MOORE Charity reglstration number 1163293 SC052697 RIDLEY EYE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 RIDLEY EYE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trusteès N Ridkny LRid S Roberfs Prol. D Sp8hon FRCS FRCP FRCOphlh (Appointed 14 November 20231 Charlty numb•r 1163293 Independont •xamln•r Mcx)re Oakby House Hea(Mf8y Busing85 Pa 3 Saxon Way Wesi Co Northamplonshir NN18 9EZ RIDLEY EYE FOUNDATION CONTENTS Page Trustees report Independent examine¢s rep￿11 Slatemont ol financial aclivitieB 10 Bolan￿ sheel No188 to Ihe rtnanci81 stalemenls 12-17 RIDLEY EYE FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trust88s present Iheir 8ftnual r8Fty¥t and finar¥ial staleThn15 for the year ended SApril 2024. The Iinanci81 slalemenls cofflply with the Charities Acl. the Charivs C¢￿￿11t￿tIon and A¢o)unting and Rèporting by Charities. Slalement ol Recommended Practice applicable lo tharilies prepaftng their accouTh15 in accordance with Ihg Financial Rewrtin9 Standard appl￿b￿ in tho UK and Republ￿ of Ireland IFRS1021 (updated 1 J8nu8ry 20191. ObJo¢tlv•• and a￿l¥ltIeS The primary purpose of the Charity 15 to provide free inlraocular knns surgery in the cure of ¢8tsra¢l blI￿lneSS to th8 marginali58d peoples ol the Devebping World. with the further objaclive of providing the Sustainable training and prolossional devek)prnènl of ophlh8lmok)g1s18. The Charily was esiablisheij by Str Harold RAJley FRS. the ophthalnK)Ic*3isI *ho Invented and pioneered irnlraocul8r l•n5 surgery. It lunds and operates the H￿h Allilude C8tar8cI Propcl in Nepal. Prior to wothing in Ntrpal the Charity h8s worked in Ghana. ElhKJpia. Yemen. Indra, and Egypt. amono$l many other countr*s. 115pecialises in delivering free small inclsion c81aracl suffjery lo Ih05e Unab￿ lo pay The Charills pnmary operation81 fo¢u$ is providing Surgery 10 Ihe poorest communilies living in Nepal above 2(M)Om abrKJ tho HimaLayan Range, bul il also supports Ihe training 8nd prolessK)nal devebpmgnl ol ophlhalmoWsl8. VISION Our vision is to eradicate prevontsble blindn89$ dve lo calafacis by enabling free surgery for tho poorost comrnunilie¥ livlng in remole hwJh allilude wr81 c¢ynmunilies In Nep81. 8nd to support lh¢ irnplemontslion of the Govomment of Nepafs Nalk)nal Eye Care Plan. MISSION Our mission is to reslore sight 10 th$ W￿r881 in Ihe remotest communilies ol Nepal, in and adjacent 10 Ihg Himalayan Range, and lo build capacily wthin Ihe ophthalmK seclor ol the Nepa￿$8 medieal inlraslruclure. PUBLIC BENEFIT The Truslees confirm th81 thèy have referred lo Ihe guKlancè Contain￿ in the Charily Cornmission'$ gener81 guidance on public benelil when ￿vIewIng th6 Chanty s oims arvj obj8cllv￿, and in planning lulure activi1￿$. POLICY ON GFIANT MAKING The CharSly only rnak88 granls lo ¢yganisalions that delivor our primary rni3siw. We work through parlner hospllals accfydiled by the Nepalese Governfflent. Our granls 8re m8de lo our local In￿untry partners through our registered subsi(Jiary charity in Nepal. We do rK)t provKle 9ranls dire¢lty lo individuals. RIDLEY EYE FOUNDATION TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 POLICY ON SOCIAL INVESTMENT Social investment is about investing in people. 11 means poli￿eS designed 10 strengthen people's skills and capaoiies and support them lo participate lully in empbymenl and Social Iile. For Ihe Foundation Social Investment rneans using our resources (people and grantsl to iryrove heathcarg, sklls, and organlsath)nal c8pacity amongst bolh our beneficiaries and our delivery partne￿. In order lo reduce Ihe incKlence ol prevent8trAe blindnoss we need lo nol only pwde increased ac(*ss to surggry lor the pool in romole communities. but also lo build Ihe capacity ol our parfn8r h05Wtals to deliver mora surogry 8nd mainiain the quglily ol oul¢omg6 as pabonl volumes grow. OTHER POLICIES Wa also have Iha lo1￿￿1ng policiès