2022-06-30-accounts - Sight Research UK

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Sight Research UK

A Charitable Incorporated Organisation Audited Financial Statements and Report Year Ending 30 June 2022

Registered Charity Number: 1156134

Sight Research UK

Reference and administrative details

For theyear ended 30	June 2022
Charity number	1156134
Registered office and	Redwood House
operational address	Great Park Road
	Bradley Stoke
	Bristol
	BS32 4QW
Vice Presidents	Professor John Armitage OBE
	Professor David L Easty MD FRCS (deceased January 2022)
	Professor Andrew Lotery MD FCROphth
	Professor John Marshall MBE
	Lady Wills
Trustees	Trustees who served during the year and up to the date of this report were
	as follows:
	Mr Simon Bowker
	Dr Dolores Conroy
	Dr John Cottrell MA FCA
	Mr Robert Drewett DL
	Mr Philip Jackson
	Dr Richard Lee
	Mrs Carol Mayo
	Mr Adam Ross MB ChB
Research advisory	Professor Sobha Sivaprasad DM, FRCOphth, FRCS (Chairman)
board	Professor Catherine Bowes Rickman PhD
	Professor John Greenwood PhD FRCPath
	Professor Robyn H. Guymer AM FAHMS
	Dr Pirro Hysi MD, PhD
	Dr Hari Jayaram MA, BMBCh, MSc, PhD FRCOphth, FRCSEd
	Professor Glen Jeffery DPhil
	Professor Keith Martin BM BCh DM MRCP FRCOphth
	Professor James Morgan, MA DPhil BM BCH FRCOphth
	Dr J. Arjuna Ratnayaka DPhil
	Dr Marta Ugarte DPhil, FRCOphth MFCI
	Dr Patrick Yu Wai Man, PhD, FRCPath, FRCOphth
Principal bankers	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent
	ME19 4JQ

Sight Research UK

Reference and administrative details

For the year ended 30 June 2022

Investment managers Evelyn Partners Portwall Place Portwall Lane Bristol BS1 6NA Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Sight Research UK

Chairman's report

For the year ended 30 June 2022

Introduction

The Trustees are deeply grateful to all the donors who have supported the charity over the last year. Their support continues to be vital to our work and we could not achieve any of our goals without the generosity and loyalty of our donors.

We are pleased to report that the year 2021-22 has registered a healthy income growth compared to the previous, when our income generation had been badly affected by the global pandemic with both individual and legacy income at an all-time low for the organisation.

On the grant making front, we were greatly encouraged by the first grant round in our new translational research funding strategy. While we are still on a learning curve on how to best deploy our funding, we now have convincing evidence of not only the viability of a funding scheme focused on this late stage of research, but of the firm promise that it holds for providing tangible new solutions for patients.

In January, we were deeply saddened by the death of the charity’s founder, David Easty (MD, DO, FRCS, FRCOph), who became the University of Bristol’s first Professor of Ophthalmology in 1982, and was a consultant ophthalmic surgeon at Bristol Eye Hospital for nearly 30 years. Founded as The National Eye Research Centre in 1986, our charity grew out of the gratitude and generosity of the many eye hospital patients in Professor Easty’s care, who were keen to support research for new treatments. Sight Research UK, as we are today, owes Professor Easty an immense debt of gratitude for his passion and vision, which spurred us on to raise nearly £18 million over the years for research that has helped to answer some of the most fundamental questions about eye disease.

Putting our new research funding strategy into practice

Our donors trust us to spend their money to achieve the outcome they hope for the most – bringing forward an end to sight loss and blindness. To ensure that we support this end goal, in 2021 we launched our new research funding strategy, refocusing our funding to support projects that have the highest likelihood of making a tangible difference to patients in the shortest time possible.

Our funding will act as a catalyst to help researchers leverage further significant funding from statutory sources or industry to make that crucial leap from scientific discoveries in the laboratory to potential new treatments in the clinic.

This year saw the first grant call for our new Translational Research Award, putting our new research funding strategy into practice, with the help of our new Research Advisory Board (RAB) who replaced our previous Scientific Advisory Committee (SAC). We were encouraged that the research funded in this first grant call is truly translational, with the proposed therapy on the cusp of going to clinical trial, and with a potentially life-changing impact for patients. Running this grant round generated useful feedback on refinements required to maximise the number of exceptional applications, such as that funded, in future grant rounds. We are very grateful to the peer reviewers and RAB for their help and advice in this matter.

Governance

This year three Trustee subcommittees were created to allow for a more agile and efficient response on key issues. The Research Subcommittee, Finance Subcommittee and Income Generation Subcommittee are each composed of Trustees with expertise in these respective areas. The subcommittees meet separately to the full Board to discuss issues in their respective areas and make recommendations to the Board at quarterly Board meetings.

Sight Research UK

Chairman's report

For the year ended 30 June 2022

A planned People and Governance Subcommittee will meet for the first time next year.

Income

Although 2021-22 was not our strongest year, the charity’s total income returned to a healthier level, increasing by 95% from £424,562 (2020-21) to £825,818. Legacy income was more than double that of the previous year, thanks to a particularly generous bequest and the easing of administrative delays in issuing grants of probate.

We also received an exceptional grant from the Medical Research Council through the UK Government’s COVID Medical Research Charity Support Fund. This award helped the charity to support seven grant holders whose projects had been severely disrupted during the pandemic, and who needed more time and funding to complete their goals.

Income from trusts and foundations was lower than we had hoped for, and this is addressed in the fundraising section of the trustee report. We were delighted that the charity’s first digital fundraising appeal raised over £25,000 through The Big Give’s Christmas Challenge and we hope to build further on this success.

Reserves

The Charities Aid Foundation’s (CAF) UK Giving Report 2022 suggests that the fundraising climate will remain challenging in the short-medium term. Post-pandemic, the trend of fewer people giving appears to be established. Giving in 2021 remained subdued, with a total of £10.7 billion given to charity during the year as opposed to £11.3 billion donated in 2020. One in eight donors interviewed by CAF during 2021 and the first quarter of 2022 said that they were considering cutting back on their donations to charities as a result of the cost of living crisis.

Given this volatile fundraising environment, coupled with our current over-reliance on often unpredictable legacy income, the Trustees remain cautious with regards to reserves.

