The trustees present their report and accounts for the year ended 31 March 2023.
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 served during the year were Dr L Mathen Mr M Rees Ms R Tipping Ms F Van Holthoon Ms Sabilah 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 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.
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:
-
Meeting our aims and objectives
-
Meeting the expectations of our beneficiaries and supporters
-
Operational performance, including risks to our trustees and volunteers
-
Financial sustainability, including stability and security of
Risk to achievement of our objectives:
-
The Trust was established to tackle the root cause of blindness in rural north India- the paucity of eye surgeons in areas of greatest need. We focus on the state of Bihar, India’s poorest and most populous state. We began by providing experienced volunteer eye surgeons to operate and to train local staff. We encouraged a reverse brain drain of Bihari eye surgeons. Now we support a growing number of small to medium sized local eye hospitals, most clinician-led that are able to provide permanent, comprehensive eye services in their localities.
-
During 2022 there continued to be a flow of local eye surgeons contacting us for advice and help in establishing more community hospitals in rural and small town Bihar. In addition the number of Indian donors increased - giving direct financial support these hospitals.
Risk to meeting the expectations of beneficiaries and supporters:
-
The ultimate beneficiaries of our work are patients who are blind from cataract and other treatable conditions. 35,000 cataract-blind patients received ‘second sight’ at our associated hospitals across Bihar. Countless others received treatment from other eye conditions.
-
Our supporters donate money on the basis that it will restore sight. So 100% of public donations are used to fund cataract surgery offered free of charge to blind patients. We also know that our donors do not want us to spend unnecessary money on administration even if individual trustees pay these costs. We have no office and admin costs are minimal, mostly relating to the audit and accountancy required for the submission of these accounts and annual report to the Charity Commission.
Risk to operational performance including risks to our trustees and volunteers:
- Particular attention has been paid to the on-going risks to our trustees and volunteers operating in inaccessible areas of India. In assessing the risks the trustees recognize that in some areas of India the work carried out by the trustees requires that certain risks need to be accepted and managed in order to achieve the charity’s objectives.
Risk to financial sustainability:
-
The Trust has major donors who continued to support us.
-
In addition, we have hundreds of individuals who donate regularly and new donors come forward every year.
-
Our commitment to utilise 100% of funds on our beneficiaries in India maintains the support of donors who dislike excessive use of charitable income spent of salaries and admin.
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.
Objectives for the year
As always, we were guided by the teams with whom we work.
In addition, 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 and self-fund their trips to India.
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 2022 and April 2023
During this financial year 35,000 blind people had their sight restored by cataract surgery. However the impact of the hospials’ work cannot be sufficiently quantified. Second Sight affiliated eye hospitals are not mere cataract ‘factories’ – like charitable hospitals that depend on part-time visiting eye surgeons who are incentivised to perform high numbers of operations in order to receive funds from donors. Our partner hospitals have exerpeienced permament ophthalmologists (most are clinician-led hospitals) and open 24 hours a day for the most common causes of preventable blindness amoungst rural Biharis. This is crucial in rural Bihar. Blindness caused by malnutrition and vitamin deficicency is still the leading cause of blindness in children; agricultural workers still go blind from infected eye injuries.
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).
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, the Generations Foundation, Radio Cracker Ballymena, the W F Southall Trust, the Eleanor Rathbone Trust the Archer Trust and BMA Giving.
They acknowledge with gratitude the continuing support of 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 montitors 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 NGOs working in blindness eradication in India – is the only sustainable approach and 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.
Charity registration number 1080445
SECOND SIGHT
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 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.
- 1 -
SECOND SIGHT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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:
-
Meeting our aims and objectives
-
Meeting the expectations of our beneficiaries and supporters
-
Operational performance, including risks to our trustees and volunteers
Financial sustainability including stability and security of incomes, all local, clinician-led eye hospitals that are able to provide permanent, comprehensive eye services for the poor. Embedded in the communities they serve, these teams remain close to the constant challenges faced by Bihar’s poor.
