C4MBRIDGE EYE TRUST Report and Accounts cambridge £ye Ortober 2020 Contents Page Report of the trustees Statement of financial activities Cash flow statement Ito4 Balance sheet Investments Examiner's report to the tnL8tees 8and9 io Web address
Trustees, Annual Report The trustees present their report for the year to 31st October 2020. Oblertlves and activities ofthe The object of the Cambridge Eye TrusL &s set out in its governing documenl is to advance the education of the public in the science of ophthalmology, Tn particular but without limitation by :_ i. establishing and maintaining the Cambridge Ophthalmologi¢al Symposium (to be held periodically and to be open to specialists OT Students of Ophthalmology or related sciences). for the study, dISc$s1on and reading of papers on topics related to the science and practical development of Ophthalmology and all allied subjects. including the provision of lecturers and other speakers for the Symposium and the publication of reports of th¢ proceedings. and ii. supporting the research of lecturers and resear¢heTS in the field of Ophthalmology. The advancement of research and education of the public in the science of ophthalmology is achieved by: l Facilitating the interaction between science and medicine, by hosting the annual Cambridge Ophthalmological Symposium. The Symposium was not held in September 2020 in view of the Covid-19 pandemic. In 2021. the Trust plan a streamed lecture by an internationally respected Ophthalmologist, in view of the continuing pandemic. 2 Offering bursaTies to junior scientists. doctors in training and PhD students, who are actively involved in the subject und¢r discussion but who cannot afford to attend the symposium, even though this would be valuable for their TeseaTch. These bursaries were not provided this year in view of the cancellation of the Symposium 3 Publishing the proceedings of the symposium in 'EYE' (Nature Publishing), the officiaI journal of The Royal College of Ophthalmologists. 4 Supporting clinical and labordtory scientific research in ophthalmology, in particular in the areas of glaucoma and optic nerve diseases, corneaI and strabismus surgery and the genetics and management of StickEer's Syndrome. These aspects are represented by acknowledged experts in the field. who are Consultants of the Eye Department of Addenbrooke's Hospital in Cambridge. A major effort in basic science research has been aimed at piotecting and repairing the damaged Optic nerve. This support has provided bridging fmance for staff between grants, as well as, occ&sionally. providing staff for limited periods and from time to time providing essential equipmeTkt and materials, which cannot be obtained in other ways. Cambridge Eye Trust Page I
5 Supporting initiatives for th¢ ophthalmologists in training at Addenbrooke's Hospital Cambridge, for example in providing support for simulator training in ophthalmic surgery. 6 Promoting research in the science of vision to A level students and medical students by supporting travel grants to science conferences or student electives in ophthalmology. No conferences were held in 2020. No grants were given in 2020. 7 Publishing a Newsletter and maintaining a website. Inforniation about ophthalmological topics is included on the charity's website and in a regular newsletter. both of these are fre¢ly available to the public and ophthalmologists. . The Cambridge Eye Trust newslett¢r continued in 2020. Aehievements and perforni2Dee The trustees have continued to support the programme of reseaTch set up in September 2017 in the Centre for Brain RepaiT by Professor Keitb Martin, who moved in 2019 to Melbourne Australia to head the Centre for Eye Research Australi& This programme 'Enhancement of Optic Nerve Regeneration by modulation of Integrins, aims to promote orderly and controlled regeneration of axons in the optic nerve wtthout reliance on oncogenes, offering hope of restoring vision to those blind witb optic nerve disease. In 2020. the Trust agreed to continue the funding for another year in order to allow 2 PhD students to complete their research work, which had been restricted by laboratory closures due to the pandemic: In 2020, the Trustees Teceived a request from Patrick Senior Le¢turer in Ophthalmology at the UniveTsity of Cambridge, for a top-up grant for an OCT (Optical Coherence Tomography) nwhine to use in a dedicated TeseaTch facility. in order to study patients undergoing a research trial of g¢n¢ therapy for Leber's Hereditary Optic Neuropathy. After due considerdtion by tbe Trnstees, it was agreed to grant a sum of £50,000 to purch&8e the OCT foT the research room, on condition that the facility was also avatlable for research to other members of the Eye Department. OCT is a non-invasive diagnostic instrument used for imaging the retina. The OCT uses an aaY of light to scan rapidly the eye. These scans are interpreted and the OCT then presents an imag¢ of the tissue layers witbill the retin& In 2020, th¢ Trust gave a grant to the Addenbrooke's UnAversity Hospital Trust (the Hospital Tnt) in order to fund equipm¢nt for a simulator SUTgery laboratory. This helps surgeons re-learn