Charity registration number: 1163671
British and Eire Association of Vitreoretinal Surgeons
Annual Report and Financial Statements for the Year Ended 30 September 2020
Milsted Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL
British and Eire Association of Vitreoretinal Surgeons
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 6 |
| Statement of Trustees' Responsibilities | 7 |
| Accountants' Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 19 |
British and Eire Association of Vitreoretinal Surgeons
Reference and Administrative Details
Trustees
Mr D B Yorston Mr R McPherson Ms L Wickham Mr R J Haynes Ms R Hillier Ms S Saidkasimova Mr S J Charles Mr S Winder Mr D Steel Ms N Lois Ms M Sandinha
Principal Office 119 Harley Street London W1G 6AU Charity Registration Number 1163671
Page 1
British and Eire Association of Vitreoretinal Surgeons
Trustees' Report
The trustees present the annual report together with the financial statements of the Charity for the year ended 30 September 2020.
Objectives and activities
Objects and aims
The objects of the CIO are, for the public benefit, the advancement of health in particular among those with vitreoretinal (“VR”) diseases and related conditions and in particular but without limitation by:
-
promoting high quality patient care through promoting best practice;
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conducting and supporting research including by establishing and developing national audits of relevant disorders;
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educating clinicians, patients and the general public and improving the understanding and treatment of VR disorders and related diseases.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The activities undertaken in the period including those of the Company's subsidiary BEAVRS Trading Limited, were as follows;
The Annual Meeting took place in Norwich in November 2019. The Meeting was a great success and was attended by 215 delegates and 22 companies.
There were 210 active members at 30 September 2020.
Research Projects:
The Retinal Outcomes Project became operational in 2012 and to date has more than 7,500 retinal detachments and 1,800 macular holes registered in the database with all data available for use by surgeons with a view to improving patient care. The project is ongoing, and the total expenditure for the year amounted to £5,274, of which £2,427 came from restricted funds and the balance of £2,847 came from general unrestricted funds.
One research grant was awarded in the year, totalling £10,000 for the project ‘Suprachoroidal visco-buckling for the treatment of rhegmatogenous retinal detachment: A randomized, controlled, feasibility trial’. Update reports are to be provided after one year and any publications should be acknowledged.
Financial review
Membership income of £7,360 arose in the year (2019: £5,278). The accounts include a charitable donation of £11,735 (2019: £nil) from BEAVRS Trading Limited paid to the charity after the year end under the gift aid rules. Continued work on the Retinal Outcomes Project, the award of grants and support costs will be funded by this income.
Page 2
British and Eire Association of Vitreoretinal Surgeons
Trustees' Report
Policy on reserves
Reserves carried forward at the year end total £93,922 (2019: £94,198) for unrestricted funds and £nil (2019: £2,427) for restricted funds. Reserves are held for future expenditure on the Objects of the Charity.
The policy of the Charity is to seek to maintain reserves at a level of at least £100,000 to enable the prudent management of any unforeseen circumstances. The COVID-19 pandemic has, however, impacted on the activities of the Charity, in particular its ability to host face to face meetings annually which are key to ongoing income generation. As a result, the net resources available to the Charity are expected to remain below target through 2021. The Trustees will seek to minimise the impact of the pandemic on the activities of the Charity with a view to replenishing reserves to their target level as soon as possible after COVID-19 restrictions are lifted.
Principal funding sources
One of the Charity's principal funding source is from annual membership income. Full membership is only open to career grade ophthalmologists who perform vitreoretinal surgery and who work in the United Kingdom or Eire, or who have undertaken a UK or Eire VR Fellowship.
In addition, the Charity runs its commercial trading activities through its trading subsidiary BEAVRS Trading Limited which passes up to the Charity through Gift Aid, its profits (if available) each year.
Plans for future periods
Aims and key objectives for future periods
Following the outbreak of COVID-19 and the increasing economic impact of this worldwide pandemic, the trustees have scrutinised and reviewed budgets and forecasts to assess the effect on the Charity.
A review of the CIO’s performance for the 2021 year to date has been carried out. The Annual Meeting which took place in virtual format in November 2020 was a success. However, due to reduced fees charged for this virtual meeting, the latest financial projection indicates that there will be a no gain/no loss position recorded for the year ending 30 September 2021. The next Annual Meeting due to take place in November 2021 will be held live in Manchester, as well as live streamed for those that cannot attend in person. This should result in increased revenue for 2021, while the planned activities will be kept under continuous review.