in pla¢8 aThJ eaws are aveitsbkn èitheron ourw8bsile or on réqu8sI.' Anli Money LaunderirKJ Anii Corruption Modern Slavery Act Equality and Oiver51ty 88leguarding and VoluThte6r6 Privacy 8nd Oala Protection Whiglloblowing Fundraising Gills and Hospiialily Environmental Sustsinablily Th8 Trustees have paid due re9ard ￿ guidance itsuad by Ihe Charily Commissbn in d8cKliThJ what aclivitias the Charity should undertake. RIDLEY EYE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Aehlevomenl$, Performan￿ and luturo pl4 GENERAL We have bean working in Nep81 since 2020 we 88t up a lulty regislered subsKliary charily Rid18y Eye Foundation Nepal IREFNI. During ihe Covwj pandemic. otjtreach programmes were severely reslrieled and calaracl surgery wa5 performed In main hospltsls silualed the Kalhmandu Valley. Nevertheless. post tho pandemi¢ our partner hospitals have seen a return to normal patient rb)ws and a ffjsumplion of field weening and surgical camps. Dllr￿n9 the reportiw perth we funded 4.300 scmnings and over 650 free operations 10 tha m051 needy in Bagmali. Gandaki, and Karn81i Provinces. We ￿llin￿ lo gather reliable data cm swThng aNI surgical data al a ¢ommunrty level. THE CHARITABLE NEED Catsr8c18 8¢¢ouDI lor 75% - 80% of pwgnl8bl8 b11r￿neSS in the moun￿1[*￿¥ areas of Nepal IICEH 2019 RAAB R8POrt Nepall. Accèss 10 Ihi¥ lile-¢han9ing surgery bs ¢Jifficuli lor p￿reT peopte in remote hKJh allilude comrnunilias due lo cost. tho mountainous lerrain. and a lack ol rMdi&ql infra51ruclure oulsi¢Je ol the K8lhTnandu Valley and plalns bre88. In these remole dislricls acce$8 10 screening and suryery is limited and Ihg cos18 01 tr8vel lo surglcal lacilllies in ihe valleys. as well as th8 surgery ilsell. are prohibitwe lor many. The purposo ol the Hi9h Nlilude Calarad Projeei 15 to 'lake the surgery to Ihe patient.. We do thls by working di￿¢11Y wilh p8rtner hospiials and lunding theii outreath programmes and surgical Camps. This means we are using, not duplicating. k)cal exp6rtiso and exper1811C8 8nd we are iherefofe buikJirvJ addition81 c8P8uly within th¥ Nepaloso modical inlrasiruclure and working wlhiTh Ihe Ne￿a￿se Governrnent'5 Slralegic Eye Care Plan. The Foundation a¢Jdres888 th889 nged$ Ihrou9h 3 par811el prc*Jrammas'. 8•elng at the Top of World - INS 16 cwJr svrgic81 camp d81ivery progrnmme for Ih03e communities living above 2000m. s￿on9 8gyon(l Tomorrow - this is our capacily building progr8mme In conjunction wilh Heidelberg University Medical School. Through excharvje internships we aim 10 meet the Found8tion'$ secondary objective ol providing Iraining and professional developmeni in ophlhalmok)gy. AS Far a¥ the Eye Can S¢0 Ihis Is our chaI￿nge event5 programrne in th8 UK 8nd Nepal lo in¢re88e Ihe profile ol the Charily 10 ophlhalmic prolessK)nals and lh8 pub￿, as well as for fundraislrwj. Our Fellowship Programm8 is 8im8d al provKliThJ do[￿r$ wlh a $8M4vnded opp)rtunity to wiln8SS 8nd èxp8¥ianca our work on the ground first hand. ACTIVITIES FOR 2023-2024 For the reporting year we have luThJed 7 surgul r*mps- Jum18 Oislrict, Gaupalika, Lisankhu Pakhar.. 8olde'. Jumla tOWll5hip,' Mugu., and Kalinchowk. We have also signed 8 3 year agreement ￿th Nepal Nelra Jyoti SaThJh io SUPWt in-p8tient and outreach surgery from Ihe Jumla Secondary Eye Hospilal. The Fou[bdal￿j￿ hos agreed afi annual support grant in return for the delivery of 4 surgical outreach camps per year. a rnlnifflurn number of InwDer*l oPerat￿n9. and financpl suppori to m8inl8in a surgeon ￿ar-rOut¥j in JumLg. OUTCOMES We airn lo triage up lo 1,0(Kl patients per camp ol w1￿M up to 150 *ill require calaracl surgery on sile. We offer in- pat18nl surgery In our parlner h05pi181s for those unable lo pay. Arrarging at leasl 6 camps per year allows us lo triage around 6500-7000 palienis. and restore $hJht Io 8round 7(MJ people annualty Irom 9 10 90 yèats of ago. In