## **Eyes on the Future** 

**(A Company limited by guarantee in England and Wales)** 

**Report and Financial Statements Year ending 31 December 2024** 

**Charity number 1198330 Company number: 13956181** 




## **Contents** 

**Trustees' Report** ................................................................................................................................................ 2 **Statement of Trustee Responsibilities** ............................................................................................................. 9 **Independent Examiners Report to the Trustees of Eyes on the Future** ........................................................ 10 **Statement of Financial Activities** .................................................................................................................... 11 **Balance Sheet** .................................................................................................................................................. 12 **Notes to the Financial Statements** ................................................................................................................. 13 

1 




## **Trustees' Report** 

## **1. Objectives and activities** 

The objects of Eyes on the Future are for the public benefit to preserve and promote health and advance education including without limitation in relation to rare diseases, eye diseases and inherited retinal dystrophies, with focus on understanding and developing treatments for RDH12-Inherited Retinal Dystrophy (IRD). RDH12-IRD is a type of inherited retinal condition that is causing progressive sight loss in children and is currently untreatable. 

The organization brings together RDH12 patients, carers, families, and friends, united in a drive to find a treatment. We are the catalyst of focused efforts to find a cure for the condition. We deliver tangible progress towards its resolution. We bring together patients, scientists, industries, and stakeholders. We accelerate research. Currently, there is a gap between science – which has made a lot of progress in treating similar conditions – and what is available for RDH12 IRD. We exist to fill this gap and to create awareness that it can be filled. We want to help people to see for longer. 

By way of background, Eyes on the Future was incorporated in March 2022 but the charitable work which the organization undertakes has previously been hosted and carried out as a project within Retina UK. Since the inception in 2017, the work has been successful on various fronts: raising over £1.66 million in the UK and internationally; funding cutting edge research on RDH12; establishing research partnerships and working alliances with reputable academic institutions and other organisations and bringing together a global community affected by the condition. 

## **2. Achievements and performance** 

This year the organization has made significant progress towards its 4 core strategies: 

## _**RESEARCH**_ 

Eyes on the Future is committed to accelerating scientific research to discover treatments for RDH12-related inherited retinal diseases (IRD) and ensuring that findings are accessible to the broader research community. Our efforts focus on two primary therapeutic avenues—gene therapy and small molecules—that hold the greatest promise for RDH12 patients in the near term. Additionally, we emphasize enabling factors such as foundational disease understanding, faster data sharing and better understanding of endpoints and outcome measures to expedite clinical development. 

## **Small Molecule Research** 

This year, we signed a grant agreement to fund a two-year project led by Professor Mariya Moosajee at Moorfields Eye Hospital, University College London, and the Francis Crick Institute (grant total: £314,000). This partnership, continuing since 2018, will focus on testing compounds on RDH12 cell lines and mouse models to identify candidates that could slow vision loss. 

2 




## **Gene Therapy Progress** 

On the gene therapy front, exciting progress was made in October with the announcement of the first RDH12 clinical trial in China, led by Professor Ruifang Sui at the University of Beijing. This trial will evaluate RDH12 gene therapy delivered intravitreally (differently than the traditional delivery method for gene therapy). We remain in contact with Professor Sui, and our Chinese patient community is engaging to support participation in the trial. 

We also continued collaborating with biotech companies developing RDH12 gene therapies to be delivered subretinally, including Opus Genetics and Meira GTX. However, despite progress, neither company has yet initiated human clinical trials. 

- **Opus Genetics:** Our partnership negotiations with Opus started in late 2023 were impacted by the company's financial challenges. Recently, Opus announced its acquisition by Ocuphire Pharma. We are actively engaging with the new leadership to explore a viable path forward. 

- **Meira GTX:** Together with LifeArc, we proposed a partnership to advance RDH12 gene therapy, but the company has chosen not to proceed. 

## **Outcome Measures and Endpoints research** 

This year we have reached a grant agreement (£78,000) with the Center for Hereditary Retinal Degenerations at the University of Pennsylvania to support research led by Professors Artur V. Cideciyan and Tomas S. Aleman. This project focuses on advancing full-field stimulus tests (FST) and developing platform-neutral FST testing for inherited retinal diseases. FST is a critical metric for studying conditions such as RDH12-related retinal diseases. The grant, initially set for one year, includes the option for a one-year extension. 

