Docusign Envelope ID: C555FD31-2084-4E81-BB50-8C8FFC719DBD
Charity number: 1014695
HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
Docusign Envelope ID: C555FD31-2084-4E81-BB50-8C8FFC719DBD
HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 15 |
Docusign Envelope ID: C555FD31-2084-4E81-BB50-8C8FFC719DBD
HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023
| Trustees | Dr Peggy Frith |
|---|---|
| Kate Mavor CBE | |
| Professor Andrew John Pollard | |
| Charity registered number 1014695 Principal office St Cross College 61 St Giles Oxford OX1 3LZ Accountants Wellers Accountants 8 King Edward Street Oxford OX1 4HL Investment Management Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB |
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report together with the financial statements of the Hung Cheng & Baroness Olga Knoop Trust for Ophthalmic Research for the 6 April 2022 to 5 April 2023.
Objectives and activities
a. Policies and objectives
The advancement of education and training of students in medicine and related arts and sciences and for the promotion of medical research and the publication and dissemination of the results of such research
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Knoop Trust currently helps to fund ophthalmic research in Oxford. A post jointly held in St Cross College and the University Department of Ophthalmology is awarded from time to time to suitable applicants. The aim is to make the award annually when conditions permit.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees, where funds permit, provide education/training for the advancement of health or saving lives and for the benefit of the general public/mankind. The Trust makes grants to organisations and sponsors or undertakes research.
Achievements and performance
a. Key performance indicators
The investment yield for the year ended 5 April 2023 was 2.25% compared to 1.45% for the previous year.
b. Review of activities
Research award payments totalling £22,500 have been made in the year compared to £22,500 in the previous year.
c. Investment policy and performance
The investment advisors currently have an investment objective of capital and income with a medium to higher risk.
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The money is invested by a Broker and we aim to spend the income. Capital appreciation is partly caused by the depreciation of money, in particular, sterling. It is possible that the amount to fund the Fellowship will need to be increased to make it viable hence we are keeping our spending at the present limit until a new decision is made. The Capital appreciation of the portfolio is partly a result of sound investing but the market goes up and down so the value at any point cannot be taken as absolute values.
Structure, governance and management
a. Constitution
Hung Cheng & Baroness Olga Knoop Trust for Ophthalmic Research is a registered charity, number 1014695, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Trustees are:-
Dr Peggy Frith Professor Andrew John Pollard Kate Mavor CBE
d. Related party relationships
There have been no related party transactions in the year.
e. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Kate Mavor CBE
Date: 31 March 2025
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023
Independent Examiner's Report to the Trustees of Hung Cheng & Baroness Olga Knoop Trust for Ophthalmic Research ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 work or for this report.
Signed: Dated: 31 March 2025 Debbie Austin FCCA Wellers 8 King Edward Street Oxford OX1 4HL
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 15,000 19,319 34,319 34,065 34,065 254 (102,079) (101,825) 971,673 (101,825) 869,848 |
Total funds 2023 £ 15,000 19,319 34,319 34,065 34,065 254 (102,079) (101,825) 971,673 (101,825) 869,848 |
Total funds 2022 £ 10,000 15,537 25,537 32,942 32,942 (7,405) 31,949 24,544 947,129 24,544 971,673 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
BALANCE SHEET AS AT 5 APRIL 2023
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
- 69,053 69,053 (31,139) |
2023 £ 831,934 831,934 37,914 869,848 869,848 869,848 - 869,848 869,848 |
5,000 54,031 59,031 (26,820) |
2022 £ 939,462 |
|---|---|---|---|---|
| 939,462 32,211 |
||||
| 971,673 | ||||
| 971,673 | ||||
| 971,673 | ||||
| - 971,673 |
||||
| 971,673 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Kate Mavor CBE
Date: 31 March 2025
The notes on pages 8 to 15 form part of these financial statements.
