Company no. 6844057 Charity no. 1134105 # **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** # **Report and Financial Statements 31 December 2020** ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** **Statement of financial activities** _(incorporating an income and expenditure account)_ ## **For the year ended 31 December 2020** |Note
**Income from:**
Grants and donations
Membership subscriptions
Conference Surplus
**Total income**
2
**Expenditure on:**
_Charitable activities_
Membership services
Conference costs
**Total expenditure**
3
Gain / (loss) on foreign exchange
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
Educational Grant
_Charitable activities_
_Donations_|**2020**
**£**
**4,350**
**-**
**25,074**
**-**|2019
£
4,350
26,644
22,526| |---|---|---| ||**29,424**|**56,520**| ||**18,907**
**-**|20,736| ||**18,907**|20,736| ||**(2,266)**|2,317| ||**8,251**
**64,476**|38,101
26,375| ||**72,727**|64,476| All income and expenditure are unrestricted. All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. 14 ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** ## **Balance sheet** ## **Company number: 6844057** ## **As at 31 December 2020** |**As at 31 December 2020**||| |---|---|---| |Note
**Current assets**
Cash at bank and in hand
Debtors
8
**Liabilities**
9
**Net current assets**
**Long-term liabilities**
Creditors due after one year
10
**Total net assets / (liabilities)**
**Funds**
Unrestricted income fund
**Total charity funds**
Creditors due within one year|**2020**
**£**
**108,320**
**-**|2019
£
96,944| ||**108,320**
**15,593**|96,944
12,468| ||**92,727**|84,476| ||**20,000**|20,000| ||**72,727**|64,476| ||**72,727**|64,476| ||**72,727**|64,476| For the year ending 31 December 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies, and members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. Approved by the Board of Trustees on and signed on its behalf by Nicholas Rumney, EAOO President 15 ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** ## **Notes to the financial statements** ## **For the year ended 31 December 2020** ## **1. Accounting policies** ## **a) Statutory information** European Academy of Optometry and Optics is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 42 Craven Street, London, WC2N 5NG. ## **b) Basis of preparation** The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. ## **c) Public benefit entity** The charitable company meets the definition of a public benefit entity under FRS 102. ## **d) Going concern** The Academy's ability to hold its annual conference in 2020 has been impacted by the COVID-19 pandemic and public health measures put in place as of March 2020 to limit the spread of the novel coronavirus. The Academy and its partners decided to postpone the 2020 conference to 2021, as explained in the Trustee's report. The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. ## **Grant income** ## **e)** Grant income is recognised in the period in which it is receivable. Voluntary and membership income is included in incoming resources when receivable. ## **Expenditure** Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT **f)** which cannot be recovered. ## **Governance costs** ## **g)** Governance costs are the costs associated with the governance arrangements of the charity, relating to constitutional, statutory and regulatory requirements. Page 16 ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** ## **Notes to the financial statements** ## **For the year ended 31 December 2020** ## **1. Accounting policies (continued)** ## **h) Unrestricted funds** Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. ## **i) Monetary assets and liabilities in foreign currencies** - Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. ## **j) Pension costs** No pension costs are now paid. Previously, the seconded employees were eligible to join the defined contribution pension scheme, operated by the College of Optometrists. The assets of the scheme were held separately from those of the College in an independently administered fund. The pension cost charge represented contributions payable under the scheme by the Academy to the fund. The Academy had no liability under the scheme other than for the payments of those contributions. ## **2. Income** |Sub-total
Membership - individuals
Membership - organisations
Sub-total
Conference Surplus
Total
Grants and donations (European Council of Optometry & Optics)
Educational Grant|**2020**
**Total**
**£**
**4,350**
**-**|2019
Total
£
**4,350**
**-**| |---|---|---| ||**4,350**|**4,350**| ||**9,525**
**15,550**|**13,093**
**16,551**| ||**25,074**|**29,644**| ||**-**|**22,526**| ||**29,424**|**56,520**| Page 17 ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** ## **Notes to the financial statements** ## **For the year ended 31 December 2020** ## **3. Membership services and conference costs** |Consultancy
Wesite & Computers
Governance cost
Bank charges
**Membership Costs**
**Conference Costs**
Annual conference current year
**Other Costs**
**Staff Costs**|**2020**
**Total**
**£**
**16,859**|2019
Total
£
16,052| |---|---|---| ||**16,859**|16,052| ||**-**
**1,806**
**242**|1,793
2,670
221| ||2,048|4,684| ||**18,907**|20,736| ||**-**|-| |||| ||**18,907**|20,736| Governance costs consist of Board and Committee meeting costs totalling £1,026 (2019: £2,670). ## **4. Staff and Trustees** The charity has no employees. The charity has been managed by freelance consultants reporting to the Trustees. None of the Trustees received a salary or any other benefits from employment with the charity in the year (2020: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2020: £nil). Page 18 ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** ## **Notes to the financial statements** ## **For the year ended 31 December 2020** ## **5. Net income / ( expenditure ) for the year** This is stated after charging: |This is stated after charging:|||| |---|---|---|---| ||**2020**||2019| ||**£**||£| |Independent examiner's remuneration (excluding VAT):|**-**|-|| ## **6. Taxation** The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. ## **7. Related party transactions** There are no related party transactions to disclose for 2017 (2016: none) other than for the trustees of the College of Optometrists. Transactions with them are disclosed in note 10. |**ebtors**
Trade debtors
Accrued income|**2020**
**Total**
**£**
**-**
**-**|2019
Total
£
639
5,122| |---|---|---| ||-|5,761| ## **8. Debtors** ## **9. Creditors due within one year** |**Creditors due within one year**||| |---|---|---| |College of Optometrists
Total
Accruals
Deferred income|**2020**
**Total**
**£**
**-**
**4,588**
**11,005**|2019
Total
£
-
-
12,468| ||**15,593**|12,468| Page 19 ## **EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS** ## **Notes to the financial statements** ## **For the year ended 31 December 2020** ## **10. Creditors due after one year** |**Creditors due after one year**||| |---|---|---| |Total
College of Optometrists|**2020**
**Total**
**£**
**20,000**|2019
Total
£
20,000| ||**20,000**|20,000| Rob Hogan, one of the Trustees of the Academy is also a Trustee of the College of Optometrists. The College of Optometrists has provided an interest free loan to EAOO. The balance of £20,000 is only repayable if the Academy was to be wound up, which is not anticipated currently. ## **11. Legal status of the charity** The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.