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2020-12-31-accounts

Peek Vision Foundation

Annual Report and Consolidated Financial Statements

31 December 2020

Company Limited by Guarantee Registration Number 09919543 (England and Wales) Charity Registration Number 1165960 (England and Wales)

Contents

Reference and administrative information 3
Trustees’ report 4
Independent auditor’s report 15
Consolidated statement of financial
activities 20
Balance sheets 21
Consolidated statement of cash flows 22
Principal accounting policies 23
Notes to the financial statements 27

Reference and administrative information Year to 31 December 2020

Trustees Prof M J Burton
Prof A Foster OBE
Mr M Frost CBE
Ms N Sykes
Ms R Eastmond
Mr E Gasagara (appointed 21 April 2020)
Registered office 90a High Street
Berkhamsted
Hertfordshire
HP4 2BL
Company Registration Number 09919543 (England and Wales)
Charity Registration Number 1165960 (England and Wales)
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers Metro Bank Plc
One Southampton Row
London
WC1B 5HA
Santander Bank
2 Triton Square
London
NW1 3AN

Peek Vision Foundation 3

Trustees’ report Year to 31 December 2020

The trustees present the consolidated report and financial statements for the year ended 31 December 2020 of The Peek Vision Foundation (the Foundation) and its subsidiaries, Peek Vision Limited (the Company) and Peek Vision Proprietary Limited.

The financial statements have been prepared in accordance with the principal accounting policies set out on pages 23 to 26 and comply with the requirements of the Companies Act 2006, the Charity’s Memorandum and Articles of Association, applicable laws, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) (effective 1 January 2019).

Objectives and activities

The Foundation's objects are for the public benefit, anywhere in the world:

The Foundation's objects may be only amended by special resolution with the prior written consent of the Charity Commission.

Our Values

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

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the 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.

There has been no change in these objectives during the year.

Peek Vision Foundation 4

Trustees’ report Year to 31 December 2020

Objectives and activities (continued)

Our strategy

The Peek Vision Foundation was established in 2015 to develop technology and health intelligence that empowers healthcare providers to deliver quality, sustainable eye health to everyone who needs it.

The Foundation wholly owns a trading company, Peek Vision Ltd, established in 2016 registered in the UK. Peek Vision Limited has a registered office and wholly owned subsidiary in Botswana, Peek Vision (Proprietary) Limited, established in 2019. The Company develops products and services to bring better eye care to people worldwide. Any profits generated by the Company’s activities ultimately belong to the Foundation. The Foundation uses its funds to build eye care capacity in low- and middle-income countries by supporting people, knowledge, and tools. Peek Vision (Proprietary) Limited largely focuses on global training, quality assurance and testing functions to support the delivery of the Company strategy.

The Foundation has been primarily focused on supporting the establishment of Peek Vision Ltd as a sustainable, thriving provider of technology and public health tools to improve eye health services. As such, most of this 2020 annual review focuses on the activities of the Company. Collectively, our vision is to achieve vision and health for everyone. Our mission is to create technology and health intelligence that empowers health service providers to deliver quality, sustainable eye and health care to everyone.

Like many organisations, we had to rapidly adapt our strategy in 2020 given the extraordinary circumstances due to the COVID-19 pandemic. An all-staff virtual meeting in April 2020 helped us to collectively identify a number of priorities we could focus on amidst a rapidly changing landscape. These included accelerating our ability to launch programmes remotely, exploring ways to make the data generated using our tools more meaningful and actionable, and improving the responsiveness of our customer support.

These forward-looking focus areas are now incorporated into our strategic plan for 2021 and beyond. We aim to be supporting 100 live programmes using Peek by the end of 2024. To help us achieve that, we are developing clear milestones for short- and long-term product development, partnerships, and financial sustainability.

Our structure

The Peek Vision Foundation is a UK registered charity (Charity Registration Number 1165960) and is the sole shareholder and 100% owner of Peek Vision Limited, a legal manufacturer of medical devices and a registered company incorporated in the United Kingdom (Company Registration Number 09937174). Peek Vision Limited has two registered offices, one in Botswana and one in the UK. Peek Vision Limited is the parent company, sole shareholder and 100% owner of Peek Vision (Proprietary) Limited incorporated in Botswana (Company Registration Number UIN BW00000520922).

All profits generated by the Company’s activities belong to the Foundation, which reinvests them in building eye care capacity in low- and middle-income countries.

Peek Vision Foundation 5

Trustees’ report Year to 31 December 2020

Achievements and performance

Achievements

The COVID-19 pandemic has affected eye health services in all of the countries where our tools are being used. Despite this, many of our partners managed to make substantial progress in 2020, reaching more people with Peek tools and making tangible improvements to eye health services.

Our implementing partners in Pakistan, the College of Ophthalmology & Vision Sciences (COAVS) and Sindh Institute of Vision Science (SIOVS), have shown remarkable tenacity in continuing to implement their eye health programmes. With the help of Peek they have greatly improved their use of resources. In Talagang, at the start of the programme over 40% of eye health consultations requiring glasses took place in hospital, causing long waiting times for complex, serious conditions. That number has now reduced to 1%, greatly increasing the hospital’s capacity to manage more complex issues.

