Reglstered number: 04426377 Charity number: 1092209 ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ONESIGHT ESSILORLUXOTTICA FOUNDATION {A company limited by guarantee) CONTENTS Page Reference and administratlve details of the Company, Its Trustees and advlsers Trustees, report Independent examlner's report Statement of financlal activities Balance sheet Notes to the flnanclal statements 8-12
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees S Melani F Ferrante (resigned 2 July 2024) T Drzich (appoinled 23 January 2023) S Cavaye (resigned 31 July 2024) A Hans (appointed 23 January 20231 Company reglstered number 04426377 Charity registered number 1092209 Reglstered offlce 101 New Cavendish Street. 1st Floor South, London, W1W 6XH Independent Examlner Harris & Trotter LLP. 101 New Cavendish Street, 1st Floor South. London, United Kingdom, W1W 6XH Page 1
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guaranlee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report logelher with Ihe financial slalements of the Company for the 1 January 2023 10 31 December 2023. The Annual report Serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statement5 of the charitable company comply with the current stalutory requiremenls. the requirements of the charitable company's governing document and the provisions of Ihe Statement of Recommended Practice {SORP} applicable lo charities preparing their accounts in accordance wilh the FinanGial Reporting Standard appliGable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019>. The financial statements have been prepared in accordance wilh the accounllng policies set out in note 2 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accoLtnts in accordance with the Financial Reportlng Standard applicabl8 in the UK and Republic of Ireland published on 16 July 2014. Since the Company qualifies as srnall under section 382 of the Companies Act 2006. the Strategic report required of medium and large companies under the Companies Acl 2006 {Slrategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and aclivltles One Sight Foundation is committed lo eradicating the global vision care crisis thal affects more than 1.1 .billion people, many of whom could have their vision reslored with an ey8 exam and a pair of glasses. Provision of an eye test and a pair of glasses can make a huge difference to the quality of life for these people. The Foundation is affiliated to a global network of organizations supporting the same objectives, After sponsoring the educalion and ultimate qualification of three optornetrisls lo work In The Gambia, in 2020 the Foundation devolved the majority of ils fund to Onesighl (USA). Ihe sister charity based in USA, that operates short-term and long-lerm suslainable eye care clinics on a global basis. The funding was used to support global Sustainable vision cenlers in the Republic of Zambia and olher countries where the need is great, bul access to affordable, quality eye exam and glasses does not exist. The Foundation and its Trustees in conjunction with their colleagues in olher parls of the world are determined lo contlnue lo identify opportunities to provide sustainable eye care support to those communities most in need. In selling objectives and planning for activities. Ihe Tru51ees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefil.. running a charity IPB2)'. Achievements and perfomiance Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resources to continue in operalional existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further delails regarding the adDPtion of the going concern basis can be found in the accounting policies. Page 2
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 b. Flnancial perfom)ance The income for the Foundation in the year under review was £47.07312022-. £52,725) and the expenditure in furtherance of the charitable objectives, as set out in note 4 to the financial statements was £2,929 12022.. £1,549). The Foundation's cash reserves al Ihe end of the year were £161,543 {2022'. £119.872}. The trust88s have adopted a policy that, where possible a general funds cash reserve. covering twelve months administration running Costs should be maintained. The unreslricled funds at 31 December 2023 were £159,443 12022.. £116,428) which is in excess of the running costs of the Foundation of £2,929 {2022.' £1,549} for the year ended 31 December 2023. The funds will be used to support philanthropic refractive error activities across UK and overseas. In accordance with the Memorandum and Articles of Association the trustees have the power to invest in such assets as they see fit. The Foundation has a policy of keeping surplus liquid funds in short term deposits. This low risk investment policy provides the flexibilily in making charitable grants and ensures the Foundation had adequate funds to meet ongoing granl commilmenls and administration costs in accordance with its reserves policy. Structure, governance and managemenl The Foundatlon was Incorporated as a company limited by guarantee on 29 April 2002. and on 24 May 2002 was registered with the Charity Commission for England and Wales. Its governing document is its Memorandum an Articles of Association. The management committee. WI are also the trustees and directors for the purpose of company law, who served during the year were.. S Melani F Ferranle T Drzich S Cavaye A Hans No trustee had any beneficlal int8rest in any contract with the Foundalion during the period. Existing trustees brief new trustees on the Foundation's aims and objectives. They are given a copy of the Memorandum and Articles of As50cialion along wilh the latest financial statements. They are also given literature about the Foundation and a copy of the Charity Commission's guidelines for trustees, which will help them fulfil their role in line with charity and company law. Under the Memorandum and Articles of Association, at the firsl annual general meeting all the trustees shall retire from office and, al every subsequenl annual general meeting, one third of the trustees sh811 retire annually and be eligible for reappointment. Page 3
