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2022-12-31-accounts

The Peek Vision Foundation

Annual Report and Consolidated Financial Statements

31 December 2022

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

Contents

Reports
Reference and administrative information 3
Trustees’ report 4
Independent auditor’s report 19
Financial statements
Consolidated statement of financial
activities 24
Balance sheets 25
Consolidated statement of cash flows 26
Principal accounting policies 27
Notes to the financial statements 30

Reference and administrative information Year to 31 December 2022

Trustees Prof M J Burton
Prof A Foster OBE
Mr M Frost CBE
Ms M. Hlasa (appointed December 2022)
Ms R Eastmond
Mr E Gasagara
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 2022

The trustees present the consolidated report and financial statements for the year ended 31 December 2022 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 27 to 29 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.

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Trustees’ Report Year to 31 December 2022

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, which has a registered office and wholly owned subsidiary in Botswana, Peek Vision (Proprietary) Limited. The Company develops software and services to bring better eye care to people worldwide. Peek Vision (Proprietary) 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 to achieve vision and eye health for all.

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 to improve eye health services. As such, most of this 2022 annual review focuses on the activities of the Company to deliver its 2022 - 2024 strategy to provide software and a data intelligence platform to 100+ programmes across 15+ countries, reaching 100,000 people per week by 2024.

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). Together known as “Peek Vision Group”.

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.

What Peek does

The Problem

Correcting vision improves education outcomes and lifts families out of poverty. Providing glasses to workers can increase productivity by over 21%[1] , and wearing glasses can reduce the odds of a child failing a class by 44%[2] . Free high-quality cataract surgery can increase household income - in one study 46% of households moved up an income bracket following cataract surgery[3] .

1 Effect of providing near glasses on productivity among rural Indian tea workers with presbyopia (PROSPER) , The Lancet Global Health (2018)

2 Poverty and proximate barriers to learning: vision deficiencies, vision correction and educational outcomes in rural northwest China

3 The impact of successful cataract surgery on quality of life, household income and social status in South India.

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Trustees’ Report Year to 31 December 2022

Objectives and activities (continued)

What Peek does (continued)

The Problem (continued)

Yet more than 1 in every 8 people (1.1 billion) live with untreated vision loss. This number is set to grow to 1.8 billion by 2050. The vast majority (905) just need a pair of glasses or cataract surgery. So why do so many people lack access to these simple, life-changing solutions?

Resources are scarce. Specialists are in short supply, conventional programmes can be inefficient, and performance data arrives too late. Many people do not know a solution exists or struggle to reach care. People who need eye health treatments remain invisible to health systems, unable to access the care they need.

Our Solution

Peek Vision is a social enterprise that powers eye health programme providers to strengthen systems and service delivery with a software and data intelligence platform.

With Peek, eye health providers can identify and address gaps and inequalities in their services. People who would have been invisible to health workers or hard to reach are made visible so that nobody is left behind.

By 2050, Peek aims to reverse the global trend and prevent 1.25 billion people from living with untreated vision loss.

What does Peek offer?

Peek products have been developed with eye health providers, professional bodies and researchers. They reflect global best practices in health systems decision-making. Peek currently offers eye health providers:

  1. Population-level eye health rapid assessments to understand vision loss and disease prevalence and aid programme design

  2. Screening and data capture by anyone, anywhere, using a clinically validated vision screening app

  3. Powerful software to monitor journeys to care to produce actionable insights

  4. Support and training to use our software, and a scalable programme design and data analysis to ensure continuous optimisation of programmes

With Peek, eye health systems become more efficient, equitable and effective, and ultimately enable more people to reach the care they need.