In Zimbabwe, the CBM-Peek partnership with Zimbabwe Council for the Blind launched 2 new programmes this year, bringing the total number of programmes to 5. That means that 5 out of 10 provinces in the country now have programmes powered by Peek.

All of this activity would not have been possible without a huge effort from our Training and Support team. Prior to 2020 we were putting steps in place to gradually enhance our online training support, in preparation for scale. Those plans were massively accelerated this year, and by the end of the year the team had provided 3864 hours of training to 359 people, the vast majority of it online.

To support our online training provision, we developed a new online training portal, supported by Standard Chartered’s Seeing is Believing programme, which launched at the end of the year and will continue to be tested and expanded in the coming year. The portal will enable us to make our training more efficient, consistent and effective, establishing a great resource for new Peek users.

Our work with partners in programme delivery continues to be underpinned by an active programme of research and product development. A major achievement in 2020 was a successful application for a £3.8m Wellcome Trust Collaborative Award in Science, in partnership with the International Centre for Eye Health (ICEH), London, Ministry of Health Kenya and the University of Botswana.

The grant will enable a series of research projects which will build on Peek’s existing methodology and software to enable users to test multiple improvements to their current eye health screening and referral programmes at the same time. The work has the potential to redefine how health services in low- and middle- income countries can be optimised.

Other research highlights in 2020 included the publication of Dr Hillary Rono’s research article on smartphone - guided algorithms to assist eye health screening and referral in Kenya[1] . This research was part of Dr Rono’s PhD, which was awarded in July 2020. Further research from Dr Rono’s PhD examining various aspects of the Peek community eye health system is expected to be published in 2021.

1 JMIR Mhealth Uhealth . 2020 Jun 19;8(6):e16345. doi: 10.2196/16345.

Peek Vision Foundation 6

Trustees’ report Year to 31 December 2020

Achievements and performance (continued)

Achievements (continued)

Significant product developments this year have included streamlining our onboarding process and enabling remote co-design of programmes. We have also made key feature updates to our Rapid Assessment of Avoidable Blindness (RAAB7) software to enable the measurement of effective refractive error coverage. This work further differentiates RAAB7 from the previous version and aligns it to WHO eye health indicators. RAAB7 will launch widely in 2021.

In 2020 we expanded our Leadership team to provide additional capacity and alignment across core functions of the organisation and to steer the team through a challenging year with the uncertainty related to the pandemic. Through internal promotion of two senior staff we built our Leadership team from 3 to 5 by the end of the year.

All of these developments have been underpinned by outstanding operational performance. Notably, a successful ISO-27001 Audit and penetration test in 2020 confirmed our commitment to the highest standards of data protection and information security.

Progress

In many of the countries where we work, eye health personnel were redeployed to other areas of healthcare to meet the needs of the COVID-19 pandemic or restricted eye health services to emergency cases only. This inevitably delayed programmes, especially those which were poised to launch in 2020.

While programmes were paused, we focused on product development, reviewing our support processes and forward planning. We maintained regular contact with partners and developed online processes to support programme planning and training. The result is that at the end of the year, many locations are back up and running, and the new programmes which were delayed are looking set to launch in early 2021.

In November, we were delighted to announce that we will be working in partnership in Ghana with a new partner - Vision for a Nation (VFAN).

Another consequence of the COVID-19 pandemic was that Rapid Assessment of Avoidable Blindness (RAAB) surveys were halted for most of the year. Again, we diverted some of the staff time gained by this to focus on product development, and we are now in a good position to launch RAAB7 (the latest version of the survey) in 2021.

In September 2020, we permanently closed sales of Peek Retina, our smartphone retina imaging attachment which launched in 2018. Following extensive research, feedback from users and sales analysis it became clear that Peek Retina would require substantial financial and staff time investment to have an impact in line with our ambitions. It is clear that investing in our software and tools to support eye health programmes will make a bigger contribution to achieving our mission than investing in the necessary technical developments, marketing and sales infrastructure needed for Peek Retina to meet its potential.

We are proud of what we achieved with Peek Retina and we hope that its development will inspire other mission-driven eye health organisations to explore the great potential of smartphone-based eye imaging tools. The closure of sales was carefully managed, with proactive communications to key stakeholders and a successful drive to donate remaining stock to appropriate educational and charitable organisations.

Peek Vision Foundation 7

Trustees’ report Year to 31 December 2020

Achievements and performance (continued)

Progress (continued)

Our team was remarkably successful in adapting to the changes and constraints that 2020 brought. Team members have enthusiastically adopted new ways of ensuring we maintain and look out for each others’ wellbeing, including regular informal online gatherings and virtual social events.

We were quick to assess and re-plan our financial situation once the scale and likely impact of the COVID-19 pandemic became apparent in early 2020. A recruitment freeze for much of the year and other measures to minimise our expenses have left us in good shape financially at the end of this year. We welcomed a new major donor during Q1 2020 which, alongside our existing, generous donor community, helped us to reach our minimum 2020 fundraising target. The new donation came at a critical time as we considered the best response to the pandemic.