Structure, governance and management
Nature of governing document
British and Eire Association of Vitreoretinal Surgeons is a Charitable Incorporated Organisation, registered with the Charity Commission on 21 September 2015, governed by its association constitution.
Recruitment and appointment of trustees
Trustees are appointed at the Annual General Meeting and are appointed on the basis of enthusiasm for and commitment to the objects of the charity and to provide a broad range of skills and expertise to the Board of Trustees. Trustees are elected by the membership to serve terms of two years and may serve one further term only if re-elected by the membership.
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British and Eire Association of Vitreoretinal Surgeons
Trustees' Report
Induction and training of trustees
Once appointed, new trustees are fully briefed by the President with regard to:
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their obligations as members of the Board of Trustees, including relevant publications from the Charity Commission;
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relevant documentation regarding the legal framework of the charity, e.g. Association Constitution;
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relevant financial information as set out in the most recent published annual accounts;
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strategic plans and objectives.
Arrangements for setting key management personnel remuneration
The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and operating the charity on a day to day basis. All trustees give their time freely and no trustee remuneration was paid in the year. No expenses were reimbursed to trustees for travel costs.
Trustees are required to disclose all relevant interests and register them with the Chair, and in accordance with the charity's policy, withdraw from decisions where a conflict of interest arises.
Organisational structure
The charity trustees shall manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO. There must be at least three charity trustees. If the number falls below this minimum, the remaining charity trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. The maximum number of charity trustees that can be appointed is fourteen and no trustee appointment may be made in excess of these provisions.
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British and Eire Association of Vitreoretinal Surgeons
Trustees' Report
Relationships with related parties
BEAVRS Trading Limited
BEAVRS Trading Limited is a wholly owned trading subsidiary of the Charity, incorporated in the United Kingdom.
Major risks and management of those risks
The trustees have a risk management strategy which comprises:
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an annual review of the principal risks and uncertainties that the charity faces;
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the establishment of policies, systems and procedures to mitigate those risks identified in the annual review;
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the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
Reference and Administrative Details
Trustees
Mr D B Yorston Mr R McPherson Ms L Wickham Mr R J Haynes Ms R Hillier Ms S Saidkasimova
Mr T Williamson (resigned 6 November 2020)
Mr S J Charles
Mr S Winder
Mr A Chandra (resigned 6 November 2020) Mr T Stappler (resigned 7 November 2019) Mr D Steel (appointed 6 November 2020) Ms N Lois (appointed 6 November 2020) Ms M Sandinha (appointed 6 November 2020)
Page 5
British and Eire Association of Vitreoretinal Surgeons
Trustees' Report
Principal Office 119 Harley Street London W1G 6AU Charity Registration Number 1163671
The annual report was approved by the trustees of the charity on 30 July 2021 and signed on its behalf by:
Ms L Wickham Trustee
Mr D Steel Trustee
Page 6
British and Eire Association of Vitreoretinal Surgeons
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 30 July 2021 and signed on its behalf by:
Ms L Wickham Trustee
Mr D Steel Trustee
Page 7
Chartered Accountants' Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of British and Eire Association of Vitreoretinal Surgeons for the Year Ended 30 September 2020
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the accounts of British and Eire Association of Vitreoretinal Surgeons for the year ended 30 September 2020 as set out on pages 9 to 19 from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Trustees of British and Eire Association of Vitreoretinal Surgeons, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of British and Eire Association of Vitreoretinal Surgeons and state those matters that we have agreed to state to the Trustees of British and Eire Association of Vitreoretinal Surgeons, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than British and Eire Association of Vitreoretinal Surgeons and its Trustees as a body for our work or for this report.
