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← Vision Foundation for London

2021-03-31-accounts

Annual Report and Financial Statements For the year ended 31 March 2021

Vision Foundation

Registered name Vision Foundation for London | Company number: 03693002 | Charity number: 1074958

Front cover image: Team LHON

Ten years ago, five young men were brought together by a rare condition called Leber’s Hereditary Optic Neuropathy (LHON). Matthew, Ian, Thomas, Daniel and Michael were all registered blind within six weeks of the onset of their symptoms. These shock diagnoses have had a profound impact on each of their lives. Each of them has come up against their own set of challenges when entering the workplace as young, visually impaired professionals.

To this day, many employers fail to understand how much blind and partially sighted people have to offer and the simple support that is available in the workplace. Employment rates for visually impaired people has always been shockingly low, but has actually declined from one in three to just one in four in the last ten years. This means that people are excluded from financial independence and the wider benefits of employment.

Thanks to the support of employment projects funded by the Vision Foundation, the five friends were able to gain the skills needed to operate in the working world. They each credit the Vision Foundation and their partner charities for their success, and for helping to address the disadvantages blind and partially sighted Londoners face.

Thanks to your support of the Vision Foundation, this group of friends are now in fulfilling jobs on the career paths of their choosing. The team are determined to support others on this journey. Under the name ‘Team LHON’, Matthew, Ian, Thomas, Daniel and Michael, supported by their incredible guide runners, took on the virtual Virgin Money London Marathon 2020 raising vital funds for the Vision Foundation.

“[The Vision Foundation’s work was ] instrumental in my rehabilitation from sight loss over a decade ago. Despite advances in medical treatment and care, there are still thousands of people losing their sight every year in the UK. The awareness-raising, employment assistance and general lobbying are so important for the lived experiences of ” those with a visual impairment.

Michael Smith Team LHON

Contents

Foreword by HRH The Countess of Wessex, Royal Patron ....................................................... 4 Foreword by Naqi Rizvi, Appeal Chair ............................................................................................. 4 Foreword by Sir John Major KG CH, Vice President .................................................................... 5 Foreword by Lord David Blunkett, Vice President ...................................................................... 5 Introduction by our Chief Executive and Chair of Trustees ................................................... 7 Key Highlights ......................................................................................................................................... 8 Our Objectives, Values and Activities ............................................................................................. 9 Our Reach ...............................................................................................................................................10 Our Impact ............................................................................................................................................11 Reference and Administrative Information for the year ended 31 March 2021 ..................14 Trustees’ Annual Report for the year ended 31 March 2021 ...............................................15 Auditor’s Report for the year ended 31 March 2021 .............................................................28 Annual Accounts for the year ended 31 March 2021 .............................................................33 Thank you ..............................................................................................................................................54

Annual Report 2021 | 3

Foreword by HRH The Countess of Wessex Royal Patron

I am honoured to be the Patron of the Vision Foundation and incredibly proud of the work that the charity has delivered over many years, but it is perhaps their plans for the future that excite me the most.

Today, 2.5 million people are living with sight loss in the UK, too many of whom are facing significant challenges and everworsening life chances. Too many are excluded from employment, too many face abuse and discrimination, and far too many are at risk of being vulnerable or lonely, depressed or anxious. Meanwhile, a growing number of people are needlessly going blind, as estimated half of blindness in the UK could have been prevented.

Over the last 100 years, the Vision Foundation has been resolute in addressing these challenges by playing a key role in changing the lives of thousands of blind and partially sighted people across London. This new vision for a future where blind and partially sighted people are made equal citizens, and preventable blindness is made a thing of history is the aspiration that we must set ourselves.

I have seen first-hand that by bringing together the right passion, expertise, and rigour, the Vision Foundation is effectively working to build a London where everyone with sight loss is empowered and supported to live life to the full. In celebration of the Foundation’s 100th Birthday, now is the time for all of us to take action, come together, and work in partnership to deliver change.

Foreword by Naqi Rizvi Chair of Centenary Appeal Board

I was born with very little sight which gradually deteriorated and left me blind since I was seven.

Despite the daily challenges that I face because of the lack of a sense that most people rely on all the time, I’ve been able to lead a fulfilling life and have a good career. This is through perseverance, walking the untrodden path and people’s faith in my abilities and their willingness to take risks.

It deeply saddens me to know that 73% of blind and partially sighted people of working age in the UK are unemployed, which doesn’t only mean a lack of financial independence, but also lower confidence, more isolation and inequality in our communities. It’s also a huge, failed opportunity for employers who are missing out on great talent and potential. Research has shown that diverse companies perform better financially and are able to better represent the community they serve.

I am determined to move the dial in a positive direction and am heartened by the amazing work of the Vision Foundation to address this and other inequalities for visually impaired people, and their unwavering determination to champion and empower the sight loss community. In this report, you can read about just some of their projects and campaigns that are changing lives and saving sight.

4 | Annual Report 2021

Foreword by The Rt Hon Sir John Major KG CH Vice President

My father lost his sight when I was a child. He lost his home, his money and – worst of all – his self-respect. I can remember, from a very young age, guiding him through Brixton to collect his pension: a memory that has stayed

with me for a lifetime. The experience taught me how exclusion, discrimination and despair can extinguish even the most positive of spirits. As my father’s world closed in around him, his life became ever more diminished.

In February 2021, Vision Foundation launched their Centenary Appeal, celebrating their 100th Birthday with a renewed focus on how sight loss causes unemployment. The charity has set themselves the challenge of raising £1 million to change the employment landscape for blind and partially sighted people, and create more opportunities to help people into work. They began their initiative by funding research to better understand the barriers to employment – and how to overcome them – published in 2021 as the “See My Skills” report.

I wholeheartedly support this initiative. The time has come to focus on what blind and partially sighted people can do, rather than what they cannot. It is time for all visually impaired jobseekers to shout from the rooftops “See My Skills”.

In the following pages you will read about just how much the Vision Foundation has achieved in the last year – in spite of an unprecedented social and economic backdrop. And you will read about their bold ambitions going forwards. I invite you to join me in being part of their next century of impact and vision.

Foreword by The Rt Hon Lord David Blunkett Vice President

As someone who has never been able to see, it wasn’t easy growing up blind in the fifties and sixties. Apart from anything else, people’s expectations were often dispiritingly low. At school, I was told that I

could perhaps hope to become a lathe operator or a piano tuner – both of which are perfectly respectable but for which I had no aptitude.

I had other plans, but it took years of evening classes and the belief and encouragement of friends, family and teachers for me to get the qualifications I needed for university. When I came into politics, I had to grow an even thicker skin and show people that I could do the same job as they did just as well, if not better, though I might do it in a different way.

It took a long time for people to see what I could do, rather than what I couldn’t, to see beyond my guide dog or white cane. And I’m not alone. The Vision Foundation has found that 94% of the public don’t think a blind person could do their job, and 90% of employers think it would be difficult or impossible to employ a blind person. These are staggering figures, and we will need to root down precisely why this response was forthcoming.

These attitudes are what the Vision Foundation has set out to address this year by launching their focus on unemployment for those with sight loss, through the impressive “Spotlight on” event series; their ground-breaking research into the barriers to employment; and their public campaigns; all backed up with dedicated grants to support work on the front line. I could not be more proud to be a Vice President of the Vision Foundation. At 100 years old, their work is more vital and urgent than ever.

Annual Report 2021 | 5

HRH The Countess of Wessex joined a group of visually impaired cyclists for a tandem cycle ride in Bushy Park to promote The Vision Foundation’s See My Skills report.

Introduction by our Chief Executive and Chair of Trustees

What a year!

We had planned for Centenary celebrations, an income uplift in line with the previous year’s phenomenal growth, a rebranded and profitable charity shop presence on the high street, an array of project visits for our supporters, and a calendar full of fundraising marathons, swims and galas.

The majority of our projects supporting blind and partially sighted people were due to be face-to-face, the majority of our income dependent on “in person” activity. But in March 2020, on the eve of this exciting new year, COVID-19 arrived.

So we evolved. We moved to homeworking, temporarily closed our charity shops, launched a calendar of virtual events, unveiled digital campaigns, redoubled our trust and corporate fundraising, and crucially supported our partner charities to adapt their projects and access emergency funding.

Many moved online, others became a true lifeline for their clients – providing food, medical supplies, and vital moments of socially distanced human contact. Throughout, we worked to champion the rights and needs of blind and partially sighted people, so that they were not left even further behind or excluded as society adapted at pace.

As we look back on a truly unique year, we are proud of what we were able to achieve, and hopeful for a brighter future for those we serve. Society has shown us that it can adopt new working norms overnight and find new appreciation of the essential part we all play in our communities. So surely we are a step closer to a world that celebrates, empowers and includes people with sight loss.

Heather Goodhew Chair of Trustees

Olivia Curno Chief Executive

Annual Report 2021 | 7

Key Highlights 34 live projects reaching 28,331 people

New grants in 20/21 totalled £314k , compared to £1.45m in 19/20

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20 charities supported through Funder Plus activities

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2

research projects supported

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200

articles with an estimated readership of 2.5 million

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Almost 30,000 website visitors

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4,844

People connected via social media

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Income increases

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Income decreases

[ ] 120% and trust donationsIncome from corporate

The Covid-19 Pandemic greatly impacted our ability to fundraise, but investments, new income streams and cost control meant that we were pleased to end the year in a strong position overall with just £21,000 drawn down from our reserves

38% Retail

22% Individual giving donations

34% Income from events

48% Income from legacies

8 | Annual Report 2021

Our Objectives, Values and Activities

Our vision

is a future where people living with sight loss are equal citizens and preventable blindness is a thing of the past.

Our mission

is to make London a shining example of a sight loss aware city.

Our purpose

is to transform the lives of people facing or living with sight loss by funding projects which inform, empower and include.

How we will achieve our goals?

We will partner with charities working with blind and partially sighted people to improve and extend services and support.

We will amplify the voices of blind and partially sighted people to inform our own work, and partner with and influence businesses and services to be better placed to tackle their needs.

