Foundation of the Society of Retina 5peciallsts {A company limited by guarantee, not having a share capital) Annual Report and Audited Financial Statements For the financial year ended 31 December 2024 Company Number." 07472064 Charity Number: 1140791
Foundation of the Society of Retina Specialists IA company limited by guarantee, not havlnga share capiiall CONTENTS Page Reforeneè and Admlnistratlvo Informatlon Directors. Anftual Report Statement ol Directors, R•$ponslbllltles Indepèndènt Auditor'$ R•port 9-12 Statoment of Financial Actlvlties 13 Balance Shegt 14 Statement of Gash Flow5 15 Noles to the Financial Statamonts 16.25
Foundation of the Society of Retina Specialists IAcornp31rylimlted bywarantèÈ. not hwlnKa share capitaT) REFERENCE AND ADMINISTRATIVE INFORMATION Directors i$tsir Laidlaw nat LtJewenslein Bahrarn Bodaghi Bart Leroy Caroline Klaver Edoardo Midena Jens Folke laard Marbn Seba$tian nkee1 Nicole Eter Patrici8 Udaondo Mir8t8 Reinler Schlingemann thaty Nurnb8r In England and Walos 1140791 Ctyrnpony Regrstration Number 7472064 Registstsd Offlce The S¢alpBI. 18th Roor 52 Lime Street London EC3bA 7AF United Kingdom Administrative Addre5S Office 17 The statio Hous8 15a Main Street Blackrock Co. Dublin Audltors Advantage Account8ncy & Advlg)ry Lt Chartered C?rtified Accountants and Sttsty AJJ(Stors Avalon House
7 Cathedral RDad Cardiff CF115HA Bankers 88nk of Ireland 28 Maln Street Blackrod( Co Dublin Iietand Soli¢ittsrs Gharle5 Russell Spge¢hlys LLP S Fleèt Pla¢e London EC4M 7RD United Kingdom Inve$fment Bankern Credlt Suisse S CabotSquar8 London E144QR United ng{lOM
Foundation of the Society of Reilna Specialists (A tompany lirnited by guarantee. ntst having a share c4pltall DIRECTORS. ANNUAL REPORT for tho flnanclal year ended 31 December 2024 The directors present ther Direclots'Annual Report, CL¥nbining the Dir£cto. Report and Trustees. Report, and the audlt8d consolate[t financial statsments for the financial year ended 31 De¢emb8r 2024. The dIOr$ have adopted the provisions of the Statement of RecommedEd Practic8 ISORPI"Ac¢ounling and Reporting by Charities" IFRS1021 in preparino the annual report and consolid8t&d finanual statements of th8 group. Oblgcllves and actlvlttes of th8 soc19ty Foundalon of the SoGiety of Retina Specialists IEURETINAI was incorporated on 16 December 2010 under Ihe ConwanlesAGt 2006 as a Company Limitsd by Guaranlaè and not having a Share Capitsl. The charitable company is reglstered with th6 Charity Commission in th? UK- Number 1140791. The obj&ctlve5 for which the tharit8ble company Is established are lo advance eduralion tor the public b8nefil by lil promotlng th& gxchange of knwledg9 b&twaÈn r8tinal and rnacula sp8cia1isls in Euiope ITII Stimulating and encouraging relinal anrl macula re5er¢h in Europe liiil promotlng thè puNi¢ation ofthe useful results of th8 chariWs work Itv) ke6piThg ¢tsnta¢tMrith similar groups in other Gountr16s, and Iv) supporting rètinal and maGula research and e(fu¢gticm by the provision of financial support andlor specialisl support and advic&. EURETINA has one wholly uthed subsldlary. EURETINA Trading Llmlted, whose prin¢lpal 8ctivili8s includ8 arranging and hosting the annual congress of EURETINA. EUREfiNA Tradlng Limitsd donatos It5 surplus èach yaar lo the charitable ¢ompany under th& UK Gfftd rule8, Public bgneft The directors hav& referred lo the uuidance contsined in the CharilyCommi5sion's generd guidanc8 on publi¢ bengfit whèn reviewing the sooety's 8ims and obj£ctiv£s and in planning ils future acllviti8s. In partlcular. the directors consider how p13rtnod activitiès will