Charity regi3tration number 1134105 Company reglstratlon number 68440571England and Wales) EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 eaoo European Acddemy of Optomctry and Optics ,'• xeinadin
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS LEGALAND ADMINISTRATIVE INFORMATION Trustees Ms R Lovell-Palel- President Mrs L StankDv8 Immediate Past PSident Professor J M Gonzalez - Meijome - Vic8 Pr8sident Dr D Parkins- Hon Treasurer Mrs E Lazuka- Nicoulaud Dr D Oehring Professor E Mallen Professor D Nosch Mr M Vogric (Appointed 10 May 2024) (Appointed 21 March 2024) (Appointed 11 May 2024) (Appointad 10 May 2024) Charfty number (England and Waleg) 1134105 Company number 6844057 Reglstered offl¢o 4142 Craven Street London WC2N 5NG Independent examiner He18n Furlong FCCA XaSnadin North Wast Limited 46 Hamilton Square Birkenhead Wirral Merseyslde CH41 SAR
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS CONTENTS Page Trustees report Independent examinevs report Statement of financial activities 10 B81anca sheet 11 Nol85 to the financial slalements 12-17
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial slatements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of association, Ihe Companies Act 2006 and "Accounting and R8POrting by Chariti8s.' Statem8nt of Recommended Practice applicabla to charities preparing their accounts in accordance wilh the Flnan¢lal Reportlng Standard appllcable in the UK and Republic of Ireland (FRS 1021. (effective 1 January 2019). ObJe¢tlves and actlvltles The Obj8cts of th8Acad8my s8t out in its Memorandum and Articles ofA8socialion are the conservation and Improvement of human vlslon for the benefit of the public including but not limited lo.. The development of the Scientific knowledge of oplomelry and optics The advancament and promotion of 8ducalion and research into optometry and optics and related subjects,. and The promotlon for the public benafit of tha scienc8 and pracllce of optometry and optlcs. of professlonal ccampetence and conduct on the part of its members Strategic decisions on the direction and development of the Academy are taken by the full Trustee Board whlch also reviews financial performance. The Board delegate certain tasks to an exe¢utive committee in order to slreamlina processes. The executlve commlttee Involves the President, Vice President, Immediate Past President, Hon. Tr88sur8r 8nd Education Committee Chair. Education committ88 membership 2024: Professor Daniela Nosch- Chair Professor José Manuel Gonzalez-meijome Ms R Lovell-Patel Mr D Moslin Dr C Tromans Dr D Paritzky Dr S Zinken Mr G S¢heuer Professor A Cervino Dr Ving Fal Chan Dr Maria Giulia Muzzi The education committee has delegated responslblllty for programme development. for advising the Board on all stages of optical and optometric 8ducalion and trainlng throughout Europe, and for ansuring that tha Academy promotes and supports activities which enable practitioners throughout Europe lo have increasingly high standards of professional cornpatence. Related Partles The Academy's start-up phase was funded by an Interest free loan from the College of Optometrisls UK. and support was provided by Ihe College until the end 2016. A new loan agreement was signed with the College January 2017. One Trustee is nominated by the College of Optometrists. The Academy is align8d with European Councll of Optometry and Optics (ECOO), which contributes an annual grav)1 and is a strategic partner In supporting the charitable objectives of the Academy. The ECOO Spring Meeling coincides with tha annual confarence ol tha Academy. One trustee is nominated by ECOO.
