Registered number. 03153785 Charity number: 1066532 EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantsa) CONTENTS Refor•nce and adrninistrative details of the Charity. its Trustees and advisers Trustees. report Truste•s' rnsponslbilities statement Indendent auditorfs report on the flnanclal 8tstoments Consolldated statement of flnanclal actlvltles 3-12 13 14-17 18 Consolidated balanco sheet 19 Charlty balanrA sheet Consolldated statemenl of cash flows 20 21 Notes to the financlat statements 22-43
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees John Bateson Roberto Bellucci, Chaimian Paul Rosen José Guell Till Staffeldt Company rnglstered number 03153785 Charity r•gisterod numbor 1066532 Reglstered office 5th Floor 10 Finsbury Square London EC2A 1AF Company secretsry Oliver Findl (resigned 7 February 2024) Independent auditor Crowe U.K LLP Fourth Floor St James House St James Square Cheltenham GL50 3PR Bank•rs Bank of Ireland 28 Main Street Blackrock Co Dublin Ireland Allied Irish 8ank PO Box 1121 Dublin 4 Ireland Sollcltors Fox WiHiams LLP 10 Finsbury Square London EC2A 1AF United Kingdom Page 1
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company Ilmited by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Managers Ruffer LLP 80 Victoria Street London SW1E 5JL United Kingdom Rathbone Investment Management Limited 8 Finsl)ury Circus London EC2M 7AZ United Kingdom Cazenove Capital 1 London Wall Place London EC2Y SAU Page 2
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors presenl their report and the audited consolidated financial statements of the group for the year ended 31 December 2024. The Directors have adopted the provisions of the Slatement of Recommended Practice {SORP) "Accounting and Reporting by Charities (FRS 102)- in preparing the annual report and consolidated financial sLgternents of the Group. Objectlves and actlvtties of the socl•ty The European So(aety of Cataract and Refraclive Surgeons (ESCRS) was incorpoted on 1 February 1996 under the Companies Act 1985 as a Company Lirnited by Guarantee and not having a Share Capital. The tharitable Company is registered with the Chanty Commission in the UK- Number 1066532. The objects for vthich the CharTtable Company is established are (i) 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 Ihe useful results thereof and (li) to promote experimental work in the field of Intraocular lens ImantatiOn and refractive surgery and the dissemination of the usefijl reSts thereof. ESCRS has one whc4ty owned subsidiary. ESCRS TradlrYJ Limited, kn prin(apal a1VIeS indude arranging and hosting the annual meetings of ESCRS and publishing the soc4etys magazine. EuroTimes. ESCRS Trading Limited is limited by shares and all its profits are transferred to the tharity under the UK Gift kn rules. Details of the external advisors engaged by the charity are listed on the Reference and Administrative Information pages. Publlc benefft The Direct have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the sociews aims and objectives and in planning ts future activities. In partilar. the Directors consider how planned aclivities will contril)ute to the aims and objectives that have been seL The putpose of ESCRS is to ensu the best possible outcomes and qualty of lrfe for cataract and refractive surgery patients. Through ESCRS'S aims of improving education and stsndards in ophlhalmology across Europe, patients with cataract and fraCtive conditions and the wider public are our main benefiaaries. The provision of education, the funding of original research and registries for benchmarking surgical outcomes contributes to the devdopment of the fiekl of ophthalmology. the education of its practstsonefs. and ultimately to better patient care. Structure. governance and management The goveming documents of the Charitable Company are its Artides of Association. supported by BJtrLaws. The Directors (Board of Trustees) have overall responsibility for the proper management of the Charitable CoMpanS business and regularly review the goveming documents with a view lo ensuring they are in line with the latest Charity Commission guidan. The Trustees delegate the medical. educational and research responsibilities for the society to a goveming body known as the Council of Management {'Council'}. The Council consists of the Directors of the 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 ('JCRS'). 10 ordinary members and COpted members from time to time. The 10 ordinary members of Council are elected by the members of the society for a period of four years and may be re-elected for a further period of four years only. No more than one ordinary member of the Council may be frorn the same country. Onty ordinary members are dected and entitled to vote. Page 3
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Council of Management elects an Executive consisting of the President. the Seixetary and the Treasurer, to ensure the decisions of the Council are implemented. To be elected President. a candidate must be a full member of the society, but not necessarity a member of the Council. He or she is appointed by the Council for a period of two years, which temi shatl not be renewable. A twtrthirds maiortty of the elected Members of the Council is required for appointrnent as PresidenL The SeCtsry is Ihe exeoJtive offir of the society and monitors irnplementation of the decisions of the Council. The Secretary is elected every two yEars from amongst the elected members of the Council and can stsnd for rleCtIOn only (. provided they are an elected member at the time of the vote. The Treasurer monitors implementation of the financial decisions of the Council. The Treasurer is elected every two arS from amongst the elected members of the Council and can stsnd for re-election only once. provided they are an elected member at the time of the vote. The European Editor of the Joumal of Catsract and Refractive Surgery is ¢xowsed by the Executiv8, in consultation th the existing editor. and approved by the Council. Their initial term of office is four years. with the possibility of ext8ndiTVJ the tenn for up to four more >pars thereafter, subject to i*rtain (xmdition& The Council functions through a number of stsndlng committees as shown below. Finance Committee- chaired by the Treasurer. General Purposes Committee- chaired by the Secreta. Publications Committee- chaired by the European EdFtor of the JCRS. Programme Committee- chaired by the Presidentr. Education Committee- chaired by the immediate paSt-PSdenl Research Committee- chaired by an elected Council member. The composition of each commtitee is govemed by the BpLaws. hjl members of Council and Committees give their time voluntarity and their (tributIon is crucial to the ongoing success of the society and its ability to meet its charitsble objectives. The society ernploy5 a Chief Executive Officer, Tom Ogilvi&Graham, and a Financ£ Director, Gillian Burgess. and retains the servtces of an extemal professional association management and conference organisation company whid) provides it wÈth a full range of bespoke seprfices induding board support financial management, membership, congress. even( publishing, online and education services. The Trustees set the pay and remuneration of key management personnel, thrh the annual performance appraisal process. The Trustees then inform the Finance Committee. Dlrectors of th• Charitable Company The number of Directors. who are the Trustees of the charity. shall not beless than three but shall not be more than five. The nonwmedical Trustee positions are advertised. applints are interviewed by a nominations committee and a recommendation made to the Council who then approve or reject the applicants. Nominations for medical trustees also require approval by the Council. All Trustees are given an irmjuction and ongoing training on their responsibilities and other matters as required. Page 4
