E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Peek Vision Foundation Annual Report and Consolidated Financial Statements 31 December 2021 Company Limite(I by Guarantee Registration Number 09919543 IEngl3nd and Wales) Charity Regislr8tion Number 1165960 (England and Wales)
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Contents Reference and adminislralive infom)alion Trustees, report Independent auditorfs report 20 Consolidated statement of financial activities 25 Balance sheets 26 Consolidated statement of cash flows 27 Principal accounting policies 28 Notes to the financial statements 32
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Reference and adrnini5trative information Year to 31 December 2021 Trustegs Prof M J Burton Prof A Foster OBE Mr M Frost CBE Ms N Sykes (resigned Dec 20211 Ms R Eastmond Mr E Gasagara Registered office 90a High Street Berkhamsted Hertfordshire HP4 2BL Company Reglstratlon Number 09919543 (England and Wales) Charlty Reglstratlon Number 1165960 (England and Wales) Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Metro Bank PIC One Soulhamplon Row London WC1B SHA Sanl8nder Bank 2 Triton Square London NW1 3AN Peek Vision Foundation 3
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 The trustees present the consolidated report and financial statements for the year ended 31 December 2021 of The Peek Vision Foundation Ithe Foundation) and ils subsidiaries, Peek Vision Limited {the Company) and Peek Vision Proprietary Limited. The financial statements have been prepared in accordan with the principal accounting policies sel out on pages 28 10 31 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 prep8ring their accounts in accordance wlh the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland {Charities SORP FRS 102) leffective 1 January 2019). Objectlves and actlvltles The Foundation's objects are for the public benefit, anyvlhere in the wodd.. The advancement of health and the relief of sickness or suffering in particular (but without limilationl, eye health including without limitation by improving eye health systems through supporting the development, validation and deployment of technology, research, training of eye care personnel, capacity building, education, information dissemination and advocacy., The advancementof education and research, in particular but without limitation in relation lo eye health and ophthalmology, by any charitable means including enhancing the knowledge and skills of healthcare and non-healthcare workers such as accident and emergency staff, medical students, general practitioners, nLJrses. consultants, optomelrisls, orthoptisls ophthalmologists. volunteers and teachers,. and The advancement of such other charitable purposes (according to the law of England and Wales) as the trustees see fit from lime to time, in order to reduce the occurrence of avoidable blindness in particular but without limitation in people living in poverty. The Foundation's objects may be only amended by special resolution with the prior wrillen consent ofthe Charity Commission. Ourvalues Quality-driven.. aiming for excellen in all that we do., People-focused.. collaborate lo increase our impact,. and Act with Integrity= Communicate openly and honesuy. Peek Vision Foundation 4
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Objectives and activities (continued} The trustees have paid due regard to guidan 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 ils future activities. In particular. the trustees consider how planned activities will contribute to the aims and objectives that have been sel. There has been no change in these objectives during the year. Our strategy The Peek Vision Foundation was established in 2015 to develop technology and health Intelligen 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, which has a registered office and wholly owned subsidiary in Bolswana, Peek Vision {Proprietary) Limited. The Company develops products and seNices to bring better eye care to people woddwide. Peek Vision (Proprietsry) Limited largely focuses on global training, quality assurance and testing functions to support the delivery of the Peek Vision Ltd strategy. Collectively. the Vision of the Foundation and Company is lo achieve vision and eye health for everyone. The Foundation uses its funds to build eye care capacity in low- and middle-income countries by supporting people, knowledge, and tools. The Foundation has been primarily focused on supporting the growth of Peek Vision Ltd as a sustainable, thriving provider of technology and public health tools lo improve eye health services. As such, most of this 2021 annual review focuses on the activities of the Company lo deliver its 2019 21 strategy 'to strengthen eye health systems by establishing Peek as a trusted, credible partner lo implementers for improving eye health outcomes,. Our structure The Peek Vision Foundation is 8 UK registered charity (Charity Registration Number 11659601 and is the sole shareholder and 1009/0 owner of Peek Vision Limited, a legal manufacturer of medical deVIS and a registered company incorporated in the United Kingdom (Company Registration Number 099371741. Peek Vision Limited has registered offices, one in Botswana and one in the UK. Peek Vision Limited is the parent company. sole shareholder and 1 OOQ/o owner of Peek Vision (Proprietary) Limited incorporated in Botswana {Company Registration Number UIN BW000005209221. Peek Vision Foundation 5
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Objectives and activities (continued} Our structure (continued) All profits generated by the Company's activities belong lo the Foundation, which reinvests them in building eye care capacity in low- and middle-income countries. What Peek does The Problem 1.1 billion people worldwide have unlrealed vision loss., this number is sel to grow to 1.8 billion by 2050. Simple, ¢osl-effective treatments exist bul specialists are in short supply and resources are limited. Many people who need awss lo eye health remain invisible to services. Our solution Peek's software, programme design and data intelligence platfom) help community and school eye health programmes become more efficient, more equitable and more effective. Users can follow the patient journey from screening to treatment and identify where patients are being left behind. Unique Methodology.. We are outcome-focussed and enable our partners to measure and monitor the metrics that matter in eye health. -*Peek Surveys.. Impacfful programmes begin with understanding people's eye health needs. Peek powers the latest version of the globally-recognised Rapid Assessment of Avoidable Blindness IRAAB71 adult eye health survey and is developing a similar tool for school eye health (School Eye Health Rapid Assessment, SEHRAI. Programme Design- Our team of experts help our partners to create programme targets and wortfiows that fit the needs of their population and use resources effectively. Software.. Our unique software for community and school eye health programmes powers screening, data capture and analysis. Expert Data Analysis and Insights.. Real-time data insights and frequent evaluation enable services to continuously improve and ensure nobody is left behind. Training, Support and Data Processing.. We offer comprehensive software training and support as well as industry-leading data security and processing standards. Peek Vision Foundation 6