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 DEVELOPMENT GOALS The Academy works towards ils objects through a series of annual development goab. For the year ended 31 Decembar 2024, these w8re'. Financial Viability R8duc8 governance costs and streamline admin process Maximise membership renewals. Encourage laps8d members to re-join through direct communication. Identify other fund raising and potanlial sponsorship opportunities for 2024. Create new membership opportunities Ihrough the conference, associations and tripartite agreements. Create tripartite agreemenls belween SFK)nsors, schools and the Academy to increase student membership and increase their attendan at the conference Cllnlcal Practice Training D8velop a structured approach to clinical training opportunltlés. Widen scope of training at conference and malch the clinical training needs of confarence host county- Investigate Involvement at other industry and professional partner events. with support from trusteesl members to deliver workshops or lectures Educatlon Develop and promo18 Iwinningl nets1rkS with universltles. Provide CPD accreditation with national professional body for the conference, Academy Hour 8nd other Academy aclivilies. Develop focused workshops on educallon ralalad topics at the annual conference. Continue to partner with the American Academy of Oplometry (A40) who have 8hared educational Speakers. Work with ECOO to support European Diploma in professlonAI development opportunltles. Pilol the onllne leamlng management 3yStem that provides education and training resources to 8UPPOrt the conferenca, sponsors and members. Promot8 Fellowship Programme lo all members and prospective mambers Research Developmont Call for abstracts to promote the conference as the prfncipal venue for research In optometry and opticsln Europe. D8velop workshops and Irainlng for academic staff in research skills at the conferenco Create a mentoring scheme for new researchers palring wilh experienced academlcs at the conference. Identify journal or online options lo publish conference abstracts. Communlcations Implement membership recrultmenl and retention plan. Maximise opportunities for Trustees to Promote the Academy. Publish regular bulletins, social media and e-news updates and promote the Special Interest Groups. Develop website to become a hub of information, Contributa education and research programme to ensure a Ilnancially vlable and 8UGC055ful annual conference in Poznan. Poland 2023 Plan a commercially Successful annual conference in partnership with a host organi5ation for 2024 External Relations Develop a strong proposition with ECOO to help increase attendance at the j'oint annual conference by reduclng polential clash or ovetlap. Continue advocacy work withln Industry and develop plafforms for profe55ionals and educators more prominently lo teach or disseminate knowledge al the conference. Ensure that the Academy is known as th8 leading network organisation in parallel with ils partn8rs by presenting our work at appropriate platform5.
EUROPEAN ACADEMYOF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢hlevements and perfomiance al Achlevernents of the Charlty The 2024 Annual Conference, held in Helsinki. Fin12nd, from 9th to 11th May 2024, was a collaborative event with the Flnnlsh Association for Vision and Eyecare (NAE ry) as the host organisalion. Coinciding with the ECOO Spring General Assembly, the conference provided a key platform for knowledge exchange, anabling professionals to discuss advancements in research, education, clinical practlC8, and policy wilhin optometry, dispensing Opti( and vision science. This 8v8nt support8d th8 Acadamy's charitable objectives, promoling profes$ional education, research dissemination, and collaboration. Kay statistics & impact: Participation: A totsl of 472 delegates attended, with an addltional 40 partiGlpanls j'oining remotely. reflecting strong 8ngagement from the prof&ssional community. Education & Research.. The program featured 36 hours of CPD-accrediled educational sessions and 22 research posters, relnforclng the Academy's commltment to professional development and lifelong learnlng. Wot*shops & Collaboration.. A series of hands-on workshops were held In collaboration with Melropolia University of Applied Sciences, Myllypuro Campus, enhancing clinical training and knowledge transfer. Speclal Interest Groups ISIGS).. Delegates look part in a rang8 of SIGS, which provid8d targa18d discussions and promoted professional networking in k8y areas of expertise. Industry & Sponsorship: 1 S exhibitors showcased innovative products 8nd services, contributing to professional and commercial engagement. The event recelved valuable support from 13 sponsors, 3 exhlbltors, and 2 conference partners, ensuring financial sustainability while upholding the Academy's charitable mission. The Academy acknowledges the collective efforts of the: NAE ry conference organising and communlcatlon8 te8m, and EAOO Education committee and chair, Prof8ssor Dani818 Nosch Their dedlcatlon ensufed the efficlent organisatlon and overall success of the Helsinki conference. The Academy expresses sincere appreciation to 811 Conlribulors and stakaholders. Academy Fellowship Programme., EAOO Fellowship recognises outstanding contributions to optometry and vision science, and in 2024, the Academy award8d Fellowships to eight individuals.. Rakh8e Shah. Aryan Keukan. Esth8r-Simone Wisser, Kyriakos T81amitsi, Olga Prenat, Sandra Block, Christine Alllson, and Glancarfo Montanl. Membershlp.. In 2024. th8 Acad8my achi8V8d an increase in m8mb8rship with: 206 individual members . 228 student members 21 educational institution members 20 profassional institution rnamb8rs This growth reflects the increasing visibility and relevance of our charitable aims, d8monstrating our role as an important platfomi for knowledge exchange, leadership development, and professional advancement.