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Those WI seNed as Directors during the finanL?al year and up to the date of this report are listed below: Roberto Bellu(xi (Chaimwn) John Bateson Jose Guell Paul Rosen rill SL3ffeldi The Directors work wilh and oversee the Council of ManagernenL 1¢h is elected by the membership. The Directors do nol retire by rotstion. In general. a dir8ctor must retire when he or she has served for a maximum tem of 8 years. IcRe Prfnci l risks and uncertalntles Annu81 congress The main source of income lo the society is its annual congress. A key risk to the society is a failed or sKJntficantly diminished annual congress and the resultant loss of income that would arise. This includes the risk to an annual congress 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 time, whith reduce the attractiveness and relevance of a large annual meeting developed around a scientific programme. for delegates or industy supporters. The Directors mitigate these risks by taking out insurance for each conference where EK)ssible against insurable risks, by continuiro to evolve the fomiat of the meeting in response to feedback and innovations in the marketplace, and by maintaining sufficient reserves at all times to ensure the society (x)uld (x)ntinue its operations unintemipted for a peri(xJ of at least 15 months while ([recti aiaion is tsken and altemative revenue sources could be developed. Outsourced seThice provider The sooety outsources the day-ttrday opeption of its activities. induding the organisation of the annual congress. to a third-paty service provider. There is a risk, therefore, that supplier failure or poor performance could impact the sxietys operations or tts income. The Directors mitwe this risk by utilising a robust process for supplier selection, induding a detailed assessment of financial viabilty, and by ongoing, detailed monitrKing of supplier perf0Mnce. overseen by the societys Chief Executive Officer and Finance Director. Achievements and rforniance The main activities of the society during 2024. were as follows. (a) Membershlp Membership of the ESCRS is open to ophthalmologists and to ophthalmologists-in-training. At the end of 2024 there were 7.407 (2023.. 7.021) members in total. 2,050 (2023." 1.959) of whom were trainee ophthalmologists. 21 European national societies offer group membership of ESCRS and the Society values the close collaboration with these organisations. Membership is free for trainee ophthalmologists for up to fve ars. As a member they can access ESCRS iLeam and ESCRS On Demand, two key education resources, and the peer-reviewed scientffic joumal of the society. the Joumal of Cataract & Refractive Surgery. They also pay a nominal registration fee to attend the ESCRS meetings and are eligible to apply for various grants and IrsaTieS. 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 S
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SIIRGEONS (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 (b) Meetings ESCRS Meetlngs The ESCRS scientffic rrtingS held each year are the highlight of the societys calerKlar. The 28th ESCRS Winler Meeting took place in Franlrfurt, Gemiany as an in-per50n event in February 2024 and was attended by over 1,500 delegates. The society held the 42nd Annual Congress of ESCRS as a hsrt)rid (in-person and virtual) meeting in Barcelona in September 2024. The meeting was an enormous success and retsined its position reached in 2022. as the largest ophthalmic conference in th8 world conceming visiting doctors. A total of over 15.900 de18gat8s attended in Barcelona and over 300 rn0 joined virtually. Industy was again very well represented. with over 300 industry partners partscipating in the exhibition. Sustainabilty continued to be a particular focus. with all possible reduct50ns in cartx)n emissions being made and unavoidable emissions offset through the purchase of carbon credits in certified offsetting projects, meaning that ihe Barcelona meeting was cart)on neutral. In 2024. the society launched its programme focused on Building our Sustainable Society (BOSS). which addresses sustainability In a wtder sense. incorporating diversity and indusion. The third ESCRS iNovat#)n Day. a one-day meeting whlch brings logether dinical and business experts from across Europe and further afiekl. was held immediately before the Annual Congress in Barcelona. The meeting focuses on the rnost urgent dinical needs and barriers to success in anterior segment care and IM)w the latest technology innovalions may address those Within the next 5 to 10 years. ESCRS Participation in Other Moetings Each year. ESCRS supports and participates in several national society meetings by funding expert ophthalmologists from the society to attend these meetings, thereby bringing intemational expertise and teaching to ophthalmologists who might not be able to travel to attend the ESCRS meetings. ESCRS also collaborates with the other regional cataract and refractive societies around the world through participation in joint symposia and other sessions. The sharing of research results and new developments among the wcyld leaders has an invaluable role in the global advanment of cataract and refractive surgery. ESCRS was Ikased to send senior representatives to the meetings of the Arnerican Sooety of Cataract & Refractive Surgery (ASCRS), the American Academy of Ophthalmlogy (AAO), the Asia-Pacific Association of Cataract & Refractive Surgeons (APACRS). the Asia-Pacific AdernY of OphthalmrAogy (APAO), the International Council of Ophthalmology (ICO) and the Intemational Inslitute for Research and Science in Technology (IIRST). during the year. in addition to a number of other national society meeling& (c) PublI&I0nS The Eurofimes magazine. which indudes the latest news and developments in the worfd of ophthalmology. is published by the society arjd circulated free of charge to 24.750 ophthalmologsts worktside. 10 issues were published in 2024. The Journal of Catsract & Refraclive Surgery, which is published jointy with ASCRS, is (irculated free of charge to members of the ESCRS arKI contains peer-reviewed artides on the latest researth in the field. 12 issues were published in 2024. Page 6
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guardntse) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 (d) Educatlon The society Makes available a broad range of educational resources. in support of its tharitable objects. Many of these are free for all ophthalmologists to access. induding the ESCRS Education Portal and the ESCRS Player. These provide a wide variety of expert-led content. induding artides, podcasts and videos. Landmark artides published in peer-reviewed scientific ophthalmolcrfJy joumals. selected by the ESCRS Publications Committee, are made available free of charge. alongside a selection of Online Case Reports from the Joumal of Cataract & Refractive Surgery. which provide an excellent oplnty to see h(M scientific and medical knowledge is 'wt into practi,. An annual survey is cormducted at th8 ESCRS meetings. as part of the Independent Medical Education (IME) programme. to establish key educational needs arnongst ophthalrnolcMJists. Educational programmes. funded by unrestricted educational grants from supporting companies. are then designed in response to the needs identified. with a programme typically induding a symposium at an ESCRS meeting. EuroTimes supplements. and creation of online resources (videos and podcasts). These ar8 free for all ophthalmologists to access on the ESCRS Education Forurn. Members of the soclety have access to additional educational resources. irKluding ESCRS On Demand, an extensive lilxary of presentations and videos from ESCRS meetings. vthich expands each year with content from the most renI Winter Meeting and Congress. Members can also access ESCRS iLeam an e-leaming platform offering courses which attract CME credits. The ESCRS IOL calculator. is also made available free of charge for all ophthalmologtsts to access; il is a web application for IOL power calculatsons, which collates results from mults'ple modem forniulas simultaneously, through al time integration. The calculator has proved extmelY popular and investment was made in 2024 to further enhance its functionalrty. The calculator was used to make over 4 million calculations in 2024. by 192,000 users. The ESCRS wactice management programme. titted Leadership, Business and Innovation (LBI), provides ophthalmdogists. dini¢ managers and administrators and their teams a variety of content. enabling both online and iTrperson leaming. In 2024, the society developed this programme to deliver content sear-round. including podcasts. webinars. artides and a weekend workshop, all designed to tackle the most common challenges faced in dinical practice today. as identified in a delegate survey. In 2024 the society ran an ESCRS Masterclass programme in Minimalty Invasive Glaucoma Surgery (MIGS), supported by industy partners. with 50 leamers taking part in a series of mentor guided didactic workshops, live webinars and in-person sessions at the Annual Congress. with the goal beirKJ to imFYove practice pattems and dinical outcomes and to significantly increase the number of patients treated in the specialisation concemed. The ESCRS MovirKJ Simulator programme. allows affiliated national societies lo appty to use a surgical simulator owned by the society. for a period of 64 weeks at a time. to provtde training locally using a bespoke ESCRS curriculum. 350 people across 10 countries. completed the curriculum in 2024. In 2024. the society intrc•Juced a Surgical Training Lab at the Annual Congress. in cdlaboration with three leading manufacturers of surgical simulators. where delegates could register for a test session on the surgical simulators free of charge" over 560 delegates participated in these sessions. The range of skills labs available at the Annual Congress was also expanded in 2024. adding dry labs to the wide range of wet labs on offer, attracting more than 660 attendees. The draft ESCRS Guidelines for Cataract Surgery were published on the website in 2024. inviting stakeholders, comments ahead of finalisation. Work continued throughout 2024 on the Guidelines for Refractive Surgery, which are expected to be published in 2025, available for all ophthalmologists to access. Page 7