the reporting year we have.. Delivered 7 surgical camps. Triaged over 4000 paI￿nts. Successlulty operale(S on 650 cataracts patients in Ihe ￿￿J. RIDLEY EYE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 HOW WE IAEASURE IMPACT We mea5ur6 Ihe impact olour work as 101kn￿. Co81 per patient Iri8ged is lypKally up 10 £15.00 p9r palienl. Cost per calaracl surgery is lypically up 10 £100 per pai*nl. Eliminaliofi or signif￿ant reductson in Ihe Iinancial and physical burden lor the majority ol ca18racl patiernls. Social Impact of resloreij si9hl 10 the palK8nt and family. We atm to w an increase in the family e￿nomIC pioduclivily. Feedback from villag8 learlers on bètter eommunity social and ojltural coh8sK)n as a result tsf Ihe camp, and the Sca￿ of ￿QueStS from Ihe community lor further c3mps. Feedback Irom our partngr ￿SpI1&1$ on any increasir¥J patient dèm8nd al subsequent camps. Feedback from local health autho(ilies on apidemiobjical dala on p￿senting or reporied c8$es ol pr8Y8nthb￿ blindn88S. PREPARATION FOR FY 2024r2S By the end ol the reporting perM)d we had scoped and found funding lor a further 3 c8mps in tho Autumn 012024. These will be delivered in Jughal, Laprak. and Hindi. We wer¢ also in ne901iation with our strategic partner Nepal Nelra Jyoli Sangh INNJSI aThY a charitsble trust lo upgraje an eye cafe centre In￿ a secondary hospital in Jum*, which is capable ol ¢onducliryJ in￿811$nI calaract wrg8ry. This will allow the Foundation lo osiablish a forward opei3liNJ base and doliver camps beyond Our existing logistlc reach with the adv8niagès being 10 rthluce our logislic costs. deliver more camps in Karnali Province per y88r. and slart to 8slablish a 3ysl&malK 6urgKo1 prOgrnrn￿ arrn Ihe 4 most r￿h wg8terly 8nd remote dislncls of Ihe Province. FUTURE PLANS We currently work wilh three partn8r hospitals al Kirtipur. Pokhara. and Dhulikhel. We will continue lo fund thè delivery ol surgical camps Ihrough Ihese partners. Our Iwafd OPOi&lir4J base in Jumla incre8$es our $urgi¢81 capacity and logistic reach. Our straiegic partner. NNJS. h8s 8sked the Foundalion to irKr08se its Supp￿ in Karnali Provinco in the northwèst of the country. This area remain8 pC￿Y seryed for w care vAlh L*aMenwg a￿esS due to the lerrain. wealher, and geographical remolen8SS. We h8ve 8150 been s¢opiNJ a r8laiK*)ship ¥￿h another NNJS hospital 81 Rap￿. This h¢x8Pital. located to lh8 south ol Karnali Pfovin¢e. is able lo provide surgiul outreach to Ihe ¢entr81 disldds of ihè Provin¢8 whith have limited road c¢e$s and a￿ off Ihe main iounst and Irekking W￿l8s. This relalionship wilh NNJS 8ThJ its h)spiials se￿r￿ tha rémote ￿)rIh-￿￿*s1 of Nepal will continue ¢0 develop, and subjecl lo lunds, we aim lo Increase Ihe nurnb8r ol camps we 5uprM)n and to iniliale a more slruclured 8ppro8ch to Ihe PrOv￿n¢181 Eye C3re Programme in coniunclion with both NNJS and the Provincial Govemment. We continue to devekjp our website and social media wlpul lo assist wr markeling and pvblic profib. This Includgs making rnore effective use of digilal plattOM￿ for our back-office lunclK)ns. We are a150 refining our camp éala collection melhodolo9y in an altempt lo incraase hxal community awaren8ss ol ￿mp da165 and K)calions, in older to improve patienl altendan¢e. PROGRESS TO NET ZERO As a charity we are conwAous Ihal in oversgwng (wJr tharitab￿ delivery. as w813s the deliv8ry ol our in-counlry aclivilies, we have small bul Kjenlifiable carbon foolprint. We are underiaking an iThJependernl carbon audit to determine bolh the volume of our ¢artK)n emissws and ways in which we can tx)Ih redu¢e the 8missitsns and Iligaie their impact. The resvlts ol the audit will be publk%hed ￿ our website. RIDLEY EYE FOUNDATION TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 Flnanelal revl¢w The Ridley Eye FOu￿181￿)n IREFI Is a UK r¢9iStereLI grant￿l¥ing d)8W and W￿kS in formal partnership