rnicrosuTgery after several months absence from the operating theatre, necessitated by their involvement caring for Covid patients on the wards. The new facility has proved very popular with the tratnee ophthalmic surgeons at the Hospital Trust. Plans for the future If new advances are to be made witbin the field of medical ophthalmology it is vital that clinician IentIStS are trained in this specialty. This is on¢ of tbe long-terni aims of the charity and the funding h&s enabled the employment of a post- doctorate reseaTch associate posl named the Dickerson Fellowship, to work within the current research programme of the ophthalmic departments of the University of Cambridge and the Hospital TnLSt. The Trust has guaranteed to supwrt research supervised by a new Professor of Ophtlwlmology at the UnÈversity of Cambridge, who it was hoped would be appointed in the Spring of 2020. In 2020, we were unable to appoint a Professor and, after due Cambridge Eye Tryst Page 2
negotiation with the uniVS1ty, Lt was agreed that th¢ Trust would support a senior Lecturer in the Departm¢nt. To date, no appointment h&s Ixen made. OrganisAtio The affairs of the chaTity ar¢ conducted by the trustees with the assistance of a freelance conference organiser and a financial adviser (who maintains accounting records and prepares periodic accounts). There are no volunteers apart from the truste¢s. The trustees serving in the year and the subsequent p10d to date were:. Mr. N J Sarkies Chairn)an Mr. R Ashby- Johnson Mr. M P Snead Mr. DougIas Newman Mr. A J Vivian Professor M Rajan Mrs. H Shmhid Dr Tasneem Zainab Khatib Mr. C Rene was appointed as an additional on 2 June 2021. New trustees are selected according to the perceived needs of the CPty. gnd administrnlive infornthtion The trust maTntains a website for which the address is www. Cambridge Eye Trust is a Charitable trust registered with the Charity Commission for England and Wales under the reference 265140. The governing document is a Scheme dated 16th November 2004. The trustees are incorporated as - 'The Incorporated Trustees of The Cambridge Ophthalmological Symposium, so that investments may be held in that name. The principal address for correspondence is: Wistow, The Green, Hilton, HUntIngdo Cambridgeshire PE28 9NB Monies are held at CAF Bank Ltd and on deposit with the Charitles Official Investn]ent Fund. Some investments are managed by Tilney Investment Management Services Ltd of 6 Chesterfield Gardens. London Wl15BQ, an independent adviser authorised and reguIated by the Financial Conduct Authority. and ar¢ held by Pershing Secwities Ltd. of One Clove Crescent, East India DOCK London E14 2BH. Other investments have been made into charity authorised investment funds. that are managed for c]wity investment and as such enjoy advantages. Three of these fimds are held by Barclays Stockbrokers and two are held directly. Ree of fmanci81 affairs The result for the year to 31" October 2020 was a deficit of £44,698 to which was added investment losses realised and unrealised in the year of £121,877 to make a combined d¢ficit of £166.575. This deficit on the value of investn]ents has since been exceeded by gains in the current year. As the Symposium had to be postyoned. there was no income from that source. Donations and Gift Atd declined to £6,303. Investn]ent income rose by £394 to £48,038. The deficit includes expendilmre of £73,464 for grants to support researcb projects and £5,638 for research insttillnents. The trustees have comn]itted to £62.000 over the current and next year to support an ongoing research project and the OCT facility. They shall support other applications that are received for projects and bursaries, subject to their approval. Requests for flmding are sent for pe¢r review before bexng evaluated by the trustees. Cambridge Eye Trust Pag¢ 3
The net assets of the trust weTe £1,467,000 at the year-end of which £1,460,000 w&s held in listed invesÉments. Policies Investment The policy of the Trustees is to invest to pmvide an Income return that ite&Ses at least in line both with infiation and with the increase to be expected from investing additional monies during each year. The investtnents 8Te held in managed funds and trusts to achieve th spread and diversity of investments. Reserves The Trustees require reserves sufficient to cover potential deficits from the amiual symposium. Any surpluses are accumulated towards supporting educational and research posts for ophthalmologists within the Sch(K)l of Clinical Medicin¢ and for other costs and equipment for research proj¢¢ts. Public benefit The trSteeS have had iegard to the guidance on public benefit. People worldwide with eye problems have benefited direcdy from advances in medical procedures and instrumentation, discussed during the symposi4 and from the research associations resulting from contacts made during the residential SYMS1a n]eetings. Publication of the proceedings extends the knowledge of clinicians through the WOTId. Patients will be reassured by reading the inforn)atIo on the Charity's website alld otherwise published, about the procedures that are likely to be applied to th¢m. If the current research Rs suc¢essfill, patients wÉll benefit through the ability of clinicialls to prevent detachment of the tIna and, if they cannot be prevente to intervene early in the dise&ses of glaucom comea and macular degeneration. In the longer tenn the aitn is to reverse the disease process. 20th JY 2021 Cambridge Eye Trust Page 4
