Roper-Hall Eye Foundation CIO
Trustees Report and Financial Statements for the year ended 31 December 2020 Registered Charity number 1170780
Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
| Index | |
|---|---|
| Page | |
| Report of the Trustees | 3-6 |
| Statement of Trustees’ responsibilities | 7 |
| Report of the Independent Examiner | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the financial statements | 11-16 |
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Report of the Trustees
The Trustees of the Roper-Hall Eye Foundation CIO (“the Charity”) have pleasure in presenting their report and financial statements for the year ended 31 December 2020. The Charity was registered with the Charity Commission on 15 December 2016 and the final funds were transferred from the Birmingham Eye Foundation (‘BEF’) on 21 May 2018 when BEF ceased activities.
The financial statements comply with the Charities Act, the Charity’s Constitution and 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 (FRS102) (updated 1 January 2019).
OBJECTIVES AND ACTIVITIES
The Charity’s objects are to promote education and research into the study of ophthalmology for the public benefit, in particular but not exclusively by:
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Supporting world-class scientific and clinical research into sight loss and other manifestations of eye disease;
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Enhancing the education and training of professionals involved in eye care and in ophthalmic research and education;
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Supporting engagement with patients and the public to better understand eye disease and support eye health.
The Charity will undertake the following activities in order to fulfill its objectives:
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Continue to support the Birmingham and Midland Eye Hospital Alumni meetings
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Continue to support the Roper-Hall Medal and the Sir Adrian Cadbury Lecture
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Continue to support activities that meet the Charity’s objectives
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Promote the named University of Birmingham medical student electives bursaries and conference travel awards
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Recruit to other Trustee vacancies as necessary
The Trustees confirm that they 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.
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Report of the Trustees (continued)
ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS
In the current year the Charity has provided support for the Birmingham and Midland Eye Hospital Alumni meeting, the Roper-Hall Prize Medal and the Sir Adrian Cadbury Lecture and maintained communication with the managers of the Barbara Mary Wilmot Discretionary Trust and continued processes for the University of Birmingham medical student electives bursaries and conference travel awards.
FINANCIAL REVIEW
The ongoing pandemic has impacted the Foundation in terms of reduced investment income, along with the cancellation and postponement of charity activities. The fluctuation of the stock market also lead to a loss on the investment portfolio.
Overall, the Foundation experienced a steady year with investment income achieved of £42,957 (2019: £55,129). Total grants payments were nil during the year (2019: £69,995). The Foundation finishes the year ending 31[st] December 2020 with assets of £1,735,321 an increase of £77,471 on 2019. This is largely due to increased funds in the bank from investment income and donation & legacies received, despite a loss of £30,866 on the investment portfolio.
Based on the expected income and expenditure levels, Trustees consider that the Charity has adequate resources to maintain its ongoing work and expand its services as outlined above.
Reserves policy
Trustees have agreed to continue with their existing reserves policy as follows:
‘To maintain unrestricted funds at a level sufficient to cover management and administrative costs, to respond to emergency applications for grants which arise and to meet on-going commitments approved by Trustees’.
The Foundation has approximately £1.5m of investment assets and retains a cash reserve outside of the portfolio to ensure the ongoing costs and grant making ability of the charity does not result in having to sell of any of the assets held within the portfolio which represents the charity’s long term financial assets.
The foundation aims to distribute grants of between £30,000 to £40,000 per annum but this can vary from year to year depending on grant making opportunities and investment returns. The investment objective is to generate an income return of approximately 3-4% per annum over the long term.
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Report of the Trustees (continued)
The free reserves at 31 December 2020 are in line with the policy and will be regularly reviewed with regard to both current and expected future expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Roper-Hall Eye Foundation CIO is a Charitable Incorporated Organisation and a registered Charity governed by its Constitution. The only voting members are its Trustees.
The Charity was registered on 15 December 2016 when it became a legal organisation. It commenced activity on 29 December 2017 following the transfer of initial funds and activities from the Birmingham Eye Foundation.
Appointment of Trustees, induction & training
New Trustees may be appointed by invitation to join the Board given that they have the necessary skills and experience to contribute to the Charity’s activities and to be able to discharge their obligations as Trustees.
New Trustees will be provided with copies of the Charity’s Constitution and all relevant policies and procedures and will be given the necessary training to enable them to carry out their duties as Trustees.
REFERENCE AND ADMINISTRATIVE INFORMATION
The Charity is managed by the Chairman, the Honorary Treasurer and Honorary Secretary.
