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 H￿se
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. h8￿n5 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 cons0￿datad fift￿￿81 statemetts fof the financial yearended 31 Oecernber 2023. The dIr￿tsr5 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 f￿antIal stal8m&nts of the group.
ObjoGtlve5 and aCtfvI￿ss of thè &ocl•ty
Foundati¢n of Ihe so￿ety 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 sp￿i011￿￿ 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) suppo￿ng rEtinal and macula resèar¢h and
8ducation by Ihe prO￿$10Th of finanaal 5￿pPortan￿1¢r5p￿alI$* $upport and 8dvlce.
EUREfiNA ha$ on8 vthotly owned subsldlary, EUREfiNA Tradfftg ￿mIled, whose prlnclp* ￿tIVE￿2S indudè
arranging gnd hostiro the gnnual congross of EURETINA. EVRgfiNA Tradng Umiled dongtes Su￿uS 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 ac*vthes. In pathular, the dire¢tor8
consld8r how plann8d athvities will contribute lo th& aims and obiectiYBS that h8ve bgen $¢L
The purpose of EUREllNA is to ènsure the best posslble outcotRes and quallty ef lifB for pa￿ents wlth rellnal an
rnaculdr condilicrt)s. Through EURFnNA5 alms of irnprDvlng 8ducatlon and Stsndards in spedalty acr055 Europè.
patients retinal and mawla condiltons and thè wlder public Jro our maln bèriefickqrlès. Tr funding of origlnal
re5earGh Gontnbules to the d6¥ek>pmenl of thi5 fipld of ophlhalfflolDgy. the educat5on of Its prxtits0rie￿, and
ulurnatelyta bBtsr pa￿on1¢are.
8truetUf8* govem3nGEarHE rr￿n￿emo￿t
The goVer￿ng documents oftr8 charitable cotnp4ny are Its Menwrandum and ArtiG￿5 of Assoclation.
The Gharitabl6 company h8s a Board of Dlroctors, who have overdll responsi￿lity lor Ihe proper managemefit of the
¢harfiable compan*$ busineES. These directQF5 are appolnled to a four.y8ar tem of Offic£ ￿ the 608rd, and may b8
r8*lected 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¢rf￿allY the Pres￿ent, Past P￿sItI&￿t, Incoming PresA4Ént 2nd Genera5 S￿lary of the
SOGiety.
The Board moy also appoint syb<ommitte88 lo drive Ihe business cFihe SOGiety. The￿ can inejude..
A p￿ramme Commlttfre
• A Guidefines Committae
- A RoÉoarch Corntnittpe and
. An EBO Exam Committee.
Each CommiiieB is d￿red by a dlrectrr olthe board and Include5 non4Irector5 ts Comiilt88 M￿￿>￿8.
ÉURETINA exp3nd$ its yaar-rouT)d activlty, il ha5 5trerpJlhened it8 foundstions wth the Introduction of elght
8ubspecialty sèctions to cover key toprA wthln Ihe fi8ld of retina. Each secuon has engaged the input of a seleolion
of global experts in th8 gfven fjald, whD actively support Ihg Board, Ihe Executivg and, as n8c855ary. th8 Cornmitl8es
in ih&lr8fforts to do1iveTtop Quallty and ￿t￿n￿dge ￿u¢¥bOn to EURETINA member& 8ndlollow8rs.
Dlrectors ol the oharftsble tompany
Thg directors olthe charitaue GOtTrpany ar8 its trustees for tha purpose5 ofcharfty Saw. The dire¢tors ar8 app¢Nnted by
r&solulSon of the stabjt￿ Board and mwt statutory members of 8eclety.
The di￿￿[8 who seThed thrDughoutthe year, ex¢ept as noted. wera a5 follt)W8'.

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 uda￿dD 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.
(de￿aSed 19104r20241
1ftswJned 0511012D231
(oppolnted 051101231
Achlevem*nts and perfonnance
Eurèllna r￿O￿niseS that competen¢9 8nd authorify are essentipl, tod8y more than evor. In thè devQk)pM￿t of
$ustsinabk3, effeGtivo sck8rce-based dlagnostic ond the￿peutiC sdubons for b(inding retin4 di$e#$es.
