Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312328563188862328562023-01-01falseNo description of principal activity002023-12-31 04426377 2023-01-01 2023-12-31 04426377 2022-01-01 2022-12-31 04426377 2023-12-31 04426377 2022-12-31 04426377 2023-01-01 04426377 2022-01-01 04426377 c:RegisteredOffice 2023-01-01 2023-12-31 04426377 d:CurrentFinancialInstruments 2023-12-31 04426377 d:CurrentFinancialInstruments 2022-12-31 04426377 c:FRS102 2023-01-01 2023-12-31 04426377 c:IndependentExaminationCharity 2023-01-01 2023-12-31 04426377 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04426377 b:Trustee1 2023-01-01 2023-12-31 04426377 b:Trustee2 2023-01-01 2023-12-31 04426377 b:Trustee4 2023-01-01 2023-12-31 04426377 b:Trustee5 2023-01-01 2023-12-31 04426377 b:Trustee6 2023-01-01 2023-12-31 04426377 b:UnrestrictedFundsGeneral 2023-01-01 2023-12-31 04426377 b:UnrestrictedFundsGeneral 2023-12-31 04426377 b:UnrestrictedFundsGeneral 2022-12-31 04426377 b:TotalUnrestrictedFunds 2023-12-31 04426377 b:TotalUnrestrictedFunds 2022-12-31 04426377 c:FullAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04426377
Charity number: 1092209










ONESIGHT ESSILORLUXOTTICA FOUNDATION
(A company limited by guarantee)







UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 12

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023



Trustees
S Melani
F Ferrante (resigned 2 July 2024)
T Drzich (appointed 23 January 2023)
S Cavaye (resigned 31 July 2024)
A Hans (appointed 23 January 2023)

Company registered number
04426377

Charity registered number
1092209

Registered office
101 New Cavendish Street1st Floor SouthLondonW1W 6XH

Independent Examiner
Harris & Trotter LLP101 New Cavendish Street1st Floor SouthLondonUnited KingdomW1W 6XH

Page 1

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Company for the  1 January 2023 to 31 December 2023The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 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 published on 16 July 2014.
 

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

 

One Sight Foundation is committed to eradicating the global vision care crisis that affects more than 1.1 billion people, many of whom could have their vision restored with an eye exam and a pair of glasses. Provision of an eye test and a pair of glasses can make a huge difference to the quality of life for these people.
The Foundation is affiliated to a global network of organizations supporting the same objectives.
After sponsoring the education and ultimate qualification of three optometrists to work in The Gambia, in 2020 the Foundation devolved the majority of its fund to OneSight (USA), the sister charity based in USA, that operates short-term and long-term sustainable eye care clinics on a global basis. The funding was used to support global sustainable vision centers in the Republic of Zambia and other countries where the need is great, but access to affordable, quality eye exam and glasses does not exist. 
The Foundation and its Trustees in conjunction with their colleagues in other parts of the world are determined to continue to identify opportunities to provide sustainable eye care support to those communities most in need.
 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
 

Achievements and performance
 

Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

Page 2

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)
 
Financial review (continued)

b. Financial performance
 

The income for the Foundation in the year under review was £47,073 (2022: £52,725) and the expenditure in furtherance of the charitable objectives, as set out in note 4 to the financial statements was £2,929 (2022: £1,549). The Foundation's cash reserves at the end of the year were £161,543  (2022: £119,872).
The trustees have adopted a policy that, where possible a general funds cash reserve, covering twelve months administration running costs should be maintained. The unrestricted funds at 31 December 2023 were £159,443 (2022: £116,428) which is in excess of the running costs of the Foundation of £2,929 (2022: £1,549) for the year ended 31 December 2023.
The funds will be used to support philanthropic refractive error activities across UK and overseas.
In accordance with the Memorandum and Articles of Association the trustees have the power to invest in such assets as they see fit.  The Foundation has a policy of keeping surplus liquid funds in short term deposits.  This low risk investment policy provides the flexibility in making charitable grants and ensures the Foundation had adequate funds to meet ongoing grant commitments and administration costs in accordance with its reserves policy.
 

Structure, governance and management
 

The Foundation was incorporated as a company limited by guarantee on 29 April 2002, and on 24 May 2002 was registered with the Charity Commission for England and Wales. Its governing document is its Memorandum and Articles of Association.
The management committee, who are also the trustees and directors for the purpose of company law, who served during the year were:
S Melani  
F Ferrante
T Drzich
S Cavaye
A Hans
No trustee had any beneficial interest in any contract with the Foundation during the period. 
Existing trustees brief new trustees on the Foundation's aims and objectives. They are given a copy of the Memorandum and Articles of Association along with the latest financial statements. They are also given literature about the Foundation and a copy of the Charity Commission's guidelines for trustees, which will help them fulfil their role in line with charity and company law.
Under the Memorandum and Articles of Association, at the first annual general meeting all the trustees shall retire from office and, at every subsequent annual general meeting, one third of the trustees shall retire annually and be eligible for reappointment.
 