To ensure that we operate in a prudent and sustainable way, we do not propose to change our reserves policy which was increased from £700,000 to £1,000,000 during the COVID-19 pandemic. The agreed reserves policy can sustain one year of research funding and one year of charity operation, even if income generation falls below forecasts.

Expenditure

During the year, the charity paid out ongoing research grants for a total of £447,249 and made new grant commitments for a total of £225,000. In addition, it designated a further £466,673 to its Strategic Research Fund in anticipation of new applications for funding being received in 2022-23.

Grant expenditure was lower than anticipated as we refine our research strategy and the application process for our new grant rounds in practice. The Research Advisory Board (RAB) and the Trustees felt that only one application to our Translational Research Award combined strong science with a strong strategic fit, and were keen not to compromise on either in order to ensure clarity around our new areas of funding for future applicants. With the refinements planned to clarify the stage of research on which we are now focusing our funding, and the launch of our new Seed Award scheme, we plan to make significantly more new grant commitments in 2022-23.

Sight Research UK

Chairman's report

For the year ended 30 June 2022

As always, we are focused on ensuring that the organisation is well run, and that it is an outstanding steward of the funds donated by our supporters to advance eye research. In our non-charitable expenditure, we remain vigilant in our procurement, ensuring value for money is paramount in choosing external suppliers.

Our 5 year average return on investment (ROI), which decreased in 2020-21 on account of lower than expected income coupled with previous years being buoyed by exceptional legacy income, has remained at a similar level this year, having gone from 1:4.32 to 1:4.30. Our 5 year average cost to raise a pound (CTRP) has remained the same as last financial year at 28p in the pound.

Leadership change

Laura Serratrice, who joined the charity in November 2018, left her role in June 2022. The Board is grateful to the outgoing CEO and the team for their dedicated work to develop the charity. Over the last two years we have developed a new research funding and income generation strategy, achieved a cost-free rebrand, and built solid foundations on which to springboard our future. We look forward to welcoming our new CEO later in the year to help drive forward the implementation of our plans, and we remain grateful to the team for their consistent commitment and high-quality performance.

Summary

Eye diseases are the leading cause (82%) of sight loss among people who are registered blind or partially sighted. Yet although 20% of people will experience sight loss or blindness in their lifetime, around 1.3% of public research funding is spent on eye disease. This is equivalent to just 0.8% of the annual NHS cost and just 0.1% of the total UK economic cost of vision problems. It remains the case that without breakthroughs in research, the number of people with sight loss is predicted to double to over 4 million by 2050.

The five largest UK eye charities provide vital support and advice to blind and partially sighted people, but do not currently fund research into sight-threatening disease. It is therefore imperative that charities like ours do all in their power to raise awareness of the critical need for investment in eye research, and to encourage increased levels of support. That is why we have made a commitment to invest in additional staff posts so that we can expand our communications and fundraising activities. This will enable us to reach new audiences and generate the level of funding we need to turn science into sight.

Carol Mayo Chair of Trustees Sight Research UK

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

The Trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 30 June 2022. The financial statements comply with the Charities Act 2011, the constitution, 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

Governing document

The charity is constituted as a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales under registration number 1156134 and governed by its constitution dated 1 April 2014.

Appointment of trustees

When appointing new Trustees, the Board discusses the Trustees’ skills requirements and suitable potential candidates. Candidates are approached and invited to attend a trustee meeting as an observer. If the Board approves the candidate and the candidate is willing to serve, then they are appointed.

Following last year’s governance review, the Board has continued to strengthen its process and procedures to increase effectiveness and efficiency, make the most of the skills that each Trustee contributes to the charity, and support the operational team.

This year, we introduced a new procedure to re-appoint Trustees whose term of office has expired but who are eligible and willing to serve for another term. The Trustee in question submits a reappointment form in which they state the contribution made to date, what motivates them to be a Trustee and how they see themselves further contributing to the charity’s development and success in the future. The Board votes on the candidature in an anonymous online vote. This opportunity for reflection on the part of the candidate, and a not pressured, private vote gives everyone the chance to thoughtfully evaluate one’s motivations and contribution and, for the Board to assess whether it has the right balance of skill and commitment in all its members. It’s a system that has already worked well on three occasions since it was introduced and feedback from the Trustees has been very positive.

To maximise focus and adequately support the operational team on specific issues, we have created four subcommittees: Research, Finance, Income Generation, People and Governance (yet to meet). Each group has at least 2 or 3 of the 8 Trustees currently serving on the Board, and they have become an invaluable tool to debate in detail specific issues and inform the decision making of the Board as a whole. The Governance structure of the Board is as follows:

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

----- Start of picture text -----
BOARD OF TRUSTEES
FINANCE INCOME RESEARCH PEOPLE AND
SUBCOMMITTEE GENERATION SUBCOMMITTEE GOVERNANCE
SUBCOMMITTEE SUBCOMMITTEE
RESEARCH ADVISORY SEED AWARD PANEL
BOARD
An independent group
An independent group of research and industry
of research and industry experts
experts
INDEPENDENT PEER REVIEWERS
As AMRC members, we abide by the principles of
peer review.
Independent peer reviewers are sourced
annually for the Translational Award and are
independent experts in their fields.
----- End of picture text -----

Trustee induction and training

The induction of new Trustees is provided by the Chief Executive who briefs them on their legal responsibilities under charity law, Charity Commission guidance on public benefit, the content of the charity’s governing document, the vision and strategy for the organisation, the business plan, operating budget, and current financial status of the charity. Occasional training is provided to the Board as a group or individually when a need is identified.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

Organisation

The Board of Trustees comprises a minimum of three and a maximum of twelve members. The Board normally meets quarterly and is quorate for making decisions with a minimum of three members present. At its meetings the Board reviews financial performance, the management of research grants and fundraising, and exposure to risk. The day-to-day management of the charity is delegated to the Chief Executive. All grant-making decisions are made by the Board collectively. The Board approves an annual operating budget and measures operational performance against this. Significant expenditure outside the budget must be authorised by the Board on presentation of a business plan.