Peek Vision Foundation 6

Trustees’ Report Year to 31 December 2022

Objectives and activities (continued)

Peek’s 2022-2024 Strategy

Our three-year strategy has five goals: Achievements in 2022
1)Get it out there: Work with our partners
to deliver 100+ programmes powered by
Peek across 15+ countries.		 We launched 20 new programmes with our
partners in 2022, bringing the total live
programmes to 40, across 11 countries.
2)Users love it:Improve the quality and
experience of our products by establishing
a user satisfaction baseline and improving
on it each year.		 We introduced new features making our
products more user-friendly. We grew our
Product team to better understand our users’
needs and create a baseline of satisfaction from
which to improve.
3)Connect everyone to care: Each
programme will show an increase in the
percentage of those being connected to the
treatment they need.		 With our support, our partners made data-driven
improvements to their programmes, helping
more people access care (see Return on
Investment section P9 below for an example
from Pakistan).
4)Make it sustainable:Improve our
sustainability by increasing our sales
income and reducing expenditure per
programme.		 We began work on an ambitious project to
certify our partners to conduct our services
which aims to lower our price point for long-term
partners. Our sales income was 47% of our
overall income for the year.
5)Get government backing: Reach a
high level of regional or national scale in at
least five countries.		 Pono Yame (“My Vision”), the government- led
programme launched in Botswana. In Kenya,
Peek
secured
a
signed
national
Data
Processing
Assurance
Agreement
which
enabled our partners to launch the ambitious
Vision Impact Project.

Impact in 2022

Peek had an incredible year of achievements as impact has begun to scale. Some highlights included:

Twenty new Peek-powered programmes were launched in eight countries. This included school or community-based programmes in Botswana, Ghana, India, Kenya, Nepal, Pakistan, Uganda and Zambia. By the end of 2022, Peek was powering 40 programmes.

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Trustees’ Report Year to 31 December 2022

Objectives and activities (continued)

Impact in 2022 (continued)

Peek helped its partners to:

Using Peek, our partners conducted seven Rapid Assessments of Avoidable Blindness (RAAB7s). As part of developing Peek’s School Eye Health Rapid Assessment (SEHRA), partners in India and South Africa completed four prototype tests. Peek also completed a study with partners in Nepal to validate its new app-based Near Vision test.

Programme Highlights

System strengthening milestones

Alongside its partners, Peek advocates for governments to strengthen their health systems by investing in eye health. With Peek they can power eye health services more efficiently and equitably as part of their national health plans. Peek is working with the leading eye health INGOs to connect and strengthen eye health referral pathways and gather necessary data to advocate for the integration of eye health into government services. Peek has had a number of successes in this area in 2022 including:

Botswana: A government-led, nationwide, Peek-powered school eye health programme, which aims to reach every school-going child in the country, got off to a strong start. Pono Yame (“My Vision”) was officially launched at an event in October. Event highlights included addresses from Her Royal Highness The Duchess of Edinburgh, Minister of Education and Life Skills Hon. Dr Douglas Letsholathebe, and Permanent Secretary from the Ministry of Health and Wellness, Ms Grace Muzila as well as President Masisi sharing his support for the ambitious programme.

Kenya: The Peek-powered Vision Impact Project (VIP), an ambitious multi-stakeholder programme targeting over eight million people across seven counties got underway in April. CBM Christian Blind Mission is providing funding and technical programme support.

Pakistan: Peek celebrated over one million people screened in CBM-Peek programmes in the country in December - in part thanks to the introduction of door-to-door screening and training of over 1,400 lady health workers to use Peek.

India: Using cutting edge software, data intelligence and public health research tools Peek Vision and Dr Shroff’s Charity Eye Hospital embarked on an innovative project to improve vision and eye health in India.

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Trustees’ Report Year to 31 December 2022

Objectives and activities (continued)

Programme Highlights (continued)

Return on investment study

It is difficult to ascertain an objective cost-per-outcome for Peek, as each partner and programme has different contextual resource requirements. What Peek sees across all Peekpowered programmes are better use of specialists’ time, a greater understanding of the resource needs and optimised referral pathways (bringing more patients closer to the care they need).

Together with CBM, Peek undertook its first return on investment study facilitated by an independent health economist. The study compared eye health programmes in four districts in Pakistan, two that were using Peek and two that were not. All projects were implemented over the same time period. The key findings from the study found that Peek-powered programmes enabled:

These results provide further evidence that Peek makes eye health programmes more equitable, efficient and cost-effective.

