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Company registration number: SC389560 Charity registration number: SC002185 The Scottish Council on Visual Impairment (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 March 2014 Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN The Scottish Council for Visual Impairment Contents Reference and administrative details Trustees' Report Trustees' responsibilities in relation to the financial statements Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 1 2 to 5 6 7 to 8 9 10 to 11 12 to 18 The Scottish Council for Visual Impairment Reference and Administrative Details Charity name The Scottish Council on Visual Impairment Charity number SC002185 Company number SC389560 Principal office The Turrets Mansionhouse Road Camelon FALKIRK FK1 4PS Trustees Mr Richard Hellewell, President Ms Ruth Dorman, Vice President Mr James Adams Mr Graham Findlay Mr Bob Ironside Mr John Keenan (Resigned 17 June 2014) Mrs Fiona Sandford Mr Murray Cochrane Mrs Maria Dick Secretary Dr Colin Howie Investment Advisor Smith & Williamson 206 St. Vincent Street GLASGOW G2 5SG Independent examiner Alexander J Fyfe, M.A.A.T., C.A., DChA. Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN Page 1 The Scottish Council for Visual Impairment Trustees' Report The Trustees present their Report and Accounts for the year ended 31 March 2014. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, Companies Act 2006 and Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005. The Scottish Council on Visual Impairment (SCOVI) is a company limited by guarantee of its members. It was formed in 2010 and became active in 2011 when it took over the assets, liabilities and engagements of the Scottish National Federation for the Welfare of the Blind (SNFWB). Governance and management The Memorandum of Association states the objects and powers of the charitable company and it is governed under its Articles of Association. The directors of the company are its charity trustees for the purposes of charity law and referred to as trustees throughout this report. The trustees who served during the year were: Mr Richard Hellewell Mr James Adams Ms Ruth Dorman Mr Graham Findlay Mr Bob Ironside Mrs Fiona Sandford Mr John Keenan Mr Murray Cochrane, appointed 02 August, 2013 Mrs Maria Dick, appointed 25 October, 2013 The trustees are nominated and elected by members at the Annual General Meeting. At each AGM one third of their number must stand down but are eligible for re-election up to a maximum of nine years. All trustees, or the member organisations they represent, give their time voluntarily and the trustees receive no personal benefit from the charity. Page 2 The Scottish Council for Visual Impairment Trustees' Report Details of the charity Aims and objectives The charity’s objects are to promote the benefit of blind and partially sighted persons in Scotland and to advance the education of blind and partially sighted persons in Scotland. Our mission is for blind and partially-sighted people throughout Scotland to lead independent and included lives. Our purpose is to raise awareness of how blind and partially-sighted people are discriminated against; and to work with our member organisations, which encompass local and national charities and local authorities across Scotland for positive change. We do this by: Supporting the work of our member organisations. Organising and facilitating regular meetings and conferences which offer informative training and educative opportunities for member organisations. Liaising with and informing relevant external bodies. Endorsing and/or supporting relevant campaigns. Promoting, supporting and/or assisting relevant research. Recruiting new members. Lobbying and consulting with government on relevant issues. Activities and achievements during the year The Scottish Council on Visual Impairment annual conference was in Stirling in June 2013. Throughout the year regular Member’s Forum meetings have taken place with presentations being given by: Dominic Everett (RNIB) on Visual Impairment Network Children & Young People (VINCYP); Colette Cummins-Smith (RBIB) on Welfare Rights Reform Networking Report; Angela Bonomy (Scottish Government) on a summary of progress on the Sensory Impairment Strategy; Andrew Strong (the Alliance) on the topic of Health and Social Care in Scotland – Integration or Transformation?; Catriona Burness (RNIB) on Charities, devolution and the Scottish Independence referendum; Sally Dyson (SCVO) on the SCVO digital Participation Programme. Page 3 The Scottish Council for Visual Impairment Trustees' Report During the previous year, SCOVI received a grant of £9,500 from the Big Lottery Fund to enable research to be carried out to inform a renewal of its strategy. This examined the needs of people with a visual impairment in Scotland in the 21st century, determined what was already being contributed by governmental and voluntary organisations, and observed effective ways in which umbrella group and advocacy group activities were conducted in other disability sub-sectors (see “Future Plans” below). The researcher for this