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limitsd by guarantse) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 (•) Clinical and Scientific Research ESCRS provides funding for research projects through a number of Awards. with calls for applications nonnally issued annuajly. The Research Commtttee regularly reviews its operating pcAicy and guidanc£ for the dinical research funded by ESCRS. to continue to ensure for the future that the investment in research pn)vides a benefft to the sociews membership. the wider ophthalmic community and patients. Research projects whith were orYJoing or reached (x)mpletion in 2024 were: the mA-CoR Study (METAgenomics guided treatment of CORneal infections - an interventional blinded randomized clinical trial., the MYOPRED Study (Influence of postertor vitreous detachment on relinal detachment after lens surgery in myoplc eyes): the EPICAT Study (EffectiV8ness of Periocular drug Injection in CATaract surgery): the CAMERA study (Innovative ocular surface grading camera): the IOLExcg study (Clinical study on the functional and morphological course of pab'ents with intraocular lens opacification)., the ETCF trial (European Prospective Multi- centre Trial comparing Tripl&DMEK with Catsract Surgery in Patients with Cataract and Fuchs endothelial corneal dsBtrophy): the ESCRS Toric Study (Effectiveness and cost-effectiveness of TORIC intraocular lens implantation in patients with mild astigmatism): OCT-KC (An open access dataset of hIgresOlUtion comeal optical coherence tomography images in early keratoconus): EUKOR (European Keratoconus Outcomes Registy} and a Pioneer Researth Award entilled ' Development and Validation of a Novel Machine Leamin Based IntracKular Lens Formula for Catsract Surgery Combined with Endothelial Keratoplas Three new Sy3tematic Research Awards were made in 2024: this is a smaller award a maximum value of 10,000 per award. One new Pioneer Award was agreed for VICTORIA (Validation of Interfeukins and other Cytokines Together with OCT imaging for Rapid Infeclious k8rabtis Assessment). The Research Committee also established a new award In 2024. the Sustalnabilty Research Award (SURE Award), with a maximum va8 of E10.OCM) per award. (fj Surglcal outcomes registries The society manages and funds three important surgical outcomes registries. The European Registy of Quality Outcomes for Cataract and Refractive Surgery (EUREQUO). th8 European Comea and Cell Transplantation Registy (ECCTR) and the European Registry of Childhood Cataract {EuReCCa). Together. th&se Registries contsin data for more than 4 million Surger and represent one of the richest ophthalmology datasets in Europe. Use of the Registries is available to ESCRS membefs free of charge. The registries are led by a Registries Steering Group. In 2024. the Steering Group's primary focus was a tender for the provision of the Registries software. to ensure the plattonn can accomrncxlate the ambitions for the Registries into the future. The w(x* with integrating new data sour$ also continued, focusing on county-level registries, indmduaj dinics and chains of dinics. resulting in a continuing infftase in the number of cases entered through the website interface. The Registries Steering Group's work with three Task Forces (Global, Industry & PROMS) aso continued during the year. (g) Grants and bursar5•s In 2024, ESCRS made available 44 complimentsry registration bursaries for trainee doctors to attend the Iwo ESCRS conferences. The Peter Barry Felltrwship is awarded annually and offers a grant of É60,11)O for 8 trainee to spend a year abroad gaining dinical or research experience at a centre of excellence anlere in the world. Page 8
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 (h) Dlrect donations ESCRS makes direct donations each year to selected charities. 2024 was the second Jear of three major projects funded by ESCRS which run frorn 2023 to 2025: a project to build capaaty and improve cataract surgical services in Malawi. with Blantyre Institute for Community Outreach (BICO); an Eyes of the Wortd project to deliver equitsble access to. and sustainable improvement in. eye care services in the Inhambane province of Mozambique. and a campaign for treating cataract for the most vulnerable tM)pulation in Palestine. with St John Eye Hospital. Total funding of E900k over 3 years (divided into three annual tranthes, with the second and third tranches being dependent on satisfactory perforrnan) has been granted for these projects. of which É300k was paid in 2024. A new project the Cape Town University Eye Health Institute (CEHI) was launched in 2024, receiving É90k of funding over 12 months. Smaller donations Vre made to the Ridley Foundation. to fund High-Altitude Cataract Camp in Nepal. to the Diocese of Wau in South Sudan. and Right to Suht Norway. The society also sent representatives to the College of Ophthalmology in Eastem, Central and Southem Africa (COECSA) meeting in 2024, to proVe support with its wet lab training programme (5) Fundraislng The charity had no fundraising activitEs during 2024 which require disdosure under S162A of the Charities Act 2011. U) Support for Ukralne The society remains deetty disturbed by the ongoing invasion of Ukraine and conts'nues to take steps to provide support to colleagues in Ukraine. The society established a restricted fund in 2022. to which members and sister societies can make financial donations. which are directed exdusively towards ophthalrndogy-related relief efforts in Ukraine and in support of Ukrainian doctors and patients outside of Ukraine. Total donations to the restricted fund were É128k, which had been utilised in fijll by the 2024 rend . The society has also designated a totsl of É150k from its own reserves for the sarne purpose. of whith E92k remains available to spend. and in 2022 coordinated donations of ophthalmological supplies and equipment a total value of over 2.5m from industry partners. whith were transported io dinics arxoss Ukraine. ESCRS provided diS)Unted registration to its Barcelona Congress for 182 Ukrainian attendees. and continued to waive the membership fee for 2024 for Ukrainian colleagues. The society is extremely grateful to all those who have support8d these efft)rts and reiterates its full support for Ukrainian colleagues. who are often continuing to serve their patients under the most challenging of circumstan. Future Developments With the Annual Congress now having fully recovered to pre-pandemic participation levels. the Directors do not envisage any substantial changes to the nature of the chariirfs activities and. through its work, are confident in the charitys ability to continue to make meaningful impacts on the lives of patients auoss the world. The 29th ESCRS Winter Meeting held in Athens, Greece in March 2025 and the 43rd Annual COngsS is planned to be held in Copenhagen, Denmark in September 2025. The exhibition space at the Copenhagen Congress is aladY sc4d out, making the scale of the exhibition on a par with the Barcelona congress. The society will again tK4d the iNovation Day. immediately before the Annual Congress. which will bring together doctors and industy executives to discuss innovations in ophthalmology. Page 9