Patient Case Study: Teodosia and Jonny

Teodosia lives in Kilimanjaro, Tanzania. Before seeking help, both her and her husband Jonny were blind, relying on their only daughter to take care of them. The couple accessed screening at a new CBM service powered by Peek where government health workers were trained to use the Peek screening test in villages across the region. Teodosia was able to access her cataract surgery at a hospital over 60 kilometres away thanks to the introduction of transport which was advocated for using Peek data which showed patients in her area were struggling to reach care.

Her husband Jonny was diagnosed with glaucoma. Treatment for him came too late as his condition causes irreversible blindness. There are millions of people just like Jonny and Teodosia across the world living without sight who deserve access to quality and timely treatment.

For those who do receive timely care it can transform their lives, as Teodosia explains:

“Before my surgery I could do nothing, I became extremely weak and very depressed. When I had my bandage removed for the first time I cannot describe the joy I felt. Re-gaining my independence has been life-changing.”

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Trustees’ Report Year to 31 December 2022

Objectives and activities (continued)

Peek’s Impact Accelerators

To deliver impact at scale Peek is working towards a 'low touch - high volume' model. Peek aims to power many more, fully connected, quality programmes at a much higher scale, whilst reducing the resources spent by the team per programme deployed. There are two key areas Peek is investing in to accelerate its impact:

Peek has been scoping the certification framework throughout the year with the aim to run pilots with selected partners in 2023.

Peek released exciting new software features for users including:

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Trustees’ Report Year to 31 December 2022

Objectives and activities (continued)

Peek’s Impact Accelerators (continued)

Other grants

2022 was the final year that the Peek Vision Foundation awarded scholarships under its Peter Ackland Scholarship programme. The scholarship covered course fees for 18 scholars from 14 countries to attend the Global Eye Health short course at the London School of Hygiene & Tropical Medicine in November 2022. The course’s impact on their professional development will be assessed in May 2023, six months post-course.

To date, this scholarship has sponsored 68 people, from 27 countries to attend the Global Eye Health Course. Of these 29 were ophthalmologists, 27 were optometrists and 12 were from other eye health cadres; 38% were women and 62% men.

The Foundation awarded grants to two research and development partners, who Peek Vision Ltd supports to trial new product developments in a live setting as a means to constantly improve, and diversify, the portfolio of products. A three-year grant (May 2022-April 2025) to Dr Shroff’s Charity Eye Hospital and a four-year grant to Nepal Netra Jyoti Sangh (Jan 2022Dec 2026) to conduct a series of research studies to provide a unique overview of the population need, service capacity and utilisation, access patterns and opportunities for system change. Stakeholders (service providers, community) will define solutions which will 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 products to determine the success of these new methodologies.

Challenges

The economic downturn could have a knock-on effect for Peek in many ways but perhaps most significantly would be the potential impact on fundraising. Peek is working to nurture multi-year relationships with current donors as well as secure new donors. It continues to invest in regular communication and impact reporting to demonstrate the value of its work.

Health budgets are being squeezed globally, including in the countries where Peek-powered programmes are running. Unfortunately, eye health budgets are likely to shrink as they compete with other health priorities.

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Trustees’ Report Year to 31 December 2022

Future plans

2023 is the second year of an ambitious three-year strategy. A year with rapid scale up plans running alongside product improvements and new product developments. Peek will also be developing a certification model enabling the team to support more programmes by transferring selected elements of Peek’s role to implementing partners through a training and certification process.

