Registered number- 03153785 Charity number.. 1066532 EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS IA company Ilmlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 EUROPEAN socIErY OF CATARACT AND REFRACTIVE SURGEONS IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trust¢è$' rèport Trust8as' responsibilities sLitsment Independent auditor's report on the financial statements Consolldat•d $tstfrm•nt ¢1 finan¢lal actlvltl•$ 3-11 13-16 17 Consalldated balance sheet 18 Charity balance sheet Consolidot•d $tsttrm¢nt of ¢ash fl¢>ws 19 20 Noles lo the financlal slat•ments 21-40 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel REFERENCE AND ADMINISTRATIVE DETAJLS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trusts•s Paul Rosen. Chaimwn John 88teson Roberto BellucrA José Guell Till Staffeldt Campany r•glst•r•d number 03153785 Charity r•gistered number 1066532 R¢glst•r•d ¢ffl¢• 5th Floor 10 Finsbury Square London EC2A 1AF Company socretary Oliver Findl Ind•p•ndant audltor Crowe U.K. LLP Fourth Floor Sl James House St James Square Cheltenham GL50 3PR Bankers Bank ol Ireland 28 Main st￿81 81a¢kro¢k Co Dublin Ireland Allied1ri5h Bank PO Box 1121 Dublin 4 Ireland Sollcltors Fox Williams LLP 10 Finsbury Square London EC2A 1AF United Kingdom BDB Pitmans LLP One Bartholomew Close London EC1A78L Unrted Kingdom Page 1 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE CHARrrf. ￿S TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Investment Bankors Ruffer LLP 80 Victoria Street London SW1E SJL United Kingdom Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ United Kingdom Page 2 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The diredor5 present their report arKI the audited con501idaled financial statemen15 of the group for the year nded 31 DeceTnber 2022. The diredors have adopted the provisions ol the Statement of Recommended Practic8 ISORPI"Accounting and Reporting by Charities IFRS 1021" in pfeparing the annual rèport and consolidated financial stalements of the 9roiJp. Objectives and activities of the society The European Society ol Cataract and Refractive Surgeons IESCRSI was Incorwrat8d on 1 February 1996 under the Companies Act 1985 as a Company Limited by Gvaranlee and not having a Share Capital. The charitsble company is registerfjd with the Charity Commission in the UK- Number 1066532. The objects for which the charilable company is established are lil to promote education and research in the field of implant and refractive surgery and promote the study and practice of ophthalmology and research relating thereto and the dissemination of the useful ￿su115 thereof and lill to promote experimental work in the field of nlr8o¢ul8r lens impl8ntslion and refr8cb.ve surgery and the dissemination of the useful results Ihtrreof. ESCRS has one wholly ownfjd subsidiary, ESCRS Trading Limiled, whose principal activities include arranging and hosting the annual meetings of ESCRS and publishing the soaety's magazine, EuroTimes. ESCRS Trading Limited is limited by shares and all its profits are transferred to the charity under the UK Gift Aid rules. Details ol the exlem818dvisors engaged by the charity are listed on the Reference and Adminislralive Inforynalion pages. Publlc b•n•flt The directors have referred to the guidance coniained in the Charity Commission's general guidance on public benefit when reviewing the society s aims and objectives and in planning its fulure acb'vities. In particular, the dire¢lots eonsider how planned aetivities will contribute to the aims 8nd objectives that have bèen sel. The purpose of ESCRS is lo ensure the best possible outcomes and quality of life for cataract and refraclivg surgery patients. Through ESCRS'S aims ol improving education and standards in ophthalmology across Europe, patients with cataraci and refractive conditions and the wider public are our main beneficiaries. The provision of education, the funding ol Original research and regislries for benchmarking surgical outcomes conlribules to the development of the field ol ophthalmology, the education of ils practilioner5, and ultimately lo better patient ca￿. Structure, governan¢¢ and management The goveming documents of the charitable company are its Articles ofAssociation. supported by Bye-Laws. The director5 (Trusleesl have overall responsibility for the proper management of the charitable company's business and regularly review the goveming documents with a view lo ensuring they are in line with the lalesl Ch8rily Commission guidance. The general management of the charitable company is vested in a Counol of Management I'council'l which has been established to assisl ihe directors by organising ihe daY-l￿daY operations of the ￿)CIetY. The Council consists of the directors of Ihe charitable company, the President of the society, the Treasurer, the Secretary, the Immediate Past President, the European Editor of the Joumal of Cataract and Refractive Surgery I'JCRS'I, 10 ordinary members and ¢Tropled members from lime to lime. The 10 ordinary members of Coun¢il a￿ elecled by the members of the society for a period of four years and may be reolected for a further period of four years only. No more than one ordinary member of the Council may be from the same country. Only ordinary members are elected and entiued to vote. Page 3 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 The Council of Management elects an Executive consisting of the President, the Secretary and the Trèasurer, lo ensure the decisions of the Coun(xl are implemtrnled. To be elected President, a candidate must be a full member of the society, but not necessarily a member of the Council. He or she is appointed by the Counal for a period of fv40 years, which temi shall not be renewable. A two-thirds majority of the voting members of the CouncAI is required for appointment as President. The Secretary is the executive officer ol the society 8r7(I monitots implementation of the decisions of the Councll. The Sgcretsry is elected every two years from amongst the elecle(I members ol the Coun¢il and Can remain in office for as long as they are an e1gc¢gd member. The Treasurer monitors implementation of the financial decisions of the Council. The Treasurer is elected every two years from amongst the elected members ol the CouncAI and can remain in office for as long as they are an èlected member. The European Editor of the Journal of Cataract and Relraclive Surgery is proposed by the Ex8culive, in consultation with the oxisting edilor. and approved by the Council. The initial temi of office is eight years. with the possibility of extending the term for a further eighl years with the agreement of the Council. The society functions through a number ol slanding committees as shown b810w.' Fin8nce Committee- chaired by the Treasurer", General Purposgs Committee- chaired by the Secretary. Publications Committee- chaired by the European Editor of the JCRS: Programme Committee- chaired by ihe President. Education Commitlee- chaired by the immediate pasl-President; Research Committee- thaired by an elected Counul member. The composition of e8ch committee