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarnntse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial revlew The group made a suryuS on unrestrlcted activities before investment gains of Q.102k in 2024 (2023." deficit of 194k). The overall result in 2024 after investment gains was a surplus of É3.152k (2023.. &7k). The gn)up's InciPal ur1 of funding is Ihe revenue generated by its annual ccryress, in particular the exhibition revenues generated by industy participation and delegate registration fees. The surplus generated by the annual Cong$$ supports the societys investment in education arKI research programmes, and charitable donations. The resour availalAe to the group and those expended during the year are set out in the Ststement of Financial Activities. Income from unrestricted activities increased to É21,523k in 2024 (2023.. É18,193k). as the annual congress. which was staged as a hybrKI (in-person and virtual) meets'ng in 8arcelork3. exceeded pre- pandemic levels of participation. During 2024. the group designated E60k to its designated Research reseNe. to cover funding agreed for new Research projects. and a further É50k to the designated fund for Uktaine supporL The group uses the frAk)wing financial key performance irKlicators to a&sess ils position: 2019 2020 2021 2022 000 13,647 2023 2024 000 21.537 Irth 17.638 4.791 7.716 18,208 S1{derlt) before Thestrneni gain51(losses) Gewal reser at 311)ecember 1,828 4,716 -2.711 -203 -194 2,102 24.027 19.619 18.087 14.437 15.465 19.798 Notwithstanding the impact of the current geopolitical uncertainty. the ESCRS group has adequate reserves and remains in a stable financial position. This will ensure the continued funding of educational initiatives. high-quallty research projects and supwt for charitable projects. Reserves Policy The reserves policy takes into consideration the major risks that could affect ESCRS in the future and principally the threat posed to the income of the society through a failed (or diminished) annual congress whether due to war. pandemic. competitive factors. an act of God. acts of terror. or the potential withdrawal over time of funding from c(xporate supporters due to legislative and regulatory changes. The reserves FK)Ilcy is designed to allow ESCRS to continue running ts activibes uninterrupted for at least a 15- month period, regardless of the level of income received, during which projects would be re4valuated depending on the circumstsn¢es and the need to. and success in, generating new revenue streams. AJk)wing a 1&month period helps to minimise the risk of compromising the core objectives and activities of ESCRS. On this basis. the Directors considef that the required level of readily usable reseNes at 31 December 2024 should be É16.1m. This compares to a total unrestricted general reserve as shown in the audited accounts of 19.8m. The was therefore a surplus above the reserve requirement of E3.7m at 31 Dmber 2024. The DirectOTS are aware of this surplus and actively keep it under consideration. Page 10
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments The society has an Investrnent Policy Statement which sets out the investmenl aims and objectives and dosely rellects the reseNes policy of the society. The investrnents provide the reserve fund for ESCRS in the event of a failed annual congress. the main source of income to the society. It is to be managed on a conservative low to medium risk basis with the princÉpal objective of maintaining the real capital value of the funds and to generate a minimum total return in excess of inflation plus 2 % over rolling fNfryear periods. The overall retum on the sociews investments in 2024, net of fees. was 7.5% (2023.. _2.2Y.). The Directors review and benchmark the investment perfomiance of the fvnd managers on an ongoing basis. Followng a tender process. Cazenove was appointed as the soaews investment manager in March 2024. The transfer of assets from the previous investment managers to Cazenove was completed during the year. Going concorn and futurn buslness success The Directors have reviewed the activities of the group and its available resources in the context of considering going concem. 2024 saw the main revenue generaling activity of the society. the Annual Congress. exceed pre- pandemic levels of attendance by exhibitors and delegates alike. The group also continues to manage costs carefully. and in earfy 2024 agreed an extension to the agreement with its outsourced setvices provider which provides ceriainty over ongoing fixed costs for several years. Management has prepared a forecast for 2025 and 2026 and dosety monrtors the societys income. costs and cashflow requirements. The Directors also dosely mon5tor reserves levels, in line with the ReseeS policy, and consider that the Society has adequate reserves. On this basis the Directors are confident that the group wtll continue in operational existence and that the financial statements should continue to be drawn up on a going concem basis. Indemnity insuran The group purchased arKI maintained, throughout the financial >ear. Directors. and Officers. Liability Insuran in respect of the Directors. ststement as to disclosure to our audltor The trustees in office at the date of approval of this Trustees. Annual Report confim that, so far as they are each aVre, there is no relevant audit information of which the charitys auditor is unaware and each trustee has taken all the steps they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the chariirfs auditor is aware of that infomation. The group accounts are prepared in accordance with section 398 of the Companies Act 2006. section 138 of the Charities Aci 2011. and with the special provisions of part 15 of the Companies Act relatirHJ to small companies. The constitute Ihe annual acccunts required by the Companies Act 20 arKI are for circulation to the members of the company. The audttors. Crowe U.K. LLP. (Chartered Certified Accountants and Statutory Auditors) have indicated their willingness to continue in office in accordance with the provisions of SectK)n 485 of the Companies Act 2006. Page11
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Small group exemption This report has been prepared in acurdance with the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with the special provisions of the CThnpanies Act 2006 relating to a small group. Approved by (xder of the membeTS of the Board of Trustees and sigr*d on their behalf ty. Roberto Bolluccl Trustee Date: Page 12
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A Company limited by guarantse) STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees (who are also the Directors of the Chafity for the purposes of company law) a sponSible for preparing the Trustees. report induding the Strategic report and the financia statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generaly Accepted Accounting Practi). Company law requires the Trustees to prepare financial ststements for eath financ4al period. Under company law. the Trustees must not approve the financial ststements unless they are satisfied that they gNe a tnje and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources. induding their income and expenditure, for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then ap1 them consistently. obseNe the rnethods and principles of the Charities SORP (FRS 102): make judgements and accounting estimates that are reasonable and prlert state whether applicable UK A(*ounting Standards (FRS 102) have been folld. subject lo any material departures disdosed and explained in the financial ststements: ppare the finanaal statements on the going concem basis unless it is inapprOte to presume that the Group will ca)ntinue in business. The Trustees are responsible for keeping adequate accounts'ng records that are sufficient to show and explain the Group and the Charitys transactions and disdose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Gup and the Charity and hence for taklng reasonabje steps for the prevenb'on and detection of fraud and other irreganties. Approved by order of the members of the Board of Truslees and signed on its behalf by. Roberto Belluccl Trustee Dato: (W. tknQu(- Page 13