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management (continued) The trustees review the strategic activities and financial position of the Foundation at ils regular board meetings. They consider potential risks to which the Foundation is exposed. As part of this process, the trustees have implemented a risk management strategy which comprises an annual review of the risks which the Foundation may face and the establishmenl of systems and procedures lo miligate those risks identified in the plan and the implemenlalion of procedures designed to minimise any potential impact on the Foundation should those risks malerialise. Flnancial risk management Th8 Trustees have assessed the major risks to which the Company is exposed. in particular those related to the operations and finances of the Company, and are satisfied that SyBtems and procedures are in place lo mitigate exposur8 to the major risks. Statement of Trustees, responslbllities The Trustees (who are also the directors of the Company for the purposes of company law} are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requlres the Trustees to prepare financial slatements for each financial year . Under Company law, the Trustees musl not approve the financial slatements unless they are satisfied that they give a true and fair vlew of the stale of affairs of the Company and of ils incoming resources and application of resources, including ts income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly; observe the methods and principles of the Charities SORP (FRS 102}'. make judgmenls and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the Company will continue business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable Ihem to ensure that the firsancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for laking reasonable steps for the prevention and delectlon of fraud and other irregularities. Approved by order of the members of the board of Trustees on 11 September 2024 and signed on their behalf A Hans Page 4
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examlnerfs report to the Trustees of Onesight Essllorluxottica Foundatlon ('the Company,) report to th8 charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Responsibllltles and basis of report As the Trustees of the Company {and its directors for the purposes of company law) you are responsible for the preparation of the aGcounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Acl'l. Having satisfied myself that the accounts of Ihe Company ar8 not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respecl of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Dir8Ctions given by the Charity Commission under section 145{5){bl of the 2011 Act. Independent examlner's statement I have completed my examination. S confimi that no matters have come to my attenlion in connection with the examination giving me cause lo believe: accounting records were not kepi in respect of the Company as required by section 386 of the 2006 Act; or Ihe accounts do not accord with those records: or the accounts do not comply with the accounting requiremenls of section 396 of the 2006 Act other Ihan any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination: or Ihe accounts have not been prepared in accordance with the melhods and principles of the Slatemenl of Recomrnended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}1, I have no concerns and have come across rK> Other matters in connection with the examination to which attenlion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Daniel Walters FCA Harris & Trotter LLP Chartered Accountants 101 New Cavendish Street 1st Floor South London, WIW 6XH Dated.. 11 September 2024 Page 5
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestri¢ted funds 2023 Tolal fund5 2023 Total funds 2022 Nole Income from: Donations and legacies 47.073 47,073 52, 725 Total Incomè 47,073 47,073 52,725 Expenditure on: Govemance costs 2.929 2,929 1.549 Total expendlture 2,929 2,929 7,549 Net income before nel {losses)Igains on Investments Nel {lossesVgains on foreign exchange 44.144 {1,129 44,144 11,129) 57,776 2,647 Net movement in funds 43,01S 43,015 53,823 ReconGiliation of funds: Total funds brought foThYard Nel mov8ment in funds 116,428 43,015 116.428 43,015 62,605 53,823 Tolal funds carrled forward 159,443 159.443 116,428 The Statement of financial aclivilies includes all gain5 and losses recogni5ed In the year. The notes on pages 8 to 12 fom part of these financial statements. Page 6