is goveme(I by the Bye-Laws. All members of Council and Committees give thgir time voluntarily and their contribution is crucial lo the ongoing success of the society and its ability to meet its charitable objectives. The society emplo￿ a Managing Director, Tom Ogilvi&Graham. and a Finance Director, Gillian Burgess, and retains the services of an external professional association management and conference organisalion company which provides il with 8 full range of bespoke services including board support, financial management, membership, congress, gvgnl, publishing. online and education sgrvices. The Trustees set the pay and remuneration of key management personnel, through tha annual perfomiance appraisal process. The Trustees then in[c￿rn the Finance Commiitee. Directors of the charitable company Thts number of directors. who are the Trustees of the chanty. shall not be less than three but shall not be more than five. The non-medi¢al Trustee posrtions a￿ adve￿sed, applicants are interviewed by a nominations committee and a recommendabon made to the Council who Ihen approve or reject the applicants. Nominations for medical trustees also require approval by the Council. Al Trustees are given an induction and ongoing training on their responsibilrties and other matters as required. Page 4 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Those who served as directors during the financial ypar and up to the date ol this report are listed below.. Paul Rosen IChaim8nl John Bateson Roberto Bellucci Jose Guell Till Staffeldt The directors work with and oversee the Council ol Management. whrch is elected by the membership. The directors do not retire by rotation. In general, a director musl retire when he or she has served for a maximum term of 8 years. The secretary who served during the financial year was Oliver Findl. tratè Ic Re Prln¢l al rlsk$ and un¢•rtalntles Annual congress The main source of income to the society is its annual cLJn9ress. A key risk to the society is a failed or signilicanlly diminished annual congress and the resultant Ioss of income that would arise. This includes the risk to an annual Cong￿$$ from an act of terrorism or. as transpired in 2020 and 2021. from a pandemic. There is also the risk that changes in conditions occur, over lime, which ￿duce the attracliveness and relevance of a large annual meeting developed around a scienlrfic programme, for delegates or industry supporters. Thg directors mitigate these risks by taking out Insuran￿ for each conference where possible against insurable risks, by continuing lo evolve the format of the meeting in response to feedback and innovations in the marketplac8, and by mainiaining sufficient reserves at all times lo ensure the swety could continue Its operations uninterrupted lor a period of at least 15 months while eorrective aebon 1$ taken and altemative revenue sources could be developed. Out$ourced seryftce prOV￿er The society outsources the day-t¢>day operation of its aciivikn'es. induding the organisation of the annual congress, lo a third-party service provider. There is a risk. therefore, that supplier failure or poor performance could impact on the society s operations or ils income. The direclors miligate this risk by ub'lising a robu51 process for supplier selection. including a detailed assessment of financial viability, and by ongoing. detailed monitoring of supplier perfomance, overseen by the s(Kiety's Managing Director and Finance Director. nt and The main activities of the society during 2022. were as follows. lal Membershlp Membership of the ESCRS is open lo ophthalmologists and to ophthalmologisls-in-training. Al the end 012022 there were 6.31312021.. 6.9401 members in lots1. 2.26012021.. 3.0181 of whom wety trainee ophthalmologists. 21 European national societies offer group membership of ESCRS and the So¢iety values the ¢los& collaboration with these organisations. Membership is free for trainee ophthalmologists for up to five years. As a member they can access ESCRS iLearn and ESCRS On Demand. two key education resource5. and the peer-reviewed scienlrficjoumal of the society. the Journal of Catsract & Reftactive Surgery. They also pay a nominal registration fee lo attend th8 ESCRS meetings and are èligible to apply for v8ri0us grants and bursariès. The aim of providing free membership for trainees is to invest in the future of this subspecialty of ophthalmology by ensuring that the education resources and the annual meetings are available to as many ophthalmologists as possible. Page 5 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Ibl Meetings ESCRS Meetlng$ Thè two ESCRS scièntrfic meetings held year are the highlight of the society's Calendar. The 26th ESCRS Winter Meeting I￿k place as a virtual event in February 2022 and was attended by 985 delegates. The society held the 40th Annual Congress of ESCRS as a hybrid lin-pefson 8nd virtuall meeting in Milan In September 2022. The meeling was a great Success and is now the largesl ophlhalmi¢ ¢onferen¢e in the wodd concerning visiting doctors. A total 0112,300 delegates attended in Milan and a further 846 joined virtually. Industry was very well represented, with 219 industry partners partj'cipating in the exhibition. Suslainabilily was a major focus of the Milan meeting.. multiple iniliatives were introduced to reduce the carbon footprint of the meeting. and lo offset the remaining carix)n impact through purchase of carbon credits from carefully selected projects. Delegates were given the opts.on to add a conlnbulion to their regislr81ion lee towards carbon offs$ttin9 and over 500/0 of delegates chose to do so. ESCRS will wnts'nue lo build on Ihese inits'alivgs for the meetings in 2023. In 2022, ESCRS successfully launched a new meeting, the iNovalion Day. This is a on&day meeting held immediately before the Annual Congress, which bring5 logelher clinical and business experts from across Europe and further afield. The meeting focuses on Ihe most urgent clinical needs and barrierg lo success in anterior segment care antl how th8 lalesl technology innovations may address those within the next 5 10 10 ygars. ESCRS Partlclpatlon In Olher M••tlngs Each year the ESCRS supports and partiapates in several national society meetings by funding expert ophthalmologists from the society to attend these meeting5 thereby bringing intemational expertise and leachino to ophlhalmologisls who might not be able lo Ir8vel to attend the ESCRS meetings. ESCRS also collaborates with the other regional catsracl and refractive S￿letieS around the wodd through participation in joint symposia and other sessions. The sharing of research results and new developments among the wortd leaders has an invaluable role in the global advancement ol cataract and refractive surgery. ESCRS was pleased lo send senior represenlalives lo the meetings of the American Socjety of Calaracl & Refractive Surgery IASCRSI, the American Academy of Ophthalrnol¢)gy IMO). the Asi8-P8cific AS5￿13110n of Calara¢t & Refractive Surgeons IAPACRSI 8nd th8 College of Ophthalmology in Eastern, Cgnlral and Soulhem Africa ICOECSAI, during the year. Icl Publications The EuroTimes magazine, which indudes the lalesl news and developments in the world of ophthalmology, is published by the society and circulated free of charge lo over 40.000 ophthalmologis15 Wortdwide. 