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Achievements and performance Achievements By the end of 2021 there were 21 live programmes powered by Peek reaching more than double the number of people in 2021 than in the previous year. Our dala-led approach is enabling our partners to connect more people lo the care they need with 416,000 patients reached and over 77,000 connected to the care they needed in 2021. Despite the ongoing impact of COVID-19 on programme expansion the pandemic provided the impetus to accelerate our online training allowing us lo launch programmes remotely, which is a key component of our scaling up strategy. 566 people were trained lo use Peek technology, many of these supported by the new Peek Training portal developed lo deliver online training servIs. We work in partnership with eye health providers, govemmenls and NGOS, powering our partners with the tools they need to oplimise eye health screening and referral pathways so that no one is left behind. Together, we aim to make large-scale, sustainable improvements to health systems. By the end of 2021 Peek had 6 partners delivering Peek-powered programmes. Of these, CBM, our anchor partner, was running 13 live Peek powered programmes, including new programmes launched in Tanzania and Ethiopia. Peek has been working with CBM since 2018 and we owe much of our growth in recent years to their support. Our partnership draws on the in-depth technical expertise of CBM in programme delivery and intervention and Peek's unique technology and data insights. By end of December 2021, CBM programmes powered by Peek (since 20181 have reached over 506,000 people, and connected over 108,100 patients to the care they need. Thanks lo the support of CBM and our implementing partners in Pakistan, we participated in key government eye health planning meetings this year. There is high-level support for Peek and its adoption in new districts in Pakistan. As part of a scale up in the Punjab province CBM launched a new community eye health programme in Layyah. 'Ourpartnership with Peekhas enabled us to bring eye Care to thousands morepeople across many countries. Vit&lly. il helps us understand where people are getting lost in the health system and means we reach those who would otheise miss out on the treatment they need." Dr Babar Qureshl, Dlrector of Incluslve Eye Health and Neglected Troplcal Dlseases {NTDs)at CBM and Vice President. International Agency forthe Prevention of Blindness {IAPBI Peek Vision Foundation 7
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Achievements and performance Iconlinuedl Achievements (continued) We constantly improve our technology lo help eye health services connect more people to the care they need. In 2020 we began a major research project investigating a new way for eye health services to rapidly lesl hypotheses and implement changes which work. Inspired by the AJB testing methods routinely used in software development and other industries. the t()ols developed will allow service providers lo rapidly evaluate different ways to improve services. The work was unavoidably delayed by the COVID-19 pandemic but work resumed in 20218nd pilots are expected lo begin in 2022. An adjacent research project, with the same goals, began in late 2021 in partnership with Nepal Netra Jyoli Sangh. We are also working to develop our analysis methodology in partnership with Dr Shroffs Charity Eye Hospitsl in India., this work is supported by a one ye8r Foundation grant. Operation Eyesight Universal launched a school eye health programme in Kenya lo provide quality eye health care to children and their teachers, using Peek's visual acuity app for screening. The programme is funded through support from the United Slates Agency for Intemational Development IUSAIDI Child Blindness Program. Three programmes powered by Peek were launched in partnership with Vision for a Nation in Ghana. We joined a new partner consortium in South Africa, comprising the African Eye Institute IAEII, Coopervision and Essilor, lo conduct a pilot programme in two schools in KwaZulu-Natal. Peek continued to work with the Government of Botswana to lay the foundations for its Pono Yame national school eye health programme. In 2021 we focussed on making the Peek tools more customer focussed and automated as well as enhancing our programme software lo enable users to configure their own programmes. This will save both the Peek team and our partners a lol of lime and resources and by doing this we aim to onboard many more programmes than is currently possible with our small team. It is the first slep of many improvements planned to put more power into the hands of Peek users. A major challenge in eye health is obtaining a reliable understanding of people's eye health needs prior to designing a programme. Peek Vision Foundation 8
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Achievements and performance Iconlinuedl Achievements (continued) The December 2021 launch of the Peek Powered The Rapid Assessment of Avoidable Blindness IRAA871 eye health survey in collaboration with the International Centre for Eye Health {ICEHI, w8S 8 major step forward. RAAB is 8 well-eslablished population-based eye health survey which is used lo assess the prevalence and c8uses of vision impairment and blindness among people aged 50 years and older. It IS 8 Vital tool which enables he81th services to prioritise the eye health needs of their population. Released in December 2021, RAAB7 is the new generation of the RAAB survey. This new version, wwered by Peek, fully digitises the suNey workfiow, provides enhanced functionality and greater efficiency. The result is that users are supported to capture the most accurate eye health planning data possible. Dr Hans Limburg, who first developed the RAAB methodol()gy more than two decades ago and remains an active member of the RAAB7 steering group. said.. 'RAAB provides vital data foreye health planning and evaluation, but the surveys traditionally require manyhours ofmanual data entry from paper based fom?s, and this also increases the risk of inaccuracies. RAA87 digilises and streamlines this prsS lo save users time and resources. It enables them to collect the highest-quality data possible. In 2021 we started work lo develop a similar tool for school eye health, called School Eye Health Rapid Assessment ISEHRAI which will be piloted in 2022. This provides school eye health baseline data lo enable planners lo allocate resources effectively and develop better tsrgeted school eye health programmes. Case study Tembani and her husband James live in rural soulh-easl Zimbabwe. They raised five children together whilst tending lo their land and working in agriculture businesses across the region, with James eventually retiring in 2015. Four years ago, James started lo notice his eyesight deteriorating and by late 2019 he had lost much of his vision. It was a difficult lime for the whole family, as Tembani recalls.. With his vision gone, Jgmes lost much of his independencg, and was unable to help &t 911 around the house and fam7. 1 spent much of my time looknng &fter him. &nd was scared to leave him alone for too long - as I'd come back and he would be in the same spot I'd left him in, even if it W8s no longer in the shade. and he hadn t been able to find his lunch. We lost lot of our crops to the birds as I couldn t work the farm and look afterhim 8t the s8mg time. It was re8lly tough, Peek Vision Foundation 9