We will improve eye health awareness amongst Londoners so they can take action to save their sight.

Our values

Our values reinforce everything we do. They shape the way we work and the culture we endeavour to instil.

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We collaborate

The problems we seek to address are complex – no one organisation can do it alone. We wish to learn and share knowledge, combine skillsets and expertise, amplify impact and enable innovation.

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We empower

It is individuals with sight loss who have the insight, skills and experience to identify the most important issues, influence others, and bring about lasting change.

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We work intelligently

The issue of sight loss spans research, health, stigma, employment, culture, sport, society, transport, safety, economics, equality and more. Without an intelligent, evidence-based approach, our efforts will not be focussed and informed to bring about the greatest impact.

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We are courageous

Sight loss is a growing, urgent problem. Every day, people needlessly lose their sight for life. Every day, people unfairly miss out on opportunities. Every day, people face abuse, disregard, isolation, poverty and depression. We must be brave today to bring about a brighter tomorrow.

Annual Report 2021 | 9

Our Reach

Projects we supported in 2020/21.

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----- Start of picture text -----
Enfield
Barnet
Haringey
Harrow Waltham Redbridge
Forest
Hackney
Brent
Camden
Islington Barking &
Tower Dagenham
City of Newham
Hilllingdon Westminster London Hamlets
Ealing
Hammersmith
Kensington
& Fulham & Chelsea Southwark
Hounslow 5O- N “ts Greeenwich
Lambeth
Bexley
Wandsworth
Richmond
Lewisham
Merton
Kingston
Sutton Bromley
Croydon
Kress 1 i
Afghanistan and Central Asian Association Look UK
(ACAA) Lunch Club For The Blind
Baluji Music Foundation Macular Society
BlindAid Merton Vision
Blind in Business Metro Blind Sport
Blind Veterans UK Middlesex Association for the Blind
Bromley District Talking News
Community Enterprise East London
Croydon Voluntary Association for the Blind RNIB
Disability Advice Service Lambeth Seeability
Extant Sense
Eye Heroes Sight for Surrey
Kent Association for the Blind Sutton Vision
Kingston Association for the Blind The Amber Trust
London Vision
----- End of picture text -----

Lunch Club For The Blind Macular Society Merton Vision Metro Blind Sport Middlesex Association for the Blind

Mixed Martial Arts for Reform and Progression Queens Crescent Community Association RNIB

Seeability Sense Sight for Surrey Sutton Vision The Amber Trust The Change Foundation

Note, some projects operate in multiple boroughs so may appear on the map more than once

10 | Annual Report 2021

Our Impact

Funded projects

Despite the backdrop of a challenging year, this remains a very exciting time for the Vision Foundation.

We have just finished the second year of our five-year strategic plan and are on track to meet or exceed our key objectives. We are funding 34 active grants across 29 charities (supporting an estimated 28,331 people directly) based solely on their potential for impact in line with our strategic aims.

Opening London up

Everyone living, working or visiting London should have access to the rich cultural, economic and social opportunities of our city. In reality, only a quarter of blind and partially sighted working-age Londoners are working. Alongside poor employment, blind and partially sighted people tell us that they face barriers in taking part in physical activity, navigating city streets and engaging in social activities – many things sighted people might take for granted.

We’re funding 13 organisations which educate and influence employers, empower individuals, ensure sports, arts, social and cultural spaces are accessible and work to improve public transport and public safety. The organisations support a range of age groups from music workshops and accessing theatres to providing one-to-one assistive tech training for older people.

Empowering those at risk

Within the visually impaired community, there are certain groups who can face a “double disadvantage” or “intersectional discrimination”.

When facing sight loss, those from minoritised communities, older people, women, those living on a low income and those with other disabilities are at risk of experiencing poorer outcomes.

In addition, there are some consequences of sight loss that are not supported well or at all, such as the heightened risk of domestic violence, poverty or poor mental health.

We’re funding seven organisations that identify and advocate with those particularly marginalised, and at the moments when people face the greatest risk of spiralling outcomes. We also want to ensure that specialist services are fully accessible and reach blind and partially sighted people.

The current active projects support a variety of areas from independent living of blind veterans to talking newspapers and a dance project supporting Asian visually impaired young people and adults.

Preventing avoidable blindness

200,000 people are living with sight loss in the capital and just under 700,000 (1 in 12 adults) are living with a sight-threatening condition.

Unless there are bold interventions, these figures are set to increase significantly by 2030. An estimated 50% of sight loss is avoidable, but not currently avoided. Public awareness and a stretched NHS are major contributors to these poor outcomes. The NHS recommends an eye test every two years, but over a third of people are put off eye tests due to concerns about cost, and two in three parents have never taken their child for a test.

We’re funding four projects which raise public awareness about the importance of sight tests and improve access to sight tests including adapted tests and community-based testing. The projects range from educating more atrisk groups about diabetes and pre-disposition to certain eye conditions to community-based groups offering free eye tests.

Annual Report 2021 | 11

Covid response

The coronavirus pandemic had a significant effect on our income in 2020/21, and consequently the number and size of grants that we were able to make. However, we were very pleased to be an early partner and contributor to the London Community Response Fund to ensure that blind and partially sighted people were supported during this crisis.

We are proud to have collaborated with London Funders and more than 60 organisations on this response fund through the provision of expert advice and the commitment of funding. Our grants tackled isolation and the rise of unemployment caused by the pandemic. Being a part of the London Community Response Fund also allowed our grantees from both 2019/20 and 2020/21 to delay or adapt their projects in response to the pandemic.

Now, thankfully, on surer footing, a number of our partners have fed back that without our support, they would not have survived the pandemic.

Research

#BlindLockdownLife

As London went into lockdown, we launched a research project to ensure we targeted our work appropriately to support London’s sight loss communities. Between 30 March and 12 April 2020, just one week into the UK Government lockdown, we contacted 19 organisations that provide support to blind and partially sighted people in London and carried out 10 in-depth interviews with visually impaired people aged between 25 and 80. The briefing paper we produced brought together the experiences of those individuals and documented how the sight loss sector was adapting its work to support the visually impaired community. We publicised this research through our digital #BlindLockdownLife campaign.

With celebrity endorsements from Philip Schofield, Matthew Wright and Stephen Fry we saw significant engagement across social and mainstream media. The social media campaign was shortlisted as a finalist for the Third Sector Excellence Award under the Breakthrough of the Year category.

See My Skills

In February 2021, we commissioned important employment research from the University of Birmingham to guide our work in improving the employment outcomes of blind and partially sighted people. This research was published in July 2021 to raise awareness, influence policy, and drive our own funding priorities.

Public perception

Throughout the year, we run events to engage people in our work and to support the wider sight loss sector by sharing best practice and knowledge. We aim to raise awareness of the issues surrounding sight loss through engaging and informative events with high profile speakers. Despite the pandemic we were able to run three virtual events which emphasised what people can do rather than what they can’t.

Sculpting royalty

In September 2020, our Royal Patron HRH The Countess of Wessex sat for a sculpture designed for blind and partially sighted people as part of a special event for the Vision Foundation. The Countess joined sculptor Frances Segelman (Lady Petchey) at her London studio for the unique socially distanced sculpting, which was live streamed to Vision Foundation supporters and guests.

The campaign used personal testimonies and powerful, emotional videos to illustrate the practical day-to-day experiences of blind and partially sighted people and was shortlisted as a finalist for the 2020 Third Sector Awards.

12 | Annual Report 2021

To the many people with a visual impairment supported by the Vision Foundation, The Countess of Wessex, the charity’s Patron of 17 years, is just a voice. But with this accessible piece of art, they will be able to know the likeness of Her Royal Highness’ face through touch and feel.

In conversation with Lord David Blunkett

In November 2020, we held our first “in conversation” event, a virtual discussion with our newest Vice President, Lord David Blunkett. The event was crafted to myth-bust around what is possible for blind and partially sighted professionals and was also an opportunity to look back on an inspiring career.

Sight loss in the Spotlight: Taking Centre Stage:

In February 2021, to publicly launch our Centenary Appeal, we held a virtual event – Sight Loss in the Spotlight: Taking Centre Stage. Hosted by Stephen Fry, and with participation from Dame Judi Dench, Hayley Mills and Juliet Mills, the event explored the life and career of our late President, Sir John Mills, who continued in his successful acting career throughout his devastating sight loss.

Capacity building

We further developed our Funder Plus offering so that we can be as impactful as possible with the resources available to us, two sessions were delivered in 2020/21 to 20 charities. The Funder Plus programme is based on consultations with grantees and former members to determine what support they would find most helpful.

Coming out of lockdown: how to safely restart and re-open

In June 2020 we ran a webinar focusing on how organisations working with blind and partially sighted people can navigate coming out of lockdown. We brought together three experts in employment law, insurance and business planning and accessibility.

Pandemic-beating tactics: fundraising during Covid-19

In December 2020 we held another webinar with a focus on the Covid-19 Pandemic, but this time around fundraising. We explored the difficulties that this posed together with finding ways in which to raise funds in this challenging environment. The webinar was led by Ben Swart Head of New Partnerships at NSPCC and lead coach and trainer at Bright Spot Fundraising.

We also offered free fundraising and income generation information, ideas and hands-on support for small local charities with limited resources to ensure they could access emergency funding opportunities. Our Grants Manager provided training on drafting, writing and submitting applications to local charities who had fewer than two fundraising staff (including those on furlough) or who had very low reserves.

Our guests shared stories of working with Sir John, and Dame Judi reflected on her own sight loss and how it has impacted her work as an actor. The celebrities met a young visually impaired actress, Eleanor Stollery, who has already achieved great success as a stage and voice actor aged just 9-years-old.

Overall, the event attracted over 1,000 online guests, was tweeted to over 12 million followers, and the 46 pieces of media coverage received enjoyed 10.1k social media shares and estimated coverage views of 2.5 million.