EUREfiNA lakes an active roje kn shaping the futsjre of the $ubspecialty. The Sotsety also works to address the
unrnet needs of both Dphthalmokjglsts tholr p￿t￿nts.
The moin athlfjes undertaken in 2023, indudTng thos6 of the Ix)mp8nYs subsithary. EURETINA Tradlng Limited. o
sèt out b￿0w.
(a) Meetlngs
The amual congFess is thg hvJhlight of the EUREnNA Ix18nd8r. At the annu8J congr￿, the mosi UP to date
infom8fion on npw developments in the field of retina 1$ presented lo delegatss atrros$ rwmerous modLlss and
symposvd, br￿ging them up to datewth procedUOS and deYelopTnents wthin IheiTown reg￿8 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. guIde￿ne$ 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
EURET1NAl￿sI9ht a Ilbrary of CME aCC￿dI￿ed e.Leaming COUT5es
EURETINA Brief, a ￿Eb-based digit￿ rnagaxne delivering up-t￿ale sutnmary briefs on a rang8 ol lopl¢¥ of
Intsrestto reUnJ clinicians, 5peri31tsts and reseaTcl*rs across Europe
EUREnNA Education Fonjm ¢ontaining industry$upkwrtad Indepetmlent Medical Education material
EUR¥nr4A Mernbars, Forum, whEre mambars can diswss rebTra news and ne￿￿Tk globalty
EUREnNAs Webinats, Debates, Case Clubs and archive ol recorded inteTviews and panel dtscus*ons wtth
èyrts in retina
TaMng IEu)Relna- regularpodeasts abDUtthe tstest r￿In* scdence news and GuTrentupdates on ÉURETIN
The aim of these resources Is to 8XP¢rt4ed 8dLk8tional resources tr as ￿￿￿e a popu181ion of ￿tin?
speaa115ts 8s posslbltt.
(dj Sclonllff¢Yoseorcfv
The Souety has 8 fornal proces5 for th? fiJnding of ￿￿Barch projÈots under the gUREllNA Retlnal Medicin8
Ckntcal Researth Fundwg Call. Undar process, applK*EDns ar8 invited and reviewed ty an extemal panel of
ernin&nt judges. Funding for any amount up to é300,OQQ can be sought by dinic4ans and reseatGhÈr8 wtto hold
FUR￿)NA memb&rship. the programme was estat￿Tsh￿d in 2018, the suoety ha5 re￿￿8￿ 8 high numbw of
hlgh-quahty sUbmi￿10ft$ and progressed deven.

Foundation of the Society of Retina Speclalists
IArompany I1￿11¢e￿ bygW?rAIlt￿, not havin9 oGhar• capltall
DIRECTORS, ANNUAL REPORT
lor thè fin8ncial year endecl 31 December 2023
In 2019. a on￿f 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 p￿￿0￿ 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
pres1￿10￿$ training ¢ontres. Ten observershlps were awarded sn 2023.
(4 Membwshlp ofEU￿yE
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 SuPp￿rtS 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 ￿ti￿a exam In aSsocia￿On 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)nt￿u@ Its M8ntership Programme for R8tina Specia15ts. now in ts thlrd year. Thi8
Mantorshlp Programme l& designed to support the prole55￿nal dev81oprNdnt of promising rellna specialists. Up lo 6
monlee5 6electsd each y83r th￿Ugh a m8mber5' appll¢ation pr￿eSs. The progratnma Indud8s career
developtnettt skills ¢ou1$85 and netrworking opportunitips, a5 wéu a3 persona5 ￿e40￿￿O $￿S1on$ 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 &N￿r￿n[￿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 diVe￿ty 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 r￿llaborat& The Inlualvs will hesp the 5D¢loty to hainess the50 pBr5￿ctivPS, 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-speG1￿liY ¢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 so￿8ty is ts annual Gongrtss. A key risk Iherefor8 to ihB 9roup 1$ a fall￿ or
5ignifira￿IJY GUflaAed onnual cortfeignc8 antl Tosullant loss of Income that would 81È8e. This includes Ihe dsk to an
ann￿81 congres5 from an act of terrod$m or, as transpirèJ kn 202D and 2021, from a p8nd8mic.
