Foundatlon of the Soclety of Retlna Specialistg IAcompdnylimlt4d byguaRntaÈ. Dothavlng a6h4r8 caplWI Annual Report and Audited Financial Statements for the financlal year ended 31 December 2023 CompanyNumber. 07472064 Charlty Nurnbw: 1140791
Foundation of the Society of Retina Specialists IA ¢•mV•f)y Ilmltqd by nut havlno • $hawo Capttall CONTENTS Page Reference and Administrative Information Directtsrs, Annual R6pLYt ststèment of Dlrectors, Responslblllties Independent Audllorfs Report 8 -10 StalemBnt Df Winanclal Activlties 11 Balance Shgel 12 Stslement of Cash Flows 13 Nots5 to the Financlal Slaiernents 14-20
Foundation of the Society of Retina Specialists IAEomp3nyllmttEd byguaTrntee, Jtut having a sharB rawtall REFERENCE AND ADMINISTRATIVE INFORMATION Diractors lstalr ialdlaw An8t Loewen51 Edoardo Midena NicDle Eter ReinierSchlNig¢maM Jens FoRe Kulg8Hrd Carollne 8ver Palric4a Udaundo Mir•te Sèbastsan Jnkemag81 Bart LeTOy CharltyNumbor ID England artd Wales 1140791 Company R•g15htlDn NumbÈr 07472064 Reèl$tÈred Offl¢ Th& Scalpd. 18th Flotsr 52 Lirne Street London EC3M 7AF United lfjngdorn Adm4nlstratlve Address Office 17 The Old Staoon Hse 158 Main Street lackrock Co. DubSin Auillttyrs AdvanlageA¢ty)untancy &AdwsoryLtyf Chartered CettifiedAccountants and StatutoryAuditor¥ AyalDn House 7 Calhedrd Ro Cardiff CF119HA Bankers Bank of Irdand 28 Main Street Blackrg(* CD Dublin Ir818nd Solicltors Ch8rtes Russell SFe8chtys LLP 5 Fket Place London EC4M 7RD Ltnited ngdorn Investhiont Bankers Cr•ditSillsse 5 Cabot Square London E144QR United lfjntylom
Foundation of the So¢iety of Retlna Specialists
IA¢omparty Ilmiied by guara51tofj. h8n5 a sharp pItalI
DIRECTORS. ANNUAL REPORT
for the finanGÉl ygar ended 31 Oecember 2023
The diractors present thelr Dir8clor5' Annual Repod. combining the Dir6¢tors' Report and Trustees, Report, and tho
audll8d cons0datad fift81 statemetts fof the financial yearended 31 Oecernber 2023. The dIrtsr5 have adopt8d
tha provi510n5 of Ihe Stslement of RÈtommended Pwtice ISQRPI 'A(uunting and Rtsportlng by CharlUa$" IFRS
1Q21 in preparing the annual report and con¥oiidated fantIal stal8m&nts of the group.
ObjoGtlve5 and aCtfvIss of thè &ocl•ty
Foundati¢n of Ihe soety of Retina Speualists IEUREnNAI w8s incorporabd on 15 DecembBr 2010 und8r the
Companies Act 2006 as a Company Limita by Guarantea and not having a Share C8plt81.
Th8 charitable company Is regi8tsr8d with the Gharily Commls5ion In the UK- Number 1140791.
The ObJe[veS for whlch charfioble company b8 05tabli5hed ara to sdvonctt catiOn for tr8 putstic b¢n¢fflt by111
promoting the exchsnge Of thowl8dg8 belween retinal and macula spi011 In Europe (ill stimulating and
enfjouraging r8ty.nal and macula rese¥ch in EuTOP2 Iliil promoting the publlcation of the useful re¥ults of the cheritys
work lfvl keeping eonlad wlth slmilar groups In other counlrifys, and Iv) suppong rEtinal and macula resèar¢h and
8ducation by Ihe prO$10Th of finanaal 5pPortan1¢r5palI$ $upport and 8dvlce.
EUREfiNA ha$ on8 vthotly owned subsldlary, EUREfiNA Tradfftg mIled, whose prlnclp tIVE2S indudè
arranging gnd hostiro the gnnual congross of EURETINA. EVRgfiNA Tradng Umiled dongtes SuuS èach year
lo the ¢harltab18 COrnP3ny U[£[ the UKGnl Ad rules.
Publiobenb
The direGk)rs have r8ferEd to the guldance contained in Iho Charity Commission's general guidonr• on Publ benefit
when reviewing the 50rA¢V$ alm8 and cbjecbves and Tn planning its future acvthes. In pathular, the dire¢tor8
consld8r how plann8d athvities will contribute lo th& aims and obiectiYBS that h8ve bgen $¢L
The purpose of EUREllNA is to ènsure the best posslble outcotRes and quallty ef lifB for paents wlth rellnal an
rnaculdr condilicrt)s. Through EURFnNA5 alms of irnprDvlng 8ducatlon and Stsndards in spedalty acr055 Europè.
patients retinal and mawla condiltons and thè wlder public Jro our maln bèriefickqrlès. Tr funding of origlnal
re5earGh Gontnbules to the d6¥ek>pmenl of thi5 fipld of ophlhalfflolDgy. the educat5on of Its prxtits0rie, and
ulurnatelyta bBtsr paon1¢are.
8truetUf8 govem3nGEarHE rrnemot
The goVerng documents oftr8 charitable cotnp4ny are Its Menwrandum and ArtiG5 of Assoclation.
The Gharitabl6 company h8s a Board of Dlroctors, who have overdll responsility lor Ihe proper managemefit of the
¢harfiable compan$ busineES. These directQF5 are appolnled to a four.y8ar tem of Offic£ the 608rd, and may b8
r8lected for a lurthar four-year terwn. Thtr Beard is supported by Exéculpie ComrritteFJ. which is a sub&tt of the
oard arKJ irbt>Jdtrs Spe¢rfallY the Present, Past PsItI&t, Incoming PresA4Ént 2nd Genera5 Slary of the
SOGiety.
