CAMBRIDGE EYE TRUST Report and Accounts cambridge eye tru5l October 2024 Contents Page Report of the trustees Statement of financial activities Cash flow statement Balance sheet Notes Examiner's report to the trustees I to5 io Web address Cambri
Trustees, Annual Report The trustees present their report for the year to 31st October 2024. Objectives and artivities of the charity The main objecrives of the Cambridg¢ Eye Trust are as follows: To fund research into diseases affecting the eye, thereby escalating the discovery of better treatrnents for eye Conditions and enhancing innovation in the field of ophthalmology Supporting ¢ducation in ophthalmology, enthusing the next generdtion of ophthalmologisis and ensuring that they remain among the best in the world These aims are achieved by l. Establishing and maintsining the annual Cambridge Ophth&lmological Symposium which is open to specialists or students of Ophthalmology and related scienecs. This 2-day symposium comprises a series of lectures by basic scientists and clinicians of international repute, with in-depth discussion centred on a well- defined ophthalmology topic, which is explored in detail under the chairmanship of two leaders in that field. The meeting is a valuable opportunity for researchers in basic science to interact with and exchange ideas with clinicians, who also come to undersrAnd the basic science which underpins their pra¢tice. 2. Offering Subsidies and bursaries for junior scientists. doctors in Iraining and PhD students, who are actively involved in pursuing research into the subject under dis¢ussion. to attend the Cambridge Ophthalmological Symposium. 3. Contributions to the Symposium are published in a special edition of Eye, which 15 the scientific jOLwnal of the Royal College of Ophthalmologists. 4. Supporting clinical and laboratory s¢ientifi¢ research in ophthalmology. particu18rly in the areas of glaucoma. optic nerve diseases, comeal surgery and vitreo-retinal surgery. These aspects are represented by acknOWleded experts in the field, who are Consuliants in the Eye Department of Addenbrooke's Hospital in Cambridge. A major effort in b&sic science research has been aimed at protecting and repairing the damaged optic nerve. This support has provided bridging financ¢ for staff between grants, well as, occasionally, providing staff for limited periods and froTn time to time providing essential equipment and materials, which cannot be obtained in ozher ways. 5. Supporting initiatives for th¢ ophthalmologists in training at Addenbrooke's Hospiial Cambridge. for example in providing sUPPOrt for simulator trdining in ophtha]mic surgery and promoting research days for the trainees in the region. 6. Publishing a Newsletter and maintaining a website. Infomation about ophthalmological topics is included on Ihe charity's website and in a regular newsletter. both are freely available to the public and ophthalmologists. The latest edition of the Cambridge Eye Trust newsletter was published in March 2025. C#mbridge Eye Trust Pag¢ I
Achievements and performanc¢ The trustees continued to support th¢ programme of research set up in Septetnber 2Ql 7 in the Centre for Brain Repair by Professor Keith Martin. who moved in 2019 to Melbourne Australia to head ihe Centre for Eye Research Australia. This progr&mme 'Enhancement of Optic Nerve Regeneration by modularion of Integrins, aims ro promote orderly and controlled regeneration of axons in the optic nerve without reliance on oncogenes. offering hope of restoring vision to those rend¢red blind with optic nerve disease. The Trust ontinued the funding in 2023, allowing two PhD students to compleie their res¢arch work in Cambridge and sUPPOrting a previous Enember of the team who. until r¢¢ently, was working in clinical ophthalmology and basic science reSeah in this field in the USA. In 2020. the Trustees received a request fmm Professor Patrick Yu Wai Man of Cambridge University for an OCT (Optical Coherence Tomography) machine to us¢ in a dedicated eye research faciliry, in order to study patienis involved in a research trial of gene therapy for Leber's Hereditary Optic Neuropathy at Cambridge University. After due consideration, the Trust granted a sum of £50,000 to purchase the OCT for the research room in the Cambridge Clinical Vision Laboratory {CCVL) at the Cambridge Biomedical Campus. The equipment is a150 available for other research trials conducted by other members of the Addenbrooke's Eye Department. OCT is a non-invasive diagnostic instrument used for imaging the retina. Th¢ OCT us¢s an array of light to scan rapidly the eye. TTrLese scans are inierpreted by the software in the machin¢ and the OCT then presents an image of the tissue layers within the retin& This new diagnostic facility 15 now widely used