with government approved hospitsl partner5 in Nepal. It has esiatslisheij RKlley Eye Foundation Nepal IREFNI as 8ubsi¢Jiary registered chanty in Nepal wtth its independenl Irustees, none of whom a￿ iemunerated. REFN oversees the wr8tK)nal 8¢liwlies of tyJr HighAlblude Cataract Prqecl in Nepgl and its delivery partners and wo fundraise lor 51 lo ¢nab18 our parlnws lo deliver $urgr41 camps. An end¢)wm8nt Ivnd. orhjinally seiiiod by Sir Harokl Ridley FRS, provid85 the income for the go￿r￿anCe and admlni$ir81ion of the charily in the UK and Nepal. The procee(ls of lundraising are used direclty 10 fU￿d our surgic81 ¢amp5, which are free 10 Palienls. We rnain18in 8 separatè bank currenl 8c(x>unl to hold tho proGeed5 of lundrai5ing, and to cover the direct costs of raisin9 those fvnds. We ￿93rd all (h)notK)ns as restrKled to the direct supwrt of our surgical camps, un￿￿5 othe￿1$9 agreed wlh our donors. Whilst wa expect our hospit81 partnar to provth 81 n￿888ry surgic81 equipment. ￿ may wn capilal eamp3igns lo fund Ihe pro¢uremenl ol essontial 0phth81M￿ equipment Il n￿SSary. but this is ¢￿arty mark616d 8$ such, Agaln, we reo8rd donalions io th￿Q sperific campaigns as restricted lunds. FINANCIAL POSITION Both the 8ndowmenl fund and tyjr gr8nl 9ivir¥J lund hokl Sulf￿nI cash r88er¥es lo delivef on our axisling commilm8nl$ lor Ihe'seeing Bl Ihe Top of Ihe Worky. progiammè lor Ihe r8mainder of FY24125. RESERVES POLICY We alm to maintain cash reserves 016 months for govemanr* and admlnlslralion 8nd 3 monlhs for opera¢k)nal delivery lo Ihe HwJh Allilvde Cataract Projoct. We do not draw down OD Ihe Ca$￿￿1 of th• end(y•mienl fund to support owralional acliwly. Tru8lees h8v6 agwd 1¢ ¢onlinue wilh Ihelr exlsliThJ rése￿ Folw as l01k)￿.. 'To malniain Unr￿tricted lunds at a lev81 sufficianl io cover management and adminisiraiiv8 cosi$, to respond lo emergency appI￿a￿on$ lor gronls which ari¥e and lo meet on-gc4ng operalK)￿l commiln*nls approved ty TN518eJ'. The free resoNe5 al 51h April 2024 8Tr in line wTrlh tho reser¥83 poliw and ￿11 be wularty revthyod wilh reggrd lo both curroni and eX￿led fulvre expendiluro. RIDLEY EYE FOUNDATION TRUSTEES REPORT {CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 PRINCIPLE SOURCES OF FUNDING The Charity administèrs iiself from ils endowment fu￿1 whth is primarily lunded by legacies. Our operational tharilable delwery is lunded Ihrough tyJr lun¢Jraising activities whKh seeks 10 raise donation5 and sponsorship from corporate5. trusts and foundalions, and the general public. This ensures th81 tha maximum proportlon of externally raised funds is used lo lund our chari18ble activilies. The Foundation has a portlolK) ol Stock Exchange investments and aL*) retains 8 Cash reserve lo ensure the ongoing eosls and granl-makiro ability ol tho Ch8rily does nol requwe lh8 Iwjuthlion ol any investmonts. The Foundaiion aims lo distribute grants oi be￿een E90.IKM) 10 £100.0￿ per annum. bul this varie5 from year-lo- y¢Mr depending on grant making opportunrti89. Th8 lundraisir¥J otyective 6 lo raw al lèast £100.(K)O p8r year. The investment objective is lo genef8te an ine(xne ￿lUM ol approximalely 3-5% per annum over the medium lerm. INVESTMENT POLICY Under th8 Momorandum and ol AssW8tion lh8 Charity is 8mpNer8d 10 inv8St in any rn8nnar that the Iruslees see fil. The policy ol Ihe Irusiees is lo p￿SerVe the valuo of investment portfolio allef allowing lor a thdfawal of Inco￿ and capil81. il juslified by investment reiums end approved by Iha Irusiaes. Sufficient liquidlty ia mainiained 10 8n8ure thai fund5 s￿ available lo provNJe donati￿ lor al leasl 3 month$ in advance. PRINCIPLE RISKS FACING THE CHARITY The Irustoes have Idenlified the risks io which lh• Charity is exposed 8ThJ review$ Ihé*e on a regular b08is. The gignificanl risks are listed below. Operational and Cllni¢81 Ri¥k Finaricial Ri8k Business Continuity Rlsk Repulalional Risk Governance Risk Environmenlal and Climate Risk. RIDLEY EYE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structure, govornance and managem•mt CONSTITUTION The Charily was established in 1967 as Ihe Ridley Foundation, and ha$ operat8d under Uie rname of the RKSley Eye Foundation since 2001. 