| Page | |
|---|---|
| ReferenceandAdministrative lnformation | 3-4 |
| Directors' AnnualReport | 5-10 |
| Directors' Responsibilities Statement | 11 |
| lndependentAudito/sReport | 12-14 |
| Consolidated StatementofFinancialActivities | 15 |
| Consolidated Balance Sheet | '16 |
| Consolidated Statement of CashFlows | 17 |
| Notes tothe Consolidated FinancialStatements | 18-28 |
| Directors | Paul Rosen (Chairman) |
| John Bateson | |
| RobertoBellucci | |
| JoseGuell | |
| Till Staffeldt | |
| Emanuel Rosen (Resigned1September 2020) | |
| Company Secretary | OliverFindl |
| Charity NumberinEnglandand Yllales | 1066532 |
| Company Number | 3153785 |
| Registered Office | 5 FleetPlace |
| London | |
| EC4M 7RD | |
| UnitedKingdom | |
| Office Address | Suite7-9The Hop Exchange |
| 24 Southwark Street | |
| London | |
| SE11ry | |
| UnitedKingdom | |
| Auditors | Hall LiffordHall |
| Chartered Ceriified Accountants and Statutory Auditors | |
| GreyfriarLodge | |
| 5Greyfriars | |
| Waterford | |
| lreland | |
| Bankers | Bank oflreland |
| 28 Main Street | |
| Blackrock | |
| CoDublin | |
| lreland | |
| Allied lrishBank | |
| BankcentreBranch | |
| POBox1121 | |
| Dublin4 | |
| lreland | |
| lnvestment Bankers | Rathbone lnvestment ManagementLimited |
| 8FinsburyCircus | |
| London | |
| EC2M7M | |
| United Kingdom |
forthefinancial year ended 3 |
1 December 2020 |
1 December 2020 |
1 December 2020 |
1 December 2020 |
1 December 2020 |
|---|---|---|---|---|---|
| UnrestrictedRestricted UnrestrictedRestricted Funds Funds Total Funds Funds 2420 2A20 2020 2019 2019 Notes€€€€€ Total 2019 € |
|||||
| lncome | |||||
| Charitable activities Other income |
8.1 8.2 |
4,688,806 102,000 |
- - |
4,688,80617,345,446 102,000102,000 |
190,93717,536,383 - 102,000 |
| Totalincomingresources | 4,790,806 | - | 4,790,80617,447,446 | 190,93717,638,383 | |
| Expenditure | |||||
| Raising funds | 9.1 | 127,355 | 127,355115,535 | - 115,535 |
|
| Charitable activities | 9.2 | 9,379,540 | 9,379,54015.444,906 | 365,16't15,810,067 | |
| TotalExpenditure | 9,506,895 | - | 9,506,89515,560,44'1 | 365,16115,925,602 | |
| Net gains on investments | 1,147,047 | - | 1,147,047I ,871,668 | 1,871,668 | |
| Net(expenditure)/income | (3,569,042) | - | (3,569,042)3,758,673 | (174,224)3,584,449 | |
| Transfers between funds | (128,255) | 128,255 | |||
| Netmovementinfunds | (3,569,042) | - | (3,569,042)3,630,418 | (45,969)3,s84,44e | |
| forthe year | |||||
| Reconciliation offunds | |||||
| Balances brought forward at | 18.224,952,926 | 1,572 | 24,954,498 21,322,508 |
47,54121,370,049 | |
| 1January2A2A | |||||
| Balances carriedforward | 21,383,894 | 1,572 | 21,385,45624,952,926 | 1,57224,954,498 | |
| at31December2020 |
| Notes | 2420 Group €€ |
2A20 Charity |
201I Group € |
Restated 2019 Charity Ee |
||
|---|---|---|---|---|---|---|
| Fixed Assets | ||||||
| Tangible assets | 12 | 59,723 | 59,723 | 87,981 | 87,981 | |
| lnvestments | 13 | 17,449,631 | 17,449,632 | 16,431,633 | 16,431,634 | |
| ,17,509,354 | 17,509,355 | 16,519,614 | 16,519,615 | |||
| Current Assets | ||||||
| Debtors | 14 | ,,210,065 | 2,519,555 | 2,490,350 | 32A,507 |
|