Membership of professional bodies

The charity is a member of the Association of Medical Research Charities and is registered with the Fundraising Regulator. The charity seeks to always abide by these organisations’ principles of best practice.

Related parties

Trustees are required to maintain a register of interests and, when the charity considers purchasing goods or services from a company in which a trustee has an interest or making grants to institutions where the trustee is employed, that trustee withdraws from any discussion on the awarding of the contract or research grant and the value of any contract or research grant subsequently awarded is disclosed in these accounts.

Pay policy for senior staff

The remuneration of the Chief Executive is agreed annually by the Board following the Chief Executive’s annual appraisal by the Chair of Trustees. The charity directly employs 2.8 FTE staff. Their pay is reviewed annually and benchmarked against the market rate for comparable roles in comparable charities. An inflationary pay award is discussed and agreed, when affordable, by the Board of Trustees.

Objectives and activities

The vision of the charity is for research to find effective treatment and prevention options for all eye conditions affecting children and adults, and thereby bring forward the day when sight loss and blindness are a thing of the past. We invest in world class research that aims to accelerate the translation of scientific discoveries in the laboratory to new treatments for patients in the clinic; and
The charity employs 2.8 FTE staff and, subject to resources, generally aims to invest around £450,000 annually in newly awarded research grants.

In shaping the charity’s objectives for the year and planning its activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance Public benefit: running a charity (PB2) . The charity’s mission is the relief of sickness and the promotion of good health for the public benefit by funding and supporting research into the causes and treatment of eye disease and blindness and publishing and disseminating the useful results thereof.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

The charity aims to raise as much money as possible for investment in the best eye research applications received during its grant calls for the Translational Award (annual) and the Seed Award (annual). The charity promotes its grant calls as widely as possible to attract a broad range of grant applications both nationally and across all eye conditions from which it can select the best for funding. Funding decisions are aided by external peer review assessment, and by the expert advice of the charity’s independent, volunteer Research Advisory Board or Seed Award Panel.

Research grant funding

The aim of the charity is to prevent sight loss and blindness by investing in research into diagnosis, prevention, and treatment of any eye condition;
The charity is a member of the Association of Medical Research Charities (AMRC) and abides by the AMRC’s principles of best practice in peer review when prioritising which research applications demonstrate the best scientific merit and likelihood of patient benefit. These principles include the use of an independent Research Advisory Board and Seed Award Panel which make recommendations to the Board of Trustees regarding the most promising research applications. The Research Advisory Board (RAB) and Seed Award Panel are volunteer boards comprising national and international experts in the eye research field and are wholly independent from the charity’s Board of Trustees;
New members of RAB were appointed in 2021-22 to reflect the new focus of our research funding; and
The Seed Award Panel will be appointed in 2022-23 to allow for the first of our new Seed Award grant rounds to be run in that year.

Volunteers

The charity is grateful to the individuals serving on the Board of Trustees and on the Research Advisory Board as well as to dozens of external peer reviewers. The charity is grateful for the support of its Vice-Presidents.

Achievements and performance

The Trustees measure the charity’s performance against its charitable objectives by assessing:

The quality of outcomes from previously funded research as measured by:
The annual and final reports submitted by grant holders;
The publications record of grant holders;
The further funding leveraged by grant holders to progress their research.
The amount of money invested in eye research; and
The quality of the research applications funded in the current year.

In February and March 2022, Sight Research UK ran its first Researchfish (research reporting platform) submission call to help measure and track outcomes of previously funded research for up to 5 years after the grant end date. This process will be repeated annually and will provide valuable long-term feedback on the impact of our research funding, allowing better evaluation of funding schemes and supporting fundraising activities for further research projects.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

This year saw the first grant round of our new Translational Research Award, which was the first test of our new research strategy. This provided useful feedback which will help us to re-calibrate our offering to better position our funding schemes going forward. Our key learnings from this grant round included:

We need to be clearer in defining and explaining the translational readiness level (TRL) of the research we are looking to fund. We are seeking guidance on how to improve this for future grant rounds; and
We need to adjust the maximum grant amount available for clinical research projects involving patient recruitment, which often incur higher costs to complete.

From the applications submitted, only one was felt to combine a strong level of science with a clear fit to our research strategy, being a translational project with a clearly identified pathway to patient benefit. By only funding one project in this grant round, we have maintained our focus on translational research in line with our new strategy which will help to make the type of research we are looking to fund clearer to future applicants. Given the lower grant spend than anticipated this year, we will be looking to make significantly more new grant commitments in 2022-23.

This Translational Research Award grant round was also the first opportunity for input from our new Research Advisory Board (RAB), which replaced our Scientific Advisory Committee (SAC) in 2021. Comprised of national and international experts in the eye research field, RAB provided invaluable advice in assessing applications in this grant round, and feedback on how to best adapt this Award to attract and allow the best and most strategically aligned applications going forward.

In order to reduce the time burden on RAB members, a separate Seed Award Panel is being created to review applications to our new Seed Award grant rounds, for which the first round will run in 202223. The Seed Award Panel will also be a volunteer board comprising national and international experts in the eye research field and will be wholly independent from the charity’s Board of Trustees.

Investment policy and performance

The Trustees delegate the investment of specified funds to professional investment managers and agree a set of investment objectives which are reviewed annually at the January Board meeting.

The investment objective of the charity is to seek to produce the optimum total return from its investment portfolio, so that the real value of the assets is maintained and enhanced over the longterm, by investing in a diversified portfolio of suitable investments.

In January 2022, at the annual investment policy review, the Board agreed to maintain the current investment policy which sets an income target of 3% of the capital value of the portfolio per annum as this realistic target provides more flexibility to its investment managers. The portfolio contains a balance between assets intended to maximise the predictability of returns, and assets with greater potential for growth.

The policy continues to state that direct investment in companies generating more than 5% of their revenue from the production or sale of tobacco is excluded.

At the end of June, the portfolio was valued at £1,991,867, with an additional £200,259 ringfenced in cash. This represents a decrease in value of £161,307 on the previous year end and is below the benchmark.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

Whilst it is disappointing to record a negative return this year, this should be viewed in the context of the extreme market conditions, including rising interest rates and high levels of inflation caused by global supply shortages as the world emerged from lockdowns and exacerbated by the onset of the war in Ukraine.