in the dia<Fnosis and management of many ocular conditions. The OCT machine is eFnployed in on-going research studies of gene therapy injections into the e)'e for optic nerve diseases, conducted by Professor Yu Wai Man, who is also an Honordry Consultsnt Neuro-ophthalmologist at Addenbrooke's Hospital. The Cambridge Eye Trust 15 immensely proud lo have directly supported ihe establishment of the CCVL and remains committed to fostering ground-breaking vision research. The Trusi also supported a study of the (yenetic make-up of the cells forniing the posterior layer of the vitreous. planned by a team under the supervision of Martin Snead, Direcior of Vitreo-Retinal Research at Cambridge. Posterior vitreous detachment remains poorly understood. Although the condition is usually a benign evenE. a siunificant minoriry of patients will expericnc¢ sight-threat¢ning condiiions Shortly after the detachment of posterior vilreous. The study aims to chardcterise the gene expression profiles of individual cells and to establish whether there are characteristics which may distiftguish pathological from physiological outcomes. The Trust has generously supponed the CaTnbridge Eye Simulation, Training and Research Suire (CAMSTARS), a state-of-the-art facility which provides a spacious and well- equipped environment for SiTnulated surgical Iraining at Addenbrooke's, as well as a comfortable workspace for the trainees to engage in research. and professional development. CAMSTARS underwent a major refurbishment in 2024 with funding support from the Cambridge Eye Trust. The 52nd Cambridge Ophthalmologi[ Symposium was held at St John's College, Cambridge on 5 10 6 ' September 2024. The topic of discussion was Evolution and the Eye, and the sytnposium was chaired by Prof Tien Yin Wong (China and Singapore) and Dr David WilliaTn from Cambridge. Cambrldge Ey¢ Trust P8ge 2
Plans for the future If new advances are to be Made within the field of medical ophthalmology it is Vital that clinician scientists are trained in research in this specialry. This is one of the long-terni aims of the charity and the. enerous funding provided by the Di¢kerson Fellowship has enabled the Trust to support a joint post-do¢tordte research post, to work in the current research programme of the University of Cambrid8¢ and the Ophthalmic Departsnent of Addenbrooke's NHS Trust. The Trust guaranteed to support 2 new POS of Senior Clinical Research Associates (SCRA) which ar¢ joint appointments between the University of Cambridg¢ and Addenbrooke's Hospital (Cambridge Universiry Hospitals NHS Foundation Trust). The first such appointment was made in June 2023 and the appointee acceded to the role Èn January 2025. The Trust was delight¢d to support a second such joint appointment in Mar¢h 2025. The 53rd Cambridge Ophthalmological Congress will be held at St John's College. Cambridge on 4 to 5 September 2025. The subject of discussion is 'Embryog¢nesis and the Eye,, and the symposium will be co-chaircd by Mr Manoj Parulekar (Oxford and Birmingham) and Professor Tony Moore (London). Organisation The affairs of the Charity are conducted by the trustees with the assistance of a freel8nce conference organiser and a financial adviser (who Tnaintains accounting records and prepares periodic accounts). There are no volunteers apart from th¢ trustee5. The trustees serving in the year and th¢ 5ubsequ¢nt period to dak were: . Mr C René (Chairman) Mr N J Sarkies (immediate past Chairman) Mr R Ashby-Johnson Mr D Newm Professor M Rajan Mrs H Sh3hid New trustees are selected according zo the perceived needs of the Charity. Mr D Wong. an ophthalmologist in training in the Eastern Region. appointed on 3 December 2024 as a trustee and trdinee representative for the Trust. rd Legal and adminijtrative snformatlon The twst maintsins a website for which the address is Cambridge Eye Trust is a charitable trust registered with the Charity Commission for England and Wales under reference 265140. The governing document Is a Scheme daied 16th Novemb¢r 2004. The trusiees are iricorporated as -The Incorporated Trustces of Th¢ Cambridg¢ Ophihalmological Symposium, so that investments may be held in that name, Cambrldg¢ Eye Trust