2020 was the first year that the Peek Vision Foundation awarded its Peter Ackland Scholarship. The scholarship was originally intended to fund travel costs and fees for one participant in the renowned International Centre for Eye Health (ICEH) Global Eye Health short course. However, in 2020 the course was held online in response to COVID-19 travel restrictions, so the scholarship was extended to cover course fees for 30 shortlisted candidates from 19 countries. Twenty students received a scholarship to attend the online course in July and ten students were provided with a scholarship d when the course was offered again in November.

Challenges

The COVID-19 pandemic has presented challenges, both for the programmes using our technology and in how our team supports them.

Thankfully, many of the countries where Peek is being implemented have managed to avoid the severe outbreaks of COVID-19 seen in Europe and the Americas. Nonetheless, precautionary measures to stop the virus spreading caused most of the eye health services using Peek to be temporarily suspended. School eye health programmes were particularly affected, with widespread school closures.

Despite these disruptions, our partners have shown incredible adaptability and resilience which has allowed us to maintain momentum. For example, in Uganda, a school eye health programme was in the early stages of planning at the start of 2020. Once the impact of school closures was clear, we worked with our partners CBM International and Ruharo Eye Hospital to establish a community eye health programme instead which launched in Q4 2020.

Travel restrictions prompted by the pandemic meant that we accelerated our existing plans to reduce time spent on programme setup and maintenance, by maximising what can be done online. We reviewed and streamlined the processes to set up our product, and accelerated the development of the online training portal. Even when global travel restrictions lift, we expect these changes to support our long- term sustainability and ability to scale.

A broader effect of the pandemic has been an inevitable diversion of government and global health priorities away from vision loss. The long- term effect on eye health - already a neglected health issue globally - is uncertain. 2020 was meant to be a landmark year for vision and while many advocacy activities took place virtually, the pandemic has resulted in less attention on eye health that might have otherwise been expected.

Peek Vision Foundation 8

Trustees’ report Year to 31 December 2020

Achievements and performance (continued)

Challenges (continued)

Peek is an active participant in global advocacy for eye health, particularly through our partnership with the International Centre for Eye Health (ICEH) and membership of the International Agency for the Prevention of Blindness (IAPB). We continue to work with partners to advocate for eye health and expect to redouble our collective efforts in the coming year to make up for the lost opportunities of 2020.

Finally, although we were able to end 2020 in a healthy financial position, we are aware that the COVID-19 pandemic is likely to have long-term consequences for funding in the sector, which may affect us directly or indirectly through our partners. We spent time this year working with our partners to ensure our funding model is more resilient to sudden changes, and continue to work on diversifying our sources of funding to improve our long-term sustainability.

Future plans

Subject to COVID-19 restrictions, we are on track to launch programmes in four new countries in early 2021, while continuing to expand programmes in our established countries. We expect to see the benefits of the product and training development work we did in 2020, allowing us to support more programmes using our existing staff resources.

At the end of 2020 we conducted a review of our structure and strategy for 2021. As a result of that review, we have expanded our Leadership team, refined our objectives for 2021 and put in place new structures to ensure we remain accountable and flexible as we go through the year. We are also actively looking at new ways to support team development through 2021, including instigating regular personal development time for each team member and quarterly all-staff virtual meetings to review progress and plan ahead.

2021 promises to be an exciting year for our research activities, continuing to build on our long-standing partnership with the International Centre for Eye Health (ICEH). Support from the Wellcome Trust will allow us to build on our existing systems to develop new ways for eye health programmes in low- and middle- income countries to improve access to their services. We will also begin work on a new project to develop a tool for improving school eye health programme planning.

Also in partnership with ICEH, we aim to launch the latest version of the Rapid Assessment of Avoidable Blindness (RAAB7) eye health survey in 2021. RAAB7 is a fully-digitised version of the globally- recognised RAAB survey methodology, with several features that will enable eye health providers to improve the quality and quantity of data they can acquire about prevalence of blindness in their region.

Having successfully completed technical work in 2020 to make Peek Acuity (our distance visual acuity app) work across different platforms, we are now exploring ways to expand the functionality of our smartphone-based vision tests. In 2021 we will move forward with early development and scoping for near-vision and contrast sensitivity tests. We hope to finalise agreements with selected research partners in low- and middle- income countries to work with us on this and other research and development.

Peek Vision Foundation 9

Trustees’ report Year to 31 December 2020

Financial review

During 2020, the Peek Vision Group received income of £4,127,412 (2019 - £2,939,943) of which £1,546,803 (2019 - £879,154) was in the form of donations and grants and £2,552,748 was from contracted income (2019 - £1,999,028). £15,361 of the income (mission related trading) was derived from sales of Peek Acuity, Peek Retina and associated shipping costs (2019 - £25,303) and £12,500 (2019 - £36,458) related to income from other sources.

