Reg15tered number: 04426377 Charity number: 1092209 ONESIGHT ESSILORLuxorricA FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) CONTENTS Page Reference and admlnistratlve details of the Company, its Trustees and advlsers Trustees. report Independent examinerfs report Statement of financlal activities Balance sheet Notes to the flnan¢lal stalements 8-12
ONESIGHT ESSILORLUxOlCA FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees S Melani (resigned 16 May 2025) T Drzich A Hans F Corbasson (appointed 16 May 2025) L Gerversman (appointed 16 May 2025) Company registered number 04426377 Charity reglstered number 1092209 Reglstered office 101 New Cavendish Street, 1 st Floor South, London, W1 W 6XH Independent Examlner Harris & Troller LLP, 101 New Cavendish Street. 1st Floor South, London, United Kingdom, W1W 6XH Page 1
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual repori logelher wilh Ihe financial statements of the Company for the 1 January 2024 10 31 December 2024. The Annual report serves Ihe purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with Ihe current stalulory requirements, the requirements of the chafltable company's governing document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable to harilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019). The flnancial statements have been prepared in accordance with the accounting pollcies 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.. Statemenl of Recommended Practlce applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Slandard applicable in thè UK and Republic of Ireland published on 16 July 2014. Since the Company qualifies as small under section 382 of the Companies Acl 2006, the Strategic report required of medium and large cornpanies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objecllves and activities The Onesight EssilorLuxottica Foundation Is committed to eradicaling the global vision care crisis that affects rnore than 2.7 billion people. many of whom could have their vision restored with an eye exam and a pair of glasses. Provision of an eye tesl and a pair ol glasses can make a huge difference to the quality of life for these people. The Foundation is affiliated to a global neOrk of organizations supporting the same objectives. After sponsoring the education and ultimate qualification ol three optomelrists to work in The Gambia. in 2020 the Foundation devolved the majonty of ils fund lo Onesighl EssilorLuxoltica Foundation IUSAI, an affiliated charity based in USA, that operates short-lerm and long-term sustainable eye care clinics on a global basis. The funding was used to support global sustainable vision cenlers in Ihe Republic of Zambia and other countriès where th8 need is great, but access to affordable, quality eye exam and glasses does not exist or is limited. In setting objectives and planning for activities. the Trustees have given due consideration lo general guidance published by Ihe Charily Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity {PB2)'. Achlevements and performance Financial review Going concern After maklng appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational exislence for the foreseeable future. For this reason, they continue lo adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 2
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 b. Flnanclal perforniance The income for the Foundation In the year under review was £158,724 (2023.. £47,073) and the expenditure in furtherance of the charitable objectives, as set out in nole 4 to the financial statements was £2,748 12023.. £2,929). The Foundation's cash reserves at the end of the year were £315,646 12023.. £161,543). The trustees have adopted a policy that. where possible a general funds cash reserve. covering twelve months administration running costs should be maintained. The unrestricted funds at 31 December 2024 were £315,646 12023.. £161.5431 which is in excess of the running costs of the Foundation of £2,748 (2023.. £2.929) for the year ended 31 December 2024. 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 Irustees have the power to invest in such assels 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 grant commitments and adminislration costs in accordance with its reserves policy. Structure. governance and management The Foundation was incorporated as a company limited by guarantee on 29 April 2002, and on 24 May 2002 was registered with the Charity Commlssion for England and Wales. Ils governing docum&nt is its Memorandum and Articles of Association. The management committee, who are also the trustees and ¢JireGtors for the purpose of Gompany law, who served during the year were.. S Melani T Drzich A Hans No trustee had any beneficial interest in any contract with the Foundation during the period. Existing Iruslees brief new trustees on the Foundation's aims and objectives. They are given a copy of the Memorandum and Articles of Association along with Ihe latest financial 51atements. 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, at every subsequent annua5 general meeling, one third of the trustees shall retire annually and be eligible for reappointment. Page 3
ONESIGHT ESSILORLUXOThICA FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management (contlnued) The trustees revièw the slrategic activities and financial position of the Foundation at its regular board meetings. They consider potential risks lo which the Foundation is exposed. As part of this process, Ihe Iruslees have irnplem8nted a risk managemenl slralegy which comprises an anrbual review of the risks which the Foun(Jation may face and the establishment of systems and procedures lo mitigate those risks identified in the plan and the irnplemenlalion of procedures designed lo minimise any polenlial impact on the Foundation should those risks malerialise. Financial risk management The Truslees have assessed the major risks lo which the Company is exposed. in particular those related to the operations and finances of the Company. and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Statement of Truslees. responslbllltles The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year . Under company law, the Trustees musl not approve the financial slatemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the Company and of its incoming resources and application of resource5, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consislently., observe the methods and principles of the Charities SORP {FRS 102)., make judgments and accounting estimales that are reasonable and prudenl; stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequale accounting records that afe sufficient to show and explain the Company's transactions and disclose wilh reasonable accuracy al any lime the financial position of Ihe Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. Approved by order of Ihe members of the board of Trustees on 25 June 2025 and signed on their behalf by.. Page 4