Honorary Treasurer: Honorary Secretary: Weiping Barrett Charlotte Harris
Trustees: John Ashton (resigned March 2020) Alastair Denniston Philip Murray Saaeha Rauz Sunil Shah Max Spurgeon Victoria Kandola Rohan Deva Situnayake (appointed 30 March 2020)
Registered Charity Name: Roper-Hall Eye Foundation CIO
Charity Number: 1170780
Registered Office:
33 Ascot Road Moseley Birmingham B13 9EN
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Report of the Trustees (continued)
Independent Examiner:
Karen Hanlan, ACA, ACIE Karen Hanlan Independent Examiner Limited Hollyoaks Lea Marston North Warwickshire B76 0BW
Bankers: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling, Kent ME19 4JQ
Investment Managers: Brewin Dolphin Securities Ltd 9 Colmore Row Birmingham B3 2J
Approved by the Board and signed on its behalf by:
Philip I. Murray Chair of Trustees
Date: 18[th] February 2021
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Statement of Trustees’ responsibilities
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the surplus or deficit incurred by the Charity for that year. In preparing those financial statements the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments 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 to exist.
The Trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011.
They 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 and to provide reasonable assurance that:
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the Charity is operating efficiently and effectively;
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its assets are safeguarded against unauthorized use or disposition;
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proper records are maintained and financial information used within the Charity or for publication is reliable;
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the Charity complies with relevant laws and regulations.
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Independent Examiner’s Report to the Trustees of the Roper-Hall Eye Foundation CIO
I report to the trustees on my examination of the accounts of the Roper-Hall Eye Foundation (‘the Charity’) for the year ended 31 December 2020 which are set out on pages 9 to 16.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Karen Hanlan, ACA,ACIE Date : 18 February 2021 Karen Hanlan Independent Examiner Limited
Hollyoaks Lea Marston North Warwickshire B76 0BW
Statement of financial activities for the year ended 31 December 2020
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
| Note Income Donations & legacies 1 Investment income 2 Total income Expenditure Costs of raising funds: Investment management costs Charitable activities 3 Total expenditure Net income/(expenditure) before losses on investments Net (losses)/gains on investments 4 Net income and net movement in funds Reconciliation of funds: Total fund brought forward Total funds carried forward |
Restricted funds £ Un- restricted funds £ Total 2020 £ Total 2019 £ 47,010 1,530 48,540 5 - 42,957 42,957 55,129 |
|---|---|
| 47,010 44,487 91,497 55,134 |
|
| - 8,908 8,908 9,474 - 2,464 2,464 77,862 |
|
| - 11,372 11,372 87,336 |
|
| 47,010 33,115 80,125 (32,202) - (2,654) (2,654) 211,638 |
|
| 47,010 30,461 77,471 179,436 1,760 1,656,090 1,657,850 1,478,414 |
|
| 48,770 1,686,551 1,735,321 1,657,850 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Balance sheet as at 31 December 2020
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
| Notes Fixed Assets Investments 4 Current Assets Cash at bank and in hand Current Liabilities Creditors: amounts falling due within one year 5 Net current assets Net assets Funds of the Charity: Restricted Funds 6 Unrestricted Funds Total Charity funds |
2020 £ 1,516,164 222,594 (3,437) 219,157 1,735,321 48,770 1,686,551 1,735,321 |
2019 £ 1,547,030 |
|---|---|---|
| 114,027 | ||
| (3,207) | ||
| 110,820 | ||
| 1,657,850 | ||
| 1,760 1,656,090 |
||
| 1,657,850 |
The accompanying accounting policies and notes form part of these financial statements.
Approved by the Trustees and signed on their behalf by:
Philip I. Murray, Chair of Trustees Date: 18 February 2021
Principal accounting policies
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (updated 1 January 2019) – (Charities SORP (FRS102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The Roper-Hall Eye Foundation CIO meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
Going Concern
The financial statements have been prepared on a going concern basis which assumes that the Charity will continue to operate. The validity of this assumption is dependent upon the Charity generating sufficient income to meet its commitments and in pursuing a viable budget. The Charity’s business plan shows that the Charity will be able to operate in the foreseeable future. Based on this understanding the Trustees believe that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments, which would result from the basis of preparation being inappropriate.
Funds
Unrestricted funds are expendable at the discretion of the Trustees in the furtherance of the objectives of the charity and include funds designated for a particular purpose; the use of such funds remains at the discretion of the Trustees.
Restricted funds are funds subject to conditions imposed by the donor or by specific terms of the appeal under which the funds are raised. The restrictive conditions are binding upon the Charity.
Income
All income is recognised in the Statement of Financial Activities when the Charity is legally entitled, ultimate receipt is probable and the amount can be quantified with reasonable accuracy.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Principal accounting policies (Continued)
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
Investments
Investments are initially recognised at cost and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Charity does not acquire or use put options, derivatives or other complex financial instruments.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short term deposits repayable on or within a three month notice period.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors
Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Taxation
As a registered Charity no provision is considered necessary for taxation.