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 b) Educatlon and Contlnulng Profasslonal Development (CPD) The Academy continued to expand its online leaming initialives and digilal resources and successfully delivered a range of webinars, including: advancements in myopia managernent in partnership with Hoya Vision Care, promoting best practices in clinical optomety in partnership with Fi61mann Akadamie, Academy Hour session8 remain a valuable online learning resource. providing members with regular opportunilies for CPD. The Academy I85ue CPD certlficates enabling members to clairn points from nallonal regulatory bodies. reinforcing our commilmant to support their lifelong learning. Webpages are updated to enhance the experien of our members, partners and stakeholders. Th8 website provides a modern, user-friendly interfac8 Wlth.. • enhanced accesslbillty to educational materials and professional resources, cenlralized hub for industy updates, ras8arch publications, and Academy events, • improved functionality, ensuring seamless access lo CPD malerials and member benefits. To ensure the platform remains a valuable 2nd evolving r8sourc8. we have been consistently updatlng the website with new educational content every month. Additionally, online SIG forums hav8 bean aclivaled. allowing members lo engage in dlscussions, share Inslghls, and collaborate on key topics within Ihelr areas of expertise. These seNe as an interactive space for knowledge exchange, neorkIng and professional gr0h. c12025 and beyond In alignmenl with our charitsble objectives and commitment to advancing aducalion and professional excellence in oplometry and vision care. the Academy is actively working to expand and diversify ils membership. Our aim is to engage a broader, active group of optometric and Optical professionals. fostering a collaborative and Inclusive community dedicated to lif8lcng leaming and professional dev8lopm8nl. Enhancing Leadership & Govemance.. To further strengthen cur govemance and leadershlp, the Academy plans to: nominale up to 14 ambassadors to acliv8ly promote the Academy'8 mission and values, increasing engagement and 8warene88. develop a strong leadership pipeline, ensuring that experiencad and well-mentored professionals carry forward the Academy's legacy and shape the future of optomety. establish clear govemance structures, defining mandates, appointments, and relationships beeen committees, sections, and SIGS lo enhance transparency and operational efficiency. Stralegic Partnerships & Industry Collaboration: The Academy remains committed lo developing strategic partnerships with educational institutions, national professional bodi8s, and industry partners, ensuring mutual benefits and responsiveness to evolving education and practi needs. K8y inili81iv8s include: strengthening collaboration with ECOO to align with European educational and regulatory frameworks. expanding ties with the AAO. fostering international cooperation to advance our shar8d vision for optomelric education and research. exploring new partnerships wtihin and beyond the eye care industry, enhancing interdisciplinary engagement. supporting Growth Through Innovation & Sustainability
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 To sustain and support the Academy's mission. we are focusing on enabling strategies. such as.. public relations efforts to enhance visibility and engagement. digital Iransformation to improve accessibility to educational resources. • creatlve funding strategies to ensure financlal sustainability and growth. d} External Relation¥ In alignment with the Mou, reinforce the relationship bean the Academy and ECOO to 8nsure alignment on shared goals.. strengthen our partnerships with the American Academy of Optomety. and other 8ya car8 Organisalions. le.g. WCO, IAPB, ARVQ, BCLA, IMI.) • cultivate industy partnerships and enhance their financial 8UPPOrt for the Academy • enhance integration of optometry and optics into inlerprof8ssional education and practice e) Structure. governance and management The charlty Is a charllable company Ilmlted by guarantee, incorporated In England on 11 March 2009, and establlshed under the Memorandum of Association, which outlines its objectives ancl powers, and is governed by Ils ArtS¢les of Assoclatlon. The board of trustee's act as the directors for the purposes of company law and a8 Gharity trustees for the purposes of charlty law. The board fomially met slx Ilmes In 2024 and In addltlon, varlous commlttees mel and revlewed Items relevant to their spe7ve areas of 8xpartlS8'. Th8 2023 raport and statement of accounls were submilled to Companies House and the Charity Commission on lime, along wlth Completlon of the charity return. The followlng policles 8nd documents w8r8 updatad during the yaar: Conflicts of inlarest and loyalty pollcy and new conflicts of Interest reportlng form Rlsk reglster Serious incidents reporting policy EAOO twslee role description Internal financial controls and reserves policy Complaints pollcy Rlsk Management: Trustees monitor risk on a continuous basis. The main risk remain5 financial.. that the level of membership incom8, and conf8rence and sponsorshlp gr8nls may not be sufficient lo m8et Operational expens8s and the agreed roservos fund, as woll as the potential loss of the Academy manager. As described in the financial statements, costs are controlled and monllored closely.
