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2022-03-31-accounts

Charity registration number 1080445

SECOND SIGHT

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 9 - 14

SECOND SIGHT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

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 2022

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:

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

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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.

Objectives for the year

The financial year began at the beginning of the second wave of the COVID pandemic which was far more devastating throughout India than the first wave. As always, we were guided by the frontline teams in Bihar with whom we work very closely.

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

Volunteers

We remain a charity run by professionals, medical and non-medical, who all volunteer their time and skills. This year were able to once again travel to Bihar – three SS personnel spent most of November and December in the state.

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 2021 and April 2022

In spite of all the challenges faced during the second wave of Covid 19, the network of Bihar hospitals with whom we work were able to restore sight to over 45,000 blind women men and children during this financial year.

However the impact of their work cannot be sufficiently quantified. These clinician-led hospitals are not mere cataract ‘factories’. They are hospitals with experienced permanent ophthalmologists providing comprehensive eye care and open 24 hours a day. In addition their active village outreach teams are equipped to diagnose and treat the most common causes of preventable blindness.

Vitamin A deficiency is still the leading cause of blindness in children and the outreach teams are often the first point of contact with affected families; agricultural workers still go blind from infected eye injuries unless cautioned and facilitated to seek treatment at eye hospitals rather than from unqualified ‘quacks’.

The patients came from the districts of Darbhanga, Madhubani, Muzaffarpur, Vaishali, Seohar, Sitamarhi, Samastipur, East and West Champaran, Madhepura, Araria, Purnia, Aurangabad and Jamui. (Bihar has a total of 38 districts).

We are particularly pleased that, this year, some teams were able to increase their impact on blindness reduction thanks to generous donations from Indian donors. Drishti Eye Care Hospital in Bihar’s southern district of Aurangabad was particularly helped in this way – over 8,500 blind patients had the sight restored free of all charge

Apart from financial support, it was reassuring to be contacted by eye doctors and managers who have become involved in eye care in Bihar since our last visit in February 2020. To meet and assess their needs we managed to travel across the whole of northern Bihar and about two thirds of southern Bihar.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 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.

We are grateful to the increasing number of individual Indian donors who asked our guidance as to which hospital was most in need of funds for surgery and the appropriate timing for these donations, and for whom we acted as monitors and evaluators.

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.

We will continue to maintain an updated and thorough overview of the entire state and will visit every Bihari eye surgeon who approaches us for help to provide eye services – we believe that every one of the 38 districts of Bihar should have a community eye hospital catering for their area. This, rather than the construction of a few behometh hospitals and pouring funds into their expansion – the usual modus operandi of large international NGOs working in blindness eradication – is the only sustainable approach. It leaves the decision-making and power in the hands of local talent.

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.

The Trustees' report was approved by the Board of Trustees.

L.C Mathen

..............................

Dr L Mathen

Trustee 17/09/2022 Dated: .........................

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 2022.

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

Dated: .........................

20 September 2022

SECOND SIGHT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Donations and legacies 3 454,798 745,525
Investments 4 - 172
Total income 454,798 745,697
Expenditure on:
Charitable activities 5 569,066 582,556
Governance costs 3,142 3,265
Total expenditure 572,208 585,821
Net (expenditure)/income for the year/
Net movement in funds (117,410) 159,876
Fund balances at 1 April 2021 427,760 267,884
Fund balances at 31 March 2022 310,350 427,760

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 2022

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		 2022
£
3,151
309,959
313,110
(2,760)		 £
310,350
310,350
310,350		 2021
£
50,360
380,160
430,520
(2,760)		 £
427,760
427,760
427,760

17/09/2022 The financial statements were approved by the Trustees on .........................

L.C.Mathen

.............................. Dr L Mathen Trustee

SECOND SIGHT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash (absorbed by)/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 (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
(2,760)
(382)
-		 £
(67,059)
(3,142)
-
(70,201)
380,160
309,959		 2021
£
(2,760)
(505)
172		 £
117,159
(3,093)
-
114,066
266,094
380,160

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 amounts 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

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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		 2022
£
376,420
78,378
454,798		 2021
£
690,535
54,990
745,525

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

4 Investments

Interest receivable
5
Charitable activities
Grant funding of activities (see note 6)
Governance costs
6
Grants payable
Maharaja Hare Kinshore Singh
Laxman Eye Hospital
Doctor Siddiqui
Anand Eye Hospital
YDMH
Bamdah Christian Hospital
Drishti Eye Care Hospital		 2022
£
-
2022
£
569,066
3,142
572,208
170,000
339,066
1,000
30,000
23,000
5,000
1,000
569,066		 2021
£
172
2021
£
582,556
3,265
585,821
158,916
339,852
8,230
32,872
26,894
9,893
5,899
582,556

7 Support costs

Independent examiner
fees
Bank charges
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
2,760
-
525
-
3,285
-
3,285		 2022
£
2,760
525
3,285
3,285		 2021 Basis of allocation
£
2,160
Governance
701 Governance
2,861
2,861

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 2021 (2020: £nil).

9 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.
10
Debtors
Amounts falling due within one year:
Other debtors
11
Creditors: amounts falling due within one year
Accruals and deferred income
12
Net movement in funds		 2022
Number
-
2022
£
3,151
2022
£
2,760		 2021
Number
-
2021
£
50,360
2021
£
2,760

General unrestricted funds are free reserves held by the trust.

13 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fund balances at 31 March 2022 are represented by:
Current assets/(liabilities) 310,350 427,760
310,350 427,760

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

14
Related party transactions
During
the
year,
the
Charity
received
the
following
donations
M Rees paid £2,760 as a gift (2021: £2,760)
S Bundhoo £1,450 (2021: £3,500).
15
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
Decrease in debtors
(Decrease) in creditors
Cash generated from operations		 from
its
trustee's:
2022
2021
£
£
77,274
159,876
-
(366)
47,209
4,543
-
(35,413)
124,483
128,640