LONDON VISION CLINIC FOUNDATION (A company Ilmfted by guarantee) Company No. 06389709 Charlty No. 1122593 (Règlstèrad Charjty In England •nd Walès) REPORT OF THE TRUSTEES And UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
London Vision Clinlc Foundation Contents Paga Page Legal and Adrnini5trative InfDrmatitsn Truste8s' Report Ind9PgnrJ8nt Exarninels Report staigmenl Financ1 Activiltes Balance She8t Notes to the Flnancial St*em8nts 8-11
London Vision Clinic Foundation Legal and Administrative Information Company S¢¢r¢tory: C.T. Eng81fri8d Trustees and Dlrectors: D.Z. Reinstein U. R8inst8in C.T. Engeffwie(J Regl$tsred Office: 138 Harfey Str¢et London W1G 7LA Company Number: 06389709 Charlty Numb•r= 1122593 IRegisteied Charity in EnLlatKI and Wales) 1ndape[ent Examinèr. James Cross (For and on behalf of) Moorè Kingston Smith LLP Chartered Accountants Devonshire House 60 Goswell Road London EC1M 7AD Bankéts.. Lloyds Bank PLC Langham P18C8 324-326 Règènt Street Westrnin51ar London W1B 3BL Govornlng Docum•nt The Chadty is constiiut8d 8S 8 Charitsble Comptny Ilmited by guarantee governed by its Memorandum and Atticb5 of A550Ciation dated 4 O¢tober 2007. The fjnancial 8taigm8nts cornply with slatutrAy requir8m8nts and the Charlws goveming documents. Tru8te¢ Indu¢tlon and Tralnlng The above mntioned Trus1995 w¢re appointEd according to the procedures laid down in the Memorandum and Articles ol Association. Fubjre Trustees shall be appciintsd by a re801ution of the Trustees lo be pgss8d 8t a specSal meebng called al any tirne by any TrusteeB uptsn not l&ss than 21 days notice. New Trustsas 8ra briefed on thelr Ial obllgations under Charity law, the Ix)ntent ol th8 Mamorandum and Artictos of A550oation, deCisic making processes and the recent performan¢8 of thg charity. In seleclng persons to be 8ppointed as Trustees, the Board shall take into acwunt the beneflts of 8ppoinfing 8 person who is able byvirtue of his ptstsonal and lor prolessional qualffjcat)ns to m8ke a conthbution to the putsuTt of the objects or th8 management ofthe charity. Pagg 1
London Vision Clinic Foundation Trustees. Report For the year ended 31st Decambar 2020 The Trustees present the rewjrt and the financial 8t8m8nL8 forthe y$8r èndad 31st December 2020. The Tru8ts¢s confirm that the Annual report and finanoal statements of the cth8rity (x>rnpty th the current statutory r8quiramèn&, tha raquirements ol the charitys goveming docurnenl and tre Pfovislons of Acwunling and RepDrb"ng tyy Ch8riti88.' St8t¢ment of Recommended Practice Applicable to charte$ preparing Ihelr a(oun1S in accordance with tha financial raporting stsndard applic8ts in the UK and Republic of Ireland The FRS 102 ChaThts&s SQRP, published on 16 July 2014. Tha Trust•ès' Raptsrt atsts Contain5 the Directors, Report as Nuwed by Comp8ny L8W. Trustses The Trusteès vtho ar& also Ihe th'r•clors underthe canIeS Act 2006 who sèNed throughout the period were.. D.Z. Reinstein U. Reing1•in C.T. E1r1ed Objedfjves The Trust $hal h)Id thg r98eryes income upon trust to apply them for the folltMing objec. 11 Th8 relief ol p8rs0ns sulfering or suspÈcl8d lo be suffering frcxn eye disorder8 ord8fects of vision by the provision of faciltbes and serviS including exam1[10rt, refractive suNpry and Olher Ir8atrn8nts of lh8 ey8; Ill The advancemenl of edu(xtion In the wtrtometrlc scnces,. and iiil The improvement of hurnan vision and the pros1On of the sludy of optometrlc sGiences by the ccffiduct and assistancè of researd) 8n¢J the dis8eminaiK)n of the results of such research. Prlnclpal Actlvlty The prfncipal activty durin9 thè yÉar was ihat of thè provision of facilili85 and S&Nlces to rve those sufferfng from dY8ordtr¥ ordafÉet$ of vi8ion. The Tntss conffrrn thatwhen plannlng dcovltyes they have con$hJered the Gharlty Cornmission's gvidanca on public benefil, IndudirvJ tho guld&nc8'Publlc B•nefitr. runnSng a Charity IPB21'. Re8trktlons Imposed by thè Chant$ govemlng doeurnentr il In ralsln9 funds the Tntstees shall not undertake any substantial permanent trading gctivity and shall clinfonn to any relevant statutory regul81¥)ns. lil ASI cheq$ arKt orders for the payment of rrnn8y trom th8 Charity bank alOunt shal be signed by at le&si h4t) Tru8tw. Oryanlsational Structure The charity is governed by the Board of Trustees who are reS[nsibl8 lh8 gov8rnanr* and th8 8trategic direction of the ganIsation. of th8 Trus8 ar8 dir8Ctor8 of London Vision Clinic Pathers Llmiled and the Charfties rEgistered offic6, and thè administration tsf it, is rnsnagèd from thè offices of th& LIMI Cotnpany. Page: 2