The Group has total expenditure of £2,967,856 (2019 - £2,682,511). Costs associated with mission related trading amounted to £5,062 (2019 - £541). The remaining expenditure amounting to £2,962,794 (2019 - £2,681,970) related to delivering the Foundation’s Eye Health Programmes.

Net income and net movement in funds amounted to £1,159,556 (2019 – £275,432).

Total funds for the Group as at 31 December 2020 amounted to £2,631,772 (2019 - £1,472,216) which was made up entirely of unrestricted funds in both years.

Financial Policies - Reserves, Remuneration and Investment

Reserves Policy: Our reserves policy takes into account both the appropriate working capital needs of our trading subsidiary as well as our overall organisational reserves. Unrestricted funds which have not been designated for a specific use should be aimed to be at a level equivalent to 12 months operating costs where possible but at a minimum should be maintained at a level of 6 month's operating costs or wind up costs, whichever is the greater. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves should be maintained throughout the year. In 2020 the minimum target was £1,000,000, this level was maintained throughout the year, as the Charity’s investment in its trading subsidiary grew in line with its strategy. The target set for 2021 is a minimum of £1,500,000. It is a target that will be reviewed throughout the year in light of business and charitable developments.

Remuneration Policy : The Foundation is aligned with the Company, which has a strategy for equity in compensation based on a set of compensation principles and an annual benchmarking exercise. Total compensation packages are consistent with the Vision, Mission and Values of the Foundation; appropriate to the applicable role - for example in size, scope and composition; benchmarked against local and other relevant market norms for equivalent civil society organisations; and the total salary budget is approved by the Board of trustees annually, within the budget approval process.

Investment Policy: The Foundation’s policy statement is to invest the Charity’s funds in accordance with the requirements (if any) inherited with those funds and in the absence of such requirements to invest in the formation and establishment of the Company to further the Foundation's charitable objectives. Investments must support the Charity’s strategy to make impact in health, in particular eye health. This includes in particular the Charity’s investments in its subsidiary company, Peek Vision Limited, however they may be structured (for example as grants, loans or guarantees).

Peek Vision Foundation 10

Trustees’ report Year to 31 December 2020

Financial review (continued)

Risk management

The Foundation has a risk management strategy comprised of:

In addition to the risks faced as a result of the recent COVID-19 pandemic, the trustees consider that the significant risks to which the Foundation would be exposed would be:

We are seeking to mitigate these risks in a number of ways. This includes establishing a minimum reserve to cover an abrupt fall in income and diversification of our donor base. We work with a variety of local civil society and governmental partners and ensure we are informed about the local political and social environments in which we work. We also follow health guidance in relation to the risk of disease. We actively support our staff through internal and external training and development activities to promote their well-being and development and have expanded the leadership team from two to four.

We work closely with our implementing partners to support negotiations with the government to secure the necessary approvals and Data Protection Agreements (DPAs). We have implemented an Information Security Management System (ISMS) that meets the requirements of the ISO 27001 information security standard. This includes an external auditing body that annually audits our ISMS to verify security controls meet the requirements of the standard. We commission an annual penetration test conducted by a 3rd party specialist security testing company. Continuous improvement, ISO 27001 drives continuous improvement and we regularly review our approach to data security and privacy to continuously improve our ISMS and our security & privacy controls.

As described above, the trustees are taking steps to raise further funding to ensure income continues in advance of expenditure. The trustees aspire to have a long term reserves policy of 6 to 12months’ expenditure when that is in place.

Peek Vision Foundation 11

Trustees’ report Year to 31 December 2020

Financial review (continued)

Risk management (continued)

The trustees have assessed the risk to which the Foundation is exposed and are satisfied that reasonable systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Foundation is a company limited by guarantee.

The Company has access to a panel of industry leaders who provide ad hoc advice and consulting on a pro bono basis, providing executive and operational support to the Company Directors and other Company staff in respect of its research and programme activities. This support augments the governance and oversight provided by the trustees for the Foundation as the sole Company shareholder.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Prof M J Burton Prof A Foster OBE Mr M Frost CBE Ms N Sykes Ms R Eastmond Mr E Gasagara Appointed April 2020

Recruitment, appointment and induction of new trustees

Trustees have been recruited for the applicability of their background and skills in the area of public health, eye health and the alignment with the vision, mission and values of the Foundation. One new trustee was appointed, Mr E Gasagara in April 2020.

Governing document

The Foundation is controlled by its governing document, a deed of trust and constitutes a company, limited by guarantee as defined by the Companies Act 2006.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Peek Vision Foundation 12

Trustees’ report Year to 31 December 2020

Structure, governance and management (continued)

Key Management Personnel

In addition to the trustees, the Foundation relies on the contribution of Andrew Bastawrous for execution of the Foundation's charitable objects through executive and programme activities. This includes fundraising, programme execution and management, reporting, accountability and planning. He is not remunerated by the Foundation for these activities, but he is remunerated as a Director of the Company.

The Foundation recruited an Operations Officer in January 2018 who is responsible for the day-to-day management of the Foundation and acts under the supervision of the CEO.