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarnntse) INDEPENDEKf AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS Opinlon We have audited the finan(aal statements of European Society of Calaract and Refraclive Surgeons (the 'parent Charitable Company) and its subsidiary (the 'group') for the year ended 31 December 2024 which MPrise the Consolidated statement of financial activities, the Consolidated balance sheet. the Chanty balance sheet. the Consolidated statement of cash flows and the related notes. indudiNJ a summary of significant accounting policies. The financial reporting framework that has been applie(l in their preparalion is applicable law aTKI United lfjngdom AccountiNJ Standards. induding Financial Reporting Standard 102 The Financial Reporting Standard applicab18 in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair Vie of the state of the Group's and of the parent Charitable Companrfs affairs as at 31 December 2024 and of the Group's incoming r&sources and application of resources, induding its income and expenditure for the year then ended: have been property prepared in accordance with United Kiryjom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those starKJards are further described in the Auditorfs ponsIbl111}eS for the audit of the financial statements section of our report. We are independent of the Group in actrdance with the ethical requirements that are relevant to our audit of the financial ststements in the United Kingdom, induding the Financial ReportiNJ Councifs Ethical Standard. and we have fulfilled our olher ethical responsibilities in accordance wtth these requirements. We believe that the audit evidence have obtsined is sufficient and appropriate to provide a basB for our opinion. Concluslons r•latlng to golng concem In auditing the financial stalemenls. have conduded that the Trustees, use of the going concern basis of accounb'ng in the preparation of the financial statements is appropriate. Based on the Wofk we have perforned, we have not identified any material uncertainties relating to events or conditions that irKlividually or collectively. may cast signtficant doubt on the Group's or the parent charitable companys abilty to ntinue as a going concem for a period of at least twelve months from when the financial statements are avthorised for issue. Our responsibilities and the responsibditi8s of the Trustees with respect to goirvJ con(xm are d8scribed in the relevant sections of this reporL Page 14
EUROPEAN SOCIEff OF CATARACT AND REFRACTIVE SURGEONS IA company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS {CONTINUED) Other inforniatlon The other infomiation (x)mpTises the infomiation Iruded in the Annual report other than the financial statements and our Auditors report thereon. The Twstees are responsible for Ihe other information contained within the Annual reporL Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any forni of assurance condusion thereon. Our responsibility is to read the other infomiation and. in doing so, Ix)nsider whether the other infomation is materially ino)nsistent with the financial statements or our krwledge obtained in the course of the audit, or othertryise appears to be materially misstated. If we identify such rnaterial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomed. we condude that there is a rnaterial missLglement of this other infomiation. we are required to report that facL We have nothing to rewt in this regard. Opinion on other matters prescrlbed by the compan5 Act 2006 In Our opinion. based on the work undertaken in the course of the audiL" the information given in the Tntstees, Report induding the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial ststements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on vthlch we are requlred to report by exceptlon In the light of our knothrfedge and understsnding of the Charitable Company and tts envsronment obtained in the course of the audFt. we have not identtfied material misstatements in the Trustees, Report including the Strategic ReporL We have nothing to report in respect of the following matters in relaticm to whith Companies Act 2006 requires to report to YDU rf. in our opinion: the parent charitable company has not kept adequate and sufficient accounting records" or the parent charitable company financial statements a not in agreement with the accounting records: or certain disdosures of Trustees, remuneration specified by law are not made: or we have not Tlved all the infomiatFon and explanations we require for our audiL Page 15
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guardntee) INDEPENDEKf AUDrroR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (CONTINUED) Responslbilities of Trustees As explained mce filly in the Trustees, SpOnsIbl11118S statemenL the Trustees (who are also the Directors of the charitable cornpany for the purposes of company law) are reSpsible for the preparab'on of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatemenL vthether due to fraud or error. In preparing the finandal statements. the Trustees are responsible for assessing the Group's and the parent charitable companls ability to continue as a going concem, disdosing. as applicable. matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable crmpany or to cease operatlons. or have no realistic rnative but to do so. Audltorfs rnsponslb51111es for the audft of the financial stat•m•nt8 Our objectives are to obtain reas(ble assurance al)out whether the financial stalements as a whole are free from material misststemenL whether due to fraud or error. and to issue an Audit(¢s report that indudes our opinion. Reasonable assurance is a hwh level of assurance. but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) wll alwa detect a material misstatement when it exists. Misstatements can arise from fraud or error and are cxjnsidered material rf, individualty or in the aggregate. they coukl reasonably be expected to infiuence the ecwK)mic decisions of users taken the basis of these finandal statements. Irregularities. indudiNJ fraud. are instances of non-compliar•ce with laws arKI regulaticffls. We design Procedures in line with our responsibilities. (xrtlined atK)ve, to detect material misstatements in Spect of irregularities, induding fraud. The extent to which our procedures are capable of detecting iTregularlties. Induding fraud is detailed beknw. A further descript of our responsibilities for the audit of the finanlial statements is located on the Financial Reporting Councifs YbSite at: www.frc.o .uklauditorsres nsibilities. This description forms part of our Auditorfs reporL Extent to whkh the audft was consldered capable of detectlng lffegularitles. Indudlng fraud Irregularities, indudirvJ fraud. are instsnces of non-compliance wtlh laws and regulations. We identified and assessed the risks of material misststement of the financial ststements from irregularities. whether due to fraud or error, and discussed these between our audit team members. We then deSned and perfomed audit procedures responsive to those risks. induding obtaining audit evidence suffi(xent and appropriate to proNide a basis for our opinion. We obtained an understanding of the legal and wulatory frameworks within whith the ctharilable company and group operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disdosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the quired Complian with these laws and regulations as part of our audit procedures on the related financial statemenl items. In additson, we cjmsidered provisions of other laws and regulations that do not have a direct effect on the financial statements but )MplIan with which might be fundamental to the tharitsble companls and the group's ability to operate or to avoid a material penalty. We also considered the opportunFties 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 Data Protection Regulation (GDPR) and tax legislation. Page 16
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 completeness of recognition of Independent Medical Education income, congress income from exhibition and sponsorship 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 completeness in relation to Independent Medical Education income and exhibition and sponsorship, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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: 11 September 2025
Page 17
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds fvnds 2024 2024 Total fvnds 2024 Total fiinds 2023 Note Income from: Charitable activitses FurM4raising adivities Investments Other income 21,015,890 21.015,890 13,732 492,844 14.994 17,900,058 14.408 282.671 10.548 13.732 492,844 14,994 Total Incom• 13,732 21.523,728 21.537,460 18.207.685 Exponditurn on: Raising funds Charitsble activities 103.455 19.318.602 103,455 19.404.074 146. 755 18,264.862 85.472 Total expendftuyo 85,472 19.422.057 19.507.529 18,411,617 Net Incomel{expendlturn) before net galns on investments Net gains on investrnents (71,740) 1101.671 1.122.804 2.029,931 1,122,804 (203.932) 271,094 15 Net movement In funds (71,740) 3,224,475 3.152.735 67,162 Reconclllatlon of funds: Total funds brwght forward Net movement in furKIs 73.312 171,740) 18.845.780 3,224,475 18.919.092 3,152,735 18,851.930 67,162 Total funds carrled forward 21 1.572 22.070255 22.071.827 18,919.092 The Con%)lidated Statement of Financial Activitses indudes all gains and losses Tecognised in the yEar. The notes on pages 22 to 43 fonn part of these financial ststernent& Page 18