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review The Academy was established In 2009 with an interest free loan of up to É100,000 from the Collega of Optometrists for a period of three years. based on profit and loss projections which showed that the Academy would break even cumulativety by the end of 2013. The plan was that deficits would be incurred in the start-up years of 2009-10 but Ihe Academy would stsrt generating surpluses in 2011. In January 2017, the Trustees of the College of Optometrists have agreed to convert some of the outstanding loan into an educational grant, reducing the level of the remaining loan to 623,135 (£20,000). This significantly reduced the ov8rall level of ind8btedness of the Academy. Th8 Co118g8's Trustees have agreed that the loan will be repayable only if Academy was lo b8 wound up. or If it was felt Academy no longer had such need. We are appreciative of this continued 3UPPOrt. During th8 yaar the charity raceived income from donations, granis & subscriptions lotslling É85.098 {2023 72,587) and incurred expens8s of E57,45812023- É54.834), resulting in a surplus ofQ7,640 (2023- É17.753) this added to the funds brought forward ofÉ126,504 leaves the funds Carried forward al é154,144. Reserves Policy: It 1$ the policy of the Board of Trustees to hold in reserve sufficient resources, including the College of Optometrists loan to cover any financial liabilities. The re8eNes figure is Set at É44k a8 of 31st December 2024.
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The Memorandum and Articles of Association provide that the Trustees of the Academy should include.. the President, the Wice President, the Immedlate Past Presidant, one Trustee, nominated by a separate educatlonal Institution that is itself a mamber of the Academy, one Truste8 who has been involved in delivering educalion, on8 Trust88 who has been a practlclng optometrist or optician, one Trusteo appointed by the European Council of Optornetry and Optics one Tru5te8 appointed by the College of Optomelrisls Trustees are elected by the members for a perltyj of three years. Retiring Trustees can stand for r8-election al th6 Annual General Meeting but may not serve more than consecutive terms, The Vice President is also elected by the mambers for a tem of years. On completion of this larm tha Vica Presidanl shall becom8 th8 Pr8sident and seNe for a lem of bNo years. On completion of this term Ihe Presldenl will become the Immediate Past Presid&nt and serve for a term of hvo years after which he or she Shall retire frorn office. Existing Trustees can co-opt an addltlonal Trustee or fill any vacancies. The Academy Manag8r Is Dr Krlstlna Mihlc, who provlded servlces on a part-time basis. Dr Mihic's time commitment varies depending on workflows and priorities. Additionally. the Association of Oplometrists Iland (AOI) provides administrative and financial seryices, based on 4-5 days per month. The Trustee Board tskes stralagic declslons regarding the direction and development of the Academy and regularly reviews its financial performance, To StamIlne decision-making, the Board has appoinled an Executive Committee, which indudes the President, Vice President, Immediate Past President, Honorary Treasurer and Education Committee Chalr. The Education Committee has been eslabllshed by the Trustee8 lo over8e8 and support Ihe d8V81opment of the annual conference prcgramme. advise the Board on optical and oplometric education and training across Europe. and ensure tho Acad8my's commitment to promoting and supporting Initiatives that enable hlgh standards of professlonal competance across the profession. In the 8vent of the charity being wound up, each member of the Board ol Trustees guarantees lo contribule maximum amount of £1 to the assets ofthe charity. As of 31 December 2024. tha total number of guarantees was 9. The Trustees are members of the chanty and ara entitled to voting rights at meetings. However. they do not have a beneficial interest in the charity and do not receive any financial benefit from the Gharity beyond their right to vote. The Truslee8 are also the directors for the purpose of the company law, and those who senfed during the year and up to the date of signature of th8 financial statements were.. Ms R Lovell-Palel- Presldent Mrs L Stankova- Immediate Pasl President Professor J M Gonzalaz - Meijome - Vice President Dr D Parkins - Hon Treasurer Mrs E Lazuka- Nicoulaud Dr D Oehring Professcr E Mallen Professor D Nosch Mr M Vogric Ms E Grisdale Professor J Rumn8y - Past President (Appointsd 10 May 2024) (Appolnted 21 March 2024) (Appointsd 11 May 2024) (Appointed 10 May 2024> (Reslgned 11 May 2024} (Resigned 10 May 2024)