The Board moy also appoint syb
Foundation of the Society of Retina Sp8ciallsts IAcompanyliThlt8d by guarantse. nothavinga share Capltall DIRECTORS, ANNUAL REPORT lor the financial year ertded 31 Decernber2023 Alistair Laidlaw Ramin Tadayonl Frank Fh)Iz Anat Loewenstein Edoardo Mdens Mcolo Eter Reinier Schling&mann Jèns Folke KiilgaaThl CarfAlne Klaver Pakn¢i8 udadD Mirete MèTtin Sebasban Ankemagel Bart Leroy lapWnl8d 05110120231 Th& dlrector8 not retim by rolatlon. Thertr are no wntrarts ar 8rrangernenls of any gnifieance In relaJon to Ihe bushess djaritablè corroany or group in wluch the Lfir8Ctors had w intarest 8s deffine(l in the Cornp8nigs Act2006, at any time durfng the year. (deaSed 19104r20241 1ftswJned 0511012D231 (oppolnted 051101231 Achlevemnts and perfonnance Eurèllna rOniseS that competen¢9 8nd authorify are essentipl, tod8y more than evor. In thè devQk)pMt of $ustsinabk3, effeGtivo sck8rce-based dlagnostic ond thepeutiC sdubons for b(inding retin4 di$e#$es. EUREfiNA lakes an active roje kn shaping the futsjre of the $ubspecialty. The Sotsety also works to address the unrnet needs of both Dphthalmokjglsts tholr ptnts. The moin athlfjes undertaken in 2023, indudTng thos6 of the Ix)mp8nYs subsithary. EURETINA Tradlng Limited. o sèt out b0w. (a) Meetlngs The amual congFess is thg hvJhlight of the EUREnNA Ix18nd8r. At the annu8J congr, the mosi UP to date infom8fion on npw developments in the field of retina 1$ presented lo delegatss atrros$ rwmerous modLlss and symposvd, brging them up to datewth procedUOS and deYelopTnents wthin IheiTown reg8 snd 18r beyond. The Eurekna 20f3 annual rongress took pla in person in Am&tsrda The meakng was a huge sucre55 was axtremely well supported hilh e,714 regk4tered attendees. Delegates carne fr9rn 117 courfriès which is an ongouw &ndi¢auon of the worklvid¥ ach and relwdnc& of the sothety. Ib) PsWicedon$ Ophthalmologlca, the officlal icwrnal of EVRETIMA, PLthli5hBd SIX online tssue$ In 2023. T¢ dats. guIdene$ tsn three thic41 aTea8 have be deveksped ar published. (c) Onllne educatlonalresources The EUREnNA website con80lithtes Ihè k8y educational resource5 of socrety in one place. These include= EUREtINA On Demand, contsininj an onSne library of confrrenre p&ntationsfr¢M the last two yoars EURET1NAlsI9ht a Ilbrary of CME aCCdIed e.Leaming COUT5es EURETINA Brief, a Eb-based digit rnagaxne delivering up-tale sutnmary briefs on a rang8 ol lopl¢¥ of Intsrestto reUnJ clinicians, 5peri31tsts and reseaTclrs across Europe EUREnNA Education Fonjm ¢ontaining industry$upkwrtad Indepetmlent Medical Education material EUR¥nr4A Mernbars, Forum, whEre mambars can diswss rebTra news and neTk globalty EUREnNAs Webinats, Debates, Case Clubs and archive ol recorded inteTviews and panel dtscusons wtth èyrts in retina TaMng IEu)Relna- regularpodeasts abDUtthe tstest rIn scdence news and GuTrentupdates on ÉURETIN The aim of these resources Is to 8XP¢rt4ed 8dLk8tional resources tr as e a popu181ion of tin? speaa115ts 8s posslbltt. (dj Sclonllff¢Yoseorcfv The Souety has 8 fornal proces5 for th? fiJnding of Barch projÈots under the gUREllNA Retlnal Medicin8 Ckntcal Researth Fundwg Call. Undar process, applKEDns ar8 invited and reviewed ty an extemal panel of ernin&nt judges. Funding for any amount up to é300,OQQ can be sought by dinic4ans and reseatGhÈr8 wtto hold FUR)NA memb&rship. the programme was estatTshd in 2018, the suoety ha5 re8 8 high numbw of hlgh-quahty sUbmi10ft$ and progressed deven.
Foundation of the Society of Retina Speclalists IArompany I111¢e bygW?rAIlt, not havin9 oGhar• capltall DIRECTORS, ANNUAL REPORT lor thè fin8ncial year endecl 31 December 2023 In 2019. a onf res8arth fundlng call was mad8 to fvnd dinical res¢4rch trials to address the best treatment optson for Submacular Haenorrhage caused by Aue-RèlalÈd Macular Deg8ner8ll. Th8 irNtiallve ha5 been set up conjuncbon with Fightfor Sight. Funding of G8P£1.8gm wlll be madè 81&A& OV8r 5 years to the wlnnkno appmcanl, KItYJ'5 College London. (gj Obsofrvorshlp programme Trainee obseJvership5 available annually for allgible, selected doctors to Gpend a p0 ol observarship al an 2pprwed European centre of expertise. É1.500 is offeied to edGh suwessful c8ndidat6, as well as access to a list of pres110$ training ¢ontres. Ten observershlps were awarded sn 2023. (4 Membwshlp ofEUyE EUFFfiNA cofttknue5 to be a rnber of EU-P, the Europtsan Ajlanco for Visirn Rosearch and Ophth8lmology, hich lobkn&s at EU level to Incrèasè polrfical awareness and fundsn9 for ophthalmology and VISI earch. EURETINA SuPprtS this cause financially and Ihrough representabon of EURETINA board members on the EU-EYE board. (gj EURETIPIAIEBO SubsFeclaltyR¢tin• £¥am EURETINA has developed a 5ub5peualty tia exam In aSsociaOn Iwth the Eurtwo&n Bo8rd ¢1 OphthalmdLYJy IEBOI. Tre first exarn took aGO In 2023, targtsting reuna specialEsts in Europe. The purpose of the oxarn is Ihé harmonisstion of educatiM across 1 European c¢unkn*s ond successful caDdid3tes will bp awarded s dlplorTra and titIB,' Femowef the EuropeBn Both of Ophlhalmology in tha sub8peci8tty of R&na. (h) Mentorshlp EURETINA is deJight9d tg a)ntu@ Its M8ntership Programme for R8tina Specia15ts. now in ts thlrd year. Thi8 Mantorshlp Programme l& designed to support the prole55nal dev81oprNdnt of promising rellna specialists. Up lo 6 monlee5 6electsd each y83r thUgh a m8mber5' appll¢ation preSs. The progratnma Indud8s career developtnettt skills ¢ou1$85 and netrworking opportunitips, a5 wéu a3 persona5 e40O $S1on$ mentorB and menlees. Ml rneetings face to fa¢8 where possible and rllentee Iravel expènses. as well as EUREllNA Congr&ss fees dufing Ihe term ofthg pragrdmm8, arp covered by the soG5?ty. (Q EURETINA Wornèn RellnA Programrna The BDard of EURETINA Is cemmilled to maknng th8 soclety an Inclu51ve &Nrn[ent wher8 Its contrlbutor5 and fdkwers have equal opwrtunity to thrive in the fi8ld ofietina. Th6 goal ot the EURETINA Wornen In Retina prograrme to nurt&'re diVety by giving all gertders tqual opportunity at all levels in ihe field of rebro. Tha programme a150 aiTns lo edurAte th8 widpr LWilhdmiG Gotnmunlty by 8UPPOrting initlalve$ alntsd r8mov& unfaLr ob5tad95 to Ihe protèssiond davelopment of pronusing women worklng in sci£nce and cara in retina. The cDre foundation Df th8 Women In Retlna PlDgrdmme 1$ Ihtr bellef that the best innovations happen when divetstr people wllh dlff6r6nt P6rspecti¥e5 rllaborat& The Inlualvs will hesp the 5D¢loty to hainess the50 pBr5ctivPS, to challenge way things ar¢ dont and atbw for Ihern lo be don& belter. Plans forlutyre peritsds EURgfiNA wll continue lo taks an a¢iwÈ positiv8 role in shaping futui? Df th8 sUb-speG1liY ¢f rouna, In Ilne with thB objectNes getotst in its slrateglc plan. Prlnclpal rk5k5 and un(ertaln¢les Annu31congrgs5 Th6 rnain 5ourc8 of inGome to tha so8ty is ts annual Gongrtss. A key risk Iherefor8 to ihB 9roup 1$ a fall or 5ignifiraIJY GUflaAed onnual cortfeignc8 antl Tosullant loss of Income that would 81È8e. This includes Ihe dsk to an ann81 congres5 from an act of terrod$m or, as transpirèJ kn 202D and 2021, from a p8nd8mic. Ther8 is also the risk Ih8tchangg5 In condllions accvr, over lim8, which reduce the 3ttradivpnp5s and ral8vanco ot laryg annu81 tneÈUng dÉvobped around a sGientific wagromme. The dlrectors Mal? Ihese risks Whe p0Sb by taking Insurance for each GoTrferenGe agalft$t In5urable risk5, and maintainlng suffiaent resepKs to eDsuro tr6 soGiety ¢guld continu8 its operations tsninterfupted in 5vch an event whlle akern81i¥e revenue sources were develop8d.