Notes to the financial statements
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
1. Donations and legacies
| onations and legacies | ||
|---|---|---|
| Grant from the Miss BM Wilmot Discretionary Trust Donations Gift Aid on donations |
2020 £ 47,010 1,280 250 48,540 |
2019 £ - 5 - |
| 5 |
The above grant is restricted to the purchase of a vitreoretinal surgical simulator to be used as an educational tool at the Birmingham and Midland Eye Centre by the trainee ophthalmologists and vitreoretinal fellows.
| 2. Investment income Dividends - Equities Interest – fixed interest securities Interest – deposit interest 3. Expenditure on Charitable Activities Restricted grant Grant to BMEH Alumni Association Student bursaries Donations Student Travel awards Roper-Hall Prize medal award Roper-Hall medal costs Treasurer & Secretary honoraria Travel & subsistence Trustee Indemnity Insurance Bank charges Independent Examiners fee |
2020 £ 32,861 10,096 - 42,957 2020 £ - - - - 195 250 49 1,000 - 160 60 750 2,464 |
2019 £ 44,090 10,984 55 |
|---|---|---|
| 55,129 | ||
| 2019 £ 69,995 |
||
| 2,500 700 300 600 250 26 2,500 42 139 60 7500 |
||
| 7,867 |
Notes to the financial statements (continued)
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
The Charity is controlled and managed by the Trustees and employs no staff. No Trustee has received any remuneration or benefits from the Charity during the year. No expenses were reimbursed to Trustees in the year (2019: Trustee expenses includes £42 reimbursed to one Trustee for the costs of a plaque for the Sir Adrian Cadbury Lecture).
4. Fixed Asset Investments
The movement in investments is detailed below
| Balance at start of the year Additions at cost Disposal proceeds Revaluations Balance at end of year Historical cost Investments comprised: UK Bonds Overseas bonds UK Equities North American Equities European Equities Japanese Equities Asia Pacific Equities Global Investments Other |
2020 £ 2019 £ 1,547,030 1,358,666 256,903 199,179 (285,115) (222,453) (2,654) 211,638 |
|---|---|
| 1,516,164 1,547,030 |
|
| 1,130,061 1,141,922 2020 2019 £ £ 99,759 228,295 109,656 - 415,642 487,088 376,604 311,444 96,211 86,287 45,294 46,034 83,946 78,699 102,730 102,023 186,322 207,160 |
|
| 1,516,164 1,547,030 |
Notes to the financial statements (continued)
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
5. Creditors: amounts falling due within one year
| Accruals Movement in funds Unrestricted Fund General Funds Restricted Fund Retinopathy Project Educational Tool Total Funds |
2020 2019 £ £ 3,437 3,207 Brought Forward Income Expenditure Investment losses Carried Forward £ £ £ £ £ 1,656,090 44,487 (11,372) (2,654) 1,686,551 1,760 - - - 1,760 - 47,010 - - 47,010 |
|---|---|
| 1,657,850 91,497 (11,372) (2,654) 1,735,321 |
6. Movement in funds
A restricted grant was received from the Barbara Mary Wilmot Discretionary Trust. The grant is for a vitreoretinal surgical simulator to be used as an educational tool at the Birmingham and Midlands Eye Centre by trainee ophthalmologists and vitreoretinal fellows.
Notes to the financial statements (continued)
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Roper-Hall Eye Foundation CIO Financial Statements for the year ended 31 December 2020
7. Net Assets by Fund
| 2020: | Unrestricted | Restricted | 2020 |
|---|---|---|---|
| funds | funds | Total funds | |
| £ | £ | £ | |
| Investments | 1,516,164 | - | 1,516,164 |
| Cash at bank and in hand | 173,824 | 48,770 | 222,594 |
| Creditors less than 1 year | (3,437) | - | (3,437) |
| ─────── | ─────── | ─────── | |
| 1,686,551 | 48,770 | 1,735,321 | |
| ─────── | ─────── | ─────── | |
| 2019: | Unrestricted | Restricted | 2019 |
| funds | funds | Total funds | |
| £ | £ | £ | |
| Investments | 1,547,030 | - | 1,547,030 |
| Cash at bank and in hand | 112,267 | 1,760 | 114,027 |
| Creditors less than 1 year | (3,207) | - | (3,207) |
| ─────── | ─────── | ─────── | |
| 1,656,090 | 1,760 | 1,657,850 | |
| ─────── | ─────── | ─────── |
8. Controlling Interest and related party transactions
The Charity is controlled by the Trustees.
There were no transactions with related parties during the year.
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