Along with all staff at the Company, the remuneration packages of Key Management Personnel are defined by reference to their skills and experience and benchmarked against market rates for equivalent roles. Remuneration is reviewed annually and forms part of the Company budget to be approved annually in advance by trustees.

Statement of trustees’ responsibilities

The trustees (who are also directors of Peek Vision Foundation for the purposes of company law) are responsible for preparing the trustees’ report and 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 Charity and the group and of the income and expenditure of the Charity and group for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Peek Vision Foundation 13

Trustees’ report Year to 31 December 2020

Statement of trustees’ responsibilities (continued)

Each of the trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

A resolution proposing that Buzzacott LLP be re-appointed as auditor of the company will be put to the members.

The trustees' report was approved by the Board of trustees.

Martin Frost

Trustee

Dated: 03/09/2021

Peek Vision Foundation 14

Independent auditor’s report Year to 31 December 2020

Independent auditor’s report to the trustees and members of The Peek Vision Foundation

Opinion

We have audited the financial statements of the Peek Vision Foundation (the ‘charitable parent company’) and its subsidiary (the ‘group’) for the year ended 31 December 2020 which comprise the group statement of financial activities, the group and charitable parent company balance sheets and the group statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 financial statements section of our report. We are independent of the group 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 the Charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.

Peek Vision Foundation 15

Independent auditor’s report Year to 31 December 2020

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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

Peek Vision Foundation 16

Independent auditor’s report Year to 31 December 2020

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the 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 charitable parent 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 charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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, is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Peek Vision Foundation 17

Independent auditor’s report Year to 31 December 2020

Auditor’s responsibilities for the audit of the accounts (continued)

We assessed the susceptibility of the Charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We did not identify any irregularities, including fraud.

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

Peek Vision Foundation 18

Independent auditor’s report Year to 31 December 2020

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. 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.

Buzzacott LLP 18 September 2021 Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Peek Vision Foundation 19

Consolidated statement of financial activities Year to 31 December 2020

Notes Un-
restricted
funds
£		 Restricted
Funds
£		 Year ended
31
December
2020
£		 Un-
restricted
funds
£		 Restricted
Funds
£		 Year ended
31
December
2019
£
Income from
Donations and grants
1
Charitable activities – Eye
Health Programmes
Mission related trading
2
Other sources
Total income
Expenditure on
Charitable activities – Eye
Health Programmes
3
Mission related trading
4
Total expenditure
Net income (expenditure)
before transfers
Transfers
Net movement in funds
6
Balances brought forward
at 1 January 2020
Balances carried forward
at 31 December 2020		 746,217
2,552,748
15,361
12,500		 800,586
—
—
—		 1,546,803
2,552,748
15,361
12,500		 181,307
1,999,028
25,303
36,458		 697,847
—
—
—		 879,154
1,999,028
25,303
36,458
3,326,826 800,586 4,127,412 2,242,096 697,487 2,939,943
1,688,865
5,062		 1,273,929
—		 2,962,794
5,062		 1,901,761
541		 780,209
—		 2,681,970
541
1,693,927 1,273,929 2,967,856`` 1,902,302 780,209 2,682,511
1,632,899
(473,343)		 (473,343)
473,343		 1,159,556
—		 339,794
—		 (82,362)
—		 257,432
—
1,159,556
1,472,216		 —
—		 1,159,556
1,472,216		 339,794
1,132,422		 (82,362)
82,362		 257,432
1,214,784
2,631,772 — 2,631,772 1,472,216 — 1,472,216

There is no difference between the net movement in funds stated above and the historical cost equivalent.

All of the group’s activities derived from continuing operations in the above two financial periods.

The group has no recognised gains and losses other than those shown above.

Peek Vision Foundation 20

Balance sheets 31 December 2020

Notes Group Group Charity Charity

2020
£		 2019
£		 2020
£		 2019
£
Fixed assets
Tangible assets
9
Programme related investments
10
Current assets
Stock
Debtors
11
Cash at bank and in hand
Creditors:amounts falling due
within one year
12
Net current assets
Total assets less current
liabilities
Creditors:amounts falling due in
more than one year
13
Net assets
Represented by:
Funds and reserves
Restricted funds
14
Unrestricted funds

32,839

—		 44,321
—

—
500,000		 —
500,000
32,839 44,321
500,000		 500,000


4,982

710,217
2,237,610		 9,420
750,474
764,580


—

899,687
1,197,634		 —
933,364
305,092
2,952,809


(135,126)		 1,524,474
(96,579)		 2,097,321

(6,503)		 1,238,456
(308,345)
2,817,683 1,427,895 2,090,818 930,111

2,850,522		 1,472,216
2,590,818		 1,430,111


(218,750)		 —
—
—
2,631,772 1,472,216 2,590,818 1,430,111




—
2,631,772		 —
1,472,216



—
2,590,818		 —
1,430,111
2,631,772 1,472,216 2,590,818 1,430,111

Approved by the Board of trustees and signed on its behalf by:

Martin Frost

Trustee Approved on: 03/09/2021

Company registration number: 09919543 (England and Wales)

Peek Vision Foundation 21

Consolidated statement of cash flows 31 December 2020

Notes
2020
£		 2019
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Proceeds from disposal of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowings
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2020
B
Cash and cash equivalents at 31 December 2020
B
1,231,866		 (39,942)


—
**(8,836) **		 1,304
(18,143)
(8,836) (16,839)


250,000		 —
250,000 —

1,473,030


764,580
 (56,781)
821,361

2,237,610		 764,580

Notes to the statement of cash flows for the year to 31 December 2020.