London Vision Clinic Foundation Trustees. Report For the year ended 31st December 2020 (Continued) Review of actfvitl86, achlevements Jnd perfomiance This tèport accompanies the Financial Statements for 2020 and includes an overview of the key activities of the Foundab¢n during tho year under review. The achievements and performance ol th? Foundation for the r ar• highlighted belcjw. With rea5onabl8 rvJtiEe, the fibs of the Trust ar• own to insptiOn to 8ny person. R8sèrvos Pollcy In determo1ing the level of the re88rves policy of the charlty the Trustees hav8 considered the level of the opeialing expense requid. Thg lotsl resarves at the year-end of £125.430 entirety comprise ol general funds Wh are avaiLabla for the ¢hariVs g8n8ral purposes lrtluding its gen8ral runnin9 costs arKI projects. It is the Trust888' bg1i8f that tho of reserves In the gener81 fund is sufficient to cover 12 months of wnning costs. Results for th¢ Y1 •nd lutuw plofl$ During 2020, the Charity recgivad income of £134,441 12019-. £118,616). Thls amounl has mat thè exPeCtaon5 of the Trustees and is satisfactury. All income was derived frorn donatK)ns 8nd was experKl8d on ¢h8ritrblg activities. At th8 y8ar end £125,43012019.. £93,041) cash was h81d in th8 Foundation's tsank account. The Trustees prDvKled theirservices to the charity free ol charge in the y8ar and Servi have not been quantrfied or rei1ected in Ihe accounts. 2020, was a ¥ery ch&llenging year due to the irnp8ct of the Covid p(jaMie. The Refracove SLtrgery Unit IRSUI at Tilganga Eye Hospit81 In Kathmandu was lotelly cbsed forh months. and over a seven month period starting in April, the centre barEly treated any patients. Forthe year patient volume was down ov8r 60VA. Wa cot)tinu8 to provld& oducational and training support the surgical staff at Tilgenga and desprte Ihe struggles of 2020, the RSU rernains financially sew- SUff18nt. Likew45e, our cataract Cgnlr8 in Birgunj was a0 Sevare impacted by Covid. Ourgoal of being financi81 autonomous by NovBmber 2D21 wll not be achieved and we now expect it wlll take us unlil thB end o12D23 to rèach this target. Page.. 3
London Vision Clinic Foundation Trustees, Report For the year ended 31st December 2020 (Continued) Trust••s' Respon¥lbllltlg5 Statement The Trustees (who are a150 directors for tr¢ purposes of company lawl are responsible for preparing thè Trustees. Report and finandal statements in ardAnce wth the applicable law and United Jd0rn A¢counting Practices (Unitsd Kingdom Gen9raltyAcpIed Accounting Practice). Company law r8quir@s trust98S to prepare financial statem8nts for each ffnancial year which give a true and falr view OF Ihe state of the affair5 01 ttie ¢haritablg company and (pf th8 incorne and expenditure of the charitable ¢ompany lor that period. In pr8paring thesa financial statement8, the trustees are requirad to: select suitable ac¢ountiTrJ polici&5 and then apptythem consistendy. observe the m8lhod$ and principle5 in kne Charities SORP., make jud9ements and e5tirnate5 that are reasonablè and prudent.. $tata wh8th8r 8pplicable UK accounting stsnd8rds, including FRS 102 have bèèn followed. subi8Ctto any material departures di5¢1osed and explainad in the financkil ststsment5,' state whèther B Statement of Recomrnended Practlce ISORPI applKIs and has been followed. subject to any material daparbjfes which are explained in the financial staterngnts; and prep8re the financial statements on the 90ing COnM basis unless it is inapproprlate to pr08ume that the