## **Knowledge Dissemination** 

In August 2024, our article, _“Report from the Second Global Scientific Conference on Clinical Trial Design and Outcome Measures for RDH12-Associated Inherited Retinal Degeneration,”_ was published in the _Translational Vision Science & Technology_ journal, highlighting insights from our global efforts to advance research for RDH12 and beyond. 

## _**FUNDRAISING**_ 

Fundraising is essential to advancing the organization’s research goals, with a strategy built on three key pillars: 

1. **Crowdfunding** 

2. **Events** 

3. **Major Donors** (High-net-worth individuals, grants, and corporate donations). 

## **Total Funds Raised:** 

As of December 31, 2024, the organization raised £296,866, including £12,700 granted to Retina Italia (and not accrued in the 2024 Income & Expenditure accounts, representing funds previously raised in Italy on behalf of Eyes on the Future. Eyes on the Future has had an informal agreement with Retina Italia for the purpose of fundraising in Italy which was established by Eyes on the Future's founders around 2018. 

3 




Grants constituted the largest portion of funds, including a significant £314,000 grant from a UK Family Trust through a very competitive grant application and a significant grant from the French company Metrovision. Crowdfunding and individual donations contributed £24,073, primarily raised through sports challenges and family-organized events. 

## **Key Fundraising Highlights for 2024:** 

## • **Grants:** 

   - _UK Family Trust Grant:_ Secured £314,000 following a highly competitive process managed by NPC. This grant supports the two-year research project led by Professor Mariya Moosajee. 

   - _Metrovision Grant:_ US$97,315 contribution to ongoing research efforts, with a focus on developing methods to measure the impact of potential therapeutic approaches for inherited retinal diseases, including RDH12 and a €10,000 donation 

- **Corporate Support:** 

   - Fasanara Capital provided a £10,000 donation 

- **Sport Events:** 

   - _London Landmarks Half Marathon_ (April): Raised £5,680 with 10 runners. 

   - _Royal Parks Half Marathon_ (October): Raised £13,396 with 10 runners. 

- **Family-Led Initiatives:** 

Increasing family involvement has become a driver of fundraising. For example: 

- A family in Spain raised over €2,800 through a Dance Gala. 

- Two families in Italy raised €1,500 and €500 respectively through fundraising events 

## _**COMMUNITY**_ 

Eyes on the Future is a community-centered organization dedicated to supporting individuals affected by RDH12-related inherited retinal diseases (IRD), as well as their families and caregivers. Over the years, the organization has built a thriving global network of families, now spanning more than 20 countries. 

To further its mission, Eyes on the Future collaborates closely with two other international charities— _RDH12 Fund for Sight_ in the USA and _Candle in the Dark_ in Belgium. Together, this RDH12 Global Alliance provides a unified global platform to accelerate progress toward the shared goal of finding effective treatments for RDH12. This year, we are excited to welcome two new partner organizations to the global RDH12 community: _Focus Head_ , founded by the parents of an RDH12-affected boy in North Dakota, USA, and _Sight Beyond Limits_ , established by the parents of a young boy with RDH12 in Cyprus. 

## **Community Engagement in 2024:** 

A virtual _Community Call_ in April brought together ~30 families to discuss a mix of research updates and community-focused topics. These calls continue to provide a valuable space for families to connect, share experiences, and stay informed about the latest advancements in RDH12 research. 

4 




## **Expanding the RDH12 Registry:** 

Eyes on the Future also made significant progress with the RDH12 Community Registry, hosted on the organization’s website. This registry collects vital data from RDH12 patients, including demographic and basic medical information, which is instrumental in advancing the understanding of the disease, identifying research opportunities, and paving the way for new treatments. The registry form is now available in three languages: English, Spanish, and Chinese. To date, 65 unique entries have been collected from families worldwide. 

By fostering a strong global community and leveraging innovative tools like the registry, Eyes on the Future continues to provide essential support while driving progress in research and advocacy for RDH12 patients and their families. 