A Reconciliation of net movement in funds to net cash provided by (used in) operating activities

activities activities
B
C		 2020
£		 2019
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Surplus on disposal of tangible fixed assets
Decrease (increase) in debtors
Increase (decrease) in creditors
Decrease in stock
Net cashprovided by (used in) operating activities		 1,159,556
20,318
—
40,257
7,297
4,438		 257,432
17,575
(133)
(175,611)
(139,663)
458
1,231,866 (39,942)
Analysis of cash and cash equivalents 2020
£		 2019
£
Cash at bank and in hand
Total cash and cash equivalents		 2,237,610 764,580
2,237,610 764,580
Analysis of changed in net debt At
1 January
2020
£		 Cash flows
£		 At 31
December
2020
£
Total: cash and cash equivalents 764,580 1,473,030 2,237,610

Peek Vision Foundation 22

Principal accounting policies Year to 31 December 2020

Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2020.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

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 United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements.

The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements and have reviewed the current position, cash flow forecasts and budgets in performing this review. Longer term impacts greater than one year are difficult to forecast currently however Peek takes comfort that its cost base is not fixed and able to be managed in line with income levels should this be required.

The trustees have therefore concluded they have no material concerns over the Charity’s financial position or going concern. The trustees have concluded that the Charity will have sufficient resources to meet its liabilities as they fall due.

Peek Vision Foundation 23

Principal accounting policies Year to 31 December 2020

Basis of consolidation

The consolidated statement of financial activities, the group balance sheets and consolidated statements of cash flows comprise the assets, liabilities, income and expenditure of the Charity and its subsidiaries, Peek Vision Ltd and Peek Vision Proprietary Limited.

No separate statement of financial activities has been presented for the Charity alone as permitted by Section 480 of the Companies Act 2006 and Section 24 of the Charities SORP (FRS 102).

During the year to 31 December 2020 the Charity made a surplus of £1,160,707 (2019 – surplus of £226,175).

Details of the subsidiary companies results for the year are shown as part of note 10.

Income

Income is recognised in the period in which the group is entitled to receipt and the amount can be measured with reasonable certainty. Income received for future accounting periods is treated as deferred income at 31 December.

Donations are recognised when receivable.

Income from charitable activities and Income from grants includes income earned both from the supply of goods and services under contractual arrangement and from performance related grants which have conditions that specify the provision of particular goods or services to be provided by the Charity. These contracts or performance related grants have been included as income from charitable activities where these grants specifically outline the goods and services to be provided to the beneficiaries which are within the charitable purposes of the Charity. Income from such grants is recognised to the extent that resources have been committed to the specific programme, as this is deemed to be a reliable estimate of the right to receive payment for the work performed. In this case, cash received in excess of expenditure is included as a creditor (deferred income) and expenditure in excess of cash received is included as a debtor (as accrued income).

Income from trading activities relates to the turnover derived from the sale of Peek Vision products, principally Peek Retina. The income is recognised when the significant risks and rewards of ownership have transferred to the buyer. This is usually when the stock is despatched to the customer.

Income has been accounted for in the period to which it relates.

Peek Vision Foundation 24

Principal accounting policies Year to 31 December 2020

Expenditure and the basis of apportioning costs

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to make a payment. Expenditure includes any attributable VAT which cannot be recovered.

Expenditure comprises the following:

Support costs are apportioned between activities on a basis suitable to the nature of the cost. Staff costs are apportioned based on time spent on each activity and costs relating to premises are apportioned based on floor space.

Fund accounting

Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Charity’s charitable objects.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

Tangible fixed assets and depreciation

All assets costing more than £500 and with an expected life exceeding one year are capitalised at cost. Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset, over its expected useful life, as follows:

Programme related investments

The investment in the subsidiary company is recognised as a programme related investment as the company’s primary purpose is to carry out activity in furtherance of the Charity’s objects, and not for the purpose of generating financial return.

Stocks

Stocks of finished goods and goods for resale are valued at the lower of cost and net realisable value after making due allowance for obsolescence.

Peek Vision Foundation 25

Principal accounting policies Year to 31 December 2020

Basic financial instruments

The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows:

Financial assets – other debtors are basic financial instruments and are debt instruments measured at amortised cost. Listed investments are a basic financial instrument as detailed above. Prepayments are not financial instruments.

Cash at bank – classified as a basic financial instrument and is measured at face value.

Financial liabilities – accruals and other creditors are financial instruments, and are measured at amortised cost.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account when arriving at the net movement in funds.