charitable company will continua in business. The trustees arè rèsponsib for keep1ng adequate acc¢)unling Cords that disclose with rnasonable accwacy at any time tha financial posltlon of the charit8bl¢ wrnpany and enable them to ensure that the financial Statements compty with Ihe Companies Act2006. They aro aF80 responsible for58fe9uardlng th8 assats ol Ihe ch8ritsbte cornpany and hence for taking reasonabb stops for the preventlon and det8ctiOn of fraud and other lffeoularitles. These 8cfA)unts comply with current statutory requiremonts. th& requirements ol the MOrndUM Rnd Articbs ¢f As¥oCiatn and the requirewnent5 of Ihe Slstement of Recommènded Pracltce applicable to charl0$ praparing their accounts in accordance with the Fin8wKaal Reporting Standard 2pplicablè in the UK and Republic of Ireland (The FRS 102 Charili9s SORPI. Th&s8 accounts have been pPared in accordance Mth th9 5cIal provisions of Part 15 01 thè Companies Act 2006 retabng (o small mpanIeS. Thi8 r6p)rt has b6&n prepare(l in accorilance with tha provk%i)ns appli¢able to companles entiled to th8 small ¢ompanie$ exgrnption. Thi8 rèportwas approvad by tre Tnjstees on 22 September 2021 and signeLI on thtrir behalf by.. D. Z. Relnsteln Trustee IDir8c¢orl Page: 4
London Vlsion Clinic Foundation Independent Examinerfs Report For the year ended 31st December 2020 I report to the charity trustae8 on my examination of thè accounts of the Company for the year ended 31 D8C8rnber 2020. R•$ponslbllttles and ba$ls of r•port As the charity's trust88s of the Cotnpany land also its directors far the purposes of company lawl you ar& responsib for the preparation of th8 accounts in e0rdance with the requirgmenls tsf the CompBnies Act 20061'lhe 2006 Act'}. Havlw satisfied rny5è1fthat Ihe accounts ofthe Company are not requwed to audlt8d under Part 16 ollhe 2006 Act and srè 81igible for independent examination, I report in respèct of my examination of your oharity3 accounts as Carried out undèr sècdon 145 of the Charlties Act 20111.the 2011 Acl'l. In carrwng out my examlnadon I hav8 folk)w8d thè Dlrections given by the Chadty Commission under section 145151 Ibl of th& 2011 Act. Ind*p•nd•nt •xamlnerfg $tatsm8nl I have cJ)mpleted my ax8mination. I confirm that no matters hav8 come to my att¢ntion in conng¢Jon with th8 ex8mlnation givin9 m8 caus• to belleve.. aCUnting records w&re not kept in raspect of the CornpBny a9 qulrÈd by sectk)n 386 of the 2006 Act.. or the accounts do not accord with those records,. or thè accounts do not comply with IhB accounJng requ¥remants of se¢Uon 396 ofthè 2006 Act oth8r than any r8qulrnm•nt Ihatth aCunts gNe a llrue and f8ir view which is not a matter rA)n5Kl8red as part ofan indepèndortt èX8minats"on'. or the accounts havè not been pr&pared in accordance with the mothod$ and prinCipS of the Statement of Recomm8nd8d Pract4¢e for accounting r¢porting by charittes applicsblè to charities prep8mg their 5ccounts in accordan with thg FinBnctal Reporting Stsndard applic3tA8 in the UK and Republic of Irel8nd IFRS 1021. I have no concern5 and have come a¢5$ no Dther matters in tonnèction with th& examin8tion to whtch 8tt•nUon should bè drawn in this report in orderto enab18 a proper understanding of the awuunts to be d)ed. K, LCI D8vonshir8 Hou88 eo Guswall RooLI London EC1M 7AD Date- 22 September 2021 Jam•s Cross FCA Indepèndènt Examiner For and on behalfof Moor8 Kingston Smlth LLP Page- 5
London Vision Cllnlc Foundatlon statement of Financial Activities (incorporating an Income and Expenditure account) For the year ended 31st December 2020 Unrostrlctad Funds 2020 2019 Income Grants and donetk)ns 134,441 118,616 Total Incom• 134,441 118616 Expendltwè on: Raising Funds Charitablg a¢twffli88 102.052 Total Expenditwe 102052 87,240 Net Income for th• yoar 32,389 31,376 Total funds brought fon¥ard al 1st January 93,041 61,665 Totsl funds ¢arried forward at 31st Dec•mb•r 125.430 93.041 All disclosures rslats onFy to wntiwing operations. Thre arg reco9nised gains or losses other than the net in(x)mellexpenditurel lor the year. Pag8: 6
