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2021-03-31-accounts

Charity Registration No. 1080445

SECOND SIGHT

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

SECOND SIGHT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr L Mathen Mr M Rees Ms R Tipping Ms F Van Holthoon Ms S Bundhoo Charity number 1080445 Bankers Cater Allen Private Bank 9 Nelson Street Bradford BD1 5AN

SECOND SIGHT

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 13 - 18

SECOND SIGHT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting polices set out in note 1 to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice, “Accounting and Reporting by Charities”, issued in March 2005.

Structure, governance and management

The charity was established by a charitable trust deed on 17 th February 2000 and supplemental deed dated 17 th April 2000 and is a registered charity (No. 1080445)

The trustees who serve during the year were:

Dr L Mathen Mr M Rees Ms R Tipping Ms F Van Holthoon Ms S Bundhoo

The trustees have been selected on the basis of personal recommendation and for the specific skills and knowledge of India which they bring to the strategic direction and development of the Trust.

The Board of Trustees will consider further appointments as and when the need arises, in order to support the charitable work of the Trust and its continued efficacy.

Trustees are required annually to confirm their commitment to furthering the work of the charity and will remain in office until further notice or resignation.

All trustees are actively involved in the management of the Trust, provide their time and expertise voluntarily and travel to Second Sight projects in India at their own expense. Trustees, including the Administrator, receive no remuneration and no reimbursement of travel expenses incurred whilst providing their services to the Trust. The charity has no paid staff. The Trust office is still a corner of the founder’s bedroom.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Risk Management

All significant risks undertaken are subject to a risk review as part of the initial activity assessment and implementation. Major risks are identified and ranked in terms of their potential impact and likelihood.

Major risks, for this purpose, are those that may have a significant effect on:

Risk to achievement of our objectives:

2020 was an unprecedented year on account of the Covid pandemic and national lockdowns. We were unable to travel back and forth to India. However, risk to our objectives were minimised because

1) All surgery is carried out by resident Indian surgeons at permanent eye hospitals

3) Our partner hospitals are trusted by the communities they serve.

4 ) In place of our frequent visits to India we instituted weekly, sometimes daily WhatsApp meetings with our partner hospitals.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Risk to meeting the expectations of beneficiaries and supporters:

Risk to operational performance including risks to our trustees and volunteers:

Risk to financial sustainability:

The trustees review these risks on an on-going basis and satisfy themselves that adequate systems and review procedures are in place to manage all identified and major risks

Objectives and activities

The Trust was formed for the relief of people in north India who are blind from reversible conditions and to prevent blindness. In particular the charity works in the state of Bihar.

The Trust was established, by an ophthalmologist, to meet an unmet need – to bring eye doctors to the areas of greatest need and to eradicate cataract blindness in these areas. Initially the charity’s own experienced eye surgeons, all volunteers, provided round-the-year cataract surgery at existing local hospitals. Now this work is done entirely by Indian doctors and their highly skilled teams. Our clinicians continue in their role as trainers, and we continue to advise and support local ophthalmologists who wish to remain in rural and small town Bihar.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Objectives for the year

The financial year began at the beginning of the COVID pandemic and lockdown in both India and the UK. Hence our objectives were reset to adapt to this situation. As our partner hospitals were at the forefront of the community response in each area of Bihar, we were guided by them as to what support was required and when.

It emerged that rural and small town Bihar remained relatively unscathed by the Covid virus during 2020 and our partners were able to continue their fully- fledged eye services each time lockdown was lifted.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Volunteers

The charity’s great strength has always been that, in addition to the trustees, there is a pool of experienced professionals – including a large number of eye specialists - who give their time and skills as volunteers to implement frontline work in India. For the first time in 20 years, we were unable to travel to India because of the Covid pandemic.

However, two decades of close working with our partner hospitals and village communities meant that we were able to keep in touch via frequent telephone and WhatsApp meetings.

In addition, the trustees and some committed volunteers utilised the lockdown periods to great effect to fundraise and highlight the work of the charity.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission’s general guidance on public benefit.

Between April 2020 and April 2021

In spite of remaining closed except for emergencies for a short period in early 2020, our partner hospitals were able to restore sight to over 43,000 blind women men and children during this financial year. Quick to show initiative, they effectively sourced their own PPE and implemented new safety protocols to protect patients and staff once they were able to restart normal services. During 2020, rural and small town Bihar were relatively unscathed by the Covid virus.