Ther8 is also the risk Ih8tchangg5 In condllions accvr, over lim8, which reduce the 3ttradivpnp5s and ral8vanco ot
laryg annu81 tneÈUng dÉvobped around a sGientific wagromme. The dlrectors M￿￿al? Ihese risks Whe￿ p0S￿b￿ by
taking Insurance for each GoTrferenGe agalft$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 finan￿81 year 8nded $1 Der8mber 2023
Financial revlew
Consthnt vdth r8serves wlicy, the Group uwised reserve5 durirwJ 2023. incunfjng a ￿fI￿t Of￿.￿l4,408 In the year.
This rompargs to a defldt of W7,085 in 2022. The rewur¢e$ ava￿a￿& to the group and those expended durin9 thB
year are set in the Consolidat8d Slatementol Financial Activibes.
The EURETJNAgroup is in a h8allhy finan￿al position. This will ensure the CL*tinu$¢ fvnding of newÉducational
initiatives and rw&èarckn prolects.
Re8gn¢$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£V￿udted depending on the level of suctes$ ift generating nv
Tavenue slrearn5.
A￿¥wIr￿j at ￿8st a l year period wts￿d help tc rninimise Ihe rfsk ol comprorni8ing thè obj¢¢tstres and core actiwtie5 of
EURETINA
On basis, the diTrdor8 COn￿der that the rBquired level of r&adily usable re$erwos should be E4m. Tr1$ compwes
to UnTe5triGt8d gen8r81 reserves a5 $hown in the audited aci*unts trf f4.19m P022.. fS.61hl. There is therefts
a surplus above Ihe reserve reqwrerTrenl of É0.19m. Th8 directors are aware of the surpbjs ffi unrestrict8d fuThds and
are UD¢jerta￿Dg a rdnge of addthDnal acbvlt18S that should see the depknyrnent trf the rema￿irtg Surplus on
a￿ltiOnal tharitable a¢triitles In th6 nearttr medium IèTrn.
lrtvethgnts
The In￿tMeftt strategy Is to acNeve a balan¢*d portfolio wlhin the cotstOXt Qf a lovHi¥k approath that primarilysim5
to Preserve the funds real eaptsl value and. in addthon. ¢arn a mottest retum. Investments are made
nslderation of a 2-5 yeartimèfr8m8.
The return on the sod8ty$ InV￿tMent portfdv) in 2028, n*toflee5. 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 th￿e
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(2￿22. ÉNAI.
Charitable donations
No chaTitsbb dtsnaloro werernadé durtng tha year12022: ENIEI.
Indemnity insuTancg
The group pUrGha5p￿ and maintained, thrOugh￿rt 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.
CoMp￿Y law rewires th* diwors to pr8pare fxYEolld8tsd finan￿al ststements foT eaGh financial year. whioth g￿e a
true and f&r view of the stats of affa￿ of the group and of thè in¢oming resourn and ap￿icatIOn 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 ap￿1¢able acwuntoig siand8rd8,
Klentify th058 stsnda￿s. and note trh¢ ¢ffe¢tand th? Taasonsforany matrrial depariurefrom tho*standards; and
epare the finanEial staternents on tha golig concern basis unl￿ it ts inappropriate to presume Ihat the group
will conlinue in Operat￿n.