10 issues were published in 2022. The Joumal of Cataract & Refractive Surgery, which is published joinuy with ASCRS, is circulated free of charge to members of the ESCRS and contains peer-reviewed artides on the lalesl research in the field. 12 issues were published in 2022. Page 6 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Idl Education The society fflakes available a broad range of educational resources, in support of its charitable objects. Many of thès8 are free for all ophthalmologists to acc8ss, induding the ESCRS Educab'on Portal and the ESCRS Player. These provide a wide variety of expert-led conlent, induding articles, Podcasts and videos. Landmark articles published in peer-reviewed scientthc ophthalmologyjoumals, selected by the ESCRS Publications Committee. are made available free of charge. alongside a selection of Online Case Reports from the Joumal of Calar8ct & Relraclive Surgery. which provide an excellent opportunity to see how scientific and medical knowledge is'put into practice,. There have been over 453.000 page views in lotsl on the ESCRS Playtsr since began, with 791 vid90$ now available. An annual survey is conduded at the ESCRS meetings. a$ part of the Independent Medi￿1 Education IIMEI programme, to establish key educational needs amongst ophthalmologists. Educational programmes, funded by unrestricted educational grants from supporting companies. are then designed in response to the needs identified. with a programme typically including a s￿1P0s1uM at an ESCRS meeting. EuroTime$ supplemenlg, and creation ol online resources Ivideos and po(Jcastsl. These are free for all ophthalmologists lo access on the ESCRS Education F￿um. Members of the society have access to addrtional educational resources, induding ESCRS On Demand, an extensive library of presentalions and videos from ESCRS meetings, which expands each year with content from the most recent Winter Meeting and Congress. Members can also access ESCRS iLearn an e-learning platform offering Courses which attract CME credits. ESCRS Tulorial Groups are structured around the iLeam courses, whereby volunteer mentors, who are well-known surgeons from across Europe, guide a group ol young oph¢halmologisls and trainees through a serigs ol online acliviligs and di￿u$$I0ns in the run up lo the annual Congress. The group then attend wet labs (practice surgery sessions) together at the wnf¢rence'. in 2022, a Cataraci Tutorial Group ran, involving 18 trainee surgeons. ESCRS launched a number of new Education initialives during 2022. The ESCRS IOL Calculator is a web applic81ion for IOL power ¢al¢ul8lions, which collates results from multiple modem formulas simultaneously, through a real lime inlegralion. The calculator launched in Seplember 2022 and has been used over 14.000 limes to date. In May 2022. work commenced on development ol two Clinical Guidelines, Cataract and Refractive, which are expected to be published in 2024. A projeci is underway lo define sustainability indicators for cataract packs, as a resource to support industry and procurement deasion-makers in measuring the relative Sustainability ol different products, with a view lo driving improvement over lime. lel Clini¢*l and S¢ientific Research ESCRS provides funding for resèarch projgcts through 8 number ol Awards. wilh calls for applications nomially issued annually. In 2022, two new Awards, the Digital Research Award and the Systematic Research Awards were introduced, in addition to the Clinical Research Awards and Pioneer Research Awards, which have bèen running for a number of years. There was a siron9 response lo Ihe call for these new Awards, which will be decided in 2023. Research projects which We￿ ongoing in 2022 We￿.. the META-COR Study IMETAgenomi¢s guidtrd I￿alment of CORneal infections- an interventional blinded randomized dinical trial," the MYOPRED Study Ilnfluen¢e of posterior vitreous detachment on retinal detachment after lens surgery in myopic eyes)", the NECSUS Study INEuroadaptation after Caiaract and refracb've Surgery Study)., (he MEROV Study Imonofocal Extended Range ol Visionl,. the EPICAT Study (Effectiveness of Periocular drug Injection in CATaract surgery),. and the PCME- SNP study IPCME associated to genekn"G alterations of single nucleotide px)IyTnorphisms ISNPII. Page 7 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 The Toric IOL study. for which the lunding agreement was Signed al the end of 2021. is expected to stsrt in 2023. Three new Pioneer Research Awards commenced during 2022: the CAMERA study Ilnnovative ocular surface grading camera), the ANTISEPSIS study IPr&Operatsve Antisepsis and treatment of blepharitis with Povidone- Iodine 1°1.} and the IOLExcg study Iclinical study on the functional and morphological course of patients with inlraocular lens opacificalionl. Funding was also approved in 2022 for a new Clini(*l Research Awafd with a value of é750,000 for the ETCF trial (European Prospective MLJIti-cenlre Trial comparing Triple-DMEK with Cataract Surgery in Pab'ents with Cataract and Fuchs endothelial comeal dyEtrophyl, led by the University of Cologne. This trial is expected to commence in 2023. In Surglcal out¢om•s r¢gl8trlo8 Th& society manages and funds three important surgical outcomes registries, The European Registry of Quality Outcomes for Cataract and Refractive Surgery IEUREQUOI, Ihe European Comea and Cell Transplanlalion Registry IECCTRI and the European Regislry of Childh(KKI Calaract; Ihe latter commenced in 2022. Together, these Registries cLJniain data lor more than 4 million surgeries and represent one of the richest ophthalmology datasets in Europe. In 2022, ESCRS worked lo integrate additional sources for data, focusing on counlry-level registries, 8$ well as surgieal dat8 from individual dinics. EUREQUO is already one of the largest inlernaiional IT projects in ophthalmology. connectsng surgeons all over the world and building a network to facilitale the gxchange of infomalion. Data is collgcted and aggr8gated from national ￿gIStri8$ sharing common data models lor some ol the data elements in Sweden, the Nethedands, and France. or contrally from individual sites committed to quality improvemenl enrolled in the registry. Use of the registries is available lo ESCRS members free of charge. Igl Grant8 and bursarles ESCRS makes available a number of bursaries annually lor trainee doctors to attend the two ESCRS nlerences, in addition to observership grants lor trainee doctors to spend a period observing clinical practice at a European cenlre of expertise. The Peter Barry Fellowship is awarded annually and offers a grant of f60,000 lor a trainee to spend a year abroad gaining dinical or research experience al a centre of excellence anywhere in the worfd. Ihl Dir•¢t donations ESCRS makes dired donations each year to selected charilies. In 2022 a follow-on donation of E48,000 was made to Orbis to continue the