Foundation of the Society of Retlna Speclallsts IAwmpÈnylirnited by guarantew, nothaving a Sharè tapitall DIRECTORS, ANNUAL REPORT for the finan81 year 8nded $1 Der8mber 2023 Financial revlew Consthnt vdth r8serves wlicy, the Group uwised reserve5 durirwJ 2023. incunfjng a fIt Of.l4,408 In the year. This rompargs to a defldt of W7,085 in 2022. The rewur¢e$ avaa& to the group and those expended durin9 thB year are set in the Consolidat8d Slatementol Financial Activibes. The EURETJNAgroup is in a h8allhy finanal position. This will ensure the CLtinu$¢ fvnding of newÉducational initiatives and rw&èarckn prolects. Re8gn¢$pofi¢y The reserves poli¢y take8 into considerdtion the major risks that could affect EUREfiNA in fh2 fulutt and princlpally the threat pufjed to the income of Ihe sotyèty IhrougFt a lali ed or slgnificanty ourt8iled anntRI congress ¥JhetheT due to a pandernyc, coryethbve factOTS, an ad of God, 8¢ts of terror. or th¢ poténtsl w¥Wrawal over tlme of fundiw from clxporate Jpport8TS du8 to legislative 2nd regulatory change5. The rE6erves poliw Is desfgned to aUDw EURETINA to conllnue running its athiti88 UThnleTrUp ft>r at IEast a 1 y&4r periL¥J, durfro pr¢je¢ts wwld be re£Vudted depending on the level of suctes$ ift generating nv Tavenue slrearn5. A¥wIrj at 8st a l year period wtsd help tc rninimise Ihe rfsk ol comprorni8ing thè obj¢¢tstres and core actiwtie5 of EURETINA On basis, the diTrdor8 COnder that the rBquired level of r&adily usable re$erwos should be E4m. Tr1$ compwes to UnTe5triGt8d gen8r81 reserves a5 $hown in the audited aciunts trf f4.19m P022.. fS.61hl. There is therefts a surplus above Ihe reserve reqwrerTrenl of É0.19m. Th8 directors are aware of the surpbjs ffi unrestrict8d fuThds and are UD¢jertaDg a rdnge of addthDnal acbvlt18S that should see the depknyrnent trf the remairtg Surplus on altiOnal tharitable a¢triitles In th6 nearttr medium IèTrn. lrtvethgnts The IntMeftt strategy Is to acNeve a balan¢d portfolio wlhin the cotstOXt Qf a lovHi¥k approath that primarilysim5 to Preserve the funds real eaptsl value and. in addthon. ¢arn a mottest retum. Investments are made nslderation of a 2-5 yeartimèfr8m8. The return on the sod8ty$ InVtMent portfdv) in 2028, ntoflee5. was 3.Wfi. Golng con¢ern and futhre byslnes5 ¥UVtrt$ 1$ expected that the annual meeting wll contTnua In a fonn8t similarto 2023. and Ih¥t the surplu8es from the meetings altow EURETINAt(I rA>ntinue all tts cor8¢table activities going fDN¥ard. On thls basis Ihe diréctws are eDnfidBnt that th8 group wJl continue M operation81 extstonce and that the )Fnan&al statements should ntiryJe to b drawn up on a going concem basis. Polltlcal donations No pdifjcal dorBtion5 were made during th¢ year(222. ÉNAI. Charitable donations No chaTitsbb dtsnaloro werernadé durtng tha year12022: ENIEI. Indemnity insuTancg The group pUrGha5p and maintained, thrOughrt the finanLyal yoHr. 01recio and Officers, Uabllty Insurance In r88P8Ct of dw¢¢tprs.
Foundation of the Society of Retina Specialists IAGqwnp4ny Ilfflltfrd by guwantee. not having 3 ¢apllall DIRECTORS, ANNUAL REPORT or the finaTraal year ènrJÉd 31 D&cember 2023 TheAudltoT The audltors, Advantage knuntanGy & AdiqsDry Ltd (Chartered GoNfi¢d Awuntsnls and StstLrtory Audllorsl have Indlcated theirbYnlngne&&bJ£ontinue In 4ffl¢8 In accordanc4wlththp provlslons Df Secticin465of Ihe Comp8n Act2006. Sp8clal prtsvlslons relaljng to small 4ompanlei The abovg report has been prepaffjd in accordance wth lh¢ Speci provisions ralalng to small ts)mpgni8s witlin P8rt 15 ofthe Comp&nKs Aot 2006. statemont ol r81ovant audlt lrtfornutlon In 50 far as the threctorsaie gware: there 15 no [vant 8udit informallon linfomation needed by the group's 8uditor in wnno¢tion th preparing th¢ auditorfs report) of which the group's th1Or Is unaware, 8nd the dlre¢ii¥s hav8 taken all step5 that they ought to have tsken 95 dlrectors In order to make therTise aware of any Tel8vHnt audSt1nfgmatron and to eBtabilsh thatthg group's audllori5 aware of that lrforn8bo. Approved by the Boord of Dlrgcttyf8 on - 04-201 'and algnéd on Its b*tF by: 1513ir Laldlaw Dlrnctor
Foundation of the Society of Retina Specialists (Acowany lirnit•d byguarartQ nothwng a shaTg C4pilall STATEMENT OF DIRECTORS. RESPONSIBILfriES lorthe financral year end 31 De¢emb8r 2023 The directLsf5 (who are also trusfees of FoundatiDn of th2 SoGiety of Rettna Speualists for the purposes trf company law) a rw0nsn) lor pr8paAng the Thr8Ctors' Nnnu81 Report and the consolidated fjnancial statéments in 2trE>rddnce 8ppKcablp law aThJ United Ifjngdom Accounting StsThJards (United ltydorn G8n8rdly Aecepted Aceounfjng Pracficèl. CoMpY law rewires th diwors to pr8pare fxYEolld8tsd finanal ststements foT eaGh financial year. whioth ge a true and f&r view of the stats of affa of the group and of thè in¢oming resourn and apicatIOn of resources. Indudlng thg incorne and expenditure, of Ihegroup forthat pEriod. In preparing these finan¢ial ststement$, th rfiredors arè r&quired itr. select5uitable 3Gwunting politses and 8ppWth8m conslstenlr. ¢bseNe th$ rnÈthots and prinupl&8 in the Charities SORP.. make judgements and accounting estimates that are reasorAble and pruden( ststs whether f5nan(481 slalement5 have be&n prÈpared in accordance ap1¢able acwuntoig siand8rd8, Klentify th058 stsndas. and note trh¢ ¢ffe¢tand th? Taasonsforany matrrial depariurefrom thostandards; and epare the finanEial staternents on tha golig concern basis unl it ts inappropriate to presume Ihat the group will conlinue in Operatn. din¢lors a responsi8 for keEping adequate 8¢oiunWng records that are suffrclenl to show 8nd explaln lh8 group's transacbon5 and di&dose ¥%fjth reasonable accuracy at any time thè fjnaTra31 pos[0n of the gtuup and enabl& them to en$ure that th8 consolldated Ilnanal statÈrnÈnts ¢ompty wth the Companies Act 2006. They are also responsible for safeguanling the assets of the group and hence lor taking re850ndble slèps th6 pr8v8nton aTrd dE¢ection offraud and olher irregularrtips. Approved bythe Board ireGtor¥ on q oq- Ic)li and slgn•d on ft8 behafby. Afistair L*dFaw Dlroctor
