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2024-03-31-accounts

Charity registration number 1080445

SECOND SIGHT

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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
Independent examiner Gravita III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
Bankers Cater Allen Private Bank
9 Nelson Street
Bradford
BD1 5AN

SECOND SIGHT

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5 - 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 10 - 15

SECOND SIGHT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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.

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:

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

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.Our modus operandi rests on the recognition that supporting local clinicians who provide permanent eye services in their areas is the only longterm solution to Bihar’s blindness burden and the poverty that it exacerbates.

The Trust was founded by an ophthalmologist. Initially the charity’s own experienced eye surgeons, all volunteers, provided round-the-year cataract surgery at existing local hospitals. This leading by example helped kickstart a reverse brain drain of eye surgeons to the small towns and rural areas of Bihar. Now the work is implemented by Indian doctors and their highly skilled teams with our clinicians continuing in their role of sharing clinical knowledge and expertise with our Indian colleagues.

Objectives for the year

As always, we were guided by the teams with whom we work and the challenges they faced. The climate emergency was the biggest challenge so efforts to address the consequences became central to our planning.

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.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 2023 and April 2024

During this financial year our partner hospitals restored sight to around 30,000 cataract-blind people. It is impossible to quantify the huge number of patients who were prevented from going blind from other easily treatable eye problems that afflict rural patients. Our partner hospitals have experienced permanents ophthalmologists (most are clinician-led hospitals) and open 24 hours a day. Whilst each hospital is independently run, they are part of an informal network that promotes co-operation and a sharing of knowledge. All hospital outreach teams carry out meticulous village screening and on-site treatments where possible and throughout the year. This is crucial in rural Bihar. The mostly agricultural workers suffer injuries in the field whilst harvesting; blindness caused by malnutrition and vitamin deficiency is still the leading cause of sight loss in children. There are still villages which have never seen a medical team before.

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).

A huge achievement this year was the installation of solar panels at Laxman Eye Hospital, the MHKS hospital, Bamdah Mission Hosital and Drishti Eye Care Hospital. We are most grateful to the Ulverscroft Foundation for funding these important projects to enable the hospitals to run on clean energy and reduce their carbon footprint.

We are also pleased that a large Indian Foundation whom we introduced to 4 of our partner hospitals, funded surgery at 3 of them during this year. In addition, a few individual Indian donors who had given one-off donations to the hospitals before, converted to being regular donors.

SECOND SIGHT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 during this year - The Rates Family, the Ulverscroft Foundation, the Archer Trust, the Vardy Foundation and one donor who prefers to remain anonymous.

They acknowledge with gratitude the continuing support of small trusts and hundreds of loyal individual donors. We are grateful to the donors in India who sought our guidance as to which hospital was most in need of funds and the appropriate timing of 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 and its appropriateness in the face of the global Climate and Health Emergency. As the majority of organisations working in our field (eye services for the poor) and in our chosen area (Bihar, India) continue to pursue policies that do not take into consideration the devastation caused by climate change, we feel it incumbent on us to pursue and step up our work in Bihar. For this we plan to increase our fundraising in the coming year.

Mindful of the dire poverty of the majority of those living in Bihar, we will continue as a no salaries, no expenses charity - 100% of funds utilised for the beneficiaries : women, men and children for whom our partner hospitals provide the only eye care available to them.

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

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

Dr L Mathen Trustee 24/07/24 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 2024.

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 Gravita III LLP Aldgate Tower London E1 8FA

SECOND SIGHT

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

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

SECOND SIGHT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 416,075 279,118
Total income 416,075 279,118
Expenditure on:
Charitable activities 4 310,646 382,913
Other expenditure 3,212 3,178
Total expenditure 313,858 386,091
Net income/(expenditure) and movement in funds 102,217 (106,973)
Reconciliation of funds:
Fund balances at 1 April 2023 203,377 310,350
Fund balances at 31 March 2024 305,594 203,377

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 2024

2024 2023
Notes £ £ £ £
Current assets
Debtors 10 3,510 -
Cash at bank and in hand 304,844 206,137
308,354 206,137
Creditors: amounts falling due within 11
one year (2,760) (2,760)
Net current assets 305,594 203,377
Net assets excluding pension liability 305,594 203,377
The funds of the charity
Unrestricted funds 305,594 203,377
305,594 203,377
The financial statements were approved by the trustees on .........................
24/07/24

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

SECOND SIGHT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
16
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 increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(2,760)
(452)		 £
101,919
(3,212)
-
98,707
206,137
304,844		 2023
£
£
(100,644)
(2,760)
(418)
(3,178)
-
(103,822)
309,959
206,137

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 or grantors 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 2024

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 2024

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		 2024
£
390,530
25,545
416,075		 2023
£
241,532
37,586
279,118

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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
DECH
Bamdah Christian Hospital
Sharma and Sons
Leaf Welfare Trust (DNS)		 2024
£
310,646
3,142
313,788
32,000
162,906
10,000
14,760
1,000
8,000
80,000
1,980
310,646		 2023
£
382,913
3,265
386,178
83,527
240,886
25,000
20,000
-
12,000
-
1,500
382,913

6 Support costs

Independent examiner
fees
Bank charges
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
2,760
-
452
-
3,212
-
3,212		 2024
£
2,760
452
3,212
3,212		 2023 Basis of allocation
£
2,760
Governance
418 Governance
3,178
3,178

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 2024 (2023: £nil).

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2024
Number
-		 2023
Number
-

Remuneration of key management personnel

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Debtors

10
Debtors
Amounts falling due within one year:
Other debtors
11
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
3,510
2024
£
2,760		 2023
£
-
2023
£
2,760

12 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 203,377 416,075 (313,858) 305,594
Previous year: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
General funds 310,350 279,118 (386,091) 203,377

13 Net movement in funds

General unrestricted funds are free reserves held by the trust.

SECOND SIGHT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13
Net movement in funds
14
Analysis of net assets between funds
At 31 March 2024:
Current assets/(liabilities)
At 31 March 2023:
Current assets/(liabilities)
15
Related party transactions
During
the
year,
the
Charity
received
the
following
donations
M Rees paid £2,760 as a gift (2023: £2,760)
S Bundhoo paid £2,000 as a gift (2023: £600).
16
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
Cash generated from/(absorbed by) operations		 (Continued)
Unrestricted
funds
2024
£
305,594
305,594
Unrestricted
funds
2023
£
203,377
203,377
from
its
trustee's:
2024
2023
£
£
77,274
(106,973)
-
(366)
(3,510)
4,543
-
(35,413)
73,764
(138,209)