**Vision Catalyst Fund Trustees Annual Report and Unaudited Financial Statements Year ended 31 March 2024** 

Charity registration - 1190732 Company number - 12434384 




**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## **Contents** 

|**Contents**||
|---|---|
|Legal and administrative information|3|
|Message from the Chief Executive|4|
|Trustees annual report|5|
|Objectives and activities|5|
|Achievements and performance|6|
|Plans for future periods|9|
|Financial review|9|
|Structure, governance & management|9|
|Statement of Board of Trustees’ responsibilities|9|
|Independent examiner’s report|11|
|Statement of fnancial activities|13|
|Balance sheet|14|
|Statement of cash fows|15|
|Notes to the fnancial statements|16|



Charity number 1190732 Company number 12434384 

2 



**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

## **Legal and administrative information** 

Charity name 

Vision Catalyst Fund 

Charity registration no. 

1190732 

Company registration no. 

12434384 

Registered office and contact details 

First Floor 10 Queen Street Place London EC4R 1BE 

Trustees 

Professor Andrew Bastawrous Dr Astrid Bonfield Eleanor Fuller Ashish Goyal Anurag Hans Christopher Jurgens Dr Jordan Kassalow Alexander Kennedy Elizabeth Smith 

appointed 24 August 2024 appointed 2 March 2023 

appointed 19 June 2024 resigned 4 June 2024 resigned 4 June 2024 

resigned 28 September 2023 

Bank 

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ 

Independent examiner 

Enaid Accountancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU 

Charity number 1190732 Company number 12434384 

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**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 


## **Message from the Chief Executive** 

Dear Friends, 

A sincere thank you goes to all our partners who have worked so hard during the year to implement impactful programmes, bringing vision to communities across the world. 

This past year, we have focused on expanding our impact in lower and middle-income countries. In May 2023, we launched our first Eye Health Accelerator Grants with an open call for proposals. We sought catalytic programmes that could scale eye health services effectively, whether by market shaping for eyeglasses, developing public health services to address various eye diseases and conditions, or both. 

We were thrilled to receive 58 concept notes. After a thorough review, we awarded four grants totalling £470,000 in December 2023. These grants support programmes in Peru, Tanzania, Uganda, and South Africa, marking a significant milestone for the Vision Catalyst Fund. As we scale up our grant-making, we embrace diverse programmes, partners, and approaches to increase access to vision. We look forward to working closely with the selected partners over the next few years to maximise their impact and share their results. 

The funds for these grants were generated through an innovative investment product co-created with P1 Capital, showcasing our commitment to raising capital for eye health in new ways. 

As we mature as an organisation, we have reviewed our processes and systems towards the end of the financial year. This has led to updates in our procedures and the adopting of new systems to streamline our financial and grant management. We are also grateful to Hogan Lovells for providing pro bono legal support and helping us strengthen some of our policies, contracts and governance. 

Throughout the year, we have engaged in discussions with the World Bank about a major collaboration focused on scaling up funding for eye health. We will share more details about this exciting initiative in the coming months. Additionally, in early 2024, we became a member of the World Health Organization’s newly established Global SPECS Network. We look forward to collaborating within this network to increase access to eyeglasses globally. 

The impact of our work continues to grow, including the positive results from our NCD programme in Cambodia and the glasses and lens donations awarded in partnership with EssilorLuxottica. We plan to expand our programmes and share their results next year. We maintain our commitment to being a neutral and transparent funder as we deepen partnerships across the eye health sector and beyond. 

Thank you once again for your support and dedication. Together, we can make a difference in people’s lives around the world. 


## **DR ANDREW COOPER** 

## **CHIEF EXECUTIVE** 

Charity number 1190732 Company number 12434384 

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**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

## **Trustees annual report** 

The Board of Trustees, who are also Directors of the Charity for the purposes of the Companies Act, and Trustees for charity law purposes, submit their annual report and the financial statements of Vision Catalyst Fund for the year ended 31 March 2024. 

The Board of Trustees confirms that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Charity’s governing document and the provisions of the ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. 

## Objectives and activities 

## Who we are 

The Vision Catalyst Fund was established by co-founders Andrew Bastawrous and Astrid Bonfield, together with founding partners: EssilorLuxottica, International Agency for the Prevention of Blindness (IAPB), Standard Chartered, UBS Optimus Foundation and philanthropist James Chen. Other supporters include The Conrad N Hilton Foundation, Open Road Alliance, Santen Pharmaceutical, The Indigo Trust and The London School of Hygiene & Tropical Medicine. 

The objects of the charity are: 

- to promote the health of the public, in particular in relation to eye care; 

- to advance the education of the public through funding and undertaking research into the health, 

- economic and social impacts of visual impairment; and, 

- to advance any other purposes recognised as charitable in England & Wales for the time being. 

## What we believe 

Over 1 billion people in the world have poor vision. We stand with those being left behind, whose potential could be unleashed if they could have clear vision and healthy eyes. Reaching these populations demands making big investments where markets are failing and aid is not sustainable. 