Annual Report 2021 | 13

Reference and Administrative Information : For the year ended 31 March 2021

Company Number 03693002 Charity Number 1074958 Operating name Vision Foundation

Registered office and operational address

Sir John Mills House 12 Whitehorse Mews 37 Westminster Bridge Road London SE1 7QD

Country of registration

England & Wales

Country of incorporation

United Kingdom

Key management

Georgina Awoonor-Gordon Director of Grants and Impact

Tamsin Baxter Director of Development

Phil Beaven Director of Retail

Olivia Curno Chief Executive

Olly Minton Director of Finance and Resources

Bankers

National Westminster Bank plc. 91 Westminster Bridge Road London SE1 7HW

Auditor

Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL

Trustees

The Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Darren Barker (Appointed 23 December 2020)

Victoria Currey (Appointed 23 December 2020) Keith Felton* #

Heather Goodhew # (Appointed as Acting Chair 28 August 2020) Andy Gregson* (Resigned 27 May 2020)

Elizabeth Honer* Bob Hughes

Ly Lam (Treasurer)* (Appointed 17 June 2020) Susanette Mansour

Dr Amit Patel (Appointed 23 December 2020) Sharon Petrie* # Anna Tylor (Chair) Resigned 28 August 2020

14 | Annual Report 2021

Trustees’ Annual Report For the year ended 31 March 2021

The Trustees present their report and the audited financial statements for the year ended 31 March 2021.

Reference and administrative information set out on page 14 form part of this report. The financial statements of the Vision Foundation for London (Vision Foundation) comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS102.

Public benefit

For a century the charity has successfully raised funds to support the work of charities engaged in meeting the ever-changing needs of blind and partially sighted people. Without these funds raised and distributed by the Vision Foundation (formerly Greater London Fund for the Blind), many essential services would be lost or reduced significantly at a time of growing need.

On 11 March 2020, the Vision Foundation adopted new Articles of Association which set out the following objects:

The purpose of the charity is for the public benefit, the relief of people in need by reason of blindness or visual impairment and the advancement of education and health in all areas relating to blindness and sight loss, in particular, but not limited to, providing grants.

The Trustees review the aims, objectives and activities on a regular basis to ensure the charity remains focussed on its stated purposes. This report looks at what the charity has achieved and the outcomes of its work in the reporting period.

The Trustees have 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 Trustees consider how planned activities will contribute to the aims and objectives that have been set.

In 2019/20, we were pleased to make significant strides in the amounts that we spent on our charitable purpose. In that financial year, we had charitable expenditure of £2.08m. The charity received £2.09m of income (including the movement in value of our investments), plus a £34k contribution from our trading activities, meaning that we spent 98% of the charity’s income on charitable purpose in that year. In terms of expenditure, setting aside our trading activities which are not funded by donations, 81% of our spending was on charitable purpose.

In 2020/21, as a result of Covid-19 and a number of other necessary infrastructure investments, our charitable expenditure of £0.84m was much lower than we want or expect. The charity received £1.94m of income (including the movement in value of our investments) but did not receive a contribution from trading activities following the significant in-year loss. This meant that we spent a much lower 43% of the charity’s income on charitable purpose. In terms of the overall result, we suffered a £0.37m loss in our trading activities which therefore had to be partially funded through the charity’s reserves. This, in addition to other expenditure within the organisation, meant that only 43% of our spending was on charitable purpose.

Annual Report 2021 | 15

Structure, Governance and Management

The Vision Foundation (‘the Charity’) is a registered charity, number 1074958, and a company limited by guarantee under company number 03693002. The Charity was formerly known as the Greater London Fund for the Blind, and the name was formally changed on 31 July 2019 to Vision Foundation for London. The accepted operating name is Vision Foundation. The Charity has one subsidiary, GLF Charitable Purpose Trading Company Ltd (Company number 00894747), the principal activity of which is the operation of shops.

2019/20 marked a profound constitutional and governance change. Originally set up to raise funds for its member charities, we (as the “Greater London Fund for the Blind”) provided unrestricted funds to member charities annually based on the amount of funds generated.

Our new strategy, launched in October 2019, set out our commitment to maximise our impact for blind and partially sighted people. We therefore embarked on a process of discussion and engagement with our member charities to explore how we needed to evolve our approach. Through that process, the members began to share our vision of being an impactful funder for the sector. They agreed that our historic model needed modernisation to be fit for the future. This culminated on 11 March 2020 with an Extraordinary General Meeting in which the member charities unanimously voted to adopt new articles which ended the membership model, so that Vision Foundation became a grantmaking and advocacy foundation which could make funding decisions based on need and impact rather than historic relationships.

In 2020/21 we have built on this transition, funding projects based solely on their potential for impact in line with our strategic aims. We have provided expertise and training to over 20 charities in order to increase professional skills and capacity in the sight loss sector. We have delivered campaigns and events designed to share the voices of blind and partially sighted people, reaching an estimated 2.5 million through direct participation, social reach,

and press coverage. We have contributed to the knowledge base on which services can be designed by commissioning research into the impact of lockdown for blind people and the barriers to employment, leading to the awardfinalist #BlindLockdownLife campaign and the ground-breaking See My Skills report on sight loss unemployment.

The effects of the Covid-19 Pandemic have not disappeared, but it remains a key focus of the charity to ensure that its trading activities provide a positive contribution to fund its work, and that we make the best and most effective use of donors’ money as possible.

Fundraising

The Charity acts in compliance with the terms laid down by the Fundraising Regulator, new data protection guidelines and the highest professional conduct and standards when raising funds from the general public.

Historically, the Vision Foundation has used external agencies to support its individual giving activities. At present, no such third parties or commercial participators are being used. We did use a telemarketing firm in this period, not for fundraising but to offer support during the pandemic and proactively offer payment holidays for supporters experiencing financial difficulties.

In all our fundraising we adhere to our Fundraising Policy and Fundraising Promise, both of which are aligned to the Chartered Institute of Fundraising and the Fundraising Regulator’s Code of Fundraising Practice. We received no complaints about fundraising activity in 2020/21.

In the previous year (2019/20) investment was made to establish the new fundraising team at the Vision Foundation with new posts in Events and Community, Centenary Appeal and Corporate Partnerships. As a result of the national lockdowns and the cessation and/ or cancellation of our events and community

16 | Annual Report 2021

programme, resources from the Events team have been deployed to support other fundraising areas where income growth was feasible, and the investment in Centenary Appeal fundraising and Corporate Partnerships has proven fruitful.

In 2020/21 we brought in three consultants on interim or short term contracts to help grow our specialism in individual giving acquisition, celebrity liaison and high value fundraising. We also used specialist consultants on corporate and major donor fundraising in order to build our propositions and pipelines in these areas. 2020/21 was the first year of operation of the new team and structure and, in the context of the time it takes to build up a pipeline of prospects and supporter base, we are pleased that performance exceeded budgetary expectations.

The Vision Foundation’s centenary anniversary launched in January 2020, alongside the launch of an employment focussed Centenary Appeal. The Appeal is supported by an Appeal Board of 12 senior volunteers.

Within our fundraising policy and approach we make sure we protect vulnerable people and our staff are trained in this area of our work.

Organisational structure

The Board of Trustees (see page 14) is responsible for the overall governance, strategic management and planning of the charity, with the power to approve budgets, allocations, investments, retentions and such designation of any of the special reserves held. The Board meets at least four times a year.

A Finance, Audit and Risk committee normally meets two weeks prior to the four quarterly meetings of the Board to give more detailed consideration to such finance, audit and risk matters delegated to it by the Board. The day-today management of the charity is delegated to the Chief Executive. There is also a Trading Board overseeing the activity of the trading company subsidiary.

The Articles of Association and Board Terms of Reference provide for a Board composition of 1014 members, and up to 16 members to allow for periods of induction or overlap when Trustees are leaving or joining. The composition of the Board is as follows:

Appointments are for a maximum of two terms of three years without break. Each Trustee also holds the office of Director of the Company.

The Board is committed to ensuring a diverse skills-based Board and at different times will use different methods, including open recruitment, to achieve that. The Board is particularly keen and actively working towards achieving more representation on the Board of people with lived experience of sight loss and were pleased to make two appointments who had lived expertise in 2020/21.

New Trustees receive an induction plan including meeting with Board colleagues and key executives, and a pack of relevant information about the charity and the responsibilities of Trustees.

Volunteers

All our Trustees are volunteers. In addition, to help drive forward our ambition for a £1m fundraising appeal in 2021, a Centenary Appeal Board composed of 12 volunteers was recruited in 2019/20.

Across Fundraising and Retail, our 32 volunteers remain a critical part of our infrastructure – providing vital support in our shops, through our community fundraising activities and in our head office.

Annual Report 2021 | 17

Grantmaking

The Covid-19 Pandemic had a significant effect on our income in 2020/21, and consequently the number and size of grants that we were able to make. However, we were pleased to have been able to make £313,605 in grants to charities and research bodies, and during the year enabled projects which supported an estimated 28,331 people directly. Our research led to the publication of the See My Skills report, with press around the report launch reaching an estimated audience of 2.51m readers.


readers.
Vision Fund £260,809 To 7 charities Vision Fund grants agreed March 2021
London Community
Response Fund		 £34,390 To 4 charities Grants made to applicants during the 20/21 year
Research Grant £17,452 To 1 research
institute		 Funding to the University of Birmingham
Other Grants £954 To 2 charities Donation of technology

We were also early signatories to the Funder Statement on Covid-19 Pandemic, coordinated by London Funders, and this allowed our grantees from both 2019/20 and 2020/21 to delay or adapt their projects in response to the pandemic. Including projects funded in previous years, in 2020/21 we had 34 active projects across 29 charities taking place, totalling £1,452,444 worth of active grants.

2019/20 was a significant transitional year for grantmaking as we began to adapt our approach away from a membership structure and towards a professional impact and needs-led grantmaker. In 2020/21 we were able to put in place many of the structures required to achieve our aims, including the appointment of a Grants and Impact Advisory Committee so that our funding decisions are fair, transparent, and guided by expert advice and the installation of an accessible grantmaking database (Salesforce) to support our monitoring, evaluation and impact measurement capabilities.