INDEPENDENT AUDITOR'S REPORT to the Mèmbers of Foundation of tho Society of Rotina Speclalists IA¢ompaDy Ilrnlted by uu¥ant44, hot hav9 4 shATh) ¢aplkll Report on tho audlt ofthtsfinanci81 stat¢mBnts Oplnlon We have audited the ¢onsolldatsd finaD¢lal $latgmenls ol Foundation of the Soctety of Retina Spe¢5alls15 the year ended 31 December Z023 whKh compFb5e the Statemenl of Financial Activities lineorporating Income and Exp&ndilure A¢Gounll, Balance ShBet, Cash Flow Ststem8nt and nolES to th8 Financial Staternents, Includin summary of slgnffi(¥nt 8ccounling 411&s. The finan¢lal pOrting fratnewotk that has been applied In thelr pr8paratsn Is applicable law and Uniied K0M Accountlng Slendards. iTxludlng FRS 102 °The Financial Reporting Standard apble in the UK and Republ of Ir81and" (United ngdoM Genaralty Acceptsd Accounllng Practtcgl. In our opinlon, r$porting in aCcoanCe wth a falrpr85en1atn f[Brnrk the finarthl 8tatemnts: gwe a tru¢ and f8lr view of fhe stats of the gruup's affalrs as al 31 December 2023 and of Ihfr Group'$ incomlng resource& and application of resources, including its inEorn8 and gxpendi(urÈ. for th6 year th8n ended-, have beèn properly prepared In accordancè vllh Unbtgd Klngdom Genefalty Accept1 Ac¢ounllng Praclict.. and hav? been pRpared N ac£ordanGe wlth the requlrements of thp C¢mp2rtsesAct2006. 8asÈs for oplnlo Wè conducted our 8udil in a¢cordanco with Intemalional Standard5 on AUdftg IUKI IISAS IUKII 8nd 8ppthGabie lav4. Our respoTr$lbilities under those sland¥d5 ar8 further d?5crib8d in the Authlors, responslblllt18s for the audit of the financval statements 5eGtion ol our report. W& are independont of Ihp group and parnt charitable ccmpany In a¢cordanc? with thg ethlcal requirements that aré ra16vant t4 ottr audit of the financial ststew6nts in the UK, In¢luding the FRC5 ELhlcal Starnda, and we have fvlllll£d our athèr 8thsGal responsiLNlities In aewrdanGfy with these requirements. We belièvtrthat the aUditévid¢S we hav8 obtained 18 suffici1 and approprials to prowde a basi5 for our oplnion. Concluslons relatlng to 9olng CO¢8 In audllSng the consdidaled finan¢ial #at6ments, we have ¢tsndud that the dlrectots. usè of the going ¢oncem basis ol a¢tsxnng In the prepardtvn ofthe flnanaal Btaternents is appropriate. Basèd on the work we have performed.. WB have not Idenlifitsd any rnalèrial LwuriaiBtss rdabng to Bvents or cond1li0r that, Indwidualy gr collsctlvdy, may cast signthcant doubt an Ihe group's or ptsrant charitabl8 company's ablllty to tonJnue as a going o)n¢ern fora period of at le45t Nvelve months fwDm ihe do18 whén thellnanGyal slatemerkts ar8 authorlsed for issuB. Our re5PDnsibi1its and the respon$lblUll8s of the le¢tOrS wlth rèspgct lo golng concern ar6 dps¢rlbed in Ihe rplevani sècllons of Ihls r&port. Other Inf0rm8tlon The dlrectDf5 are responsible for the otherlnformaJon. The other Informauon cornpsBS thè In(orrnotion In th& Direotors, Annval Rèport, bul d08s not incluikn tha financial slèlements and our R8portof the Auditors ther80n. Ouropinion on thefinanctal stal8ment8 doos notcoverlhe otherinfDrrnatian and. exceptto the extentothtrthse ex1¢1 staieo In eur r8porL we do notexpre5s anylortn of assurance cooclu¥ion th8reon. In ¢vnnection with audFt of the ffrlancial siaternenls. our responsiblllty is to read the other infomiaten and, in dDing so. conslder whether the other infomiatknn is mièilaly Incon515t£nt wllh th8 ststernpTTrts, or eur knowledg obt8lned In the audlt or L)th6rwlso app8ars to be matsrially misstated. If Identity such malertd inconstenCl ( apparent material mis5talem8tt15, we aTe requlred to determlnv whelherthls gwes rE5e to a materEal tlli55taloment h thè flnanGial statem8nts lhem5ees. If, based on the work we hav8 perfortned, we concl& that th is a matsr5al mi5Ststsmentoflhls other inforrnabtsn, we are requirèd to r8POrtth fact. We hav& nothing to rèport in this rega.
INDEPENDENT AUDITOR'S REPORT to the Mombèrs of Foundation of the Society of Retina Specialists IAcompanyThrnltd byguar•nt4&, not havlrg * s•r• upitall Oplnlon on othermatter pwscribd byth¢ Cornr4ni•s A¢t 2006 In ouroplnlott, based on the work undBrtaken in the couts& of the aud. - the irrfomation gNen in the D1cto, Annual Report for the finaTri81 year for which the f nanc[ ststements are prepared is o)nsistenl tha ffnanciat statements., and - the Repxxioflhe Directvrn h8s been prepared in accord8nc8 wjth appIab legal requir8m8nts. Matters on whlchwe are Toquired to report by excepfjon In the lightofthe thowledge and unde[5tsndg ofth8 wrnpanyand 15 enwon1nentobtaud N thecour5e of the audic we have not Ident4f18o material misstaleNnts in th£ R8POrtofthÈ Dtreotors. We have nothing to Teport In respect of the folowing matters w11ee Comp8nie5Act 2006 rsquirgs u5 to reportto you . In our0nIOn.. adequate a¢comting r8eord$ have rKTrt been k8pL or r8tums adequate for our aurfrt have not been recdved frorn branches notvisited by us; OT s12tèmenLs are not in Ègreèmentwith thè accounttng records and r&lums: Qr certafjn dTsdosur8s of dir8Ctors' remunerab.on spEclfied by law ara not rnade.. or we not recsfved al the InfOatIon and explanauons we require fcr Mr aud ReBponslbllltlos of directors forth¢ finan¢ial siatem¢nts As explained more in th¢ Statemontof Diredors, ResponsibffMl8s set Out page seven, Ihe diredors IwhD are a the trusteesolthepaiefttcharit8ble u)mpanylorthepurposesofcharitylawl responsible ftsr1he pi8parOn otlhefinancial $lÈtementS8ndforb8lng saltsfiedth8tthey gNea INe 8nd tsrvigw. andfDrsuch inletnalcuntrDI as the dirÉctors delemine ftecessary to enable the preparation of ffnanoial statements thatapfree from rnateri misslatement. whether Elue tofraud or error. In prepering ¢onsdid8ted finandal ststsmeTrts, the directots are fy$pon$ibl& for 8ssesslng the groups and parent 8ritable comp8ny's' abilty to ¢gntinue 4$ a golng o)nc8m, dtsch)slng, as appllcablo. m¥tter5 rdated to going CDnGem and 1ftgthe going conGern basis ofalV)tin9 u&6$ IhÈdIthr8lth8rlntendtQ liquidete thegrollp orparentd)atitabl8 rnpany orto (2&e 0[rations, orhave no realis altgrnative butb do w. Audltorf5 ponsIbltIeS forth8 audlt oftho financlal ststemetrts Ourobje¢tive$ arettyobtain reasonable assuranceaboutwhethprthEfinap.cialst2lemenlsasawholearefreefrorn rnateri81 rnisslatemenL wh8ther du8 to fraud or 8rror, and lo bsue an AudttoTS Report that our opinion. Reasonablg assurance is a hlgh level of assurance. but 1$ nut a guamntse that an audit cllnduoted in acGardanrE with ISAS IUKI wdl always detedi a material rnFstrdlem8nt vA)èn li exi8ts. mlsslat8mts can 81ise from fraud or èrror and are considered material tf. INJividu8lkyorinthe aggregate, theycould reason3bly beexpeEted to infiuencetheeconouMGdB¢Tsion$ of use taken on the basis Oftl$+ri$¢1jda finonclal statements. IwogulareS, 5ndudlng fraud, ar8 Instan5 of non-compance th laws and rogulauons. We design procedure5 in fine h our rsponÉiUlitias, ouUln8d above. to dete¢t material misstatements In respect of irregularitie5. induding fraud. Tho extenttr) %vhich ourprtt8dures are eapable of detg¢Jng inEgularibes. induding fraudls detailth below. - The engagement patherenwred thatths Èngagementteam eolIectNely had the appropriate ut>mp8t¢n¢8. ¢8pabilities aDd slIS to iden(lty or recogni$¢ norrf0mpl1an with appfi(2ble laws and reguLqtions. - Wo obtained underskndin9 ofthe legat and rEgulatary framewoTks applKable to the ¢omporty and thé sector in %thich they operate. We d&terrnined thatfhe follolg laws and régulauons were most sIgntant Thè CornpanlesA¢t2006. UK corporatetsxation Itt, employment legislatyon and health and safety legislation. - We obtairÉd an vnLlersfandin9 of how the Company 8r¢ complying wlh those legal and r8guLqtory frarn8ths by mak#ig inquTrle$ to management. We corrobordted ourinqirfe$ through OLK miew of Itgal ¢orSpOndence. - We assessed the susteptibilty of the companys fin8ncial statements to material rnisstatemety induding br Irdud rnvJht oCjr.AUd1t prt¢eduros pBrformed by th& engagernenttearn Incled.