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Achievements and performance Iconlinuedl Achievements (continued) Vision loss does notjusl impact an individual's wellbeing and productivity, il also impacts their wider family and community. But in many cases, people like James are invisible to health services and are at risk of being left behind. Fortunately James benefited from the CBM-Peek programme which was launched near his village in 2020, in partnership with Zimbabwe Council ft)r the Blind. He allended an outreach clinic where he was screened using Peek's smartphone-based tools and informed he had cataracts in both eyes - something which a simple operation could fix. He was referred on and received 8 successful cataract operation in late 2021. Throughout his journey to care, local eye health workers were able to monitor his progress using Peek software, minimising the chance of him f811ing out of the system 8nd being left behind. Following treatment, James is helping around the homestead and Tembani has returned to working on the fami. As James told us.. W17en they removed the bandage l Gould see immediately- it felt like a whole new world. All the mopani trees I'dplanted had grown as ifbymagic, l Gould ad again- l Gould even thread a needlel And all the chores I had suspended I was able to return to. My chicken coop, whic17 was falling apart, is now as good as new. I feel very lucty to have my sight restored. Every day sinGe il has happened has felt like Christmas Day.. Thanks lo our partners and donors, thousands of people like James are being screened and connected lo care each year in eye health programmes powered by Peek. Our ambition is to expand our reach so our partners can connect millions more people like James to care. With the support of our partners and funders, we won't stop until we bring better vision and eye health to everyone. other grants 2021 was the second year that the Peek Vision Foundation awarded ils Peter Ackland Scholarship. The scholarship covered course fees for 20 scholars from 10 countries to attend the Global Eye Health short course al London School of Hygiene and Tropical Medicine in November. The impact the course has had on their professional development will be assessed in April 2022. six months post course. Peek Vision Foundation 10
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 other grants {conlinuedl The Foundation awarded a grant lo Dr Shroffs Charity Eye Hospitsl lo conduct a series of research studies to provide a unique overview of Ihe population need, Servi capacity and ulilisation, asS patterns and opportunities for system change. Stakeholders {servi providers. communilyl will define solutions which wll be iteratively tested with Peek's community eye health software to make hypothesis-driven improvements using a continuous Improvement methodology. The programme forms the basis for utilising novel, cutting edge techniques within Peek solutions lo determine the success of these new methodologies. Challenges The COVID-19 pandemic has presented challenges, both for the programmes using our technology and in how our team supports them. In 2021 there were some ongoing disruptions with temporary pauses to programmes. The main impact was felt on school eye health programmes, partiCLJlarfy in Zimbabwe but by the end of 2021 all programmes were back up and running again. Data Protectioll Agreements {DPAsl with some governments have taken longer than anticipated to reach approval but we have also found the process lo be hugely beneficial to both parties. It was important to work through the stages to ensure an agreement is made that meets the data protection and security measLJres of the government. to remain GDPR compliant and is future proof. Finally, although we were able lo end 2021 in a healthy financial position, we are aware that the COVID-19 pandemic is likely lo have long-term cOnsequenS for funding in the sector, which may affect us directly or indirectly through our partners. We spenttime this yearworking with our partners lo ensure our funding model is more resilient to sudden changes, and continue to wort( on diversifying our sources offunding lo improve our long-term sustainability. In parallel we invested in our fundraising capacity to meet our philanthropic targets for 2021 and future years. Futurg plans The Foundation will focus on resourcing the Company to deliver ils 2022-24 strategy to support 100+ programmes across 15+ countries, reaching 100,000 people per week by 2024. This will be done by.. Ensuring each programme is increasing the number of people connected to care., Improving the quality and experience of it's products., Peek Vision Foundation 11
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Future plans {conlinuedl Presetving ils suslainabilily by reducing expenditure per programme and continuing to diversify its sources of income. Reaching a high level of regional or national scale in at least five countiies. And lo achieve this the Company will.. Expand its training capacity., Build priority servi$ into the software., Build local capacity to initiate, grow and support programmes,. Review Peek's market position so it can improve its reach., Support the team to continuously improve their skills and wellbeing. 2022 promises lo be an exciting year and with an ambitious taryel to have 40 live programmes powered by Peek by the end of the year. The team is well on the way to delivering this. The Vision Impact Project is a major new collaboration in Kenya scheduled to launch in 2022., it will use Peek sofbNare across 10 COLJnties with more than 8 million people set lo benefit from the initialive. Key to scaling up and sustainability are partnerships with national governments and in 2022 we will focus on building on the partnerships with the govemments of Kenya, Pakistan and Botswana with a view lo having Peek tools as part of their national eye care strategies. 2022 has an exciting programme of research aclivilies, continuing lo build on the long- standing partnership with the International Centre for Eye Health IICEHI. Support from the Wellcome Trust is enabling us to enhance our existing systems to develop new ways for eye health programmes in low- and middle- income countries to improve a¢$$ lo their services. As menlioned above, work on this has begun in Nepal and Kenya with research embedded in the Peek-powered programmes being delivered there. The new School Eye Health Assessment Tool {SEHRA} will be piloted in 2022. This is an innovative tool that aims lo help eye health providers gather the infom)alion they need lo effectively plan an eye health programme. Following sucSsful piloting the tool will be rolled out lo partners and enable them to plan school eye health programmes based on verified baseline data. Peek Vision Foundation 12