A summary of 2023 targets is shown below:

Our three-year strategy has five goals: Targets by the end of 2023
1) Get it out there: Work with our partners
to deliver 100+ programmes powered by
Peek across 15+ countries.		 70 live concurrent programmes powered by
Peek
2. Users love it: Improve the quality and
experience of our products by establishing
a user satisfaction baseline and improving
on it each year.		 Establish a baseline of user satisfaction and
improve on this by 15% per year.
3) Connect everyone to care: Each
programme will show an increase in the
percentage of those being connected to the
treatment they need.		 75% of programmes show ‘connected to
care’ improvements
4) Make it sustainable: Improve our
sustainability by increasing our sales
income and reducing expenditure per
programme.		 Break even with at least ⅓ of income
generated from sales
5) Get government backing: Reach a high
level of regional or national scale in at least
five countries.		 3 governments are (financially) supporting
programmes powered by Peek

Financial review

During 2022, the Peek Vision Group (“Group”) received income of £2,989,837 (2021: £3,226,383) of which £1,571,747 was in the form of donations and grants (2021: £1,284,365) and £1,403,969 was from contracted income (2021 £1,916,336). £14,121 (2021: £25,681) related to income from other sources.

The expenditure amounting to £3,668 288 (2021: £2,896,230) is related to delivering the Eye Health Software, Services & Support.

Net expenditure and net movement in funds amounted to £490,232 (2021- gain of £606,110).

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Trustees’ Report Year to 31 December 2022

Financial review (continued)

Total funds for the Group as at 31 December 2022 amounted to £2,747,650 (2021: £3,237,882) which was made up entirely of unrestricted funds in both years.

Fundraising strategy: Income from grants and donations is vital to the delivery of our objectives, and we set ambitious, yet realistic, fundraising targets in our annual budget; we met 75% of our target in 2022 (£1.5M / £2M).

Our approach is to focus on a strategic set of potential donors whose criteria are aligned to our Mission and approach. Peek does not employ the services 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 activities.

Policies and procedures

We have the following policies and procedures:

We do not provide services directly to children and vulnerable adults in our charitable activities. We have a safeguarding policy that provides guidance on safeguarding and protection issues and good practice for all staff members and associates, including Trustees. Peek partner organisations, who hold contractual agreements with Peek, are not covered by this policy but, as per their contractual agreement, Peek requests these partners to agree to adopt a safeguarding policy with similar standards.

Peek provides safeguarding training to all staff and offers it to Trustees annually and has procedures in place for any complaints and concerns from staff, partners or the public.

We have a background check policy, all staff undertake a basic disclosure check and DBS checks are only made where the scope of the role will mean contact with children or vulnerable adults. An offer of employment is conditional, where required, on satisfactory completion of DBS checks, depending on the post in question. Where the job applicant refuses to agree to an application to the DBS or a DBS check is completed but the job applicant refuses to allow Peek to see the DBS certificate, they will be treated as not having satisfactorily completed the DBS check.

There have been no serious incidents (including any historical incidents) that we are aware of during this financial period.

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Trustees’ Report Year to 31 December 2022

Financial Policies - Reserves, Remuneration and Investment

We have internal charity financial controls that include clear levels of authorisation, oversight and responsibility for all payment levels. Budgets and management accounts are reviewed by trustees quarterly. The trustees have a standing order delegating specific responsibilities to the Foundation CEO, this is reviewed and approved every 2 years.

Reserves Policy

Our reserves policy takes into account both the appropriate working capital needs of our trading subsidiary as well as our Group reserves. Unrestricted funds which have not been designated for a specific area are kept in a separate ‘Reserves Fund’ bank account at a level to pay all Group staff salaries and other recurrent costs for an ideal target of twelve months, with a minimum target of six months and an absolute minimum of three months.

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 2022 the minimum target was £1,500,000; this level was maintained throughout the year. The target set for 2023 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.

Compensation principles and methodology

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 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 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 structured (for example as grants, loans or guarantees).

Risk management

The Foundation has a risk management strategy comprised of:

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Trustees’ Report Year to 31 December 2022

Risk management (continued)

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, diversification of our donor base and investment in our fundraising capacity. Peek Vision Ltd has a stronger sales and marketing strategy in place with more attractive pricing to retain existing customers and attract new customers.

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 to five.

We work closely with our implementing partners to support negotiations with the government and local NGOs to secure the necessary approvals and Data Agreements. 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 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.

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 12 months’ expenditure when that is in place.