INDEPENDENT AUDITOR'S REPORT to the Members of Foundation of the Society of Retlna Sp8Gialists (Awmwrtyllrnlled byÉu¥r•nts4. not ha9 8 sharè capttsii makn'w enquiDes of manaoEment as to where they ¢onsidered there wa8 suscepb'bittty kn traud, the knowledge of aGtual, suspected artd alleged fraud., id8nknfying and as&assing the de5yJn èffecVeness ofcontrois management h8s In a¢$ to pr8v8nt and dete¢t fraud-. undprstandlng how those charged wilh govEm8nc8 consxlered and 8ddr85sed thp tjolential for ¢v&rride of contols or other in2ppropriat8 influttnce ov8rthe fin3claI rertIng pro¢¢ss'. performing analyb'cal Pro86 10 identlfy ony unusual or unexpected relatlDnships; chBllenging assumpUon5 and judgements niade by manag8ment in ts signrficantactounting e8timat85,' identsfyiDg tg$liAg joumal entrles, h patty¢xJlar any journal entdes po818d with unuwal occount wmbinabon& and asaes¥ing th8 8xtentof compllance wllh rtVant laws and reguLgti0fis. There are inherent rtsks In our audft prttadures desGrfbèd above. The removed that laws and reguiatiDnts are from financial trans3ctiDn, Ih8168s likety it 15 that we would become aware of noTrfA)tTpllan. Auditng standards o1$0 limltthe audll produres Tgquirad to Ident4fy Th)ll-compllance wlh laws ano regulations to enquiry of the dwectvtE and olh8r management and the in5pectsDn of regLl8tory and189 correspondence, rf any. Material mi55tatetnenls thalarise due totr8ud can bg hHrdorto detectthan thosothatartB8from 8rror as thgy may ¥0e delerate conal[ent or cLS1on. A further description of our fespon8lbilities for the 8udit of the financlal 3t8tements Ss located the Financlal Reportlng Coundl's Websi ai www.frc.0ry.uhJaoISra$Pon5lby1lles. Thls descrlption lo psrtof ourR8port of thÉAtsdltor8. U$¢ of ourreptsrts This report 15 made $oldylothe company s m8mbers, Bs a body, in acGordancèwth Chapter3 of Part 16 ofth8 Corrwnies Ast 20Q6. Our audit wort has been UTKrtdketi so th81 we might stal? to the cOmpaThs mèmbérs those TFwtters we are requir9d to state lo Ihern in a R&port ol theAudilor8 and lor no othèr purpose. Ta the full&stexteDt pÈmitted by law, wa do rt accepi or assume Tesponslbfjlty to anyone oth&r than ih@ company and the company's membÈrs as a bDdy. far OUF audit work, forlhis rBporL orforthe opinion wa have forThd. Stsphen John Bkkerton lsgRlor StatutoryAuditorl loy arsd on behalf of AdvantageAccountancy &Advl80ry Ltd ChHrtÈrèd certedADn¢8nls and StaiutoryAudito Avalon House 5-7 Cathedral Road CHrdtff CF11 gHA 1112124 io
Foundation of the Society <)f Retina Spe¢lallsts IA¢Dmpanyfimlted byguaTantee, not havifg a $h4rB raFxtsfj STATEMENT OF FINANCIAL ACTIVITIES UnGDTPOTat(ng an InGornB and Expendlture A¢count] lorthefinarLMI yearended 31 Dec£mber2023 Totsl Unr8stTrtted TOtBI Funds Frf Funt Fund 2UZ3 2022 2022 Notes 6AOO.84S 5.511A71 55Y1,87f In¥astrnènts 52,990 52.990 Total lrtttsmkng taul@ 835 6 553 8¥5 5.511.871 &511871 Exyèndlturè 7.720.ot3 7.720,013 5,973,347 5.97&347 Net (ID&Besygs on Inve51rnents 51.77Q 1185,5891 I1,569) NEt lexpenthlur•lllncomg 11.114Noei 11,1144181 1647.0661 (7.065) 11.114AD8I 1647,06SI 1647,0651 PAconcdlatlon olfunds: B¢$$ btrOTad 8t1 January 142 .181,863 8,828,928 eA28.928 Balllnces cathed Fonwardat 31 Dec4mber 8 181 863 The Stat8m8nt cl FinancJal AdMtie5 dUdeS and lossès r¥¢owis¢d in theffnand?l ye8r. All inwm? and exFeTrthbJro r8Lqts to eonttn¥lng aGrwties. rhere is no cOTporaon tax payable on any ofthe actsvitie5. 11
Foundation of the Society of Retina Specialists A company Ilmlted by gu&r•#l¢&, nol1ng asharè CatrI1 CompanyNumb•r.' 07472064 BALANCE SHEET as at 31 Db¢&mb8r 2023 2023 Group 2023 Charlty 2022 2022 Charity Group Noto5 FlxedA85etg In¥estments 2,808,249 2,806250 1.203,569 1,203.570 2.80B,249 2,BO8.250 1.203,569 1,203,570 Current Asset5 Debta 12 .181.498 531,531 524.556 333,539 Cash at bank and in hand 4,431,640 3,899.159 7,420,187 5,864,422 5.613,138 4.430,690 7,934,743 8,197.981 Cr8dltors', AmounL8 falilny duo whh5n onB yoar 13 11,353,932) 11.Q10,6B31 1956.4491 1621,BQ21 N•t Currènt A55ets 4,259.208 3,419,997 6.978.294 5,578.159 Totsl ASS $5 CUrrt LloblllUes 7.067A55 6,228,247 8.181,863 6,779,729 Funds Unrestricted fund8 7,087AS5 8,228.247 8,181,863 6.779.729 Total fvnds 14.1 7,067.45S 6.228.247 8.181,863 6,779.729 Foundat1 orth8 SoGlety ol A8 $Cl]sts made a defiGII lorthB ye4r off551,482 after rxelpt of GMtAid lotalllng 1,402.134. from its trading sub&dlary Euretina Trading Ltd. These flnanTh61 statemenls hav8 been prePad in 8ttord6ncÈ wth the spB¢ial prawsions rebtitvJ lo srnaM fy)rnpantres wilhin Part 15 of the Ctsmpanles Act 2006. ApprDvÈd by the &o#rd of DI1•0T$ and auth¢r15ed lor186U8 on and sIgA on Its All8ldlr LaIlaW DirEetor 12
Foundation of the Society of Retina Specialists IA¢ompanyllmited hygu4ranteo, not h•vlng a sh¥re ¢apital> STATEMENT OF CASH FLOWS forthe thnaral reKth 31 Dec&mber2023 2023 2022 Cash flows fn)m optrAttng •£te5 Net mov&ment In lunds Adlustm8nts for. G8ins and losses on inveth%nts 11,114,4081 1647,0651 185.589 11.219,1)$8 (461,4761 MOvemts In capltsL Movgm8nt in debtors Movem8nt in ¢redhors 1666,9421 397A83 (226,2981 248,658 $h used In on$ 11A88,54n 1438.1181 Cash tlows from Investlng activitl Net of addibons, thsposal procseds and Incorne from invttstments 11,500,ODOI Net cash generated from Invnant?g$ 11.500.ODO Net Idecr8a¥eVlncrea5e In cash and rash equivalents Cash and ¢a5h equivalents at 1 january 12A88,54n 7A20,187 {438,1181 7.858,305 Cash and cash equlvaknts al31 Decernr 4.431,640 7.420,187 Cash 4nd rash wulval•¥ts con85stofr. Cash and bank in he4)d W1,640 7A20,187 ash and eash •qulvalents at 31 D&combeT 4431.640 7.420,187 13