din¢lors a￿ responsi￿8 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 Ilnan￿al 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 hav￿9 4 shATh) ¢aplkll
Report on tho audlt ofthtsfinanci81 stat¢mBnts
Oplnlon
We have audited the ¢onsolldatsd finaD¢lal $latgmenls ol Foundation of the Soctety of Retina Spe¢5alls15 the year
ended 31 December Z023 whKh compFb5e the Statemenl of Financial Activities lineorporating Income and
Exp&ndilure A¢Gounll, Balance ShBet, Cash Flow Ststem8nt and nolES to th8 Financial Staternents, Includin
summary of slgnffi(¥nt 8ccounling ￿41￿1&s. The finan¢lal ￿pOrting fratnewotk that has been applied In thelr
pr8paratsn Is applicable law and Uniied K￿￿0M Accountlng Slendards. iTxludlng FRS 102 °The Financial
Reporting Standard ap￿￿ble in the UK and Republ￿ of Ir81and" (United ￿ngdoM Genaralty Acceptsd Accounllng
Practtcgl.
In our opinlon, r$porting in aCco￿anCe wth a falrpr85en1at￿n f[Brn￿rk 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 Accept￿1 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 AUd￿ftg IUKI IISAS IUKII 8nd 8ppthGabie lav4.
Our respoTr$lbilities under those sland¥d5 ar8 further d?5crib8d in the Authlors, responslblllt18s for the audit of the
financval statements 5eGtion ol our report. W& are independont of Ihp group and par*nt charitable ccmpany In
a¢cordanc? with thg ethlcal requirements that aré ra16vant t4 ottr audit of the financial ststew6nts in the UK, In¢luding
the FRC5 ELhlcal Starnda￿, and we have fvlllll£d our athèr 8thsGal responsiLNlities In aewrdanGfy with these
requirements. We belièvtrthat the aUditévid￿¢S we hav8 obtained 18 suffici￿1 and approprials to prowde a basi5 for
our oplnion.
Concluslons relatlng to 9olng CO￿¢8￿
In audllSng the consdidaled finan¢ial #at6ments, we have ¢tsndud￿ that the dlrectots. usè of the going ¢oncem
basis ol a¢tsxn￿ng In the prepardtvn ofthe flnanaal Btaternents is appropriate.
Basèd on the work we have performed.. WB have not Idenlifitsd any rnalèrial LwuriaiBtss rdabng to Bvents or
cond1li0r￿ that, Indwidualy gr collsctlvdy, may cast signthcant doubt an Ihe group's or ptsrant charitabl8 company's
ablllty to tonJnue as a going o)n¢ern fora period of at le45t Nvelve months fwDm ihe do18 whén thellnanGyal slatemerkts
ar8 authorlsed for issuB.
Our re5PDnsibi1it￿s and the respon$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 cornp￿sBS 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 ex￿1¢￿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 incon￿stenCl￿ (
apparent material mis5talem8tt15, we aTe requlred to determlnv whelherthls gwes rE5e to a materEal tlli55taloment h thè
flnanGial statem8nts lhem5e￿es. 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
IAcompanyThrnlt*d byguar•nt4&, not havlrg * s*•r• upitall
Oplnlon on othermatter pwscrib*d byth¢ Cornr4ni•s A¢t 2006
In ouroplnlott, based on the work undBrtaken in the couts& of the aud￿.
- the irrfomation gNen in the D1￿cto￿, 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 appI￿ab￿ legal requir8m8nts.
Matters on whlchwe are Toquired to report by excepfjon
In the lightofthe thowledge and unde[5tsnd￿g ofth8 wrnpanyand 15 enwon1nentobtau￿d N thecour5e of the audic we
have not Ident4f18o material misstaleN*nts in th£ R8POrtofthÈ Dtreotors.
We have nothing to Teport In respect of the folowing matters w11e￿￿￿e Comp8nie5Act 2006 rsquirgs u5 to reportto you ￿.
In our0￿nIOn..
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 InfO￿atIon 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 pi8par￿On 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$ IhÈdI￿thr*8lth8rlntendtQ liquidete thegrollp orparentd)atitabl8
rnpany orto (*2&e 0[￿rations, orhave no realis￿ altgrnative butb do w.
Audltorf5 ￿ponsIbl￿tIeS 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. mlsslat8m￿ts 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.