On balance, the portfolio is well positioned heading into the uncertain economic environment.

The Board continues to take a reasonably cautious approach to our investment portfolio, and it is not proposing any significant change to the investment strategy in the near term. This is especially important at a time when income generation continues to prove challenging, and when the charity is focused on diversifying its income streams which will take the next 3-5 years to yield a more predictable and substantial income.

Fundraising

The Charities Act (Protection and Social Investment) 2016 came into effect in November 2016. It states new requirements for annual statements about fundraising and these are covered below:

The charity’s approach to fundraising and whether a professional fundraiser or commercial participator was used:

The charity’s approach to fundraising is that the objective of all fundraising expenditure will be to maximise its return on investment whilst maintaining the best possible relationships with all our supporters. We employ 1 member of fundraising staff (0.8 FTE) and we continue to focus on raising funds from charitable trusts and foundations, from individuals in lifetime giving and gifts in Wills.

Details of any voluntary fundraising schemes or standards to which the charity, or anyone fundraising on its behalf, has subscribed and any incidents of non-compliance:

Sight Research UK is a member of the Fundraising Regulator. We pay its voluntary levy and abide by its regulations and principles of best practice. We are pleased to report that there were no incidents of non-compliance during the year.

Whether and how the charity monitored fundraising activities carried out on its behalf:

The Trustees agree an annual income and expenditure operating budget for the charity. The Chief Executive utilises the resources allowed in the expenditure budget aiming to deliver the income targets. For each component of this fundraising activity, an income target is set that will generate an acceptable return on the fundraising investment made. The Chief Executive reports on a quarterly basis to the Board on the performance of each fundraising activity relative to the budget. If a fundraising activity fails to generate its expected return on investment the Chief Executive recommends strategies to improve the return, curtail the activity or implement alternative fundraising solutions. In 2021-22, the newly formed income-generation sub-committee, which reports to the Board of Trustees, reviewed and revised the charity’s fundraising and communication strategy for the next 5 years. This strategy aims to decrease the charity’s dependence on volatile and unpredictable legacy income by growing income from other funding streams, so that the SRUK can continue to fulfil its charitable activities and remain a going concern.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

How many complaints the charity, or anyone acting on its behalf, has received about fundraising for the charity:

The charity has an agreed complaints procedure and staff are required to bring any complaint to the attention of the Chief Executive and to record the complaint on the charity’s CRM database. We are pleased to report that no complaints were received about the charity’s fundraising – or other activities – during the year.

What the charity has done to protect vulnerable people and others from: unreasonable intrusion on a person’s privacy; unreasonably persistent approaches; or undue pressure to give:

Sight Research UK has approved policies for safeguarding and privacy. The charity’s website includes our privacy policy and a commitment to ensuring that supporters are in control of how the charity communicates with them. In compliance with GDPR regulations, we are responsive to all communications preference updates, and act according to the wishes of the supporter. Furthermore, every e-newsletter or fundraising e-mail sent to our supporters carries an unsubscribe option.

Fundraising summary

In 2021-22, income from general donations increased by 22% from £65,088 (2020-21) to £78,974.

By contrast, income from charitable trusts and foundations fell from £122,495 (2020-21) to £92,172. This income figure includes both cash and new pledges received during the year. The 33% decrease in this year’s income is because fewer new pledges were secured (£6,500 pledged in 202122, against a single pledge of £67,470 secured in 2020-21). New cash received from trusts and foundations increased from £55,025 (2020-21) to £108,162.

Our ambition is to grow income from trusts and foundations to between £150-£200k by 2025-2026 and we are hopeful that funders will respond positively to our new translational research awards, which aim to benefit people with sight loss faster, and which are of higher value than our previous grants. As the first of these awards was not approved until June 2022, we have yet to test their appeal with trusts and foundations.

In February, we were delighted when our IT support partners, Nebula IT, chose us as their Charity of the Year. The team has already raised £644, and we wish them every success with their forthcoming fundraising challenges.

We were encouraged by the result of our first ever digital fundraising campaign through The Big Give’s Christmas Challenge 2021, which raised £25,000. This was very much a learning exercise, and we intend to develop our skills in this area. The planned recruitment of a communications manager will help us to improve both our print and online offerings, enabling us to build better relationships with existing supporters and to engage with new audiences, with a view to increasing our support from individual donors over time.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

Financial review

The charity had an encouraging return to pre COVID income levels this year with a total income of £825,818 (£424,562 in 2020-21), which represents an increase of 95% from the previous year. This is primarily due to a higher level of legacy income than in the previous year and to a £145,270 grant from the Medical Research Council. In 2021-22, we continue to experience the effect of the over reliance on legacy gifts. Our non-legacy income for 2021-22, excluding the Medical Research Council grant, dipped further from approximately £192,000 in 2020-21 to approximately £175,000. We remain focused on implementing fundraising plans to bolster other income streams.

We continue to take every step to moderate the costs of running the charity and these have remained stable over the last five years.

The post COVID and post Brexit environment, together with a generally unsettled global outlook and rising cost of living, will continue to be a challenging one in which to develop our fundraising plans. While we will continue to be cautious stewards of our donors’ support, we are keen to commit to new grants to support our new strategy and to invest in the growth of the team to enable our income generation to get properly under way following the first phase of the charity’s redevelopment.

Sources and application of funds

New grant spend was lower than anticipated this year, as we refine our grant rounds under our new research strategy. With the lessons and alterations to our grant round process that we are taking forward into next year we are confident we will have more applications which fit more closely with our strategy. As such, will be looking to make significantly more new grant commitments is 2022-23.

Risk management

The Trustees consider all the known risks confronting the charity every year and these risks are recorded in a risk register. The Trustees score all the risks on the register according to their likelihood of occurrence and their impact on the charity should they happen. This is managed according to the Charity Commission’s guidance on risk in its publication CC26. The charity develops and maintains a schedule of management and mitigation strategies for all the significant risks identified by the Trustees.

