2012/2011 Annual Accounts - International Glaucoma Association

Company no. 1293286

Charity no. 274681

OSCR no. SC041550

The International Glaucoma Association

Limited

Report and Financial Statements

31 July 2012

The International Glaucoma Association Limited

Reference and administrative details

For the year ended 31 July 2012

Company number 1293286

Charity number 274681

OSCR number SC041550

Woodcote House

operational address

Henwood

Ashford

Kent

TN24 8DH

Council members

K Barton Chair

W L Blake Vice chair and honorary treasurer

J Mitton Vice Chair

M Banes

P A Bloom

M H Miller

S Nagasubramanian

S Page

B Quartey Elected March 2012

M B Sage

M E Shaw

A B Vaughan

Principal staff D J Wright

Bankers HSBC Bank plc Caf Bank Limited

Camberwell Green 25 Kings Hill Avenue

23 Denmark Hill Kings Hill

London West Malling

SE5 8RP Kent

ME19 4JQ

Barclays Bank plc

1 Churchill Place

London

E14 5HP

Solicitors Stone King

16 St John's Lane

London

EC1M 4BS

Chief Executive and Company

Secretary

Registered office and

The members of the Council, who are also directors under company

law, who served during the year and up to the date of this report were as

follows:

15 Highpoint Business Village

1


Reference and administrative details


Auditors Sayer Vincent

Chartered accountants and statutory auditors

8 Angel Gate

City Road

London

EC1V 2SJ

Investment managers Charles Stanley and Company Ltd

25 Luke Street

London

EC2A 4AR

2

Structure, governance & management



The Council of Management (the Council) presents its report and the audited financial statements for

the year ended 31 July 2012.

Report of the Council of Management

Members of the Council of the Association may be elected from the eligible membership at the

Annual General Meeting (AGM) or may be appointed by the elected trustees where particular skills or

abilities are, in the opinion of the existing members of the Council, needed for the proper functioning

of the Council. New members of Council (trustees) are provided with appropriate materials to give

them a good understanding of the role of charity trustees in general terms and also with a background

briefing from the Chair and other members of the existing Council.

The financial statements include the results of the Fund for the IGA Chair of Ophthalmology for

Glaucoma and Allied Studies (Charity no. 1123188).

The reference and administrative information set out on pages 1 and 2 forms part of this report. The

financial statements comply with current statutory requirements and the Statement of Recommended

Practice - Accounting and Reporting by Charities.

The organisation is a charitable company limited by guarantee incorporated on 15 July 1976 and

registered as a charity on 20 December 1977. The company was established under a Memorandum

of Association, which established the objects and powers of the charitable company and is governed

under its Articles of Association.

The organisational structure is such that there is a Management Sub Committee that oversees the

management of the Association a Finance Sub Committee that oversees the finances of the

Association and other matters such as risk assessment, insurance etc. Both of these committees act

under terms of references and delegated authority agreed by the full Council of the Association and

likewise both report back to the full Council at each Council meeting. The Council decides the overall

policy and strategy of the Association in accordance with the expressed will of the eligible

membership as stated by a resolution or resolutions at the AGM that is/are passed by the meeting.

The Council delegates to the Chief Executive the power of day to day management of the Association

in accordance with the policies set by the Council.

The International Glaucoma Association has a policy that collaboration and partnership with other

charities and organisations are to be sought and encouraged on the grounds of efficiency and

effectiveness, provided that such collaborations operate to the benefit of all concerned.

The following list represents an account of those relationships that are considered to be of

significance at this time.

The International Glaucoma Association (IGA) is constituted both as a charity and a company limited

by guarantee and as such the members of its Council are directors for the purposes of company law

and trustees of the charity for the purposes of charity law. The powers of the Council and the

permitted activities of the Association are described in its governing document, which is the Articles of

Association.

In summary, the Council define the policies of the Association and the Chief Executive and the staff of

the Association implement these policies.

3




Charities and organisations (in alphabetical order):

Blindcare

Fight for Sight

Fund for the IGA Chair of Ophthalmology for Glaucoma and Allied Studies

Lions Eye Health Programme

Macular Disease Society (MDS)

Optical Confederation

The Association of British Dispensing Opticians (ABDO)

The Association of Contact Lens Manufacturers (ACLM)

The Association of Optometrists (AOP)

The Federation of Manufacturing Opticians (FMO)

The Federation of Ophthalmic and Dispensing Opticians (FODO)

An organisation providing support to charities in the UK.

The aim of the Fund is to invest its funds to provide annual income to fund a Chair of Ophthalmology

for Glaucoma and Allied Studies.

The Macular Disease Society is, as its name suggests a medical charity dealing with macular

degeneration. It is similar to the International Glaucoma Association in that it is a condition specific

charity with a membership structure and like us, it provides free literature to hospitals for use by

patients with this difficult, but increasingly treatable condition. We are in the process of developing a

strategic partnership with the MDS whereby the IGA’s Business Development Managers will represent

the MDS as well as the IGA when they visit hospitals around the country on a shared cost basis. In

this way each hospital visit will be twice as cost effective and the shared cost agreement which is

currently under negotiation should allow for the recruitment of a fourth Business Development

Manager for the South West and South Wales.

This organisation is a confederation of most of the major optometric organisations except the College

of Optometrists comprising:

Our work with the Optical Confederation, which is at the highest level, allows us a degree of influence

in matters pertaining to glaucoma and excellent access to members of the optometric and dispensing

optician profession. This is becoming of considerable strategic importance as the management of

stable glaucoma patients is increasingly being devolved to elements of the optometric profession.

National Council for Voluntary Organisations

We have continued to support the Lions Eye Health Programme (a basic public awareness campaign

about the need for regular routine eye examinations to ensure the early detection of potentially

blinding eye conditions including glaucoma), which is a Signature Project for Lions of the UK and Eire

(Multiple District 105)

We have an active collaboration with Fight for Sight in terms of the Carrots Night Walk (a fundraising

event held in London in September 2012) which will result in a jointly funded research project.