We also further developed our Funder Plus offering so that we can be as impactful as possible with the resources available to us, and three sessions were delivered in 2020/21 to 20 charities, alongside ad hoc support (e.g. funding applications, branding guidance, recruitment support) through which we reached further charities.

As we move forward through 2021/22, the Covid-19 Pandemic continues to take a heavy toll on the charity sector’s finances, and we anticipate that our Vision Fund will be in more demand than ever before. With this increased competition in mind, we will focus on our assessment processes to ensure our funding decisions are impact driven and based on rigorous review while remaining fair and transparent.

In February 2021 we publicly launched our Centenary Appeal focussed on sight loss unemployment, and that same month commissioned research to understand the barriers and effective interventions. Based on the findings of this research, and using the funds raised through the Centenary Appeal, in July 2021 we have launched a new Vision Fund with a large focus on employment projects, helping to capitalise on the changes to working norms created by the pandemic, and hoping to mitigate some of the likely increases in unemployment rates for visually impaired people given a more challenging jobs environment post-pandemic.

18 | Annual Report 2021

Achievements and Performance

Context

The Covid-19 Pandemic is an unparalleled situation that has both divided and united our communities. Lockdown and social distancing rules created physical divisions and multiple challenges for blind and partially sighted people. For the charities that work with them, including the Vision Foundation, demand for services has been higher than ever, while funding from many sources – including individuals, community, corporates and events, has been more stretched than ever.

Despite the backdrop of a challenging year, this remains a very exciting time for the Vision Foundation. We have just finished the second year of our five year strategic plan and are on track to meet or exceed our key objectives. We have continued to further our aims across our three strategic priorities:

We have a refreshed Board and leadership team, a clear growth plan and a commitment to work strategically with our grantees and others in the sight loss sector to effect change. 2020/21 marked the second year of our 201924 Strategic Plan and while income did not build as planned on our excellent 2019/20 results, we used the year to invest time and energy in our foundations for growth, and we quickly adapted our activities to deliver impact for our sector.

Financial support

We are proud to have collaborated with London Funders and more than 60 organisations on the London Community Response Fund through the provision of expert advice and the commitment of funding. Our grants tackled isolation and the rise of unemployment caused by the pandemic. We were also early signatories to the Funder Statement on Covid-19 allowing adaptions or delays to funded projects and promising to listen to the needs and concerns of our partner charities. A number of our former member organisations have also fed back that without our transition grants in 2019/20, they would not have survived the pandemic.

Funder Plus

We made a range of resources and information available to sight loss organisations through our website and delivered the first in a series of webinars, focusing on how sight loss organisations can navigate the post-Covid world.

We also offered free fundraising and income generation information, ideas and hands-on support for small local charities with limited resources to ensure they could access emergency funding opportunities.

Campaigns and advocacy

With blind and partially sighted people disproportionately affected by the Covid-19 Pandemic, due to social distancing measures and restrictions on shopping and buying food, we worked to amplify voices by sharing stories of life during lockdown. Our social media campaign #BlindLockdownLife used personal testimonies and powerful, emotional videos to illustrate the practical day-to-day experiences of blind and partially sighted people and was shortlisted as a finalist for the 2020 Third Sector Awards 2020. With celebrity endorsements from Philip Schofield, Matthew Wright and Stephen Fry we saw significant engagement across social and mainstream media.

Annual Report 2021 | 19

In November 2020, we held our first “in conversation” event, a virtual discussion with our newest Vice President Lord David Blunkett. The event was crafted to myth-bust around what is possible for blind and partially sighted professionals and was also an opportunity to look back on an inspiring career.

In February 2021, to publicly launch our Centenary Appeal, we held a virtual event – Taking Centre Stage: Sight Loss in the Spotlight. Hosted by Stephen Fry, and with participation from Dame Judi Dench, Hayley Mills and Juliet Mills, the event explored the life and career of our late President Sir John Mills, who continued in his successful acting career throughout his devastating sight loss. Our guests shared stories of working with Sir John, and Dame Judi reflected on her own sight loss and how it has impacted her work as an actor. The celebrities met a young visually impaired actress, Eleanor Stollery, who has already achieved great success as a stage and voice actor aged just 9-yearsold. Overall, the event attracted over 1,000 online guests, was tweeted to over 12 million followers, and the 46 pieces of media coverage received enjoyed 10.1k social media shares, and estimated coverage views of 2.5 million.

Research

As London went into lockdown, we launched a research project to ensure we targeted our work appropriately to support London’s sight loss communities. Between 30 March and 12 April 2020, just one week into the UK Government lockdown, we contacted 19 organisations that provide support to blind and partially sighted people in London and carried out 10 in-depth interviews with visually impaired people, aged between 25 and 80. The briefing paper we produced brought together the experiences of those individuals and documented how the sight loss sector was adapting its work to support the visually impaired community. We publicised this research through our digital #BlindLockdownLife campaign.

In February 2021, we commissioned important employment research from the University of Birmingham to guide our work in improving the employment outcomes of blind and partially sighted people. This research was published in July 2021 to raise awareness, influence policy, and drive our own funding priorities.

Awards

We were delighted to be finalists or winners of six awards in 2020:

Covid-19 Pandemic

During 2020/21, we had to respond in the moment to the challenges presented by the pandemic (moving to home working, closing shops, furloughing staff, supporting staff through change) while “keeping the show on the road” as far as we could, and having an eye to the future – thinking about how best we could ensure that the charity is resilient and sustainable for the future. All this at a point when we expected to be pushing forward on our strategy, growing our income and increasing the difference we can make for blind and partially sighted Londoners.

20 | Annual Report 2021

In addition, our leadership team went through change with the CEO on maternity leave and an interim CEO in place. We also recruited three new directors into the team (Directors of Grants and Impact, Finance and Resources, and Retail). It is an immense tribute to the Board, the executive leadership team and the whole staff team the extent to which we were able to maintain progress. This is in no small part due to the focus we all have on why we are here – to make a difference for blind and partially sighted people in London.

Income

In the previous year (2019/20), income grew much faster than projected, 78% in one year, from £1.8m in 2018/19 to £3.2m in 2019/20. Our current growth rate has been diminished by the Covid-19 Pandemic and we ended this financial year at £2.6m (income plus investment gain) in light of the pandemic’s impact on both retail and fundraised income.

Year on year comparison with 2019/20:

Fundraising

2020/21 has been a year of uncertainty and change in a fundraising context, having seen the temporary closure of our community fundraising functions during the national lockdowns and the cancellation or postponement of our portfolio of challenge and special events. Despite this, fundraising exceeded expectations delivering a gross fundraising income of £1.53m, including pro bono donations. This uplift was a result of

the agility of the fundraising teams to adapt and pivot to new digital channels and activities, focussed supporter stewardship, a successful (and first) The Big Give campaign, an unexpected £350k legacy and positive performance across all high value areas (corporate partnerships, trusts and foundations and philanthropy).

With the closure of our head office, all Fundraising staff were home-based between March and July 2020. A skeletal fundraising team have attended the office since July 2020 to support the counting process of the collection tins function and to process postal donations, with a pause during the second lockdown over the Christmas 2020 period.

For the first quarter of 2020/21, recruitment to fundraising posts was put on hold with a minimal level of fundraising recruitment for crucial vacant posts initiated in October 2020. Two fundraising team members were furloughed during the March to July 2020 and the December 2020 to April 2021 lockdown periods – both responsible for coin collecting through the collection tins function. On return, Covid-safe compliant methods of collection and counting were instigated. An interim fundraising team structure was issued to redeploy members of staff whose roles had been adversely affected by the pandemic and to reduce staff costs. This structure was implemented in September 2020 and will remain in place until December 2021. This included Events fundraisers being redeployed to Individual Giving, the Centenary Appeal Manager taking on responsibility for Legacies, and the Trust Fundraiser’s role being split 50/50 between Trust fundraising and supporting the Grants and Impact function.

Despite the challenges the Covid-19 Pandemic presents to income generation, the Vision Foundation has had a number of significant successes. Five fundraising highlights for the year include:

Annual Report 2021 | 21

Dench, Stephen Fry and Eleanor Stollery. The event attracted over 1,000 registrants and sought to showcase sight loss talent on stage and screen.

Retail

Income from the sale of donated goods decreased to £223k from £1.03m in the prior year, wholly due to the shops being closed for 36 weeks of the year, changes to the ability to rotate stock and limits on customer numbers to maintain Covid-19 safety but mitigated by income from government grant schemes including the job retention scheme (furlough) and reopening grants (totalling £422k).

In contrast to income, total directly attributable expenditure for trading activities was £811k, a small decrease from £911k in 2019/20, as staff were retained and rents were still payable. We also used the lockdown periods to make strategic investments in our retail business, including the implementation of EPoS in all stores and the roll out of the new Vision Foundation brand.

We continue to be immensely grateful to the general public for the donation of saleable goods, and to our head of retail operations and all her team, including many long-serving, loyal and hardworking volunteers who generously give their time in support of our work.

Our Supporters

and Partners

As part of this Report, we want to pay tribute and give our thanks to our donors, shop customers, volunteers and partners - without their support we would not exist. We seek to invest donations intelligently and to ensure that as much money as possible goes to transforming the lives of those facing or living with sight loss.

Our Royal Patron and Vice Presidents

Our Royal Patron HRH The Countess of Wessex and our Vice Presidents The Rt Hon Sir John Major KG CH, Lady Frances Petchey, Ian Davies, Mr Huntly Taylor (Master of the Worshipful Company of Spectacle Makers), Lord David

22 | Annual Report 2021

Blunkett, Sir Trevor McDonald, Cherie Blair CBE, QC and Sir Rocco Forte lend their names and continued support to the Vision Foundation, and we are grateful for the time and commitment they give every year in helping us to raise money, profile and to advocate for blind and partially sighted people.

Financial Review

Total income was £2.6m including investment gain for the year ended 31 March 2021 compared to £3.2m in the last financial year. This income derives principally from trading and fundraising activities.

Trading income was £645k for the year ended 31 March 2021, a 38% decrease on 2019/20 (£1.04m), representing 29% of total income for the organisation (2019/20: 32%).