| Cashatbank andin hand | 4,873,747 | 3,725,404 | I,M8,728 | 6,011,360 | ||
| 6,083,812 | 6,244,959 | 10,539,078 | 6,331,867 | |||
| Creditors: Amountsfallingdue | 15 | (2,142,365' | (873,866) | (2,024,688) | (2,843,115) | |
| withinone year | ||||||
| NetCurrent Assets | 3,941,447 | 5,371,093 | 8,514390 | 3,488,752 | ||
| Total Assets less CurrentLiabilities | 21,450,801 | 22,880,&8 | 25,034,004 | 20,008,367 | ||
| Deferred income | 16 | (65,34s) | (65,345) | (79,506) | (7e,506) | |
| NetAssets | 1151 | '4ry'* | 24,954.498 | 19,928,861 | ||
| Funds | ||||||
| Restricted trust funds | 1,572 | 'l,572 | 1,572 | 1,572 | ||
| Unrestricted funds | 21,383,884 | 22,813.531 | 24.952.926 | 15.927.289 | ||
| Totalfunds | 18.'l | 21,385,456 | 22,815,103 | 24,954,498 | '19,928,861 |
| forthefinancial year ended 31 December 2020 | |||
|---|---|---|---|
| Notes | 2020 € |
2019 cE |
|
| Cashflowsfrom operatingactivities | |||
| Net movementinfunds | (3,569,042) | 3,584,449 | |
| Adjustmentsfor: | |||
| Gains on investments after fees | (1,019,692) | (1,756,133) | |
| Depreciation | 35,772 | 38,206 | |
| (4,552,962) | 1,866,522 | ||
| Movementsinworkingcapital: | |||
| Movementin debtors | 1,280,284 | (64,534) | |
| Movementincreditors | 103,516 | (664,504) | |
| Cash generated from operaiions | (3,169,162) | 1,137,484 | |
| Cashflows from investing activities | |||
| Payments to acquire tangibleassets | (7,513) | (9,132) | |
| Paymentstoacquire investments | (2,250,000) | ||
| Receipts from sales of investments | 1,694 | ||
| Net cash generated from investment activities | (5,819) | (2,259,132) | |
| Netdecrease in cash and cash equivalents | (3,174,981) | (1,121,648) | |
| Cash and cash equivalents at1January2020 | 8,048,323 | 9,169,971 | |
| Gashand cash equivalents at31 December2020 | 4,873,342 | il3f,1 | |
| Cashand cash equivalentsconsistof: | |||
| Cash at bank andin hand | 4,873,747 | 8,448,728 | |
| Bank overdrafts | 15 | (405) | (405) |
| Cashand cash equivalents at31 December2020 | 4,873,342 | 8,048,323 |
residual value,o'yertheir expected usef |
ul livesas follows: |
|
|---|---|---|
| Purchaselease | - | 21years |
| Leasehold improvements | - | 15 years |
| Fixtures and fittings | - | 5years |
| Computer equipment | - | 5years |
reductioninthe Charity's 2019 debtorsof€5,025,637 and the reser noeffectonthe reservesorfinancial statements ofthe group. |
yesbythe same amount. The c |
hangehas | |
|---|---|---|---|
| 3. | NET INCOME | 2024 €€ |
2019 |
| Netlncomeisstated after charging/(crediting): | |||
| Depreciationoftangibleassets | 35,772 | 38,206 | |
| Operating leaserentals | |||
| -Land and buildings | 205,500 | 205,500 | |
| Auditor'sremuneration: | |||
| - audit services | 21,500 | 21,300 |
| forth | efinancial year ended3'1December 2020 | ||
|---|---|---|---|
| 5. | EMPLOYEE INFORMATION | ||
| Employeecostsduring theyearwere: | 2A2A | 2019 | |
| € | € | ||
| Wages and Salaries | 173,225 | 122,800 | |
| Employer Social SecurityCosts | 14,751 | 16,260 | |
| 183,976 | 139,060 | ||
| There was one person employed during the yearin thefollowingcategory: | |||
| 2020 | 2019 | ||
| Administration and Management | 1 | 1 | |
| The emolumentofthe employee fellinto thefollowingband: | 2020 | 2019 | |