A charity formed by a consortium of vision related charities to promote payroll giving. The IGA was a

founder member of this charity and continues to benefit from the income thus derived. It is

represented on the Board of Trustees of Blindcare by David Wright, the IGA Chief Executive, who has

recently been elected as Chairman of the Board of Blindcare by his fellow trustees.

4




Allergan Pharmaceuticals

Provide support for the publication of individual print runs of some IGA patient information materials,

support part of our website costs and our compliance programmes.

Cameron Graham Associates

Provide support for part of our website costs and assist in our compliance programmes.

A collaboration of many ‘visual impairment’ charities, professional and trade bodies representing

ophthalmology, optometry and the pharmaceutical industry which aims to raise the status of glaucoma

at local and national Government level for the benefit of glaucoma patients across the UK.

Vision 2020 UK

An organisation set up to meet the challenge of reducing unnecessary visual impairment in the UK by

2020.

Wales Glaucoma Alliance

A highly active and effective collaboration of many Welsh visual impairment charities, professional

and trade bodies representing ophthalmology, optometry and the pharmaceutical industry which has

succeeded in raising the status of glaucoma at Welsh national Government level and elsewhere and

has been instrumental in developing new glaucoma management pathways and innovations.

World Glaucoma Patient Association

Royal National Institute for Blind People (RNIB)

The RNIB is one of the largest and best known visual impairment charities in the UK and since its

‘merger’ with Action for Blind People it has developed an even stronger campaigning profile (Action

for Blind People have largely taken over RNIB’s service provision role). The IGA has an excellent

working relationship with RNIB and acts primarily as an influencer of glaucoma policy on a number of

RNIB sub-organisations such as the Voluntary Sector Forum.

Royal National Institute for Blind People Cymru (RNIBC)

This is the Welsh branch of RNIB and we have an even more highly developed relationship with

RNIBC than with RNIB with several successful joint projects having been run in Wales, including

nurse education projects, Eye Clinic Liaison Officer (ECLO) education projects, general awareness

activities (including the Welsh Assembly) and plans already under development for a community

pharmacist education project.

UK Glaucoma Alliance

This exists for the promotion of best practice among national glaucoma associations across the world,

the development of new national patient based glaucoma associations, the support of existing

national patient based glaucoma associations and through them the promotion of best practice in

glaucoma management. The IGA is actively collaborating with the organisation of the World

Glaucoma Week, which take place from the 10 to 16 March 2013.

Companies

Provide support for the publication of individual print runs of some IGA patient information materials

and assistance in our compliance programmes.

We received limited support from the following companies (in alphabetical order):

Alcon Laboratories

5




Risk Assessment

Objectives and Activities

Education provision to the public, patients, their carers and the medical professions.

Achievements and Performance

The development of new web based information in multiple languages and formats as facilities

and funding permit.

The funding of research into glaucoma and the dissemination of the results of such research in

order to further enhance knowledge of the condition, its detection and treatment.

Provide support for the publication of individual print runs of some IGA patient information and

assistance in our compliance programmes.

Pfizer

With each company we continue to develop an understanding of glaucoma and the needs of

glaucoma patients. Support from these companies takes the form of financial support as indicated

above and also provides access to and participation in a wide variety of activities, meetings and

programmes targeting the medical profession and the public in different ways. At no time has the IGA

endorsed or been asked to endorse any medication or product, nor has there ever been any

restriction placed on the content of the lectures delivered, materials provided to delegates or stand

design.

The Council of the IGA continue to review the major risks applicable to the charity on an ongoing

basis and have continued to address such risks as are identified as a result of this process. A

comprehensive risk register has been developed which is currently awaiting Council consideration

and approval.

Merck Sharp & Dohme

The objectives of the charity are to help prevent glaucoma blindness throughout the world by means

of:

Provide support for the publication of individual print runs of some IGA patient information materials

and support part of our website costs and our compliance programmes.

The main aim of the Association is to raise awareness of glaucoma and to provide information to

glaucoma patients and others with an interest in glaucoma in order to improve compliance with the

treatment regimes prescribed for the management of the condition.

Raising awareness of the condition and, in particular, of its insidious nature and of the need for

regular routine eye examinations in order to encourage and facilitate the early detection of

glaucoma.

The provision of information in response to questions received from individuals and

organisations.

The maintenance of an up to date website which provides as much information as proves to be

both possible and practical with full compatibility for blind and partially sighted readers.

The IGA has continued to develop its patient information Sightline service throughout the year and

has continued to develop and support the formation of new patient support groups in hospitals across

the country, which have shown continued strong growth in the last year. Our Business Development

Managers (BDMs) based in Scotland, the North of England and the South East have done much to

enhance this aspect of our work as well as placing the IGA compliance briefcase in hospital eye

departments throughout the country. These can be used to counsel patients on how to use eye drops

and the compliance aids available. The use of IGA materials in hospitals is an excellent measure of

the success of our BDM programme and it can be seen that there has been a tremendous growth in

demand for IGA materials. In line with the aims of the Association, numerous presentations have

been given to a wide variety of health care professionals and other organisations with the themes of

improving compliance and general awareness of glaucoma by our BDMs and also by our Chief

Executive and Deputy Chief Executive and the Association has maintained and developed its

exhibition programme to include new ophthalmic conferences, optometric conferences, nursing

conferences and training days and other similar opportunities.

