Company no. 09121147 Charity no. 1166395 **Precious Sight Foundation Report of the Trustees and Unaudited Financial Statements for the year ended 31 December 2020** **Precious Sight Foundation Report of the Trustees and Unaudited Financial Statements for the year ended 31 December 2020** ## **Reference and Administrative Details** **Company Number** 09121147 **Registered Charity Number** 1166395 **Registered Office** International House, 24 Holborn Viaduct London EC2A 2BN **Trustees Appointed Resigned** Folakemi Salami 8[th] July 2014 Oyinade Adeyinka Olusanya 8[th] July 2014 Abimbola Rebecca Fola-Alade 14[th] July 2014 12[th] Oct 2020 Christiana Bolanle Otokpa 22[nd] Jan 2015 Olubunmi Odulaja 22[nd] Jan 2015 **Company Secretary** Ade Adewumi 8[th] July 2015 **Principal Staff** Olabiyi Adewumi (Founder/ C.E.O.) 21st Jan 2015 **Independent Examiner** ROSAM INVESTMENTS LTD (Chartered Accountants) 2 Fairfield Drive, Broxbourne, Hertfordshire EN10 6DX **Bankers** Barclays Bank The Lemonade Building Barking Central Ripple Road Barking, Essex IG11 7RL 1 **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Trustees Report** ## **The Board of Trustees** The governing body of the charity is the board of trustees, the members of which are the charity's Trustees and the company's directors as defined by the Companies Act 2006. The trustees present their report and the financial statements for year ended 31 December 2020. The financial statements comply with the Charities Act 2011, the Companies Act. The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting 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 January 2015. ## **Principal objectives** The main objective of Precious Sight Foundation is the promotion and facilitation of good health in Africa as determined by the Trustees. This objective is actualized in specifics through: 1. The provision of free eye care services treatment, equipment, and advice to visually impaired and partially sighted individuals in collaboration with professional eye care specialists. 2. Raising awareness of basic eye care and eye health to prevent visual impairment or blindness due to a lack of basic information. ## **Public Benefit Statement** We develop our strategic plans to ensure that we provide public benefit and achieve our objectives as set out in our Memorandum and Articles of Association. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning activities and setting policies for the year ahead. ## **2020 STRATEGIC REVIEW AND BRIEF FOR 2020** 2020 was an eventful year despite the heavy COVID restrictions which curtailed our plans and reach. Over 1500 glasses were given out with over 6000 patients seen and 468 referrals made. 100 operations were performed in Bansang (in the Gambia) There were 4 outreach locations with Bansang being the biggest in terms of turnout. The COVID RELIEF RESPONSE Program was also undertaken with one off food packages sent to Bansang (in the Gambia) and Nigeria ## **2021 STRATEGIC BRIEF** - NIGERIA – we have currently scaled down all work until further notice due to COVID19 - THE GAMBIA – we continue with the monthly outreach in Bansang and potentially quarterly or bi-annual events in Banjul - SIERRIA LEONE – we continue our monthly Makeni Outreach - SENEGAL – we have received confirmation from the Director of Health giving us the go ahead and we hope to have at least 2 outreaches this year - SOUTH AFRICA/KENYA/ZIMBABWE – we are currently working with the House of Wells to provide screening to their displaced children. They cater for approximately 2,500 children in their centers ## **STRATEGIC FOCUS (No Change)** Our key areas of work this year will be - Increasing worldwide funding base by increasing individual and corporate donations. - Increased collaborations by increasing awareness of how individuals and companies can fulfill their social responsibility by partnering with PSF to impact many - Increased Outreaches and Advocacy - Seeking New Locations (Countries and New Regions in current locations) ## **AREAS FOR IMPROVEMENT** ## **PARTNER DONATIONS** Charities such as PSF are run in the main on the benevolence of Individual & Partner organizations that commit regular monthly donations. At present these are the funds we can plan with and at circa £2,000 a month it is imperative that the donation base is widened to generate greater impact ## **FINANCIAL INFORMATION** All reports to date are currently available on the Charity Commission’s Website. 2 **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Trustees Report (cont...)** ## **Financial Review** ## **Reserves Policy** The Trustees recognize that reserves are required to ensure the long-term viability of the charitable company against unforeseen reduction in income or increase in expenditure and to ensure the continuity of the charity's objects. The trustees aim to maintain unrestricted funds which have not been designated for a specific use at a level equivalent to the average cost of two mission trips. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. ## **Principal Funding** The charity's principal funding is through donations. ## **Future developments** The charity aims to increase the number of activities it is engaged in going forward and is striving to develop a structure that will support this planned growth. ## **Structure, Governance and Management** ## **Governing Document** The company is a registered charity, number 1166395 and a company limited by guarantee. The liability of the individual members if the company is wound up is limited to a maximum of £1. ## **Appointment and training of trustees** The directors of the company are also the charity Trustees as defined by section 97 of the Charities Act 1993. The company has 5 Trustees as listed on page 1 The directors of the company are also charity trustees as defined by section 97 of the Charities Act 1993. The charitable company as Five trustees (listed on page 1). ## **Policies Adopted for the Induction and Training of Trustees** New trustees are issued with an induction pack that details their legal obligations under charity law, the charity's decision-making processes and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. ## **Organizational Structure and Decision Making** The charity is organized such that the day to day running of the charity has been delegated to the founder (Mrs. Olabiyi Adewumi) and a voluntary operational team. The trustees are consulted on all issues that are material in nature and determine the strategic direction of the charity's affairs. Trustees meet formally and when required to review the charity's operations. ## **Connected Charities** Precious Sight Charitable Foundation is set up as a Non-Government Organization in the Federal Republic of Nigeria. ## **Risk Management** The Trustees continue to be aware of their responsibilities regarding risk management and meet regularly to profile risks, examining controls already in place and embedding new controls to mitigate significant risks. Risk Management is a key element to making the charity successful in delivering its objectives whilst protecting the interests of our beneficiaries. Good risk management allows our beneficiaries to have increased confidence in the charity’s corporate governance, and our ability to deliver the strategic objectives. A range of business risk assessments and performance indicators, looking at both financial and non- financial measures that act as a barometer to the overall health of the charity, are reviewed regularly by the Executive Team and the Trustees. The Risk Management Strategy is led from the top of the organization and is embedded in the normal working routines and activities of the organization. ## **Trustees’ responsibilities for the financial statements** The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the situation of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 3 **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Trustees Report (cont...)** In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently. - observe the methods and principles in the Charities SORP (FRS 102). - make judgments and accounting estimates that are reasonable and prudent. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that: - so far as each Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and - the Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information. ## **Charity Commission** The Board confirms that we have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The Board confirms that PSF does not undertake any public fundraising and does not work with any third-party commercial participators or professional fundraisers. ## Small companies Provision This report has been in accordance with the provisions applicable to companies entitled to the small companies’ exemption. Approved by the trustees on 23 September 2020 and signed on their behalf by ___________________________________ Mrs. Folakemi Salami - Trustee 4 ## **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Independent Examiner’s Report to the Trustees** I report on the accounts of Precious Sight Foundation for the period from 1 January 2020 to 31 December 2020 set out on pages 7 to 10. My report is in respect of an examination carried out in accordance the Charities Act 2011 ("the Act"). The report is made solely to the Board of Trustees. My examination has been undertaken so that I might state to the Trustees those matters as may be required to be stated in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Board of Trustees of Precious Sight Foundation, for my examination, for this report or for the opinions I have formed. ## **Respective responsibilities of trustees and examiner** The charity's Trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under the Regulations, that Section 144(2) of the Act does not apply and that an independent examination is required. Having satisfied myself that the charity (Precious Sight Foundation ) is not subject to audit and is eligible for independent examination, it is my responsibility to: - examine the accounts under Section 145 of the Act; - to follow the procedures laid down in the General Directions given by the Charity Commission - (Under Section 145(5)(b) of the 2011 Act); and - to state whether specific matters have come to my attention. ## **Basis of the independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commission under the 2011 Act. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. I planned and performed my examination to satisfy myself that the objectives of the independent examination are achieved and before finalizing the report I obtained assurances from the trustees of all material matters. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 130 of the Act; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of relevant sections of the 2011 Act and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; have not been met; or - (2) to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached. **______________________________** **Adetunji Oyewunmi B.Sc.; FCCA; FFA; FIPA** **Rosam Investment Limited (Chartered Accountants)** **2 Fairfield Drive, Broxbourne, Hertfordshire EN10 6DX** 5 ## **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Statement of financial activities (including the income and expenditure account)** |**31 December 2020 **