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.

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Trustees’ Report Year to 31 December 2022

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 R Eastmond Mr E Gasagara Ms M Hlasa (appointed Dec 2022)

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, international development, eye health, business development and social enterprise development and the alignment with the vision, mission and values of the Foundation. The Board recruited 1 new Trustee in 2022, Mahali Hlasa, who is based in Lesotho and has more than 20 years of international development, social enterprise and primary health care service delivery experience.

The Board is also aiming to increase its diversity among the Trustees along the lines of gender and age.

Governing document

The Foundation is controlled by its governing document, articles of association, 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:

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Trustees’ Report Year to 31 December 2022

Key Management Personnel

In addition to the trustees, the Foundation relies on the contribution of Prof. 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.

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Trustees’ Report Year to 31 December 2022

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.

Trustee Dated:

Peek Vision Foundation 18

Independent auditor’s report Year to 31 December 2022

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 2022 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.

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Independent auditor’s report Year to 31 December 2022

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:

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Independent auditor’s report Year to 31 December 2022

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:

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Independent auditor’s report Year to 31 December 2022

Auditor’s responsibilities for the audit of the financial statements (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

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

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

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 22

Independent auditor’s report Year to 31 December 2022

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

Peek Vision Foundation 23

Consolidated statement of financial activities Year to 31 December 2022

Notes
Un-
restricted
funds
£
Restricted
Funds
£
Year
ended 31
December
2022
£		 Un-
restricted
funds
(restated)
£
Restricted
Funds
£
Year ended
31
December
2021
(restated)
£
Income from
Donations and grants
1
Charitable activities – Eye
Health Software, Services &
Support
Other sources
Total income
Expenditure on
Charitable activities – Eye
Health Software, Services &
Support
2
Total expenditure
Net (expenditure) income
before transfers
Subsidiary R&D tax credit
6
Net movement in funds
4
Balances brought forward
at 1 January 2022
Balances carried forward
at 31 December 2022		 1,008,963
1,403,969
14,121
562,784

—

—

1,571,747

1,403,969

14,121		 862,936
1,916,336
25,681
421,429

—

—
1,284,365

1,916,336

25,681
2,427,053
562,784
2,989,837		 2,804,953
421,429
3,226,383

3,105,444
562,784


3,668,228		 2,474,801
421,429
2,896,230
3,105,444
562,784
3,668,228		 2,474,801
421,429
2,896,230
(678,391)
188,159
—

—

(678,391)

188,159		 330,152
275,958
—

—
330,152

275,958

(490,232)
3,237,882
—

—
(490,232)



3,237,882		 606,110
2,631,772
—

—
606,110

2,631,772
2,747,650
—


2,747,650		 3,237,882
—
3,237,882

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 24

Balance sheets 31 December 2022

Notes Group Group Charity Charity
2022
£		 2021
£
2022
£		 2021
£
Fixed assets
Tangible assets
7
Subsidiary investment
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors:amounts falling due
within one year
10
Net current assets
Total assets less current
liabilities
Net assets
12
Represented by:
Funds and reserves
Restricted funds
11
Unrestricted funds

65,277

—		 36,835
—

—

500,000		 —
500,000
65,277 36,835
500,000		 500,000



730,606
2,232,549		 681,272
2,687,086


—

1,843,362		 266,332
2,148,494
2,963,155

**(280,782) **		 3,368,358
(167,311)
1,843,362

**(25,032) **		 2,414,728
(6,961)
2,682,373 3,201,047
1,818,330		 2,407,865

2,747,650		 3,237,882

2,318,330		 2,907,865


2,747,650		 3,237,882

2,318,330		 2,907,865




—
2,747,650		 —
3,237,882



—

2,318,330		 —
2,907,865
2,747,650 3,237,882
2,318,330		 2,907,865

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

Trustee Approved on:

Company registration number: 09919543 (England and Wales)

Peek Vision Foundation 25

Consolidated statement of cash flows 31 December 2022

Notes 2022
£		 2021
£
Cash flows from operating activities:
Net cash (used in) provided by 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
Repayment of Loan
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2022
B
Cash and cash equivalents at 31 December 2022
B
**(400,615) **		 729,405


6,348
(60,270)		 —
(29,929)
(53,922) (29,929)


—		 (250,000)
— (250,000)

(454,537)


2,687,086
 449,476
2,237,610

2,232,549		 2,687,086

Notes to the statement of cash flows for the year to 31 December 2022.