support initiated in 2021 for a project providing intègratèd eye care services to Rohingya relugees and Ihe Souih Easl Bangladesh local host population in Cox's Bazar. Another follow-on donation, of É41,000 was made to St John Eye Hospital Group to continue the support for establishing the first evidence-based school sCr￿nIng programme in Palestine. Smaller donations were made to Eyes of the World, to support a project In Mali. and lo the Rbdley Eye FoLbndats"on. lo ftjnd a High-Alitude Catsract Camp in Nèpal. In 2022, the society approved a new discretionary grant policy. under which up to E1.5m of charitable donations may be made over a three-year period lo NGO-led eye Ca￿ projecis in the developing worfd, primarily sub- Saharan Africa. Applications for funding were invited from NGOS, with support from the Intemational Assoaation for the Prevention of Blindness, and were assessed by the society's Charity committee. based on a range of cnteria established in the grant policy. Total funding of É900.O¢XI was agreed in 2022 for three projects which will run from 2023 to 2025." 8 project to build capacity and improve CAtara¢t surgical sèrvices in M8lawi, wth B18ntyr8 Institute for CommLJnity Outreach IBICOI,. an Eyes of the Wodd project to deliver equitable access to, and sustainable improvement in, eye care services in the Inhambane provin￿ of Mozambique,. and a campaign for treating cataract for the most vulnerable populatson in Palestine, wilh Sl John Eye Hospital. In addition, as part of ils discretionary grant strategy, ESCRS intends to provide training support in various regions of Africa by partnenng wth the College of Ophthalmology in Eastern. Central ar￿ Southern Afn"ca ICOECSAI. Page 8 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA com￿nY limited by guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 lil Fundraising The Charity had no fundraising activities during 2022 which require disdosure under S162A of thtr Charities Act 2011. (il Support for Ukraine The society continues to be deeply disturbed by the ongoing invasion of Ukraine and has taken steps to provide support lo colleagues In Ukraine. The S￿Iety established a restricted fund. lo which members and sister societies can make financial don81ions, which are directed exclusively towards ophthalmology-relaltsd rtslief efforts in Ukraine and in support of Ukrainian doctors and patients outside of Ukraine. During 2022, restricted donations of é107k were received. The souety also designated é100k of funds from its own reserves for the same purpose and has coordinated donations of ophlhalmological supplies and equipment with a total value of c.É2.5m from industry partners, which have been transported lo clinics across Ukraine. ESCRS provided free registration to ils Milan Congress for 662 Ukrainian attendees. and 22 were given travel bursaries in addition. The society has also waived the membership fee for the next year for Ukrainian colleagues. The society is extremely gralelul lo all those who have suptN)rted these efforts and reilerales ils full support for Ukrainian colleagues, who are often continuing to s8￿e their patients under the most challenging of ircumstances. Future Development8 Notwithstanding th81 il will take lime for in-person meetings to recover fully lo pre-pandemic levels, the directors do not envisage any subslanlial changes to the nature ol the chariws activities and, through ils work, are conlidgnl in the ¢harily's ability lo continue lo makg meaningful impacts on th8 livgs ol patients across the wodd. The 27th ESCRS Winter Meeting was held in Vilamoura, Portugal in March 2023 and the 41 st Annual Congress is planned to be held as a hybrid evenl in Vienna in Seplember 2023. Induslry support lor the Vienna Congress is strong, in line with expectations. and the SOfAety will also hold the 2nd iNovalion Day, immediately before the Vienna Congress. which will bnng together doctors and industry executives lo discuss innovations in ophthalmology. The society conlinues lo build on the significant sustainability me8sur8s implemented in 2022, to reduce or offset the carbon foolprint of Ihe meeling. F5nanclal rovlew The group made a deficit on unrestricted activities before investment losse5 of EI203lk in 202212021.. 12,711 Ikl. The overall lo$$ in 2022 after investment losses was É11.759lk12021.. É1829lk}. The group's principal sourcg of funding is the revenug gen8ra¢gd by tts annual congr8ss, in particular the exhibition revenues generated by industry participation and delegate registration fees. The surplus generated by the annual congress supports the society's investment in education and research programmes, and charitable donations. The resources available to the group and ihose expended during the year are set out in the Statement of Financial Activities. Income from unrestricted 8th"wties in¢￿aseve the reserve requirement of É1.6m 8131 Decembef 2022. The directors are aware of the surplus and actively keep it under consideration, conscious however that ther8 may be longer terni eNecis of the Cov1￿19 pandemic againsl which Ihe society needs to insulate itself. The reserves policy will be monitored closely in the year ahead as any longer-lerm effects of the pandemic btscome clearer. In the meanlime. surplus funds are being held either as cash balances or invtssled in a yield portfolio with the investment managers. Invostments The Investment Policy of the society was reviewed and an updated Investment Policy Statement adopted in 2017. The Investment Policy Statement sets out the investment aims 8fKI objectives of the society and closely reflects thg rgserves policy of thg sooety. The investments are divided into two portfolios. Portfolio A provides the reserve fund for ESCRS in the event ol a railed annual congress, Ihe main source ol income to the society. It is to be managed on a conservative low risk basis with the prinapal objective of maintaining the real capital value of the funds and to generate a minimum tolal return in excess of inflation plus 2.5°/o over rolling three-year periods. Portfolio B is to be managed on a low to medium risk basis and provide income which is lo be factored into the short-lerm spending plans of the souety. The overall retum on the societls investments in 2022. net of fees, was-7.7%12021." +10.90/¢l. Th8 diractors review and benchmark the investmenl perf0mlan￿ of the fund managers on an ongoing basis. Page 10 ## ## ## ## ## ## EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS Oplnlon We have audited the financial slalements of European Society of Cataract and Refractive Surgeons Ilhe 'parenl charitable companll and ils subsidiaries Ithe'group'l for the year ended 31 December 2022 which comprise the Consolidated slalemenl of financial acknvities. the Consoli¢Jated balance sheet. the Charity balance sheet. th8 Consolidattrd statement of cash flows and the ￿lated r￿les, including 8 summary of significant accounting policiès. Thè financial reporting framework that has bèen applied in thèir preparation is applicable law and Unitèd Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (Unrted Kingdom Generally