Page 3

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)
 
Structure, governance and management (continued)

 
The trustees review the strategic activities and financial position of the Foundation at its regular board meetings.
They consider potential risks to which the Foundation is exposed. As part of this process, the trustees have
implemented a risk management strategy which comprises an annual review of the risks which the Foundation
may face and the establishment of systems and procedures to mitigate those risks identified in the plan and the
implementation of procedures designed to minimise any potential impact on the Foundation should those risks
materialise.
 

Financial risk management
 

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
 

Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year . 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 state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) 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 Company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


 

Approved by order of the members of the board of Trustees on 11 September 2024 and signed on their behalf by: 
 




................................................
A Hans
Page 4

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of Onesight Essilorluxottica Foundation ('the Company')

 
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.


Responsibilities and basis of report


As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').


Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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 matters have come to my attention in connection with the examination giving me cause to believe:


1.
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.
the accounts do not accord with those records; or

3.
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4.
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].



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.







 
Daniel Walters FCA     

 
Harris & Trotter LLP
Chartered Accountants
101 New Cavendish Street
1st Floor South
London, W1W 6XH
Dated: 11 September 2024
Page 5

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023


Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
Note
        £
        £
        £

Income from:






Donations and legacies

3

47,073

47,073

52,725
 
Total income
47,073
47,073
52,725
Expenditure on:






Governance costs

4

2,929

2,929

1,549
 
Total expenditure
2,929
2,929
1,549

Net income before net (losses)/gains on investments

  

44,144

44,144

51,176
 
Net (losses)/gains on foreign exchange

  

(1,129)

(1,129)

2,647
 
Net movement in funds
  
43,015
43,015
53,823

Reconciliation of funds:

  




Total funds brought forward

  

116,428

116,428

62,605
 
Net movement in funds

  

43,015

43,015

53,823
 
Total funds carried forward
  
159,443
159,443
116,428

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 8 to 12 form part of these financial statements.

Page 6

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION
 
(A company limited by guarantee)
REGISTERED NUMBER: 04426377

 
 
BALANCE SHEET
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£

Current assets
  

Cash at bank and in hand
  
161,543
119,872

  
161,543
119,872

Creditors: amounts falling due within one year
 7 
(2,100)
(3,444)

Net current assets 
  
 
 
159,443
 
 
116,428

Total assets less current liabilities
  
159,443
116,428

Net assets excluding pension asset 
  
159,443
116,428

Total net assets 
  
159,443
116,428


Charity funds
  

Unrestricted funds
 8 
159,443
116,428

Total funds
  
159,443
116,428

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 11 September 2024 and signed on their behalf by:




................................................
A Hans

The notes on pages 8 to 12 form part of these financial statements.

Page 7

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

One Sight Foundation is a private charitable company, limited by guarantee, incorporated in England and Wales. Company registered number: 04426377. Charity number 1092209.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Onesight Essilorluxottica Foundation 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.

  
2.2

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

  
2.3

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

  
2.4

Cash at bank and in hand

Cash at bank and 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.

Page 8

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

  
2.6

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.7

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Page 9

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.

Income from donations and legacies




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £
 


 
Donations

47,073

47,073

52,725
 


4.

Governance costs




Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £




Accountancy and independent examiner fees

2,856

2,856

1,500
 
Bank charges

73

73

49
 


2,929
2,929
1,549


5.

Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,856 (2022 - £1,500).

6.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).


7.



Creditors: Amounts falling due within one year


2023
2022
£
£


Accruals and deferred income
2,100
3,444

Page 10

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.

Statement of funds


Statement of funds - current year

Balance at 1 January 2023
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at 31 December 2023
£

Unrestricted funds






General Funds - all funds

116,428

47,073

(2,929)

(1,129)

159,443
 



Statement of funds - prior year

Balance at
1 January 2022
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at
31 December 2022
£

Unrestricted funds






General Funds - all funds

62,605

52,725

(1,549)

2,647

116,428
 





9.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds
2023
Total
funds
2023
        £
        £


Current assets

161,543

161,543

Creditors due within one year

(2,100)

(2,100)

Total 


159,443
159,443


Page 11

 
ONESIGHT ESSILORLUXOTTICA FOUNDATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior year

Unrestricted funds
2022
Total
funds
2022
        £
        £


Current assets

119,872

119,872

Creditors due within one year

(3,444)

(3,444)

Total 

116,428
116,428



10.


Related party transactions

During the year, total donations of £10,730 (2022: £50,416) was received from a company in which a trustee is also a director.

Page 12