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Future plans {conlinuedl The Foundation also plans to provide grants lo strategic Peek Company partners to support research and development activities to provide data insights to strengthen Peek products and programmes. These will be screened against funding criteria to ensure alignment with Ihe Foundations objectives and Mission. 2022 will be the last year of the three year Peter Ackland scholarship with scholarships for up 10 20 students available lo allend the Global Eye Health short course at the London School of Hygiene Tropical Medicine. Financial review During 2021, the Peek Vision Group reiVed income of £3,437,627 {2020- £4,127,412) of which £862,936 was in the form of donations and grants12020- £1,546,803} and £2,533,936 was from contracted income 12020 £2,552,748). £1,042 of the income (mission related trading) was derived from sales of Peek Acuity, Peek Retina and associated shipping12020- £15,361) and £39,713 {2020.. £12,500) related to income from other sources. The Group has total expenditure of £2,831,51712020'. £2.967,8561. Costs associated with mission related trading amounted lo £5,777 12020.. £5,062}. The remaining expenditure amounting to £2,825,740 12020.. £2,962.7941 related lo delivering the Foundation's Eye Health Programmes. Net income and nel movement in funds amounted lo £606,11012020- £1,159,556). Total funds for the Group as al 31 December 2021 amounted to £3,237,882 12020.. £2.631,7721 which was made up entirely of unrestricted funds in both years. Fundraising strategy.. Income from grants and donations is vitsl to the delivery of our objectives, and we set ambitious, yet realistic. fundraising targets in our annual budget, achieving £862,936 in the year12020'. £1,546,803} Our approach is lo focus on a strategic sel of potential donors whose criteria are aligned to our Mission and approach. Peek does not employ the seNices of a professional fundraiser or commercial participator. consultants, own charity shops or run events. Securing grants and donations is a responsibility shared by several key staff members who also engage in other charitable activilies. Peek Vision Foundation 13
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Financial Policies - Reserves, Remuneration and Investment Reserves Policy Our reserves policy takes into accoLJnt both the appropriate working capital needs of our trading subsidiary as well as our overall organisational reserves. Unrestricted fLJnds which have not been designated for a specific use should be aimed lo 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 Iruslees consider that resetwes al 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 lo ways in which additional funds may be raised. This level of reseNes should be maintained throughout the year. In 2021 the minimum target was £1,500,000., this level was maintsined throughout the year. The largel sel for 2022 is a minimum of £1,500,000.11 is a target that will be reviewed throughout the year in light of business and Charitsble developments. Ramunoration 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 salary review exercise. Total compensation packages are consislentwith 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 eqLJivalenl civil society oryanisalions,. and the total salary budget is approved by the Board of trustees annually, within the budget approval process. Investment Policy The Foundation's policy statemenl is lo invest the Charity's funds in accordance with the requirements {if any) inherited wth those funds and in the absence of such requirements to invest in the formation and establishment of the Company lo further the Foundation's charitable objedives. Investments musl support the Charity's strategy to make an 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 slruclured (for example as grants. loans or guarantees). Rlsk management The Foundation has a risk management strategy comprised of.. a risk register of the risks the organisalion may fa reviewed quarterly., establishing systems and procedures lo mitigate the risks identtfied in the plan., and Peek Vision Foundation 14
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Financial Policies - Reserves, Remuneration and Investment Icontinuedl Risk managoment Icontinuedl implementing prOdureS designed to minimise any potential impact on the organisation shoLJld those risks arise. In addition to the risks faced as a result of the rent COVID-19 pandemic, the Iruslees consider that the significant risks lo which the Foundation would be exposed would be.. a sudden and unexpected shortf811 in fundraising income,. civil strife within the communities in which we work., • disease breakouts in the communities in which we work., • the exil of key leadership personnel., a lack of data security and privacy controls to manage partner programmes and health data.. and grant receivers unable to deliver their pwrammes due to lack of data storage approval by local government We are seeking to miligale these risks in a number of ways. This includes establishing a minimum reserve lo cover an abrupt fall in income, diversification of our donor base and investment in our fundraising capacity. We worf( 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 lo four. We work closely with our implementing partners to support negotiations with the government and Ioc81 NGOS to secure the necessary 8pprovals and Data Agreements . We have implemented an Infomalion Security Management System {ISMSI 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 third-party specialist security testing company. 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. Peek Vision Foundation 15
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Financial Policies - Reserves, Remuneration and Investment Icontinuedl Risk managoment Icontinuedl As described above, the trustees are taking steps lo raise further funding lo ensure income continues in advance of expenditure. The trLJStees aspire to have a long-lerm reserves policy of 6 10 12 months, expenditure when that is in place. The trustees have assessed the risk to which Ihe Foundation is exposed and are satisfied that reasonable systems are in pla lo mitigate exposure lo 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 (resigned Dec 20211 Ms R Eastmond Mr E Gasagara Peek Vision Foundation 16