It means being led by what is needed, not what those with resources need. It requires us to trust those closest to the challenges, providing them with data, resources, autonomy and partnership to serve the huge numbers of people today who can not see simply because they can not access or afford proven treatments. It is the ambition to work at a scale not yet seen; to convene governments, the private sector, civil society, social enterprises and all who can contribute to ensuring entire populations can be served now and in the future. 

The Vision Catalyst Fund‘s ambition is that markets, philanthropy, governments, civil society and social enterprise will come together to solve this problem in a generation. 

## Public beneft 

Throughout the process of determining the activities outlined in this report, the Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. 

Charity number 1190732 Company number 12434384 

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**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## Achievements and performance 

Over the past year, the Vision Catalyst Fund has scaled up its grant making and started to see the results across lower and middle income countries. We now support programmes in 18 countries, and this will grow to meet our longer term ambitions for scale as a global fund for vision. Our approach can be described as follows. 

**A significant funder of eyeglasses and eye health disease initiatives.** We are a transparent, inclusive and neutral funding mechanism to increase access to vision in collaboration with partners and governments. 

**Mechanisms to raise significant capital for eye health.** We set out to raise $1 billion in catalytic funds using alternative finance, engaging funders from other sectors, and integrating cross-cutting issues such as education and employment. 

**Collaborating for impact.** We work closely both within and outside the eye health sector, to maximise the number of people that we can help across the globe. We work with our partners to aggregate and publish results data from programmes. 

**A neutral global convening mechanism to scale up programmes.** We bring together NGOs, the private sector and government in a range of focus countries, to increase access to eye health services. 

## Eye Health Accelerator Grants 

Using the investment income from the VCF’s Vision Bond with P1 Capital, an open call for proposals was held for the Vision Catalyst Fund’s first round of Eye Heath Accelerator Grants. This was a transparent process with published criteria, so that the best routes to scale for eye health services in lower and middle income countries could be supported. 

It was a competitive process with 58 expressions of interest and 9 partners invited to submit a full proposal. The VCF’s Programmes Expert Committee provided invaluable technical input and the Board of Trustees awarded four grants at the end of 2023, as set out below. 

## **RestoringVision - Peru. Bringing reading glasses into Peru’s pension programme - £50,000 over one year.** 

RestoringVision’s innovative programme, launched in 2019 in partnership with MSH Peru, is dedicated to providing vision screenings and reading glasses to ageing individuals supported by Peru’s PENSIÓN 65 Program, established as a safety net for those aged 65 and above in extreme poverty. Starting as a pilot reaching 55,000 individuals in 2021, the programme is scaling to serve 500,000 ageing Peruvians from 2022-2024, thanks to a donation of eyeglasses from the Vision Catalyst Fund (VCF) and the OneSight EssilorLuxottica Foundation. With the new Eye Health Accelerator Grant, RestoringVision aims to enhance its programme by focusing on sustainability, generating evidence of impact for advocacy, and identifying potential countries for replication, ultimately striving to reach millions more people living in extreme poverty globally. 

## **Clinton Health Access Initiative with Vula Mobile - South Africa. Digitally enabling eye health services for rural communities - £100,000 over two years.** 

The Clinton Health Access Initiative (CHAI), in collaboration with Vula Mobile Health Care, will partner with the South African government to improve primary eye care services. Through innovative approaches, local healthcare workers in primary healthcare facilities will be trained to conduct basic vision screening examinations using mobile-based tools like Vula Vision. This task shifting approach aims to broaden service coverage, particularly in rural settings where staff shortages have hindered accessibility. For patients requiring advanced care, the Vula Health Referral and Advice system will ensure a smooth pathway for patients requiring specialised care, as well as tracking and monitoring the referral progress, fostering communication between primary health care facilities and eye care specialists, ultimately improving patient treatment. 

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**Vision Catalyst Fund** Annual report and financial statements 

**International Centre for Eye Health, London School of Hygiene & Tropical Medicine with Kilimanjaro Christian Medical Centre - Tanzania. Integrating vision into childhood and newborn care - £200,000 over two years.** 

In 2019, the International Centre for Eye Health and Kilimanjaro Christian Medical Centre successfully piloted training for primary health workers (PHWs) in eye health, demonstrating the potential to identify and treat previously unnoticed eye conditions in thousands of children. With the grant, the programme intends to scale up by integrating eye health into the widely used WHO/UNICEF Integrated Management of Childhood and Newborn Illnesses (IMNCI) guidelines in Tanzania, training additional PHWs, and providing essential eye care to at least 10,000 children, with the ultimate goal of creating a global blueprint for incorporating eye health into child healthcare. 