6




The IGA has continued to develop its patient information Sightline service throughout the year and

has continued to develop and support the formation of new patient support groups in hospitals across

the country, which have shown continued strong growth in the last year. Our Business Development

Managers (BDMs) based in Scotland, the North of England and the South East have done much to

enhance this aspect of our work as well as placing the IGA compliance briefcase in hospital eye

departments throughout the country. These can be used to counsel patients on how to use eye drops

and the compliance aids available. The use of IGA materials in hospitals is an excellent measure of

the success of our BDM programme and it can be seen that there has been a tremendous growth in

demand for IGA materials. In line with the aims of the Association, numerous presentations have

been given to a wide variety of health care professionals and other organisations with the themes of

improving compliance and general awareness of glaucoma by our BDMs and also by our Chief

Executive and Deputy Chief Executive and the Association has maintained and developed its

exhibition programme to include new ophthalmic conferences, optometric conferences, nursing

conferences and training days and other similar opportunities.

7




Fundraising

Plans for the Future

1. To increase public awareness

2. To increase professional awareness

3. To improve patient education

Reserves Policy

At 31 July 2012 the Association held £1,884,129 in general reserves.

The founding principle of providing our information free at the point of need continues and we are

grateful for the continuing generosity of Alcon Laboratories, Allergan Pharmaceuticals, Merck Sharp &

Dohme and Pfizer for their sponsorship of various IGA publications.

Looking to the future, it is hoped that we will continue to benefit from pharmaceutical company

sponsorship of our published materials in the coming year.

A comprehensive strategic plan for the Association has been developed by the Chief Executive and

staff of the IGA which is currently under consideration by the Council of the Association. It is founded

on the three strategic priorities previously identified by the Council:

The IGA continues to monitor the implementation of the NICE Glaucoma Guideline (CG85) and the

subsequent NICE Quality Standard for Glaucoma. We have also worked in close collaboration with Dr

Roshini Saunders (Consultant Ophthalmologist in Dunfermline, Scotland) through our Scottish BDM,

Mr John Hughes to encourage the Scottish Authorities to initiate a Scottish Intercollegiate Guideline

Network (SIGN) guide covering glaucoma. SIGN is the Scottish equivalent of the National Institute for

Health and Clinical Excellence (NICE) and a SIGN Guideline will take into full account the differences

between the English National Health Service and the Services provided in Scotland. The International

Glaucoma Association has already been invited to participate in this process, an invitation which we

are pleased to accept.

The Association has continued to raise funds directly from its members and friends through donations

and subscriptions and continues to benefit greatly from the generosity of members and others who

choose to leave a legacy and/or ‘in memoriam’ donations to help the work of the Association.

However, the present financial condition of the country as a whole has led to a reduction in value of

legacies to the Association (particularly as a result of the poor housing market) and the returns on our

other investments are likewise reduced. In order to help address this vital aspect and indeed

fundamental aspect of the running of the IGA, we have developed a comprehensive strategy that is

designed to allow us to continue to provide the services that are essential to our membership and to

glaucoma patients across this country and elsewhere. However, it has been necessary to cut our

grants budget for the 2012/13 financial year in order to balance the different demands placed on our

resources. A part of the new strategic plan of the Association will be evident to members in the new

look IGA News and there are many other developments that are designed to strengthen the work of

the Association. Members who would like further details of these plans are welcome to contact the

Chief Executive who will be pleased to discuss all aspects of the new strategy.

The reserves policy agreed by the Council of the Association is that the Association will hold reserves

of approximately 12 months operating costs plus an amount agreed by the Council necessary to fund

known and likely future commitments, to fund the IGA professorship and research, plus an

appropriate sum for contingencies. For 2012/13 this is set as £1,700,000.

8




The members of Council will apply these funds to

Develop their international patient support and awareness programmes.

Beneficiaries of our services are people with glaucoma and their carers, including health care

professionals; and the charity recognises the need to raise awareness of glaucoma in the general

public.

The investment policy continues to provide a measured spread of both capital gains and income. The

policy is currently under review, however. The investment managers are targeted to match the

performance of the FTSE 100 and APCIMS Balanced Index, which they more than acheived.

Public benefit

The Council reviews 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 within the last twelve months.

The Council reports 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 Council ensure the charity's aims,

objectives and activities remained focused on its stated purposes.

All Council members give their time voluntarily and receive no benefits from the charity. Any expenses

reclaimed from the charity are set out in note 6 to the accounts.

The charity's main activities and who it tries to help are described above. All its charitable activities

focus on glaucoma and are undertaken to further the International Glaucoma Association’s charitable

purposes for the public benefit.

The Council has 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 Council considers how planned activities will contribute to the aims and objectives that

have been set.

The Association makes grants for research into the nature, causes of, detection of, treatment and

prevalence of glaucoma. It does not and has never funded any animal based research.

Three research fellowships were provided by the Association through the Royal College of

Ophthalmologists and one through the United Kingdom and Eire Glaucoma Society. We have also

offered research funding via The College of Optometrists and The Royal College of Nurses. Professor

Phillip Bloom of the Western Ophthalmic Hospital has taken over from Mr Keith Barton as Chairman

of the IGA Research Grant Committee, Mr Barton (former Chairman of the Commitee) having been

elected as Chair of the Association at the Annual General Meeting in March 2012.

Investment Policy

Develop their Research and Education Grants programme by providing grants for projects

applying to the main objects of the Association.

9




Grant making policy

The Royal College of Ophthalmologists

The Royal College of Nursing

The UK & EIRE Glaucoma Society

The College of Optometrists

Process for awarding grants

Monitor & Control

Statement of Council of Management’s responsibilities

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;

The Council of Management is responsible for keeping proper accounting records that disclose with

reasonable accuracy at any time the financial position of the charitable company and enable them to

ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee

Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as

amended). They are also responsible for safeguarding the assets of the charitable company and the

group and hence for taking reasonable steps for the prevention and detection of fraud and other

irregularities.