Reserves

Legacy income represents an often disproportionate contribution to the charity’s income and varies widely from year to year. The Trustees wish to be able to fund eye research to a broadly consistent level and avoid peaks and troughs of funding caused by the volatility of legacy income. The Trustees have therefore approved a reserves policy which can sustain one year of research funding and one year of charity operation even when income generation falls below forecasts. The current level of reserves stands at £1,000,000 and the Trustees are keen to remain cautious in a challenging fundraising environment. However, the charity plans to spend much more in grant making in the year 2022-23 than in the last two years.

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

At the end of the year, unrestricted funds totalled £2,161,435 with anything above the reserves target being allocated to the Strategic Research Fund. This fund is to be used primarily for research funding, but it can also be used to support the development of the charity as it seeks to make its income generation more sustainable over the next 5 years and beyond. Given the clarifications and improvements made this year to promoting our Translational Research Award to the research community, coupled with Trustees’ decision to allow Translational Award applicants whose projects involve patient recruitment to apply for more than the previous £150,000 threshold, we anticipate a much higher lever of grant spend in the 2022-23 financial year. The stability afforded by our current unrestricted funds is also allowing us to consider a large Strategic Research Award call for 2023-23 to which these unrestricted funds would be instrumental.

Going concern

As the charity holds unrestricted, general reserves of £1m and, in addition to its investments, a cash balance of £688,286, the Trustees consider that the charity has sufficient reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Plans for future periods

Last year, the charity launched a new research funding strategy and developed a new income generation strategy to support the necessary trajectory that will help to mitigate the unpredictability of legacy income in the future.

Given the scale of our ambition, it has become apparent that the charity needs further human resources investment in order to implement the income generation plans and, at the June meeting, the Board agreed to recruitment of two more staff. The fundraising activities will aim to broaden our supporter base to mitigate the identified risk of being over-reliant on a too narrow range of income streams.

In the autumn, we will welcome our new CEO, but the gap, and the need for them and the new staff to settle into their new roles, makes it likely that the next financial year will be one of consolidation rather than major growth.

Statement of responsibilities of the Trustees

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Account Standards, including Financial Report Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the Trustees are required to:

Sight Research UK

Report of the trustees

For the year ended 30 June 2022

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The Trustees 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.

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.

Members of the charity are not required to contribute to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interests in the charity.

Auditors

Godfrey Wilson Ltd were re-appointed as the charity’s auditors during the year and have expressed their willingness to act in that capacity.

Approved by the trustees on 24 November 2022 and signed on their behalf by

Carol Mayo - Chair

Independent auditors' report

To the members of

Sight Research UK

Opinion

We have audited the financial statements of Sight Research UK (the 'charity') for the year ended 30 June 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. 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:

give a true and fair view of the state of the charity's affairs as at 30 June 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

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 charity 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 financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report 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.

Independent auditors' report

To the members of

Sight Research UK

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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity 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 Charities Act 2011 requires us to report to you if, in our opinion:

sufficient accounting records have not been kept;
the financial statements are not in agreement with the accounting records and returns; or
we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees 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 they 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

Independent auditors' report

To the members of

Sight Research UK

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;
▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Independent auditors' report

To the members of

Sight Research UK

Use of our report

This report is made solely to the charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charityʼs trustees those matters we are required to state to them in an auditorʼs 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 charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 28 November 2022

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Sight Research UK

Statement of financial activities

For the year ended 30 June 2022

Restricted Note £ Income from: Donations and legacies 3 324,278 Investments - Other trading activities - Total income 324,278 Expenditure on: Raising funds - Charitable activities 110,535 Total expenditure 5 110,535 213,743 Net gains / (losses) on investments 12 - Net income 213,743 Transfers between funds (218,358) Net movement in funds 8 (4,615) Reconciliation of funds: Total funds brought forward 66,079 Total funds carried forward 61,464 Net income / (expenditure) before gains / (losses)	Unrestricted £ 443,382 56,974 1,184	2022 Total £ 767,660 56,974 1,184	2021 Total £ 370,080 53,051 1,431
324,278	501,540	825,818	424,562
- 110,535	188,101 115,394	188,101 225,929	229,588 381,340
110,535	303,495	414,030	610,928
213,743 -	198,045 (125,179)	411,788 (125,179)	(186,366) 310,122
213,743 (218,358)	72,866 218,358	286,609 -	123,756 -
(4,615) 66,079	291,224 1,870,211	286,609 1,936,290	123,756 1,812,534
61,464	2,161,435	2,222,899	1,936,290

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the accounts.

Sight Research UK

Balance sheet

As at 30 June 2022

Note Fixed assets Intangible fixed assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 14 Net current assets Total assets less current liabilities 15 Net assets 16 Funds 17 Restricted funds Unrestricted funds Designated funds General funds Total charity funds Creditors: amounts falling due after more than 1 year	£ 117,799 688,286 806,085 (338,096)	2022 £ 9,936 1,991,867 2,001,803 467,989 2,469,792 (246,893) 2,222,899 61,464 1,161,435 1,000,000 2,222,899	2021 £ 13,248 2,153,174
			2,166,422 117,849 484,573
			602,422 (595,255)
			7,167
			2,173,589 (237,299)
			1,936,290
			66,079 808,589 1,061,622
			1,936,290

Approved by the trustees on 24 November 2022 and signed on their behalf by

Carol Mayo - Chair

Sight Research UK

Statement of cash flows

For the year ended 30 June 2022

Cash used in operating activities: Net movement in funds Adjustments for: Amortisation of intangible fixed assets (Gains) / losses on investments Dividends and interest from investments Decrease / (increase) in debtors Increase / (decrease) in creditors Net cash provided by operating activities Cash flows from investing activities: Dividends and interest from investments Proceeds from the sale of investments Purchase of investments Purchase of intangible fixed asset Net cash provided by investing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2022 £ 286,609 3,312 125,179 (56,974) 50 (247,565) 110,611 56,974 405,582 (369,454) - 93,102 203,713 484,573 688,286	2021 £ 123,756 3,312 (310,122) (53,051) (75,438) (7,344)
		(318,887)
		53,051 443,493 (482,729) (16,560)
		(2,745)
		(321,632) 806,205
		484,573

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

1. Accounting policies

a) Basis of preparation

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

Sight Research UK 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 note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate as the charity holds unrestricted, general reserves of £1,000,000 and, in addition to its investments, a cash balance of £688,286. The Trustees consider that the charity has sufficient reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved and have no material uncertainties about the charity's ability to continue as a going concern.

c) Income

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

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

e) Investment income

Interest on funds held on deposit, dividends and other investment income are included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the amounts paid or payable by the bank or investment managers.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

Transfers from restricted funds to unrestricted funds represent income received during the year which carries donor imposed conditions to be expended upon specific projects. The cost of these projects has been recognised through the Statement of Financial Activities in a prior period when the grant commitment was originally made and therefore when the income is received it is transferred to unrestricted funds to follow the treatment of the expenditure when it was recognised.

g) 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.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitment but are not accrued as expenditure.