## _**ADVOCACY**_ 

**Eyes on the Future** remains committed in advocating for individuals affected by RDH12 and, more broadly, rare diseases. Over the years, the organization's efforts have gained significant international recognition, raising its profile and increasing public awareness about these conditions. 

This year, **Silvia Cerolini** , CEO of Eyes on the Future, was honored as one of just 9 nonprofit leaders—and the only European— shortlisted for the **Faster Cures LeaderLink Program** . This prestigious 18-month program, led by the **Milken Institute** , offers unparalleled opportunities for networking and collaboration. In connection with this program, Silvia attended two key events: the **Milken Institute Global Conference** in Los Angeles in May and the **Future of Health Summit** in Washington, D.C., in November. 

The organization’s external engagement efforts were further amplified through notable participation in key events: 

- Attending the **World Retina Congress** in Dublin in June, where Silvia spoke on a panel discussing the role of patients in research and participated in a closed-door scientific pre-meeting. 

- A **Forbes article** titled _“The Determined Entrepreneur with Her Eyes on The Future”_ highlighted Eyes on the Future journey. 

- Delivering a keynote speech, _“Writing a Different Ending,”_ at the **Changed by Women Event** at Bocconi University in Milan, Italy, in March. 

- Panellist at the **Milken Institute Future of Health Conference** in Washington, D.C., in November. 

- Presenting in person at **EFPIA (European Federation of Pharmaceutical Industries and Associations)** in Brussels in May. 

- Being nominated for **Inspiring Fifty UK and Italy** recognition. 

- Participating in the **Rare Disease Parliamentary Reception** by Genetic Alliance in London in February. 

The organization has also expanded its digital presence, with consistent activity across its social media platforms. **Facebook** has grown to 4,360 followers, **Instagram** to 2,164, and **LinkedIn** now with 2,078 followers. Two editions of the newsletter, distributed to ~1,100 subscribers in July and December, provided updates on key milestones and achievements. 

Eyes on the Future continues to foster collaborations with nonprofits in the eye health and rare disease sectors, including the **Foundation Fighting Blindness, Retina UK, Fight for Sight, LifeArc, Hope in Focus,** and **Retina International.** A significant milestone this year was also the completion of the **trademark registration** in the United States. 

5 




Through these efforts, Eyes on the Future is not only advancing research but also ensuring that the voices of those affected by RDH12 and rare diseases are heard and valued on a global stage. 

|**3. Financial Review**||
|---|---|
|**Income**|**2024**|
|Individual donations|£21,712|
|Big Donors|£ 400,972|
|Events|£ 2,361|
|Other (interest & Gift Aid)|£ 16,517|
|**TOTAL**|£ 441,562|
|**Expenses**|**2024**|
|Fundraising|£4,274|
|Research|£ 122,071|
|Governance and Support|£ 6,754|
|**TOTAL**|£ 133,099|



We intend to operate the charity prudently and appropriately. Based on expected level of expenditures, we have decided to set a reserve target of approx. £20,000 to £30,000, corresponding to ~24 months of operational and administrative costs. 

Eyes on the Future maintains a financial reserve that significantly exceeds the amount required to cover the charity’s fixed costs. This is primarily due to the nature of our scientific research funding. Our focus is on gene therapy, a field that does not progress in a strictly linear fashion. Advancing to a clinical trial can require substantial financial contributions, often amounting to several million pounds. While the groundwork for initiating a trial—including preparatory research and strategic planning—is a key area of our focus, we do not have a predetermined start date. Given this uncertainty, we are proactively accumulating a substantial financial reserve to ensure that we have the necessary funds available when the trial is ready to commence. 

We continue to keep our expenses to a minimum. It is worth noticing that we have secured Pro Bono support from two Law firms that are significantly helping us to keep costs at bay ( _Ropes & Gray_ out of Boston and _Pinsent & Masons_ out of London for general support). 

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## **4. Plans for future periods** 

**Eyes on the Future** remains committed to advancing its mission and expanding its impact across its four key strategic priorities in 2025 and beyond. 