Foundation of the Society of Retina Specialists IA cornpanyllmlttd by guarants9. ntsl hBvlng a sharv ¢$pltsD NOTES TO THE FINANCIAL STATEMENTS forth8 financi& year gnded 31 DecErnb 2023 GENERAL INFORMAMON Fouodalio• of the Sodety of Retlna Specialists is 8 company limil8d by guarantee pnd a regi51ered chartty. incorporad In the unit Kingdom. The ffgistered office of th8 company is The Sca*l, 18th Ftoor, 52 m& Street, London, EC3M 7AF. Th8 #dnIStratIve offic8 ofth8 ¢oTnpany18 Office 17. Thé Old Station House. 15a Maln 5tree( Blackrock. Co. Dublin. The flnancial statetnFntE hawe been prnted in Euro lel whlch Is also th? fiknctional cuffency of th8 coryany. MOnery amounts in Ih8se finawgl stsltments are raunded io nearest t. SUMFL4RY OF SIGNIFICANT ACCOUNTING POUCIES Thp followlng acuunting pollcies hav6 been applied constslÈntly in d8aling item5 which ar• consldered matertal in relauon to IhE 9rwp ffinancial 51atements. Basls ol propar)tlon The ¢onsolldated fiDanixal stst8ments of lh8 group for lh8 year ended 31 D8cembor 2023 ha beèn pr6parèJ on the golng concern basis and in aoeofdance wllh the Stslemenl of RerAirnm8red Pradce ISORPI 'Ating Repotbng by Chthti£s Pfeparlng thwr accounts accordance wilh Ihe Fina¢91 ReportiryJ Standard applicablv In the UK and Rewblic af Ir8land IFRS 1021 letfectlve 1 January 20191. Bnd FRS 102 Yhe Flnandal RepDrfng Standard applicobl8 in the UK arKI Rapubf1¢ Df Irand.. Th8 a Pthllt Benefit Entily a$ d8kned by FR5 102. B4519 Of ¢on$olldatitsn The group financial statements consolidate the fingn¢ial statements of Foundation of tha Sodety ol Rvtina Spg¢lallsts and Eur&tlna TTadln9 Umlted. its wholly owned subsldlary. No separate statement of FlnancHI Acbvides has been pr&sented for the charity al(e os permitted by th8 Ctrmpanies Act 2006. Th8 chanty, belTrJ th8 parent company, has takén advantage of sectlon 408 of th8 Companles Acl 2006 and has not Included its i)wn Stalsm8nt of Flnancial Activit% In Ihe6e financ stslamtnts. The charity's netmovem8ntirtfundsforts yèarwas a deficit 01É551,462120L defirAI-.£724,3171. Funds Vnrestrioted funds censistof general and de5ignalèd fund5. Genergl funds rapres8nt amounts vthlrh are expsndable at the dl&cr8Jon of the board, in Turtharance of the oblaclr¢es of the chadty Designated funds COTDprise unreslrthd fvtids that the board ha8. al its dis¢r¢tion, sel aside for partycvlgr purpJses. Thes8 designatsoDs have an adtninlstrative wrpo88 onlyi and do not restrlat lh¢ board's d¢relion lo appty thefund. lJcom8 Income comprlses ¢ongreBS activty Income and m15celPOs Income. Incomè Is Induded kn th8 Statesn£rrt of FirHnts81 Activikes when Ihe charrty Is legally entitled lo it, its financial value Gan be quanlffied Mth re8son8Ne certalnty and theo is reasonable certainty ol its u5tsrnaté rec8ipI. InGoTne Is accoyntBd for on an accruals basls. ExpeD6lture Al &xpÈndilure is 8¢etsunt8d for on an a¢cruals ba5b whèn there is a legal or Constr11¥& obligation lo that expendiiure. it 15 probable setuÈment Ès required and the amount can be measured rellably. Char4table aBtivlti&s include congress cos15, Tesearch and &tion costs, and Supp¢ and governan c08ts. GovemanGB Gasls arts Iho¥e 858oclated wth Gonstituttonal end statutory requiiptnent$. Employoe b9nefits The group contrasts out 811 adrrinlstrg1fv& semcès. As a result there ar8 fKS perSOr emptysd by th8 group. InveJtmentS Inyestrnpnts ar8 iniually rÉcogni88d al Ihe tran5acbon value and subsequanlly mea5urgd at th?Ir fair Valu& ai the balanc8 sheet dale using Ihelr closing markat vae. Gains and losses Eri51ng on leVUaon 8re in thg Statementof Fln8na81 Act110$. 14
Foundation of the Society of Retina Specialists IAcompany limited byuuarantee. not havtng a Share capital) NOTES TO THE FINANCIAL STATEMENTS conlnued for the fingn¢ial year endgJ 31 9[ner 3023 TrndB and otherdebtOTS Trade and otherdebtOTS are fftitlauy recognis3d atfair valu? 8Trd thereafterstatEd at arnorsed cgK8t U$Tng the effèctive inleresl méihod less irypimeAt bsses for bad ané dou1 debts except wher& thg effgcE of dlscounsng would be imm8tsrfal. In such c&s&s the rec8lvab5ès ara Étated at cost impaitrnent losses fDr bad and doub1 deb Trade and other CTedttQFS Trade and other creditDrs are W)alEY re¢ogntsÈd 4t fairvaluÈ and thatters#ttd at4m¢rtised ¢osr using th& effe¢tive interest rnte melhod. unless ihe effed of di5Founting wfju be imroteriaL in whith L%5e they are strdt8d 8t cost Cash and cash equivalents Cash antl ¢¥sh equivtl&nts cunprise cash gt bank in hand, demand deposts wlth banks and other short terrn bighly liquid inveslments with original matuntie5 of thr& minlhs ert less and bank ovptdrafts. In th Balance Slrtet bank overdrats 4re $hown ¢hIn ryeditors. TtIOn FtyJN1alion of thè Soclety of Retina Spedaikts ts ccffjsidertdto passih& iÈsts seturt Paydgraph 1 SthedulÈ 6 Finan¢e Aot 2010 therefore it the (kfinthon of a ¢haritsble mp2Y for UK Corporation Tax purpDse5. Acsorfirng, the charity is potenti3lly tyKempt from taxation in respect of income or capit81 gai Teceived wthin tat&gories covered by Chapter 3 Part 11 Corporauon Tax Act 2010 or Se¢th)n 256 of