**VisionSpring - Uganda. People Centred Eye Health Services for Ugandan Communities - £120,000 over two years.** 

The Clear Vision Collective (CVC) - composed of the Ministry of Health of Uganda, Dr Arunga Eye Hospital, BRAC, Clinton Health Access Initiative, Light for the World and VisionSpring – will introduce sight tests and reading glasses into government primary care and community services for the first time. In parallel, CVC members will deploy their unique models and complementary capabilities to establish Uganda’s first clear vision district, inclusive of school screening, cataract surgery and referral for other eye conditions. As a result, 800,000 people will gain access to vision services in communities engaged in near vision intensive agriculture, artisan craft and skilled trades. 

## Project Expand - Cambodia 

In April 2023, the Vision Catalyst Fund awarded a grant of $1,479,073 to the Clinton Health Access Initiative (CHAI) for a three year programme which aims to expand access to care for patients living with diabetes, hypertension, and eye health issues in Cambodia. This is an important partnership for the VCF as we test out a range of approaches to scaling up access to eye health services. 

In Cambodia, Non-Communicable Diseases (NCDs), including diabetes, hypertension and eye health conditions, are becoming among the highest causes of morbidity and mortality, especially among older populations. Despite this, availability of services remains low in the public sector; only 10% of health centres and 50% of hospitals are able to provide the WHO Package for Essential NCDs, and there are only 18 vision centres nationwide. The WHO estimates that yearly only about 1% of the target population is currently screened for NCDs. 

The Royal Government of Cambodia (RGC) has made a significant commitment to dramatically increase access to NCD services through investments from a pooled donor and government funding mechanism; HEQIP-2. This investment is an incredible opportunity to rapidly expand service availability for Cambodians, upskilling health centres and community workers in screening for NCDs and referring patients for appropriate care. However, there remain risks that would prevent this investment from translating into the desired outcome of increasing the number of Cambodians on treatment. 

The VCF funded programme focuses on the following areas of change. 

**1.** Scale up diagnosis and treatment of NCDs – the RGC has plans to rapidly scale up access to screening for NCDs. CHAI will support these efforts through providing technical assistance to the national level to ensure 95% of facilities are able to provide NCD diagnosis and treatment by year three. This will include strengthening linkages to community health workers and simplifying and integrating referral pathways. 

**2.** Increase availability and affordability of NCD treatments – public facilities are chronically understocked for NCD treatment and prices in the private sector pharmacies are prohibitively high for many Cambodians. CHAI will work to improve government systems for procurement of NCDs at the national and subnational level. 

**3.** Strengthen availability and use of NCD data for decision-making by policy makers at all levels and other actors – availability and quality of data for NCDs remains weak. CHAI will support the government to strengthen the quality of data, and to introduce decision-making dashboards to help identify progress and challenges of implementation. 

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**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

This work will be conducted through technical assistance provided to the national level, and through more intensive support to a learning province. From experience with other CHAI programmes, this twopronged approach allows for rapid sharing between national and subnational levels to test and strengthen implementation arrangements, and a more effective scale up through sharing lessons learned with other provinces. 

Ultimately, CHAI expects the project objectives of increased accessibility of NCDs services and increased availability and affordability of treatments will lead to 173,270 Cambodians on long-term treatment for hypertension, 81,000 Cambodians on treatment for diabetes, and 50,000 Cambodians referred for diabetic retinopathy. The programme will be entirely supplier agnostic; our goal is to strengthen access to screening and treatment for NCDs in Cambodia. 

## Glasses and lens donations 

The VCF continued to work closely with EssilorLuxottica on our glasses and lens donation programme. By the end of the year, around 2.2 million pairs of glasses and lenses had been awarded and just under 700,000 pairs shipped across the globe. Regular meetings with partners enable the VCF to track progress and to provide support if any challenges occur. Monitoring reports are submitted to the VCF and these show the impact of the donations, including case studies that are published online. For example, CHAI South Africa reported towards the end of the period how the donations are enabling the local authorities in the focus provinces to reallocate part of their eye health budget to strengthen long term services. Government partnerships such as this enable the donations to be catalytic and to have a major impact on how eye health services are delivered in-country. 

## Social Impact Guarantee for Vietnam 

In late 2023, the Vision Catalyst Fund (VCF) with Tri-Sector Associates were selected as one of the first three projects for support from the Levoca Outcomes Accelerator to develop its alternative finance programme focused on school eye health in Vietnam. The Outcomes Accelerator is supported by the UBS Optimus Foundation as a funder and governing committee member, the Swiss State Secretariat for Economic Affairs and the Foreign, Commonwealth and Development Office in the UK. 

Funding from the Accelerator was awarded to support the VCF’s alternative finance initiative, The School Eye Health Accelerator. The VCF worked in partnership with Tri-Sector Associates and partners to create a Social Impact Guarantee (SIG). The SIG will fund a government-driven school eye health programme in Vietnam, to improve the quality of and access to eye care services and educational outcomes for children. 