## **Research** 

Our primary focus in 2025 is to overcome the current roadblocks in subretinal gene therapy and move closer to clinical trials. Together with **Opus Genetics** , we plan to engage with regulatory institutions, including the FDA in the United States and the MHRA in the United Kingdom, to assess readiness for a Phase 1/2 trial. Efforts are underway to explore potential partnership opportunities to support the financing of this critical trial. 

On the **small molecules front** , 2025 will be a pivotal year for the screening project led by **Professor Mariya Moosajee** at UCL. During H1 2025, we plan to host an **advisory board meeting** to prioritize small molecules for in vivo testing on RDH12 mouse models. 

## **Fundraising** 

Eyes on the Future will continue its robust fundraising efforts in 2025 through diverse channels. We have secured one place for the **2025 London Marathon** , 10 places for the **Big Half London Half Marathon** , and 10 places for the **Royal Parks Half Marathon** . Building on lessons from 2024, we aim to expand our **grant scouting efforts** , focusing on opportunities with medical and research charities to fuel our research goals. 

## **Community** 

Community engagement will remain a core priority. We will continue hosting **biannual virtual community calls** , providing updates on research and fostering connections among RDH12 families. In 2025, we plan to assess the feasibility of hosting an **in-person community meeting** , creating an opportunity for deeper engagement and collaboration. 

## **Advocacy** 

Advocacy efforts will focus on strengthening partnerships and amplifying our voice. We will continue collaborating with **nonprofit organizations** in the rare disease and eye health space. Leveraging our partnership with the **Milken Institute** , we plan to participate in their **Global Conference** and other key events to broaden our network and influence. 

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## **5. Reference and administrative details** 

Eyes on the Future with Charity Number 198330 and Company Number 13956181 has its registered office at 10 Queen Street Place, EC4R 1BE London, UK. Eyes on the Future is Trademark with the number UK00003763310 in Great Britain and Northern Ireland. 

Chief Executive Officer: Silvia Cerolini 

## **Trustees:** 

Silvia Cerolini 

Claudia Calori Francesca Revelli 

## **Secretary** 

Francesca Lazzarini 

## **6. Structure, Governance, and Management** 

## _**Governing Document**_ 

**Eyes on the Future** is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the UK Charity Commission. 

## _**Organisation**_ 

The board of trustees administers the charity. The board normally meets bi-monthly. The Charity Governing document allows the trustees to meet and conduct meetings virtually. None of our trustees receive remuneration or other benefits from their work with the charity. 

The organization counts on the support of generous volunteers supporting on a variety of tasks throughout the year. The Trustees want to particularly recognize the RDH12 patients & families serving on the Patient Board, Mrs Victoria Marical for her Marketing and Comms role and Mrs Francesca Lazzarini for her Secretary role. 

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## **Statement of Trustee Responsibilities** 

The Trustees of Eyes on the Future (who are also directors of Eyes on the Future for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charities Statement of Recommended Practice (SORP); 

- Make judgments and estimates that are reasonable and prudent; 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## _**Disclosure of information to the independent examiner.**_ 

Each of the persons who is a Trustee at the date of approval of this report confirms that: 

- So far as that Trustee is aware, there is no relevant available information of which the company’s independent examiner was unaware, and; 

- That Trustee has taken all steps that the Trustee ought to have taken as a Trustee to make himself/herself aware of any relevant independent examination information and to establish that company’s independent examiner was aware of that information. 

Approved by the Board on 22[nd] March 2025 and signed on its behalf by: 

Silvia Cerolini Trustee 

9 




## **Independent Examiners Report to the Trustees of Eyes on the Future** 

I report to the charity trustees on my examination of the accounts of Eyes on the Future (company no: 13956181 and charity no: 1198330) for the year ended 31 December 2024 set out on pages 11 to 17. 

## **Responsibilities and basis of report** 

As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). 

In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. 