Risk to achievement of our objectives:
- The Trust was established to tackle the root cause of blindness in rural north India- the paucity of eye surgeons in areas of greatest need. We focus on the state of Bihar, India’s poorest and most populous state. We began by providing experienced volunteer eye surgeons to operate and to train local staff. We encouraged a reverse brain drain of Bihari eye surgeons. Now we support a growing number of small to medium sized local eye hospitals, most clinician-led that are able to provide permanent, comprehensive eye services in their localities.
During 2022 there continued to be a flow of local eye surgeons contacting us for advice and help in establishing more community hospitals in rural and small town Bihar. In addition the number of Indian donors increased - giving direct financial support these hospitals.
Risk to meeting the expectations of beneficiaries and supporters:
-
The ultimate beneficiaries of our work are patients who are blind from cataract and other treatable conditions. 35,000 cataract-blind patients received ‘second sight’ at our associated hospitals across Bihar. Countless others received treatment from other eye conditions.
-
Our supporters donate money on the basis that it will restore sight. So 100% of public donations are used to fund cataract surgery offered free of charge to blind patients. We also know that our donors do not want us to spend unnecessary money on administration even if individual trustees pay these costs. We have no office and admin costs are minimal, mostly relating to the audit and accountancy required for the submission of these accounts and annual report to the Charity Commission.
Risk to operational performance including risks to our trustees and volunteers:
- Particular attention has been paid to the on-going risks to our trustees and volunteers operating in inaccessible areas of India. In assessing the risks the trustees recognize that in some areas of India the work carried out by the trustees requires that certain risks need to be accepted and managed in order to achieve the charity’s objectives.
Risk to financial sustainability:
-
The Trust has major donors who continued to support us.
-
In addition, we have hundreds of individuals who donate regularly and new donors come forward every year.
-
Our commitment to utilise 100% of funds on our beneficiaries in India maintains the support of donors who dislike excessive use of charitable income spent of salaries and admin.
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.
- 2 -
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
SECOND SIGHT
Objectives for the year
As always, we were guided by the teams with whom we work.
In addition, 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 and self-fund their trips to India.
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 2022 and April 2023
During this financial year 35,000 blind people had their sight restored by cataract surgery. However the impact of the hospials’ work cannot be sufficiently quantified. Second Sight affiliated eye hospitals are not mere cataract ‘factories’ – like charitable hospitals that depend on part-time visiting eye surgeons who are incentivised to perform high numbers of operations in order to receive funds from donors. Our partner hospitals have exerpeienced permament ophthalmologists (most are clinician-led hospitals) and open 24 hours a day for the most common causes of preventable blindness amoungst rural Biharis. This is crucial in rural Bihar. Blindness caused by malnutrition and vitamin deficicency is still the leading cause of blindness in children; agricultural workers still go blind from infected eye injuries.
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).
- 3 -
SECOND SIGHT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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, the Generations Foundation, Radio Cracker Ballymena, the W F Southall Trust, the Eleanor Rathbone Trust the Archer Trust and BMA Giving.
They acknowledge with gratitude the continuing support of 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 montitors 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 NGOs working in blindness eradication in India – is the only sustainable approach and 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.
..............................
Dr L Mathen Trustee 08/10/2023 Dated: .........................
- 4 -
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 2023.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
-
4 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 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 Gravita III LLP
66 Prescot Street London E1 8NN
Dated: .........................
- 5 -
SECOND SIGHT
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 279,118 | 454,798 |
| Expenditure on: | |||
| Charitable activities | 4 | 382,913 | 569,066 |
| Governance costs | 3,178 | 3,142 | |
| Total expenditure | 386,091 | 572,208 | |
| Net expenditure for the year/ | |||
| Net movement in funds | (106,973) | (117,410) | |
| Fund balances at 1 April 2022 | 310,350 | 427,760 | |
| Fund balances at 31 March 2023 | 203,377 | 310,350 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
SECOND SIGHT
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds |
2023 £ - 206,137 206,137 (2,760) |
£ 203,377 203,377 203,377 |
2022 £ 3,151 309,959 313,110 (2,760) |
£ 310,350 |
|---|---|---|---|---|
| 310,350 | ||||
| 310,350 |
08/10/2023 The financial statements were approved by the Trustees on .........................
