Charity number: 328348
## The Keeler Scholarship Foundation
Report and financial statements For the year ended 31 December 2021
The Keeler Scholarship Foundation
## Contents
For the year ended 31 December 2021
Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report ...................................................................................................... 5 Statement of financial activities ....................................................................................................... 6 Balance sheet ................................................................................................................................. 7 Notes to the financial statements ................................................................................................... 8
The Keeler Scholarship Foundation
## Reference and administrative information
## For the year ended 31 December 2021
|Charity number|328348|||
|---|---|---|---|
|Country of registration
England & Wales||||
|Registered office|18 Stephenson Way|||
||London|||
||NW1 2HD|||
|Trustees|Trustees who served during|the year and up to the date of this report were||
||as follows:|||
||Winfried Amoaku FRCOphth|Chair||
||Professor Philip Bloom|Trustee||
||Dr Maya Barley|Trustee|Resigned 10 September 2021|
||Daniel Morris|Trustee||
||Graham Trevor|Trustee|Appointed 8 January 2022|
|Independent|Joanna Pittman FCA|||
|Examiner|Sayer Vincent LLP|||
||Chartered Accountants|||
||Invicta House|||
||108-114 Golden Lane|||
||LONDON|||
||EC1Y 0TL|||
1
The Keeler Scholarship Foundation
## Trustees’ annual report
For the year ended 31 December 2021
The trustees present their report and the financial statements for the year ended 31 December 2021.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## Objectives and activities
## Purposes and aims
The trustees award a scholarship every two years to enable a Fellow, Member or Affiliate of The Royal College of Ophthalmologists to study, research or acquire special skills, knowledge or experience in ophthalmology.
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The trustees 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 its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
## Achievements and performance
The Keeler Scholarship Foundation awarded a joint scholarship to two doctors in April 2021.
Dr Ajay Patil worked with Professors Biousse and Newman and Dr Michelle Ting worked with Professors Korn and Kikkawa.
Both scholars conducted research as part of their fellowships, with the public benefit being the increased research and knowledge in the treatment of ophthalmological conditions.
## Financial review
The results for the year are summarised in the Statement of Financial Activities with further details shown in the notes to the accounts. The overall net expenditure resources before gains and losses amounted to £2,479 – with total income for the year being £30,021 (2020: £Nil) and expenditure being £32,500 (2020: £Nil).
2
The Keeler Scholarship Foundation
## Trustees’ annual report
For the year ended 31 December 2021
## Reserves policy and going concern
The Trustees aim to award scholarships only when there are funds available for the full amount of the scholarship. Funds held at the end of 2021 totalled £18,420 (2020: £20,899).
## Structure, governance and management
The organisation is an unincorporated charity registered as a charity on 18 September 1989 in England and Wales.
The charity is constituted under a trust deed dated 4 September 1989.
All trustees give their time voluntarily and receive no benefits from the charity. No expenses were reclaimed from the charity (2020: £NIL).
## Appointment of trustees
Two Trustees are nominated by Keeler Ltd. Three trustees are nominated by the Education Department of The Royal College of Ophthalmologists and must be present or past members of the Council of the College.
## Related parties and relationships with other organisations
The Keeler Foundation Scholarship receives funding from Keeler Limited to enable the Foundation to award scholarships every 2 years. The Royal College of Ophthalmologists assist with the administration of the scholarships.
## Statement of responsibilities of the trustees
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
3
The Keeler Scholarship Foundation
## Trustees’ annual report
For the year ended 31 December 2021
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. 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.
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.
The trustees’ annual report has been approved by the trustees on 09 October 2022 and signed on their behalf by
Mr Winfried Amoaku Trustee
4
Independent examiner’s report
To the trustees of
Keeler Scholarship Foundation
I report to the trustees on my examination of the accounts of Keeler Scholarship Foundation for the year ended 31 December 2021.
This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them 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 charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.