Accepted Accounting Practice). In our opinion the finanoal slalements.. give 3 true 8nd 18ir view of the stsle ol the Group's and of th8 parent ¢haritabl8 company's affaits as 8131 De¢ember 2022 and of the Group's incoming resources and application of resources. including its income and expenditure for the year then ended., have been properfy prepa￿d in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in aceordance with Inlemalion81 Standards on Auditing IUKI IISAs IUKII and applicable law. Our respon5ibililies under those 51andards are lurther ¢Je5cribed in the Audilorfs responsibilities for the audit of the lin8n¢i81 slalemenls section of our ￿pOrt. We are independent of the Group in 8ccordan¢tr with the ethical requirgments that are relgvanl lo our atjdil of the financial statements in the United Kingdom, including thg Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We b81ieve that the audil evid8nce we have obtained is sufficient and appropriate to provide a basis for our opin￿n. Con¢luslon¥ relatlng to golng COn￿M In auditing the financial statements. we have c*)n¢luded that the Trustee5' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on (he work we have performed, we have r￿1 identif￿d any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability lo continue as a going con￿￿ for a period of al lea51 twelve months from when the financial stslements are 8ulhorised for issue. Our responsibilrties and the responsibiliiies of Ihe Trustees respecl to going concem are described in the relevant sections of this report. Page 13 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS {CONTINUEDI Other Infomiatlon The other infofmalion comprises the infomiation included in the Annual report other than the financial slalemenls and our Auditorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the finanrjal stalemen15 does not cover the other infomialion and. except lo the extent olhemse explicily stated in our report, we do not express any fomi of assuranctr conclusion Ihtrreon. Our responsibility is to rèad thè other information and, in doing so. consider whether the othèr information is materially inconsistent with the financial slatemenls or our knowledge obtained in the course of the audit, or Othern￿lse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to deterniine whether this gives rise to a material misstatement in the financial stslemenls themselves. 11, based on the work we have performed, we conclude that there is a material misslalemenl of this other inlom)alion, we a￿ require(J lo report that fact. We have nothing to report in this regard. Oplnlon on ¢ther mattsr¥ Pr￿erfb￿ by th• Companl*s Act 2006 In our opinion, based on Ihe work undertaken in the course ol the audit.. the information given in the Trustees. Report including the Strategic Report for the financial year for which the financial statements are prepared is consislenl with the financ¢al statemènl5. the Truslegs, Report and the Strategic Report have been prepargd in accordance with applicable legal requirements. Matters on whlch ￿ art r•qulr¢d to rnport by tsx¢*ptlon In the light of our knowledge and understarKling of the thariiable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report including the Strategic Report. We have nothing to report in respeci of the following matters in relation to which Companies Act 2006 requires us to report lo you il, in our opinion.. ihe parent charitable company has not kept adequale and suffiaent accounting records, or returns adequate for our audit have not been received from branche5 not visited by us,. or thg parent Charilablg company financial sts18ments are not in agr8gmenl with th8 a¢¢ounling records and retums., or certain disclosures of Trustees, remuneration specified by law are not made.. or we have not re￿iVed all the infomiation and explanations we require for our audit. Page 14 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS {CONTINUEDI Responsibilities of tru$t¢•s As explained more fLtlly in the Trustees. responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view. and for such internal control as the Trustees dettrmine is ntscessary lo enable the preparation of finan¢ial stslements that are free from material misslatemenl, whether due lo Irautl or In preparing the financial statements, the Trustees are responsible for assessing the Group'5 and the parent charitable company's ability lo continue 8$ a going concem. disclosing. as 8pplicable. mattets related lo going concern and using the going concern basis of accountsng unless the Twslees either intend lo liquidate the Group or the parent ¢harilablg company or lo cease opgrations, or have no realistic allemalive bul lo do so. Audltorfs respon8lbllltle8 for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are frog from material misstatement, whether due to fraud or error, and to issue an Auditorfs report ihat indudes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in 8ccordanee with ISAS IUKI will a￿a￿5 delecl a material mi5Stalemenl when il exists. Mi5Stalemen15 can arise Irom fraud or error and are considered material if, indivitlually or In the aggregate, they could rèasonably be expected lo influence the economic dO￿S￿on$ ol users taken on the basis of th8s8 fin8ncial statements. Irregularities, including fraud, are instances ol non-compliance wih laws and regulations. We design procedures in line with our responyibililies, outlined above. to delecl material miystalemenls in respect of irregularities, including fraud. The exlenl lo which ¢xJr procedures a￿ capable of delecb.ng irregularities, including fraud is detailed below.. A further description ol our responsibilities for the audit ol the financial statements is located on the Financial Reporting Council's website al.. www.frc. .vkJaudilorsTes nsibilitse5. This description forms part of our Audilols report. Extent to whlch the audlt was consldered capable of detectlng Irregularltles, Includlng fraud Irregularities, including fraud. are instances of non-compliance wth laws and regulations. We identified and 8ssessed the risks of material misstatemenl of the finanual slalemenls from irr￿ul3￿tI8$, whether due to fraud or error, and dis¢ussed these between our audit team members. We then designed and perfomied audit procedures responsive lo those risks, including obtaining audit evidence suffioent and appropriate to provide a basis for our opinion. We obtained an understsnding of the legal ar￿ wulalory frameworks within which the charitable company and group operates. focusing on those laws and regulab.ons that have a direct effect on the delerminalion of materi81 amounts and disclosures in the financial statements. The laws and ￿gulatiOnS we Considered in this Context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance wth these laws and regulations as part ol our audil procedures on the relaled financial statement items. In addition, we considere(I provisions of other laws and regulats.ons that do not have a ¢Jirect effect on the financial statements bLJI ¢omplian¢8 ￿th which might b8 fvndamental to the tharitabl8 company's and th& group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this