First developed in Singapore by Tri-Sector, a SIG operates akin to an insurance scheme, with donors paying a premium to a Guarantor. In the event that desired outcomes are not achieved, the Guarantor refunds the initial investment. By pooling risk premiums from successful projects, the Guarantor can fund even more impactful programmes. 

With support from the Accelerator, VCF worked with Tri-Sector Associates and delivery partners to design a pilot for the SIG in Vietnam with a focus on school eye health. Taking a systems change approach, the intervention will work to strengthen the rollout of the Vietnamese Government’s National School Eye Care guidelines. During this critical phase, we will engage funders, collaborate with delivery partners, and foster government partnerships to ensure sustainable success. 

## WHO SPECS 

In May 2023, the Vision Catalyst Fund was invited to attend a World Health Organization meeting in Geneva, focused on the development of their new eyeglasses initiative ‘SPECS’. Over the course of two days, meetings and discussions were held, focused on how to meet the challenge of equipping more than a billion people with eyeglasses. The Vision Catalyst Fund pledged its support for SPECS which it is anticipated will be launched around May 2024. 

## The World Bank 

During the course of the year, the Vision Catalyst Fund worked with the World Bank on plans to set up a Multi-Donor Trust Fund, within the Bank’s Healthy Lives, Nutrition and Population strategy. The focus is to increase investment in eye health interventions through primary health and school services, to advance universal health coverage. The capital will be invested directly in countries to test and scale activities with 

Charity number 1190732 Company number 12434384 

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**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

multi-sector partners, such as training health workers, health education, distributing glasses, and building markets. The Trust Fund will aggregate data, research, and country plans. 

## Plans for future periods 

As we move into the new financial year, we will continue to develop investment products with the aim of bringing new funding into the eye health sector. We will progress discussions with the World Bank with a view to formalising our partnership later in 2024. We will also share learning from our ongoing programmes as they begin submitting reports to us on their progress. Our overall focus is to scale up our grant-making and to reach many more people in our mission to provide access to vision across lower and middle income countries. 

## Financial review 

The Charity incurred a deficit of £47,930 (2023: surplus of £88,868) in the year resulting in total funds at the year end of £48,068 (2023: £95,998). Due to a deficit of £78,047 on restricted reserves which was met by deferred income released in the next financial year, the charity held unrestricted funds at year end of £126,115 (2023: £10,878) and the Trustees deem the reserves sufficient until a reserves policy is developed. 

## Reserves policy 

The Charity is currently in the process of preparing a formal reserves policy but the trustees are happy that the current reserves of £126,115 (2023: £10,878) along with current income commitments are sufficient for the present time. 

## Structure, governance & management 

Vision Catalyst Fund is a charitable company, incorporated at Companies’ House on 30 January 2020 and registered as a charity on 5 August 2020.  The Charity was established under a Memorandum of Association that sets out the objects and powers of the charitable company, and is governed under the Articles of Association as amended on 30 January 2020.  In the event of the company being wound up, members are required to contribute an amount not exceeding £1. 

## Recruitment and appointment of Trustees 

The Trustees are also the directors of the Vision Catalyst Fund for the purpose of company law. The Articles of Association require a minimum of three and there is no maximum number of trustees. 

Trustees are subject to re-election on a rolling three year basis at the Annual General Meeting, with a maximum of two consecutive terms. Only the current Trustees can appoint new Trustees. 

## Statement of Board of Trustees’ responsibilities 

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of expenditure over income for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

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

- departures disclosed and explained in the financial statements; and, 

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**Vision Catalyst Fund** 

**Year ended 31 March 2024** 

Annual report and financial statements 

**•** prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue its activities. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that the content of the annual review on pages 5 to 10 of this document, as well as the legal and administrative information on page 3, meet the requirements of both the Trustees’ Annual Report under charity law and the Directors’ Report under company law. 

They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. 

## The Trustees confirm that: 

**•** so far as each Trustee is aware, there is no relevant information of which the Charity’s independent examiner is unaware; and, 

**•** each Trustee has taken all the steps that they should have taken as a Trustee/Director in order to make themselves aware of any relevant independent examination information and to establish that the Charity’s independent examiner is aware of that information. 

## Preparation of the report 

This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006, and the exemptions available for smaller charities under the Statement of Recommended Practice. 

This report was approved and authorised for issue by the Board of Trustees on 2 December 2024 and signed on its behalf by: 

Eleanor Fuller (Dec 3, 2024 14:01 GMT) 

## **ELEANOR FULLER** 

## **TREASURER** 

Charity number 1190732 Company number 12434384 

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**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

## **Independent examiner’s report** 

I report to the Trustees on my examination of the accounts of Vision Catalyst Fund (charity number 1190732, company number 12434384) for the year ended 31 March 2024 which are set out on pages 13 to 22. 

## Respective responsibilities of trustees and examiner 

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (‘the 2011 Act’) nor under Part 16 of the 2006 Act, and that an independent examination is needed. 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, it is my responsibility to: 

- examine the accounts under section 145 of the 2011 Act; 

- to follow the procedures laid down in the general directions given by the Charity Commission under 

- section 145(5)(b) of the Charities Act; and, 

- to state whether particular matters have come to my attention. 