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

B
C		 2022
£		 2021
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Unrealised currency gains
Surplus on disposal of tangible fixed assets
Decrease in debtors
Increase in creditors
Decrease in stock
Net cash(used in) provided by operating activities
(490,232)

21,504
7,811
(3,835)
(49,334)
113,471
—		 606,110
21,096
—
4,837
28,945
63,435
4,982
**(400,615) ** 729,405
Analysis of cash and cash equivalents
2022
£		 2021
£
Cash at bank and in hand
Total cash and cash equivalents		 2,232,549 2,687,086
2,232,549 2,687,086
Analysis of changed in net debt At
1 January
2022
£
Cash flows
£		 At 31
December
2022
£
Total: cash and cash equivalents 2,687,086
(454,537)		 2,232,549

Peek Vision Foundation 26

Principal accounting policies Year to 31 December 2022

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 2022.

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 27

Principal accounting policies Year to 31 December 2022

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 or of cashflows 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 2022 the Charity made a deficit of £589,633 (2021 – surplus of £317,146).

Details of the subsidiary companies results for the year are shown as part of note 8.

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 arrangements and from performance related grants which have conditions that specify the provision of particular goods or services to be provided by 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.

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:

Peek Vision Foundation 28

Principal accounting policies Year to 31 December 2022

Expenditure and the basis of apportioning costs (continued)

Support costs are apportioned between activities on a basis suitable to the nature of the costs. 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 to further eye health software, service & support 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 at amortised cost. Prepayments are not financial instruments.

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

Financial liabilities – 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.

Taxation

Amounts recoverable in relation to Research and Development in the subsidiary are shown as taxation credits in the Statement of Financial Activities and recorded as debtors when claims are submitted.

Peek Vision Foundation 29

Notes to the financial statements Year to 31 December 2022

1 Donations and grants

Donations and grants
Un-
restricted
funds
£
Restricted
Funds
£
2022
£		 Un-
restricted
funds
£
Restricted
Funds
£
2021
£
Donations
Rolex Awards for Enterprise
Other Donations
Total funds
—
1,008,963
37,332

525,452

37,332

1,534,415
—

862,936
—

421,429
—

1,284,365
1,008,963
562,784
1,571,747
862,936
421,429
1,284,365

2 Expenditure on charitable activities – Eye Health Software, Services & Support

Un-
restricted
funds
£
Restricted
Funds
£
2022
£		 Un-
restricted
funds
(restated)
£
Restricted
Funds
£
2021
(restated)
£
Direct costs
Grants Distributed
(Supporting Eye
Health)
Support costs
(note 3)
Total funds		 906,042
39,695
2,159,707
139,140

31,067

392,577
1,045,182

70,762

2,552,284		 631,055
25,575
1,818,171
52,635

—

368,794
683,690

25,575

2,186,965
3,105,444
562,784
3,668,288		 2,474,801
421,429
2,896,230

Direct costs are expenditures directly related to the delivery of Eye Health Software, Service & Support to customers.