The Council of Management (who are also directors of the International Glaucoma Association for the

purposes of company law) are responsible for preparing the report of the Council of Management and

the financial statements in accordance with applicable law and United Kingdom Accounting Standards

(United Kingdom Generally Accepted Accounting Practice).

Company law requires the Council of Management to prepare financial statements for each financial

year which give a true and fair view of the state of affairs of the charitable company and the group and

of the incoming resources and application of resources, including the income and expenditure, of the

charitable company and the group for that period. In preparing these financial statements, the Council

of Management is required to:

state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the charitable company will continue in operation.

Each grant is advertised appropriately and formal applications are received by a given date after

which each college or society appoints a review panel annually and this panel is led by the chairman

of the IGA grants committee (a medical trustee). The applications are reviewed by the panel and

awards granted on merit although, if it is felt by the panel no application meets the required standard,

the option not to award any grants is available. During this process there is a strict conflict of interest

consideration and individual members of the panel may need to step down if a conflict exists.

Once an award is made the grant is paid on a schedule agreed at the beginning of the study and is

dependent on receiving regular reports of the progress, which is reviewed by an appropriately

qualified individual to ensure the study is progressing towards the original objective(s). The final

payment is dependent on receiving the completed report.

Annually the Council will allocate funding for research into glaucoma and decide how much will be

made available via various professional routes. In the financial year 2011/12 it was decided to allocate

funding in collaboration with:

10




In so far as the Council of Management is aware:

Auditors

K Barton

Chair

Approved by the Council of Management on 15 November 2012 and signed on its behalf by

Sayer Vincent were re-appointed as the Association's auditors during the year and have expressed

their willingness to continue in that capacity.

there is no relevant audit information of which the charitable company’s auditors are unaware;

and

the members of the Council of Management have taken all steps that they ought to have taken to

make themselves aware of any relevant audit information and to establish that the auditors are

aware of that information.

The Council of Management is responsible for the maintenance and integrity of the corporate and

financial information included on the charitable company's website. Legislation in the United Kingdom

governing the preparation and dissemination of financial statements may differ from legislation in

other jurisdictions.

Members of the Association guarantee to contribute an amount not exceeding £5 to the assets of the

Association in the event of winding up. The total number of such guarantees at 31 July 2012 was

1,122 (2011: 1,080). Members of the Council of Management are members of the charity but this

entitles them only to voting rights. Members of the Council of Management have no beneficial interest

in the charity.

11

W L Blake

Honorary Treasurer and Vice Chair

The past twelve months has seen our total income maintained at £923,143, only slightly lower than

the previous similar period of £936,160.

15 November 2012

During the year the Legacies receivable fell from £655,740 in 2010/11 to the end of year figure of

£559,963 for 2011/2012. There has however been an increase in income derived from individual

subscriptions and donations and also from corporate donors.

The decrease in the level of grants awarded of £175,970 has largely contributed to the reduction in

our expenditure from £1,345,924 in 2010/11 to £1,071,065 during 2011/12. There have been

increases in staff costs, in line with the Government cost of living index and internal staff changes,

and travel costs, partially attributable to the employment of the new regionally located business

development managers, but there have also been reductions in our general office costs and legal and

professional fees.

Banks have continued to pay low interests rates which has led to a decision to transfer £300,000 from

the bank to invest in a low risk portfolio through our investment managers. This has resulted in an end

of year market value of £2,564,000 compared with the previous year’s level of £2,169,000. The

resultant effect on our cash reserves has been a reduction to £871,000.

At the end of the financial year the level of our funds stood at £3,418,976 of which £1,407,103 are

restricted funds including the IGA Chair for Glaucoma and Allied Studies reserves of £1,188,759.


Treasurer's report


Despite the continuing economic situation I am pleased to report that the Association has, once

again, remained in a sound financial position. This has enabled us to award grants of £258,969

towards glaucoma related research.

12

Independent auditors' report

To the members and Council of Management of


Respective responsibilities of the Council of Management and auditors

Scope of the audit of the financial statements

Opinion on financial statements

In our opinion the financial statements:

We have audited the financial statements of The International Glaucoma Association Limited for the

year ended 31 July 2012 which comprise the group statement of financial activities, group and charity

balance sheets and the related notes. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally

Accepted Accounting Practice).

This report is made solely to the charitable company's members and Council of Management as a

body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the

Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that

we might state to the charitable parent company's members and Council of Management those

matters we are required to state to them in an auditors' report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the

charitable company and the charitable company's members and Council of Management as a body,

for our audit work, for this report, or for the opinions we have formed.

have been properly prepared in accordance with United Kingdom Generally Accepted

Accounting Practice; and

have been prepared in accordance with the Companies Act 2006, the Charities and Trustee

Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland)

Regulations 2006 (as amended).

As explained more fully in the statement of Council of Management’s responsibilities set out in the

report of the Council of Management, the Council of Management (whose members are also the

directors of the charitable company for the purposes of company law) is responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view.

We have been appointed as auditors under section 44(1)(c) of the Charities and Trustee Investment

(Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations

made under those Acts.

Our responsibility is to audit and express an opinion on the financial statements in accordance with

applicable law and International Standards on Auditing (UK and Ireland). Those standards require us

to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

An audit involves obtaining evidence about the amounts and disclosures in the financial statements

sufficient to give reasonable assurance that the financial statements are free from material

misstatement, whether caused by fraud or error. This includes an assessment of: whether the

accounting policies are appropriate to the group’s and the parent charitable company’s circumstances

and have been consistently applied and adequately disclosed; the reasonableness of significant

accounting estimates made by the Council of Management and the overall presentation of the

financial statements. In addition, we read all the financial and non-financial information in the report of

the Council of Management to identify material inconsistencies with the audited financial statements.