This report, including my statement, has been prepared for and only for the Charity’s Trustees as a body. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body for my examination work, for this report, or for the statements I have made. 

## Basis of independent examiner’s statement 

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records.  It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. 

The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. 

## Independent examiner’s statement 

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- accounting records were not kept in respect of the Company as required by section 386 of the 2006 

- Act; or, 

- the accounts do not accord with those records; or, 

**•** the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or, 

**•** the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 

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**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


## **ANDREW PHILIP NASH FCA** 

## **MEMBER OF THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES – 2461833** 

## **DATED: 3 DECEMBER 2024** 

Enaid Accountancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU 

Charity number 1190732 Company number 12434384 

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**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

## **Statement of financial activities** 

Incorporating the Income and Expenditure Account & Statement of Realised Gains and Losses 

For the year ended 31 March 2024 

|**Notes**<br>**Income from**<br>Donations and legacies<br>3<br>Investments<br>**Total income**<br>**Expenditure on**<br>Charitable activities<br>4<br>**Total expenditure**<br>**Net income/(expenditure)**<br>Transfers between funds<br>8<br>**Net movement in funds**<br>**Reconciliation of funds**<br>Funds brought forward<br>8 & 9<br>Funds carried forward<br>8 & 9|**Unrestricted**<br>**Restricted**<br>**Total**<br>Total<br>**Funds**<br>**Funds**<br>**Funds**<br>Funds<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>Year ended<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>31-Mar-23<br>**£**<br>**£**<br>**£**<br>£<br>10,688<br>762,517<br>**773,205**<br>113,087<br>2,938<br>199,634<br>**202,572**<br>106,731|
|---|---|
||**13,626**<br>**962,151**<br>**975,777**<br>219,818|
||18,225<br>1,005,482<br>**1,023,707**<br>130,950|
||**18,225**<br>**1,005,482**<br>**1,023,707**<br>130,950|
||**(4,599)**<br>**(43,331)**<br>**(47,930)**<br>88,868<br>119,836<br>(119,836)<br>**-**<br>-|
||**115,237**<br>**(163,167)**<br>**(47,930)**<br>88,868<br>10,878<br>85,120<br>**95,998**<br>7,130|
||**126,115**<br>**(78,047)**<br>**48,068**<br>95,998|



The notes on pages 16 to 22 form part of the financial statements. 

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**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## **Balance sheet** 

As at 31 March 2024 

|**Notes**<br>**Fixed assets**<br>Investments<br>5<br>**Current assets**<br>Accrued interest income<br>Cash at bank<br>**Creditors**<br>Amounts falling due within<br>one year<br>6<br>**Net current assets**<br>**Creditors**<br>Amounts falling due in<br>more than one year<br>7<br>**Net assets**<br>**Funds of the charity**<br>Restricted<br>8 & 9<br>Unrestricted funds<br>8 & 9<br>**Total funds**|**£**<br>-<br>324,977|**Total**<br>**Funds**<br>**31-Mar-24**<br>**£**<br>**2,929,900**<br> <br> <br> <br>**45,270**<br>**(2,927,102)**|£<br> <br>61,407<br>34,235|Total<br>Funds<br>31-Mar-23<br>£<br>2,929,900<br> <br> <br> <br>93,200<br>(2,927,102)|
|---|---|---|---|---|
||**324,977**<br>(279,707)||95,642<br>(2,442)||
||||<br> <br> <br>||
|||**48,068**||95,998|
|||**(78,047)**<br>**126,115**||85,120<br>10,878|
|||**48,068**||95,998|



The notes on pages 16 to 22 form part of the financial statements. 

The financial statements have been prepared in accordance with section 415A of the Companies Act 2006 relating to small companies and FRS 102 Section 1A. 

The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 March 2024, and the members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2024 under section 476 of the Companies Act 2006. 

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

They were approved and authorised for issue by the Board of Trustees on 2 December 2024 and signed on their behalf by: 

Eleanor Fuller (Dec 3, 2024 14:01 GMT) 

## **ELEANOR FULLER** 

## **TREASURER** 

Charity number 1190732 Company number 12434384 

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**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