| Morethan GBPf 140,000 butnot morethanGBPt150,000p.a. | 11 |
| The exchange rates used in preparing these financial state | ments wereas follows. | |
|---|---|---|
| 2020 €€ |
2019 | |
| United Kingdom Pounds(GBP) | 0.890 | 0.878 |
| United States Dollars (USD) | 1.142 | 1.119 |
| 8. | INCOME | ||||||
|---|---|---|---|---|---|---|---|
| 8.1 | CHARITABLE ACTIVITIES | Unrestricted | Restricted | ||||
| Funds | Funds | 2020 | 2019 | ||||
| € | € | € | € | ||||
| Membership | 451,254 | 451,254- | 509,294 | ||||
| ECCTR | 190,937 | ||||||
| ESCRS/EBOexam | 7,140 | ||||||
| Congressincome | 3,206,948 | 3,206,948 | 14,942,559 | ||||
| Publishing | 1,030,604 | 1,030,604 | 1,836,053 | ||||
| Donation | 50,000 | ||||||
| 4,688,806 | : | 4,688,806 | 17,536,383 | ||||
| 8.2 | OTHER INCOME | Unrestricted | Restricted | ||||
| Funds | Funds | 2020 | 2019 | ||||
| € | € | € | i | ||||
| Otherincome | 102,000 | 102,000 | 102,000 | ||||
| 9. 9.1 |
EXPENDITURE RAISINGFUNDS |
Direct Costs €€ |
Other Costs |
Support Costs € |
2020 € |
2019 ac |
|
| lnvestment management fees | 127,355 | 127,355 | 115,535 | ||||
| 9.2 | CHARITABLE ACTIVITIES | Activity | Grant | Activity | |||
| directly | fundingof | support | |||||
| undertaken € |
activities € |
costs € |
2420 € |
2019-E | |||
| Congress costs | 4,001,873 | 253,686 | 4,255,559 | 10,308,844 | |||
| Publications and other | 1.400,517 | 84,666 | 1,485,183 | 1,518,074 | |||
| Membershipcosts | 97,712 | 48,2?2 | 145,544 | 226,958 | |||
| Research costs | 1,034,344 | 510,560 | 1,544,9A4 | 1,120,356 | |||
| Educationcosts | 1,197,915 | 80,500 | 631,035 | 1,909,450 | 2,209,854 | ||
| ECCTR projectcosts | 365,16'l | ||||||
| Donations | 38,500 | 38,500 | 60,820 | ||||
| 7,770,86180,500 | 1,528,179 | 9,379,540 | 15,910,067 |
| ANALYSISOFSUPPORT AND GOVERNANCE COS | TS | TS | ||
|---|---|---|---|---|
| Basisof Support apporlionment202A |
Support 2019 |
|||
| € | € | |||
| Governance costs | 931,7', | ',1 | ||
| Central office costs | 295,609 | 371,100 | ||
| Finance, lT, consultancy and computer costs | 184,880 | 186,195 | ||
| Travel, insurance and othercosts | 80,207 | 203,749 | ||
| Depreciation | 35,772 | 38,205 | ||
| lnvoiced events | 1,528,179 | 1,496,477 | ||
| : | ||||
| Governance | Governance | |||
| 2420 | 2019 | |||
| € | € | |||
| Council meetings and secretariat | 62,720 | 126,495 | ||
| Audit | 21,54A | 21,300 | ||
| Legal and consultancy | 657,738 | 400,342 | ||
| Board elections | B,O84 | |||
| Company secretarial fees | 1,802 | 1QA7 | ||
| Payroll | 197,951 | 139,060 | ||
| lnvoiced events | 931,711 | 697,228 |
| ANALYSIS OF GRANTS | |||||
|---|---|---|---|---|---|
| Grantsto | Grantsto | Support | |||
| individuals | institutions | costs | Total | Total | |
| 202A | 2020 | 2020 | 2020 | 2019 | |
| € | € | € | € | € | |
| Observership grants | 2,000 | 2,000 | 6,000 | ||
| Bursaries | 13,500 | 13,500 | 49,000 | ||
| Fellowship programme | 5,000 | ||||
| Peter Barry Fellowship | 15,000 | 15,000 | 75,000 | ||
| Alcon Fellowship | 50,000 | 50,000 | |||
| 80,500 | 80,500 | 135,000 |
| forthe | financial year ended 31 Decembe | r 2020 | r 2020 | r 2020 | r 2020 | |