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the basis of staff time spent on each activity:

	2022	2021
Raising funds	84%	93%
Charitable activities	16%	7%

j) Intangible fixed assets

Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation rates in use are as follows:

Software and website

5 years straight line

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

k) Listed investments

Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

l) Debtors

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

m) Cash at bank and in hand

Cash at bank and cash 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.

n) Creditors

Creditors and provisions 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) 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.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Amortisation

As described in note 1j to the financial statements, amortisation is provided at rates calculated to write down the cost of each asset over its expected useful life.

Grants payable due in less than and after one year

The value of grants payable due in less one year and after one year has been estimated on a straight line basis over the period which each grant is expected to be paid out. However, as grants are paid out on the basis of invoices received for costs incurred by grantees, results may differ.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

2. Prior period comparatives: statement of financial activities

Income from: Donations and legacies Investments Other trading activities Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income before gains / (losses) Net gains / (losses) on investments Net income Transfers between funds Net movement in funds	Restricted £ £ 108,422 261,658 - 53,051 - 1,431 108,422 316,140 - 229,588 89,970 291,370 89,970 520,958 18,452 (204,818) - 310,122 18,452 105,304 (10,460) 10,460 7,992 115,764 Unrestricted	2021 Total £ 370,080 53,051 1,431
		424,562
		229,588 381,340
		610,928
		(186,366) 310,122
		123,756 -
		123,756

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

3. Donations and legacies

Donations (including Gift Aid) Legacies Gift in kind Total donations and legacies Gift in kind is represented by: Advertising and PR Total gifts in kind Prior period comparative: Donations (including Gift Aid) Legacies Gifts in kind Total donations and legacies Gifts in kind are represented by: Advertising and PR Total gifts in kind	Restricted £ £ 249,278 67,138 75,000 371,244 - 5,000 324,278 443,382 - 5,000 - 5,000 Restricted £ £ 108,422 79,161 - 177,497 - 5,000 108,422 261,658 - 5,000 - 5,000 Unrestricted Unrestricted	2022 Total £ 316,416 446,244 5,000
		767,660
		5,000
		5,000
		2021 Total £ 187,583 177,497 5,000
		370,080
		5,000
		5,000

4. Government grants

The charity received government grants, defined as funding from the Medical Research Council, to fund charitable activities during the year. The total value of such grants in the period ending 30 June 2022 was £145,270 (2021: £nil). There are no unfulfilled conditions or contingencies attaching to these grants in 2021/22.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

5. Expenditure

Expenditure
Fundraising Publicity Research grants (Note 6) Salary costs (Note 9) Printing, postage and stationery Rent Office costs Audit and accountancy Professional fees Investment management fees Amortisation Sub-total Total expenditure Prior period comparative Fundraising Publicity Research grants (Note 6) Salary costs (Note 9) Printing, postage and stationery Rent Office costs Audit and accountancy Professional fees Investment management fees Amortisation Sub-total Total expenditure Allocation of support and governance costs Allocation of support and governance costs	Raising funds £ 21,081 2,732 - 76,537 - - - - - 9,241 - 109,591 78,510 188,101 Raising funds £ 31,263 12,443 - 97,178 - - - - - 8,627 - 149,511 80,077 229,588	Charitable activities £ - - 196,036 14,939 - - - - - - - 210,975 14,954 225,929 Charitable activities £ - - 367,507 7,806 - - - - - - - 375,313 6,027 381,340	Support and governance costs £ - - - 36,504 4,225 13,766 25,510 9,084 1,063 - 3,312 93,464 (93,464) - Support and governance costs £ - - - 32,184 4,880 13,191 23,711 8,574 252 - 3,312 86,104 (86,104) -	2022 Total £ 21,081 2,732 196,036 127,980 4,225 13,766 25,510 9,084 1,063 9,241 3,312
				414,030 -
				414,030
				2021 Total £ 31,263 12,443 367,507 137,168 4,880 13,191 23,711 8,574 252 8,627 3,312
				610,928 -
				610,928

Total governance costs were £4,916 (2021: £3,840).

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

6. Grants payable to institutions

All grants were made for the purpose of carrying out research into the causes and treatment of diseases and disabilities of the eye and blindness and the prevention thereof. The amount payable and committed in the period for this period and future periods comprise the following:

2022 2022 No. £ Research grants: University of Birmingham 1 150,000 University of Southampton 1 70,000 University of Liverpool 1 5,000 University of Bristol - - University College London - - University of Edinburgh - - Cardiff University - - University of Manchester - - University of Cambridge - - Total grants committed during the period 225,000 Grants overspent / (written back) from prior periods (28,964) Total grant expenditure 196,036 7. Grants commitments Grants payable to institutions: Grant commitments brought forward Grants committed during the period Grants paid during the period Less: Overspent / (written back) grants from prior periods Grant commitments carried forward	2021 No. - - 1 2 4 1 1 1 1 2022 £ 826,023 225,000 (447,249) (28,964) 574,810	2021 £ - - 20,000 139,557 121,698 66,500 15,599 5,021 74
		368,449 (942)
		367,507
		2021 £ 821,307 368,449 (362,791) (942)
		826,023

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

8. Net movement in funds

This is stated after charging:

Amortisation of intangible fixed assets Operating lease payments Trustees' remuneration Trustees' reimbursed expenses Auditors' remuneration: Statutory audit (including VAT) Other services (including VAT)	2022 £ 3,312 13,220 Nil 116 4,800 4,435	2021 £ 3,312 12,715 Nil Nil 3,840 4,734

Trustees' reimbursed expenses relate to travel and subsistence for 1 trustee (2021: £nil)

9. Staff costs and numbers Staff costs were as follows:

Salaries and wages Pensions Social security costs	2022 £ 114,807 7,782 5,391 127,980	2021 £ 122,587 9,704 4,877
		137,168

No employee earned above £60,000 during the year (2021: none).