STATEMENf OF FtNANCtAL ACTIVITiES Year to 31 October 2020 Year to 31 October 2020 Note Year to 31 October 2019 Notr UDrestr- ieted Unrestr- icted fund ID¢ome from: Donations including Gift Aid Charitable activities: Registration fees Sponsorship and grant Investments 6.303 8,023 26,575 13.000 47,644 95.243 48,039 54,342 TotaI income Expendilure on: Charitable activities: Costs of th¢ symposium Bursaries and grants Research instruments and Dickerson Fellow Other- investment manag¢rn¢M alld accoungancy Total expenditure io,iio 41,823 2.000 50.829 10.792 105.444 (10201) 79.102 9,829 99.041 (44,699) N¢t (deficits) gains on investment asseLI Net ivcowe (121.877) (166.575) 59.324 49.123 Reconciliation of fund Total fund balance brought forward Total fimd balance ¢arri¢d forward 1,632,788 1.466213 1.583.666 1.632.789 Cambridge Eye Trust Page 5 Printed 11108r2021
CASH FLOW STATEMEiYr Year to 31 October 2020 Note 202 2019 RECONCtLIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVTrtEs Net income or deficit AdjusÉmentsfor." Deficits or (Gains) on inv¢sknent assets Dividends and intsre5t from investments Decrease or (Increase) in debtors (Increase) or Decr¢8s¢ or in tsx r¢¢ov¢rable (Decrease) or increase in creditors Net cash provided by operating activities (166.575) 49.123 121.877 48,039 117 (165) (9.023) (5.731) (59,324) 47.644 28 3.134 (20,442) 20.163 STATEMENf OF CASH FLOWS N¢t cash provided by operating activities as alKyve Cttshflowsfrom invesling activilies." Divid¢nds and interest from investments (Purchase) less sale of investm¢nts (5,731) 20,163 (48.039) (67.757) (121.526) 138.270 16.744 (47.644) 22.837 (4.644) 142.914 138270 Bank and dewsit balances at start of year Bank alld deposit balances at end of year HELD AS FOLLOWS Pershing Securities deposit CAF Investment deposit COIF Charities Deposit Fund Barclay5 Investment Solutions PayPal balance Bank balance 170 2.574 4.872 16,737 904 111,603 5,248 2272 1,508 138,270 9.128 16,744 Cambridge Eye Trnst Page 6 l¥inted 1110812021
BALANCE SHEET 31st October 2020 31st October 2019 lllvestments Listed investments per note Pershing Securities deposit CAF Investment deposit COIF Charities Deposit Fund 1.460.759 170 2,574 4,872 1,468.374 1,514.879 16.737 904 111,603 1.644.122 Currellt assets Debtors and prepayments Tax recoverable Barclays Investment Solutions PayPal balance Bank balance 117 336 5,248 2.272 1,508 9,480 501 9,128 9.629 Current liabilities Creditors 10,558 19.581 NÈt ¢iirreDt Oiqbilitie$) assets {929) 1.467.445 (io,ioi) 1,634.020 Net tangible assets A¢¢umulated fuDd Closing balance 1.466213 1,631788 Restricted fund EndowtNellt Opening and closing balance there being no movements in the year 1.232 1,232 1,467,445 1.634.020 Approved by the Tn&stees on 2nd December 2020 and signed on their behalf by NJS i¢s Chairman of the Trustees Notes ) 'I'hese accounts have been pffpared".- under the historical cost convention with items recoginsed at cost or transaction value. to accord with the Statement of Recommended Prdctice: Accounting and Reporting by Charities prepartng their accounts IN accordance with the Financia] Reporting Stsndard applicable in the UK {FRS102) and with the Charites Act 2011. b) Investment gain5 and losses include any reali5ed and unrealised gains and losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. e) Small differences may arise in tots5s due to rounding pence to whole numbers. Cambridge Eye Trust Pa8e 7 Printed 1110812021
Independent examinerfs report to the trustees I report to the trustees on my examination of the accounts of the Cambridge Eye Trust (the Charity) for the year ended 31st October 2020, which are set out on pages 8 to 12. Responsibilities and basis of report As the Charity's trustees you are responsible for preparing the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Chariws accounts carried out under section 145 of the 2011 Act and, in carrying out my examination, I have followed all the applicable Directkons given by the Charity Commission under section 145(5)(b) of the ACL Independent examinerfs statement I have completed my examination. I confirni that no material matters have come to my attention from the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Charity as required by section 130 of theAct: or 2. the accounts do not accord with those records: or 3. the accounts do not comply th the applicable requirements concerning the forni and content of accounts. set out in the Charities (Accounts and Reports) Regulations 2008, other than any requirement that the accounts give a 'true and fair view,. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion 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. Signed: Name: Stuart Berriman FCCA FCA Chater Allan LLP Address.. Beech House, 44 Newmarket Road, Cambridge CB5 8DT Date: 16th August 2021 Cambridge Eye Tnt Page 10