|---|---|---|---|---|---|---|
| 12, | TANGIBLEFIXEDASSETS GROUP |
PurchaseLeaseholdFixturesandComputer leaseimprovements fittingsequipment |
Total | |||
| €€€€ | € | |||||
| Cost At1January 2020 |
261,28252,587 | 447,956- | 1,251,000 | |||
| Additions | ^r?,,1\Z | 7,513 | ||||
| At 31 December 2020 | 261,282 | 52,587 | 447,956 | 496,688 | I,258,513 | |
| Depreciation At1January2020 Chargeforthe financial year |
223,956 12,442 |
30,603 3,505 |
437,3A2 9,332 |
471,158 14,492 |
1,163,019 35,771 |
|
| At 31 December 2020 | 236,398 | 34,108 | 446,634 | 481,650 | 1,198790 | |
| Netbook value | ||||||
| At 31December2020 | 24,8U | 18,479 | 1,322 | 't5,038 | 59,723 | |
| At 31 December 2019 | 37,326 | 21,984 | 10,654 | 18,017 | 87,98't |
| INVESTMENTS GROUP |
||
|---|---|---|
| Listed | Total | |
| investments | ||
| Investments | € | € |
| Valuation | ||
| At1January 2020 | 16,431,633 | 16,431,633 |
| Disposals | (1,694) | (1,694) |
| Gain on investmentsafterfees | 1,019,692 | 1,019,692 |
| At31December2020 | 17,449,631 | 17,449,631 |
| Netbook value | ||
| At31December202A At31December2019 |
17,M9,631 16'4,,'* |
r,-,tI ,.,1.* |
| CHARITY | |||
|---|---|---|---|
| Subsidiary | Listed | Total | |
| undertakings | investments | ||
| shares | |||
| lnvestments | € | € | C |
| Valuation | |||
| At1January2020 | .- | 16,431,633 | 16,431,634 |
| Disposals | (1,6e4) | (1,694) | |
| Gain on investments | 1,019,692 | 1,019,692 | |
| At31December2020 | 17,449,631 | 17,449,632 | |
| Netbook value | |||
| At31December2020 | 1 | ':!!'*: | 17,449,632 |
| At31December2019 | 1 | 16,431,633 | 16,431,634 |
| Undertaking | Countryof incorporationHolding |
Proportion of voting rightsandPrincipalactivity |
Proportion of voting rightsandPrincipalactivity |
|---|---|---|---|
| shares held | |||
| ESCRS TradingLimitedUnitedKingdomOrdinaryshares | 100% | Organising | |
| conferencesand | |||
| publishing |
| scheme.Nodonation was made in2020 asthere wasadeficitof€1, | 429.647 (2019 surplus: €5,02 | 5,637). |
|---|---|---|
| The summary financial performanceofthe subsidiaryis: | 2020 €€ |
Restated 2019 |
| Turnover | 4,237,552 | 16,779,012 |
| Cost ofsales | (5,t$02,390)(11,352,535) | |
| Gross (loss)/profit | (1,164,838) | 5,426,477 |
| Admlnistrative expenses Other operatingincome |
(338,351)(474,382) 73,542 73,542 |
|
| (Loss)lprofitbefore taxation Tax on profit |
('t,429,647) | 5,025,637 |
| (Loss)/profit forthefinancial year | (1,429,647) | 5,025,637 |
| Currentassets Current liabilities |
2,226,753 (3,656,399) |
6,033,047 (1,007,409) |
| Netassets | (1,429,646) | 5,025,638 |
| Shareholders'(deficit)/fu nds | (1,429,646) | 5,025,638 |
| NO forthe 14 |
TESTO THE CONSOLIDATED financial year ended 31 December 2020 |
FINANCIAL | STATEM | ENTS | continued | |
|---|---|---|---|---|---|---|
| , | DEBTORS | 2020 Group €€ |
2020 Gharity |
2019 Group ce |
Restated 2019 Charity cE |
|
| Trade debtors | 458,365 | 64,069 |
1,054,430 | 23,303 | ||
| VAT debtor Prepayments and accrued income |
86,338 665,362 |
67,597 |
234,273 1,201,647_ |
257,204 | ||
| Amounts owedbygroup companies | - | 2,387,900 | ||||
| 1,210,065 | 2,519,555 | 2,490,350 | 320,507 | |||
| 15. | CREDITORS | 2020 | 2020 | 2019 | 2019 | |