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Recruitment. appointment and induction of new trustees Truslees have been recruited for the applicability of their background and skills in the area of public health, eye heallh, business development and social enterprise development and Ihe alignment with the vision, mission and values of the Foundation. The Board aims to recruil al least 1 new Trustee in 2022 who represents 8 diverse cultural background andlor resides in the regions which Peek works, namely Africa and Asia. The Board is also aiming lo increase ils diversity among the Trustees along the lines of gender 8nd age. Governlng document The Foundation is controlled by ils governing document, articles of association, and conslitules 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 companys current policy conmIng the payment of trade creditors is lo follow the CBI'S Prompt Payers Code Icopies 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.. sellle the tem)s of payment with suppliers when agreeing the terms of each transaction., ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts., and • pay in accordance wlh the company's contractual and other legal obligations. Key Management Personnel In addition to the trustees, the Foundation relies on the contribution of Andrew Baslawrous for execution of the Foundation's charitable objects through executive and programme activities. This includes fundraising, programme execution and management, reporting, accounlabilily 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 JanLJary 2018 who is responsible for the day-l[aY management of the Foundation and acts under the supervision of the CEO. Peek Vision Foundation 17
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Key Management Personnel (continued} Along with all staff al the Company, the remuneration packages of Key Management Personnel are defined by reference lo their skills and experien and benchmarked against market rates for equivalent roles. Remuneralion is reviewed annually and fomis part of the Company budget lo be approved annually in advance by trustees. ststement of trustees. responslbllltles The Iruslees (who are also directors of Peek Vision Foundation for the purposes of company lawl are responsible for preparing the Iruslees, report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate 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 slatemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and prinryples in Accounting and Reporting by Charities= Statement of Recommended Pr8Ctice applicable to charities preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021., make judgements and estimates that are reasonable and prudent., slate whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the Charity and the group and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Peek Vision Foundation 18
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 ststement of trustees. responsibilities Icontinuedl Each of the trustees confirms that.. so far as the trustee is aware, there is no relevant audit information of which the Charity's auditor is unaware., and the Iruslee has taken all the steps that helshe ought lo have taken as a trustee in order to make himselflherself aware of any relevant audit information and lo establish that the Charity's auditor is aware of that infomalion. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Iruslees are responsible for the maintenance and integrity of the corporate and financial infomialion 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. Audltor A resolution proposing that Buzzacott LLP be re-appointed as auditor of the company will be put lo the members. The Iruslees. report was approved by the Board of trustees. Trustee M Fr08t 2210912022 08..17..12 Dated.. Peek Vision Foundation 19
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 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 l and its subsidiary Ithe group I for the year ended 31 December 2020 which comprise the group statement of financial activities, the gn)up and charitable parent company balan 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 Irel8nd' (United Kingdom Generally Accepted Accounting Practicel- In our opinion, the financial slatemenls.. • give a true and fair view of the stale of the group's and of the charitable parent company's affairs as at 31 December 2021 and of the group's income and expenditure for the year then ended., • have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi,. and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS {UKI) 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 accordan 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 lo 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 aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Peek Vision Foundation 20
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 other information The Iruslees are responsible for the other information. The other information comprises the infomialion 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 lo the extent otherwise explicitly staled 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 lo 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 8 materi81 misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude Ihalthere is a material misstatement of this other infomialion, we are required lo 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.. • the information given in Ihe Iruslees, report, which is also the directors, report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and • the Iruslees, report, which is also the directors, report for the purposes of company law, has been prepared in accordan with applicable legal requirements. 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 misstalemenls in the trustees, report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. • adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been reiVed from branches not visited by us,. or • the charitable parent company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit., or • the trustees were not entitled to prepare the financial statements in accordance with the small companys regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. Peek Vision Foundation 21