Peek Vision Foundation 26

Notes to the financial statements Year to 31 December 2020

1 Donations and grants

Donations and grants
Un-
restricted
funds
£



Restricted
Funds
**£ **
2020
£		 Un-
restricted
funds
£



Restricted
Funds
£		 2019
£
Donations
David Cock Foundation
Essilor
Goldman Sachs
IABP
London School of Hygiene and
Tropical Medicine
Pyotts/UBSOF
Queen Elizabeth Diamond
Jubilee Trust (QEDJT)
Seeing is Believing (SIB)
The Immersion Capital
Foundation
The King Baudouin
Foundation United States
(KBFUS)
The Lucille Foundation
The Swiss Family Foundation
Other donations
Total funds		 100,000
—
—
—
30,000
—
—
—
69,492
18,952
—
499,993
27,780
—

79,699

—

24,647

—

432,625

—

113,615

—

—

150,000

—

—		 100,000
79,699
—
24,647
30,000
432,625
—
113,615
69,492
18,952
150,000
499,993
27,780		 50,000
7,605
—
—
—
—
—
—
15,000
—
108,702
—

68,460

—

259,454

192,317

42,616

—

—

135,000

—

—
50,000

76,065

—
259,454
192,317

42,616

—

—
150,000

—
108,702
746,217
**800,586 **		 1,546,803 181,307
697,847		 879,154

2 Income from mission focused trading

Unrestricted funds Unrestricted funds
2020
£		 2019
£
Sales of Peek Acuity
Sales of Peek Retina
Shipping costs
Total funds		 673
12,653
2,035		 5,472
18,471
1,360
15,361 25,303

3 Expenditure on charitable activities – Eye Health Programmes

Un-
restricted
funds
£		 Restricted
Funds
£		 2020
£		 Un-
restricted
funds
£		 Restricted
Funds
£		 2019
£
Direct costs
Support costs
(note 5)
Total funds		 1,388,184
300,681		 1,209,099
64,830		 2,597,283
365,511		 1,500,161
401,600		 770,676
9,533		 2,270,837
411,133
1,688,865 1,273,929 2,962,794 1,901,761 780,209 2,681,970

Peek Vision Foundation 27

Notes to the financial statements Year to 31 December 2020

4 Expenditure on mission related trading

Expenditure on mission related trading
Unrestricted funds
2020
£		 2019
£
Direct costs
Support costs (note 5)
Total funds		 4,437
625		 458
83
5,062 541

5 Support costs

Support costs
Charitable
activities
£		 Mission
related
trading
£		 2020
£		 Charitable
activities
£		 Mission
related
trading
£		 2019
£
Premises costs
Administration costs
Governance costs
Audit and accountancy
Total		 47,891
258,151
59,469		 82
441
102		 47,973
258,592
59,571		 106,372
250,320
54,441		 22
50
11		 106,394
250,370
54,452
59,469 102 59,571 54,441 11 54,452
365,511 625 366,136 411,133 88 411,216

This is stated after charging:

2020
£		 2019
£
Staff costs (note 7)
Auditor’s remuneration
. Prior year
. Current year
Depreciation(note 9)		 1,445,589
—
13,860
20,318		 1,235,763
3,600
13,676
17,575

7 Staff costs and trustees’ remuneration

Staff costs and trustees’ remuneration
2020
£		 2019
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension costs
Consultancy
Other employee benefits		 1,103,151
123,348
87,334		 955,915
107,586
78,535
1,313,833
64,897
66,859		 1,142,036
45,208
48,519
1,445,589 1,235,763

The average number of salaried employees, including part-time staff, during the year ended 31 December 2020 was 19 (2019 – 17). Additional overseas and related staff totalled to 18 (2019 - 20).

Peek Vision Foundation 28

Notes to the financial statements Year to 31 December 2020

7 Staff costs and trustees’ remuneration (continued)

The number of employees whose total employee benefits fell within financial bands over £60,000 is as follows:

2020
Number		 2019
Number
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000		 4
4
2		 5
3
—

The pay and remuneration of all salaried key management personnel (as defined on page 14) are set by the Board. Freelance services are subject to Board approval. In 2020, the aggregate remuneration of key management personnel was £145,312 (2019 – £117,469).

Trustees are unremunerated. During the year, expenses totalling £129 were reimbursed to one trustee through the subsidiary company (2019 – £1,806 were reimbursed to one trustee).

8 Taxation

Peek Vision Foundation is a registered Charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The subsidiary company donates any taxable profits to the parent Charity.

9 Tangible fixed assets

Tangible fixed assets
Group and Charity Plant and
machinery
£

Computer
equipment
£
Total
£
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for year
At 31 December 2020
Net book values
At 31 December 2020
At 31 December 2019		 4,073
108
71,784

8,728		 75,857
8,836
4,181
80,512		 84,693
557
1,393
30,979

18,925		 31,536
20,318
1,950
49,904		 51,854
2,231
30,608		 32,839
3,516
40,805		 44,321

Peek Vision Foundation 29

Notes to the financial statements Year to 31 December 2020

10 Programme related investments

Programme related investments
Charity 2020
£		 2019
£
Investment in subsidiary undertakings at cost
£1 ordinaryshares		 500,000 500,000

The Charity owns the wholly issued ordinary share capital of £500,000 (2019 - £500,000) in Peek Vision Limited, a Company registered in England (Company Registration No. 09937174). The subsidiary is used to facilitate the development and sale of Peek Retina and Peek Acuity. All activities have been consolidated on a line by line basis in the statement of financial activities.