It is your duty to ensure that British and Eire Association of Vitreoretinal Surgeons has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of British and Eire Association of Vitreoretinal Surgeons. You consider that British and Eire Association of Vitreoretinal Surgeons is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of British and Eire Association of Vitreoretinal Surgeons. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
~~......................................~~ Milsted Langdon LLP Chartered Accountants Freshford House Bristol BS1 6NL
30 July 2021
Page 8
British and Eire Association of Vitreoretinal Surgeons
Statement of Financial Activities for the Year Ended 30 September 2020
| Note Income and Endowments from: Donations and legacies 2 Other trading activities 3 Total Income Expenditure on: Charitable activities Total Expenditure 4 Net income/(expenditure) Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted £ 11,735 7,360 19,095 (16,524) (16,524) 2,571 (2,847) (276) 94,198 93,922 |
Restricted £ - - - (5,274) (5,274) (5,274) 2,847 (2,427) 2,427 - |
Total 2020 £ 11,735 7,360 19,095 (21,798) (21,798) (2,703) - (2,703) 96,625 93,922 |
Total 2019 £ - 5,278 |
|---|---|---|---|---|
| 5,278 | ||||
| (25,569) | ||||
| (25,569) | ||||
| (20,291) - |
||||
| (20,291) 116,916 |
||||
| 96,625 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 11 to 19 form an integral part of these financial statements. Page 9
British and Eire Association of Vitreoretinal Surgeons
(Registration number: 1163671) Balance Sheet as at 30 September 2020
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand 9 Creditors: Amounts falling due within one year 10 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds 11 Unrestricted income funds Unrestricted funds Total funds 11 |
2020 £ 1 75,767 62,439 138,206 (44,285) 93,921 93,922 - 93,922 93,922 |
2019 £ 1 84,084 44,899 |
|---|---|---|
| 128,983 (32,359) |
||
| 96,624 | ||
| 96,625 | ||
| 2,427 94,198 |
||
| 96,625 |
The financial statements on pages 9 to 19 were approved by the trustees, and authorised for issue on 30 July 2021 and signed on their behalf by:
Ms L Wickham Trustee
Mr D Steel Trustee
The notes on pages 11 to 19 form an integral part of these financial statements. Page 10
British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
1 Accounting policies
Statement of compliance
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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
British and Eire Association of Vitreoretinal Surgeons meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the trustees have reviewed the financial position for the next twelve months. Following this review, the trustees consider there to be little impact on the Charity's ability to act as a going concern.
The trustees have reviewed the supply chains and capital resources available and consider that the charity has adequate resources in place to continue for the next twelve months.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the Charity has unconditional entitlement.
Page 11
British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
All resources expended are inclusive of irrecoverable VAT.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity costs categories on a basis consistent with the use of resources, for example, allocating property costs by floor area, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and Trustee’s meetings and reimbursed expenses.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. The Charity is exempt from taxation in the current period.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
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British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
2 Income from donations and legacies
| Donations and legacies; Donation from BEAVRS Trading Limited |
Unrestricted General £ 11,735 11,735 |
Total 2020 £ 11,735 11,735 |
Total 2019 £ - |
|---|---|---|---|
| - |
All of the above income in the current and prior year relates to unrestricted funds.
3 Income from other trading activities
| Membership subscriptions | Unrestricted funds General £ 7,360 7,360 |
Total funds £ 7,360 7,360 |
Total 2019 £ 5,278 |
|---|---|---|---|
| 5,278 |
All of the above income in the current and prior year relates to unrestricted funds.
4 Expenditure on charitable activities
| Research and education projects Retinal Outcomes Project |
Activity undertaken directly £ 16,524 5,274 21,798 |
2020 £ 16,524 5,274 21,798 |
2019 £ 20,769 4,800 |
|---|---|---|---|
| 25,569 |
£16,524 (2019: £20,769) of the above expenditure was attributable to unrestricted funds and £5,274 (2019: £4,800) to restricted funds.
Included in the expenditure analysed above, there are governance costs of £3,171 (2019: £3,711) which relate directly to charitable activities. See note 5 for further details.
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British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
5 Analysis of governance and support costs
Charitable activities expenditure
| Management costs Website costs Bank charges Governance costs Other support costs |
Unrestricted General £ 2,369 13 401 3,171 570 6,524 |
Total 2020 £ 2,369 13 401 3,171 570 6,524 |
Total 2019 £ 2,405 22 818 3,711 - |
|---|---|---|---|
| 6,956 |
100% of support costs were allocated to unrestricted research and education projects (see note 4).
Governance costs
Unrestricted
| Unrestricted | |||
|---|---|---|---|
| Accountancy costs Accountancy fees |
General £ 3,171 3,171 |
Total 2020 £ 3,171 3,171 |
Total 2019 £ 2,771 |
| 2,771 |
6 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
There was an annual board meeting held and the cost of the dinner was £550 as shown within other support costs in note 5 above.