11 is currenlty ¢onsiiluteiJ as 8 CIO havino re-re9lsle￿d on the 25th August 2015. The Ridley Eye FoundatK)n e51ablished a le9alty registered subsidiary in Nepal. the Rwjley Eye Four¥JaI￿n Nepal, in 2020. ORGANISATIONAL STRUCTURE REF UK Tho UK Charily 18 dI￿le￿ an¢J managed ty ils Truglee 8oaryJ comprising 4 truslo98. Tru8lees roles incI￿le Ihe Chairrnan, a finance an¢J compliance Iruslee. and a clintal Iwsleo (who is a s8nKJr ophlhalmi¢ $urgeonl. All Iruslees 8re unrgmuneraled. The charity ernpkjys no staff. The 8oard 85 the tru$lees consider appropriate Ibul not 1*58 than 4 Ilmes each y$arl. The Tru5188 8oard 1$ supported by a nurnber of SF¢¢￿1 Advisors who Kwovidts prolession818dvic8 and oversight lo the Board. Special Advlsors affj vohjniews and are Un￿munerated aThJ have no executive or adminislralive responsibilil*s. There are cvmnlty 9 Sp8ry81 AdYi8ors. The Charily 18 SUPPOrted by a furthgr 3 Yo￿nIeerS %¥ho provK1e support on op8ralional delivery, Marke￿.n9, soci81 m8dia, events. and adminlslration. The Charily also banèfits Irom a wlder organisational ￿h¥Ork who prowde 5UPPOrt lo Ihe Ch3rily. These Snclud other Nopalose or. heallhcare ￿lated charilios or. nol-lor-profit Organisal￿n$ In the UK, Germany. and Nepal itsBIf. W8 have now 8190 d￿slOped 51r0￿ relalKJnships wrth tha ophthaknlc profe￿K)no1 bodie¥ in both the UK and Europe, REFN INèp•ll Thè RKllgy Eye Foundath)n Nepal 1$ direclgd arKI managed by 4 On-￿Jn1ry Nepa￿$0 trusia8s. Tha day-tO-d8y 8clivilios of the Charily are over5eon by a managing trustee. Al trus￿8$ are vOlUn￿er5 ar¥J are unremuneraled, and the chanly lrn Nepal efflploys no Slaff. APPOINTMENTOF TRUSTEES. INOUCTION AND TRAINING ThèArticL88 oIAs3ociatlon provlde for a minimum of 3 trustees and a maximum of 5. New Irusteos may b8 8PPOlnted al the inwlatN)n ol tho Board. given th81 th8y havg thg riec¢s$8ry skills and experiollc8 to contribute lo Ihe charl1￿$ a￿1vIlleS aThJ lo b8 able lo di8charge their reSp￿11￿.11bes a6 Iruslees. New Iruslees will be provided ￿th copies ol the Charity's ￿lS11tutIOn and all T￿￿vant pol￿￿$ and proc8dures. and will be 9iven the necessary training lo enable them io cairy out their dut188 as tru518es. The Trusleps who 3eThed Ihe year arvj up to Ihe dale of s*Jnature ol the finanual slglemenls were: N Ri￿￿Y L Ridky S Robert$ Prol. D Spallon FRCS FRCP FRCOphth (Appcinied 14 November 20231 Non8 of the Trustees has any beneficial inlerest in th8 CIO. All ol the Twstees are members of the CIO and guarantee lo contribute £1 in Ihe evenl of a winding up. RIDLEY EYE FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Th8 Trustees report was approved by the Boafo ol Trustees. N Fqidley Trust00 18 Decemb8r 2024 RIDLEY EYE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIDLEY EYE FOUNDATION We report lo the Trustees on our examinal¥)n ol the financial statements ol Ri￿￿Y Foundation Ilhe Charilyl lor the year ended 5 April 2024. Re$pon$lbllltie5 and ba$1$ of roport As the Trustees ol Ihe Charily you a￿ responsib￿ lor Ihe preparalion of the financial 5￿te￿nIS in accordance wilh requiremen15 of Ihg ChariliesAci 2011 Ilho 2011 kl}. We report in r9specl ol our examinatK)n ol the Chanty's Iinancial 5181em9nts carr￿d oul under Section 145 of th8 2011 Act. In ¢arryin9 out ou¥ exanwnabon w6 ha￿ lollow8d all th8 appI￿ab￿ Diieelion5 given by the Charity Cornrniss￿n under soctK)n 1451SMbl ol the 2011 Acl. Indepond¢nt •xarnln•r's 8¢•1om•nt Your aiienlion is drawn to the lacl that the charily has p￿Pared finBrrial slatements in accordance with Accounting and Reporting by