## Responsibilities and basis of report
As the charity trustees of the Foundation, 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:
- 1 Accounting records were not kept in respect of the Charity; or
- 2 The accounts do not accord with those records; or
- 3 The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any 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.
## Signed: 12 October 2022
Name: Joanna Pittman FCA
Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 11 October 2022
5
The Keeler Scholarship Foundation
## Statement of financial activities
For the year ended 31 December 2021
|Note
Income from:
2
3
4
5
Reconciliation of funds:
Donations
Total expenditure
Charitable activities
Scholarships awarded
Investments
Total income
Expenditure on:
Administrative costs
Total funds brought forward
Total funds carried forward
Net movement in funds|Unrestricted
£
-
-|Restricted
£
30,000
21|2021
Total
£
30,000
21
30,021
30,000
2,500
32,500
(2,479)
20,899
18,420|Unrestricted
£
-
-|Restricted
£
-
-|2020
Total
£
-
-|
|---|---|---|---|---|---|---|
||-|30,021||-|-|-|
||-
-|30,000
2,500||-
-|-
-|-
-|
||-|32,500||-|-|-|
||-
-|(2,479)
20,899||-
-|-
20,899|-
20,899|
||-|18,420||-|20,899|20,899|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 27a to the financial statements.
6
The Keeler Scholarship Foundation
## Balance sheet
## As at 31 December 2021
|Note
£
Current assets:
8
30,000
5,920
35,920
Liabilities:
9
(17,500)
11a
Cash at bank and in hand
The funds of the charity:
Net current assets
Total net assets
Total charity funds
Debtors
Restricted income funds
Creditors: amounts falling due within one year|Note
£
Current assets:
8
30,000
5,920
35,920
Liabilities:
9
(17,500)
11a
Cash at bank and in hand
The funds of the charity:
Net current assets
Total net assets
Total charity funds
Debtors
Restricted income funds
Creditors: amounts falling due within one year|2021
£
18,420|£
-
20,899|2020
£
20,899|
|---|---|---|---|---|
||35,920
(17,500)||20,899
-||
||||||
|||18,420||20,899|
|||18,420||20,899|
|||18,420||20,899|
Approved by the trustees on 09 Oct 2022 and signed on their behalf by
Mr Winfried Amoaku Trustee
7
The Keeler Scholarship Foundation
Notes to the financial statements
## For the year ended 31 December 2021
- 1 Accounting policies
- a) Statutory information
- The Keeler Scholarship Foundation is an unincorporated charity registered with the Charity Commission for England and Wales.
The registered office address (and principal place of business) is 18 Stephenson Way, London NW1 2HD.
## b) 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
- c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## d) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
- e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
## f) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## g) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
8
The Keeler Scholarship Foundation
Notes to the financial statements
## For the year ended 31 December 2021
- 1 Accounting policies (continued)
- h) Expenditure and irrecoverable VAT
- Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs
- Other expenditure represents those items not falling into any other heading
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## i) Grants payable
Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## j) 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.
- k) Cash at bank and in hand
- Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## l) Creditors and provisions
- Creditors and provisions 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
- 2 Income from donations and legacies
|2
Income from donations and legacies|nd legacies||||||
|---|---|---|---|---|---|---|
|Unrestricted
£
Donations
-
-
3
Unrestricted
£
-
-
Income from investments
Bank interest|Unrestricted
£
-|£
30,000
Restricted|2021
Total
£
30,000|Unrestricted
£
-|£
-
Restricted|2020
Total
£
-|
||-|30,000|30,000|-|-|-|
|||£
21
Restricted|2021
Total
£
21|Unrestricted
£
-|£
-
Restricted|2020
Total
£
-|
||-|21|21|-|-|-|
9
The Keeler Scholarship Foundation
## Notes to the financial statements
## For the year ended 31 December 2021
## 4a Grant making (current year)
|Grant making (current year)||||||
|---|---|---|---|---|---|
|Cost
Paid to scholars
At the end of the year|Grants to
institutions
£
-|Grants to
individuals
£
30,000|Support
costs
£
-|2021
£
30,000|2020
£
-|
||-|30,000|-|30,000|-|
Two scholarships (2020: none) were awarded to recipients to carry out research activities in the field of ophthalmology.