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) REGISTERED NUMBER: 03153785 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets Inveslments 14 15 173,558 19,862,540 194.385 18,478,463 20.036,098 18.672.848 Current assets Debtors Cash at bank and in hand 16 1.350.030 5,450,870 2.269.356 4.055. 736 6,800,900 6,325.092 Creditors: amounts falling due Imthin one 17 (4.597.398) (5,453.914) Net current assets 2,203.502 871. 178 Total assets less currnnt Ilabilltl•s 22.239.600 19.544.026 Creditors: amounts falling due after more than one year Provisions for liabilities 18 20 (167,773) (214,916) (410.018) Total not assets 22,071.827 18,919.092 Charity funds Restricted funds Unrestricted funds 21 1,572 22.070,255 T3.312 18.845.780 21 Total funds 22.071,827 18,919.092 The financial statements were approved and authorised for issue by the Trustees arKI signed on their behalf by: Roberto BelluGCi Twstee Date: The notes on pages 22 to 43 form part of these financial statements. Page 19
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) REGISTERED NUMBER: 03153785 CHARrrY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Flxed assets Investrnents 15 19,862,540 18.478.463 19.862.540 18.478.463 Currnnt assets Debtors Cash at bank and in hand 16 136.309 567,386 187,566 1,035.096 703,695 1.222.662 Creditors: amwnts falling due within one year 17 (1,557,565) (3.647.LK19) Net current Ilabllitles (853,870) (2.424.347) Total assets less currnnt Ilabllltl•s 19,IMJ8,670 16.054.116 Creditors: amounts falling due after more than one yEar Provisions for liabllities 18 (167,773) (214,916) (151.041) 20 Totsl net assets 18.840,897 15,688,159 Charity funds Restricted funds Unrestricted funds 1,572 18,839.325 73.312 15.614.847 Total funds 18,840,897 15.688.159 The Charitys net movement in furKls for the year was É3.152.738 (2023 - É(2,248,627)). The Trustees aCkno%edge their ponsibIlitieS for Complying with the requirements of the Act wilh respect to ac(x)unti rec(xds arKI preparation of financial statements. The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by. Roberto Bellucci Trustee Date: JLff 11, 2blS The notes on pages 22 to 43 forn part of these financial staternents. Page 20
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating actiV5ties 1.395.789 324.492 Cash flows from Investing aclivitles Purchase of langible fixed assets (208,270) Net cash provid•d byl(usod in) Investlng activities 1208.270) Cash flows from finandng athftles N•1 cash provlded by financlng activitles Change In cash and cash equlvalents In the year Cash and $h equivalents at the beginning of the year 1,395,789 116,222 4.055.106 3.938.884 Cash and cash equivalents at the end of the year 24 5.450.895 4,055,106 Page 21
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Inforniatlon The Eunjpean Sooety of Cataract and Refractive Surgeons (No. 03153785) is a company limited by guarantee incorporated in the United Kingdom. The registered office of the Company is 5th Floor 10 Finsbury Square. London, EC2A 1AF. United Kingdom which is also the principal place of business of the Company. The financial ststements have been presented in Euro which is also the functlonal currency of the Compary. Accounting policles 2.1 Basls of preparation of financlal statements The finan(aal slatements have been prepared in accordance with ts Charities SORP (FRS 102) - Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecttve 1 January 2019), arKI the Compan5 Act 2006. The European Socaety of Cataract and Refractive Surgeons meets the definition of a public benefit enty under FRS 102. Assets and liabilities are initialty recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consoltdat8d statement of financial aciivities (SOFA) and Consolidated balance sheet consolKJate the finanaal statements of the Charity and ts subsidiary undertaking. The results of the subsidiary are cx)nsolidated on a line by line bass. The Chaiity has taken advantsge of the exemption allowed under section 408 of the Companies Act 20[ and has not presented its own Statement of financial actiwtbes in these financAal statements. 2.2 Golng concern The Group is yofitable and has substantial cash resources. Management has prepared a forecast for 2025 and 2026 and dosefy monitors its income. cost and cashflow requirements. The Directors also dosely rnonitor reserves levels, in line with the Reserves pclicy arKJ consider that the Society has adequate reserves to continue in operation for at l&ast 12 months from when these accounts are approved. On this basis the Directors are confident that the group will continue in operational existence and that the financial statements should continue to be drawn up on a going cx)ncem basis. 2.3 Income In)Me comprises membership income. congress income. publishing income. fundraising income and other income. Income is induded in the Ststement of Financial Activitses when the group is enlitled to it. its financial value can be quantified with reasonable certainty and there is reasonable certainty of its ultimate receipL Income received in advance for membership is accounted for as deferred income until eamed. All other income is accounted for on an accruals basis. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 22
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (contlnued) 2.4 Expendlture Expenditure is recognised once there is a conslruclive obligation to transfer econornic benefit to a third paty. it is probable that a transfer of economic beneffts 111 be required in settlement and the amount of the OblatiOn can be measured reliably. Expenditure is dafied by activity. The costs of ea¢* activity are made up of the totsl of direct costs and shared costs. induding support costs volved in undertaking each aclivity- Direct costs attributsble to a single activity are allocated directly to that acttvity. Shared rL)Sts which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the FX>rtion of the asset's use. ExperKliture on rdising funds indudes all expenditure incurred by the Group to raise funds for its charitable purposes and includes investment managers fees. Expenditur8 on charitable activities is incurred on directy undertaking the activities which further the Group's objectives. as well as any associated support costs. Grants payatle are charged in the year when the offer is made exceo in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subjeci to conditions which have not been rnet al the year end are noted as a commitment, but not a¢¢nd as expenditure. AJI expendiiure is indusive of irrecoverable VAT. 2.5 Tanglble flxed assets and depreclatlon Tangible fixed assets are capitalised and rec#)gnised when future eCnomiC ben8fits are probable and the cost or value of the asset can be measured reliabty. Tangible fixed assets are initially recognised at cosL After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tsngible fixed asset into its intended workir¥J (x)ndition should be induded in the measurement of cosL Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful INes. Depreciation is provided on the following bases: Purchase lease - 21 years Leasehold improvements 15 years Fixtures, ffttings and equipment - 5 - 10 years Page 23
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (conllnued) 2.6 Investments Fixed asset investrnents are a fom) of financial instrument and are initially recognised at thelr transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impaimienL Investrnent gains arKI losses, whether realised or unrealised. a combined and presented as 'Gainsl(Losses) on investments, in the ConSolated ststement of financial activities. 2.7 Debtors Trade and other debtors are recTr3nis8d at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand indudes cash arKI short-tem) hhlY liquid invesiments with a short maturity of three months or less from the date of acquisition or openirvJ of the deposit or sirnilar account. 2.9 Uabllltl•s and provislons Liabililies are recognised when there is an obligab'on at the Balance sheet date as a result of a past evenL it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilrties are recognised at the amount that the Charity ants'cipates it w1 pay to settle the debt or the amount it has r1ved as advanced payments for the g(K)ds or servi(x it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 2.10 Flnanclal Instruments The Group onty has financial assets arKI financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective InteSt method. Page 24