South-west Bihar -Aurangabad District

Drishti Eye Care Hospital were able to utilise their new more spacious building to accommodate socially distanced patients and to implement new Covid safety protocols. They consolidated their place within this community. Many people in this area used to attend a bi-annual, temporary surgical eye ‘camp’ in neighbouring Gaya district and had suffered from poor aftercare once the visiting doctors had departed. Now they have a permanent, trusted eye hospital close to home.

South-central Bihar – Jamui district

Bamdah Hospital Surgeon-in-charge Dr Samuel Murmu was caught in Patna city during the first Indian lockdown in March 2020. However his experienced and skilled staff were able to keep the Out-Patients Department going and utilised video consultations. When he was able to return to Bamdah, Dr Murmu and his team made up for lost time and worked their way steadily through a long waiting list of blind patients.

North-west Bihar - East Champaran district

The Maharaja Hare Kishore Singh Hospital (MHKS) based in the town of Motihari were quick to source PPE for staff and to test patients for COVID. This hospital saw a dramatic increase in patients during 2020. A paediatric eye surgeon joined the team.

North-west Bihar - West Champaran district

The Doctor Siddiqqui Netralaya. (DSN), in Narkatiaganj completed their new purpose-built hospital. Located close to the Indo-Nepalese border, they saw an increase in paying patients when the border remained closed for months. (Prior to this some Indian patients used to go to well-known eye hospitals in Nepal for treatment).

Muzaffarpur district

Laxman Eye Hospital continued to serve patients from the rural areas of three neighbouring districts and to provide Doctors on your Doorstep for slum dwellers in Muzaffarpur city. The LEH has a loyal and stable staff of around 80 local people including experienced eye surgeons. They are known as a community hospital that never shuts its doors to anyone. During India’s first intense lockdown in March 2020, thousands of migrant workers were thrown out of their jobs in big cities like Delhi and Mumbai. The LEH acted as a quarantine centre – the skilled medical staff best able to educate the migrant workers about the virus and the workers disseminating this knowledge in their villages.

North-east Bihar – Madhepura district

The Anand Eye Hospital were also quick to source PPE and to implement new safety protocols un order to get back to their essential eye services. They were poised to move into their new hospital in April 2021. However, the second Covid wave in India prevented this. This excellent team, led by Dr Amit Anand, born and bred in Madhepura, work closely with a local mission hospital and other doctors, thereby providing a good all round service in this previously neglected area of Bihar.

North-east Bihar – Araria

The Yogmaya Devi Memorial Hospital (YDMH) run by ophthalmologist Dr.Utkarsh Bhardwaj moved into their new purpose-built hospital and saw an increase in both Out Patients and surgical patients.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

An additional ophthalmologist joined the team. Dr Bhardwaj also worked with Covid patients in a Patna Government hospital.

Eye doctors co-opted or volunteering to work with Covid patients was also the reason for a reduction in the eye work carried out by other good teams who have come into our network - in the districts of Lakhiserai, Munger, Gopalganj, the Chakia area of East Champaran and the Jhanjarpur area of Madhubani. We applaud their dedication.

Financial review

Reserves policy

Reserves at the end of the year under review were sufficient to maintain the Charity for the foreseeable future.

Principal Funding Sources

The trustees acknowledge with gratitude the support of principal funders like the The Rates Family Trust, Ramesh KD Shah, the Ulverscroft Foundation, the Generations Trust, Radio Cracker Ballymena, Sue Ford and Harold Immanuel and the Vardy Foundation.

They acknowledge with gratitude the continuing support of Rotary Clubs and Inner Wheel Clubs in the UK and hundreds of loyal individual donors.

Plans for the future

This past year has been a reaffirmation of the charity’s ethos and has demonstrated continuing evidence of the effectiveness of our modus operandi even under testing conditions.

The belief in working closely with Indian doctors and in supporting Small is Beautiful hospitals deeply rooted in their localities, has paid dividends. These teams showed the initiative required to adapt and to act in the face of the pandemic while larger hospitals in Bihar shut their doors and their international funders launched emergency appeals for more money.

Our own major financial backers encouraged us to maintain our work in Bihar for at least another 5 years. (We

had intended to wind down by March 31, 2021.)

The year 2021 is already presenting great challenges. The people of Bihar are experiencing the worst effects of the Covid pandemic which they escaped during 2020.

Our eye hospital teams, located as they are in the most neglected areas, are already going beyond the call of duty and providing essential help to communities, in addition to their commitment to eye services.

In view of the above, these are our plans for the year:

We will adhere to our original and ultimate aims – to eradicate curable blindness in the areas in which we work and to leave behind a network of permanent community eye hospitals that will ensure a safety net for the poorest.

