2024-12-31-accounts - Precious Sight Foundation

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Company no. 09121147 Charity no. 1166395

Precious Sight Foundation The Trustees' Report and Unaudited Financial Statements for the year ended 31 December 2024

Precious Sight Foundation The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

Reference and Administrative Details

Company Number 09121147 Registered Charity Number 1166395 Registered Office International House, 24 Holborn Viaduct London EC2A 2BN Trustees Appointed Folakemi Salami 8[th] July 2014 Oyinade Adeyinka Olusanya 8[th] July 2014 Olubunmi Odulaja 22[nd] Jan 2015 Adeola Adebonojo 1st Jan 2021 Kehinde Sofowora 1st Jan 2021 Christiana Dinah 1st Jan 2021 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

Precious Sight Foundation

The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

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 the year ended 31 December 2024.

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 primary objective of the Precious Sight Foundation is to promote and facilitate good eye healthcare in Africa, as determined by its Trustees.

This objective is actualized in specifics through:

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.
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.

OUR WORK IN 2024 (SEE ATTACHED FULL REPORT)

2024 BREAKDOWN
Outreach	Patients	Surgeries	Prescription	Reading/	Eye
days	Seen	Funded	Glasses	Sunglasses	Drops
				5,071/
77	22,706	200	2,846	1537	11,475
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 considering 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 organization is a registered charity (number 1166395) and operates as 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 organization are also the charity Trustees as defined by section 97 of the Charities Act 1993. The company has 6 Trustees as 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 the 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.

Precious Sight Foundation

The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

Trustees Report (cont...)

The trustees are consulted on all issues that are material and determine the strategic direction of the charity's affairs. Trustees meet formally and, when required to review the charity's operations.

Risk Management

The Trustees continue to be aware of their responsibilities regarding risk management and meet regularly to profile risks, examine controls already in place, and embed 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. Effective risk management enhances our beneficiaries' confidence in the charity's corporate governance and strengthens our ability to achieve 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.

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 estimates that are reasonable and prudent.
Prepare the financial statements on the going concern 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 participants or professional fundraisers.

Small companies Provision

This report has been based on the provisions applicable to companies entitled to the small companies’ exemption.

Approved by the trustees on 20 September 2025 and signed on their behalf by

Mrs. Folakemi Salami - Trustee

Precious Sight Foundation The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

Independent Examiner’s Report to the Trustees

I report on the accounts of Precious Sight Foundation for the period from 1 January 2024 to 31 December 2024, set out on pages 7 to 10. My report is in respect of an examination carried out in accordance with the Charities Act 2011 ("the Act").

The report is made solely by 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 Foundatio n for my examination, for this report, or for the opinions I have formed.

Respective responsibilities of trustees and examiners

The charity 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 is 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

Precious Sight Foundation

The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

Statement of financial activities (including the income and expenditure account)

31 December 2024 Note £ Incoming Resources Incoming Resources from Generated Funds: Voluntary Income Government Gift Aid Interest Income 2 136,754 11,087 0 Total Incoming Resources 147,841 Resources Expended Costs of Generating Funds: Fundraising Costs 2,061 Charitable Activities 3 112,122 Governance Costs 24,746 Total Resources Expended 138,929 Net Incoming/Outgoing Resources for the year 8,912 Reconciliation of Funds Total Funds Brought Forward 30,454 Total Funds Carried Forward 39,366	31 December 2023 £ 105,602 19,634 33
	125,269 2,921 98,965 18,226
	101,886 23,383 7,184 30,454

31 December 2024
Note
£
Incoming Resources
Incoming Resources from Generated Funds:
Voluntary Income
Government Gift Aid
Interest Income
2
136,754
11,087
0
Total Incoming Resources
147,841
Resources Expended
Costs of Generating Funds:
Fundraising Costs
2,061
Charitable Activities
3
112,122
Governance Costs
24,746
Total Resources Expended
138,929
Net Incoming/Outgoing Resources for the year
8,912
Reconciliation of Funds
Total Funds Brought Forward
30,454
Total Funds Carried Forward
39,366