thaTaxalion of Charge8tla G8lrÉ Ad 1992. to extent that such income OT garss are 3ppE1 exdusNply to £11)1e wrpos¢5. The proYIts of tha 8Lèsldl8ry, Euretina Trading LThited, are Gfft Aided to Foundaboft df thè Sodety of Refjna slalists. and therefore nownounts are charge89 to corporaOn tsx. F(•19n currencies Th8 consolidated rn81 statements are prepared ¢n Eur) IE) W¢h ty fun¢ttond ojrrency ofthe group. Foretgn currency transacti?n5 are recorded in Euro at the rate ruling on th& date of th8 transacllon. Monetsry assats and IlsbllEtle8 denoMIna in foreEgn currencie5 are translated into Euro at Ihe b8lanEe she8t dats. Yh8 resuming gains and tOS5es arE dealt1th in the Statement of FinanualAthiti&s. Finanelal Flnanrla5 asstts Pas finan¢AI assets. indUdg trade and other receivae$. and 5h are inibauy rewgnk%ed ai transa¢tion price lindurfing trans8Ctlon costs). unless the 8rrangement cQnltes a finan(¥no transaction. the re5ultsn9 financial asset is measured at thE present V8lug of the fub&re rePts discourtsd at a rnark&t of interest for a similar debt instrument Such 8888ts are subsequenuy carried at 4morfy5ed eD5L using the pffedtvÈ Interèst rnet. At the end of each reporUn9 period fina1 ass measur8d at amortised ¢c6t are ossessed for objectiv& evidence of imprment. The tynpairment loss is reffjgnised in the StalerrEnt of YinancTal Act5vibes. assets are derewnistrd when th8 conlractual rlghts to the trash fftsws from asset wire or are setued,. or 8ubsequenNy 811 th& iisks and Yewzyds of the ownetship of thè a88et are transferred to 8nother party,, or control of Ihg 8$sei has been trnnsferfed tts another paty who has the pracocal ab[ty lo ulaterajIY sell the 0$t to an unrElat8d Ihlrd pty without inp)sirvJ addonal restrietions on fhe f$[er. F]nanclal liabilltles Basic finandal li8billtles. Indudkng trade and other payaNes and bank loans Snllally r8cognT8ed at transaction price, Ve$S the arongement ¢onstitute$ a finanang Iransactton where the resulting finanal liabifty Is ryasured at the pr8sènt value of the bjiure payments dk4counted at a market re of int8iest for a simila¥ debt instrument. Such flakn1e$ are subsequenty carrT2d a amorbsed cost, using effectri& int8r8St Tnethtxj. Trade p8yabEes are obligations to payfor goods and serAGes that have been a1r8d in Ihe ordinary course of business from gJpplier5. Trade payables are da8f18d 8s DJent liabilitie5 rf payrnent is due wthin onè waror lèss. If not, d)èy are prescnted as non-current liabilues. Trath payable5 are In¥tially re¢OgnIs at tran¢tiOn price ?nd subsÈquÈnYy rneasured at amortised cost using the effeGlpie intefyst rn&lhoxJ. Financial ][ablIeS a deCoUned when the Ikgbfllty Is extin9ULSh, Ihat 19 vthen the contr4c31 oblig2tion is discharged. cancelled or Èxpir25. Fin2n¢lal assets and liabilities txly off58t In Ihtr b>lantè sheet wher there eyJsts a 18galy &nlorc8able r¥Jht to sel off the reSe amounts and thg ¢h0rtty intends eilher to setue on a net basis, orto realise the 85sel and setite the liabilltysinutt8neousJy. 15
Foundation of the Society of Retlna Speciallsts IA company lknlied tsyguarnntee, not ha9 as19 ¢opKall NOTES TO THE FINANCIAL STATEMENTS nunued for kne finttnrAal year 31 tJe¢grnbBr 2023 CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES In the applicatton of Ihe charf¢y'$ accoting pdd8s, the trust88S 8re rBquiiÈd to makejudgements, gstsmalès and assumption$ 9bDUt the carrying amount of assets liabilities that are not r8adlly apparent trom other sources. The e&llmate8 ar asÈociat8d as5UmPtl¢ns 8re based on lits(oric41 pxperienrs and 0th8rfaGtors Ih ar8 considerèd tobe relevanL Actual results may dlfferfr)m the e5mat&S. Th6 eslmat8s undertying qs5umpttcns are rBvlBwed on an ong0g bdsls. Re610$ 10 8ccounllng estimates are re¢ognised Ihè pèriod In Yshich the estimatB Is revised whÈra the rBvlslon only 8ffecls that paAod. or In the period of rpvi$ion and futtsr8 P8ri0d5 where the revision attects both current and future pariod5. In the oplThon of the trust¢es there aiB no critical attounting juQg*mants or eslmation UnGertaIne5 wltmn the NEf EXPENDITURE 2023 2022 Net exPendIre is tstatéd aft•r ¢h4ryintylcredStlng1'. Audlloe5 remunerallon- Audit 5er¥lGes 15,327 11,589 STATUS Tha tharlty 15 a company limltsd by guarnnte8, not ha¥lng a shqre Otak and nseqUenY th6 5i9billty of rnernbgrs 1$ Ilmiled, Subject to an und$rtaking by each member to contribule to the net asEets or liabil11 of the Ghiiiiiabl& company on ¥rincling UP Such amounts as m4y b8 required not É1.27. EMPLOYEES AND REMUNERATION None of the directors received emo5uments Dr unvouched èxpenses durlng the r(2D22.. Nill. kn 2023 expense5 aknbulablo to Board me8lngs was E4,92412022.. é5.2831 in respeGI of 5dir8clors. STAFF COSTS Th8 avemge monthby numberof employè8s during the year was as follows.. 2Q23 2022 Staff In ¢Forit8ble activ¢3 The 8ggrogate payroll txjsts ofthesÉ person5 were as follows.. 2023 2022 Wages and sat8ri88 Soclal swjrity Pensions 14,933 1.650 16,583 employee recelved ernduments in exces$ 01É60.OQO In 6ither the current or prioryear. 16