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 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 lawl 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 en2ble the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the group s and the charitable parent company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting nless the trustees either intend lo liquid8te the group or the charitable parent company or to cease operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the accounts as a whole are free from material misstatement, whether due lo fraud or error, and lo 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 IUKI will always detect a material misslalemenl when it exists. Misstalemenls 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-complian wlh 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 lo which our procedures are capable of detecting irregularities, including fraud, is detailed below= How the audit was considered capable of deteGting irregulanties including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, irbcluding fraud and non-compliance with laws and regulations, was as follows.. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., We identtfied the laws and regulations applicable lo the Charity through discussions with management and fmm our knowledge and experience of the charity sector., We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the Charity. These included but were not limited to the Charities Act 2011, the Companies Act 2006, Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland (FRS 1021 leffective 1 January 2019}', and We assessed the extent of compliance with the laws and regulations identified above through making enquiries of those charged with govemance and review of minutes of Iruslees, meetings. Peek Vision Foundation 22
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Auditorfs responsibilities for the audit of the accounts (continued} We assessed the SuSptIbIlity of the Charity's accounts to material misstatement, including obtaining an understanding of how fraud might occur, by= Making enquiries of those charged with governan as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud., and Considering the internal controls in pla to mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls. we.. Performed analytical procedures lo identify any unusual or unexpected relationships., Tested and reviewed journal entries lo identify unusual transactions: Tested the authorisation of expenditure., Assessed whether judgements and assumptions made in determining the accounting estimates were indicats've of potential bias,. and Investigated the ralion8le behind signific8nt or unusual transactions. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo.. Agreeing accounts disclosures to underlying supporting documentation., Reading the minutes of meetings of trustees,. and Enquiring of as to actu81 and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non<ompl1an. Auditing standards also limit the audit prOdureS required to identify non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslatemenls that arise due lo fraud can be harder lo 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 al www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Peek Vision Foundation 23
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Trustees, Report Year to 31 December 2021 Use of our report This report is made solely to the charitable company's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the ¢haritsble company's members those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable companys members as a body, for our audit work, for this report, or for the opinions we have formed. Buzzacott LLP Edward Finch (Senior Statutory Audilorl For and on behalf of Buzzacoll LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 27 September 2022 Peek Vision Foundation 24
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Consolidated statement of financial activities Year to 31 December 2021 Year endèd 31 Decembèr 2021 Y&ar 8nd&d 31 Dec&mbÈr 2020 Un- restricted Rèstric*d funds Funds Un- r8slrided funds R8stricl8d Funds Notes Income frtstn Don8lions and grants Charitsble activities- Eye Health Progratnmes Mission related trading Other source8 Total Incom6 783,296 79,640 862,936 746.217 800.586 1.546.803 2,112,507 1,042 39,713 2,936,558 421,429 2,533,936 1,042 39,713 3,437,627 2,552,748 15.361 12.500 3.326.826 2.552,748 15,361 12.500 4.127.412 501,U69 800.586 Expendlture on Charitable activities- Eye Health Prograrnmes Mission lated trading Total 8xpendltur8 3 2,213,974 5,777 2,219,751 611,766 2,825,740 5,777 2,831,517 1,688.865 5.062 1,693.927 1,273.929 2.962.794 5.062 2.967.856 611,766 1,273.929 Net income l?xp8nditur81 bofore transfers 716,807 1110,6971 606,110 1,632,899 1473,3431 1,159,556 Transfers 1110,6971 110,697 1473.3431 473.343 Nat movement In funds 606,110 606,110 1,159.556 1.159.556 alances brought forward al 1 January 2021 2,631,772 2,631,772 1.472.216 1.472.216 Balance5 carried fon¥ard at 31 Docembor 2021 3,237,882 3,237,882 2.631.772 2.631.772 There is no difference beeen the net movement in funds staled 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 25
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Balance sheets 31 December 2021 Group 2021 Charity 2021 2020 2020 Notes Fixed assets Tangible assets Prwramme lated investments 36,835 32,839 10 500,000 500,000 500.000 500,000 36,835 32,839 Current assets Stock Debtors Cash at bank and in hand 4,982 710,217 2,237,610 2,952,809 681,272 2,687,086 3,368,358 266,234 2,148,494 2,414,728 899,687 1,197,634 2,097,321 Creditors.. amounts falling due within one year Net cuThent assets 12 167,311 3,201,047 135,126 2,817,683 6,863 2,407,865 6,503 2,090.818 Total assets less current 3,237,882 2,850,522 2,907,865 2,590,818 Credltors: amounts falling due in more than one year Net assets 13 1218,7501 2,631,772 3,237,882 2,907,865 2,590,818 Repr8sented by= Funds and reserves Restricted funds Unrestricted funds 14 3,237,882 3,237,882 2,631,772 2,631,772 2,907,865 2,907,865 2,590,818 2,590,818 Approved by the Board of Iruslees and signed on ils behalf by.. Trustee Approved on: M Frost 22109r2022 08..17.'12 Company registration number.. 09919543 (England and Wales) Peek Vision Foundation 26
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Consolidated statement of cash flows 31 Dember 2021 2021 2020 Notes Cash flows from operating activities.. Nel cash provided by (used inl operating activities 729,405 1,231,866 Cash ftows from investing activities: Purchase of tangible fixed assets Net cash used in investing activities {29,929} 129.9291 18,8361 18,8361 Cash flows from financlng actlvltles Cash inflows from new boirowings Repayment of Loan Net ¢ash provided by finan¢ing a¢tivities 250,000 1250,000} 1250.0001 250,000 Change in cash and cash equivalents in the year 449,476 1,473,030 Cash and cash equivalents at 1 January 2021 B 2,237,610 764.580 Cash and cash equivalents at 31 December 2021 B 2,687,086 2.237,610 Notes to the statement of cash flows for the year to 31 December 2021. A Reconciliation of net movement in funds to net cash provided by operating activities 2021 2020 Net movement in funds las per the statement of financial activities) Adjustments for.. Depciall0n charge Surplus on disposal of tangible fixed assets Decrease in debtors Increase in creditors Decrease in stock Nat cash provided by oparating activitias 606,110 1,159,556 21,096 4.837 28,945 63.435 4.982 729.40S 20,318 40,257 7,297 4,438 1,231,866 B Analysis of cash and cash oquivalonts 2021 2020 Cash at bank and in hand Total cash and cash equivalents 2.687,086 2,687,086 2,237,610 2,237,610 C Analysls of changed In net debt Al 1 January 2021 Cash flows At31 December 2021 Total= eash and eash equival8nts 2,237,610 449,476 2.687,086 Peek Vision Foundation 27