If we become aware of any apparent material misstatements or inconsistencies we consider the

implications for our report.

give a true and fair view of the state of the group’s and the parent charitable company’s affairs

as at 31 July 2012 and of the group’s incoming resources and application of resources, including

the group’s income and expenditure, for the year then ended;

13

Independent auditors' report

To the members and Council of Management of


Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

certain disclosures of Council of Management remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Helen Elliott (Senior statutory auditor)

30 November 2012

for and on behalf of Sayer Vincent, Statutory Auditors

8 Angel Gate, City Road, LONDON EC1V 2SJ

Sayer Vincent is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

the parent charitable company has not kept proper and adequate accounting records or returns

adequate for our audit have not been received from branches not visited by us; or

In our opinion the information given in the report of the Council of Management for the financial year

for which the financial statements are prepared is consistent with the financial statements.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the

Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our

opinion:

the parent charitable company’s financial statements are not in agreement with the accounting

records or returns; or

14

Consolidated statement of financial activities (incorporating an income and expenditure account)

2012 2011

Restricted Unrestricted Total Total

Note £ £ £ £

Incoming resources

Voluntary income 2 90,669 693,702 784,371 839,215

Activities for generating funds

Goods sold - 14,378 14,378 20,192

Investment income 3 48,592 41,579 90,171 61,525

Information, advice, support & education 4a - 6,402 6,402 2,675

Research 4b - - - 12,553

Other Income 4c - 27,821 27,821 -

Total incoming resources 139,261 783,882 923,143 936,160

Resources expended

Costs of generating funds:

Investment managers' costs 4,766 4,756 9,522 8,249

Costs of generating voluntary income - 91,827 91,827 85,251

Fundraising trading: cost of goods sold - 7,648 7,648 14,638

4,766 104,231 108,997 108,138

Charitable activities

Information, advice, support & education 26,368 595,343 621,711 732,891

Research 258,969 13,481 272,450 449,590

Governance costs 3,097 64,810 67,907 55,305

Total resources expended 5 293,200 777,865 1,071,065 1,345,924

6 (153,939) 6,017 (147,922) (409,764)

Gross transfers between funds 138,253 (138,253) - -

(15,686) (132,236) (147,922) (409,764)

Realised gains/(losses) on investment assets 11 (7,905) (6,052) (13,957) 34,078

Net expenditure for the year (23,591) (138,288) (161,879) (375,686)

11 37,976 34,321 72,297 148,681

Net movement in funds 14,385 (103,967) (89,582) (227,005)

Reconciliation of funds

Total funds brought forward 1,392,718 2,115,840 3,508,558 3,735,563

Total funds carried forward 1,407,103 2,011,873 3,418,976 3,508,558

Unrealised gains on investment assets



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 17 to the financial statements.

Net (outgoing)/incoming resources before

transfers

Incoming resources from generated funds

Incoming resources from charitable activities

Net outgoing resources before other recognised

gains and losses

15

Balance sheets

2012 2011 2012 2011

Note £ £ £ £

Fixed assets

Tangible fixed assets 10 16,514 26,288 16,514 26,288

Investments 11 2,563,635 2,169,713 1,320,461 952,665

Total fixed assets 2,580,149 2,196,001 1,336,975 978,953

Current assets

Stock 12 12,091 12,011 12,091 12,011

Debtors 13 467,733 428,729 451,377 419,336

Cash at bank and in hand 871,215 1,390,658 855,577 1,374,383

1,351,039 1,831,398 1,319,045 1,805,730

Liabilities

Creditors: amounts due within one year 14 499,546 503,538 413,137 416,724

Net current assets 851,493 1,327,860 905,908 1,389,006

Total assets less current liabilities 3,431,642 3,523,861 2,242,883 2,367,959

15 12,666 15,303 12,666 15,303

Net assets 16 3,418,976 3,508,558 2,230,217 2,352,656

Funds 17

Restricted funds 1,407,103 1,392,718 218,344 236,816

Unrestricted funds

Revaluation reserve 81,230 - 81,230 -

Designated funds 30,000 30,000 30,000 30,000

General funds 1,900,643 2,085,840 1,900,643 2,085,840

Total funds 3,418,976 3,508,558 2,230,217 2,352,656

W L Blake - Honorary Treasurer

Approved by the Council of Management on 15 November 2012 and signed on its behalf by

The AssociationThe Group

Creditors: amounts falling due after

more than one year


As at 31 July 2012

16

Notes to the financial statements

1. Accounting policies

a)

b)

c)

Investment income is accounted for on an accruals basis.

d)

e)

f)

g)

h) Resources expended are recognised in the period in which they are incurred. Resources

expended include attributable VAT which cannot be recovered.

These financial statements consolidate the results of The Fund for the IGA Chair of Ophthalmology

for Glaucoma and Allied Studies on a line by line basis. Transactions and balances between the

charitable company and its subsidiary have been eliminated from the consolidated financial

statements. Balances between the two organisations are disclosed in the notes of the charitable

company's balance sheet. A separate statement of financial activities, or income and expenditure

account, for the charitable company itself is not presented because the charitable company has

taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and

paragraph 397 of SORP 2005.

The financial statements have been prepared under the historical cost convention, as modified by

the revaluation of fixed asset investments, and in accordance with applicable accounting standards

and the Companies Act 2006. They follow the recommendations in the Statement of

Recommended Practice, Accounting and Reporting by Charities.

Voluntary income received by way of subscriptions, donations and gifts is included in full in the

statement of financial activities when receivable.

Sales income represents invoiced sales of goods, excluding VAT where appropriate and is credited

to the statement of financial activities on an accruals basis.

Where such information about the aims, objectives and projects of the charity is also provided to

potential donors, activity costs are apportioned between fundraising and charitable activities on the

basis of area of literature occupied by each activity.

Income from legacies is accounted for on a receivable basis, recognised when entitlement to the

income has been established and the amounts ascertained with reasonable certainty.