Funds are raised from voluntary sources through three types of fundraising activity: Events Fundraising which accounted for 2% of our fundraising overall in year, Individual Giving and Legacies which accounted for 83% in 2020/21 (legacies comprising 50%) and Trusts and Corporate Partnerships which accounted for 15%. We invested significantly in our fundraising operation in 2018/19 to support growth with promising results in 2019/20, however the Covid-19 Pandemic has dampened that expected progress.

The trading company ended the year with income of £645k including government grants – a notable achievement given that shops were closed for 36 weeks of the year. However, with an operating loss of £165k and an operating profit of just £125k in 19/20, a non-Covid year, we are clear that 2021/22 will be a real test of the investments we have made in our retail operation to increase profitability.

Total expenditure decreased from £3.6m to £2.6m this year, as we worked hard to control internal costs and had to limit our giving. The amount distributed to grantees and for commissioned research totalled £313k. This was

of course far less grant-funding than we would have wished to give, reflecting a charity which was for much of 2020/21 in survival mode.

We are however heartened that we were at least able to support some new projects within the year; and were proud that our prior year support meant that we were overall supporting 34 active grants in 2020/21.

The net position is of course key, and given the operating environment we were pleased to end this financial year with a deficit of just £21k, which was funded by a net drawdown of reserves (compared to a £442k in the prior year). Unrestricted Reserves carried forward as at 31 March 2021 were £2.20m (2019/20: £2.22m).

Principal Risks and Uncertainties

The Trustees recognise their responsibilities with regard to risk management, and review the main risks to the charity annually or more often as required. They have been keen to ensure that the charity has adequate procedures, processes and strategies in place to monitor, eliminate or mitigate, as appropriate, any risk or potential risks faced by the organisation.

Particular attention is given to the staffing, operations and financial management of the charity, and after review Trustees are satisfied that the charity has appropriate systems of control in place to manage exposure to the key risks.

The Trustee Board delegates specific powers to the Finance, Audit and Risk Committee. As a subcommittee of the Trustee Board the Committee oversees financial and risk management matters, including reviews of endemic and specific operational risks. Mitigating strategies are employed as required, underpinned by ongoing monitoring and checking to ensure compliance with policies and best practice.

The main risks identified at the current time, and mitigating actions are:

Annual Report 2021 | 23

1. High dependence on particular income streams plus uncertainty and change due to the Covid-19 Pandemic and unpredictability of legacy income

Mitigating actions include adhering to our clear fundraising plan with an emphasis on diversifying into new income streams and avoiding over dependence on any single individual funding stream, our new brand which enhances our profile and reputation, and our intention to improve individual giving and high level donor acquisition. Maintaining reserves is also key to ensure resilience to income fluctuation. We have adapted our fundraising plans in response to the Covid-19 Pandemic challenge and continue to operate in an agile way as restrictions change.

2. Failure to properly evaluate funding applications based on impact and need, and additionally to properly administer funding applications, approved grants and related payments

We have invested in our operational and governance resourcing of our grantmaking processes, with a dedicated Director of Grants and Impact, a new grants database, and the establishment of a Grants and Impact Advisory Panel which is currently made up exclusively of individuals with lived experience of sight loss. This panel, remunerated for their time and expertise, reviews grants and makes recommendations for funding to the main Board.

3. Online application and reporting systems have reduced the administrative burden for applicants, improved accessibility and reduced the potential for human error

The new database has decreased the operational reliance on manual processes and spreadsheet systems. This strengthens our control environment and reduces the risk of errors, for example in communicating outcomes to applicants or grants not being paid on time, and it improves or ability to monitor impact of our grantmaking. Nonetheless, with a small team, it remains essential to work efficiently and in a highly

organised way in order to manage and administer our grants effectively, and to meet our aims for impact analysis.

4. Staff or volunteers acting outside regulations, policies and procedures

We have made significant progress creating a compliant suite of policies, and we are now focusing on educating and training staff in their provisions. In the last year we have made significant strides, including reviewing and updating all of our retail policies. All policies are now easily accessible for all staff via our HR database, and we track when employees have read these, we also have online training available on key issues. Keeping staff up to date on their training and ensuring new staff get up to date quickly remains an ongoing priority. In addition, with the many challenges of the pandemic, staff wellbeing and safe working remain a key priority for the charity.

5. The shops cannot be made viable post Covid-19 with the distancing requirements, or future lockdowns require closure

By following government guidance and training staff, we were able to safely and profitably reopen the shops on 12 April 2021 and so far we have been able to achieve budget whilst not compromising on staff and customer safety. There is also a renewed emphasis on our eBay shop. Future lockdowns would, however, significantly impact our profitability.

Reserves Policy and Going Concern

The Trustees review the reserves policy every year. The world has changed with the coronavirus pandemic and as a charity fortunate enough to have reserves, we have taken a strategic decision to use them when necessary to maintain a level of activity and invest in our future sustainability and resilience.

The charity has unrestricted undesignated reserves at 31 March 2021 of £1.6m. Of this

24 | Annual Report 2021

balance, £358k are fixed assets and £1.25m are liquid unrestricted undesignated funds – please see note 21 of the annual accounts for more detail.

Our reserves policy sets a target level of reserves, which aims to maintain organisational resilience. This is set as follows:

At 31 March 2021, this equates to a reserves requirement of £1.51m, meaning the charity holds £97k in excess of its target reserves level.

Designated reserves of £598k have been set aside by Trustees in order to pursue specific strategic aims and these are described more fully in Note 22a to the accounts.

In relation to going concern, the Trustees have reflected upon the potential impact of external factors such as Brexit and Covid-19, as well as longer term risks to viability such as global economic downturn, significant events being cancelled, or decreases in asset values such as listed investments. This has included the consideration of forecasts prepared under a number of adverse scenarios. These, along with the reserves and cash holdings have resulted in the Trustees considering the charity to be a going concern.

Investment Policy

The Vision Foundation Board has delegated investment decisions to the Finance, Audit and Risk Committee. The Trustees require that the charity hold sufficient cash reserves in current

accounts to cover its operating activity. Under the guidance of the Finance, Audit and Risk Committee, subject to certain decisions being referred to the Trustee Board, remaining funds may be invested with due consideration given to the balancing of risk and reward. Investments are held in a form which can be drawn down within a short timeframe as required. At year end £1.05m investment funds were held within the popular COIF Charities Investment Fund which is administered by CCLA.

Plans for the Future

It is important to acknowledge that we live in very uncertain times. While the pandemic lockdown is easing, we may experience further waves with consequent restrictions on activity. This may be national as before or more localised – we cannot say but it is becoming clear that it is going to continue as part of the operating context certainly throughout 2021/22 and likely beyond. In the context of that uncertainty, these are the plans we now hope to deliver in 2021/22:

Responding to the coronavirus pandemic

Annual Report 2021 | 25

Maintaining core activity and progress on the strategy

Grants and capacity building

Research and advocacy

Improving eye health awareness

Remuneration Policy for Key Management Personnel

Salaries and remuneration for all staff are approved through the annual budgeting process, reflecting those across the sector and in similar organisations, and with guidance from specialist recruiters during any recruitment process. In line with the Delegations Policy any material variances to the budget are scrutinised by the Finance, Audit and Risk Committee.

Related Parties and Relationships with Other Organisations

These are set out in Note 11 of the annual accounts.

Pro Bono Relationships

Positioning for Future Growth and Sustainability

We have been incredibly fortunate to have secured a range of partners who have contributed significantly to our achievements during the year through pro bono or Gift in Kind support.

In line with the SORP, the contribution of pro bono legal advice, which we would otherwise have had to purchase, in this year of great transition and transformation for the Charity, amounted to an estimated £147k.

26 | Annual Report 2021

These supporters are listed on page 50 and 51 of this annual review. We cannot thank you enough for your support.

Statement of Responsibilities of the Trustees

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

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are 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 charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was reappointed as the charitable company’s auditor for the year and has expressed its willingness to continue in that capacity.

The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.

The Trustees’ annual report has been approved by the Trustees on 23 September 2021 and signed on their behalf by

Heather Goodhew Chair of Trustees

Annual Report 2021 | 27

Independent Auditor’s Report to the members of Vision Foundation

Opinion

We have audited the financial statements of Vision Foundation (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2021 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we

have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Vision Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.

28 | Annual Report 2021

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

specified by law are not made; or

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Annual Report 2021 | 29

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano Senior statutory auditor 14 December 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane LONDON, EC1Y 0TL

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

Annual Report 2021 | 31

A visually impaired child enjoys an accessible theatre workshop from Vision Foundation delivery partners, Mousetrap Theatre Projects.

Consolidated Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 March 2021

==> picture [510 x 533] intentionally omitted <==

----- Start of picture text -----
Note Unrestricted Restricted 2021 Total Unrestricted Restricted 2020 Total £
£ £ £
£
Income from
Donations and legacies 2 1,448,134 78,631 1,526,766 2,099,019 35,255 2,134,275
Investments 4 50,429 - 50,429 62,863 - 62,863
Total fundraising income 1,498,563 78,631 1,577,195 2,161,882 35,255 2,197,137
Total fundraising cost (745,116) - (745,116) (486,272) - (486,272)
Fundraising contribution 753,447 78,631 832,078 1,675,610 35,255 1,710,865
Trading income 3 645,434 - 645,434 1,035,402 - 1,035,402
Trading expenditure (1,043,691) - (1,043,691) (977,464) - (977,464)
Tax receivable / (payable) 24,287 24,287 (24,287) (24,287)
Contribution from trading activities (373,969) - (373,969) 33,650 - 33,650
Funds available for charitable activities
379,478 78,631 458,109 1,709,260 35,255 1,744,516
Total charitable expenditure (759,422) (84,343) (843,765) (2,047,883) (28,125) (2,076,008)
Net income before (loss)/gain on investments (379,944) (5,712) (385,656) (338,622) 7,130 (331,492)
Represented by
Total Income
2,143,998 78,631 2,222,629 3,197,284 35,255 3,232,539
Total Expenditure (2,523,942) (84,343) (2,608,285) (3,535,906) (28,125) (3,564,031)
Net income before (loss)/gain on investments (379,944) (5,712) (385,656) (338,622) 7,130 (331,492)
Gain/ (loss) on valuation of investments 16 364,632 - 364,632 (110,175) - (110,175)
Net movement in funds
(15,313) (5,712) (21,024) (448,797) 7,130 (441,667)
Reconciliation of funds:
Total funds brought forward 2,217,557 7,130 2,224,687 2,666,354 - 2,666,354
Total funds carried forward
2,202,244 1,419 2,203,663 2,217,557 7,130 2,224,687
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All movements in funds are disclosed in note 22a.