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Principal accounting policies Year to 31 December 2021 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 2021. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheiSe staled in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared in accordan with Accounting and Reporting by Charities= Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 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 Iruslees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include.. • estimating the provision for bad and doubfful debts., • that expenditure incurred on performance related grants is a reliable basis for eslimaling the right to receive payment for the work performed,. and estimating the fLJture income and expenditure flows and the Charity and Group s financial position for the purposes of assessing going concern. Assessment of golng concern The trustees have assessed whelherthe use of the going concern assumption is appropriate in preparing these financial slatemenls. The trustees have made this assessment in respect lo 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 lo forecast currently however Peek lakes comfort that ils 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 conduded that the Charity will have sufficient resources to meet ils liabilities as they fall due. Peek Vision Foundation 28
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Principal accounting policies Year to 31 December 2021 Basis of consolidation The consolidated statement of financial aclivilies, 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 1021. During the year to 31 December 2021 the Charity made a surplus of £317,048 12020 surplus of £1,160,707). 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 certainly. 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 conlraclual arrangement and from perfomiance 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 ServIS lo 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 commilled to the specific programme, as this is deemed lo be a reliable estimate of the right to re1ve 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 reiVed is included as a debtor {as accrued income). Income from trading activities relates to the tumover derived from the sale of Peek Vision products, principally Peek Retina. The income is ognISed 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 il relates. Peek Vision Foundation 29
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Principal accounting policies Year to 31 December 2021 Expendituro and the basis of apportioning costs All expenditure is included on an accruals basis and is recognised when there is a legal or conslruclive obligation lo make a payment. Expenditure includes any atlribulable VAT which cannot be recovered. Expenditure comprises the following.. a. Charitable expenditure comprises expenditure on delivering the Charity's Eye Health Programmes. b. Mission related trading comprises costs of sales associated with the sales of the Charity's products. Support costs are apportioned between activities on a basis suitable lo the nature of the cost. Staff costs are apportioned based on lime 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 reslricled to, a specific purpose, or donations subject lo donor imposed conditions. Tangible fixed assets and depreciation All assets costing more than £500 and with an expected life exedIng one year are capilalised at cost. Depreciation is provided at rates calculated lo write off the cost. less estimated residual value of each asset, over its expected useful lrfe, as follows.. • Computer equipment 4 years • Plant and machinery 3 years 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. 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 al amortised cost. Prepayments are not financial inslrumenls. Cash at bank- classified as a basic financial instrument and is measured at face value. Financial liabilities amortised cost. other creditors are financial instruments, and are measured at Peek Vision Foundation 30
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Principal accounting policies Year to 31 December 2021 Foreign currencies Assets and liabilities in foreign currencies are translated into steding al the rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the dale of the transaction. Exchange differences are taken into account when arriving at the nel movement in funds. Peek Vision Foundation 31
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Notes to the financial statements Year to 31 December 2020 1 Donations and grants Un. restricted Restricted funds Funds Un- restricted Restricted funds Funds 2021 2020 Donations David Cock Foundation Essilor Goldman Sachs IABP 100,000 100,000 79,699 79,699 24,647 24,647 London School of Hygiene and Tropical Medicine David Weekley Family FoundationlUBSOF 30,000 30,000 79,640 79,640 432,625 432,625 Queen Elizabeth Diamond Jubilee Trust IQEDJTI Seeing is Believing ISIBI The Immersion Capital Foundation 113,615 113,615 69,492 69,492 The King 8audouin Foundation United States IKBFUSI The Lucille Foundation a Swiss fatnily Foundation Other donations Total funds 18,952 18,952 200,000 150,000 150,000 499,993 499,993 499,993 83,303 27,780 27,780 79,640 862,936 746,217 800,586 1,546,803 200,000 499.993 83,303 783,296 2 Income from mission focused trading Unrestricted funds 2021 2020 Sales of Peek Acuity Sales of Peek Retina Shipping $1S Total funds 900 142 673 12,653 2,035 15,361 1.042 3 Expenditure on charitable activities - Eye Health Programmes Un- restricted Restricted funds Funds rastricted Rastrictad funds Funds 2021 2020 Direct costs Support costs Inote 51 Totsl funds 1,855.111 581,699 2.436.809 1,388,184 1,209,099 2,597,283 358.864 2,213.974 30,067 611,766 388.931 300,681 64,830 2,825.740 1,688,865 1,273,929 365,511 2,962,794 Peek Vision Foundation 32
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Notes to the financial statements Year to 31 December 2020 4 Expenditure on mission related trading Unrestricted funds 2021 2020 Direct costs Support costs Inote 51 Total funds 4,981 795 5,777 4,437 83 5,062 5 Support costs Mission related trading Mission related tratling Charitable a¢tiviti85 Charitable 2021 2020 Premlso8 Costs Admlnlstr8tlon ¢08t8 46,146 277,659 46,240 278,227 47,891 258,151 82 441 47.973 258.592 568 Gtsvernance ¢tsst$ Audit and accountancy 65,126 65,126 133 65,259 65,259 59,469 59,469 102 59,571 59,571 133 102 Total 388,931 795 389,726 365,511 625 366.136 6 Net movement In funds This is stated after charging.. 2021 2020 Staff ¢osts Inole 71 Auditor's remuneration Current year Depreciation Inole 91 2,112.275 1.445,589 13.500 21,098 13,860 20.318 7 Stsff costs and trustees, remuneration 2021 2020 Staff sts during the year were as follows. Wages and 581aries Social security costs Pension costs 1.799,731 130,402 114,336 2.044,469 1,441,310 123,348 87,334 1,651,g92 Consultaney Other employee benefits 289,485 568,667 21,022 66.286 2.354,976 2,286,945 The average number of salaried employees, including part-time staff, during the year ended 31 Dember 2021 was 1712020- 191. Additional overseas and related staff lolalled to 23 (2020- 181. Peek Vision Foundation 33