A summary of the results of the subsidiary are shown below:

A summary of the results of the subsidiary are shown below:
2020
£		 2019
£
Turnover
Cost of sales
Gross profit
Promotion and administrative expenses
Loss for the financial year
Retained profit brought forward
Retainedprofit carried forward		 3,729,036
(847,431)		 3,208,562
(772,389)
2,881,605
(2,882,756)		 2,436,173
(2,442,495)
(1,151)
42,105		 (6,322)
48,427
40,954 42,105

11 Debtors

Debtors
Group Charity

2020
£		 2019
£
2020
£		 2019
£
Trade debtors
Other debtors
Prepayments and accrued income		 670,518
18,920
20,779		 690,230
9,992
50,252		 899,687
—
—		 933,314
—
—
710,217 750,474 899,687 933,314

12 Creditors: amounts falling due within one year

Creditors:amounts falling due within o ne year ne year
Group Charity

2020
£		 2019
£
2020
£		 2019
£
Expense creditors
Social security and other taxes
Accruals and deferred income
Other debtors
Loan due*		 34,843
40,065
28,967
—
31,251		 25,401
33,151
38,027
—
—		 —
—
6,360
143
—		 302,071
—
6,274
—
—
135,126 96,579 6,503 308,345

13 Creditors: amounts falling due in more than one year

Group Group Charity Charity

2020
£		 2019
£
2020
£		 2019
£
Loan due* 218,750 — — —
218,750 — — —

Peek Vision Foundation 30

Notes to the financial statements Year to 31 December 2020

13 Creditors: amounts falling due in more than one year (continued)

The loan due at 31 December 2020 is in respect to a Coronavirus Business Interruption Loan of £250,000. It is repayable in 24 monthly instalments of £11,875 from 1 October 2021. Interest is charged at an effective rate of 6.7% per annum over the life of the loan.

The loan is repayable as follows:

2020
£
218,750

31,250
250,000		 2019
£
Amounts falling after more than one year (as above):
. Between two and five years
Amounts falling due within one year (note 12)		 —
—
—

14 Restricted funds

The income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes:

Group and Charity At
1 January
2020
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2020
£
—
Eye Health Programmes — 800,586 (1,273,929) 473,343
Group and Charity At
1 January
2019
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2020
£
—
Eye Health Programmes 82,362 697,847 (780,209) —

The Eye Health Programmes fund represents monies received for the work related to the Charity’s Eye Health Programmes. Transfers reflect expenditure incurred on the Charity’s Eye Health Programmes which is in excess of the income received and is therefore met by the unrestricted fund.

15 Analysis of net assets between funds

Fund balances at 31 December 2020 are represented by:

Group Un-
restricted
funds
£
Restricted
Funds
£		 2020
£		 Un-
restricted
funds
£
Restricted
Funds
£
2019
£
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than
one year
Total net assets		 32,839
2,952,809

(135,126)
(218,750)
—

—

—
—
32,839

2,952,809

(135,126)

**(218,750) **		 44,321
1,524,474

(96,579)

—
—

—

—

—
44,321

1,524,474

(96,579)

—
2,631,772
—
2,631,772		 1,472,216
—
1,472,216

Peek Vision Foundation 31

Notes to the financial statements Year to 31 December 2020

15 Analysis of net assets between funds (continued)

Charity Un-
restricted
funds
£
Restricted
Funds
£		 2020
£		 Un-
restricted
funds
£
Restricted
Funds
£
2019
£
Investments
Current assets (liabilities)
Creditors due within one year
Total net assets		 500,000
2,097,321

**(6,503) **		 —
—

—		 500,000
2,097,321
**(6,503) **		 500,000
1,238,456

(308,345)
—

—
—
500,000

1,238,456

(308,345)
2,590,818 — 2,590,818 1,430,111
—
1,430,111

16 Ultimate control

The Charity is controlled by its trustees.

17 Related party transactions

During the year to 31 December 2020, the Charity received a donation from The Lucille Foundation of £150,000 (2019 - £150,000). A Director of Greenwood Place Limited, which manages grants for The Lucille Foundation is a trustee of the Charity.

During the year to 31 December 2020, the Charity received a donation from The David Cock Foundation of £100,000 (2019 - £50,000). A trustee of The David Cock Foundation is a trustee of the Charity.

During the year to 31 December 2020, the Charity made contributions to The Vision Catalyst Fund of £218,329. A Director of Peek Vision Limited, the Charity’s wholly owned subsidiary, is also a global ambassador of the Vision Catalyst Fund.

Peek Vision Foundation 32