Annual Report 2021 | 33

Company no. 03693002

Balance Sheet

As at 31 March 2021

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----- Start of picture text -----
Note The group 2021 2020 The charity 2021 2020
Fixed assets £ £ £ £
Tangible fixed assets 13 358,286 302,356 275,263 283,138
Investment in subsidiary 16 - - 100 100
Listed investments 16 1,041,788 1,927,248 1,041,788 1,927,248
Total fixed assets 1,400,074 2,229,605 1,317,151 2,210,487
Current assets
Debtors 17 551,113 777,332 457,891 692,554
Cash at bank and in hand 1,380,677 663,390 1,329,604 445,671
Total current assets 1,931,791 1,440,722 1,787,496 1,138,225
Current liabilities
Creditors: amounts falling due within one year 18 (931,745) (1,132,474) (781,762) (1,055,627)
Total current liabilities (931,745) (1,132,474) (781,762) (1,055,627)
Net current assets 1,000,045 308,248 1,005,733 82,598
Total assets less current liabilities 2,400,120 2,537,853 2,322,884 2,293,084
Non current liabilities
Creditors: amounts falling due after one year 19 (196,457) (313,166) (90,000) (180,000)
Total non current liabilities (196,457) (313,166) (90,000) (180,000)
Net assets 2,203,663 2,224,687 2,232,884 2,113,084
Represented by
Restricted income funds 22a 1,419 7,130 1,419 7,130
Unrestricted funds:
Designated funds 597,568 678,000 597,568 678,000
General funds 1,604,676 1,539,557 1,633,898 1,427,954
Total unrestricted funds 2,202,244 2,217,557 2,231,466 2,105,954
Total funds 2,203,663 2,224,687 2,232,884 2,113,084
----- End of picture text -----

Approved by the Trustees on 23 September 2021 and signed on their behalf by

Heather Goodhew

Chair of Trustees

34 | Annual Report 2021

Consolidated Statement of Cash Flows

For the ended 31 March 2021

==> picture [506 x 416] intentionally omitted <==

----- Start of picture text -----
2021 2020
£ £
Cash flows from operating activities
Net (expenditure) (21,024) (441,667)
Add/(less):
Depreciation charges 30,347 42,648
-
Loss on disposal of fixed asset 1,755
Dividends and interest from investments (50,429) (62,863)
(Gains)/losses on investments (364,632) 110,175
Decrease/(increase) in debtors 226,219 (601,665)
Increase/(decrease) in creditors (317,438) 1,034,062
Net cash flow from operating activities (495,201) 80,690
Cash flows from investing activities:
Purchase of investments - (500,000)
Sale of investments 1,250,092 -
Dividends and interest from investments 50,429 62,863
Purchase of fixed assets (88,032) (22,146)
Net cash used in investing activities 1,212,489 (459,283)
Cash flows from financing activities:
Movements of cash held in investment portfolio pending investment - (353)
Net cash provided by financing activities - (353)
Change in cash and cash equivalents in the year 717,287 (378,946)
Cash and cash equivalents at the beginning of the year 663,390 1,042,336
Cash and cash equivalents at the end of the year 1,380,677 663,390
----- End of picture text -----

Annual Report 2021 | 35

Notes to the Financial Statements For the ended 31 March 2021

1. Accounting policies

a. Statutory information

Vision Foundation for London is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 12 Whitehorse Mews, 37 Westminster Bridge Road, London SE1 7QD.

b. Basis of preparation

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary G.L.F. Charitable Purposes Trading Company Limited 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 companies 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.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The charitable company meets the definition of a public benefit entity under FRS 102.

d. Going concern

The Trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. Further consideration of going concern and the impact of Covid-19 can be found in the Trustees’ report

e. Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, the charity has been notified of the executor’s intention to make a distribution, executors have established that there are sufficient assets in the estate to pay the legacy, and performance obligations have been met. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Claims made through the UK Government’s Coronavirus Job Retention Support Scheme are recognised as income in the period which the associated staff were furloughed. This income is considered to be unrestricted. Small

36 | Annual Report 2021

business retail grants have been recognised as unrestricted income in the periods to which they relate.

f. Donations of services

Donated professional services are recognised as income when the charity has received the service, any conditions associated with the donation 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. On receipt, professional services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h. Fund accounting

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

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

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:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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.

j. Grants payable

Grants payable are made to third parties in furtherance of the charity’s objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k. Allocation of support and governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. The cost of overall direction and administration of activities, comprising the salary and overhead costs of the central function, is apportioned based on the weighting of expenditure incurred in direct activities.

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.

l. Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Annual Report 2021 | 37

Notes to the Financial Statements (continued) For the ended 31 March 2021

m. Tangible fixed assets

Fixed assets with a purchase price exceeding £1,000 are capitalised and depreciated over their useful economic life. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

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:

n. Investments in subsidiaries

Investments in subsidiaries are held at cost.

o. Other investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted bid value price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

p. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of six months or less from the date of acquisition or opening of the deposit or similar account.

r. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probablyresult in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

s. Financial instruments

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

t. Pensions

The charity contributes to a defined contribution pension scheme for employees under auto-enrolment. The assets of the Scheme are held separately from those of the undertaking in an independently administered fund. The pension costs charge represents contributions payable by the charity to the Scheme.

38 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

2. Income from donations, legacies and events

Unrestricted
£
Restricted
£
2021
Total
£
2020
Total
£
Gifts 146,902
954
147,856
148,810
Legacies 690,216
-
690,216
690,216
Donations 449,413
906
450,320
451,226
Corporate and trust donations 134,696
76,771
211,467
288,238
Event income 26,908
-
26,908
26,908
1,448,134
78,631
1,526,766
1,605,397

The Charity has been notified of certain legacies which have not been accrued due to uncertainty as to the amount and timing of the receipt. The estimated value of these legacies is in the region of £476k (2020:£587k).

The unrestricted gifts of £147k (2020: £78k) represent pro bono support provided during the year.

3. Income from other trading activities

Unrestricted
£
Restricted
£
2021
Total
£
2020
Total
£
Sales of donated goods 223,037
-
223,037
1,028,434
Income from Government Grants (Covid-19 relief) 422,397
-
422,397
6,968
645,434
-
645,434
1,035,402

4. Income from investments

4. Income from investments
Unrestricted
£
Restricted
£
2021
Total
£
2020
Total
£
Investments and dividends 50,429
-
50,429
62,863
50,429
-
50,429
62,863

Annual Report 2021 | 39

Notes to the Financial Statements (continued) For the ended 31 March 2021

5. a. Analysis of expenditure 2021

==> picture [506 x 303] intentionally omitted <==

----- Start of picture text -----
Raising funds
Fundraising Charitable Governance
costs Trading activities Support costs costs 2021 total
£ £ £ £ £ £
Grants to individual charities (Note 7) - - 296,153 - - 296,153
- -
Research, Campaigning & Advocacy 21,352 21,352
- -
Staff costs (Note 9) 330,248 502,573 222,736 199,842 - 1,255,398
- -
General fundraising 135,519 135,519
- -
Rents, rates and office costs 839 226,093 659 375,413 - 603,004
- - -
Audit and accountancy fees 13,520
- 13,520
- - -
Governance and legal costs 115,502 39,968 155,470
Other costs 13,215 62,658 2,446 73,837 - 152,156
479,821 791,324 543,346 764,593 53,488 2,632,572
Support costs 254,839 221,176 288,578 (764,593) -
Governance costs 10,456 31,191 11,841 (53,488) -
Total expenditure 2021 745,116 1,043,691 843,765 - - 2,632,572
----- End of picture text -----

5. b. Analysis of expenditure 2020

==> picture [506 x 292] intentionally omitted <==

----- Start of picture text -----
Raising funds
Fundraising Charitable Governance
costs Trading activities Support costs costs 2020 total
£ £ £ £ £ £
Distribution to member societies
- - 1,192,788 - - 1,192,788
(Note 6)
Grants to individual charities (Note - - 371,772 - - 371,772
7)
Staff costs (Note 9) 264,964 485,959 178,705 160,337 - 1,089,966
General fundraising 128,671 - - 63 - 128,734
Rents, rates and office costs 288 323,956 - 86,840 - 411,084
Audit and accountancy fees - - - - - 19,630
Governance and legal costs - - - - 19,630 75,554
Other costs 14,715 89,490 1,307 144,703 75,554 250,216
408,639 899,404 1,744,573 391,944 95,184 3,539,744
Support costs 65,987 44,245 281,712 (391,944) -
Governance costs 11,647 33,815 49,722 (95,184) -
Total expenditure 2020 486,272 977,464 2,076,008 - - 3,539,744
----- End of picture text -----

40 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

The allocation methodology for support costs and governance costs has been reviewed and updated. Figures for 2019/20 have been restated using the same methodology. Further details can be found in note (j).

6. Distribution to Member Societies

==> picture [507 x 242] intentionally omitted <==

----- Start of picture text -----
2021 2020
Total Total
£ £
Croydon Vision - 112,400
Clarity - Employment for Blind People - 23,520
Kingston Upon Thames Association for the Blind - 112,400
Merton Vision - 112,400
BlindAid - 224,800
The Middlesex Association for the Blind - 157,360
SeeAbility - 224,800
Sight for Surrey - 112,400
Sutton Vision - 112,400
- 1,192,480
Additional “Geranium Day” funds raised for distribution to Local Associations, Clubs for - 308
the blind and partially-sighted people
Total distributions to Member Societies - 1,192,788
----- End of picture text -----

2019/20 marked the final year of payments under Vision Foundation’s membership model. Henceforth all grants are made through a competitive and impact driven grants making process, which is covered under note 7.