## **Statement of cash flows** 

For the year ended 31 March 2024 

|**Cash fows from operating activities**<br>Net income/(expenditure) for period (as<br>per SOFA)<br>Adjustments for:<br>Investment income<br>(Increase)/decrease in accrued income<br>Increase/(decrease) in accruals<br>Increase/(decrease) in deferred revenue<br>**Net cash used in operating activities**<br>**Cash fows from investment activities**<br>Investment income<br>Additions to investment portfolio<br>**Net cash from/(used in) investment activities**<br>**Cash fows from fnancing activities**<br>Loans received<br>Net cash fows from fnancing activities<br>**Change in cash and cash equivalents in**<br>**period**<br>**Cash and cash equivalents at the beginning**<br>**of the period**<br>**Cash and cash equivalents at the end of the**<br>**period**|**£**<br>(202,572)<br>61,407<br>(1,108)<br>278,373|**Total**<br>**Funds**<br>**31-Mar-24**<br>**£**<br>**(47,930)**<br> <br> <br>**136,100**|£<br>(106,731)<br>(61,407)<br>(3,254)<br>-|Total<br>Funds<br>31-Mar-23<br>£<br>88,868<br> <br>(171,392)|
|---|---|---|---|---|
||202,572<br>-||<br> <br>106,731<br>(2,929,900)||
|||**88,170**<br> <br> <br>**202,572**<br> <br>**-**||(82,524)<br> <br>(2,823,169)<br> <br>2,927,102|
||-||<br>2,927,102||
||||<br> <br> <br>||
|||**290,742**<br>**34,235**||21,409<br>12,826|
|||**324,977**||34,235|



The notes on pages 16 to 22 form part of the financial statements. 

Charity number 1190732 Company number 12434384 

15 



**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## **Notes to the financial statements** 

## 1.    Accounting policies 

Basis of preparation of the financial statements 

The financial statements have been prepared in accordance with ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1, and the Companies Act 2006. 

The effect of any event relating to the year ended 31 March 2024, which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 March 2024 and the results for the year ended on that date. 

The functional currency of the Charity is sterling and amounts in the financial statements are rounded to the nearest pound. 

The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated. 

## Going concern 

The financial statements have been prepared on the going concern basis as the Board of Trustees is confident that future reserves and future income is more than sufficient to meet current commitments. There are no material uncertainties that impact this assessment, and the ongoing global economic environment has had no material impact on this assessment. 

## Legal status 

Vision Catalyst Fund is a charitable company registered in England & Wales and meets the definition of a public benefit entity as defined by FRS 102. The registered office is c/o Bates Wells Braithwaite, Thames Exchange, 10 Queen Street Place, London, EC4R 1BE. 

## Fund Accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The details of these funds can be found in note 8. 

## Income 

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

Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable. 

Interest income is recorded when it is receivable. 

Charity number 1190732 Company number 12434384 

16 



**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

## 1.    Accounting policies (continued from previous page) 

Expenditure and irrecoverable VAT 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.  Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities, those costs of an indirect nature necessary to support them and an allocation of governance costs. 

Support costs are allocated between governance costs and other support costs. Governance costs comprise those costs involving the public accountability of the charity and its compliance with regulations and good practice. Other support costs relate to the administrative costs of running the charity and are allocated to charitable activities accordingly. 

Irrecoverable VAT is charged against the category of expenditure for which it is incurred. 

## Tangible fixed assets and depreciation 

All assets costing more than £500 are capitalised. There are no assets held over this amount currently. 

## Cash at bank and in hand 

Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes. 

## Debtors 

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

## Creditors 

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. 

## Critical estimates and judgements 

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. 

## Financial instruments 

Basic financial instruments are measured at amortised cost other than investments which are measured at fair value. 

## Investments 

Investments are initially measured at their cost and subsequently measured at their fair value at each reporting date, which gives rise to unrealised gains/losses at the end of the financial period which is reflected in the SOFA. Realised gains/losses are calculated as the difference between the sales proceeds and the opening carrying value or the purchase price if acquired during the financial period. 

Charity number 1190732 Company number 12434384 

17 



**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## 2.    Comparative statement of fnancial activities 

|3.    Income from donations<br>**Notes**<br>Income from<br>Donations and legacies<br>3<br>Investments<br>Total income<br>Expenditure on<br>Charitable activities<br>4<br>Total expenditure<br>Net income/(expenditure)<br>Reconciliation of funds<br>Funds brought forward<br>8 & 9<br>Funds carried forward<br>8 & 9<br>Grants and donations<br>Corporate partnerships<br>Grants<br>Corporate partnerships|Unrestricted<br>Restricted<br>Total<br>Funds<br>Funds<br>Funds<br>Year ended<br>Year ended<br>Year ended<br>31-Mar-23<br>31-Mar-23<br>31-Mar-23<br>£<br>£<br>£<br>11,146<br>101,941<br>113,087<br>331<br>106,400<br>106,731|
|---|---|
||11,477<br>208,341<br>219,818|
||7,729<br>123,221<br>130,950|
||7,729<br>123,221<br>130,950|
||3,748<br>85,120<br>88,868<br>7,130<br>-<br>7,130|
||10,878<br>85,120<br>95,998|
||**Unrestricted**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>**£**<br>**£**<br>**£**<br>10,688<br>167,282<br>**177,970**<br>-<br>595,235<br>**595,235**|
||**10,688**<br>**762,517**<br>**773,205**|
||Unrestricted<br>Restricted<br>Total<br>Funds<br>Funds<br>Funds<br>Year ended<br>Year ended<br>Year ended<br>31-Mar-23<br>31-Mar-23<br>31-Mar-23<br>£<br>£<br>£<br>-<br>101,941<br>101,941<br>11,146<br>-<br>11,146|
||11,146<br>101,941<br>113,087|



