OLIVIA'S_VISION - Accounts

The directors (who are the trustees of the charity for the purposes of Charity Law) present their report and financial statements for the year ended 30 September 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).

The charity's objects and principal activities of the company are:

- To protect and promote the health of Uveitis sufferers;

- To offer advice and support throughout the UK to people diagnosed with uveitis, their carers, family and friends;

- To provide information about and raise public understanding of uveitis;

- To enhance programmes which support early diagnosis and screening;

- To support and fundraise for further research into the nature, causes, diagnosis, prevention, treatment and cure of all forms of uveitis;

- To help attract, train and retain the Ocular Immunology workforce of the future via a Mentoring Scheme;

- To promote, sustain and increase included and collective knowledge and understanding of uveitis and associated eye diseases by training and research, and

- Campaigning to improve the lives of those affected by uveitis and associated eye diseases.

Olivia's Vision continues to raise funds for the training of more uveitis specialists so that more patients have access to specialised ophthalmology when uveitis is complex and sight threatening. By maintaining a profile on social media sites, the charity is able to provide education for patients, advice and emotional support when required. Olivia's Vision is currently training two Fellows and is funding a pediatric uveitis nurse. In addition Olivia's Vision continues to speak to patient support groups across the country.

The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

By invitation from the NHS England, Olivia’s Vision is now a registered stakeholder in specialised ophthalmology, giving it the opportunity to put forward the experiences, views and opinions of uveitis patients to the policy makers in specialised ophthalmology.

Public benefit

In planning the company's activities for the year, the directors confirm that the company has given due regard to the Charity Commission's legislative and regulatory requirements to comply with Section 17 of the Charities Act 2011. This report outlines how the company's achievements during the year have benefited the public.

The results for the year are set out on 4.

It is the policy of the charity that the reserves should provide the charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The reserves as at 30 September 2021 was £47,943 (2020: £194,089) held in unrestricted funds. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

The directors has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Going concern

In particular, in response to the continuing COVID-19 pandemic, the directors has reviewed current available resources and considered relevant information including reviewing the cash flow requirements of the charity. The directors has concluded that they can continue to adopt the going concern basis in preparing the financial statements.

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 7 October 2010 as amended.

The directors who served during the year and up to the date of signature of the financial statements were:

Membership of the charity is open to any individual or organisation interested in promoting the objects of the charity. Directors are appointed or re-appointed annually at the Annual General Meeting.

The directors' report was approved by the Board of Directors.

I report to the directors on my examination of the financial statements of Olivia's Vision (the charity) for the year ended 30 September 2021.

As the directors of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). 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.

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 that in any material respect:

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

the financial statements do not accord with those records; or

the financial statements 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

the financial statements 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 financial statements to be reached.

Donations

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Olivia's Vision is a private company limited by guarantee incorporated in England and Wales. The registered office is 165 Fleet Street, London, EC4A 2DY.

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” (“FRS 102”) 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)" (effective 1 January 2019). 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 company 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 notes.

At the time of approving the financial statements, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

In particular, in response to the COVID-19 pandemic, the directors have reviewed current available resources and considered relevant information including reviewing the cash flow requirements of the charity.

The directors have concluded that they can continue to adopt the going concern basis of accounting in preparing the financial statements.

The funds of the charity are classified as general and are all unrestricted and expendable at the discretion of the Trustees in furtherance of the objects of the charity.

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.

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Trustees is not recognised.

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:

- Costs of raising funds comprise the costs associated with attracting donations and their associated support costs.

- Expenditure on charitable activities includes all expenditure incurred in carrying out the charities objectives and their associated support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

- 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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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 company 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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables 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 less any impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

In the application of the charity’s accounting policies, the directors 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.

Donations

Costs of generating donations

Costs of generating donations

Accountancy fees

None of the directors (or any persons connected with them) received any remuneration or reimbursement of expenses during the year.

The charity is exempt from tax on its charitable activities.

Accruals compromise of governance costs payable to the independent examiner of the annual accounts.

The company is limited by guarantee and does not have share capital. The directors have guaranteed a maximum amount of £1 each in the event of a winding up.

The continuing COVID-19 pandemic has caused material economic uncertainty and resulted in a significant reduction in donations from the general public. Nevertheless, the company has continued to meet its charitable objects due to good level of reserves.

There were no disclosable related party transactions during the year (2020 - none).