Iwogular￿eS, 5ndudlng fraud, ar8 Instan￿5 of non-comp￿ance ￿th laws and rogulauons. We design procedure5 in fine
h our r*sponÉiUlitias, 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 s￿lIS to iden(lty or recogni$¢ norrf0mpl1an￿ with appfi(2ble laws and reguLqtions.
- Wo obtained underskndin9 ofthe legat and rEgulatary framewoTks applKable to the ¢omporty and thé sector in %thich
they operate. We d&terrnined thatfhe follo￿l￿g laws and régulauons were most sIgn￿tant Thè CornpanlesA¢t2006.
UK corporatetsxation Itt￿, employment legislatyon and health and safety legislation.
- We obtairÉd an vnLlersfandin9 of how the Company 8r¢ complying wlh those legal and r8guLqtory frarn8ths by
mak#ig inquTrle$ to management. We corrobordted ourinqi*rfe$ through OLK miew of Itgal ¢or￿SpOndence.
- We assessed the susteptibilty of the companys fin8ncial statements to material rnisstatemety induding br￿ Irdud
rnvJht oC￿jr.AUd1t prt¢eduros pBrformed by th& engagernenttearn Incl￿ed.

INDEPENDENT AUDITOR'S REPORT
to the Members of Foundation of the Society of Retlna Sp8Gialists
(Awmwrtyllrnlled byÉu¥r•nts4. not ha￿￿9 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 èffec￿Veness 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 fin3￿claI re￿rtIng pro¢¢ss'.
performing analyb'cal Pro￿￿￿86 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 rt￿Vant 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$0 limltthe
audll pro*dures Tgquirad to Ident4fy Th)ll-compllance wlh laws ano regulations to enquiry of the dwectvtE and olh8r
management and the in5pectsDn of regLl8tory and189￿ correspondence, rf any.
Material mi55tatetnenls thalarise due totr8ud can bg hHrdorto detectthan thosothatartB8from 8rror as thgy may ￿¥0￿e
del￿erate con￿al[￿ent or c￿L￿S1on.
A further description of our fespon8lbilities for the 8udit of the financlal 3t8tements Ss located ￿ the Financlal Reportlng
Coundl's Websi￿ ai www.frc.0ry.uhJa￿￿oISra$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 UTK*rtdketi so th81 we might stal? to the cOmpaTh￿s 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
r￿t 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 cert￿edA￿D￿n¢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 havif*g a $h4rB raFxtsfj
STATEMENT OF FINANCIAL ACTIVITIES
UnGDTPOTat(ng an InGornB and Expendlture A¢count]
lorthefinarLMI yearended 31 Dec£mber2023
Totsl
Unr8stTrtted
TOtBI
Funds
F￿rf￿
Funt
Fund
2UZ3
2022
2022
Notes
6AOO.84S
5.511A71
55Y1,87f
In¥astrnènts
52,990
52.990
Total lrtttsmkng ta￿ul￿@
835
6 553 8¥5
5.511.871
&511871
Exyèndlturè
7.720.ot3
7.720,013
5,973,347
5.97&347
Net (ID&Besyg*s 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￿*￿¢$$ b￿￿￿trOT￿a￿d 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 aG*rwties.
rhere is no cOTpora￿on tax payable on any ofthe actsvitie5.
11

Foundation of the Society of Retina Specialists
A company Ilmlted by gu&r•#l¢&, nol1￿￿ng asharè Ca￿trI1
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 CUrr￿t 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￿￿ $￿Cl￿]sts made a defiGII lorthB ye4r off551,482 after rxelpt of GMtAid lotalllng
1,402.134. from its trading sub&dlary Euretina Trading Ltd.
These flnanTh61 statemenls hav8 been prePa￿d in 8ttord6ncÈ wth the spB¢ial prawsions rebtitvJ lo srnaM fy)rnpantres
wilhin Part 15 of the Ctsmpanles Act 2006.