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees port was approved by the Board of Trustees. Ms R Lovell-Patel - President Trustee 17 May 2025
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS I report to Ihe Trustees on my examinalion of the financial slalements of European Academy of Optometry and Optics (the Charity) for the year ended 31 Dernber 2024. Responsibilities and basis of report As the Trustees of the Charity land also its directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having $8tisfied myself that Ihe financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent axaminalion, I report in respect of my examination of the Charity's financial slalements carried out under section 145 of the Charilies Act 2011. In carrying out my examinatlon I have followed the Directions given by the Charity Commission under section 145{5){b) of the Charities Act 2011. Independent examinerfs statement I have completed my examination. I confirm that no matters have come lo my attentlon In connecllon with the examination giving me Cause to believe that in any material respect.. accounting records were not kept in respecl of the Charity as required by section 386 of the Companies Act 2006. the financial slalements do not acGord with those records., or the financial statements do nol comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements glve a true and fair vlew, which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statement5 in accordance with the Financlal Reportlng Standard applicab18 in the UK and Republlc of Ireland IFRS 1021. I have no Goncerns and have come across no other matters in connection with the examin2tion to which 8ttentlon should be drawn in this port In order to enable a proper understanding of the financial slalements to be reached. Helén Furlong FCCA Xelnadln North W93t Llmllgd 46 Hamilton Square Birkenhead Wirral Merseyside CH415AR 17 May 2025
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Unrostrlctod funds 2023 NotOS Incoma from: Donalions and legacles Charitable activities Membership Services Conference 15,000 5,000 45.028 25,070 42.074 25,513 Total incom• 85,098 72,587 Expendlture on.. Charitab16 activiti Mémbarship Sarvices Conference 57,209 249 53,805 1,029 Total charltablo expandltur• 57,458 54,834 Total expenditur8 57,458 54,834 Nel Income and mov8m•nt in funds 27.640 17,753 Reconclllation of funds: Fund balancas at 1 J8nuary 2024 126,504 108,751 Fund balances at 31 December 2024 154.144 126,504 The statement of financlal activities includes all gain8 and losses recognised in the year. All income 8nd expenditur8 derive from continuing aclivilies. 10-
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Curr•nt assets Cash at bank and in hand 205,126 172.233 Credltors: amounts falling due within one year 11 127,847) (22.594) Net curr•nt 8$get$ 177.279 149,639 Credllors: amounts falling due after more than on6 yoar 12 (23,135) 123,1351 Net a$gelg 154.144 126,504 Th• funds of the Charlty Unrestricled funds 14 154,144 126,504 154,144 126,504 The Company 15 8ntilled to the exemption from the audit requir8m8nl contained in section 477 of the CompanlesAct 2006, for the year ended 31 Decernber 2024. The direciors acknowledge their responsibilities for complylng with the requirements of the Companies Act 2006 with respeGt to accounting records and the preparation of financial statements. The members have not required the company to obtain an audlt of Its flnanclal statements for the year In question in accordance with section 476. These financlal ststements hav8 been preparèd in accordance with the provisions applicable to companies subj8Ct to the small companies regime. The financi statements were approved by the Tru81ees on 17 May 2025 Ms R Lovell-Patel - President Trustee Company registration numbar 6844057 (England and Wales} 11
