COMPANY REGISTRATION NUMBER: 03524572 CHARITY REGISTRATION NUMBER: 1070217 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 BURGESS HODGSON LLP Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Financial Statements Year ended 31 December 2023 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not fonn part of the financial statements Detailed statement of financial activities 13 Notes to the detailed statement of financial activities 14
Page 1 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 December 2023 The trustees. who are also the directors for Ihe purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Reference and administrative details Registered charity name Federation of Optometrists and Dispensing Opticians Educational Charity Charity registration number 1070217 Company registration number 03524572 Principal office and registered 34 High Slreet office Aldridge Walsall West Midlands WS9 8LZ England The trustees D D Hewlett S A Tinger H Sandhu Independent examiner Thomas Saltmer Camburgh House 27 New Dover Road Canterbury Kent CT13DN Structure, governance and management Constitution The company is registered as a charitable company and govemed by its Memorandum and Articles of Association dated February 1998. The principal objective of the company is to advan the education and training of the public in optics. Methods of appointment or election of the Trustees The Trustees are elected and co-opted under the tems in the Articles of Association.
Page 2 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (continu8d) Year ended 31 December 2023 Objectives and activities Policies and objectives The objective of the charity is to facilitate optometrisl training in association with a number of UK Universities and to benefit the public by supporting and advancing the primary eye care sector. Public objectives The Trustees have had due regard to the Charity Commission guidance on public benefit. Achievements and performance Review of activities During the year the charity continued to support universities to enable them to train students in optometry. Financial review Performance and position The charity raised £151,073 of income during the year (2022: £300.023). At the year end there was £531,868 (2022.. £562,715) in reserves. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that Ihe charity has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Risk management objectives and policies The Trustees actively review the major risks that the charity faces. The Trustees have established adequate systems and controls to mitigate these risks.The Trustees actively review the major risks that the charity faces. The Trustees have established adequate systems and control to mitigate these risks. Plans for future periods Future developments The future plans for the charity are to continue assisting with funding primary eye care workforce training, with the aim of increasing student numbers year on year to meet public need. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Page 3 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (continuedj Year ended 31 December 2023 The trustees, annual report was approved on trustees by.. and signed on behalf of the board of Harjit Sa ndhu IAug 23, 2024 15..02 GMT+ll H Sandhu Trustee
Page 4 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Independent Examinerfs Report to the Trustees of Federation of Optometrists and Dispensing Opticians Educational Charity Year ended 31 December 2023 I report to the trustees on my examination of the financial statements of Federation of Optometrists and Dispensing Opticians Educational Charity ('the charity,) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the 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 the charity'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 examinerfs statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination" or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matlers in connection with Ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. we Thomas Sa Itmer (Aug 28, 2024 11..21 GMT+ll Thomas Saltmer Independent Examiner Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Page 5 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Statement of Financial Activities {including income and expenditure account) Year ended 31 December 2023 2023 Unrestricted funds Total funds 2022 Total funds Income and endowments Donations Investment income 150.000 1,073 150.000 1.073 300,000 23 Total income 151,073 151,073 300,023 Expenditure Expenditure on charitable activities Total expenditure 181,920 181,920 5,332 181,920 181,920 5,332 Net (expenditure)lincome and net movement in funds (30,847) (30.847) 294,691 Reconciliation of funds Total funds brought forward Total funds carried fonNard 562,715 562,715 268,024 531,868 531,868 562,715 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 11 fomi part of these financial statements.
Page 6 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Current assets Cash at bank and in hand 535,082 565,415 Creditors: amounts falling due within one year Net current assets 13 3,214 2,700 531,868 562,715 Total assets less current liabilities 531,868 562,715 Net assets 531,868 562,715 Funds of the charity Unrestricted funds 531.868 562,715 Total charity funds 14 531,868 562,715 For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements 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 financial statements. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by: Harjit Sandhu IAug23, 2024 15.'02GMT+ll H Sandhu Trustee The notes on pages 7 to 11 fomi part of these financial statements.
Page 7 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 34 High Street, Aldridge, Walsall, West Midlands. WS9 8LZ, England. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102}) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in steding, which is the fijnctional currency of the entity. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Page 8 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Incoming resources All incoming reSoUrS are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entillement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and ServIS a recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of ServIS is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities indudes all costs inCued by a charity in undertaking activities that further its charitable aims for the benefil of its beneficiaries, including those support costs and costs relating to the governan of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activtties. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent basis.
Page 9 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Financial instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and re1vable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently. they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Limited by guarantee The company is a company limited by guarantee. The members of the company are the Trustees names on page 1. In the event of the company being wound up, the liability in respect of Ihe guarantee is limited to £10 per member of the company. Donations Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 150,000 150,000 300.000 300,000 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest 1,073 1,073 23 23 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Support costs 178.695 3.225 178,695 3,225 2.581 2.751 2,581 2,751 181,920 181,920 5,332 5,332
Page 10 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2023 Total fund 2022 Donations Governance costs 178.695 109 3,116 178,804 3,116 2,632 2,700 178,695 3,225 181,920 5,332 Analysis of support costs Analysis of support costs Donations Total 2023 Total 2022 Donations- professional fees Bank charges Accountancy fees Regulatory fees 51 109 2,940 176 109 2.940 176 2,700 3,225 3.225 2,751 10. Independent examination fees 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial statements 1.800 1,050 11. Staff costs The average number of employees during the period, excluding the Trustees was nil (2022.. nil). 12. Trustee remuneration and expenses During the year, no Trustee received any remuneration or other benefits (2022: £Nill. During the year, no Trustee expenses have been inCued (2022: £Nil)- 13. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 3.214 2,700
Page 11 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 14. Analysis of charitable funds Unrestricted funds At 31 December 2023 At 1 January 2023 Income Expenditure General funds 562,715 151,073 (181,920) 531,868 At 31 December 2022 At 1 January 2022 Income Expenditure General funds 268,024 300,023 (5.332) 562,715 15. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 535,082 (3,214) 531,868 535,082 (3,214) 531,868 Unrestricted Total Funds Funds 2022 Current assets Creditors less than 1 year Net assets 565,415 (2,700) 562,715 565,415 (2,700) 562,715
Page 12 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Management Information Year ended 31 December 2023 The following pages do not fonn part of the financial ststements.
Page 13 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations Donations 150,000 300,000 Investment income Bank interest 1,073 23 Total income 151,073 300,023 Expenditure Expenditure on charitable activities Professional, accountancy and regulatory fees Bank charges Charitable grants given 6.811 109 175.000 5,332 181,920 5,332 Total expenditure 181,920 5,332 Net (expenditure)lincome (30.847) 294,691
Page 14 Federation of Optometrists and Dispensing Opticians Educational Charity Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure on charitable activities Donations Activities undertaken directly Donations - professional fees Charitable grants given 3,695 175,000 2,581 178,695 2,581 Support costs Donations - professional fees Bank charges 51 109 109 51 Governance costs Accountancy fees Regulatory fees 2,940 176 2,700 3.116 2,700 Expenditure on charitable activities 181,920 5,332