## **Independent examiner’s statement** 

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am full member of the Association of Charity Independent Examiners which is one of the listed bodies. I have completed my examination and confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

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

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

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

Nicola Anderson FCIE Date : 02/04/2025 Independent Examiner 189 Baldwins Lane Croxley Green Rickmansworth Hertfordshire WD3 3LL 

10 




## **Statement of Financial Activities** 

## **(including Income & Expenditure Account)** 

## **Year to 31[st] December 2024** 

|**Notes**<br>**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Year to 31**<br>**December**<br>**2024 (Total**<br>**Funds)**<br>**Year to 31**<br>**December 2023**<br>**(Unrestricted**<br>**Funds)**|**Notes**<br>**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Year to 31**<br>**December**<br>**2024 (Total**<br>**Funds)**<br>**Year to 31**<br>**December 2023**<br>**(Unrestricted**<br>**Funds)**|
|---|---|
|**(£)**<br>**(£)**<br>**(£)**<br>**(£)**<br>**Statement of Financial Activities**||
|**Income and endowments from:**||
|Donations and Legacies|**2**<br>35,132<br>390,817<br>425,949<br>343,088|
|Other TradingActivities|**3**<br>2,361<br>-<br>2,361<br> 244,417|
|Investments|13,252<br>-<br>13,252<br> 5,115|
|**Total**<br> **Expenditure on:**|**50,745**<br>**390,817**<br>**441,562**<br>**592,620**|
|RaisingFunds|**5**<br>(4,274)<br>-<br>(4,274)<br>(66,757)|
|Charitable Activities|**6**<br>(11,088)<br>(117,737)<br>(128,825)<br>(50,526)|
|**Total**|**(15,362)**<br>**(117,737)**<br>**(133,099)**<br>**(117,283)**|
|**Net(Expenditure)/Income**|**35,383**<br>**273,080**<br>**308,463**<br>**475,337 **|
|||
|**Net movement in funds**|**35,383**<br>**273,080**<br>**308,463**<br>**475,337 **|
|**Reconciliation of Funds**||
|Total Funds at 1 January|756,883<br>-<br>756,883<br>281,546|
|Currentyear earnings|35,383<br>273,080<br>308,463<br>475,337|
|**Total Funds at 31 December**|**792,266**<br>**273,080**<br>**1,065,346**<br>**756,883**|



All activities relate to continuing operations. 

The Statement of Financial Activities includes all gains and losses recognised during the year. 

The notes on pages 13 to 17 form part of these financial statements. 

11 



**Company Number 13956181 Notes 31/12/2024 31/12/2023** 


**(£) (£)** 

|**Balance Sheet**|||||
|---|---|---|---|---|
|**Fixed Assets:**|||||
|Tangible assets||-|<br>-||
|**Total Fixed Assets:**||-|-||
|**Current assets:**|||||
|Debtors|**11**|162,461|<br>12,466||
|Cash at bank and in hand||920,230|<br>749,673||
|**Total Current assets:**||**1,082,691**|<br>**762,139**||
|Creditors: Amounts fallingdue within oneyear|**12**|(17,345)|(5,256)||
|**Net Current Assets**||1,065,346|<br>756,883||
||||||
|**Total Assets less Current Liabilities**||1,065,346|<br>756,883||
|Creditors: Amounts falling due after more than one|year|-|<br>-||
|**Total Net Assets**||**1,065,346**|<br>**756,883**||
|**The funds of the charity:**|||||
|Restricted Funds|**13**|**273,080**|<br>**-**||
|Unrestricted funds||**792,266**|<br>**756,883**||
|**Total The funds of the charity:**||**1,065,346**|<br>**756,883**||



For the year ending 31[st] December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors' responsibilities: 

- The members have not required the company to obtain an audit of its financial 

- statements for the period in question in accordance with section 476; 

- The directors acknowledge their responsibilities for complying with the requirements of 

- the Act with respect to accounting records and the preparation of financial statements. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. These financial statements were approved by the board of trustees and authorised for issue on 22[nd] March 2025 and are signed on behalf of the board by: 


Silvia Cerolini Trustee 

12 




## **Notes to the Financial Statements** 

## **Basis of Preparation and assessment of going concern** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102)(2[nd] Edition effective January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006. 

The Financial Statements have been prepared under the historical cost convention. 

The Charity constitutes a public benefit entity as defined by FRS 102. 

The Trustees have reviewed the financial position of the charity at 31[st] December 2024 and consider that there are no material uncertainties about the Charity's ability to continue as a going concern and the financial statements are prepared on the going concern basis. Eyes on the Future has unrestricted reserves of £ 792,266. 