.............................. Dr L Mathen Trustee
- 7 -
SECOND SIGHT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash absorbed by operations 14 Investing activities Proceeds from disposal of intangibles Proceeds from disposal of tangible fixed assets Net cash used in investing activities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2023 £ £ (100,644) (2,760) (418) (3,178) - (103,822) 309,959 206,137 |
2022 £ (2,760) (382) |
£ (67,059) (3,142) - (70,201) 380,160 309,959 |
|---|---|---|---|
- 8 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
- 9 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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.
- 10 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 |
2023 £ 241,532 37,586 279,118 |
2022 £ 376,420 78,378 |
|---|---|---|
| 454,798 |
- 11 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4 Charitable activities
| Grant funding of activities (see note 5) Governance costs 5 Grants payable Maharaja Hare Kinshore Singh Laxman Eye Hospital Anand Eye Hospital YDMH Bamdah Christian Hospital Leaf Welfare Trust (DNS) |
2023 £ 382,913 3,142 386,055 83,527 240,886 25,000 20,000 12,000 1,500 382,913 |
2022 £ 569,066 3,265 |
|---|---|---|
| 572,331 | ||
| 170,000 339,066 30,000 23,000 5,000 2,000 |
||
| 569,066 |
6 Support costs
| Independent examiner fees Bank charges Analysed between Charitable activities |
Support costs Governance costs £ £ - 2,760 - 525 - 3,285 - 3,285 |
2023 £ 2,760 525 3,285 3,285 |
2022 Basis of allocation £ 2,160 Governance 701 Governance 2,861 2,861 |
|---|---|---|---|
7 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 2023 (2022: £nil).
- 12 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 8 | Employees | |||||||
|---|---|---|---|---|---|---|---|---|
| The average monthly number of employees during the | year | was: | ||||||
| 2023 | 2022 | |||||||
| Number | Number | |||||||
| Total | - | - | ||||||
| There were no employees whose annual | remuneration | was | more than | £60,000. | ||||
| 9 | Debtors | |||||||
| 2023 | 2022 | |||||||
| Amounts falling due within one year: | £ | £ | ||||||
| Other debtors | - | 3,151 | ||||||
| 10 | Creditors: amounts falling due within one year | |||||||
| 2023 | 2022 | |||||||
| £ | £ | |||||||
| Accruals and deferred income | 2,760 | 2,760 | ||||||
| 11 | Net movement in funds | |||||||
| General unrestricted funds are free reserves held by the trust. | ||||||||
| 12 | Analysis of net assets between funds | |||||||
| Unrestricted | Unrestricted | |||||||
| funds | funds | |||||||
| 2023 | 2022 | |||||||
| £ | £ | |||||||
| Fund balances at 31 March 2023 are represented by: | ||||||||
| Current assets/(liabilities) | 203,377 | 310,350 | ||||||
| 203,377 | 310,350 | |||||||
| 13 | Related party transactions | |||||||
| During the year, the Charity |
received | the | following | donations |
from | its | trustee's: |
|
| M Rees paid £2,760 as a gift (2022: £2,760) | ||||||||
| S Bundhoo £600 (2022: £1,450). |
- 13 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 14 Cash generated from operations Deficit 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/(absorbed by) operations |
2023 2022 £ £ 77,274 (117,410) - (366) 3,151 4,543 - (35,413) 80,425 (148,646) |
|---|---|
- 14 -
Charity registration number 1080445
SECOND SIGHT
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 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.