London Vision Clinlc Foundation Balance Sheet as at 31st December 2020 Notg 2020 2020 2019 2019 Current Aets Cash at bank and in hand 125,430 93,041 125,430 93.041 Crèdltors: Amounts falling dug within one ar Nèt Curr•nt AM•ts 125,430 93,041 Nat Assets 125,430 Fund5 General funds {unrestrthdl 125,430 125,430 93,041 The Trustees state.. 181 Forlhe year ended 31 December 2020 the charitsblo o)rnpany was entiled to eX8mption under Section 477 of the Companies Act 2006 relating to small companies. Ibl No notic8 from Tru5te&s requiring an audrfc has b88n deposited und8r Seetioh 476 01 the CompBnie5 Act 2006. Icl The directors aCknOadg• thair rasponsibilty for cornplylng with the r8quirements ol the Act with respgct to a(xounting rècorils a1 trth8 preparatton of the accounts. The financlal statemenis have been pr8pargd in accOrd&n wlh th8 provisions applicab19 to wmpanie5 subpct to thg small companies regim¢. Th8 Financial stsbments w8re approv&J bythe Board and autrori88d for dEStribution on 22 s9ptemtrr 2021 8nd 8vaned on their behalf by: D. Z. Relnstsln Trustee (Director) Company no. 06389709
London Vision Clinic Foundation Notes to the Financlal Statements For the year ended 31st December 2020 countlng Poll¢ieg Basls of pretIon of flnanclal statemènts Th8 finanoial statements hav8 beeNy prepared in a(xordanc8 With the Financi81 Reporong Standard applicable in the UK and Republic of Ireland IFRS 1021, publigh8d on 16 July 2014. Thè Charitable Company is a public bènèfit enuty for th& purpo$g$ of FRS 102 and thereforg al¥0 prepared hs finar181 statements in accordance wrth the Statement of R2cotnwnended Practice 8ppIic8ble lo charities Prepang thèir accounts in acrdanC& with the Financi81 Reporting St8nd8rd applicable in th8 UK and Republic of Ireland ITh9 FRS 102 Charitses SORPI. the Companies Aet 2006 and the Charlties Act 2011. The fina181 strtements are pr8p&r6d in stsrllng, which is the functional cuitoncy of the company. net amounls in these financral statements are rounded 10 tho nèarest pound. Golng Concern Basls The financial statements have been prepared on 8 going GOnM basis. Having carriad out a revlew of the Charity$ resourw8 and currewrt Bconomlc challen9e$ lineluding those that have arisen from Covld-191 facing both the Charty and its members the Twst9es are satisfied that the Charity has suffi¢l8nt C2sh flows to m8Ét its liabillb6s as they fall du8 for at loa$l one ye8rfmm the date ol pprowal gf the ffinarKial 5talementS. A¢¢tsuntlng Esllmatss In the view of the trustees in applying thè accounting policies adopted, no judgements were rèquired that have a SnifiCant èffect on tha amounts rjniSed In the financial slatsrnents. nor do any estimatgs or •SSUmPtions made cary a significant risk of material adjustmenl in the next financi81 ya8r. Fund accounilng General funds are unrestrlcted funds whlch are available lor use at the discr¢bon ol the b)ard of Trustees in lurtheran¢¥ of tha general obledve8 of th¥ ¢harfiabk wmpany and whlch have not been deslgnated fvi other purposes. Restricted funds are funds that are to be used in accordance wilh spècffie restrictions Imposed by the donor8 or bvhich have been raised by the charity for particular purposes. The cost of raising and adrnini51ering such funds is charyed against that specific fund. Th8 airn 8nd of each restricted lund is set out in Ihe notes to the financial stslements. P2g8: 8
London Vlslon Cllnic Foundation Notes to the Financial Staternents For the year ended 31st December 2020 Accounting Pollclos Icontlnuedl Income Income from charitaNg a¢tivrftse5 is included in thè St8t8ment ol Finanixal Activlts"es ISOFAI in the perlod in which the charity is entitlÈd to rac8ipt. Income from donabons and grants is incknd8d wh8n thèse are le&Vable unsS the donor has spacifd that th8 donation or grant relates to a fuknr8 psriod or th¥t ¢ertaln pre-condf(iong must be fulfilled before use. In these Gases the amounts rac8Ned recognised In th8 relevant P6rf(MJ or when the pre-rondiJons havè been met and until then