Unrestricted funds are donations and other incoming resources received or generated for the

charitable purposes.

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.



Designated funds are unrestricted funds earmarked by the Council of Management for particular

purposes.

Where information about the aims, objectives and projects of the charity is provided to potential

beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Costs of generating funds relate to the costs incurred by the charitable company in inducing third

parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising

purpose.

17




1. Accounting policies (continued)

Cost of generating funds 11%

Information, advice, support & education 79%

Research 2%

Governance costs 8%

i)

j)

k)

l)

m)

n)

o)

Fixtures, fittings and equipment 20%

Computers 33-50%

p) Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a

first in first out basis and includes transport and handling costs. Net realisable value is the price at

which stocks can be sold in the normal course of business after allowing for the costs of realisation.

Provision is made where necessary for obsolete, slow moving and defective stocks.

Investments held as fixed assets are revalued at market value at the balance sheet date. The gain

or loss for the period is taken to the statement of financial activities.

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are

allocated to activities on the basis of the use of the related assets in those activities. Assets are

reviewed for impairment if circumstances indicate their carrying value may exceed their net

realisable value and value in use.

Assets purchased under finance leases are capitalised as fixed assets. Obligations under such

agreements are included in creditors. The difference between the capitalised cost and the total

obligation under the lease represents the finance charge. Finance charges are written off to the

statement of financial activities over the period of the lease using the sum of digits method.

Resources expended are allocated to the particular activity where the cost relates directly to that

activity. However, the cost of overall direction and administration of each activity, comprising the

salary and overhead costs of the central function, is apportioned on the following basis which is an

estimate, based on staff time, of the amount attributable to each activity.

Grants awarded are charged to the Statement of Financial Activities in the year in which they are

awarded except for the Charity Chair Fund where annual payments are subject to receipt of reports

and a full years grant payment only is included in these accounts.

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into

sterling at the average rate of exchange for the year.

Rentals payable under operating leases, where substantially all the risks and rewards of ownership

remain with the lessor, are charged to the Statement of Financial Activities on a straight line basis

over the minimum lease term.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated

residual value over its expected useful life. The depreciation rates in use are as follows:

Governance costs are the costs associated with the governance arrangements of the charity,

including constitutional and statutory requirements and costs associated with the strategic

management of the charity’s activities.

18




1. Accounting policies (continued)

q)

2. Voluntary income

2012 2011

Restricted Total Total

£ £ £ £

Donations and subscriptions

Individuals 20,569 169,936 190,505 163,390

Corporate donors - 33,903 33,903 20,085

20,569 203,839 224,408 183,475

Legacies 70,100 489,863 559,963 655,740

Total 90,669 693,702 784,371 839,215

3. Investment income

2012 2011


£ £ £ £

Interest income - 7,857 7,857 9,411

Dividends from UK companies 35,806 21,040 56,846 41,900

Dividends from overseas companies 12,786 12,682 25,468 10,214

Total 48,592 41,579 90,171 61,525

4. Incoming resources from charitable activities2012 2011

a) Restricted Total Total

£ £ £ £

- 3,432 3,432 2,675

Professional donations - 2,970 2,970 -

- 6,402 6,402 2,675

b) Research 2012 2011


£ £ £ £

Research appeal - - - 12,553

c) Other Income 2012 2011


£ £ £ £

Rental Income 1,167 1,167 -

Events & Agency Services 3,600 3,600 -

Miscellaneous - 23,054 23,054 -

- 27,821 27,821 -

Unrestricted

The charity operates a defined contribution pension scheme. The assets of the scheme are held

separately from those of the charity in an independently administered fund. Contributions payable

are charged as an expense in the statement of financial activities.

Unrestricted

Professional membership subscriptions

Information, advice, support & education

Unrestricted

Unrestricted

Unrestricted

19


5. Total resources expended

Cost of

generating

funds Research

Governance

Costs

Support

Costs 2012 Total 2011 Total

£ £ £ £ £ £ £

Staff costs (Note 7) 34,515 254,165 7,325 25,016 125,173 446,194 419,756

Other staff costs - 13,871 - - 17,876 31,747 49,044

Travel costs - 28,035 - 4,040 473 32,548 26,081

Advertising 700 15,767 - - - 16,467 21,215

Telephone - - - - 7,297 7,297 7,153

Printing, postage, artwork and stationery 2,532 57,657 - 619 7,648 68,456 66,577

Office costs - 1,192 - - 63,852 65,044 87,419

AGM and Council expenses - - - 1,276 - 1,276 8,569

Legal and professional 2,875 24,784 - - 16,194 43,853 62,554

Bank charges and interest - - - - 5,272 5,272 5,221

Audit and accountancy - - - 15,932 - 15,932 51,801

Grants payable (Note 8) - - 258,969 - - 258,969 434,939

Depreciation - - - - 14,569 14,569 14,406

Conference and exhibition - 12,629 - - - 12,629 9,661

Legacy costs 22,135 - - - - 22,135 12,158

Fundraising costs 62 - - - - 62 227

Irrecoverable VAT - - - - 11,445 11,445 42,116

Sundry - - - - - - 4,140

Goods purchased 7,648 - - - - 7,648 14,638

Investment management costs 9,522 - - - - 9,522 8,249

Total resources expended 79,989 408,100 266,294 46,883 269,799 1,071,065 1,345,924

Support costs 29,008 213,611 6,156 21,024 (269,799) - -

Total resources expended 108,997 621,711 272,450 67,907 - 1,071,065 1,345,924



Information,

advice,

support &

education

20


6.

