##
||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|
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|
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|
##
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|
residual value,o'yertheir expected usef|
ul livesas follows:||
|---|---|---|
|Purchaselease|-|21years|
|Leasehold improvements|-|15 years|
|Fixtures and fittings|-|5years|
|Computer equipment|-|5years|
##
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||
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||697,228|
|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|
##