## **Income** 

All incoming resources are included in the Statement of Financial Activities when the Trust is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy. 

## **Grants Received** 

Income from grants and donations is recognised where the charity is entitled to the income, it is probable that the income will be received, and the amount receivable can be quantified. Where there are specific terms or conditions attached to grants and donations, these must be met before the income is recognised. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use for specific purposes, the use of which is restricted to that purpose. 

13 




## **Irrecoverable VAT** 

Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Debtors** 

Short term debtors are measured at transaction price, less any impairment losses. 

## **Creditors** 

Short term creditors are measured at the transaction price. 

## **Judgements in applying accounting policies and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgments made that have a significant effect on the amounts recognised in the financial statements. 

## **Realised gains and losses** 

All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. 

## **Legal status of the Charity** 

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member. 

## **Trustee expenses and remuneration** 

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. 

## **Limited by Guarantee** 

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 

14 




## **2  Income from Donations and Legacies** 

|Grants & Donations<br>2023 Gala Donations<br>Gift Aid<br>**Total**|**Unrestricted**<br>**Restricted**<br>**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>**(£)**<br>**(£)**<br>31,867<br>390,817<br>422,684<br>268,710<br>-<br>-<br>-<br>58,728<br>3,265<br>-<br>3,265<br>15,650|**Year to 31**<br>**December**<br>**2023**<br>**(£)**<br> <br>268,710<br> <br>58,728<br> <br>15,650<br> <br>**343,088**|
|---|---|---|
||**35,132**<br>**390,817**<br>**425,949**<br>**343,088**||



## **3 Income from Other Trading Activities** 

|2023 Event<br>Other<br>**Total**||**Unrestricted**<br>**(£)**<br>-<br>2,361|**Restricted**<br>**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>**(£)**<br>-<br>-<br>244,176<br>-<br>2,361<br>241|**Restricted**<br>**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>**(£)**<br>-<br>-<br>244,176<br>-<br>2,361<br>241|**Restricted**<br>**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>**(£)**<br>-<br>-<br>244,176<br>-<br>2,361<br>241|**Year to 31**<br>**December**<br>**2023**<br>**(£)**<br>244,176<br>241<br>**244,417**|
|---|---|---|---|---|---|---|
|||**2,361**|**-**|**2,361**|**244,417**||



## **4 Support Costs** 

|**Support Costs Allocation**<br>Office and administration<br>Governance cost - Legal fees<br>Governance cost -<br>Independent examination<br>**Total**<br>**5**<br>**Expenditure on Raising**<br>**Funds**<br>Direct costs of Raising funds<br>**Total**|**Unrestricted**<br>**(£)**<br>4,614<br>1,240<br>900|**Restricted**<br>**(£)**<br> <br>-<br> <br>-<br> <br>-|**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>4,614<br>4,272<br>1,240<br>12,138<br>900<br>750|**Year to 31**<br>**December**<br>**2023**<br>**(£)**<br> <br>4,272<br> <br>12,138<br> <br>750<br> <br>**17,160**<br>**Year to 31**<br>**December**<br>**2023**<br>**(£)**<br> <br>66,757<br> <br>**66,757**|
|---|---|---|---|---|
||**6,754**|<br>**-**|**6,754**<br>**17,160**||
||**Unrestricted**<br>**(£)**<br>4,274|**Restricted**<br>**(£)**<br> <br>-|**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>4,274<br>66,757||
||**4,274**|<br>**-**|**4,274**<br>**66,757**||



