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 acknOWled￿ed 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 reSea￿h 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 dI￿tly. 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 Othe￿iSe 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
Invest￿entS
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 recOv￿able
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 si￿1¢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 a￿ounts 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 invest￿entS 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