Charities prepariTr9 Iheir a¢counls in accoldar￿8 %Wth the Financ￿1 Rèporting S18nd8rd appli￿ble In the UK and Republic of IreLqnd IFRS 1021 in preference lo Ihe Acwunting and Reportitw by Charities.. Stalemenl of Rgcomrnendeil Practice ijsued on 1 April 2005 which iy r81grrgd to in Ihe exianl regulalions bul has l￿W boen withdrawn. We understsnd Ihal Ihis has been done in ordor lor financial stalgmenls to provide a true ond lair view Iri 8ccordan¢e with Goneralty Accepted AccovnliNJ Praciicg eff¢¢￿'ve lor retKNbNJ peiiods beginrning on or after 1 January 2015. We hav• cornplgled our oxamination. We confirm Ihat ￿ matters ha￿ ￿me to our altenlion in a)nnection wllh the examination giviro us cause lo b8liève that in any malenal ￿Spect.. accounling rewrd3 were not kept in rèspecl of the Ch8rily as fequlfed by sad￿n 130 of thg 2011 Act,. or the lin8nclal slatemenls do nol a¢cord wilh Ihose racords". or the financi81 slalemenls do not cornply wilh thg applicable wuiomonls concernin9 ihe fomi and contont of accounts sel out In the Charilie5 IAccounl$ and Rewrlsl Re9ulaiiMs 2008 Othe¥ than any requiremenl that the Bccounts gNe a tru6 Bnd f8ir whidb is nol 8 matter Lxnswjered 49 pbrt ol an independenl ex8min8110n. We have no concerns and have across r￿ olher mallers in cOn￿CtIon wilh the examinatK)n to which allention ¥hould be drawrn in Ihi5 feporl in older to enable a proper understanding of Ihg financial stslements lo be reached. MOORE Oakby House Headway Business Pa 3 Saxon Way Wesl Corby Northamptonshire NN189EZ 08led.. 18 December 2024 RIDLEY EYE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unr¢strl¢ted funds 2024 Unf¢$trlctod funds 2023 Not•s Income Irom.. Donalions and Segacies Investments 79.911 45.047 84.477 46,198 Total Incom• 124,958 130,675 E¥pendltur• on: Raising lunds Chafilablo 8tlbvltles 360 121,918 114.350 Totsl ¢xpgndltur• 114,911 122,278 Nel gainslllosse81 on investments 185.9561 192,6601 Net •xp•ndlture and m*)vem•nt In luDds 175,9091 184,2831 Reconclllatlon of fund•'. Fund b8lancès al 6 April 2023 915.131 999,394 Fund balan¢•s at 5 Aprll 2024 839.222 915,131 The slalomant of nnanclal activS1ies indudes 811 gainB and losse8 racognised in Ihe ￿ar. All inccffig and expenditure derNe Irom conlinuiry ac11vit￿s. 10- RIDLEY EYE FOUNDATION BALANCE SHEET ASAT 5 APRIL 2024 2024 2023 Notgs Fixed as$g19 Investments 805,488 886.584 Current ass•¢• Deblors Cash al bank aThJ in hand 22.794 48.￿9 28.547 71,703 28,547 Croditor8.' amounts lalllng due withln one year 11 {37,9691 Ntt eurrent as¥•ts 33,734 28,547 Total a••¢t• l••$ eurrent Ilablllll•• 839.222 915,131 The lunds of th• Charsty Unreslricied funds 12 839,222 915,131 839.222 915,131 Th8 financial Slatemenls weie appro¥•d by th• Trustèès on 18 t)￿ember 2024 N Rid18y Trust•• RIDLEY EYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Aceounllng pollebt$ Charity Inlormatlon Ridley Eye Foundat￿)n is 8 charity rwslered in Er¥JlarKI and Wal85. Tho add￿8$ tsf Ihè registered officè Is Headway Business Park, 3 Saxon Way West. Corby. Northampionshire, NN18 9EZ. 1.1 Ac¢ounllng conv•ntlon Thè Iinancial staiemenls havè been prepaied in aC￿rdanCe ￿th lh8 Charivs Igoverning documentl, thé Charities Acl 2011, FRS 102 'The Fina￿1￿1 Reportln9 Standard awAIc8ble sn tha UK and Republic of Ire18nd" I"FRS 102.1 and Ihe Chatilies SORP "Accounling and Reporting by Charities.. sialemenl of Recommended Practice applicable lo charit￿$ preparing their accounts in accordance wlh the Financial Reporting stsndard applicable in the UK and Republi¢ of Irel8nd IFRS 1021" (effective 1 January 20191. Th8 Charity is a Publlo Benefit Enlily 85 defined by FRS 102. The Charity h8$ 18ktn advant898 ol Ihe provislons in Ihe SORP for charltles not to prapare a Stalament of Cash Flows. The financial slalements are prepared in Sto￿"n9, whK* Is Ihe lUn￿'on81 eurrency of the Ch&rily. Monot8ry amounts in Ihese 