ApprDvÈd by the &o#rd of DI1•￿0T$ and auth¢r15ed lor186U8 on
and sIgA￿ on Its
All8ldlr LaI￿laW
DirEetor
12

Foundation of the Society of Retina Specialists
IA¢ompanyllmited hygu4ranteo, not h•vlng a sh¥re ¢apital>
STATEMENT OF CASH FLOWS
forthe thnar￿al ￿reKth￿ 31 Dec&mber2023
2023
2022
Cash flows fn)m optrAttng •£t￿￿e5
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
MOvem￿ts 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 Inv￿nant?￿￿￿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 Decern￿r
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 ¢$pltsD
NOTES TO THE FINANCIAL STATEMENTS
forth8 financi& year gnded 31 DecErnb￿ 2023
GENERAL INFORMAMON
Fouodalio• of the Sodety of Retlna Specialists is 8 company limil8d by guarantee pnd a regi51ered chartty.
incorpora￿d In the unit￿ Kingdom. The ffgistered office of th8 company is The Sca*l, 18th Ftoor, 52
m& Street, London, EC3M 7AF. Th8 #d￿￿nIStratIve offic8 ofth8 ¢oTnpany18 Office 17. Thé Old Station House.
15a Maln 5tree( Blackrock. Co. Dublin. The flnancial statetnFntE hawe been pr￿nted in Euro lel whlch Is also
th? fiknctional cuffency of th8 coryany. MOne￿ry amounts in Ih8se finawgl stsltments are raunded io
nearest t.
SUMFL4RY OF SIGNIFICANT ACCOUNTING POUCIES
Thp followlng acuunting pollcies hav6 been applied constslÈntly in d8aling item5 which ar• consldered
matertal in relauon to IhE 9rwp ffinancial 51atements.
Basls ol propar)tlon
The ¢onsolldated fiDanixal stst8ments of lh8 group for lh8 year ended 31 D8cembor 2023 ha￿ beèn
pr6parèJ on the golng concern basis and in aoeofdance wllh the Stslemenl of RerAirnm8r￿ed Pradce
ISORPI 'A￿￿￿￿ting Repotbng by Chthti£s Pfeparlng thwr accounts ￿ accordance wilh Ihe Fina￿¢￿91
ReportiryJ Standard applicablv In the UK and Rewblic af Ir8land IFRS 1021 letfectlve 1 January 20191. Bnd
FRS 102 Yhe Flnandal RepDrfng Standard applicobl8 in the UK arKI Rapubf1¢ Df Ir￿and.. Th8 a
Pthllt Benefit Entily a$ d8kned by FR5 102.
B4519 Of ¢on$olldatitsn
The group financial statements consolidate the fingn¢ial statements of Foundation of tha Sodety ol Rvtina
Spg¢lallsts and Eur&tlna TTadln9 Umlted. its wholly owned subsldlary.
No separate statement of FlnancHI Acbvides has been pr&sented for the charity al(￿e os permitted by th8
Ctrmpanies Act 2006. Th8 chanty, belTrJ th8 parent company, has takén advantage of sectlon 408 of th8
Companles Acl 2006 and has not Included its i)wn Stalsm8nt of Flnancial Activit￿% In Ihe6e financ
stslamtnts. The charity's netmovem8ntirtfundsforts yèarwas a deficit 01É551,462120L defirAI-.£724,3171.
Funds
Vnrestrioted funds censistof general and de5ignalèd fund5.
Genergl funds rapres8nt amounts vthlrh are expsndable at the dl&cr8Jon of the board, in Turtharance of the
oblaclr¢es of the chadty
Designated funds COTDprise unreslrthd fvtids that the board ha8. al its dis¢r¢tion, sel aside for partycvlgr
purpJses. Thes8 designatsoDs have an adtninlstrative wrpo88 onlyi and do not restrlat lh¢
board's d￿¢relion lo appty thefund.
lJcom8
Income comprlses ¢ongreBS activty Income and m15cel￿￿PO￿s Income. Incomè Is Induded kn th8 Statesn£rrt
of FirHnts81 Activikes when Ihe charrty Is legally entitled lo it, its financial value Gan be quanlffied Mth
re8son8Ne certalnty and theo is reasonable certainty ol its u5tsrnaté rec8ipI. InGoTne Is accoyntBd for on an
accruals basls.