was appointed in February 2013, the project cost £13,320 in total and was completed in November 2013. Review of financial position Income for the year was £13,380. Resources expended totalled £28,854. Of this, £9,500 was the Big Lottery fund grant, referred to above, which was restricted as to its purpose. The value of the organisation’s investments rose slightly in the year by £6,590. The net difference between additions and disposals was £13,630 of which £10,000 was a transfer to the current account. The overall result was a reduction in investment value of £7,040. Future plans The Trustees renewed SCOVI’s strategy in 2013. The first step was the research project referred to above. Informed by this, in the summer of 2014 SCOVI has recruited a Chief Executive as a means of expanding our work and influence and that of our member organisations, effective ways of informing policy makers authoritatively about the specific needs of those with a visual impairment, and new funding streams to support these. Investment policy The Trustees aim to hold enough resources for the charity to carry out its present and future activities effectively and maintain liquid assets at a level to cover one year’s expenditure. In considering the charity’s investment portfolio, risk is assessed as “moderate”. 20% of the portfolio will be held in cash or fixed interest stocks with the remainder being invested in collective investment schemes, including but not limited to, unit trusts, investment trusts, open-ended investment companies or common investment funds for charities, with a maximum of 10% in any one fund. Page 4 The Scottish Council for Visual Impairment Trustees' Report In order to spread risk, exposure is global with a minimum allocation of 30% of equity assets in the UK. The Trustees take regular advice from an investment manager and all investments are held by a regulated nominee company. Any investment operation is non-discretionary. The Trustees have introduced a policy of ethical investment, within the existing strategy. The process of transition to this new policy was completed in October 2013. Under the policy, SCOVI will not invest either directly or through pooled funds, investment trusts, or the like, in companies that engage in the manufacture or trading of arms, tobacco nor in those which don’t recognise human rights and don't have non-exploitative labour policies. Risk policy The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems to mitigate exposure to the major risks are now in place and will be reviewed regularly. Reserves policy The reserves of the charity are wholly unrestricted funds. The appointment of a Chief Executive will be funded from reserves for up to two years. Due to the uncertainty at this time of maintaining the organisation’s income the Trustees feel that reserves should not be depleted beyond that commitment. Small companies provisions This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the Board on 24 October 2014 and signed on its behalf by: ………………………. Mr Richard Hellewell Trustee Page 5 The Scottish Council for Visual Impairment Trustees' Responsibilities in relation to the Financial Statements The trustees (who are also directors of The Scottish Council for Visual Impairment for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6 Independent Examiner's Report to the Trustees of The Scottish Council for Visual Impairment I report on the accounts of the charity for the year ended 31 March 2014, which are set out on pages 9 to 18. Respective responsibilities of 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 terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts. Page 7 Independent examiner's statement In the course of my examination, no matter has come to my attention: (1) - - which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting records and comply with the Regulation 8 of the 2006 Accounts Regulations have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ................................................. Alexander J Fyfe, M.A.A.T., C.A., DChA. Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN Page 8 25 October 2014 The Scottish Council for Visual Impairment Statement of Financial Activities (including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) For the Year Ended 31 March 2014 Note Incoming resources Incoming resources from generated funds Voluntary income Investment income Incoming resources from charitable activities Total incoming resources Total Funds 2014 £ Total Funds 2013 £ 2 3 4 5,046 8,334 13,380 9,500 7,044 8,894 25,438 5 5 28,584 270 28,854 15,558 490 16,048 (15,474) 9,390 4,380 25,036 Net movements in funds (11,094) 34,426 Reconciliation of funds Total funds brought forward Total funds carried forward 227,841 216,747 193,415 227,841 Resources expended Charitable activities Governance costs Total resources expended Net (expenditure)/income before other recognised gains and losses Other recognised gains/losses Gains on investment assets The notes on pages 12 to 18 form an integral part of these financial statements. Page 9 The Scottish Council for Visual Impairment (Registration number: SC389560) Balance