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Notes to the financial statements Year to 31 December 2020 7 Staff costs and trustogs, ramun8ration Icontinuedl The number of employees whose total employee benefits fell within financial bands over £60,000 is as follows.. 2021 Number 2020 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 The pay and remuneration of all salaried key management personnel las defined on page 171 are set by the Board. Freelance services are subject to Board approval. In 2021, the aggregate remLJneration of key management personnel was £169,25512020- £145,312}- Trustees are unremunerated. During the year. expenses tolalling £672 were reimbursed to three trustees through the subsidiary company 12020 £129 was reimbursed to one trusteel. 8 Taxatlon Peek Vision Foundation is a registered Charity and therefore is not liable to income lax or corporation lax on income derived from ils charitable activities, as it falls within the various exemptions available lo registered Charities. The subsidiary company donates anytaxable profits to the parent Charity. During 2021 Peek Vision Ltd received Research and Development lax credits amounting to £275,958 which have been offset against direct charitable aclivilies. 9 Tangible fixed assets Plant and Computer machinery equipment Total Group and Charity Cost At 1 January 2021 Additions DI83a13 At 31 Oecember 2021 4,181 1,110 80,512 28,819 17,6771 101,655 84,693 29,929 17,6771 106,946 5,291 Depreciation At 1 January 2021 Charge for year Disposals At 31 December 2021 1,950 1,679 49,904 19,417 12,8401 66,481 51.854 21,096 12,8401 70,110 3,629 Net book values At 31 Decetnber 2021 At 31 December 2020 1,662 2,231 35,174 30,608 36.836 32.839 Peek Vision Foundation 34
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Notes to the financial statements Year to 31 December 2020 10 Programmo related investmonts 2021 2020 Charity Investment in subsidiary undertakings at C05t £1 ordinary shares 500.000 500,000 The Charity owns the wholly issued ordinary share capital of £500,00012020- £500,000) in Peek Vision Limited, a Company registered in England (Company Registration No. 099371741. The subsidiary is used lo facilitate the development and sale of Peek products 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- 2020 2020 Turnover Cost of sales Gross profit DistribLJtion wsts Promotion and administrative expenses Operating profit Other interest receivable and similar income Interest payable and sitnilar charges Gain ILossl for the financial year before taxation HMRC R&D Tax credit Retained profil brought forward Retained profil carrigd forward 3,109,736 3,729,036 1678.7481 1847,4311 2,430,988 2,881,605 13.8181 12,377,704} 12,874.6361 49,466 6,962 95 131.720} 17,841 275,958 40,954 334.753 18,1191 11,1511 42,105 40,954 11 Debtors Group 2021 Charity 2021 2020 2020 Trade debtors Other debtors Prepayrnents and accrued income 639,277 13,309 28,686 681,272 670.518 18,920 20.779 710,217 266,234 899,687 266,234 899,687 12 Craditors: amounts falling due within one year Group 2021 Charity 2021 2020 2020 Expense creditors Soci81 security and other taxes Accruals and deferred income Other oredilors Loan due. 47,308 47,117 72,886 34,843 40,065 28,967 6,720 143 6,360 143 31.251 135.126 167,311 6,863 6,503 Peek Vision Foundation 35
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Notes to the financial statements Year to 31 December 2020 13 Craditors: amounts falling due in more than one year Group 2021 Charity 2021 2020 2020 Loan due" 218,750 218.750 The loan due at 31 December 2020 was in respect to a Coron8virus Business Interruption Loan of £250,000 and was fully repaid in year ended 31 December 2021. The loan is repayable as follows.. 2021 2020 Amounts falling after more than one year las above).. - Between two and five years 218,750 Amounts falling due within one year Inote 121 31,250 250,000 14 Restricted funds The income funds of the Charity indude restricted funds comprising the followng unexpended balanS of donations and grants held on trust to be applied for specific purposes= At 1 January 2021 At31 December 2021 Income Expenditure Transfers Group and Charity Eye Health Prograrnm85 501,069 1611,766 110,697 At 1 January 2020 At31 December 2020 Income Expenditure Transfers Group and Charity Eye Health Prograrllmes 800,586 11,273,929) 473,343 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 mel by the unrestricted fund. Peek Vision Foundation 36
E-sign ID.. 3a29c8ef-dc374589-898d-8c006ef51ba8 Notes to the financial statements Year to 31 December 2020 15 Analysis of net assets botw8an funds Fund balances at 31 December 2021 are represented by.. Un- restricted Restricted fund$ Fund$ Un- stricted funds Resthcted Funds 2021 2020 Group Tangible fixed assets Current ass&t8 Creditors due within one y&ar Creditors due in tnore than one year Total net as$ets 36,835 3,368,358 1167,3111 36,835 32.839 3,368,358 2.952.809 1167,3111 1135.1261 32,839 2,952,809 1135,1261 1218.7501 2.631.772 1218.7501 2,631,772 3,237,882 3,237,882 restricted Re$tri¢tgd funds Funds restricted funds Restricted Funds 2021 2020 Charity Investments Current assets Ili8bililie81 Creditors due within one year Total net assets 500,000 2,414,728 16,8631 2,907,865 soo,000 2,414,728 16,8631 2,907,865 500.000 2.097.321 16.5031 2.590.818 500,000 2,097,321 16,5031 2,590,818 15 Ultimate control The Charity is controlled by ils trustees. 16 Related party transactions During the year to 31 December 2021, the Charity received a donation from The LulIe Foundation of £200,000 {2020 - £150,000). A Director of Greenwood Place Limited, which manages grants for The Lucille Foundation is a Iruslee of the Charity. During the year to 31 December 2021, the Charity received a donation from The David Cock Foundation of £nil12020 - £100.000}. A trustee of The David Cock Foundation is a Iruslee of the Charity. During the year to 31 December 2021, the Charity made £nil contributions to The Vision Catalyst Fund 12020- £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 37
This Dowment has Sign8d with a$4CutèlÈetioniC ionatuiwa E-&yn. Envelope Details Tlile Peek Vlsion FOualln Author Paul Lae IpauhQn2welbU5InES.cO.uk EnlOpe crted o Wed, 21 Sep 20T2 15.'37..45 Envelope ID 3&8eI4C374589-B-8CM6efs1ba8 Document Details Tnle Peek Vision FOUalln 2021 Final 210922 Dloltal Flnyerprfni 8&676c7-74024-beè24a4CI5456b Document Signers ScanlCkkth80R Cod8tovwJ slonatuie Infoimalion Narne Ernall mj12701@gmail.com NED alThu, 22 Sep 2022 8..17..12 gnat Flngerprfni 1471b4-2720-4le7-ab?6aI2429dO Document History Thu, 22 S8p 202208..17..12 pkrtln Fros1 &gnBd the Documgnt lip". 56.141.56.231 ico. UKAS legislation.gov.uk r: 150 27CI)I