ExpeD6lture
Al &xpÈndilure is 8¢etsunt8d for on an a¢cruals ba5b whèn there is a legal or Constr￿11¥& obligation lo that
expendiiure. it 15 probable setuÈment Ès required and the amount can be measured rellably. Char4table
aBtivlti&s include congress cos15, Tesearch and &￿tion costs, and Supp¢￿ and governan￿ c08ts.
GovemanGB Gasls arts Iho¥e 858oclated wth Gonstituttonal end statutory requiiptnent$.
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 va￿e￿. Gains and losses Eri51ng on leV￿Ua￿on 8re
in thg Statementof Fln8na81 Act￿￿110$.
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[n￿er 3023
TrndB and otherdebtOTS
Trade and otherdebtOTS are fftitlauy recognis3d atfair valu? 8Trd thereafterstatEd at arnor￿sed cgK8t U$Tng the
effèctive inleresl méihod less irypimeAt bsses for bad ané dou￿1 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 doub￿1 deb
Trade and other CTedttQFS
Trade and other creditDrs are W)￿alEY re¢ogntsÈd 4t fairvaluÈ and th￿atters*#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 $hown ￿¢hIn ryeditors.
T￿￿tIOn
FtyJN1alion of thè Soclety of Retina Spedaikts ts ccffjsidertdto passih& iÈsts seturt Paydgraph 1 SthedulÈ
6 Finan¢e Aot 2010 therefore it the (kfinthon of a ¢haritsble ￿mp2￿Y for UK Corporation Tax
purpDse5. Acsorfirng￿, the charity is potenti3lly tyKempt from taxation in respect of income or capit81 gai
Teceived wthin tat&gories covered by Chapter 3 Part 11 Corporauon Tax Act 2010 or Se¢th)n 256 of
thaTaxalion of Charge8tla G8lrÉ Ad 1992. to extent that such income OT garss are 3ppE1￿ exdusNply to
£￿￿11￿)1e wrpos¢5.
The proYIts of tha 8Lèsldl8ry, Euretina Trading LThited, are Gfft Aided to Foundaboft df thè Sodety of Refjna
s￿lalists. and therefore nownounts are charge8￿9 to corpora￿On tsx.
F(￿•19n currencies
Th8 consolidated rn8￿￿1 statements are prepared ¢n Eur) IE) W￿¢h ty fun¢ttond ojrrency ofthe group.
Foretgn currency transacti?n5 are recorded in Euro at the rate ruling on th& date of th8 transacllon. Monetsry
assats and IlsbllEtle8 denoMIna￿ in foreEgn currencie5 are translated into Euro at Ihe b8lanEe she8t dats. Yh8
resuming gains and tOS5es arE dealt￿1th in the Statement of FinanualAthiti&s.
Finanelal
Flnanrla5 asstts
Pas￿ finan¢AI assets. indUd￿g trade and other receiva￿e$. and ￿5h are inibauy rewgnk%ed ai transa¢tion
price lindurfing trans8Ctlon costs). unless the 8rrangement cQn￿l￿tes a finan(¥no transaction. the re5ultsn9
financial asset is measured at thE present V8lug of the fub&re re￿Pts 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 fina￿￿￿1 ass* measur8d at amortised ¢c6t are
ossessed for objectiv& evidence of imp*rment. 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$sei has been trnnsferfed tts another paty who has the
pracocal ab￿[ty lo u￿laterajIY sell the 0$￿t to an unrElat8d Ihlrd pty without inp)sirvJ add￿onal restrietions
on fhe f￿$[er.
