,500 |
36,250 | 112,884 | (121,014 | ) | - | 13,247 | 41,367 |
Total funds | 2,483,070 | 341,584 | (356,782 | ) | (154,141 | ) | - | 2,313,731 |
BBC Children in Need has provided a second year of funding to enable us to continue our community support for visually impaired children, young people and their families. |
BHSF funding has enabled us to purchase a new item of magnification equipment which is available to the sight loss community for demonstration and loan purposes. |
Funding from The National Lottery - Awards for All England programme, has enabled us to install a new telephone helpline system for people with sight loss and fund all calls during the year. |
The CB & HH Taylor 1984 Trust, The W.G. Edwards Charitable Foundation, Good Things Foundation and The Gosling Foundation have each provided funds towards the creation of a new IT Suite to reduce digital exclusion for the visually impaired. Funds received have been used towards renovations costs, equipment, furniture and IT tutoring support. |
A new pool table, cues, balls and cue stand has been purchased for use in the Social Activity Centre, made possible by a grant from the Edward & Dorothy Cadbury Trust. |
Following the success of the 12 month Mental Health and Wellbeing pilot project funded by the Severn Trent Community Fund during 2022/23, we are pleased to be able to extend the project following a grant from the Postcode Local Trust. The project will continue to support people with sight loss to improve their mental health and wellbeing by assisting them to regain their independence and confidence and reduce their isolation. |
Grants from The Beatrice Laing Trust and The Hospital Saturday Fund have enabled us to replace the boiler and upgrade the heating system at our sight loss support centre in Walsall. |
The Ulverscroft Foundation, Leeds Building Society Foundation and The Clive Richards Foundation have all made contributions towards a new project providing tailored sight loss support aids to individuals newly registered with sight loss. Resources available include liquid level indicators, bump ons, symbol canes and signature guides. |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
17. | MOVEMENT IN FUNDS - continued |
The National Lottery Community Fund - RC Midlands Region, has made a lead payment towards a new three year project funded by The National Lottery Reaching Communities Fund. This generous support will enable us to deliver our community based outreach support as well as creating a new awareness raising role which will reach out to unregistered individuals who are struggling with vision challenges. This lead in payment was made towards the recruitment and set up costs for a new Information Officer role. |
Further details of restricted and unrestricted funds are included within the Report of the Trustees. |
Analysis of net assets between funds |
Unrestricted Funds |
Designated Funds |
Restricted Funds |
Total Assets |
£ | £ | £ | £ |
Fixed assets | 421,934 | 1,600,000 | - | 2,021,934 |
Bank and cash in hand | 259,608 | - | 41,367 | 300,975 |
Other current assets/liabilities | (9,178 | ) | - | - | (9,178 | ) |
672,364 | 1,600,000 | 41,367 | 2,313,731 |
18. | EMPLOYEE BENEFIT OBLIGATIONS |
The Society operates a defined contribution pension scheme for its employees. The amount recognised as an expense in the period was £4,097 (2022: £2,339). |
The defined contribution liability is allocated to each activity based on staff hours, as per staff salaries and social security costs. |
19. | RELATED PARTY DISCLOSURES |
The Society employs a relative of one of its Trustees. The employee is not financially dependent on the Trustee in question, and the terms of employment are negotiated by the CEO without any involvement of that Trustee. The other Trustees are satisfied this is a transaction that brings very significant benefits to the Society, thus enabling it to meet its charitable objectives. The employee's emoluments for the year ended 31st March 2023 were £19,645 (2022 £18,365). |
The Society received a donation of £2,500 from one of its Trustees this year (2022: £nil). |
There were no other related party transactions for the current or previous years requiring disclosure in the accounts. |
20. | MEMBERS LIABILITY |
In accordance with the Memorandum and Articles of Association each members' liability is limited to £10 in the event of winding up of the Society. |
WALSALL SOCIETY FOR THE BLIND LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
21. | SHARE CAPITAL AND LIMITED BY GUARANTEE |
The Society does not have an authorised or issued share capital as its liability is limited by the guarantee of its members, each guaranteeing up to £10 of the Society's debt. |