Sheet as at 31 March 2014 2014 Note Fixed assets Investments Current assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year £ 9 2013 £ £ 203,904 £ 203,904 10 13,891 13,891 1,630 18,642 20,272 11 (1,048) (3,375) 12,843 216,747 16,897 227,841 The funds of the charity: Unrestricted funds Unrestricted income funds 216,747 216,747 Total charity funds 216,747 216,747 Net current assets Net assets The notes on pages 12 to 18 form an integral part of these financial statements. Page 10 The Scottish Council for Visual Impairment (Registration number: SC389560) Balance Sheet as at 31 March 2014 For the financial year ended 31 March 2014, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, although an audit has been carried out under the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008). Approved by the Board on 24 October 2014 and signed on its behalf by: ........................................ Mr Richard Hellewell Trustee The notes on pages 12 to 18 form an integral part of these financial statements. Page 11 The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 1 Accounting policies Basis of preparation The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP 2005)', issued in March 2005, the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Companies Act 2006. Fund accounting policy Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Incoming resources Grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basis. Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract. Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity 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. Grants payable are recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Page 12 The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 ……. continued Governance costs Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Investments Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end. Page 13 The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 ……. continued 2 Voluntary income Total Funds 2014 £ Total Funds 2013 £ - 9,500 Grants Big Lottery This grant contributed towards the cost of a consultancy on the future strategy of SCOVI carried out in the year ended 31st March 2014, the costs of which are shown in Note 5. 3 Investment income Interest & dividends Total Funds 2014 £ Total Funds 2013 £ 5,046 7,044 4 Incoming resources from charitable activities Total Funds Total Funds 2014 2013 £ £ Charitable activities Conference receipts 2,490 3,900 Affiliation fees 5,844 4,994 8,334 8,894 Page 14 The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 ……. continued 5 Total resources expended Charitable activities £ Activities undertaken directly Conference payments Training & resources Consultants costs - see below Support costs Employment costs Office expenses Independent examiner Total Analysis of consultants costs Sector familiarisation - travel Study, research & report Report production Governance £ 2,547 130 13,300 15,977 - 2,547 130 - 13,300 - 15,977 10,837 1,770 12,607 - 10,837 - 1,770 270 270 270 12,877 28,584 270 28,854 2,000 9,800 1,500 13,300 6 Trustees' remuneration and expenses None of the Trustees (or any person connected with them) received any remuneration during the year and no members of the Executive Committee received travel expenses for attending sub-committee meetings (2013: Nil). Page 15 Total £ The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 ……. continued 7 Employees' remuneration The aggregate payroll costs were as follows: 2014 £ Wages & salaries 10,837 2013 £ 9,625 No employee received emoluments of more than £60,000 during the year (2013: No.0) 8 Taxation The company is a registered charity and is, therefore, exempt from taxation. 9 Investments held as fixed assets Listed investments £ Market value As at 1 April 2013 Revaluation Additions Disposals As at 31 March 2014 210,944 6,593 150,251 (163,884) 203,904 Net book value As at 31 March 2014 203,904 As at 31 March 2013 210,944 All investment assets were held in the UK Listed investments The historical cost of these investments was £190,629 (2013: £162,468) Page 16 The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 ……. continued 10 Debtors Prepayments and accrued income Total Funds 2014 £ Total Funds 2013 £ - 1,630 Total Funds 2014 £ Total Funds 2013 £ 1,048 3,375 11 Creditors Accruals and deferred income 12 Members' liability The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation 13 Related parties Controlling entity The charity is controlled by the trustees, who are directors of the company. All represent different bodies working in support of people with a visual impairment in Scotland. Page 17 The Scottish Council for Visual Impairment Notes to the Financial Statements for the Year Ended 31 March 2014 ……. continued 14 Analysis of funds At 1/4/13 General funds Unrestricted fund 227,841 Incoming Resources Resources Expended 13,380 (28,854) Other gains/ losses At 31/3/14 4,380 216,747 Total 2014 £ 203,904 13,891 (1,048) 216,747 Total 2013 £ 210,944 20,272 (3,375) 227,841 15 Net assets by fund Investments Current assets Creditors: amounts falling due within one year Net assets Page 18