contexi were General Daia Protection Regulation IGDPRI, Health and safety legislation. Page 15 ## **EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS** **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (CONTINUED)** Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of Independent Medical Education income, congress income from exhibition and sponsorship, publishing income, provisions and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures to test the timing of income, reviewing the calculations of provisions, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. **Tara Westcott (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 28 September 2023 Page 16 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 R•strlctèd Unr•$trlct•d funds funds 2022 2022 Total fund$ 2022 Total funds 2021 Note Income from.. Charitable activities Fundraising activities Inve51menls Olhar income 13.279,645 13.279,845 107,180 255,945 4,595 7.432, 154 107.180 255,945 4,595 27 7, 701 66,019 Total income 107,180 13,540,185 13,647,365 7,775,874 Exp•ndlture on: Raisin9 funds Charitable activities 146,653 13,596,396 146,653 13,622,119 132, 762 70,294,317 25.723 Total oxyndlture 25,723 13.743,049 13.768,772 10,427,079 Net In¢omellexpendlturel before net Ilossè8llgalns on Inv8stm•nts Nel Ilossesygains on investments 81.457 1202,8641 1121,4071 (2,711,205) 11.637,3371 11.637,3371 7,887,626 Not movement In funds 81,457 11.840,2011 11,758,744) (829,579) Reconclllatlon of funds: Total funds brought forward Net movement in funds 1,572 81.457 20.609,102 20.610,674 11,840,201) 11,758,744) 21,440,253 (829,579) Tot•1 fund$ ca￿1ed forward 83,029 18.768,901 1B.851,930 20,67Q,674 Results of the charitable company for the year were a loss of E{4,702,038112021.. loss Q31,0761. The Consolidaled Siatement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 21 to 40 form part of these financial stalements. Page 17 ## ## ||||2022||)na1| |---|---|---|---|---|---| ||Note||€||€| |Fixed assets|||||| |Tangibleassets|14||||| |lnvestments|15||18,071,453||19,596,145| ||||18,071,453||19.596,145| |Current assets|||||| |Debtors|to|2,186,240||1,168,120|| |Cashatbank andin hand||3,939,522||2,743,747|| |Currentliabilities||6,125,762||3,871,867|| |Creditors: amounts fallingduewithinone|||||| |year|tt|{4,101,386}||(1,e42,64s)|| |Netcurrent assets|||2,024,376||1,929,224| |Total assets lesscurrent Iiabilities|||20,095,829||21,525,369| |Creditors: amounts falling due aftermore|||||| |than one year|18||(160,488)||fi41,526)| |Provisionsforliabilities|2A||(1,083,411)||(81s,16e)| |Totalnetassets|||j,r:11||'r!!,Y| |Charityfunds|||||| |Restrictedfunds|lt||83,029||1,572| |Unrestrictedfunds|ZI||18,768,901||20,6A9,102| |Totalfunds|||18,851,930||20,ila,674| ## ## ||||2022||2021| |---|---|---|---|---|---| ||Note||€||€| |Fixedassets|||||| |Tangibleassets|14||||| |lnvestments|15||18,071,453||19,596,145| ||||18,071,453||19,596,145| |Current assets|||||| |Debtors|16|1,494,',123||3,424,374|| |Cash atbank andin hand||760,190||1,1B7,386|| |Currentliabilities||2,254,31?||4,211,756|| |Creditors: amounts fallingduewithinone|||||| |year|17|(1,657,2251||(726,2A4)|| |Netcurrent assets|||597,088||3,485,552| |Total assets lesscurrent liabilities|||18,668,541||23,081,697| |Creditors: amounts fallingdueaftermore|||||| |thanone year|1B||('t60,488)||(101,526)| |Provisionsforliabilities|||(571,2671||(341,s47)| |Total net assets|||17,936,786||22,638,824| |Charity funds|||||| |Restricted funds|21||83,029||1,572| |Unrestricted funds|21||17,853,757||22,637,252| |Totalfunds|||17,936,786||22,638,824| EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Note Cash flows from operadng actlvltles Net cash inflow fromllused inl operatirwj aCtivi￿S 23 1,092.881 (2.312,841) Cash Inflows from Investlng *ctlvltles Purchase of inv8Stmen¢s Proceeds from sale of investments Increase in cash held for reinvestment Dividends and interest from investments Procggds from the sale of fixed assets 11,948,897) (1.370,306) 2,252,956 1,578,492 {416,7051 (233. 125) 255,945 21T,TOI lQ,079 N•t cash provldod by Investlng activities 143,299 142,841 Chango In ¢a$h and ¢a$h equlval¢nts In th• y*ar Cash and cash equivalents at the beginning ol the year 1,236,180 12,170,000) 2,703,342 4,873,342 Cash and ￿$h •qulval*nt$ at th• ènd of tht ytsar 24 3,939,522 2, 703,342 Thè notes on pages 21 10 40 lorm part of thèse fin8rrial statements Page 20 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General inforniation The European Sooety of Cataract and Refractive Surgeons INO. 031537851 is a cornpany limited by guarantee incorporated in the United Kingdom. The ￿gIStered office of the company 1$ 5th Floor 10 Finsbury Square, London. EC2A 1AF. United Kingdom whi¢h is also the principal pla¢e of business ol the company. The finanual statements have been presented in Euro which is also the functional currency of the company. A¢¢ountlng poll¢los 2.1 Basls of preparat5on of financlal sLitsments The financi81 statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting an¢J Reporting by Charities." Stalemenl of Recommended Practice applicable lo charib'es preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Rerx)rting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. The European Society of Cataract and Refractive Surgeons mee15 the definition ol a public benefit enlily under FRS 102. Assets and liabilitses are initially recogniseLI al historical cost or transaction value unless otherwise slate(l in the relevant accounb'ng policy. The Consolidated $latemenl of financial ¥kn.V￿e$ ISOFAI and Consolidated balance sheet consolidate the financial statements of the Charity and ts subsidiary undertaking. The results of the subsidiary are cLJnsolidated on a line by line basis. The Charfty has tsken advantage ol the exemption allowed under section 408 of the Companles Act 2006 and has not p￿Sented its own Stalemenl of financial aclivilies in these financi81 statements. 2.2 Golng conc•rn Notbm'lhstanding the ongoing impact of the pandemic on the main revenue generating activity of the society. the holding of annual meetings. indvslry demand for the exhibition al the 2023 Annual Congress is very strong, exceeding expectslions. The directors acknowledge that il may tske lime lor mgètings to rÈtum solely to an in-p8rson fomiat. howÈv8r thè d8mand for facè-to-faca èngagèmènt, balanced with risk management consideratsons. is clear. The group also continues to manage costs carefully., in particular, the charoe in its outsourced ServI￿S provider will generate a significant reduclion in ongoing fixed costs. Management have prepare(l a fore¢ast for 2023 8rKJ 2024 arKI closely monitors its income, cost and cashflow reqU1￿Ments. The Society has adequate reserves lo help cushion any medium-term impact of the pandemic on its activities. These wll be used as necessary to maintain continuity of operalions. in conjunction with measures to limit overall10sses and the resulting impact on reserves. On this b8sis the direclors are ¢>￿fident that the group wll ¢x>ntinue in operational existence and th81 the financial statements should ¢ontinue to ￿ drawn up on a goiThJ concern basis. Page 21 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuedl 2.3 Incom• Incorne comprises membership in￿rne. o)ngress income. publishing and other income. Income is included in the Statement of Financial Aclivities when the group 15 legally entitled lo it, ils financial Value Can be quantified with reasonable certsinty and thertr is reasonable certsinty of ils ullim8to recèipt. Incomè rÈc8ivÈd in advance for m$m￿lShip is accounted for as deferred income until earned. All other income is accounted for on an accnjals basis. Income tax recoverable in relat￿n lo investment incLJme is recognised al the tsme the investment income is receivable. 