11nan¢i81 staton￿ntS ar¢ r￿jnde(l to Ihe n8arest £. The financial stoiemerbts havè been prepar8d under tho historlcal c￿1 Con￿nI10n, modified to Include Ihts revaluatlon of freehold properties and lo include investm8nt propefli8s end cortaln financial instruments at lalr value. The princip818ccounling polities adop18d aty Set out b8knw. 1.2 Golng coneem Tho Iinancial slalem•nls h8ve been p￿P8r0d on 8 going concgm basts whKh 885umes th81 tho charily will continue 10 operale Thé validty of thi$ assumplw is dèpendent u￿n tha charity gengr81ing suffidenl incom• lo meet ilg commiimenls and in pursuing 8 budget. The charty's businoss ￿an shows that Ihc charily will be able 10 opef8le in the lofesee8b18 lulur8. Based on this uThJer8t8nding the Twsl8e5 beliav8 that it 19 appropftale lo pfepare Ihe financial stalemenis as a ￿)1￿J eoneem. The lir$8ncial slalemenls do not include any adluslm¢nts, whkh woukl re$ull from thg ba￿$ ol prep8ratK)n bein9 in8pproprl81e. 1.3 Chofltable funds Unre5tflCted fund¥ arè avali8bL8 for us• at Ihg discrnlKJn ol Ihe Trust888 In lurthar8ft¢e of Iheif r*aritablo objectives. Resliicled funds art subJe¢l Io gpeafic condilions by donors or grantors as to how th￿ may be u58d. The purpos8s and uses ol Ihe reslrided fund5 are sel oul in Iha notes lo lh9 financial 81alem8nts. Endowmenl lunds are subie¢l Io Spaa￿ Ixndit￿ by donors thpl Iha capital mu81 b• maintained by Ihè Charity. 1.4 Income Income Is recognisod when Ihg Charity o *g81ty enlilled to it aft•r any performa1￿8 c#)ndilions h8vè been met. the amounts can be measured reliably. and it is probabk Ihal incorne will be received. Cash doftalions a￿ ￿￿nIS￿ on ￿XIpl. Other donal￿1n8 are recognised onca the Charily has téen notified of the éonalion, unless performance conditions requi￿ deferral of the amounl. lficome lax recoverable in relatiorn lo donations receNed under Gift or de8d5 01 covenant is recogni5ed ai the lime ol the donation. Legacies a￿ recognI5ed on receipl or otherwise il the Charily ha5 been notified of an impendtng distribution. the 8rn0UtIt is known. and receipt is expe¢ied. If the amount is not known. Ihe legacy is treated as a contingenl 8ssel. 12_ RIDLEY EYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 A¢eountlng pollcl•s Icontlnuodl 1.5 Expend*tur¢ Expenditu￿ is recognis8d once thero 15 8 18gal or (tyistructve oblyalK>n lo traTr$ler economic benefit 10 8 Ihirtj party, il is p¥obab* Ihal a Iransfer ol economic benefits wll ba required in seiiiemenl. and Ihe gmounl of the oblwjation ran be measured reliably. Expenditure is Ckssif￿d by actNity. The costs of each aciivity a￿ made up ol Ihe total of direct costs and shared costs. including support cosis invofved in undertaking each aclivily. Direcl ¢osl$ allribuiable lo 8 sing activity are allocal8d directly Io Ihai aclivily. Shared costs wh￿h contribute lo more than one aclivily and support C08ts which arè not altribu¢abb to a single aciivty are apporfKJned between those activities on a basis con51819nt wilh tho usa of resources. Cenlral Slaff costs are alkxaled tho b85is of time spenl. and eprecialion charge5 are alkxaled ￿ Ihe ptsrt￿n of the 8$3el's use. 1.6 Flx•d Invostmnt$ Fixed as5el Inve31menls are in11￿1￿ rngasured at IransKl•)n prte gxcluding transactmjn costs, and arg subseqwnlty measured al lair value al each rew1ing dalo. Changes in fair volue afe rect)grniS￿ In n8t 1nctsmell8xp8ndilu￿) for Ihe year. Trang8cb)n costs are expensed 88 incurre(l. 1,7 Ca•h and ¢a$h •qvlvalonl• Cash and cash oouivaltsnls incluth ¢8sh In haThJ. iJepos*t$ hthj at call wilh banks. other short-tèrm INuld Investments wilh onginal rnalurilie$ of three W￿nthS or and bank ¢werdfaft8. 8ank ovwdr8fts are shown wilhin borrowings in CUfFonl liabili1￿8. 