SNIWB Annual Report 2007

Report of the Trustees for the year ended 31 March 2007

 

During the past year the charity has continued its work for the benefit of the visually impaired ex-service personnel and over 100 people benefit from our services.

 

The Constitution was successfully changed during the year and the charity is now able to disburse by way of grants any prior year surplus that may be available and up to 10% of the market value of the Institutions funds.

Finance
A summary of the financial position is included on page 13 of this report. Our total income increased for the year from £3.5m to £4.2m mainly due to an increase of £0.5m in legacies. Expenditure was much in line with previous years at just under £3m and this included an additional £0.3m transferred to the pension fund. However following the change to the Constitution, the SNIWB has approved over £5.5m of new grants. These were provided for, but not all settled, at the year end. Including net realised gains on the sale of investments of £0.7m (£0.9m in 2005/06) a deficit for the year of £3.2m has been recorded, compared to the previous year’s surplus of £1.6m. The market value of investments has shown an increase
of £3.4m, nearly £4m less than the £7.2m increase in the previous year.

With the inclusion of the new grants and the increase in the market value of investments the Institution’s funds have remained static at £59m.

Plans for the Future
The SNIWB is now working with other organisations to identify potential ex-service personnel who may benefit from its existing services. It is also reviewing the long term future of the services that are provided.

With the introduction of the grants scheme the charity will monitor its progress and review its procedures after the first year making improvements wherever possible.

A.U. Lyburn
Convener

 

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