ONESIGHT ESSILORLUxOlCA FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 04426377 BALANCE SHEET AS AT 310ECEMBER 2023 2023 2022 Note Current assets Cash at bank and in hand 161,543 119.872 161,543 119,872 Creditors: amounts falling due within one year 12,100 (3.444) Net current assets 159,443 116,428 Total assets less Current liabilities 159,443 116,428 Net assets ex¢luding pension assel 159,443 116,428 Total net assets 159,443 116,428 Charlty funds Unrestricted funds 159,443 116,428 Total funds 159,443 716.428 The Company was entitled to exemption from audil under section 477 of the Companies Acl 2006. The members have nol required the company to obtain an audit for the year in question in accordance wilh section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with Ihe requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared In accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 11 September 2024 and Signed on their behalf by- The notes on pages 8 to 12 fomi part of these financial statements. Page 7
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General informatlon One Sight Foundation is a private charitab18 company, limited by guarant88. incorporated in England and Wales. Company registered number.. 04426377. Charity number 1092209. Accounting policies 2.1 Basls of preparatlon of flnancial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities: Statemenl of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Onesight Essilorluxottica Foundalion meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cosl or Iran5aclion value unless olherwise stated in the relevant accounling pollcy. 2.2 Income All income is recognised once the Company has entitlement to the income. il is probable that the income will be received and the amount of income receivable can be measured reliably, 2.3 Expenditure Expenditure is COgniSed once there is a legal or constructive obligation to Iran5fer 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 aclivily. The costs of each activity are made up of the total of direct cosls and shared costs, including support costs involved in undertaking each activity. Direct Costs altribulable lo a single activity are allocated directly to that activity. Shared costs which contribute lo more Ihan 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. Cenlral staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when Ihe conditions allaching are fLtlfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commilment. but not accrued a5 expendilure. All expenditure is inclusive of irrecoverable VAT. 2.4 Cash at bank and in hand Cash at bank and in hand includes cash and short-term hFghly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposil or similar account. Page 8
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng poll¢les (continued) 2.5 Liabllitles and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a Iransfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to sellle the debt or the amount it has received as advanced payments for Ihe goods or Services il must provide. Provisions are measured al the besl estimale of the amounts required to setlle the obligation. Where the effect of the lime value of money is malerial. Ihe provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.6 Flnanclal Instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslruments are inilially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.7 Fund accounting General funds are unrestricted funds which are available for use at the discretion of th8 Trustees In furtherance of the general objectives of the Company and which have not been designated for other purposes. Page 9
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legaGies Unrestrlcted funds 2023 Total fund5 2023 Total funds 2022 Donations 47.073 47,073 52. 725 Govemance costs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Accountancy and independent examiner fees Bank Charges 2,856 73 2,856 73 1.500 49 2,929 2,929 1,549 Independent examiner's remuneratlon The independent examiner's remuneration amounts lo an independent examiner fee of £2,856 12022 £1,500). Trustees, remuneration and expenses During the year, no Trustees received any remuneralion or other benefits (2022 - £NIL). During the year ended 31 D8mber 2023, no Trustee expenses have been incurred (2022- £NIL). Creditors: Amounts falling due withln one year 2023 2022 Accruals and deferred income 2,100 3,444 Page 10
ONESIGHT ESSILORLUXOThICA FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Slatemenl of funds Statement of funds - current year Balance at 31 Galnsl December {L05ses) 2023 Balance at 1 January 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 116.428 47,073 (2,929) (1,1291 159.443 Statement of funds - prlor yèar Balance at 31 December 2022 Balance at 7 January 2022 Gains/ (Losses) Incom8 Expenditu Unrestrlcled funds General Funds - all funds 62, 605 52. 725 (1,549) 2,647 116,428 Analysls of net assets between funds Analysls of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 161.543 (2,100) 161,543 (2,100) Total 159,443 159,443 Page11
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Currenl assets Creditors due within one year 719,872 (3,444) 119,872 (3.444) Total 116,428 116.428 10. Related party transactlons During the year, total donations of £10,730 (2022.. £50,416) was received from a company in which a trustee Is also a director. Page 12