The key management staff of the charity comprise the Trustees and the Chief Executive Officer. The total employee benefits of key management staff during the period, including employer's social security and pension contributions were £55,837 (2021: £54,607).

Average head count	2022 No. 3.0	2021 No. 3.5

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

11. Intangible fixed assets

Cost At 1 July 2021 and at 30 June 2022 Amortisation At 1 July 2021 Charge for the year At 30 June 2022 Net book value At 30 June 2022 At 1 July 2021 12. Investments Listed investments: Market value at 1 July 2021 Additions Disposals proceeds Realised gains / (losses) Unrealised gains / (losses) Market value at 30 June 2022 Historical cost at 30 June 2022	Software and website £ 16,560 3,312 3,312 6,624 9,936 13,248 2022 £ 2,153,174 369,454 (405,582) (337) (124,842) 1,991,867 1,842,409	Total £ 16,560
		3,312 3,312
		6,624
		9,936
		13,248
		2021 £ 1,803,816 482,729 (443,493) 48,491 261,631
		2,153,174
		1,891,196

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

13. Debtors

Debtors
Trade debtors Other debtors Prepayments Amount due after more than one year included above	2022 £ - 116,748 1,051 117,799 22,490	2021 £ 1,431 115,367 1,051
		117,849
		44,980

14. Creditors : amounts due within 1 year

Trade creditors Accruals Grant commitments (Note 7) Other creditors Creditors : amounts due after 1 year Grant commitments (Note 7)	2022 £ 1,763 7,159 327,917 1,257 338,096 2022 £ 246,893	2021 £ 338 5,197 588,724 996
		595,255
		2021 £ 237,299

15. Creditors : amounts due after 1 year

16. Analysis of net assets between funds

Intangible fixed assets Investments Current assets Current liabilities Long term liabilities Net assets at 30 June 2022	Restricted funds £ - - 92,623 (31,159) - 61,464	£ - 1,161,435 - - - 1,161,435 Designated funds	General funds £ 9,936 830,432 713,462 (306,937) (246,893) 1,000,000	Total funds £ 9,936 1,991,867 806,085 (338,096) (246,893)
				2,222,899

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

16. Analysis of net assets between funds (continued) Prior period comparative Restricted funds £ Intangible fixed assets - Investments - Current assets 140,011 Current liabilities (65,366) Long term liabilities (8,566) Net assets at 30 June 2021 66,079	£ - 808,589 - - - 808,589 Designated funds	General funds £ 13,248 1,344,585 462,411 (529,889) (228,733) 1,061,622	Total funds £ 13,248 2,153,174 602,422 (595,255) (237,299)
			1,936,290

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

17. Movements in funds

Restricted funds Diabetic Retinopathy Young/Cardiff – AMD and Diabetic Retinopathy Eye Cancer Glaucoma Inherited Retinal Dystrophies Seed Funding Appeal Yorkshire Research Fund Age Related Macular Degeneration Research Inflammatory Eye Conditions Proudlock/Leicester - Retinopathy of Prematurity Medical Research Council Fund Ratnayaka/Southampton - AMD and Diet Total restricted funds Rauz/Birmingham - Ocular Mucous Membrane Pemphigoid and Conjunctival Scarring Osborne/Cambridge - Optimising gene carrying vectors in gene therapy	At 1 July 2021 £ 32,129 (9,604) 4,669 17,492 673 11,375 400 160 8,225 560 - - - - -	Income £ 70 10,000 - - 100 - - 75,000 - 975 2,192 145,270 63,000 27,641 30	£ - - (4,669) - - - - - - - - - (70,000) (35,866) - Expenditure	Gains / losses £ - - - - - - - - - - - - - - -	£ - (396) - - (673) (11,375) - (65,422) (8,225) - (2,192) (145,270) 7,000 8,225 (30) Transfers between funds	At 30 June 2022 £ 32,199 - - 17,492 100 - 400 9,738 - 1,535 - - - - -
	66,079	324,278	(110,535)	-	(218,358)	61,464

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

17. Movements in funds (continued)

Movements in funds (continued)
Total restricted funds (from previous page) Unrestricted funds Designated funds: Strategic research fund Total designated funds General funds Total unrestricted funds Total funds	At 1 July 2021 £ 66,079	Income £ 324,278	£ (110,535) Expenditure	Gains / losses £ -	£ (218,358) Transfers between funds	At 30 June 2022 £ 61,464
	808,589	-	(113,827)	-	466,673	1,161,435
	808,589	-	(113,827)	-	466,673	1,161,435
	1,061,622	501,540	(189,668)	(125,179)	(248,315)	1,000,000
	1,870,211	501,540	(303,495)	(125,179)	218,358	2,161,435
	1,936,290	825,818	(414,030)	(125,179)	-	2,222,899

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

17. Movements in funds (continued) Prior period comparative Restricted funds Diabetic Retinopathy Young/Cardiff – AMD and Diabetic Retinopathy Eye Cancer Glaucoma Inherited Retinal Dystrophies Melt Electrowriting (MEW) Kit Seed Funding Appeal Yorkshire Research Fund Age Related Macular Degeneration Proudlock/Leicester – Retinopathy of Prematurity Research Inflammatory Eye Conditions Total restricted funds Copland/Bristol – Inflammation and Gene Therapy McNeill/Sheffield - Genetic counselling for families with inherited sight conditions Storm/UCL - Investigating the cause of high myopia Osborne/Cambridge - Optimising gene carrying vectors in gene therapy	At 1 July 2020 £ 31,632 (19,604) 4,669 17,492 623 11,500 11,375 400 - - - - - - - -	Income £ 497 10,000 - - 50 8,500 - - 160 9,400 8,225 560 69,970 1,000 30 30	£ - - - - - (20,000) - - - - - - (69,970) - - - Expenditure	Gains / losses £ - - - - - - - - - - - - - - - -	£ - - - - - - - - - (9,400) - - - (1,000) (30) (30) Transfers between funds	At 30 June 2021 £ 32,129 (9,604) 4,669 17,492 673 - 11,375 400 160 - 8,225 560 - - - -
	58,087	108,422	(89,970)	-	(10,460)	66,079

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

At 1 July 2020 £ 58,087	Income £ 108,422	£ (89,970) Expenditure	Gains / losses £ -	£ (10,460) Transfers between funds	At 30 June 2021 £ 66,079
750,000	-	(277,417)	-	336,006	808,589
750,000	-	(277,417)	-	336,006	808,589
1,004,447	316,140	(243,541)	310,122	(325,546)	1,061,622
1,004,447	316,140	(520,958)	310,122	10,460	1,870,211
1,812,534	424,562	(610,928)	310,122	-	1,936,290

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

17. Movements in funds (continued) Purposes of restricted funds Diabetic Retinopathy

Donations given specifically to fund research into Diabetic Retinopathy.