treated as deferréd income. Donations or grants for pgrttcular purposes are inGIu( as rostrictsd furKIs. Donated good$. facllltles and s•trvle•s Donated goods in th& form of equipment are tOgnIS&d In the period of reipt 8t 9t to the vendor In both income and exp8ndilure in th8 SOFA. Exp•ndtturn ExndItUre 1$ wrtluded th8 SOFA on an accruals basi8. Co3t8 01 raising fvnds compdse the costs ol all frjndraising activi&s and increasin9 the ptofile of the charity. Charit8bk activitios comprise costs of aotivit18s in futher8nce of charitys objèetivès. It Indudes direct costs of athvlles and thoB8 costs ol an indirèct nature ngcessary to support ISe acllvilies, allocate th¥een 8XP8nditur8 eatégorias on an approprfate ba8k8. For•lgn curréncy translatlon Monetary asset5 and liabilllies dgnominated in foreign currèncias are translated into steding at the r8tes of exchange ruling at the balance sheet dale. Transactions in foreign currencies are recordsd atthe rate rullrKJ at the date of the transaction. All differ¢n¢o$ arg taken to th& SOFA. Cash at bank ab)d In h8hxI Ca8h indudes ¢aBh in hand, d9P)8its held 8t call with bonks, other short-term IkiuKI invaskn•nts th ortginal mabJr6S tsf three ny)nths or less, and bank overdrafts. 8asl¢ Flnancl41 In$trum¥nts The charity onw holds bas financi81 instruments as deflne(J by FRS 102. Finanekql Instruments recelvable or payable within one year of the rfjportlng dat8 are Gqthed at Iheir at transaction pe and subsequenty at arnorti8ed co81. P898'. 9
London Vision Clinic Foundation Notes to the Financial Statements For the year ended 31st December 2019 2 Grants and donallons Total 2020 Total 2019 Donatlons from third p8rti8S Oonations from London VtSK)n Clntc P8rtners Limlted 32,470 101,971 31,455 134,441 118,616 London visi( Clinic Partners Lirnit8d is a ralatsd party of th6 ¢harfty by virtue of the faetthat all of the trustees are a150 dirgctors ol ihe company. Expendlture Year to 31 De¢ember 2020 Dlrect Costs Support Costs Totsl 2020 Charltablo A¢tlvitlO$ Propct (x)8tg 4,886 4,886 97,166 97.166 102,052 102,052 Ral8lng Fund$ Appoab for fijnds 97.166 102,052 8upport Costs Charitab Actfvitle¥ Ralslng Funds Totsl 2020 Ac£ountantr Joint venture cos Research costs Bank di8rge5 Webstte cests Forelgn exchange 6.01T 18.250 70,405 81 6,017 18,250 70.405 81 96 2.317 97,166 97.166 l e¥pondikn¢ Is in support of ¢haritablÈ actIvIts. M05t of the expenditure in 2020 relate to earCh costs. The net income is stated atter taking into account amounls p8yabl8 to Ihe indapendont examiner £6,017 12019.. £5,895) Page.. 10
London Vislon Cllnlc Foundation Notes to the Financial Statements For the year ended 31st December 2020 3 Expendlturg Icontlnuèdl Y•arto 310ecember 2019 Dlred Costs Support Costs Total 2019 Charltablè Actfvltles Project costs 28.682 28,682 58.558 58.558 87,240 87,240 Ralslng Funds Appea15 for funds 58.558 87,24Q Support Costs Charitabla A¢vItIeS Ralslng Funds Total 2019 Hlre of 8quipmant Legal fees Prlnting. post8ge and $t8tionery Cotnputei expensos Rent Accountsncy JoIntvenre costs Research costs Bank & cradit r2rd eh8ffa68 Advetb5ing Gen9ral expgn¥88 18,426 758 18,426 758 526 11,394 6,229 12,968 4,739 79 2,685 292 58,558 528 11,394 6,229 12,968 4,739 79 2,685 292 58,558 All eyndlture is in support of charitable activitie8. 4 T1, Emolurngnts No Trust8è rac8iv8d any amolum8ftts or r8imbursement of expenses during ts year12019- £nll. S Llablllty of M•mb•rs At 310ecember 2020 the company had 312019.'31 membgrs. Th8 liability of each Mèmberto ¢ontrSbute to thè aS8èts of the company limitèd to £1. 8 Stsff nuffl>er8 During the period ther• were no empEoyees12019: nlll. 7 Flnanclal In5trum•nts The financial statements include the followng in rgspect ol itam$ held at 8mowti8ed a)st 8t 31 December.. 2020 2019 Financial assets m8asured at arnorti8ed cost 125430 93,041 Related party trans900n8 During the year, the Foundation reiVed a donatKJn of £101,97112019'. £67,161) from London Vision Clinic Partner8 Lirnited, a company which has the same directors. Page.. 11