The trustees present their annual report and financial statements for the year ended 30 June 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
The aim of See The Future is to make people aware how important it is, not only for their eye test to be regular and consistent but for many other diseases and conditions that can be diagnosed through having an eye test. Conditions like Macular Degeneration, Diabetes, Strokes, Glaucoma & Rare Eye Cancers. It is all about Opening Eyes To A Better Health.
The Charity’s Objects:
To promote public health, in particular in relation to eye care by
Raising public awareness of the importance and value of good eye care and visits to the opticians;
Raising awareness of the value of eye care in detecting other health conditions such as diabetes, mini-strokes and eye cancer.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity meets the Charity Commission charitable purposes description in the category of the advancement of health or saving of lives.
The charity carries out fundraising events and activities, applying the proceeds to
providing advocacy, advice and information;
promoting the value of good eye care;
funding Non Government funded Eye Care Units, primarily research departments across the UK.
The charity usually holds an annual ball as its main fundraising event, however the decision was taken not to run this in the year ended 30 June 2024. Raffle money from the 2023 ball exceeded expectation and is partly accounted for in the current year. It is the intention to run charity balls in future years to provide much needed financial support.
The charity was again involved with the Exeter Chiefs Foundation, which provided much needed funds.
The charity also received various generous donations.
The funding received made it possible to again increase the grants paid out to non government funded eye care units in the year.
At the period end the charity’s reserves were £950 (2023: £819).
Generally surplus funds will be donated to non government funded eye care units and other charities that advance the charity's objectives. Hence the charity will operate on minimal reserves.
Risk management
The Board of Trustees is responsible for the management of the risks faced by the charity.
All major risks to which the charity is exposed have been identified, assessed and controls established as appropriate. Consequently the Trustees are satisfied that the major risks have been mitigated.
The charity intends to continue organizing fundraising events and attracting funding to be able to continue with its charitable activities.
The charity is a company limited by guarantee and governed by Memorandum and Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees are appointed and removed by simple majority decision of the board.
Trustees were provided with copies of the Memorandum and Articles of Association of the Charity as well as documentation explaining what is required of them under charity law.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of See the Future for the year ended 30 June 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of See the Future and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than See the Future and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that See the Future has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of See the Future. You consider that See the Future is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of See the Future. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
See the Future is a private company limited by guarantee incorporated in England and Wales. The registered office is 21 Heavitree Road, Exeter, Devon, EX1 2LD.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 are allocated on the portion of the asset’s use.
Resources expended are accounted for on an accruals basis and are inclusive of VAT.
Costs of generating funds are principally those costs incurred in attracting voluntary income and those incurred in activities that raise funds.
Charitable Activities includes grants payable which are charged in the year when the offer is conveyed to the recipient, except where the offer is subject to conditions, such as grants being recognised as expenditure when the conditions are fulfilled.
Governance costs are those associated with the constitutional and statutory requirements of running a charitable company.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Raising funds
Catering and venue costs
Catering and venue costs
Stationery and postage
Website
Fuel
Other expenses
The charity made two donations to institutions during the year, being Southampton Hospital and Oxford Eye Hospital (2023: five donations to institutions, including Devon in Sight and OcuMel UK).
The Trustees received no remuneration and were reimbursed expenses amounting to £202 (2023: £292) during the period.
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).