Young/Cardiff – AMD and Funds raised to fund a three-year PhD studentship carrying out Diabetic Retinopathy research in Diabetic Retinopathy and Age-related Macular Degeneration at the University of Cardiff, under the supervision of Dr Mark Young. Eye Cancer Donations given specifically to fund research into Eye Cancer. Glaucoma Donations given specifically to fund research into Glaucoma. Inherited Retinal Dystrophies Donations given specifically to fund research into Inherited Retinal Dystrophies, of which retinitis pigmentosa is the most common. Seed Funding Appeal Funds raised to support proof of concept projects investigating the causes of eye diseases or potential therapeutic targets. Projects funded up to £15,000 each. Yorkshire Research Fund This fund relates to donations for projects being carried out in the Yorkshire region. Age Related Macular Donations given specifically to fund research into Age-Related Degeneration Macular Degeneration Research Donations given to fund research into any eye condition. Inflammatory Eye Conditions Donations given specifically to fund research into Inflammatory Eye Conditions. Proudlock/Leicester – Funds raised to fund a project assessing the risk prediction of Retinopathy of Prematurity Retinopathy of Prematurity (ROP) and visual and neurodevelopmental outcome by using handheld Optical Coherence Tomography (OCT-ROP study). Project led by Professor Frank Proudlock at the University of Leicester. Medical Research Council Funds provided by the UK Government COVID Medical Fund Research Charity Support Fund to support seven early career researchers funded by Sight Research UK. Researchers supported are Katherine Cox and Max Gillies at University of Bristol, Pardis Kaynezhad, Yuyi Ren and Amanda Sadan at UCL, Rakesh Raghupathy at Glasgow Caledonian University, and Marika Zuanon at Cardiff University.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

17. Movements in funds (continued) Purposes of restricted funds (continued) Ratnayaka/Southampton - Funds AMD and Diet research

Funds raised to fund a three-year PhD studentship carrying out research into diet-induced disease pathways in AMD at the University of Southampton, under the supervision of Dr Arjuna Ratnayaka.

Rauz/Birmingham - Ocular Mucous Membrane

Funds raised to fund a project developing a novel gel-based eye drop to treat conjunctival scarring. Project led by Professor Saaeha Rauz at University of Birmingham.

Osborne/Cambridge - Optimising gene carrying vectors in gene therapy

Funds raised for a pilot project to identify the best ways to turn on genes in the retina of the eye. It is essential for every gene therapy that therapeutic genes are delivered to the correct cells at high-enough levels. This study will therefore contribute to make gene therapy easier and safer.

Prior year funds Melt Electrowriting (MEW) Kit

Funds raised to fund the purchase of a Melt ElectroWriting Kit at the University of Liverpool. This is a bespoke piece of equipment utilising a new technology, to manufacture micronsized 3D scaffolds, which can be used in tissue engineering to facilitate the growth of cells designed to mimic the structure of different types of tissues. These precisely engineered scaffolds could also be used as medical devices to treat many diseased or injured tissues of the eye.

Copland/Bristol – Funds raised to fund a three-year PhD led research project Inflammation and Gene investigating potential new ways to counteract the inflammation Therapy response caused by gene therapy. Project led by Dr David Copland at the University of Bristol.

McNeill/Sheffield - Genetic counselling for families with inherited sight conditions

Funds raised to fund a pilot study to understand barriers to preimplantation genetic diagnosis among people with genetic eye diseases and develop patient friendly information resources on reproductive options. Project led by Dr Alisdair McNeill at the University of Sheffield.

Storm/UCL - Investigating the cause of high myopia

Funds raised to fund a pilot project to investigate whether the absence of a protein called megalin may be the reason why some people develop a very severe form of high myopia suggesting that this protein is crucial for normal eye development. Project led by Dr Tina Storm at University College London.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

17. Movements in funds (continued) Purposes of designated funds Strategic research fund

The charity holds a designated strategic fund of reserves that the charity plans to utilise over the next two financial years. The fund will enable the charity to make new translational research funding commitments in line with its new Research Strategy, as well as provide the opportunity for a potential larger Strategic Research Award grant call. The strategic fund may also be used to support the charity's development of its fundraising capacity and to help it raise its public profile over the next two financial years, a time when the fundraising environment is expected to be especially challenging.

Transfers between funds

18. Financial instruments

Financial assets measured at fair value	2022 £ 1,991,867	2021 £ 2,153,174

Financial assets measured at fair value comprise listed investments.

19. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

follows:
Amount falling due: Within 1 year Within 1 - 5 years	2022 £ 13,825 24,194	2021 £ 13,018 35,800
	38,019	48,818

20. Contingent assets

There are some legacies which have been notified to the charity at 30 June 2022 for which the amount receivable cannot be ascertained. These financial statements include payments received on account but not any estimates for future amounts receivable. Indications are that the estimated value of these potential legacies is in the region of £70k.

Sight Research UK

Notes to the financial statements

For the year ended 30 June 2022

21. Related party transactions

Dolores Conroy and Richard Lee, trustees, are employees of University College London. In previous years, Sight Research UK had committed to fund reseachers at University College London. At 31 June 2022 the total commitment outstanding was £73,604 (2021: £202,371). No new grants were awarded to University College London during the year (2021: £121,698 awarded) and neither trustee was involved in the decision process to award these grants.