## 4b Grant making (prior year)
|Grant making (prior year)||||||
|---|---|---|---|---|---|
|Cost
Paid to scholars
At the end of the year|Grants to
institutions
£
-|Grants to
individuals
£
-|Support
costs
£
-|2020
£
-|2019
£
-|
||-|-|-|-|-|
No scholarships (2019: none) were awarded to recipients to carry out research activities in the field of ophthalmology.
## 5 Net income for the year
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||2021|2020|
||£|£|
|Auditor's remuneration / Independent Examiner's Fee (excluding VAT):|||
|Audit/ Independent Examination|2,500|-|
|Other services|-|-|
## 6 Related party transactions
The Keeler Foundation Scholarship receives funding from Keeler Limited to enable the Foundation to award scholarships every 2 years. The Foundation provides financial assistance to members and fellows to acquire ophthalmic skills, knowledge or experience.
The Royal College of Ophthalmologists assist with the administration of the scholarships.
Aggregate donations from related parties were £30,000 (2020: £NIL).
## 7 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
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The Keeler Scholarship Foundation
Notes to the financial statements
## For the year ended 31 December 2021
|8
9
10a
General
unrestricted
£
-
-
10b
General
unrestricted
£
-
-
Debtors
Other debtors - grants receivable
Net current assets
Analysis of net assets between funds (current year)
Net current assets
Grants payable
Creditors: amounts falling due within one year
Administrative costs - Audit/ Independent Examination
Net assets at 31 December 2020
Net assets at 31 December 2021
Analysis of net assets between funds (prior year)|8
9
10a
General
unrestricted
£
-
-
10b
General
unrestricted
£
-
-
Debtors
Other debtors - grants receivable
Net current assets
Analysis of net assets between funds (current year)
Net current assets
Grants payable
Creditors: amounts falling due within one year
Administrative costs - Audit/ Independent Examination
Net assets at 31 December 2020
Net assets at 31 December 2021
Analysis of net assets between funds (prior year)|Designated
£
-|2021
£
30,000|2020
£
-|
|---|---|---|---|---|
||||30,000|-|
||||2021
£
15,000
2,500|2020
£
-
-|
||||17,500|-|
||||Restricted
£
18,420|Total funds
£
18,420|
||-|-|18,420|18,420|
||General
unrestricted
£
-|Designated
£
-|Restricted
£
20,899|Total funds
£
20,899|
||-|-|20,899|20,899|
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The Keeler Scholarship Foundation
## Notes to the financial statements
## For the year ended 31 December 2021
11a Movements in funds (current year)
|Movements in funds (current year)||||||
|---|---|---|---|---|---|
|Total restricted funds
Restricted funds:
Keeler Scholarship Fund
Total funds|At 1
January
2021
£
20,899|Income &
gains
£
30,021|Expenditure
& losses
£
(32,500)|Transfers
£
-|At 31
December
2021
£
18,420|
||20,899|30,021|(32,500)|-|18,420|
||20,899|30,021|(32,500)|-|18,420|
The narrative to explain the purpose of each fund is given at the foot of the note below.
- 11b Movements in funds (prior year)
|Movements in funds (prior year)||||||
|---|---|---|---|---|---|
|Total restricted funds
Keeler Scholarship Fund
Restricted funds:
Total funds|At 2
January
2020
£
20,899|Income &
gains
£
-|Expenditure
& losses
£
-|Transfers
£
-|At 31
December
2020
£
20,899|
||20,899|-|-|-|20,899|
||20,899|-|-|-|20,899|
## Purposes of restricted funds
The Keeler Scholarship Fund provides financial assistance to members and fellows to acquire ophthalmic skills, knowledge or experience. The scholarships are awarded every 2 years.
12