F]nanclal liabilltles
Basic finandal li8billtles. Indudkng trade and other payaNes and bank loans Snllally r8cognT8ed at
transaction price, V￿e$S the arongement ¢onstitute$ a finanang Iransactton where the resulting finan￿al
liabifty Is ry*asured at the pr8sènt value of the bjiure payments dk4counted at a market r*e of int8iest for a
simila¥ debt instrument. Such flakn1￿e$ are subsequenty carrT2d a amorbsed cost, using effectri& int8r8St
Tnethtxj. Trade p8yabEes are obligations to payfor goods and serAGes that have been a￿￿1r8d in Ihe ordinary
course of business from gJpplier5. Trade payables are da8*f18d 8s DJ￿ent 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
][ab￿lIeS a￿ de￿CoUn￿ed when the Ikgbfllty Is extin9ULSh￿, Ihat 19 vthen the contr4c￿31 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 re￿￿Se￿ 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 ha￿￿9 as1￿9 ¢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'$ acco￿ting 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 e5￿mat&S.
Th6 eslmat8s undertying qs5umpttcns are rBvlBwed on an ong0￿g bdsls. Re￿610￿$ 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$ion and futtsr8 P8ri0d5 where the revision attects both current and future
pariod5.
In the oplThon of the trust¢es there aiB no critical attounting juQg*mants or eslmation UnGertaIn￿e5 wltmn the
NEf EXPENDITURE
2023
2022
Net exPendI￿re is tstatéd aft•r ¢h4ryintylcredStlng1'.
Audlloe5 remunerallon-
Audit 5er¥lGes
15,327
11,589
STATUS
Tha tharlty 15 a company limltsd by guarnnte8, not ha¥lng a shqre O￿tak and ￿nseqUen￿Y th6 5i9billty of
rnernbgrs 1$ 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
AdI￿lty
Support
2023
Congress co8ts
Researth Costs
EduGation G05ts
S.316￿17
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 Un￿tri￿ed fvnds and indud8d in the ex[￿dth￿ in 2023 are
govem8nr2 c05t5 of E492.331 12Q22.. f73,4071 whith re￿te 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 OtherL￿Sts
PTOrn0￿0ft
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
nsti￿tI￿n8
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
Addit￿nS
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
$1,770
At 31 DÈcÈmbar2023
2,808.249
2,808,249
Net book valv8
At 31 08cernber 2023
2,808,249
2,808,249
At 31 DecembBr2022
1,203,569 1,203￿9
CHARITY
lllv6$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 An￿y81$ of Inv88fment%
2023
2022
Equities
F￿e￿ 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
De*alls of subsldlary uttdÈrtakiHu
At 31 Dec•mber2023 Ihe ¢haritaNe ¢ornpany had an tnterest ia thefollos*ing Subsid￿￿.
Pwportlon of
vofln9 Yights 8nd
sharès ￿k1
Countryof
incol￿ration
Und¢rtakTng
Holdlng Prlncipal activity
Eyretina Trodlng
mit*
Orthnary shares
Org2nising
cenfet&nce&
UnitÈd ￿ngd¢rn
The summaryflrpKlal perfonnanca ofthe sub*dlory 1$..
2023
2022
Tumover
Costofsal&s
6.468.B65
15.300,988)
5,511,871
13,967,13n
Gross profit
AdminfstratP46 e￿nseS
1,167.877
1328,6691
1,544,n4
1142,6001
Profft b&ftsre taxarftsD
Taxon profjt
839,20B
1,402.134
Profftforthè finanr4alygar
639208
1.402.134
Currertassfjts
Currentliabfjpts
1.647.111
ieoyg021
2,Q43,129
1640.9941
Net assels
639.209
1A02.135
Shar8hold8rs'fuTrts
839209
1.402,135
12.
DEBTORS
2023
Group
2023
Charfty
2022
Group
2022
Charity
Trsde d8btors
Amounts 0￿￿froM fxnne¢ted p2￿$
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 ASS￿5 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
B4l*nc
January
2023
Tra￿SlarS
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 so￿ety of ReYn8 SpÈciallsl8 atKI it donates
annualty its entire Surplus to the parert Bompany in the fomi of Gift within nint rmn*h$ of lh8 of the
finanua year.
16.
POST.BALANCE SHEET EVENTS
Therg hav8 been nD S￿nIficant&y&nts affecting the group $lnce the year end.