This is stated after charging/crediting:

2012 2011

£ £

Depreciation charge for the year - owned assets 9,813 9,815

Depreciation charge for the year - leased assets 4,756 4,591

Profit on disposal of fixed assets 2,081 -

Interest Payable on:

lease finance charges 7,299 5,705

Operating lease rentals:

property 22,631 29,315

equipment 1,700 8,922

Auditors' remuneration:

audit 15,000 11,000

Other services - tax 425 -

other services - accountancy 4,892 29,000

Council of Management's remuneration Nil NilCouncil of Management's expenses 4,049 4,874

7. Staff costs and numbers

Staff costs were as follows:

2012 2011

£ £

Salaries and wages 400,382 377,000

Social security costs 40,160 35,635

Pension contributions 5,652 7,121

446,194 419,756

2012 2011

No. No.

£90,000 - £100,000 1 1

No pension contributions were paid on behalf of the above employee.



Council of Management's expenses represent the travel and subsistence costs of 6 (2011: 4) members.

The number of employees whose emoluments amounted to over £60,000 in the year was as follows;

Net (outgoing)/incoming resources

21




7. Staff costs and numbers (continued)

2012 2011

No. No.

Cost of generating funds 0.92 0.61

Provision of information and education 6.11 6.57

Research 0.08 0.06

Governance 0.26 0.14

Support costs 3.58 4.81

10.95 12.19

8. Grants payable

2012 2011

£ £

University College London's Institute of Ophthalmology 111,386 111,039

Moorfields Eye Hospital NHS Foundation Trust 50,000 82,000

Institute of Ophthalmology - 26,000

Queens Medical Centre Nottingham 54,900 3,570

City University London - 11,216

Anglia Ruskin University 25,000 -

University of Liverpool - 75,000

University of Dublin - 11,614

University of Manchester 19,183 12,000

Cardiff University - 100,000

Other small grants (1,500) 2,500

258,969 434,939

9. Taxation

The group is exempt from corporation tax and income tax as all its income is charitable and is applied for

charitable purposes.

All of the above grants were made in accordance with the conditions of the research committee of The

International Glaucoma Association. The grants have been made for research into glaucoma and allied

conditions.

The average weekly number of employees (full-time equivalent) during the year was as follows:

22




10. Tangible fixed assets

Fixtures,

fittings and

equipment

Computer

equipment Total

£ £ £

Cost

At the start of the year 213,382 72,925 286,307

Additions in year 10,177 18 10,195

Disposals in year (9,000) - (9,000)

At the end of the year 214,559 72,943 287,502

Depreciation


Charge for the year 6,006 8,563 14,569

Disposals in year (3,600) - (3,600)

At the end of the year 201,117 69,871 270,988

Net book valueAt the end of the year 13,442 3,072 16,514


11. Investments

2012 2011 2012 2011

£ £ £ £

Market value at the start of the year 2,023,203 1,418,893 813,828 349,416

Additions at historic cost 694,116 1,079,014 537,595 518,250

Disposal proceeds (243,102) (657,463) (87,473) (108,238)

Realised (losses)/gains (13,957) 34,078 (6,052) 6,883

Unrealised gains 72,297 148,681 39,390 47,517

2,532,557 2,023,203 1,297,288 813,828

Cash held as part of portfolio 31,078 146,510 23,173 138,837

Market value at the end of the year 2,563,635 2,169,713 1,320,461 952,665

Historic cost at the end of the year 2,284,274 1,954,472 1,210,159 881,510

Included within fixtures, fittings and equipment are assets held under finance lease with a cost of £23,781 and

accumulated depreciation of £10,339 at 31 July 2012. The depreciation charge for the year on these assets

was £4,756.

Group and the Association

The AssociationThe Group

23




11. Investments (continued)

Investments comprise:

2012 2011 2012 2011

£ £ £ £

UK Government & Local Authority Stock 334,602 226,030 217,633 81,260

Shares listed in the London Stock Exchange 1,005,534 1,317,792 515,867 534,105

Unit trusts 681,769 115,540 336,261 71,138

UK fixed interest stocks 44,899 15,178 - -

Overseas Government Stock 168,712 80,552 67,367 -

Overseas equities 297,041 268,111 160,157 127,320

Cash 31,078 146,510 23,173 138,837

Investment in subsidiary undertakings - - 4 5

2,563,635 2,169,713 1,320,462 952,665

Investments representing over 5% by value of the portfolio comprise:

2012 2011 2012 2011

£ £ £ £

UK 2.5% Index linked stock 26/07/2016 197,179 190,788 80,210 46,018

Australia 4.75% 2016 67,368 - 67,368 -

M&G Investment Man Optimal income st 111,057 - - -

Royal Dutch Shell B Ord € .07 - - - 53,188

Veritas 62,145 - - -

Vodafone Group Ord $.1143 - - - 44,292

Capita Financial Managers - - - 42,992

M & G Securities Ltd - 155,523 - 50,106

GlaxoSmithKline ord GBP 0.25 66,083 112,598 - 51,218

Schroder Oriental Income Fund ORD GBP 0.01 60,103 - - -Cash - 146,510 - 138,837

12. Stock

2012 2011 2012 2011

£ £ £ £

Goods for resale 12,091 12,011 12,091 12,011

The Group

The AssociationThe Association

The Group The Association

The Association

The Group

24




13. Debtors

2012 2011 2012 2011

£ £ £ £

Trade debtors 8,997 10,215 1,906 10,215

Legacy debtors 389,197 374,326 389,197 374,326

Other debtors - 2,309 - -

VAT Debtor 9,046 - 9,046 -

Prepayments and accrued income 60,493 41,879 51,228 27,131

Amount due from subsidiary - - - 7,664

467,733 428,729 451,377 419,336

14. Creditors: amounts due within one year

The Group

2012 2011 2012 2011

£ £ £ £

Taxation and social security 13,313 11,698 13,313 11,698

Trade creditors 75,994 50,480 54,401 50,480

Other creditors 5,070 4,435 5,070 4,435

Accruals 399,010 430,752 334,194 343,938

VAT creditor - 1,581 - 1,581

Obligation under hire purchase and

6,159 4,592 6,159 4,592

499,546 503,538 413,137 416,724

15. Creditors: amounts due after one year

2012 2011 2012 2011

£ £ £ £

Obligation under hire purchase and

12,666 15,303 12,666 15,303

12,666 15,303 12,666 15,303

16. Analysis of net assets between funds

Revaluation

reserve

General

funds

Total

funds

£ £ £ £ £

Tangible fixed assets - - - 16,514 16,514

Investments 1,292,540 81,230 - 1,189,865 2,563,635

Net current assets 114,563 - 30,000 706,930 851,493

Creditors: amounts falling due after

more than one year - - - (12,666) (12,666)