1.8 Flnanclal In•trum•nl* The Charily ha5 elected lo appty th6 provisions of 11 '8asic Finanual Instwm8nls' and Sect￿n 12 'Olher Finan￿81 lThslfumonls Issues. ol FRS 102 to all of ils fIna￿la1 Inslrumènis. Financi81 Inslrumenls are ret￿nI99d in Ihe Chafivs bai4nc• sh88t whgn Ihe Charity becomes pat1y to tho conlraclual provisions of Ihe ir$8lrumenl. Financlal a$801s and liabililK88 are ollsel. with Ihe nel 8nMxints presenled in the finarKial slatemenls. whan U)ere is a legally enforceable right lo sel olf the ¥8COgnised amounls and thgre Is an inlentK)n io settle on 8 nel basis or to re81ise the asset an<1 S61110 ihe liability simultsneousty. B•sle fln•nclal •ssets Basi¢ financial as5et5, whth include d¢btor5 and cash and bank balances. are initialty mea5ur8d 81 transactK)n price including transaclK)n c051s 8nd are subsequenlty carried at amortised cosi using Iho effoclive inlero$l rnethod unles5 the 8rr8ngement constilutes a financing trèn58clion, whore the transaction ig rneasured at the pre5enl value of Ihe lUlU￿ re¢eipis discounl8d 81 a rnark81 rate of interesl. Finandal assets classif￿d as receivable wilhin one year a￿ amrtised. 8a51c flnonclal 11oblll¢les Basi¢ financial liabilities. including creijilofs aThJ bank108ns. are inilially re¢ognised al transactKJn price unless the arraryernenl conslilules a financirvJ Iransacti￿. wh8re the debt inslwmenl 1$ measu￿￿ al Ihe present value of Ihe lulure payments discounted al a market ral8 of interest. Finanoal Iiabililies classified a5 payab within orne year are amorti%d. Debl tnstrvments a￿ sub5qqU8ntty ￿rI￿1 01 arThY1￿e￿ ￿*$1. using Il* eweclive inlere5t rale method. Trade creditors are obligalK)ns lo pay lor goo¥J5 or Servi￿$ Ihal have been acqui￿ In the ordinary course of operatK)ns from styppliers. Arnounls payab￿ are classified as ¢urrent liab*lifre5 If p3yfflent 15 due within on8 year or less. If not, they are presented as nontrlctèd Unr•$trlcted lundg fund8 2024 2023 Investment m8nagÈment 360 561 360 14- RIDLEY EYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charltable activlti¢¥ 2024 2023 88nk charges Donations paid Consultancy fe85 Telephong Markeling Sundri8S Travel 471 45,015 53,914 1,365 4.131 1.709 7,745 541 64.004 47,544 410 2,586 6,833 114,350 121.918 114.350 121,918 Tru81?0• None ol the Trusle•s any porson8 connectwj wSlh them) re¢*1¥￿ 8ny rnmunwalk)n or b0￿rIt$ Irom the Charily during the year. Galn$ •nd IoJ80s on I￿￿$¢MentS Unrestrlcted Unr¢s¢rl¢t¢d fund• funds 2024 2023 GalnsllkJss891 arisirg on.. R8¥alualion of Inveslments Sale of inveslments 192.9221 6.966 188,7441 13,9161 185.9581 192.6601 Taxatlon The Chadty is exempl from lax4lN)n on 115 aclivitses because all its 1$ apph'ed for charilable wtrposes. 15- RIDLEY EYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Flx¢d osset Inv•$lmentS Llstad Invèstments Cost or valuation Al 6 April 2023 Addition5 Valuation Changes Oispo3815 866.584 26,460 192,9221 114.6341 At S April 2024 805.488 Carrylng amount Al 05 April 2024 805.488 At 05 April 2023 886.584 10 Oebtors 2024 2023 Amount8 falllng du• wlthln on• y•af'. Prepayments and accruè(l income 22.794 11 Crodltor8'. amount$ falllng du• wlthln on• y•ar 2024 2023 Other credi1￿8 37.969 12 Unrostrlct•d fund8 Th8 unrestricted fvnds ofthe tharily compnse the unexpended b818rtes ol donations and grants whth a rnol subject 10 specific condi1￿n$ by donors and 9ranlors as lo how they may be used. These include designated funds which have been sel aside out of unre8trKied funds by Ihe trustees for Specific purp0888. Gains ènd At 5 Aprll los$•$ 2024 At O April 2023 Incoming resour¢e$ expended General funds 915.131 124.958 1114.9111 185,9561 839,222 16- RIDLEY EYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Unr•sirl¢ted funds Icontlnuedl Prevoous year.. At 6 April 2022 Incoming re¥clu￿¢S Resour¢tg expendèd Gain5 and loss¢$ At S April 2023 General lunos 999.394 130.675 1122,2781 192,6601 915.131 13 R?1ot•d party transactlon8 There were no disclosablg retated p8rty lrnnsactwjns dumg Ihe year12023- [K)￿l. 17.