Note
£
**Incoming Resources**
_Incoming Resources from Generated Funds:_
Voluntary Income
Government Grants
2
**42,805**
**10,227**
**Total Incoming Resources**
**53,032**
**Resources Expended**
_Costs of Generating Funds:_
Fundraising Costs
**381**
Charitable Activities
3
**37,248**
Governance Costs
**2,731**
**Total Resources Expended**
**40,360**
**Net Incoming Resources for The Year**
**12,672**
**Reconciliation of Funds**
Total Funds Brought Forward
**364**
**Total Funds Carried Forward**
**13,036**|**31 December 2019**
£
37,463
0| |---|---| ||37,463
2,128
34025
1,835| ||37,988
-522
888
364| All income and expenditure derive from activities of the charitable company that are continuing. There was no other comprehensive income arising in the current or prior year. All incomings and outgoings during the period were in the Unrestricted category. The notes on pages 8 to 9 form part of these financial statements 6 ## **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Balance Sheet** |Note
**Current Assets**
Cash at Bank and in Hand
Debtors
7
**Current Liabilities**
Creditors
8
**Net Assets/ (Liabilities)**
**Funds**
Unrestricted Funds: General Funds
**5**
**Total Funds**|**31 December 2020**
£
**13,036**
**0**
**13,036**
**0**
**13,036**
**13,036**
**13,036**|31 December 2019
£
1,362
**0**
1362| |---|---|---| |||1,362
1,362| |||1,362| |||1,362| The trustees are satisfied that the charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476(1) of the Act. The trustees acknowledge their responsibilities for: ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statement so far as applicable to the charity. These accounts have been prepared in accordance with the provisions applicable to small companies. Approved by the trustees on 23 September 2020 and signed on their behalf by **----- Start of picture text -----**
___________________________________
**----- End of picture text -----**
Mrs. Folakemi Salami - Trustee 7 ## **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Notes to the Financial Statements** ## **1. Accounting Policies** - a) 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) and the Companies Act 2006. - The financial statements have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. - b) Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable. - c) Resources expended are recognized in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. - d) Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. - e) Resources expended are allocated to the activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the overhead costs of the central function, is apportioned based on staff time, floor area and usage. ## **2. Voluntary Income** Voluntary income represents general donations from individuals in response to appeals and fundraising literature. |Total income for the year
Voluntary Donations
Bank Interest Received
Grant Funds
**3. Total Resources Expended**
**Costs directly allocated to activities**
Advertising and publications
Wages & Salaries
Bank charges
Stationery, Freight, and postage
Equipment expensed
Administrative Expenses
Sundry Expenses
Event Costs
Licenses
Legal and professional
Outreach Projects
Training & Education
Insurance
Telephone, Fax & Internet
Travel and subsistence|2020
2019
£
£
42,805
37,455
0
8
10,227
0
53,032
37,464
Fundraising
Costs
Charitable
Activities
Governance
Costs
**12 Months to**
**31-12-2020**
12 Months to
31-12-2019
£
£
381

**381**
2,128
7,950
**7,950**
8,266
128
**128**
109
507
**507**
1700
817
**817**
95
6,100
**6,100**
1,187
2,709
**2,709**
1,762
0
**0**
0
238
**238**
95
2,030
**2,030**
693
8,552
**8,553**
13,855
0
**0**
0
334
**334**
938
75
**75**
72
10,538
**10,538**
6,456| |---|---| ||**381**
**37,248**
**2,731**
**40,360**
37,988| 8 ## **Precious Sight Foundation** ## **Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2020** ## **Notes to the Financial Statements (cont…)** ## **4. Taxation** Given that the primary purpose of the charitable company is charitable, and the charitable company is not trading for profit, the charitable company is exempt from taxation. ## **5. Movement in funds** |**5. Movement in funds**|||| |---|---|---|---| |Brought
Incoming
Forward
Resources
General funds
364
53,032
**6. Related party transactions**
N/A
**7. Debtors:** **Amounts Due Within 1 Year**
Corporate Donation (Grant)
Other Debtors
**8. Creditors:** **Amounts Due Within 1 Year**
Payroll Creditors
Other Creditors||Resource
Expended
(40,360)
**2020**
£
**0**
**0**
**0**
**2020**
£
**0**
**0**
**0**|Carried
Forward
13,036
2019
£
**0**
**0**| ||||0| ||||2019
£
0
**0**
0| ## **Adjustments to prior year expense/Income** The 2019 income(in the I&E report) has been adjusted by the Interest income balance of £8 The 2019 expense has been restated by net £1817 (being balance of unallocated 2018 admin expenses and wages) These adjustments have cleared out the debtor and creditor balances in the prior reports and are considered immaterial to the overall bottom line for the reporting period. 9