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity information European Academy of Optometry and Optics is a private company limitèd by guarantee Incorporatad in England and Wales. The registered office is 4142 Craven Street. London, WC2N 5NG. 1.1 Accountlng convenllon The financial statements have been prepared In accordance wlth the Charity's governing document, the Compani8s Act 2006. FRS 102 Tha Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended PractlC8 applicable to charities preparing their accounts in accordance wilh the Flnancial Reporting Stsndard 8ppli¢able in the UK and Republic of Ireland IFRS 102)" The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charilles not to prepare a statement of cash flows. The financial slatemenls are prepared in euros, which is the functional Cufrancy of the Charity. Monetary arnounts in these financial statements are rounded to the nearest É. The financial ststemenls have been prepared under the historical cost convention. The principal accounllng poIici8s adopted are sel out below. 1.2 Golng conc•rn At the time of approvlng the financlal statements. the Trustees have a reasonable 8xpectatlon that the Charity has adequate resources to continue in operational existence for the foraseaabla future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable fundB Unrestricted funds are available for use at the discretlon of the Trustees in furtherance of th81r charitable objectives. Restricted funds arg subj6Ct lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restrlcted funds are set out in the not88 to the financial statements. Endowment fvnd5 are subject to specific Gonditions by donors that the capital must be maintalnad by th8 Charity. 1.4 Income Income is recognised when the Charity is legally entitled to il after any performance conditlons have been met, the amounts can be measured reliably, and il is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the Charlty has been notified of the don8lion, unless p8rformanc8 conditions requir8 deferral of the amount. Incorne tax recoverable in relation to donations recelved under Gift Aid or deeds of covenant is r8cognis8d at the time of the donation. Legacies a recognls8d on recelpi or otherwise if the Charlty has been notif18d of an impending distributlon. the amount is known. and receipt is expected. If the amount 15 not known, the legacy Is treated as contingent asset. 12-
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Contlnued) 1.5 Exponditure Expenditure is recognised once there is a legal or conslructiV8 obligation to transfer economic benefit to a third party, it is probable that a transfer of economlc benefits will be requlred in settlement, and the afflounl of tha obligation can ba measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity, Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single acttvity are apportioned between Ihose activilies on a basis Consistent with the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciation charges are allocated on Ihe portion of the asset's use. 1.6 Cash and cash equivalenls Cash and cash équivalents Include cash In hand, deposlls held at call with banks, other short-tem Ilquid investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets, which inGlude debtors and cash and bank balances, are initially measured at transaction pric8 including transaction costs and 8re subsequently carried at amortised cost using th8 effective interest method unless the arrangement constitutes a financing transaction, whare the transaction is measured at the present value of the future receipt5 discounted at a market rate of interest, Financial assets classifi8d as receivable within one year are not amortised. 8aslc flnanclal Ilabllltles 88sic financial liabili118s, including credltors and bank loans are Inltlally recognised at transaction prlce unless the arrangement constitutes a fir)ancing transaction, where the debt instrument is measured al the presènt value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one y8ar are not amortised. Debt instrumenls are subsequently carried at amcrtlS8d cost, using th8 8ffectiV6 interest rate method. Tradé cradilors are obligations to pay for goods or seNices that have been 8cquirad in the ordinary course of operation8 from suppliers. Amounts payable are dassified as current liabilities rf payment is due within one year or 18ss. If not. they ar8 pr8S8nted as non-current liabilities. Trade creditors are recognised inltialty at trdnsaction price and subsequently measured at amortised cost using the effective interest method. Derecognftlon of flnanclal Ilabllltlés Financial liabilities are derecognised when the Charity's Contractual obligations expir8 or are discharged or cancelled. 1.7 Employee beneflls Thé cost of any unusad holiday enliUem8nt is recognisad in the period in which the 8mploy88's servic8s are received. Temination benefits are recognised imrnedialely as an expense when the Charity is demonstrably committed lo terminate tha &mployment of an employe8 or to provide termination benefits. 13-