Foundation of the Society of Retina Specialists IA¢tsmpanylfmited byyuarantee, not havifvJ ashayeeapitall NOTES TO THE FINANCIAL STATEMENTS forth8financLd Y ended 31 Decetnb8r2023 INCOME 7.1 CHARITABLE ACTivmes Unr8strlct8d Rastricted Fund5 Funds 2023 2022 in¢ome Exam corne 468.865 31,980 6,500.845 6A68,865 6,S11,871 31,980 6.500.845 5.511.871 72 kweslmont Incom• Unrnstrtcted Restrlctod Funds Funits 2023 2022 Interest Income DivKgand Income 14,735 38255 14,735 38,25S 52,990 52.990 EXPENDITURE .1 CHARITABLE ACTivmES Aotivitles Gran* dlrectly of und¢rlak¢n AdIlty Support 2023 Congress co8ts Researth Costs EduGation G05ts S.31617 78,150 564,522 311839 5,629,656 227,088 Y80A1Y 731.918 1A09,940 4.109,738 958, 904,678 475.179 13.500 5,959,489 488,679 1271,845 Y,720,013 5,973.347 The above expenthre wa5 attributable to Untried fvnds and indud8d in the ex[dth in 2023 are govem8nr2 c05t5 of E492.331 12Q22.. f73,4071 whith rete dire¢Uy to tharfttble adlwties. S88 nots S for fvrtherdel8ils. 9. ANALYSIS OPStIPPORT AND GOVERNANCE COSTS Basls of Apportionmerrt 2023 2022 GOV&man costs Central office costs FInancè, ET, con5uMty and ¢omputar(J)sts Travel, Insurance and OtherLSts PTOrn00ft Payroll (Sts 491331 1,533 728,329 30,888 2,183 16.583 73,407 6.552 314,6eo 54,759 10.054 Invo events 12YI.845 4SB.432 Governanca GDvemanc& 2022 2023 Counril meetings and 58cretaEiat Audlt. ¢onsutrancy 8nd18gal fee5 Company $8cr8tarial fees 23.746 458209 10.376 40.638 30.355 2,414 Invoiced events 491331 73,407 17
Foundation of thg Society of R8tina Specialists IAGompany Ilrn byguarlntfjè, triot haying a 3hète caplts NOTES TO THE FINANCIAL STATEMENTS ¢ontinuad ferthe fitiarttsl year ended 31 De¢ember2023 10. ANALYSIS OF GRANTS GraThts to Indlvldudls 2D23 Grnnls to nstitIn8 2023 Support Totsl 2023 Tota 2022 2023 Re$&arch grants Qbs8rvershlp grants Educalon urants 475,179 475,179 687A27 13,500 13,600 16,500 13,500 475.179 488,6T9 7Q3,927 11, INVESTMENTS GROUP Inv¢$tments Valuatlon Al 1 January 2023 AdditnS Dssposals GaiNIo$8 on Iriveslwnts Ll$t lThv8stments Total 1203.569 1,203,569 1,888.555 1,888.585 1335,6T51 1335,6751 51,77U $1,770 At 31 DÈcÈmbar2023 2,808.249 2,808,249 Net book valv8 At 31 08cernber 2023 2,808,249 2,808,249 At 31 DecembBr2022 1,203,569 1,2039 CHARITY lllv6$th¥¢nt8 Suljsidlary Undgrtaklng Listed sharFs Inv6tstments Total Valuatlon At 1 J8nu8ry 2023 Additions Oisposa15 Gainllo$$ on inveslmenls 1.203,569 1,203.570 1.888,585 1.888,585 133S,6751 1335,6T51 51,770 51,770 Al 31 D8c8mber 2023 2.80e,249 2.808,250 Not book valu6 At 31 December 2023 2MO8,249 2.808,250 At 31 DeGembEr 2022 1,203,S69 1,203,570 11.1 Any81$ of Inv88fment% 2023 2022 Equities Fe Interest seGuritb$ Cash held as partof th& inv85tttyentportfolio 550,750 658.041 1,599,452 5D9,145 588,905 105,519 Total Group 2,808249 1,203,569 Equity investment In subsidlay Tot Chaiity 2,808,250 1,203.570
Foundatlon of the Soclety of Retina Specialists IAcvmp4nylimited byguararstee, not havlw ashare eapltsll NOTES TO THE FINANCIAL STATEMENTS eontinu8d for thefinanoia1 yeaf ended 31 De¢ember2023 Dealls of subsldlary uttdÈrtakiHu At 31 Dec•mber2023 Ihe ¢haritaNe ¢ornpany had an tnterest ia thefollosing Subsid. Pwportlon of vofln9 Yights 8nd sharès k1 Countryof incolration Und¢rtakTng Holdlng Prlncipal activity Eyretina Trodlng mit Orthnary shares Org2nising cenfet&nce& UnitÈd ngd¢rn The summaryflrpKlal perfonnanca ofthe subdlory 1$.. 2023 2022 Tumover Costofsal&s 6.468.B65 15.300,988) 5,511,871 13,967,13n Gross profit AdminfstratP46 enseS 1,167.877 1328,6691 1,544,n4 1142,6001 Profft b&ftsre taxarftsD Taxon profjt 839,20B 1,402.134 Profftforthè finanr4alygar 639208 1.402.134 Currertassfjts Currentliabfjpts 1.647.111 ieoyg021 2,Q43,129 1640.9941 Net assels 639.209 1A02.135 Shar8hold8rs'fuTrts 839209 1.402,135 12. DEBTORS 2023 Group 2023 Charfty 2022 Group 2022 Charity Trsde d8btors Amounts 0froM fxnne¢ted p2$ Prepa)Therts and arLru8d hwrne Amounts owed by yroup (x)mp*nies INote 1el 858,325 28,560 284613 31.980 367.960 34.886 464664 146,596 27,192 306,347 1,181,498 S31,530 514.558 333.539 13. CREDtroRS 2D23 Group 2023 Charfty 2022 Group 2022 ¢harfty Trade edItOrS Qther¢redltors Taykfion AccruaT5 and deferred inceme 163.802 701,260 38,590 450280 101253 YM261 75.686 16.651 385,759 302.628 47,650 447,354 208,179 302,523 1,353,932 1.010,693 9S6.449 21,802 19
Foundation of the SoGiety of Rtrtlna Specialists IAcumpally Ilmiw byguarants•, not ha¥lng a sh4vR Gapltal) NOTES TO THE FINANCIAL STATEMENTS continuwj for the year endad 31 DBceNber2023 14 FUND5 14.1 ANALYSIS OF NET ASS5 BY FIJND GROUP Flnan¢l fixèd assèts Current assets Currnttt Ilabllllle# Totol Unrestristed 1808249 5,613.138 13,3YJ,9321 7.067.455 2,8Q8.249 5,613,138 11,353,9321 7.007,455 14.2 ANALYSIS OF MOVEMENTS ON FUNDS GRLILIP B4lnc January 2023 TraSlarS Balancè Galn and 31 DeG¢fftbar 1055eS 2023 lncomlng soureès R850UTCO¥ expeThd&d fund5 Daslgneted fund$ R8SEar¢h fvnds Educalknnal fund 2,581,038 1475,1791 1328,2201 TT5.243 328,220 2,861,102 U#rtsstrlctsd goneral fund s,0.826 e,S53,8 18,916,614) 11,103A631 17.720,0131 ¥1.TlO 4,188,353 Tptsl funds 8.181.883 8,553.835 51.770 7,067.455 15. RELATED PARTYTRANSACTIONS The pa[t had transaction5 wlth group companies and the follawing amounts due betrKeen th8 GDmpanie5 al IhB year end.. 2023 2022 Du8 frcrfn group coni)gnlès.' Euretina Tradlno Limited 4e4.664 306,347 Euwt"na Tradlng Llmltèd 1$ 1W% othed by Foundation of thè soety of ReYn8 SpÈciallsl8 atKI it donates annualty its entire Surplus to the parert Bompany in the fomi of Gift within nint rmnh$ of lh8 of the finanua year. 16. POST.BALANCE SHEET EVENTS Therg hav8 been nD SnIficant&y&nts affecting the group $lnce the year end.