Charity number 1190732 Company number 12434384 

18 



**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

4.    Expenditure on charitable activities 

|A full list of grant recipients/partners is available from the<br>Governance costs consists of:<br>5.    Investments<br>Grants to institutions<br>Consultants<br>Administration<br>Governance<br>Consultants<br>Administration<br>Governance<br>Independent examination<br>Insurance<br>Market value brought forward<br>Additions at cost<br>Net gains/(losses) in period<br>Market value carried forward|**Unrestricted**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>**£**<br>**£**<br>**£**<br>-<br>838,200<br>**838,200**<br>8,573<br>167,282<br>**175,855**<br>8,308<br>-<br>**8,308**<br>1,344<br>-<br>**1,344**|**Unrestricted**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>**£**<br>**£**<br>**£**<br>-<br>838,200<br>**838,200**<br>8,573<br>167,282<br>**175,855**<br>8,308<br>-<br>**8,308**<br>1,344<br>-<br>**1,344**|
|---|---|---|
||**18,225**<br>**1,005,482**<br>**1,023,707**||
||Unrestricted<br>Restricted<br>Total<br>Funds<br>Funds<br>Funds<br>Year ended<br>Year ended<br>Year ended<br>31-Mar-23<br>31-Mar-23<br>31-Mar-23<br>£<br>£<br>£<br>2,415<br>123,221<br>125,636<br>3,475<br>-<br>3,475<br>1,839<br>-<br>1,839||
||7,729<br>123,221<br>130,950||
||charity on request and on the websitehere.<br>**Total**<br>Total<br>**Funds**<br>Funds<br>**Year ended**<br>Year ended<br>**31-Mar-24**<br>31-Mar-23<br>**£**<br>£<br>**1,344**<br>1,344<br>**-**<br>495<br>**1,344**<br>1,839<br>**Total**<br>Total<br>**Funds**<br>Funds<br>**31-Mar-24**<br>31-Mar-23<br>**£**<br>£<br>**2,929,900**<br>-<br>**-**<br>2,929,900<br>**-**<br>-<br>**2,929,900**<br>2,929,900||
|||**1,344**<br>1,839|
|||**Total**<br>Total<br>**Funds**<br>Funds<br>**31-Mar-24**<br>31-Mar-23<br>**£**<br>£<br>**2,929,900**<br>-<br>**-**<br>2,929,900<br>**-**<br>-|
|||**2,929,900**<br>2,929,900|



All investments are held within a 5 year bond. 

Charity number 1190732 Company number 12434384 

19 



**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## 6.    Creditors - amounts falling due within one year 

|Accruals<br>Deferred revenue|**Total**<br>Total<br>**Funds**<br>Funds<br>**31-Mar-24**<br>31-Mar-23<br>**£**<br>£<br>**1,334**<br>2,442<br>**278,373**<br>-|
|---|---|
||**279,707**<br>2,442|



Deferred revenue relates to the portion of a grant for Project Expand (see note 8 below) that was received for the 2024 calendar year that relates to the next financial period. 

## 7.    Creditors - amounts falling due in more than one year 

The amount of £2,927,102 (2023: £2,927,102) relates to an agreement with the David and Molly Pyott Foundation, a 501(c)3 in the US. They provided this capital for a period of five years, commencing on 1 November 2022, to be invested over that period and the returns to be used on a number of projects. At the end of the initial five year period the David and Molly Pyott Foundation have the right to request the initial capital back, or reinvest in the fund. 

## 8.    Analysis of charity funds 

|Unrestricted funds<br>Restricted funds<br>Social Impact Guarantee<br>for Vietnam<br>Project Expand<br>David & Molly Pyott<br>Foundation<br>Restricted funds|**Balance**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Balance**<br>**brought**<br>**for the**<br>**in the**<br>**between**<br>**carried**<br>**forward**<br>**period**<br>**period**<br>**funds**<br>**forward**<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>**Year ended**<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>**31-Mar-24**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>10,878<br>13,626<br>(18,225)<br>119,836<br>**126,115**<br> <br>-<br>167,282<br>(167,282)<br>-<br>**-**<br>-<br>595,235<br>(669,847)<br>(34,117)<br>**(108,729)**<br>85,120<br>199,634<br>(168,353)<br>(85,719)<br>**30,682**|
|---|---|
||**85,120**<br>**962,151**<br>**(1,005,482)**<br>**(119,836)**<br>**(78,047)**|
||**95,998**<br>**975,777**<br>**(1,023,707)**<br>**-**<br>**48,068**|



**Social Impact Guarantee for Vietnam** - these were funds received to support the work on the Social Impact Guarantee for Vietnam. 