- 1 -
SECOND SIGHT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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:
-
Meeting our aims and objectives
-
Meeting the expectations of our beneficiaries and supporters
-
Operational performance, including risks to our trustees and volunteers
Financial sustainability including stability and security of incomes, all local, clinician-led eye hospitals that are able to provide permanent, comprehensive eye services for the poor. Embedded in the communities they serve, these teams remain close to the constant challenges faced by Bihar’s poor.
Risk to achievement of our objectives:
- The Trust was established to tackle the root cause of blindness in rural north India- the paucity of eye surgeons in areas of greatest need. We focus on the state of Bihar, India’s poorest and most populous state. We began by providing experienced volunteer eye surgeons to operate and to train local staff. We encouraged a reverse brain drain of Bihari eye surgeons. Now we support a growing number of small to medium sized local eye hospitals, most clinician-led that are able to provide permanent, comprehensive eye services in their localities.
During 2022 there continued to be a flow of local eye surgeons contacting us for advice and help in establishing more community hospitals in rural and small town Bihar. In addition the number of Indian donors increased - giving direct financial support these hospitals.
Risk to meeting the expectations of beneficiaries and supporters:
-
The ultimate beneficiaries of our work are patients who are blind from cataract and other treatable conditions. 35,000 cataract-blind patients received ‘second sight’ at our associated hospitals across Bihar. Countless others received treatment from other eye conditions.
-
Our supporters donate money on the basis that it will restore sight. So 100% of public donations are used to fund cataract surgery offered free of charge to blind patients. We also know that our donors do not want us to spend unnecessary money on administration even if individual trustees pay these costs. We have no office and admin costs are minimal, mostly relating to the audit and accountancy required for the submission of these accounts and annual report to the Charity Commission.
Risk to operational performance including risks to our trustees and volunteers:
- Particular attention has been paid to the on-going risks to our trustees and volunteers operating in inaccessible areas of India. In assessing the risks the trustees recognize that in some areas of India the work carried out by the trustees requires that certain risks need to be accepted and managed in order to achieve the charity’s objectives.
Risk to financial sustainability:
-
The Trust has major donors who continued to support us.
-
In addition, we have hundreds of individuals who donate regularly and new donors come forward every year.
-
Our commitment to utilise 100% of funds on our beneficiaries in India maintains the support of donors who dislike excessive use of charitable income spent of salaries and admin.
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.
- 2 -
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
SECOND SIGHT
Objectives for the year
As always, we were guided by the teams with whom we work.
In addition, 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 and self-fund their trips to India.
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 2022 and April 2023
During this financial year 35,000 blind people had their sight restored by cataract surgery. However the impact of the hospials’ work cannot be sufficiently quantified. Second Sight affiliated eye hospitals are not mere cataract ‘factories’ – like charitable hospitals that depend on part-time visiting eye surgeons who are incentivised to perform high numbers of operations in order to receive funds from donors. Our partner hospitals have exerpeienced permament ophthalmologists (most are clinician-led hospitals) and open 24 hours a day for the most common causes of preventable blindness amoungst rural Biharis. This is crucial in rural Bihar. Blindness caused by malnutrition and vitamin deficicency is still the leading cause of blindness in children; agricultural workers still go blind from infected eye injuries.
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).
- 3 -
SECOND SIGHT
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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, the Generations Foundation, Radio Cracker Ballymena, the W F Southall Trust, the Eleanor Rathbone Trust the Archer Trust and BMA Giving.
They acknowledge with gratitude the continuing support of 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 montitors 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 NGOs working in blindness eradication in India – is the only sustainable approach and 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.
..............................
Dr L Mathen Trustee 08/10/2023 Dated: .........................
- 4 -
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 2023.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
-
4 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 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 Gravita III LLP
66 Prescot Street London E1 8NN
Dated: .........................