Annual Report 2021 | 41

Notes to the Financial Statements (continued) For the ended 31 March 2021

7. Grantmaking

==> picture [506 x 648] intentionally omitted <==

----- Start of picture text -----
2021 2020
Grants to institutions
£ £
Afghanistan and Central Asian Association (ACAA) - 14,873
Baluji Music Foundation - 21,000
Blind in Business 10,000 20,000
Blind Veterans UK 50,000 -
Bromley District Talking News - 2,898
Community Enterprise East London - 4,980
Croydon Vision - 6,000
Deafblind UK - 7,500
Disability Advice Service Lambeth 49,979 4,997
Extant - 5,000
Eye Heroes - 40,000
Jewish Care - 6,000
Kent Association for the Blind 9,700 7,500
Kingston Upon Thames Association for the Blind * 318 -
London Vision 8,890 -
Look UK - 14,850
Lunch Club Plus for the Blind - 8,000
Macular Society 9,990 -
Merton Sports and Social Club - 1,700
Merton Vision * 636 -
Metro Sports and Social Club 43,890 -
Middlesex Association for the Blind - 10,000
Mixed Martial Arts for Reform And Progression - 19,914
Mousetrap Theatre - 6,000
Panathlon - 6,000
QCCA (Queens Crescent Community Association) - 20,000
RNIB - 10,000
SeeAbility 50,000 20,000
Sense - 15,000
Sight for Surrey - 10,000
Sutton Vision 9,500 15,000
Talking News Islington - 2,000
The Amber Trust - 13,560
The Change Foundation - 15,000
The Photographer’s Gallery 5,800 -
The Royal Society for Blind Children 47,450 -
Time and Talents - 22,000
Timebank UK - 16,000
University of Birmingham 17,452 -
Wood Street Wall CIC - 6,000
Total 313,605 371,772
----- End of picture text -----

The starred (*) donations are estimations of the value of goods donated, rather than cash grants.

42 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

8. Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
Total Total
£ £
Depreciation
Loss or proft on disposal of fxed assets
Operating lease rentals
Auditor’s remuneration (excluding VAT):
Audit		 30,347
1,755
199,361
9,800		 42,648
-
249,110
9,000
Other services 2,100 1,000

9. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

==> picture [504 x 202] intentionally omitted <==

----- Start of picture text -----
2021 2020
Total Total
£ £
Salaries and wages 1,114,689 953,601
Redundancy and termination costs 1,356 20,271
Social security costs 84,903 76,545
Employer’s contribution to defined contribution pension schemes 54,450 39,548
1,255,398 1,089,966
The following numbers of staff have emoluments above £60,000: 2021 2020
No. No.
£60,000 - £69,999 2 -
£70,000 - £79,999 1 1
----- End of picture text -----

The key management personnel are the members of the Executive Leadership Team. The total employee benefits (including employer’s pension contributions and employer’s national insurance contributions) of the key management personnel were £473k (2020: £208k).

The charity Trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). One charity trustee received payment for professional services supplied to the charity totalling £1,000 (2020: £nil). This payment was agreed before the trustee had become a Board member, and was approved by the Board.

Trustees’ expenses represents the payment or reimbursement of travel and subsistence costs. This totalled £0 (2020: £329) incurred by no (2020: one) members relating to attendance at meetings of the Trustees.

Annual Report 2021 | 43

Notes to the Financial Statements (continued) For the ended 31 March 2021

10. Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

2021
No.
2020
No.
Offce and management 5
6
Fundraising, publicity and collections 11
12
Grantmaking 2
Trading activities 21
21
39
39

11. Related party transactions

In 2020/21, two Trustees of the Fund, B. Hughes and S. Mansour were also Trustees of Sight for Surrey and Croydon Vision, respectively, acting as our Member Trustees in line with the Articles of Association. In 2019/20 Sight for Surrey received a distribution of £112,400, of which £nil remained unpaid at year end. Croydon Vision received a distribution of £112,400, of which £90,000 remained unpaid at the year end. In 2020/21 neither organisation received a distribution.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

12. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity’s trading subsidiary G.L.F. Charitable Purposes Trading Company Limited has historically distributed all available profits to the parent charity. The company did not distribute its profits for 2019/20 and therefore had a charge to corporation tax. The company did not make a profit in 2020/21, so has no distributable profits and is able to reclaim prior year tax.

2021
£
2020
£
UK corporation tax at 19% (2020: 19%) (24,287)
24,287

44 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

13. Tangible fixed assets

==> picture [506 x 309] intentionally omitted <==

----- Start of picture text -----
Furniture Models and
The group Freehold Motor Leasehold
and office Database collection Total
property vehicles Improvements
equipment £ materials £
£ £ £
Cost £ £
At the start of the year 465,007 15,625 32,122 117,667 23,944 20,905 675,270
- - -
Additions in year 33,952 48,321 5,760 88,032
- - - - -
Disposals in year (14,481) (14,481)
At the end of the year 465,007 15,625 66,074 151,507 29,704 20,905 748,822
Depreciation
At the start of the year (190,748) (15,625) (19,258) (103,897) (22,480) (20,905) (372,914)
Depreciation charge for
- -
year (11,444) (7,635) (8,785) (2,484) (30,347)
- - - - -
Eliminated on disposal 12,726 12,726
At the end of the year (202,192) (15,625) (26,893) (99,956) (24,964) (20,905) (390,535)
Net book value
- -
At the end of the year 262,815 39,181 51,551 4,740 358,286
- -
At the start of the year 274,259 12,864 13,769 1,464 302,356
----- End of picture text -----

All of the above assets are used for charitable purposes.

The charity
Cost		 Freehold
property
£
Furniture
and offce
equipment
£
Database
£
Models and
collection
materials
£
Total
£
At the start of the year 465,007
98,445
23,944
20,905
608,301
Additions in year -
3,476
5,760
-
9,236
Disposals in year -
-
-
-
-
At the end of the year 465,007
101,921
29,704
20,905
617,537
Depreciation
At the start of the year (190,748)
(91,029)
(22,480)
(20,905)
(325,163)
Charge for the year (11,444)
(3,184)
(2,484)
-
(17,111)
Eliminated on disposal -
-
-
-
-
At the end of the year (202,192)
(94,213)
(24,964)
(20,905)
(342,274)
Net book value
At the end of the year 262,815
7,708
4,740
-
275,263
At the start of the year 274,259
7,416
1,464
-
283,138

All of the above assets are used for charitable purposes.

Annual Report 2021 | 45

Notes to the Financial Statements (continued) For the ended 31 March 2021

14. Subsidiary undertaking

The charitable company owns the whole of the issued ordinary share capital of G.L.F. Charitable Purposes Trading Company Limited, a company registered in England. The subsidiary is used for non-primary purpose trading activities. Keith Felton, Heather Goodhew and Sharon Petrie are Trustees and directors of both entities.

All activities have been consolidated on a line-by-line basis in the statement of financial activities. Available profits are distributed to the charitable company. A summary of the results of the subsidiary is shown below:

==> picture [506 x 434] intentionally omitted <==

----- Start of picture text -----
2021 2020
£ £
Turnover 645,341 1,035,402
Cost of sales (754,519) (872,697)
Gross profit (109,178) 162,705
Administrative expenses (56,027) (37,885)
(Loss) / profit on ordinary activities before interest and taxation (165,205) 124,820
Interest receivable 93 127
Profit on ordinary activities (165,111) 124,946
- -
Distribution to parent
(Loss) / profit before taxation (165,111) 124,946
Taxation on profit on ordinary activities 24,287 (24,287)
(Loss) / profit for the financial year (140,824) 100,659
The aggregate of the assets, liabilities and funds was:
Assets 229,529 448,183
Liabilities (258,651) (336,480)
Funds (29,122) 111,703
----- End of picture text -----

15. Parent charity

The parent charity’s gross income and the results for the year are disclosed as follows:

15.
Parent charity
The parent charity’s gross income and the results for the year are disclosed		 as follows:
2021 2020
Gross income £
1,577,195		 £
2,197,009
Results for the year (244,832) (542,327)

46 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

16. Investments

==> picture [506 x 424] intentionally omitted <==

----- Start of picture text -----
The group The charity
2021 2020 2021 2020
£ £ £ £
Listed investments brought forward 1,927,248 1,537,423 1,927,248 1,537,423
- -
Disposal proceeds (1,250,092) (1,250,092)
Purchases - 500,000 - 500,000
Net gain / (loss) on change in fair value 364,632 (110,175) 364,632 (110,175)
Fair value of listed investments at the end of the year 1,041,788 1,927,248 1,041,788 1,927,248
Investment in subsidiary - - 100 100
Total investments 1,041,788 1,927,248 1,041,888 1,927,348
Historic cost 895,739 2,000,000 895,739 2,000,000
17. Debtors
The group The charity
2021 2020 2021 2020
£ £ £ £
- - -
Amounts due from subsidiary undertaking 2,211
Other debtors 61,981 27,653 2,080 2,915
Prepayments 52,907 104,482 17,374 44,442
Accrued income 436,226 645,196 436,226 645,196
551,113 777,332 457,891 692,554
----- End of picture text -----

18. Creditors: amounts falling due within one year

==> picture [505 x 165] intentionally omitted <==

----- Start of picture text -----
The group The charity
2021 2020 2021 2020
£ £ £ £
- -
Amounts due from subsidiary undertaking 2,211 126,468
Trade creditors 54,706 58,522 48,038 42,568
Taxation and social security 30,854 65,944 30,668 33,949
Other creditors, accruals and deferred income 487,682 229,594 344,553 74,229
Grants payable 358,504 778,414 358,504 778,414
931,745 1,132,474 781,762 1055,627
----- End of picture text -----

Annual Report 2021 | 47

Notes to the Financial Statements (continued) For the ended 31 March 2021

19. Creditors: amounts falling due after one year

==> picture [505 x 199] intentionally omitted <==

----- Start of picture text -----
2021 2020
£ £
Group 90,000 90,000
Grants payable within 1-2 years 106,457 106,457
Dilapidation provision
196,457 196,457
Dilapidation provision
Balance brought forward 133,166 143,165
(Decrease)/increase in provision (26,709) (9,999)
Balance brought forward and carried forward 106,457 133,166
----- End of picture text -----

20. Vision Foundation Flexible Retirement Plan

The Charity and its Trading subsidiary participate in an occupational defined contribution scheme, which is open to staff and is a qualifying pension scheme for auto-enrolment purposes. All eligible employees joined this scheme from the staging date of 1 March 2016. The Charity and its subsidiary performed a statutory re-enrollment staging date at 1 April 2019.