2.4 Exp•ndlturn Expenditure is recognised once there is a legal or constructive obligation to transfer ewnomic benefit to a third party, it is probable that a Iransfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expendilure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared e0515, including 5UPPOrt costs involved in undertaking each activity. Direct costs attributsble lo a single activity are allocated directly lo that activity. Shared costs which contribute ¢0 more Ihan one aclivily and support costs which are not attributable to a single activity are apportioned between those activities on a basis consist&nt with the use of resources. Central staff costs are allocated on the basis ol ts'me spent, and depreaation charges allocated on the pO￿.on of ihe asset's use. Expenditu￿ on raising lunds includes all expenditu￿ incurred by the Group to raise funds for 118 chariiable purposes and indudes investment man8gers lees. Expenditure on charitable activities 1$ incurred on direcily undertaking tho activities which further tho Group's objectives. as well as any asswatsd support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such gran15 being recognised as expenditure when the conditions attaching are fulfilltrd. Grants offerex)rdance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The Costs of raising and administering SLJ¢h funds are ¢harged against the specific fund. The aim and use of each restricted fund is set out in the notes to the finanaal siatemenis. Investment income, gains and losses are allocated ￿ the appropriate fvnd. Page 23 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other f8¢tors, including expectstions of future events that a￿ believed to be re8sonable under the circumstances. Critical accounting estimates and assumptions= The Group makes estimates and assumptions concerning Ihe future. The resulting accounting estimates and 8S5umplions will. by definition. seldom equ81 the Tel8led 8Ctual re5ulls. The eslimales and assumptions that have a significant risk of (avsing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are addressed bel¢)w. Provision has been made for doubtful debts al the end of the financial year. This requires management to consider the recoverability of debtor balancas and. with regard to those where recovery is considered doubtful, e51imale the risk of doubtlul debts becoming irrecoverable based on their knowledge and experience. Provision has also been made for polenb.al indirect tsx liabilits'es and polenllal lease dilapidation's liabilities. using assumptions made wilh input liom specialist professional advisors. Page 24 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from charitable activities Unrestrlcted fund$ 2022 Total fund$ 2022 Membership Congress income Publishing Royalty In￿Me 373,207 373,207 11.928,376 11,928,376 919,036 919,036 59,026 59,026 13.279,645 13,279,645 UnTrstricted fvnds 2021 Total funds 2021 Membership Congress Income Publishing Royalty In￿Me 399, 767 5,806, 177 1, 184,813 47,397 399, 767 5,806, 177 1,184,813 47,397 7,432, 154 7,432, 154 Income from fundrai8lng act5vities Restricted fund$ 2022 Total funds 2022 Total fvnds 2021 Ukraine fundraising 107.180 107,180 Page 25 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Investment income Unrestrlcted fund$ 2022 Total fund$ 2022 Income from listed investments 255,945 255,945 Unrestricled funds 2021 Total funds 2021 Income from listed investments 217, 701 217,TOI Other Inc¢mlng re$our¢•$ Unrestrlcttd fund5 2022 Total fund5 2022 Other income 4,595 4.595 UnrestriGted fvnds 2021 Total fvnds 2021 Other income 66,019 66,019 Page 26 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Investment management costs Unrestrlcted fund$ 2022 Total fund$ 2022 Investment management 188$ 146,653 146,653 Urtrestricled funds 2021 Total funds 2021 Investment management lees 132, 762 132, T62 An•ly$l$ of expendllure on charltable •¢tlvttles Summary by fund typ• Restri¢t¢d Unre$tri¢ted fund$ funds 2022 2022 Total 2022 Congress costs Publications and other Membership costs Research costs Education costs Donations 7.962,401 1,820,029 140,729 1,699,014 1,815,744 158,479 7,962,401 1,820,029 140,729 1,699,014 1,815,744 184,202 25.723 25,723 13,596,396 13,622,119 Page 27 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure on charitable activities {continuedl Summary by fund type Icontinuedl Unrestricled funds 2021 Total 2021 Congress costs Publications and oth8r 5.782,420 1,851,075 127,089 7, 112,367 1.331, T81 89,585 5,782,420 1.857,075 127,089 1,172,367 1.331, T81 89,585 Membership costs Research costs Education costs Donations 70.294,317 70,294,317 10. Analysls of *X￿ndItUre by a¢tlvltl•$ Actlvlll•s undertaken directly 2022 Grant fundlng of actlvitles 2022 Support costs 2022 Total funds 2022 Congress costs Publications and other Membership ¢>)sts Research costs Education costs 7.402.837 1,657.622 98,437 1.188,421 1.246.918 184.202 559,$64 162,407 42,292 510,593 526,796 7,962,401 1,820,029 140,729 1,699,014 1,815,744 184,202 42,000 Donations 11.778,467 42,000 1,801,652 13,622,119 Page 28 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Analysis of expenditure by activities (continued) Activit￿$ undartak&n directly 2021 Support costs 2021 Total fvnds 2021 Congress costs Publications and other Membership cosis Research costs Education costs Donabons 5.302,626 1,697,483 84,892 743.032 903,340 89,585 479, T94 153,592 42, 197 369.335 428,447 5,782,420 1.851,075 127,089 1,172,367 7,337, 781 89,585 8.820.958 1.473.359 10,294,317 11. Audltorfs romuneratlon The audilorfs remuneration amounts lo an auditor fee of Q7,107 I2021- É21,4201. Non-audit 18es for the yaar totall8d É3,85012021 - 64,1651. 12. Staff costs Group 2022 Group 2021 Charlty 2022 Charlty 2021 Wages and 5alarie5 Social security costs 338,666 16.OB3 287.5T6 11,169 338,666 16,083 287,576 77,169 354.749 299,345 354.749 299,345 The 8verage number of persons employed by the Charity during the year was as follows.. Group 2022 No. Group 2021 No. Charlty 2022 No. Charity 2021 No. Administration and Manag8ment Page 29 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Staff costs Icontinued) The number of employees whose emplO￿e bènefits (exduding employer pension coslsl exceeded 60,000 was.. Group 2022 No. Group 2021 No. In the band f93,200- é104,850 In Ihe band f117,311- é129.043 In the band É163,100- É174,750 In the band É199,429- É211,180 13. Trustees. r•muneratlon and expenses During the year, no Trustees received any remuneraiion or other benefits f2021 . ÉNIL). During the year ended 31 De￿mber 2022, Trustee expenses were incurred al É13,839 (2021- é4,166). 