3 Support costs

Support costs
2022
£		 2021
(restated)
£
Product Development costs
Administrative costs
Funder Relationship costs
Governance costs (Audit and Accountancy)
Total		 956,327
1,404,141
107,782
84,034		 667,676
1,363,094
90,936
65,259
2,552,284 2,186,965

4 Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:

2022
£		 2021
£
Staff costs (note 5)
Auditor’s remuneration
Depreciation(note 7)		 2,460,484
15,950
21,504		 2,153,361
13,500
21,098

Peek Vision Foundation 30

Notes to the financial statements Year to 31 December 2022

5 Staff costs and trustees’ remuneration

Staff costs and trustees’ remuneration

2022
£		 2021
£
Staff costs during the year were as follows:
Wages and salaries (including Consultants)
Social security costs
Pension costs
Contractors
Other employee benefits		 2,181,464
148,516
130,504		 1,908,623
130,402
114,336
2,460,484

237,188
89,914		 2,153,361
289,485
21,022
2,787,586 2,463,868

The average number of salaried employees, including part-time staff, during the year ended 31 December 2022 was 17 (2021 – 17). Additional overseas and related staff totalled to 24 (2021 – 23).

Where staff includes all employees, employer of record employees, long term consultants[4] .

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


£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000		 2022
Number
—
1
1
4
2		 2021
Number
4
2
1
—
—

The pay and remuneration of all salaried key management personnel (as defined on page 17) are set by the Board. Freelance services are subject to Board approval. In 2022, the aggregate remuneration of key management personnel was £201,996 (2021 - £169,255).

Trading subsidiaries

The Peek Vision Foundation has one trading subsidiary, Peek Vision Ltd, a registered company incorporated in the United Kingdom (Company Registration Number 09937174). One Foundation trustee is a Director of Peek Vision Ltd, as appointed by the Foundation’s trustees. The second Director of Peek Vision Ltd is the CEO of the Foundation and Peek Vision Ltd.

4 Employee: Employees are individuals hired to perform a service for wages or salary. Employer of Record (EoR) Employee: EoR Employees are individuals hired by Peek’s Employer of Record (EoR). Peek works with an EoR when we do not have an in-country entity and the EoR employs staff on our behalf.

*Consultant: Consultants are individuals contracted by Peek to provide expert advice and services professionally to Peek for specific roles that are a part of our organisational chart.

Peek Vision Foundation 31

Notes to the financial statements Year to 31 December 2022

5 Staff costs and trustees’ remuneration (continued)

Peek Vision Ltd is the parent company, sole shareholder and 100% owner of Peek Vision (Proprietary) Limited incorporated in Botswana and which has 2 Directors. One Director of Peek Vision One Director of Peek Vision (Proprietary) Limited is a resident of Botswana as approved by the Peek Vision Ltd Directors. The second Director of Peek Vision (Proprietary) Limited is the CEO of Peek Vision Ltd.

6 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. There were no available profits to donate in 2022, during 2021 Peek Vision Ltd received Research and Development tax credits amounting to £188,159 which have been shown in the Statement of Financial Activities.

7 Tangible fixed assets
8 Group and Charity Plant and
machinery
£
Computer
equipment
£
Total
£
Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for year
Disposals
At 31 December 2022
Net book values
At 31 December 2022
At 31 December 2021		 5,291
—
(3,423)
101,655

60,270
(21,495)
106,946

60,270
(24,918)
1,868
140,430
142,298
3,629
1,214
(3,409)
66,481

20,290
(11,184)
70,110

21,504
(14,593)
1,434
75,587
77,021
434
64,843
65,277
1,662
35,174
36,836
Subsidiary investments
Charity		 2022
£

500,000		 2021
£
500,000
Investment in subsidiary undertakings at cost
£1 ordinaryshares

The Charity owns the wholly issued ordinary share capital of £500,000 (2020 - £500,000) in Peek Vision Limited, a Company registered in England (Company Registration No. 09937174). Peek Vision Limited 100% owns the shares of Peek Vision (Proprietary Limited), a Company registered in Botswana (Company number UIN BW00000520922). All activities have been consolidated on a line by line basis in the statement of financial activities. All activities have been consolidated on a line by line basis in the statement of financial activities.