However, mindful of the augmented role that some of our partner hospital teams will continue to play we will be sensitive to their ability to move into a completely financially independent model and set targets accordingly.

We will continue as a no salaries, no expenses charity so that 100% of our funds are utilised for the restoration of sight and the prevention of blindness

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees' r eport was approved by the Board of Trustees.

Dr L Mathen

Trustee Dated: 18 August 2021

SECOND SIGHT

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SECOND SIGHT

I report to the trustees on my examination of the financial statements of Second Sight (the charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants In England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Paul Woosey, ACA, FCCA Carter Backer Winter LLP

66 Prescot Street London E1 8NN

SECOND SIGHT

INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF SECOND SIGHT

Dated: 18 August 2021

SECOND SIGHT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes
£		 £
Income from:
Donations and legacies 3 745,525 669,519
Investments 4 172 461
Total income 745,697 669,980
Expenditure on:
Charitable activities 5 582,556 584,871
Governance costs 3,265 3,285
Total resources expended 585,821 588,156
Net income for the year/
Net movement in funds 159,876 81,824
Fund balances at 1 April 2020 267,884 186,060
Fund balances at 31 March 2021 427,760 267,884

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

SECOND SIGHT

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Income funds
Unrestricted funds		 2021
£
50,360
380,160
430,520
(2,760)		 £
427,760
427,760
427,760		 2020
£
4,550
266,094
270,644
(2,760)		 £
267,884
267,884
267,884

The financial statements were approved by the Trustees on 18 August 2021

Dr L Mathen Trustee

SECOND SIGHT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
15
Investing activities
Proceeds on disposal of intangibles
Proceeds on disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
(2,760)
(505)
172		 £
117,159
(3,093)
-
114,066
266,094
380,160		 2020
£
(2,760)
(525)
461		 £
80,698
(2,824)
-
77,874
188,220
266,094

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Second Sight is a registered charity (No. 1080445).

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and “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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.3 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.4 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not yet been met at the year end are noted as a commitment but not accrued as expenditure.

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.7 Taxation

The charity is exempt from tax on its charitable activities.

1.8 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposed within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for the particular restricted purposes.

Further explanation to the nature and purpose of each fund is included in the notes to the financial statements.

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustee's believe there to be no material accounting judgements, estimates or assumptions.

3 Donations and legacies

Donations and gifts
Gift Aid
4
Investments
Interest receivable
5
Charitable activities
Grant funding of activities (see note 6)
Governance costs		 2021
£
690,535
54,990
745,525
2021
£
172
2021
£
582,556
3,285
585,841		 2020
£
662,781
6,738
669,519
2020
£
461
2020
£
584,871
2,861
587,732

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

6
Grants payable
Maharaja Hare Kinshore Singh
Laxman Eye Hospital
Doctor Siddiqui
Anand Eye Hospital
YDMH
Bamdah Christian Hospital
Fame project
Drishti Eye Care Hospital		 158,916
339,852
8,230
32,872
26,894
9,893
-
5,899
582,556		 120,458
296,445
25,804
34,650
64,395
21,000
22,119
-
584,871

7 Support costs

Support
costs
Governance
costs
£
£
Independent examiner
fees
-
2,760
Bank charges
-
525
-
3,285
Analysed between
Charitable activities
-
3,285		 2021
£
2,760
525
3,285
3,285		 2020 Basis of allocation
£
2,160
Governance
701 Governance
2,861
2,861

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 202 1 (20 20 : £nil).

9 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

10 Debtors
2021 2020
Amounts falling due within one year: £ £
Other debtors 50,360 4,550
11 Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 2,760 2,760
12 Net movement in funds
General unrestricted funds are free reserves held by the trust.
13 Analysis of net assets between funds
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fund balances at 31 March 2021 are represented by:
Current assets/(liabilities) 427,760 267,884
427,760 267,884

14 Related party transactions

During the year, the Charity received the following donations from its trustee's: M Rees paid £ 2,760 as a gift (20 20 : £2,160 ) L Mathen £nil (20 20 : £nil). S Bundhoo £3,500 (20 20 : £ nil ).

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

15 Cash generated from operations 2021 2020
£ £
Surplus for the year 77,274 81,824
Adjustments for:
Investment income recognised in statement of financial activities (172) (366)
Movements in working capital:
(Increase)/decrease in debtors (45,810) 4,543
(Decrease) in creditors - (35,413)
Cash generated from operations 31,292 50,588