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
Inde￿ndent 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 incorpo￿ted 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 Im￿antatiOn and refractive surgery and the dissemination of the usefijl reS￿ts thereof.
ESCRS has one whc4ty owned subsidiary. ESCRS TradlrYJ Limited, kn prin(apal a￿1VI￿eS 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 parti￿lar. 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
CoMpan￿S 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 CO￿pted
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 SeC￿tsry is Ihe exeoJtive offi￿r 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
r￿leCtIOn 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-P￿S￿denl
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, thr￿h 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. appli￿nts 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 perf0M￿nce. 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 I￿rsaTieS.
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 rr￿tingS 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 advan￿ment 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 A￿dernY 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 opl￿nty 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 re￿nI 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 ext￿melY 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 m￿A-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 hIg￿￿resOlUtion 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 va￿8 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 an￿lere 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 V￿re 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 proV￿e 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 COng￿sS is
planned to be held in Copenhagen, Denmark in September 2025. The exhibition space at the Copenhagen
Congress is al￿adY 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 sury￿uS 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
S￿￿￿1{der￿lt) 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 D￿mber 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 Rese￿eS 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
aV￿re, 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 ap￿1 them consistently.
obseNe the rnethods and principles of the Charities SORP (FRS 102):
make judgements and accounting estimates that are reasonable and pr￿lert
state whether applicable UK A(*ounting Standards (FRS 102) have been foll￿d. subject lo any material
departures disdosed and explained in the financial ststements:
p￿pare the finanaal statements on the going concem basis unless it is inapprO￿te 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 G￿up and the Charity and
hence for taklng reasonabje steps for the prevenb'on and detection of fraud and other irreg￿anties.
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 act￿rdance 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 Ir￿uded 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 kr￿wledge 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 T￿lved 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 mc*e filly in the Trustees, ￿SpOnsIbl11118S statemenL the Trustees (who are also the Directors of
the charitable cornpany for the purposes of company law) are reSp￿sible 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 Y￿bSite 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 deS￿ned 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 Compan￿5 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 Obl￿atiOn can be measured reliably. Expenditure is da￿fied 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¢¢n￿d 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 eC￿nomiC 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 ConSol￿ated 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) h￿hlY 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 w￿1 pay to settle the debt or the
amount it has r￿1ved 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 Inte￿St 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@S￿nstad 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 eXp8Ct8￿OnS 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 balan￿S 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 re￿iVed 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 De￿rnber 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 Und￿L9kingS
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 r￿1Ved in advance of events
taking place and spectfic conditions being meL The income is shown as deferred until t￿se 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 Inve￿IgatOr 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.
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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 l￿d 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).
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