15 




|**6**<br>**Expenditure on Charitable**<br>**Activities**<br>**Unrestricted**<br>**(£)**<br>**Direct Costs**<br>Research costs<br>4,334<br>Support costs allocation<br>6,754<br>**Total**<br>**11,088**<br>**7** **Net (expenditure)/income for the year**<br>This is stated after charging: <br>Independent Examiner Fees|**Unrestricted**<br>**(£)**<br>4,334<br>6,754|**Restricted**<br>**(£)**<br> <br>117,737<br> <br>-|**Year to 31**<br>**December**<br>**2024** **Unrestricted**<br>**(£)**<br>**(£)**<br>122,071<br>14,711<br>6,754<br>18,301|**Year to 31**<br>**December**<br>**2023**<br><br>**(£)**<br> <br>14,711<br> <br>18,301|
|---|---|---|---|---|
||**11,088**|<br>**117,737**|**128,825**<br>**33,012**|<br>**33,012**|
|||**Year to 31**<br>**December**<br>**2024** <br>**(£)** <br>900|**Year to 31**<br>**December**<br>**2023**<br>**(£)**<br>1,250||



## **8 Staff costs** 

There were no employees of the charity for the year to 31 December 2024 (2023 : none). 

## **9 Trustees’ remuneration and expenses** 

None of the Trustees, nor any persons connected with them, received any remuneration during the year.  No trustee was reimbursed for any of their expenses during the current year or the preceding period. 

## **10 Taxation** 

The charity is exempt from direct tax on its charitable activities. 

|**11** **Debtors**<br>Prepayments<br>Accrued Income<br>**12** **Creditors: amounts falling due within one year**<br>Trade creditors<br>Accruals|**2024**<br>**(£)**<br>565<br>161,896<br>**162,461**<br>**2024**<br>**(£)**<br>266<br>17,079<br>**17,345**|**2023**<br>**(£)**<br>997<br>11,469|
|---|---|---|
|||**12,466**|
|||**2023**<br>**(£)**<br>123<br>5,133|
|||**5,256**|



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|**13 Restricted Funds**<br>**Platform-neutral FST**<br>**outcome in inherited**<br>**retinal diseases**<br>**Potential small molecule**<br>**therapies for RDH12-IRD**|**Balance at**<br>**1/01/2024**<br>**Income**<br>**Expenditure**<br>**Balance at**<br>**31/12/2024**<br>**(£)**<br>**(£)**<br>**(£)**<br>**(£)**<br>-<br>76,026<br>(76,026)<br>-<br>-314,791<br>(41,711)<br>273,080|
|---|---|
||-390,817<br>(117,737)<br>273,080|



The specific purposes for which the funds are to be applied are as follows: 

## **Platform-neutral FST outcome in inherited retinal diseases** 

During the year we received a grant from Metrovision of France of £76,025. The grant has been fully disbursed for the purpose of funding the Platform-neutral FST outcome project with the University of Pennsylvania. 

## **Potential small molecule therapies for RDH12-IRD** 

This fund comprises a 2 year grant of £314,791 by a UK Family Trust which Eyes on the Future has utilised (and will continue to utilise till completion) in order to fund a 2 year drug repurposing project undertaken with the University College London. 

|**14**<br>**Analysis of net**<br>**assets between**<br>**Funds**<br>Fixed Assets<br>Debtors<br>Bank account<br>Current liabilities<br>**Net Assets**|**Unrestricted**<br>**Funds**<br>**Platform-**<br>**neutral FST**<br>**outcome in**<br>**inherited**<br>**retinal**<br>**diseases**<br>**Potential**<br>**small**<br>**molecule**<br>**therapies**<br>**for**<br>**RDH12-**<br>**IRD**<br>**(£)**<br>**(£)**<br>**(£)**<br>-<br>-<br>-<br>5,065<br>-<br>157,396<br>790,993<br>-<br>129,237<br>(3,792)<br>-<br>(13,553)|**Total**<br>**2024**<br>**(£)**<br>-<br>162,461<br>920,230<br>(17,345)<br>**1,065,346**|**Unrestricted**<br>**Funds**<br>**Total 2023**<br>**(£)**<br>-<br>12,466<br>749,673<br>(5,256)|
|---|---|---|---|
||**792,266**<br> **-**<br>**273,080**||**756,883**|



There were no restricted funds in 2023. 

## **15 Related party transactions** 

There were no related party transactions in 2024. 

During the prior year, tickets for the 2023 Gala were purchased by Enrico Orlandi (husband of a trustee and Eyes on the Future co-founder) for a total of £2,800 and £800 spent participating in a fundraising event. 

During the prior year a total of £17,700 was donated to the charity by related parties. 

17