Peek Vision Foundation 32

Notes to the financial statements Year to 31 December 2022

8 Subsidiary investments (continued)

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

2022
£		 2021
£
Turnover
Cost of sales

Gross profit
Distribution costs
Promotion and administrative expenses

Other operating income
Operating profit
Other interest receivable and similar income
Interest payable and similar charges
(Loss) Gain for the financial year before taxation
HMRC R&D Tax credit
Gift aid payment to parent
(Loss) Gain for the financial year after taxation and gift aid payment
Retained profit brought forward
Retainedprofit carried forward		 3,429 421
**(1,045,181) **		 3,109,736
(743,091)
2,384,240
(3,836)
(2,536,222)
67,003		 2,366,645
(3,818)
(2,047,029)
—
(88,815)
—
—		 315,798
95
(31,720)
(88,815)
188,159
—
99,344		 284,173
275,958
(266,332)
293,799
334,753 40,954
434,097 334,753

9 Debtors

Debtors
Group Charity

2022
£		 2021
£
2022
£		 2021
£
Trade debtors
Other debtors
Prepayments and accrued income		 620,600
18,515
91,491		 639,277
13,309
28,686
—

—

—		 266,332
—
—
730,606 681,272
—		 266,332

10 Creditors: amounts falling due within one year

Group Group Charity Charity

2022
£		 2021
£
2022
£		 2021
£
Expense creditors
Social security and other taxes
Accruals and deferred income
Other creditors		 71,429
35,977
173,376
—		 47,308
47,117
72,867
19
—

—

24,889

143		 —
—
6,720
143
280,782 167,311
25,032		 6,863

11 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
2022
£
Income
£
Expenditure
£
Transfers
£		 At 31
December
2022
£
Eye Health Software,
Service & Support		 —
562,784
(562,784)		 —
—

Peek Vision Foundation 33

Notes to the financial statements Year to 31 December 2022

11 Restricted funds (continued)

Group and Charity At
1 January
2021
£
—
Income
£
Expenditure
£
Transfers
£
At 31
December
2021
£
Eye Health Software,
Service & Support
421,429
(421,429)		 —
—

The Eye Health Software, Services & Support fund represents monies received for the work related to the Charity’s Eye Health Software, Services & Support.

Eye Health Software, Services & Support previously listed as Eye Health Programmes.

12 Analysis of net assets between funds

Fund balances at 31 December 2022 are represented by:

Group Un-
restricted
funds
£
Restricted
Funds
£		 2022
£		 Un-
restricted
funds
£
Restricted
Funds
£
2021
£
Tangible fixed assets
Current assets

Creditors due within one year
Creditors due in more than
one year
Total net assets
 65,277
2,963,155

(280,782)
—
—

—

—

—
65,277
2,963,155

(280,782)

—		 36,835
3,368,358
(167,311)
—
—

—

—

—
36,835
3,368,358

(167,311)

—
2,747,650
—		 2,747,650 3,237,882
—		 3,237,882
Charity Un-
restricted
funds
£
Restricted
Funds
£		 2022
£		 Un-
restricted
funds
£
Restricted
Funds
£
2021
£
Investments
Current assets (liabilities)

Creditors due within one year
Total net assets
 500,000
1,843,362

(25,032)
—

—
—
500,000
1,843,362

**(25,032) **		 500,000
2,414,728
(6,863)
—

—
—
500,000
2,414,728

(6,863)
2,318,330
—		 2,318,330 2,907,865
—		 2,907,865

13 Ultimate control

The Charity is controlled by its trustees.

14 Related party transactions

During the year to 31 December 2022, the Charity received a donation from The Lucille Foundation of £150,000 (2021 - £200,000). 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 2022, the Charity received a donation from The David Cock Foundation of £50,000 (2021 - £Nil). A trustee of The David Cock Foundation is a trustee of the Charity.

Peek Vision Foundation 34

Notes to the financial statements Year to 31 December 2022

15 Prior year adjustments

The Trustees have reviewed the analysis of expenditure across the headings in the Statement of Financial Activities and adopted a revised allocation that better reflects the operations of the group. Prior year amounts have been restated for consistency. The prior year amounts have also been adjusted to better reflect the elimination of intra-group transactions, reducing both income and expenditure by £211k compared to previously reported amounts. This had a £nil impact on the net result shown for the prior period or the balances of funds.

Peek Vision Foundation 35