During the year Trustees were reimbursed expenses of £Nil (2019 - £Nil). Trustees' expenses represents the reimbursement of travel and accommodation costs to 0 (2019 - 0) members relating to attendance at meetings of Trustees.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
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British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
7 Fixed asset investments
| Shares in group undertakings and participating interests | 2020 £ 1 |
2019 £ 1 |
|---|---|---|
Shares in group undertakings and participating interests
| Cost At 1 October 2019 At 30 September 2020 Net book value At 30 September 2020 At 30 September 2019 |
Subsidiary undertakings £ 1 1 1 1 |
Total £ 1 1 1 1 |
|---|---|---|
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Country of | Proportion of voting | Proportion of voting | Principal | ||
|---|---|---|---|---|---|
| Undertaking | incorporation | Holding | rights and shares held | activity | |
| 2020 | 2019 | ||||
| Subsidiary undertakings | |||||
| Provision of | |||||
| seminars | |||||
| BEAVRS Trading Limited |
United Kingdom | Ordinary shares |
100% | 100% | and exhibitions for |
| Vitreoretinal | |||||
| Surgeons |
Page 16
British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
Subsidiaries
The trading subsidiary pays its profits to the charity under the gift aid scheme which totalled £11,735 (2019 - £Nil).
The summary financial performance of the subsidiary is:
| Turnover Cost of sales Administrative expenses Other operating income Net profit Current assets Current liabilities Net assets Total equity 8 Debtors Due from group undertakings Accrued income Other debtors 9 Cash and cash equivalents Cash at bank 10 Creditors: amounts falling due within one year Trade creditors Accruals Deferred income |
2020 £ 91,865 (51,967) (24,530) - 15,368 50,339 (38,603) 11,736 11,736 2020 £ 2,300 11,735 61,732 75,767 2020 £ 62,439 2020 £ 9,066 32,499 2,720 44,285 |
2019 £ 78,731 (56,192) (26,174) - (3,635) 80,100 (83,565) (3,465) (3,465) 2019 £ 22,352 - 61,732 |
|
|---|---|---|---|
| 84,084 | |||
| 2019 £ 44,899 |
|||
| 2019 £ 5,872 22,592 3,895 |
|||
| 32,359 |
Page 17
British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
| Deferred income at 1 October 2019 Resources deferred in the period Amounts released from previous periods Deferred income at year end |
2020 £ 3,895 2,720 (3,895) 2,720 |
2019 £ 2,630 3,895 (2,630) |
|---|---|---|
| 3,895 |
Deferred income relates to the membership fees received in the year. Where the term of the membership is in relation to the next financial year the associated income from the membership has been apportioned and deferred to ensure income is recognised in the period to which it relates.
11 Funds
| 11 Funds | |||
|---|---|---|---|
| Unrestricted funds General General funds Restricted funds Retinal Outcomes Project Total funds Unrestricted funds General Restricted funds Total funds |
Balance at 1 October 2019 £ Incoming resources £ Resources expended £ Transfers £ Balance at 30 September 2020 £ 94,198 19,095 (16,524) (2,847) 93,922 2,427 - (5,274) 2,847 - 96,625 19,095 (21,798) - 93,922 Balance at 1 October 2018 £ Incoming resources £ Resources expended £ Balance at 30 September 2019 £ 109,689 5,278 (20,769) 94,198 7,227 - (4,800) 2,427 116,916 5,278 (25,569) 96,625 |
Balance at 30 September 2020 £ 93,922 - |
|
| 93,922 | |||
| 96,625 |
Page 18
British and Eire Association of Vitreoretinal Surgeons
Notes to the Financial Statements for the Year Ended 30 September 2020
The specific purposes for which the funds are to be applied are as follows:
Retinal Outcomes Project
The Retinal Outcomes Project became operational at the beginning of 2012. The project analyses data on the outcomes and the success rates of retinal detachment and macular hole surgery in the United Kingdom and the Netherlands.
12 Analysis of net assets between funds
| Intangible fixed assets Current assets Current liabilities Total net assets Intangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 1 138,206 (44,285) 93,922 Unrestricted funds General £ 1 123,426 (29,229) 94,198 |
Restricted funds £ - - - - Restricted funds £ - 2,427 - 2,427 |
Total funds at 30 September 2020 £ 1 138,206 (44,285) |
|---|---|---|---|
| 93,922 | |||
| Total funds at 30 September 2019 £ 1 125,853 (29,229) |
|||
| 96,625 |
13 Related party transactions
During the year the charity made the following related party transaction:
BEAVRS Trading Limited
(Trading Subsidiary)
The Company made a charitable donation to the Charity of £11,735 (2019 - £Nil) within nine months of the year end. The company received income relating to the parent entity within the year totalling £3,905 (2019 - £600). The parent entity received trading income on behalf of the company totalling £60 in 2020 (2019 - £25,366). At the balance sheet date the amount due from BEAVRS Trading Limited was £2,300 (2019 - £22,352).
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