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accounllng estimates and judgements In the application of tha Charity's accounting policies, the Trustees are r&quirad to make judgements, estimates and assumptions about the carrying amount of assets and liabilities ihat are nol readity apparent from other sources. The eslimales and asso¢lated assumptions are bas8d on historical experience and other factors that are considered to be relevant. Actual results may differ from these estlmates. The estimatés and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the poriod in which the gstimate is revised where Ihe revision affects only that period. or in the period of the revision and future periods where the VIsion affects both current and future periods. Income from donations and legacies Unrestrlcted Unroslricted funds funds 2024 2023 Grants and sponsorship 15.000 5,000 European Council of Optometry & Optic8 Hoya Holdlngs N.V. 5,000 10,000 5,000 15,000 5,000 Income from charltable activlties Unrostricl•d Unr•8tricted funds funds 2024 2023 Membership Services Income 45.028 42.074 Conference Income 25,070 25,513 70,098 67,587 14-
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charltable a¢tivilles Membershlp Conference 8orvico$ 2024 Total Membership Conforonca Serrflces 2023 Totsl 2024 2024 2023 2023 Dlrect costs Website & compulers Consultancy Travel & accommodation Conference Sundry 7,545 35,260 4,586 7,545 35.260 4,586 249 233 18.290 19,922 6,438 18,290 19,922 7,467 1,029 249 233 47.624 249 47,873 44.650 1,029 45,679 Shar• of Bupport and govemance costg (Soe noto 6) Govern8nce 9,585 9,585 9.155 9,155 57,209 249 57,458 53,805 1,029 54,834 Analysls by fund Unrestricted funds 57,209 249 57,458 53,805 1,029 54,834 Support costs allocated lo activiti88 Mambérship Servlces 2024 Total 2023 Governance 9.585 9,155 Not mov•m•nt In funds 2024 2023 The net movement In funds is stated after chargingl(crediling): Fees payable ftir the ind8p8ndent examination of the charity's financial ststements 2,142 1,730 Trustees Travel & accommodation expenses were paid directly by the European Academy or reimbursed to the trustees totalling E3,798. (2023 É3,924) All expenses were Incurred In the course of duties as trustees. None of the trustees received a salary or any olh8r b8n8fits from employment with the charity in the year. (2023 EO.00) No charity trustees received paymant for professional or other services supplied to the charity12023 £0.00) 15-
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The averag8 monthly number of employees during the year was: 2024 Number 2023 Number Total The charlty has been managed by freelance consultants reporting to the trustees. There were no employees wh08e annual remuneralion was more than E60,000. 10 Taxation The charity is exempt from taxation on its activiti88 because all its income is appli8d for charitable purposes. 11 Credltors: amounts falllng due within one year 2024 2023 Notes Deferred income Trade credStc Accruals 13 25,605 100 2,142 20,600 1,994 27.847 22,594 12 Credllors: amounts falllng due after more than ona year 2024 2023 Trade creditors 23.135 23,135 13 Deferred Income 2024 2023 Other deferred income 25,605 20,600 Deferred income is included in the financial statements as follows- 2024 2023 Deferred income is included within: Current liabilities 25,605 20,600 Movemenls in the year. 16-
EUROPEAN ACADEMY OF OPTOMETRY AND OPTICS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Deferred Income Icontinuéd Deferred income at 1 January 2024 Released from previous periods 20,600 5,005 22,160 (1,560) Def8rred incomo at 31 December 2024 25.605 20,600 14 Unrestrlctsd funds The unrestricted funds of the charlty comprise the unexpended balanc8s of donations and grants whlch are not subject lo specific conditions by donors and grantors a5 to how they may be used. These include deslgn8ted fvnds which have be8n s8t aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng Resources resourc08 expendod At31 December 2024 General funds 126,504 85,098 (57.458) 154,144 Previou3 y•ar: At 1 January 2023 Incomlng Resources rosourcas •xpended At31 Decembor 2023 General funds 108.751 72,587 (54,834) 126,504 16 Relalod party tran¥actlons The College of Optometrists has provided an inler8St free loan to EAOO. The ba18nce at the yegr end is 23.135 (2023 Q3,1351, il is only repayabl8 if the Academy was to be wound up, which 15 not anticipated currentty. 17-
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