| Amountsfallingduewithinone)Ear | Group € |
Gharity € |
Group € |
Charity ze |
||
| Bank overdrafts | 405 | 405 | 405 | 405 | ||
| Trade creditors | 257,020 | 189,202 | 390,620 | 104,924 | ||
| Accruals anddefenedincome | 1,884,940 | 684,259 | 1,633,663 | 911,950 | ||
| Amounts owed to group companies | 1,825,836 | |||||
| 2,142,365873,866 | ,,a*g | 2,843,11s | ||||
| 16. | DEFERRED INCOME | 2020 | 2020 | 2019 | 2019 | |
| Group € |
Charity € |
Group € |
Charity- E |
|||
| At1January2020 | 79,506 | 79,506 | 71,220 | 71,220 | ||
| (Decrease/increaseinfinancial year | (14,161) | (14,161) | 8,286 | 8,286 | ||
| At31December2020 | 65,345 | 65,345 | 79,506 |
79,506 |
| Total future minimum lease payments under non-cancell | able operating leasesare asfollows: | |
|---|---|---|
| GROUP | Buildings 2020 €€ |
Buildings 2019 |
| Due: | ||
| Within one year Between one and five years |
205,500 548,000 |
205,500 753,500 |
| 753,500 | 959,000 |
| ANALYSISOF N | ET ASSETS BYF | UNDAT 31 DECE | MBER2O2O | ||
|---|---|---|---|---|---|
| GROUP | Fixed assets |
Financial fixed |
GurrentCurrent | Long-term deferred |
|
| -charityuse € |
assets €€€ |
assetsliabilities | income € |
Total € |
|
| Restricted funds Unrestricied |
59,723 | _ 17,449,631 |
1,572 6,082,240(2,142,365) |
(65,345) | 1,572 21,383,884 |
| general funds | |||||
| 59,723 | 17,449,631 | 6,083,812(2,142,365) | (65,345) | 21,385,456 |
| GROUP | Balance | Transfers | Balance | |||
|---|---|---|---|---|---|---|
| 1January 2020 € |
lncomeExpenditure €€ |
between funds € |
Gainsand31 losses €€ |
December 2O2O |
||
| Restricted income | ||||||
| Endophthalmitis | 1,572 | 1,572 | ||||
| study | ||||||
| 1,572 | ||||||
| Unrestricted income | ||||||
| ResearchFund CharityFund Unrestricted |
IlJ,JIZ 237,215 23,972,399 |
- - 4.790,806 |
(443,052)1,200,000 (38,500)120,000 (9,025,343)(1,320,000) |
- - 1,147,O47 |
1,500,260 318,715 19,564,909 |
|
| General | ||||||
| 24,952,926 | 4,790,806 | (9,506,895) | 1,147,O47 | 21,383,884 | ||
| Totalfunds | 24,954,498 | 4,790,806 | (9,506,895) | 1,147,047 | 21,395,456 |
| FINANCIALINSTRUMENTS GROUP |
|||
|---|---|---|---|
| Note | 2020 | 2019 | |
| € | cc | ||
| Financial assets thatareequity instrumentsmeasuredatfairvalue lnvestmentsinlistedshares |
13 | 17,M9,631 | 16,431,633 |
| Financial assets thataredebt instruments measuredatamortisedcost | |||
| Trade and other debtors | 14 | 459,365 | 1,054,430 |
| Cash and short term deposits | 4,873,747 | 8,048,728 | |
| Financialliabilitiesmeasured at amortisedcost | |||
| Trade creditors | 15 | 257,020 | 390,620 |
| Accruals for goods and services | 15 | 1,gg4,g4o | 1,633,663 |
| Bank overdraft | 15 | 405 | 405 |
| Group'sincome, expense, gains and lossesinrespectoffinancial | |||
| instrumentsaresummarised belowr Onfinancial assets measuredatfair value through SOFA,net |
13 | 1,019,692 | illI |
| Theparent hadtransactionswithgroupcompanies companiesat theyearend: |
andthefollowing amountsare dueb | etweenthe |
|---|---|---|
| 2020 | 2019 | |
| Duefrom group companies: | € | € |
| ESCRS TradingLimited | 2,387,900 | |
| Dueto group companies: | 2020 €€ |
2019 |
| ESCRS TradingLimited | '1,825,836 |