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. General information
The Hung Cheng & Baroness Olga Knoop Trust for Opthalmic Research is a charity registered in England and Wales. The principal place of business is St Cross College, 61 St Giles, Oxford, OX1 3LZ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Hung Cheng & Baroness Olga Knoop Trust for Ophthalmic Research meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 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.
Investment income, gains and losses are allocated to the appropriate fund.
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 15,000 Unrestricted funds 2022 £ Donations 10,000 Investment income Unrestricted funds 2023 £ Income from local listed investments 19,319 Unrestricted funds 2022 £ Income from local listed investments 15,537 |
Total funds 2023 £ 15,000 |
|---|---|
| Total funds 2022 £ 10,000 |
|
| Total funds 2023 £ 19,319 |
|
| Total funds 2022 £ 15,537 |
4. Investment income
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Research award 34,065 Unrestricted funds 2022 £ Research award 32,942 |
Total 2023 £ 34,065 |
|---|---|
| Total 2022 £ 32,942 |
6. Analysis of expenditure by activities
| Research award Research award |
Grant funding of activities 2023 £ 22,500 Grant funding of activities 2022 £ 22,500 |
Support costs 2023 £ 11,565 Support costs 2022 £ 10,442 |
Total funds 2023 £ 34,065 |
|---|---|---|---|
| Total funds 2022 £ 32,942 |
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy fees Investment management fees Accountancy fees Investment management fees |
Research award 2023 £ 5,256 6,309 11,565 Research award 2022 £ 3,480 6,962 10,442 |
Total funds 2023 £ 5,256 6,309 |
|---|---|---|
| 11,565 | ||
| Total funds 2022 £ 3,480 6,962 |
||
| 10,442 |
7. Analysis of grants
| Research award Research award |
Grants to Individuals 2023 £ 22,500 Grants to Individuals 2022 £ 22,500 |
Total funds 2023 £ 22,500 |
|---|---|---|
| Total funds 2022 £ 22,500 |
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
8. Independent examiner's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,500 | 2,500 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 5 April 2023, expenses totalling £ NIL (2022 - £NIL) were paid directly to third parties in relation to the annual Knoop Trust dinner.
10. Fixed asset investments
| Cost or valuation At 6 April 2022 Additions Disposals Revaluations At 5 April 2023 Net book value At 5 April 2023 At 5 April 2022 |
Listed investments £ 939,462 91,932 (82,996) (116,464) |
|---|---|
| 831,934 | |
| 831,934 | |
| 939,462 |
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
11. Debtors
| Due within one year Other debtors |
2023 £ - - |
2022 £ 5,000 |
|---|---|---|
| 5,000 |
12. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 31,139 | 26,820 |
13. Statement of funds
Statement of funds - current year
| Balance at 6 April 2022 £ Unrestricted funds General Funds - all funds 971,673 Statement of funds - prior year Balance at 6 April 2021 £ Unrestricted funds General Funds - all funds 947,129 |
Income £ Expenditure £ 34,319 (34,065) Income £ Expenditure £ 25,537 (32,942) |
Gains/ (Losses) £ Balance at 5 April 2023 £ (102,079) 869,848 Gains/ (Losses) £ Balance at 5 April 2022 £ 31,949 971,673 |
Gains/ (Losses) £ Balance at 5 April 2023 £ (102,079) 869,848 Gains/ (Losses) £ Balance at 5 April 2022 £ 31,949 971,673 |
|---|---|---|---|
| Balance at 5 April 2022 £ 971,673 |
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HUNG CHENG & BARONESS OLGA KNOOP TRUST FOR OPHTHALMIC RESEARCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments 831,934 Current assets 69,053 Creditors due within one year (31,139) Total 869,848 Analysis of net assets between funds - prior year Unrestricted funds 2022 £ Fixed asset investments 939,462 Current assets 59,031 Creditors due within one year (26,820) Total 971,673 |
Total funds 2023 £ 831,934 69,053 (31,139) 869,848 Total funds 2022 £ 939,462 59,031 (26,820) 971,673 |
|---|---|
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