The Special Trustees of Moorfields Eye Hospital General Fund


The objects of the Charity are any charitable purpose relating wholly or mainly to Moorfields, which specialises in treating people with eye disease.

Professional Advisers

Auditors Deloitte
Legal Advisers Stone King Sewell LLP
Investment Managers Sarasin & Partners LLP


Mr John Dennis (Chairman), Sir Thomas Boyd-Carpenter, Prof Desmond B Archer OBE, Victoria O'Keeffe, Noland Carter, Paul Warren, Prof Ian Grierson


Mr Nigel Mullan (Clerk to the Special Trustees)

Investment Policy

The Trustees consider investment performance at each meeting and meet with their investment advisers every six months. They also review their investment strategy on a regular basis, while taking a long-term view of performance against benchmarks. Asset allocation is subject to prudent levels of risk, with consideration of the need for diversification of investments and the need to keep up with inflation over the longer term. The Trustees prohibit any direct investment in tobacco companies, futures or traded options.

Grant Policy

The Trustees assess how the Charity can best support Moorfields with its research and capital expenditure plans. The Trustees plan to allocate most of their annual spend to research, with the balance being for capital expenditure (including specialist equipment purchases), staff development, and other patient and staff welfare matters. Individual grant applications are approved during the year, based on this assessment and subject to any restrictions imposed by donors. The Charity’s income is primarily derived from its investments and from legacies to the Charity. On an annual basis, investment income is largely predictable, but legacy income is obviously subject to unforeseeable fluctuations. The Trustees aim to maintain a consistent level of grant spend in any year, including fundraising and support costs, by anticipating medium-term incoming resources using a four-year rolling average. This allows the Trustees to indicate a budget for expenditure at the beginning of each year, and provides Moorfields with an opportunity to plan for longer-term commitments, subject to the Trustees’ approval of individual grant applications. During the year, the Trustees approved grants, inclusive of allocated support costs, totalling £2.77m (2010: £6.37m).


Trustees are appointed by the Appointments Commission for an initial period of up to four years (with a maximum of ten years overall) under the current rules for public appointments. The Trustees appoint the Chairman. Decisions are taken by a majority of Trustees present at bi-monthly meetings. The Chief Executive reports to the Trustees on all aspects of the Charity’s operations, and is also responsible for keeping the Trustees informed about charity and other relevant law and procedures. The Trustees and Chief Executive attend relevant courses and seminars, to maintain the required skills for the proper governance and financial control of the Charity. Administrative services (including those of the Chief Executive) are provided under a Service Level Agreement between Moorfields Eye Hospital NHS Foundation Trust (Moorfields) and the Charity.


A major risk addressed by previous Trustees was that the Charity’s income was dependent on voluntary income alone, which could not be forecast with any degree of accuracy at the beginning of a year. To reduce this risk, the Trustees decided to build up their invested reserves. This has allowed them to have available a reasonably certain level of investment income to offset the uncertainty in respect of donations and legacies. The Trustees also invest in fundraising to obtain additional income thereby further mitigating this risk. The Trustees regard their investments as reserves to provide a regular flow of investment income for future periods. This allows them to provide similar levels of grants into the future. They therefore view the investments as long-term, although they are available as expendable funds if required. In order to finance increasingly expensive multi-year projects and large one-off grants, the invested reserves need to rise in real terms to cover at least the inflationary pressures on future grants.

Future Commitments

The Charity’s future plans are to continue to support Moorfields, with particular emphasis on funding research activities, especially translational research where the results will hopefully provide tangible benefits to patients in the near future. The Trustees are also increasing the size of the medium-term fund they established in the previous year. This fund will be used to provide support for a major redevelopment of Moorfields within the next 3-5 years.

General Review

The principal long-term aim of the Charity, and the principal ongoing objective of the Trustees, is to support Moorfields’ mission in three key areas: the provision of patient care, the carrying out of research and the delivery of teaching and professional education. The main strategy to achieve these objectives is to work closely with Moorfields and their research partners, principally the UCL Institute of Ophthalmology, to support their research and capital expenditure plans. The Trustees are keen to prioritise translational and clinical research which demonstrates potential benefit to patients within a reasonable timeframe.

162 City Road

Tel: 020 7566 2643
Fax: 020 7566 2459

CC number: 228064

Performance Guide Rankings

investment assets 317 / 1000
investment income 274 / 995
return on investments 363 / 995
investment management costs - / 743
inv mgmt costs as % of inv assets - / 743

inv mgmt costs as % of inv income - / 743
investment property - / 361
income from investment property 63 / 325
inv property inc as % of investment property - / 225

income from listed investments - / 661
income from short-term investments 426 / 726
listed investment inc as % of inv income - / 661
short-term investment assets 533 / 988

legacy income 50 / 226
grants received - / 88
total voluntary income 181 / 628

grants made 162 / 668
charitable expenditure - / 638
charitable expenditure as % of total expenditure - / 335
support costs 170 / 230
management & administration fees 273 / 970
audit fee per £m of income 614 / 949

total incoming resources 359 / 1000
total resources expended 492 / 1000
total assets 448 / 1000
period ending 2010 2011
legacies 1.63 3.69
grants - -
other voluntary income 0.17 0.47
total voluntary income 1.79 4.15
activities, furtherance of charities objects - -
activities for generating funds - -
trading subsidiaries - -
sales and fees from operating activities - -
investment property 0.64 1.27
dividends - -
total listed investments - -
income from subsidiaries - -
interest on cash & short term inv 0.01 0.01
total investment income 0.65 1.28

fundraising costs - -
investment management costs 0.01 -
Investment costs 0.01 -
other costs 0.20 0.21
cost of generating funds 0.21 0.21
grants paid 3.84 2.11
support costs - HR and finance 0.04 0.05
management and admin 0.10 0.10
total charitable expenditure 3.98 2.25

ASSETS £m £m
intangible assets - -
tangible fixed - -
investment property 2.42 -
equities - -
bonds - -
listed investments 28.65 36.63
investment portfolio cash & settlements 0.05 0.34
investment assets 31.12 36.97
other fixed assets - -
total fixed assets 31.12 36.97
stock - -
debtors 0.17 0.24
cash 1.85 1.01
current assets 2.02 1.24
bank loans & overdrafts - -
trade & other creditors, accruals 0.99 0.65
future grant commitments 2.81 2.37
creditors falling due within one year 3.80 3.02
net current assets - -
loans - -
future long-term grant commitments 3.58 4.20
trade creditors - -
subsidiary & associated undertakings - -
creditors falling due after one year 3.58 4.20
provisions for liabilities and charges - -
TOTAL ASSETS 25.76 30.99

ASSETS £m £m
income funds 21.16 27.59
endowment funds - -
restricted funds 4.60 3.40
TOTAL FUNDS 25.76 30.99