14. T•nglble flxed ass•ts Group and Charlty Lea$Èhold Pur¢hase Improv•m•n Flxlure$ and lea flttlngs Total C08t or valuation At 1 January 2022 261,282 52,587 447.956 761,825 At 31 December 2022 261,282 52.587 447,956 761,825 Depreclatlon At 1 January 2022 261,282 52.587 447,956 761,825 At 31 December 2022 261,282 52,587 447,956 761,825 Net book value At 31 December 2022 At 31 December 2021 Page 30 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Fixed asset investments Llsted Inv•stm•nts Group and Charlty Viluatlon At 1 January 2022 Additions Disposals Revaluations Movement on cash hold for reinveslmenl 19,596,144 1,948,897 12,252,956) 11,637,337) 416,705 At 31 December 2022 18,071,453 16. Debtors Group 2022 Group 2021 Charlty 2022 Ch8rity 2021 Dut wlthln one ytar Trade debtors Amounts owed by group undertakirvJ$ Other debtors 1,291.935 571,856 98,500 1,218,844 44,950 2,870, 784 72,258 96,378 12,258 497,334 86,672 Prepayments and accrued income Tax recoverable 704,351 189.954 176,779 2,186,240 1, 168, 120 1,494,123 3,024,370 Page 31 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Creditors: Amounts falling due within one year Grt¥up 2022 Group 2021 Charlty 2022 Charity 2021 Bank overdrafts Trade creditors Other tsxalion and social security Accruals and deferred income 638 1,865,960 17.435 2,217,353 405 769,683 18,398 1, 154, 157 638 405 85,553 3, 704 636,542 517,931 17,435 1,121,221 4,101,386 7.942,643 1,657,225 726,204 Group 2022 Group 2021 Charlty 2022 Charity 2021 Deferred income al 1 January Re50urce5 deferred during the year Amounts ￿lease(j from previous periods 463,524 372,875 353,008 372,875 806,032 333, 730 375,100 222,614 (361.9971 (242,481) {251,4821 (242,481) 907,559 463,524 476,626 353,008 Deferred income relates to membership fees and grant income which ara received in advance of sp8cific condibons being met. The ir￿rne is shown as deferred until those conditions are fully satlslied. 18. Cr•ditors: Amounts falllng due after mor¢ than one year Group 2022 Group 2021 Charlty 2022 Charily 2021 A¢¢ru8ls and deferre(l income 160.488 101,526 160,488 101,526 Page 32 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 19. Financial instruments Grt¥up 2022 Group 2021 Charlty 2022 Charity 2021 Financial assets Financial assets measured al fair value through income and expenditure 18,OT1.453 19,596, 745 18,071,453 79,596, 145 20. Provisions Group Provl8lon8 At 1 January 2022 Additions 813,169 270,242 1,083,411 Charlty Provlslons At 1 January 2022 Additions 341.347 229,920 571,267 The provlsSon has been made for potential indI￿¢t tax liabiltties. dllapidations and repayment on grant ftjnding using assumptions mad6 with input from spècialist prof8ssion31 advisors. Page 33 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Statement of funds Statement of funds - current year Balan¢0 at 31 Gainsl Decèmbér (Losses) 2022 Balanc• at 1 January 2022 Transfers inlloutl Income Expenditure Unr•strl¢t*d funds Designated funds Research Fund Charity Fund Ukraine Fund 2,292,777 229,134 (669,1571 (131,4671 127.012) 985,561 1,552,333 100,000 2,609,181 1,650,000 72,988 2.521,911 (827,636) 2,637,894 4,332,169 General funds General Funds- all funds 18,087,191 13,540,185 {12,915,4131 12,637,894) 11,637,337) 14,436,732 Totsl Unr&strlct•d funds 20.609.102 13.$40.185 {13,743.049) 11,637.3371 18,768,901 Restrlcted funds Endophthalmilis study Ukraine Appeal 1,572 1,572 81,457 107.180 (25.723) 1,572 107,180 125.7231 83,029 Total of fund$ 20.610,674 13.647,365 113,768.772 11,637,337) 18,851,930 Page 34 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Statement of funds (continued} Re51ricled funding relates lo monies given for an Endophthalmilis Study and donated in support of ophlh8lmology-related relief for Ukraine. The Research Fund relales to amounts committed to approved research grants but not yet spent. The Charity Fund contains funds designated for expenditure on charilable donations to be made in accordance with the Societys discretionary grant policy. The Ukraine Fund contsins funds (lesignaled for provision of ophthalmology-relale(I relief lo Ukraine. Page 35 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Statement of funds (continued} Statement of funds - prbor year Balartc8 at 31 December 2021 Balance at 1 January 2021 Transfers in/out Gainsl (Losses) InconTr Expenditure Unr•strl¢t*d funds Designated funds Research Fund Charity Fund 1,500,260 318, 715 1209,4631 (89,581) 1.001.980 2,292, 777 229, 134 1,878.975 (299,044? 1,(K)1,980 2,527,911 General funds Unreslricled General Fund 19,619,706 7.715,874 (10. 128,035) (1,001,980) 1,881,626 18,087, 191 Totsl Unrè8trl¢t•d funds 21,438,681 7.715,874 (10.427,OT9) 7,881,626 20,609, 102 Re5trictsd funds Endophthalmitis study 1,572 7,572 Total of funds 21,440,253 7.715,874 (10,427.079) 1,881,626 20,610,674 Page 36 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of net assets between funds Analysis of net assets between funds - current year Rostrictèd Unro$triet funds funds 2022 2022 Total funds 2022 Fixed 8sset investments Currenl assets Creditors due within one year Creditors due in more than one year Provlsions for liabilf(ies and charges 18.071,453 18,071,453 6.042,733 6,12S,762 14.101,3861 14,101,386) 1160,4881 {160,4881 11.083,4111 11,083,411) 83,029 Total 83,029 18.768,W1 18,851,930 Analysls ot net a88et8 be￿￿On funds - prlor year Restricted Unrestricted funds fvnds 2021 2021 Total fvnds 2021 Fixed asset investrnenls Current assets Creditors dug within one year Creditors due in more than one year Provisions lor liabilf(ies and charges 79,596, 145 19,596, 145 3.8TO,295 3,817,861 (1,942,643? (1,942,643} (101.526) (101.526) (813, 169) (873, 169) 1,572 Total 1,572 20,609, 102 20,610,674 Page 37 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 23. Reconciliation of net movement in funds to net cash flow fTom operating activities Group 2022 Group 2021 Net expenditure for the year las per Ststement of Financial Acliwtiesl 11,758,744) (829,579) Adlu$tm*nt$ for: Depreciation charges LossesllGainsl on investrnenls Dividends and interests from investments Ilncreaselldecrease in tleblors Increase in ueditOTS 49,644 1,637,337 (1,887.626) {255,9451 (277, TOI) 11,018,120) 41,945 2,488,353 524,476 Net ush provld•d byl{u$•d In} op•ratlng actlvltl•• 1,092,881 f2,372,841) 24. Analys1$ of cash and ¢a$h equlvalents Group 2022 Group 2021 Cash 81 bank 8nd In hand Overdraft 3,939,522 2,703, 747 (405? Total cash and cash equlvalents 3,939,522 2, T03,342 25. An•ly$i$ of ¢hango¥ in net debt At31 December 2022 January 2022 Cash flow5 Cash at bank and in hand 2,703,747 1405) 1,235,775 405 3,939,522 Bank overdrafts repayable on demand 2.703.342 1,236.180 3,939,522 Page 38 EUROPEAN socIErY OF CATARACT REFRACTIVE SURGEONS IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 26. Operating lease commitments Al 31 December 2022 the Group and the Charity had commitments to make fijlure minimum lease payments under non