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COMPANY REGISTRATION NUMBER: 07965691
CHARITY REGISTRATION NUMBER: 1152660
Eye Need Sight Ltd
Company Limited by Guarantee
Unaudited Financial Statements
29 February 2024
Eye Need Sight Ltd
Company Limited by Guarantee
Financial Statements
Year ended 29 February 2024
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
3
Statement of financial position
4
Statement of cash flows
5
Notes to the financial statements
6
Eye Need Sight Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 29 February 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 29 February 2024 .
Reference and administrative details
Registered charity name
Eye Need Sight Ltd
Charity registration number
1152660
Company registration number
07965691
Principal office and registered
4 Maltings Garth
office
Thurston
Bury St Edmunds
Suffolk
IP31 3PP
England
The trustees
Mr J D Snelgrove
Mr P M Davis
Mr S P Mcllwaine
Mr S R Madoc
Structure, governance and management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on the 27th February 2012, and registered as a charity on 1st July 2013. The company was established under a Memorandum of Association which established the objects and powers of the charitable company, and is governed by its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
The directors of the company are also charity trustees for the purposes of charity law and under the company's articles are known as members of the Management Committee. The Trustees bring a wide variety of experiences to the charity.
Objectives and activities
The principal activity of the company is to raise funds to preserve and protect the health of persons living in poverty in the UK and Overseas, with particular emphasis for health issues connected with the eyes.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
There has been no Activity during this year. The Only Expenditure being Governance and Compliance Costs.
Financial review
Against the backdrop of limited resources, and time constraints, this Charity has been Dormant with no Income and only Governance Expenditure.
The trustees' annual report and the strategic report were approved on 23 November 2024 and signed on behalf of the board of trustees by:
Mr J D Snelgrove
Trustee
Eye Need Sight Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 29 February 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Expenditure
Expenditure on charitable activities
5,6
189
189
48
----
----
----
Total expenditure
189
189
48
----
----
----
----
----
----
Net expenditure and net movement in funds
( 189)
( 189)
( 48)
----
----
----
Reconciliation of funds
Total funds brought forward
1,881
1,881
1,929
-------
-------
-------
Total funds carried forward
1,692
1,692
1,881
-------
-------
-------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Eye Need Sight Ltd
Company Limited by Guarantee
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Current assets
Cash at bank and in hand
1,859
1,894
Creditors: amounts falling due within one year
9
167
13
-------
-------
Net current assets
1,692
1,881
-------
-------
Total assets less current liabilities
1,692
1,881
-------
-------
Net assets
1,692
1,881
-------
-------
Funds of the charity
Unrestricted funds
1,692
1,881
-------
-------
Total charity funds
10
1,692
1,881
-------
-------
For the year ending 29 February 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 23 November 2024 , and are signed on behalf of the board by:
Mr J D Snelgrove
Trustee
Eye Need Sight Ltd
Company Limited by Guarantee
Statement of Cash Flows
Year ended 29 February 2024
2024
2023
£
£
Cash flows from operating activities
Net expenditure
(189)
(48)
Adjustments for:
Accrued expenses
154
----
----
Cash generated from operations
( 35)
( 48)
----
----
Net cash used in operating activities
( 35)
( 48)
----
----
Net decrease in cash and cash equivalents
( 35)
( 48)
Cash and cash equivalents at beginning of year
1,894
1,942
-------
-------
Cash and cash equivalents at end of year
1,859
1,894
-------
-------
Eye Need Sight Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 4 Maltings Garth, Thurston, Bury St Edmunds, Suffolk, IP31 3PP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee and has no share capital; thus no single party controls the company. The liability of each member is limited to such sum not exceeding £1
5. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Support costs
189
189
48
48
----
----
----
----
6. Expenditure on charitable activities by activity type
Support costs
Total funds 2024
Total fund 2023
£
£
£
Governance costs
189
189
48
----
----
----
7. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
8. Trustee remuneration and expenses
- No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
167
13
----
----
10. Analysis of charitable funds
Unrestricted funds
At 1 March 2023
Expenditure
At 29 February 2024
£
£
£
General funds
1,881
(189)
1,692
-------
----
-------
At 1 March 2022
Expenditure
At 28 February 2023
£
£
£
General funds
1,929
(48)
1,881
-------
----
-------
11. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Current assets
1,670
1,670
-------
-------
Unrestricted Funds
Total Funds 2023
£
£
Current assets
1,894
1,894
-------
-------
12. Analysis of changes in net debt
At 1 Mar 2023
Cash flows
At 29 Feb 2024
£
£
£
Cash at bank and in hand
1,894
(35)
1,859
-------
----
-------