21. Analysis of group net assets between funds (current year)

General
unrestricted
£
Designated
funds
£
Restricted
funds
£
Total
funds
£
Tangible fxed assets 358,286
-
-
358,286
Investments 444,220
597,568
-
1,041,788
Net current assets 998,627
-
1,419
1,000,045
Long term liabilities (196,457)
-
-
(196,457)
Net assets at 31 March 2021 1,604,676
597,568
1,419
2,203,663

In the prior year all funds were unrestricted and so net assets were held as unrestricted.

48 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

22. a. Movements in reserves (current year)

==> picture [506 x 448] intentionally omitted <==

----- Start of picture text -----
At 1 April Income & Expenditure At 31 March
2020 gains & losses Transfers 2021
£ £ £ £ £
Restricted funds:
Centenary Appeal 7,130 31,406 (38,536) - -
BlindLockdownLife - 3,000 (3,000) - -
COVID-19 Bromley Telephone Support Service - 5,000 (5,000) - -
Vision Fund - 19,400 (19,400) -
-
Employment Research 18,871 (17,452) 1,419
Laptops for Grantees - 954 (954) -
Total restricted funds 7,130 78,631 (84,343) - 1,419
Unrestricted reserves:
Designated reserves:
-
Centenary Reserve 250,000 (132,432) (70,000) 47,568
Partner Support Reserve 250,000 - - (250,000) -
- - -
Strategic Grants Reserve 350,000 350,000
- -
Strategic Purposes Reserve 178,000 22,000 200,000
-
Total designated reserves 678,000 (132,432) 52,000 597,568
General reserves 1,427,954 1,863,195 (1,605,251) (52,000) 1,633,898
-
Trading reserves 111,603 645,434 (786,259) (29,222)
Total reserves 2,224,687 2,587,261 (2,608,285) - 2,203,663
----- End of picture text -----

The narrative to explain the purpose of each reserve is given at the foot of the note below.

Annual Report 2021 | 49

Notes to the Financial Statements (continued) For the ended 31 March 2021

22. b. Movements in reserves (prior year)

==> picture [505 x 420] intentionally omitted <==

----- Start of picture text -----
At 1 April Income & Expenditure Transfers At 31 March
2020 gains & losses 2021
£
£ £ £ £
Restricted funds:
- -
Kingston Assoc for the Blind 7,130 6,825 (6,825)
- - -
Mousetrap Theatre Projects 1,300 (1,300)
- - -
Centenary Appeal 7,130 7,130
Blind in Business - 10,000 (10,000) - -
- - -
HQ Refurbishment 5,000 (5,000)
Change Foundation - VI Rugby - 5,000 (5,000) - -
Total restricted funds - 35,255 (28,125) - 7,130
Unrestricted reserves:
Designated reserves:
- - -
Operating Reserve 400,000 (400,000)
- - -
Dilapidation Reserve 143,165 (143,165)
- - -
Centenary Reserve 250,000 250,000
- - -
Capital Projects Reserve 200,000 (200,000)
- - -
Partner Support Reserve 250,000 250,000
- -
Strategic Purposes Reserve 600,000 (422,000) 178,000
- -
Total designated reserves 1,593,165 (915,165) 678,000
General funds 1,062,245 2,051,580 (2,601,037) 915,165 1,427,954
-
Trading funds 10,944 1,035,528 (934,869) 111,603
Total unrestricted reserves 2,666,354 3,122,364 (3,564,031) - 2,224,687
----- End of picture text -----

50 | Annual Report 2021

Notes to the Financial Statements (continued) For the ended 31 March 2021

Purposes of restricted funds

2020/21

Centenary Appeal - For our Centenary Appeal, funding employability programmes.

BlindLockdownLife - Information campaign about social isolation.

COVID-19 Bromley Telephone Support - Assistive technology support services.

Vision Fund - Funding projects in our Vision Fund.

Employment Research - Investigation into factors contributing towards positive employment outcomes for visually impaired people.

Laptops for Grantees - Gifts in kind for specific grantees.

2019/20

Kingston Association for the Blind - Funding social and sporting activities.

Mousetrap Theatre Projects - Funded two interactive theatre Envision days in the West End, supporting 30 visually impaired students between the ages of 11 – 18.

Centenary Appeal - For our Centenary Appeal in 21/22, funding employability programmes.

Blind in Business - Funded two Education to Employment events, delivered by Blind in Business.

HQ Refurbishment - Funded refurbishment at 12 Whitehorse Mews.

Change Foundation - VI Rugby - Funded the development of the very first national visually impaired rugby festival.

Purposes of designated reserves

Designated reserves are set aside by Trustees in order to pursue specific strategic aims:

The Centenary Reserve designates a legacy gift for our Centenary Appeal. The Partner Support Reserve existed to support our former member organisations during the transition away from the membership model. The Strategic Grants Reserve has been designated to ensure we can expand our grants programme to greater prioritise achieving impact for blind and partially sighted people. The Strategic Purposes Reserve has been designated for organisational investment to help build capacity and produce benefits in the longer term.

Annual Report 2021 | 51

Notes to the Financial Statements (continued) For the ended 31 March 2021

23. Operating lease commitments

The group’s total future minimum lease payments under non-cancellable operating leases are as follows for each of the following periods:

following periods:
2021
£
2020
£
Less than one year 242,325
263,622
One to fve years 711,065
874,676
Over fve years 427,416
521,934
1,380,807
1,660,232

24. Post balance sheet events

There are two notable non-adjusting events following the end of financial year.

The charity Trustees have agreed to transfer the retail activities currently operating under the subsidiary GLF Charitable Purposes Trading Company into Vision Foundation. This is intended to occur within the financial year 2021/22.

In June 2021, the charity sold a painting that had been left in a legacy for the equivalent of £160,000.

25. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

52 | Annual Report 2021

Boots and cane outside the home of Charmaine who lost her sight suddenly due to a stroke. Our support helped Charmaine to adjust to her new disability and regain her confidence as an active mother to her two young daughters.

~~alee~~ le fe ~~he aaa~~ he Annual Report 2021 | 53 Vp oe ee ee

Thank you

We would like to thank the following partners and supporters who have contributed significantly to our achievements this year through donations, pro bono support, or gifts in kind. We cannot thank you enough for your support:

Aspen Insurance Group BGC Partners Cadell Charles Russell Speechlys David Gold Dawsons Auctioneers Esrael Alem Frances Segelman (Lady Petchey) and Sir Jack Petchey CBE

Groupon

Insurance Industry Charitable Foundation UK Jack Hannon Kathryn Powley Koch Metals Trading Limited Legal & General Lisa & Adrian Binks Marcus Dilistone

Matthew Butler Nic Owen Ofenheim Charitable Trust Portner Reed Foundation Scouloudi Foundation Serena Hesmondhalgh Sidley Austin LLP Theatre Tokens The Chartered Accountants’ Livery Charity The Dorotheum The Frances Mary Smith Charitable Trust The Geoff & Fiona Squire Foundation Lady Allison and Sir Harvey McGrath The Murphy Family Foundation Wowcher

With special thanks to our legacy donors this year. Their generous decision to remember the Vision Foundation in their will has ensured that we could be there for those who needed us most in this challenging year:

B Slater D Cremer Eileen Harriss G Gruner Irma Austin

John Woodmancy Marjorie Idina Emily Stonehouse Peter Jukes Tadeusz Laskowski

54 | Annual Report 2021

Lastly, we would like to thank our Royal Patron, Vice Presidents, Trustees, Appeal Board and Advisory Committee members, who give their time, expertise and profile in support of ensuring change for blind and partially sighted people. We could not exist without your support:

Royal Patron:

HRH The Countess of Wessex

Our Vice Presidents:

Cherie Blair CBE, QC Lord David Blunkett Sir Rocco Forte The Rt Hon Sir John Major KG CH Frances Segelman (Lady Petchey) Ian Davies

Our Trustees:

Darren Barker Victoria Currey Heather Goodhew (Chair) Keith Felton Elizabeth Honer Bob Hughes Ly Lam (Treasurer) Susanette Mansour Dr Amit Patel Sharon Petrie

Our Grants and Impact Advisory Committee:

Darren Barker (Chair) Natalie Doig Dr Amit Patel Keith Valentine

Our Centenary Appeal Board:

Lisa Binks Ian Davies Richard Farr David Gold Heather Goodhew (Co-Chair) Harry Harris Mariza Jurgens Alan Pickering Gavin Prentice Naqi Rizvi (Co-Chair)

Annual Report 2021 | 55

WINNER Rising Leader Olivia Curno

FINALIST Change Project of the Year

Vision Foundation

WINNER Great Giving Award

Connect with us Call us: 020 7620 2066 Email us: hello@visionfoundation.org.uk Website: www.visionfoundation.org.uk

FINALIST Best Supporter Experience

@Vision_Fdn @VisionFdn @Vision_Fdn

Registered charity number 1074958

FINALIST Breakthrough of the Year

#BlindLockdownLife

12 Whitehorse Mews 37 Westminster Bridge Road London SE1 7QD Registered with REGULATOR FUNDRAISING

FINALIST Rising Chief Executive Olivia Curno ©