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company Ilmlted by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (contlnued) 2.11 Fund accounting General funds are unrestricted funds whlch are available for use at the discretion of the Truslees in furtherance of the general objectives of the Group and which have rK)t been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim arKI use of each d@Snstad fund is set out in th8 fK)tes to the financial statements. Restricted funds are funds which are to be used in accordance with speafic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific furKI. The aim and use of each restricted fund is sel ¢xrt in the notes to the financial statements. Investrnenl intx)me, gains and losses are allocated to the appropriate fund. Crftlcal accounllng estlrnates and arnas of Judg•mont Estimates and judgements are continually evaluated and are based on historical experience and other factors, induding eXp8Ct8OnS of future events that are b8li8ved to b8 reasonable under the circumstances. Criti(21 accountiry estimates and assumptions: The Group makes estimates and assumptions conceming the fuiure. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual Tesults. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are addressed below. Provision has been made for doubtful debts at the end of the financial ypar. This requires management to consider the recoverabilty of debtor balanS and. wtth regard to those where recovery is considered doubtful. estimate the risk of doubthjl debts becoming irrecoverable based ¢M their knowledge and experience. Provision was also made in 2023 for potential lease dilapidations and onerous lease liabilities, using assumptions made with input from specialist professional advisors. Page 25
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charltable aclfvftles Unrestrlcted funds 2024 Total funds 2024 Membership Congress in(xxne Publishing Royalty inco Other income 592.379 592.379 18,942.834 18.942,834 996.135 996,135 11.669 11,669 472.873 472,873 21.015.890 21.015,890 Unrestricted lunds 2023 Total lunds 2023 Membership 494.392 494,392 15,755, 102 15,755,102 1.035.002 1.035.002 29.800 29.800 585,762 585. 762 Publishing Royalty income 17.900.058 17.900.058 Page 26
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from fundralslng activiknes Restrictsd funds 2024 Total funds 2024 Fundraising 13.732 13,732 Resfrycted funds 2023 Tot81 fvnds 2023 Fundraising 14,408 14.408 Investment Income Unrestrlcted funds 2024 Total funds 2024 Income from listed investments 492.844 492,844 unrestn.cted funds 2023 Total funds 2023 Income from listed investments 282,671 282,671 Page 27
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Other Incomlng resources Unrestrlcted funds 2024 Total funds 2024 14,994 14,994 Unrnstricted fiinds 2023 Total funds 2023 10.548 10.548 Invoslment managoment costs Unrestricted funds 2024 Total funds 2024 Investrnent management fees 103,455 103,455 unrestn.cted fvnds 2023 Total funds 2023 Investment management fees 146. 755 146.755 Page 28
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A Company limited by guararrtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendtiure on charltable actlvltles Summary by fund type Restricted Unrestrlcted funds funds 2024 2024 Total 2024 Congress costs Publications and other Membefship costs Research costs Educati costs Donations 12.548.149 12.548.149 1.527.445 1,527.445 464.261 464,261 1.569.955 1.569.955 2.593.726 2,593.726 615.066 700.538 85,472 85,472 19.318.602 19.404.074 Resti7cted Unrestricted fvnds fiJnds 2023 2023 Total 2023 Congress costs Publications and other Membership costs Research costs Education costs 11.345,585 11.345,585 1,588.304 1.588,304 420,569 420,569 1.597.640 1.597,640 2,891,661 2,891.661 396,978 421,103 Donab'ons 24,125 24. 125 18,240,737 18,264.862 Page 29
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS IA company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expendlture by actlvtttes Ltlvltles undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Congress costs Publications and other Membership costs Researth costs Educati(Jn costs Donations 12,386,967 1.511.020 185.195 480.974 1.895.950 536.029 161.182 12.$48.149 16.425 1,527,445 279.066 464.261 326.407 1,569,955 697.7T6 2,593,726 164.509 700,538 762.574 16.996,135 762,574 1,645.365 19,404.074 As restated As restated Activities Grant undertaken funding ol directly activities 2023 2023 As restated Total funds 2023 Support costs 2023 Congress costs Publications and other Membership costs Research costs Education costs Donations 11.135.997 1,559,025 142,871 324,311 2,093,054 421, 103 209.588 11.345,585 29,279 1,588,304 277,698 420,569 298.105 1.597.640 738. 782 2,891.661 421, 103 975.224 59.825 15,676.361 1.035.049 1,553,452 18.264,862 Page 30
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. AudIt$ remuneratlon 2024 2023 Fees paydble to the Charitys auditor for the audit of the Charitys annual 31,125 28,653 Fees payable to the Charitys auditor in respect of". All taxation advis(Ky services not induded above Preparation of consolidated and entity accounts of subsidiary 7,920 5.969 10,046 4.145 12. Staff costs Group 2024 Group 2023 Charlty 2024 Chartty 2023 Wages and salaries Social security u)sts 358.967 49.632 330.882 29, 106 358.967 49,632 330.882 29.106 408.599 359.988 408.599 359.988 The average number of persons emplo by the Charity during the year was as follows: Group 2024 No. Group 2023 Charfty 2024 No. Chanty 2023 No. Administralion and Management The number of ernployees whose employee ben8fits {exduding emplo pension costs) exceeded 60.000 vras: Group 2024 No. Group 2023 In the band É140.001- É150.000 In the band É150.001-é160.000 In the band É190,IX)1- QOO,000 In the band QOO.fJ)1- Q10.000 Page 31
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 13. Trustees. remuneratlon and expenses During the sEar, no Trustees reiVed any remuneration or other benefits (2023 - fNIL). During the ar ended 31 December 2024. Trustee expenses were incurred at E11,914 (2023- É16.524). 14. Tanglble flxed assets Group and Charity Flxtur•s, Purchase Leasehold Fittings and lease Improvements Equlpment Total Cost At 1 January 2024 Disposals 261,282 (261,282) 52,587 (52.58n 656,226 (447.956) 970.095 {761.825) At 31 December 2024 208,270 208,270 Depreclatlon At 1 January 2024 Charge for ihe ar On disposals 261,282 52,587 461,841 20,827 (447.956) 775.710 20,827 1761,825) (261,282) (52,587) At 31 Dernber 2024 34,712 34,712 Net book value At 31 December 2024 173.558 173,558 At 31 December 2023 194.385 194,385 Page 32
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Flxed asset Investments Listed Investments Group and Charity Cost or valuation At 1 January 2024 Investment income Net gains investments Fees and charges 18.478,463 364,728 1.122,804 {103,455) At 31 December 2024 19.862.540 16. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Du• wlthln one year Trade debtors Other debtors Prepayments and acc¥ued income Tax recoverable 611,102 668.547 2.875 890.690 707.244 25.661 8.700 458,830 280.098 110.648 178,866 1.350.030 2,269.356 136,309 187.566 Page 33
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Credltors: Amounts falllng due wlthln on8 year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank overdrafts Trade creditots Amounts owed to group UndL9kingS Other taxation and social security Accruals and deferred incorne 630 534.475 1,504.525 129,659 1,477,720 1.995,257 2,598,537 333,485 108.374 41.439 1.074267 41.439 2.560.702 25. 755 2.828,992 4.597,398 5,453.914 1.557.565 3,647.009 Group 2024 Group 2023 Charfty 2024 Charity 2023 Oeferred Income at 1 January Resources deferred during the year Arnounts released from previous periods 1,156.032 794,335 (941.056) 907.559 555.298 476,626 995.543 300,434 394. T50 (747,070) (340.322) (316,078) 1,009.311 1,156.032 515.410 555,298 Deferred incorne relates to membership fees and grant income whith are r1Ved in advance of events taking place and spectfic conditions being meL The income is shown as deferred until tse events or conditions are fully &2tisfied. 18. Cr•dltors: Amounts falllng due after more than one year Group 2024 Gmup 2023 Char 2024 Chailty 2023 Accruals and deferred income 167,773 214,916 167,773 214,916 Page 34