- 5 -
SECOND SIGHT
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 279,118 | 454,798 |
| Expenditure on: | |||
| Charitable activities | 4 | 382,913 | 569,066 |
| Governance costs | 3,178 | 3,142 | |
| Total expenditure | 386,091 | 572,208 | |
| Net expenditure for the year/ | |||
| Net movement in funds | (106,973) | (117,410) | |
| Fund balances at 1 April 2022 | 310,350 | 427,760 | |
| Fund balances at 31 March 2023 | 203,377 | 310,350 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
SECOND SIGHT
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds |
2023 £ - 206,137 206,137 (2,760) |
£ 203,377 203,377 203,377 |
2022 £ 3,151 309,959 313,110 (2,760) |
£ 310,350 |
|---|---|---|---|---|
| 310,350 | ||||
| 310,350 |
08/10/2023 The financial statements were approved by the Trustees on .........................
.............................. Dr L Mathen Trustee
- 7 -
SECOND SIGHT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash absorbed by operations 14 Investing activities Proceeds from disposal of intangibles Proceeds from disposal of tangible fixed assets Net cash used in investing activities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2023 £ £ (100,644) (2,760) (418) (3,178) - (103,822) 309,959 206,137 |
2022 £ (2,760) (382) |
£ (67,059) (3,142) - (70,201) 380,160 309,959 |
|---|---|---|---|
- 8 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
- 9 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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.
- 10 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 |
2023 £ 241,532 37,586 279,118 |
2022 £ 376,420 78,378 |
|---|---|---|
| 454,798 |
- 11 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4 Charitable activities
| Grant funding of activities (see note 5) Governance costs 5 Grants payable Maharaja Hare Kinshore Singh Laxman Eye Hospital Anand Eye Hospital YDMH Bamdah Christian Hospital Leaf Welfare Trust (DNS) |
2023 £ 382,913 3,142 386,055 83,527 240,886 25,000 20,000 12,000 1,500 382,913 |
2022 £ 569,066 3,265 |
|---|---|---|
| 572,331 | ||
| 170,000 339,066 30,000 23,000 5,000 2,000 |
||
| 569,066 |
6 Support costs
| Independent examiner fees Bank charges Analysed between Charitable activities |
Support costs Governance costs £ £ - 2,760 - 525 - 3,285 - 3,285 |
2023 £ 2,760 525 3,285 3,285 |
2022 Basis of allocation £ 2,160 Governance 701 Governance 2,861 2,861 |
|---|---|---|---|
7 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 2023 (2022: £nil).
- 12 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 8 | Employees | |||||||
|---|---|---|---|---|---|---|---|---|
| The average monthly number of employees during the | year | was: | ||||||
| 2023 | 2022 | |||||||
| Number | Number | |||||||
| Total | - | - | ||||||
| There were no employees whose annual | remuneration | was | more than | £60,000. | ||||
| 9 | Debtors | |||||||
| 2023 | 2022 | |||||||
| Amounts falling due within one year: | £ | £ | ||||||
| Other debtors | - | 3,151 | ||||||
| 10 | Creditors: amounts falling due within one year | |||||||
| 2023 | 2022 | |||||||
| £ | £ | |||||||
| Accruals and deferred income | 2,760 | 2,760 | ||||||
| 11 | Net movement in funds | |||||||
| General unrestricted funds are free reserves held by the trust. | ||||||||
| 12 | Analysis of net assets between funds | |||||||
| Unrestricted | Unrestricted | |||||||
| funds | funds | |||||||
| 2023 | 2022 | |||||||
| £ | £ | |||||||
| Fund balances at 31 March 2023 are represented by: | ||||||||
| Current assets/(liabilities) | 203,377 | 310,350 | ||||||
| 203,377 | 310,350 | |||||||
| 13 | Related party transactions | |||||||
| During the year, the Charity |
received | the | following | donations |
from | its | trustee's: |
|
| M Rees paid £2,760 as a gift (2022: £2,760) | ||||||||
| S Bundhoo £600 (2022: £1,450). |
- 13 -
SECOND SIGHT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 14 Cash generated from operations Deficit 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/(absorbed by) operations |
2023 2022 £ £ 77,274 (117,410) - (366) 3,151 4,543 - (35,413) 80,425 (148,646) |
|---|---|
- 14 -