The principal address for correspondence is.. 64 Ancieni Meadows, Bottisham, Cambridge. CB25 9AX. Monies are held ai CAF Bank Ltd and on deposit with the Charities Official Investment Fund. Some investments are managed by Evelyn Partners Group Ltd of 45 Gresham Street, London EC2V 7BG. an independent adviser authorised and regulated by the Financial Conduct Authority. Investments are held by Evelyn Parthers Investment ServiG¢s Ltd. Other investments have been made in charity authorised investment fimds. that are held dItly. These funds are managed for chariry investnient and as such enjoy advantages. Review of financial affairs The result for the year to 31" October 2024 was a surplus of £38.971, to which is &dd¢d a surplus of £173,585 on investments. realised and unrealised in the year. The Symposium had income of some £76,000, including £10,000 charged to a conference that 5harcd facilities and manag¢ment with the Eye Trust. The result was a minimal defi¢it on symposium activities. Donations and Gift Aid rose to £7.913 (last year £6.873). Investment income rose by £8.869 to £61.323. The surplus includes expenditu of £17,28J (last year £24,297) for grdnts to support research projects and to cover bursaries for attending the symposium. A further £2.000 was invest¢d in a Research Day in Cambridge, to promote rhe work and achievements of the Trust's supported activities. The trustees support applicttions that are received for research projects. and bursari¢s, subject to their approval. Requesis for funding are sent for peer review before being evaluated by th¢ tNstees. The net assets of the trust were £1.886.000 at the October year-end of which £1,746,000 was held in listed investmcnts. Policies Investment The policy of the Trustees is to invest over a long term to provide a total return (being income and capital appreciation ¢ombined) that increases over a three-to-five-ycar period in line with global indices for equity. commercial property and bond investments. It is recognised that the actual returns ar¢ likely to be below the index retums, due to management costs and the Selection of investments that should mitigate risks. The investments are held in managed funds and investment trusts to achieve both spread and divcrsity. The charity does not invest directly in lisl¢d cornpanies and so relies on fund managers ro apply ethical investment constraints, which are expected to exclude such as tobacco and gambling activities. A report was obtained to show the extent to which the investments, managed by Evelyn Partners. eompared to benchmarks for Environmental Soeial and Governance standards. Th¢ report shows those investments were generally better than the benchmarks. Reserves The Trustees require reserves sufficieni 10 cover pot¢ntial dcficits from th¢ Annual symposium. Any surpluses are accumulated towards supportinu educational and research Cambridge Eye Trust Page 4
posts for ophthalmologists within the School of Clinical Medi¢ine and for oth¢T costs and equipment for research projects. Public benefit The ttustees have hadTegaTd to the guidance on public ben¢fit. People worldwide with eye problems have benefited direct]y from advallces ill medical procedures and instrumentation, discussed during the awiual Cambridge OphthalJ]ological Symposia and the Cambridge Eye Trnst Research Day, aud from research associations. resulting from contacts made during the meetings. Publication of the proceedings of the symposi* extends d]e l(nowl¢dge of clinicians thrL¥ughout the world. Patients will be reassured by reading th¢ inforniatiow on the Charity's website and OtheiSe pubLished, about the procedures that likely to be applied to them. If the current research is suceessfiil. patients will benefit from tbe abi13ry of clinicia$ to intervene early in glau¢oTra, disorders of the optic nen¢, corneal disease, and macular degenerative diseases, or prevent the onset of conditiolls wch retinal detacbment. thereby reducillg visual loss. In the longer terni the aim is to reverse th¢ disease process. Cornelius René Chairman C2mbridge Eye Trust 31"Morch 2025 Cambridge Eye Trust Page 5
STATEMENT OF FINANCIAL ACTJVITIES Year to 31 October 2024 Year to 3 1 October 2024 Note Year to 31 October 2023 Noit Unre$ir- i¢ted fund Unrestr- icted fund Income frorn: Donations including Gift Aid Chariiable aaivi(ies'. SymposiuTn registration fees SponsoTship and grant P2rallel seminar contribuiions Inv¢sttn¢nts and deposits Total incorne 7.913 6,873 52,403 13,000 10,243 61,323 144,882 31,395 10,120 52.454 100.841 Expenditure on: Charitable activities.. Costs of the symptssiums and Research 5erninaT Bursaries and grants Research instruments and grants Other- invesiment management and a¢couniancy Total expenditure Surplus before.. Net gaTns or {deficits} on investment assets.. Net intome 77,310 1,000 16.283 51.802 930 23.367 6,886 82.985 38.971 173.58) 212.556 17,856 114.9931 2,863 ReeothtllfftAtlon of fund Total fund balance brought forward Total fund b8lan¢e ¢2rried forward 1.672,218 1.884,774 1.669,i55 1,672,218 Cambridge Eye Trust Pag¢ 6 Prirtied 0710512025