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Flnanclal Instruments Group 2024 Gmup 2023 Charity 2024 Chan'ty 2023 Flnancial assets Finanaal assets measured at fair value through income and expend5ture 19.862.540 18.478.463 19,862,540 18,478,463 20. Provlslons Group Provision At 1 January 2024 Amounts released 410,018 {410,018) Charlty Provlslon At 1 January 2024 151,041 (151,041) The provision had been made for potential lease dilapidations arKI onerous lease payments using assumptions made with input from specialist professional advisors. These liabilities were settled during the year. Page 35
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds SLqtomant of funds - currnnt y•ar Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Transfers Inllout) Income Expendlture Unrestrlcted funds Deslgnated funds Research Fund Charity Fund Ukraine FurKI 2.330,886 990,000 59.271 1700.352) (437,022) (13,535) 59.456 (66.978) 1.689,990 486,000 95.736 3.380,157 (1,150,909) 42,478 2,271,726 General fvnds General Funds- all funds 15,465,623 21,523,728 (18,271,148) {42,478) 1,122,804 19,798,529 ToLI1 Unrestrlcted funds 18.845,780 21,523,728 {19,422.057) 1,122.804 22,070,255 Restrlcted funds Endophthalmitis study Ukraine Fundraising Appeal 1,572 71.740 13.732 (85.472) 73.312 13.732 (85,472) 1,572 Total of funds 18,919,092 21,537,460 119,507,529) 1.122,804 22,071,827 Page 36
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds (contlnued) Restricted furKling relates to monies given for an Endophthalmitis study and a Fundraising Appeal in SUP[ of ophthalmology-related relief for Ukraine and charitable projects supp(xted by ESCRS. The Designated Research Fund relates to amounts committed to approved research 9rants but not yet The Designated Charity Fund contsins funds designated for experKlibJre M charitable donations to be made in accordance with the Sociews discretionary grant policy. The Designated Ukraine Fund contains funds designat8d for provision of ophthalmolog*related rellef to Ukraine. Page 37
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company lirnited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds (conllnued) Statement of funds - prior year Balance at 31 December 2023 Balance al 1 January 2023 Transfers in/out Gain (Losses) Income Expenditu funds Deslgnatad fvnds Research Fund Charity Fund Ukraine Fund 2.609. 181 1.650,C4XI 72,988 (909, 724) 631.429 (359. 136) (300.864) (13,717) 2,330.886 990,000 59.271 4.332. 169 (1,282.577) 330.565 3.380. 157 General funds General Funds- all funds 14.436. 732 18. 793.277 (17. 104.915) (330.565) 271.094 15.465.623 Total Unrestrlcted funds 18. 768.901 18. 193,277 (18.387.492) 271.094 18.845. 780 Restrlcted funds Endophthalmitis study Ukraine Fundraising Appeal 1,572 1,572 81.457 14.408 (24. 125) 71.740 83.029 14.408 (24. 125) 73,312 Totsl of funds 18.851,930 18.207,685 (18,411,617) 271,094 18.919.092 Page 38
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21 Analysls of net assets between funds Analysis of net assets between funds - current perknl R•stricted Unrestrictsd funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investrnents Current assets Creditor5 due within one ar Creditors due in more than one yEar 173.558 173,558 19,862.540 19.862,540 6.799,328 6.800,900 (4.597.398) (4,597,398) {167.773) (167,773) 1.572 Totsl 1,572 22.070.255 22,071,827 Analysls of net assets between funds - prfor porlod Restsicted Unrestricted funds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 194.385 194.385 18.478,463 18,478,463 6.251.780 6.325.092 (5.453.914) (5.453.914) (214.916) (214,916) (410.018) (410,018) 73.312 Total 73,312 18,845,780 18,919,092 Page 39
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Reconclllatlon of net movement in funds to net cash flow from operatlng actlvlt5•s Group 2024 Gmup 2023 Net income for the year (as per Ststement of Financial Actlvities) 3,152,735 67,162 Adjustments for: Depreciats'on charges {Gains) on investments Dividends and interests from tnvestments Decreasel(Increase) in debtors {DecreaseYincrease in ueditors {Decre3se) in provisions Fees and charges on investrnent 20,827 13.885 (1.122,8041 {271.094) (364.7281 (282.670) 919.326 (83, 118) {903,004> 1.406.965 1410.0181 (673,393) 103.455 146.755 Not cash provlded by operatlng actSvltles 1.395.789 324,492 Page 40
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash at bank in hand Overdraft 5.450.895 4.055, 736 (630) Total cash and cash equivalonts 5.450,895 4.055.106 25. Anatysls of changos Sn not debt At31 December 2024 January 2024 Cash flows Cash at bank arKI in hand Bank overdrafts repayable on demand 4.055.736 1630 1,395.134 630 5.450.870 4.055.106 1,395,764 5.450.870 26. Operatlng lease commitments Al 31 December 2024 the Group and the Charity had c(xnmiknents to make future minimum lease pawnents under rM)n-cancellable operating lease as follows: Group 2024 Gn)up 2023 Charlty 2024 Chanty 2023 Not later than 1 year 149,650 55,371 Page 41
EUROPEAN SOCIEfY OF CATARACT AND REFRACTIVE SURGEONS (A company limited by guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27. Relatsd party transactlons The Society has research funding agreements in place with sponsor institutions in relation to Iwo researth projects where tr Principal InveIgatOr is a related paty. A researth fvnding agreement with the Wienna Institute for Research in 0[ar Surgery, with a tolal value of É628,293. was approved in 2016 for the MYOPRED project. whose Principal Investigator is Oliver Findl. the Chair of the Education committee of the charttable company. At 31 De(*mber 2024, the remaining funding available under the agreement was É10.654 (2023 - É52.574). A research funding agreement with the University of Maastricht was approved in 2023 for the Toric-IOL study, wtth a total value of é1,429,245, replacing an agreement with University of Oxford, which was terminated by mutual agreemenL The C(>Chief Invests'gator is Paul Rosen. a trustee of the charilable company. At 31 December 2024. the remaining funding available under the agreement was E928,493 (2023- 61,208.569). A research nd1Thg agreement with Moorfields Eye Hospilal, with a tolal value of 83,178, was approved in 2023 for the OCT-KC project, whose Principal Investigat is Bruce Allan. an elected member of the Council of the Society. At 31 December 2024. the remalning fundlng available under the agreement was 151.722 (2023 - Q23, 178). The Society has consultancy agreements in place with certain related parties under which honoraria are paid for their consultancy seTwces in relation to the Independent Medical Education programme. In 2024, payments totalling Q9.000 (2023 - 650.330) were rnade in connection with these consultancy agreements. The Group entered into an agreement with the Gernian Society of Catsrdct and Refractive Surgery (DGII) in relation to the 2024 Winter Meeting in Frankfurt, under which the Group provided certain facilities at the meeting for DGII. Burkhard Dick. the Secretary of the society in 2024. was also the General Secretary of DGII, and Thomas Kohnen. the Treasurer of the society in 2024, was an Exiended Board member of DGII. The Gr(yJp entered into an agreement in 2024 wtih the Hellenic Society of IntraocAJlar Implant and Refractive Surgery (HSIOIRS) in relation to the 2025 Winter Meeting in Athens. under which the Group provided certain facilities at the meeting for HSIOIRS. Dimitrios Mikropoulos. a COvOPted member of the Council of the sxiety, was at the time of the agreement the President Elect of HSIOIRS. The Group entered into an agreement wilh Eucomea in 2024 in relation to the Comea Day at the Annual Congress. under which the Group would share any profits or losses in respect of the Comea Day with Eucomea on an agreed forniula. José Guell, a trustee of the society, is also a trustee of Eucomea. Page 42
EUROPEAN SOCIETY OF CATARACT AND REFRACTIVE SURGEONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 28. Subsldlary ESCRS Tradin Lirnited The above entity is registered at 5th FlcM)r 10 Finsbury Square. London. EC2A 1AF. United Kingdom, arKI is consolidated as European kniety for Cataract and Refractive Surgeons holds 100% of the shares. The financial results for the were: 2024 2023 Income Expenditijre Profft Net assets 20,404.962 (14.868.889) 5,536.073 3.230.930 17.375.866 (14.044.868) 3,330.998 3,230,933 Amounts ld to European Society for Cataract and Refractive Surgeons are in(JLKled as a creditor (2023 creditor) in It accounts were É108.374 (2023 - É1.504,525). Page 43