**Project Expand** - this is funding to support Project Expand in Cambodia with the Clinton Health Access Initiative (CHAI). The transfer to unrestricted funds relates to the element of the funding that is for Vision Catalyst Fund core costs. The deficit at year end is met by deferred grant income that was received in January 2024 to cover the whole of the 2024 calendar year. 

**David & Molly Pyott Foundation** - this consists of investment income received on the funds invested from the David and Molly Pyott Foundation and are for grants within specific projects, plus some internal support. The transfer to unrestricted funds relates to the element of the funding that is for Vision Catalyst Fund core costs, some of which relates to the prior financial period. 

Charity number 1190732 Company number 12434384 

20 



**Year ended 31 March 2024** 

**Vision Catalyst Fund** Annual report and financial statements 

8.    Analysis of charity funds (continued from previous page) 

||Balance|Income|Income|Expenditure|Transfers|Balance|
|---|---|---|---|---|---|---|
||brought|for the||in the|between|carried|
||forward|period||period|funds|forward|
||Year ended|Year ended||Year ended|Year ended|Year ended|
||31-Mar-23|31-Mar-23||31-Mar-23|31-Mar-23|31-Mar-23|
||£||£|£|£|£|
|Unrestricted funds|7,130|11,477||(7,729)|-|10,878|
|Restricted funds|||||||
|Consultants|-|101,941||(101,941)|-|-|
|David & Molly Pyott<br>Foundation|-|106,400||(21,280)|-|85,120|
|Restricted funds|-|208,341||(123,221)|-|85,120|
||7,130|219,818||(130,950)|-|95,998|
|**nsultants**- these were funds received from a number of||||sources to support specifc roles within the|||
|am.|||||||
|Analysis of net assets|||||||
|||||**Unrestricted**|**Restricted**|**Total**|
|||||**Funds**|**Funds**|**Funds**|
|||||**Year ended**|**Year ended**|**Year ended**|
|||||**31-Mar-24**|**31-Mar-24**|**31-Mar-24**|
|||||**£**|**£**|**£**|
|Fixed assets||||-|2,929,900|**2,929,900**|
|Current assets||||127,449|197,528|**324,977**|
|Current liabilities||||(1,334)|(278,373)|**(279,707)**|
|Non-current liabilities||||-|(2,927,102)|**(2,927,102)**|
|||||**126,115**|**(78,047)**|**48,068**|
|||||Unrestricted|Restricted|Total|
|||||Funds|Funds|Funds|
|||||Year ended|Year ended|Year ended|
|||||31-Mar-23|31-Mar-23|31-Mar-23|
|||||£|£|£|
|Fixed assets||||-|2,929,900|2,929,900|
|Current assets||||13,320|82,322|95,642|
|Current liabilities||||(2,442)|-|(2,442)|
|Non-current liabilities||||-|(2,927,102)|(2,927,102)|
|||||10,878|85,120|95,998|



**Consultants** - these were funds received from a number of sources to support specific roles within the team. 

## 9.    Analysis of net assets 

Charity number 1190732 Company number 12434384 

21 



**Vision Catalyst Fund** Annual report and financial statements 

**Year ended 31 March 2024** 

## 10.    Analysis of net debt 

|Cash at bank and in hand<br>Non-current investment loan (see note 7)<br>Cash at bank and in hand<br>Non-current investment loan (see note 7)|**At 1**<br>**At 31**<br>**April**<br>**Cash**<br>**Other**<br>**March**<br>**2023**<br>**movements**<br>**movements**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>34,235<br>290,742<br>-<br>**324,977**<br>(2,927,102)<br>-<br>-<br>**(2,927,102)**|
|---|---|
||**(2,892,867)**<br>**290,742**<br>**-**<br>**(2,602,125)**|
||At 1<br>At 31<br>April<br>Cash<br>Other<br>March<br>2022<br>movements<br>movements<br>2023<br>£<br>£<br>£<br>£<br>12,826<br>21,409<br>-<br>34,235<br>-<br>-<br>(2,927,102)<br>(2,927,102)|
||12,826<br>21,409<br>(2,927,102)<br>(2,892,867)|



## 11.    Trustee remuneration 

During the year, no trustee received any remuneration (2023: £Nil). 

No members of the Board of Trustees received reimbursement of travel and subsistence expenses for board meetings in the year (2023: £Nil). 

## 12.    Related party transactions 

During the year there were no transactions carried out with related parties (2023: £Nil). 

Total donations from Trustees in the period amounted to £Nil (2023: £Nil). 

Charity number 1190732 Company number 12434384 

22 



'IISION
CATALYST
FUND

2024-12-03 

## VIS001 - Final Accounts - 31 March 2024 

Final Audit Report 

Created: 2024-12-03 By: Andrew Nash (andy@enaidaccountancy.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAn_hYx4df9YMZiF3GmHbm2mMBQ9yeITIu 

## "VIS001 - Final Accounts - 31 March 2024" History 

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