31 December 2023
£
105,602
19,634
33

125,269
2,921
98,965
18,226

101,886
23,383
7,184
30,454

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

Precious Sight Foundation

The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

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 2024 £ 39,366 0 39,366 0 39,366 39,366 39,366	31 December 2023 £ 30,454 0 30,454
		0 30,454
		30,454
		30,454

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 under section 477(2), and that no member or members have requested an audit pursuant to to section 476(1) of the Act.

The trustees acknowledge their responsibilities for:

ensuring that the charity keeps adequate accounting records that 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 under the requirements of section 393, and which otherwise comply with the requirements of the Act relating to the financial statement so far as applicable to the charity.

These accounts have been prepared under the provisions applicable to small companies.

Approved by the trustees on 20 September 2025 and signed on their behalf by

_____ Mrs. Folakemi Salami - Trustee

Precious Sight Foundation

The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

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 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 Gift Aid Interest Income (Bank) 3. Total Resources Expended Costs directly allocated to activities Advertising & Publications Wages & Salaries Bank charges Stationery, Freight, and Postage Equipment expensed Administrative Expenses Sundry Expenses Event Costs Accommodation Licenses Legal and professional Outreach Projects Accountancy Fees Donations Insurance Telephone, Fax & Internet Travel and subsistence	2024 2023 £ £ 136,754 105,602 11,087 19,643 00 33 147,841 125,269 Fundraising Costs Charitable Activities Governance/ Salary 12 Months to 31-12-2024 12 Months to 31-12-2023 £ £ 500 500 1,188 17,052 17,052 13,925 342 342 268 0 0 77 0 0 485 2061 6125 8,186 4,049 3,280 3,279 3,937 9,847 9,847 9,672 1358 1358 0 0 0 127 127 1,155 94,069 345 94,414 35,876 690 690 780 1,447 1,447 0 0 0 1,145 75 75 260 2,046 65 2,111 2,295
	2,061 112,122 24,746 138,929 101,886

Total income for the year
Voluntary Donations
Gift Aid
Interest Income (Bank)
3. Total Resources Expended
Costs directly allocated to activities
Advertising & Publications
Wages & Salaries
Bank charges
Stationery, Freight, and Postage
Equipment expensed
Administrative Expenses
Sundry Expenses
Event Costs
Accommodation
Licenses
Legal and professional
Outreach Projects
Accountancy Fees
Donations
Insurance
Telephone, Fax & Internet
Travel and subsistence

2024
2023
£
£
136,754
105,602
11,087
19,643
00
33
147,841
125,269
Fundraising
Costs
Charitable
Activities
Governance/
Salary
12 Months to
31-12-2024
12 Months to
31-12-2023
£
£
500

500
1,188
17,052
17,052
13,925
342
342
268
0
0
77
0
0
485
2061
6125
8,186
4,049
3,280
3,279
3,937
9,847
9,847
9,672
1358
1358
0
0
0
127
127
1,155
94,069
345
94,414
35,876
690
690
780
1,447
1,447
0
0
0
1,145
75
75
260
2,046
65
2,111
2,295

2,061
112,122
24,746
138,929
101,886

Precious Sight Foundation

The Trustees’ Report and Unaudited Financial Statements for the year ended 31 December 2024

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 The company is exempt from taxation.

5. Movement in funds Brought Incoming Forward Resources General funds 30,454 147,841 6. Debtors: Amounts Due Within 1 Year Corporate Donation (Grant) Other Debtors 8. Creditors: Amounts Due Within 1 Year Payroll Creditors Other Creditors		Resource Expended (138,929) 2024 £ 0 0 0 2024 £ 0 0 0	Carried Forward 39,366 2023 £ 0 0
			0
			2023 £ 0 0 0

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