1,407,103 81,230 30,000 1,900,643 3,418,976

finance lease agreements

The Group

The Association

finance lease agreements

The Association

The Group

Net assets at the end of the year

Designated

funds

Restricted

funds

The Association

25




17. Movements in funds

At the

start of

the year Transfers

At the end

of the year

£ £ £ £ £ £

Restricted funds:

1,155,902 59,976 (94,249) 25,002 42,128 1,188,759

1,275 - - - - 1,275

Income Fund 47,162 2,827 - 5,069 - 55,058

142,460 - (25,376) - - 117,084

22,000 - - - - 22,000

23,919 (992) - - 22,927

Research fund - 76,458 (172,583) - 96,125 -

Total restricted funds 1,392,718 139,261 (293,200) 30,071 138,253 1,407,103

Unrestricted funds:

Revaluation reserve - - - - 81,230 81,230

Designated funds:

Income fund 30,000 - - - - 30,000

Total designated funds 30,000 - - - 81,230 111,230

General funds 2,085,840 783,882 (777,865) 28,269 (219,483) 1,900,643

2,115,840 783,882 (777,865) 28,269 (138,253) 2,011,873

3,508,558 923,143 (1,071,065) 58,340 - 3,418,976

Purposes of restricted funds

Total funds

Incoming

resources

North East Fund

Other gains

and losses

Development of information

resources

Compliance Project Fund

The Fund For The IGA Chair

of Ophthalmology For

Glaucoma and Allied Studies

(Charity number 1123188)

Babies and Children Fund

(formerly Tadpoles)

Other gains

and losses

Outgoing

resources

The Fund For The IGA Chair of Ophthalmology For Glaucoma and Allied Studies (Charity number 1123188)

has been set up and the money transferred to it from The Chair of Ophthalmology at University College

London (UCL) in accordance to the Scheme dated 12 December 2007.

Total unrestricted funds

Babies and Children Fund (formerly Tadpoles Support Group) is a fund collected by Tadpoles parents for use

for the benefit of children with glaucoma and is to fund part of the booklet for the Babies & Children.

26




17. Movements in Funds (continued)

Purposes of restricted funds (continued)

Unrestricted funds

The revaluation reserve represents the unrealised gains on investments funded by general reserves.

Purposes of designated funds

Income fund

Transfers between funds

18. Operating lease commitments

2012 2011 2012 2011

£ £ £ £

Within one year 3,468 - - -Within 2 - 5 Years 1,525 5,468 22,798 22,798

The research funding represents donations received specifically as a contribution towards the grants paid out

to those carrying out research into glaucoma and allied conditions.

Development of information resources is income received from a variety of sources to prepare handbooks on

glaucoma and allied conditions, and to update The International Glaucoma Association website.

Income Fund has been set up as a fund to generate income which will be used to develop an income for the

Association which will be used for awareness, research and educational programmes.

North East Fund was established through the receipt of a legacy restricted to expenditure in the North East

region.

During the year The International Glaucoma Association paid costs on behalf of the Fund for the IGA Chair of

Ophthalmology for Glaucoma and Allied Studies.

Compliance Project funding is income received from Merck Sharp & Dohme and Pfizer to supply every prime

ophthalmic department in the UK with an educational tool to assist healthcare professionals.

The charity had annual commitments at the year end under operating leases expiring as follows:

See restricted fund above.

Equipment & motor

vehicle Property

27




19. Subsidiary undertakings

2012 2011

£ £

Incoming resources

Incoming resources from generated funds

Investment income 45,765 36,790

Voluntary income 56,339 62,501

Total incoming resources 102,104 99,291

Resources expended

Costs of generating funds

Investment management costs 4,766 5,102

Grants payable 86,386 86,039

Governance costs 3,097 3,004

Total resources expended 94,249 94,145

7,855 5,146

Other gains and losses

Net gain on investment assets 25,002 128,359

Net movement in funds 32,857 133,505

Reconciliation of funds

Total funds brought forward 1,155,902 1,022,397

Funds at the end of the year 1,188,759 1,155,902

Total assets 1,275,168 1,250,380

Total liabilities (86,409) (94,478)

1,188,759 1,155,902

20. Related Parties

Michael Miller and Keith Barton are Council members of IGA. They are also employees of Moorfields Eye

Hospital NHS Foundation Trust which was awarded £50,000 during the year. David Wright is the chair of

trustees of Blindcare, from whom IGA received £2,000 of income during the year.

Summary of Statement of Financial Activities

Net incoming resources before other

recognised gains and losses

The wholly owned subsidiary, Fund for the IGA Chair of Ophthalmology for Glaucoma and Allied Studies, is a

charity number 1123188. The objects the charity, as stated in its scheme dated 12 December 2007, are to

advance education about, including research into, glaucoma and allied studies. A summary of its results for the

year is show below.

Glaucoma UK Ltd, Glaucoma International Ltd, Glaucoma Europe Ltd, Glaucoma Association Ltd are all

dormant. Medical Concordance Ltd was dissolved on 29 May 2012


28

Documents

2012/2011 Annual Accounts - International Glaucoma Association