CASH FLOW STATEMEP4T Year to 31 October 2024 2024 2023 Reconciliation of net income to net casb flow from operating activities Net ineome or (deficlt) Adjusrnientsfor.. (Surpl) or Deficits on investment awts Dividends and intcr¢st from investrnettts Decre&se or (Incr¢ths¢) in debtor5 Decrease or (Incre¢) in tax recov¢rable Increase or (De¢r¢¥e) in creditors provided by operating a¢iivRties 212,556 2,863 (173.585) 61,323 (10,093) 36 52,626 142.864 14,993 52,454 3,372 472 74.290 Statement of cash flows Net ¢ash provided by operating &¢tivities as above Cashflowsfrom i17Ve5tiKg acriviries.. Dividend5 and interest fro investments Sales less purchases of investtnents In¢rease in cash Bank and deposit balances at start of year Bank 4nd deposit balances at end of year 142,864 74.290 (61,i2i) 2,119 83,659 105.547 189,207 {52,454) 3,412 25,248 80,299 105,547 Held as follows Deposit with Evelyn P8rtner5 COIF Charities Deposit Fund PayPaL bllance Bank ba13JJce 7,529 127.262 10,707 89,998 54,416 189,207 4,842 105,547 Cambridge Eye Trust Pag¢ 7 Prinied 0710412025
BALANCE SHEET As xt 31 O£tober 2024 31st October 2024 31st Ottober 9023 Noie InvestentS Listed inve5tmcnts per note Deposit ivith Ev¢lyn Partners COIF Charities Deposit Fund 1,745,946 7,529 127.262 1,880,737 1,574,480 10.707 89,998 1,675,185 Current 2$sets Delrtors and prepayments Tax recOvable PayPal balan¢% B2nk balanc¢ 10,228 142 135 178 54,416 4,842 64,786 5,155 Current liabilities Creditots and accruais Net turrent as5¢ts (lixbitltiesl Net tangkble assets 59,516 6,890 5,269 1,886,006 (l.T35} 1.673.450 Aceu)Dulated fulld Closing balance 1,884,774 1,672218 Endownxent . Opelling and closing balance tbere being no rnovements in the ye4r 1.232 1,232 I,S86.006 l.673.450 Approved by the Tntstees on 3rd Dw¢mber 2024 arld si1¢d on their b¢half by Trustee Cambridge Ey¢ Trust Fage 8 Prilltcd 07104r2025
NOTES TO THE ACCOUNTS Year to 31 October 2024 l Accounting policies a) These aounts have been prepared..- under the historical cost convention. with the exception of investments which are included 8t market value, to accord with the Statemenr Of Recommended Practs¢e .' A¢¢ounting and R¢porting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS102) and with the Chariies Act 2011. b) Jnvestment gdins and losses include amounts realised on the Sale of investments and gains or 10sse5 r¢sulting from revaluing investentS io market value at the end of the year. C) Small differences may arise in totals due to rounding pence to whole numbers. 2 Listed ittvestments This year 1,574,480 (lJ3.438) 131,319 10.254 163.331 1,745,946 Last year 1.59? 884 (181.876) 178.464 6,304 (21,297) 1,574,480 Opening market value Sales Purchases and accuTnulated dividends less equalisation re¢eipts Surpluses on sales in the vear Unrealised surplu5 or(deficit) arising in the year Closing valuation These investments ¢ornprise unit and invesmienl trusts and Charity Authoris¢d Invcstment Funds. 3 Paymenls to trusttts No remuneration was paid for the year to trustees or to persong to whom they are known to be connect¢d. Cambridge Eye Trust Page 9 Prinied 07104n025
Tndependent Examiller's Report on the Accounts Report to the Tru5tBes of th¢ CgmbrÉdge Eye Tru$¢ on accounts for the ve8r to 31st O¢tob¢r 2024. as stt out on PAge5 6 to 9. A5 the ¢harity'$ trustc¢s you are responsible for preparing the accounts. you considerth8t an audit is not required for this year undcr se¢tion 144 of the Charilies Act 2011 ("the Chariti Act") and thai an independent ex8n22nation is needed. It is my responsibility to:_ exatnine (he a¢counl$ undeT sethion 145 of the Chorities Ac¢ rollow the pr)cedures18id down in the general Dirtcrions given by Iht Charity Commission lundcr $tion 14515llbl of th¢ Cknrilies Acrl and state whether particular matter5 hav¢ Come to my attention. My examination was wried oui in accoTdan¢e with the Generdl Directions ven by ihe Charity Commission. An examination in¢lud¢s a review of the a¢¢ounting record5 kept by the charity and a ¢omparison of the auounts presented with those records. It also includes consideration of any unusual item5 or disclosures in the accounts and seektn(w explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in audit aRd consequently no opinion is given a5 to whether the accounts present a Yrue and fair, view and th¢ report is limitod to Ehose matt¢r5 5¢1 out in the sthiernent b¢low. Sn nneCtIOn wilh rny axamination. no matter ¢ame to my attention.. which gives me reasonable cause 10 believe that in any m#teria] Yespect th¢ r4uirements to.. keep accounting record5 in a¢wrd2nce with secrion IJO of the Charities Act., and prepare accounts which a¢wrd with the a¢countin8 records and comply with the Étccountins rtquirem¢nts of the Chariiies A¢t lJav¢ not been met or 2. to which. in rny opinion. attention should b¢ drawn in order to enabl¢ a propcr undcrstanding of the a¢Unts to b¢ reoched. Sruart BtTriman Independent &¥amip¢rl BFP FCA FCCA Chater AIIEll LLP 7 Quycourll CoUi¢ts ijne Srow-Ciim-¢Jiy CarnbThdg< CB25 9AU Datc.. I Pl y 2o2r CymbridgE Eye Trvst Pase 10 Print8d07/04Q025