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limiled by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's report to the Trustees of Onesight Essilorluxotti¢a Foundatlon I'the Company.) I report lo the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As Ihe Trustees of the Company land ils direclors for the purposes of company lawl you are responslble for the preparation of the accounts in accordance with the requirements of the Companies Acl 20061'lhe 2006 Act'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examinalion, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 20111'th8 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement I have compleled my examination. l Gonfirm that no mallers have come to my attention in connection with the examination giving me cause to believe.. accounling records were nol kept in respecl of Ihe Company as required by section 386 of the 2006 Acl,. or the accounts do nol accord with Ihose records; or the accounts do not comply with Ihe accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair view which is nol a matter considered as part of an independent examination: or the accounts have nol been prepared in accordance with the methods and principles of the Statement of Recommended Praclice 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 IFRS 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 underslanding of the accounts lo be rear.hed. Danlel Walters FCA Harris & Trolter LLP Chartered Accountants 101 New Cavendish Street 1 sl Floor South London, W1W 6XH Dated.. 25 June 2025 Page 5
ONESIGHT ESSILORLUXOTTICA FOUNDATION {A Company limited by guaranlee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total lunds 2024 Total funds 2023 Note Income from: Donations and legacies 158,724 158,724 47,073 Total Income 158,724 158,724 47.073 Expenditure on: Governance costs 2.748 2,748 2, 929 Total expenditure 2,748 2,748 2,929 Net Income before net losses on Investments Net Ilossesllgains on foreign exchange 155,976 {2,173 155.976 12,173} 44,144 (1,129) Net movemènt in funds 153,803 153,803 43,015 Reconciliation of funds: Total funds brought forward Net movement in funds 159,443 153,803 159,443 153.803 176,428 43,015 Total funds carried forward 313.246 313,246 759,443 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 10 12 form part of ihese financial statements. Page 6
ONESIGHT ESSILORLuxorricA FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 04426377 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Current assets Cash at bank and in hand 315,646 161.543 315,646 167,543 Current liabilitles Credilor5.- amounts falling due within one year (2,400) (2, 100) Net current assets 313,246 159,443 Total assels less current Ilabilities 313.246 159.443 Net assets excludlng penslon asset 313.246 159,443 Total net assets 313.246 159,443 Charity funds Unrestricted funds 313.246 159,443 Total funds 313,246 159.443 The Company was entitled to exemption from audit under section 477 of Ihe Companies Act 2006. The members have not required the company to obtsin an audit for the year in question in accordance with section 476 of Companies Acl 2006. The Trustees acknowledge their responsibilities for cOmpl'n9 with Ihe requiremenls 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 to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 25 June 2025 and signed on their behalf by.. A Hans The notes on pages 8 to 12 form part of th8se financial statements. Page 7
ONESIGHT ESSILORLUXOThICA FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information One Sight Foundation 15 a private chantable company, limited by guarantee. incorporaled in England and Wales. Company registered number. 04426377. Charity number 1092209. Accounting policies 2.1 Basls of prèparatlon of Ilnanclal statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charilies= 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) {effeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. One5ight Essilorfuxotti¢a Foundation meels the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cosl or transaclion value unless otheise stated in the r8levant accounting policy. 2.2 Income All income is recognised once the Company has enlillement to the Income, il is probabSe that the income will be received and the amount of income receivable can be measured reliably. 2.3 Expendltur• Expenditure is recognised once there is a legal or conslwclive obligation lo transfer economic benefit to a third party, it is probable Ihat a transfer of economic benefits will be required in settlement and the arnounl 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 cosls involved in undertaking each activity. Direcl costs attributable to 3 single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not altribulable lo a single aclivily are apportioned between those activities on a basis consislenl with the use of resources. Cenlfal staff costs are allocated on Ihe basis ol 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 expendilure when the conditions allaching are fulfilled. Grants offered subjecl lo conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. 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-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 8
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.5 Liabillties and provisions Liabilitles are recognised when there is an obligation al the Balance sheet dale as a result of a past event, it is probable Ihal a Iransfer of economic benefit will be required in settlement, and the amount of Ihe setllemenl can be estimated reliably. Liabilities are recognised at Ihe amount that the Company anticipates il will pay to settle the debt or the amounl it has received as advanced payments for the goods or seNices it mu51 provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounled at the pre-tax discount rate that reflects the risks specific lo the liabilily. The unwinding of the discounl is recognised in the Statement of financial activities as a finance cost. 2.6 Flnancial Instruments The Company only has financial assets and finanrial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setllemenl value wilh the exception of bank loans which are subsequenlly measured al amortised cosl using Ihe effective interest method. 2.7 Fund accounllng General funds are unrestricted funds which are available for use at the discrelion of the 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 limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Donations 158.724 158,724 47,073 Governance costs Unrestrlcted fvnds 2024 Total funds 2024 Total funds 2023 Accountancy and Independent examiner fee5 Bank charges 2.700 48 2,700 48 2,856 73 2,748 2,748 2,929 Independent examlner's remuneration The independent examiner's remuneration amounts to an independent examiner fee of £2,70012023 £2,856). Trustees, remuneration and expenses During ihe year, no Twstees received any remuneralion or olher benefits (2023 - £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL). Credltors: Amounts falling due wtthln one year 2024 2023 Accruals and deferred income 2.400 2,100 Page 10
ONESIGHT ESSILORLUXOThICA FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of funds Statement of funds - current year Balance at 31 Gain$1 Oecember ILosses) 2024 Balance at I January 2024 Income Expenditure Unrestrlcled funds General Funds- all funds 159,443 158,724 {2,748) 12,173) 313,246 Statement of funds - prior year Balance at 31 December 2023 Balance at l January 2023 Gains/ (Losses) Inconie Expenditure Unrestricted funds General Funds - all funds 116.428 47,073 (2.929) (1, 729) 159,443 Analysis of net assets between funds Analysis of net assets between funds - currant period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 315,646 (2,4001 315,646 (2.400) Total 313,246 313,246 Page11
ONESIGHT ESSILORLUXOTTICA FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of net assets between funds (continued) Analysis of net assets between funds - Prlor perlod Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 167,543 (2, 700) 167,543 (2, 100) Total 159.443 159,443 10. Related party transactions During the year, total donations of £1,161 (2023.. £10,730) was receive(I from a company in which a trustee is also a director. Page 12