contribute to the 3irn$ and ot4gCtives that hav8 b88n SSL The purpose of EURlNA 15 to ensure the best P05slblp oul¢omas and quality ol life for p8tients with r8linal and macular condOns. Thiough EURETINAS airn5 of 1tnprovY education and slaftdards in this SPEcialty across Europo. pab.ents with retinal and macula condits"on8 and the wider public aTQ our main beneficiaries. The funding of L¥riglnal re5earth ronlribu18S to the d6velopment ofthls fi of ophthalmoSogy, the education of its prattilitsn8r8, and uIUmaiely to better patient care. Stru¢iuroF goveman¢e and managomant The governing doGurnent& olthe charit£ble company arts its Memorandum and Article$ of Assocl£lion. The £haritablÈ company has 8 Btsard of Directors. hav? oveiall responsibility fof the proper m8nag8m8nt of the ch8ri1able Company's business. These dirtots are appointed 10 a four-year lern of office on the Board, and may be r81octed for a further foui-year t8rrn. The 808rd ig supwirted by an ExeGUtlve Committ8e. which is 3 subset of the Board and includes specifically th& Pr&sid8nl, Past Pre&d$nt, Incorning PresOentand Gen8ral Seuetsry olthe 8oci8ty. The Board may also 8pp(Mnt sub-¢iynmiitee5 tD drive the bvsines5 of th& 50dety. These can includg.. A Programme Comiitt&e A Guidelines Committee A Resear¢h Commillee and An E80 EKarn Cornmtttee. Each Cornmittee ls ¢haired by a director of the board and Includ88 norFdireGtois as Gommittee mefflber5.
Foundation of the Society of Retlna Specialwsts IA companyllmlted bygu3rontee. nut havlnga sham ¢apstali DIRECTORS. ANNUAL REPORT for the IFnan¢Fal year ended 31 Decemb¢r 2024 EURETINAexpands ils year-round activity, it has strengthone(J its found2Oong with the introduction of eight subspedalty Sectn8 to cover key tOPTCS within the field of retina. section has engaged the input of a selection of globgl expertg in the grwen ffeld. who a¢ts"veEy support the Board, the Executrrfe and, as neces88ry, the Committees in th8ir gfforts to dejfvertop Quality £nd ¢utting-B(Ige educatKin to EUREfiNA mambets and fouowers. Dtrectors of tl* charitsbl? company The dTrectors of thè ¢h8ritabk campany are its trustees forthe purposes of charity law. The rfjrectors are appointed by rèsolution of the Sl2tutory Board and must be statOry members of th? stxiety. The di18etors who swved Ihmughout tha year, 9pt as noted. were as fouows: ist8ir L8idlaw Anat Loewènstè Bahram Sodaghi Bart Lertsy Caroline KIav8r 18ppoint8d DT/O9120241 Edtsardo Midena Jens Folke TIgard Martin Sebast Ankemagtl Nrole Eter Patrirya Vdaondo Mlrete Rarnin Tadayoni Relnler schngen Ideceased 19104120241 The dirartors do not retire by rotstion. There are no wntr8Gts or arrangem8nts of any significance in relation to the busln¥$ of the cfBr4table cotnpany or group in whiGh the dirertOTS had any Interest, as dEfinèd in th8 CornpanlasA¢t 2006, atany lime during the y88r. Achlevements and performon¢e Eur811na recogni%ès that compp.tellce and authority are eential. toclay more than evw, in the development of sustainable, effective. $citrn¢e-b85ed dOStiC and EhÈrapeubc soltstn5 for blinding retinal diseases. EURETINA tskes an active role in shaping the future of1he subsperAalty. The Sotsety aL80 works to address the unrnet needs of both ophthalmologists and their p3tiènt& The main 4ctriAties undartaken in 2024, including those of the MpanY'S 8ubsidory. EUREnMA Trading Li¥nit8d. ar8 set (FLrt below. lal Meetin95 The annud congress is the highlight of the EUREflNAcalend2r. Al Ihe amual congress, thg most up to date information on devejoprnents in the field of r8tna is presented to delegates across numerous modulas and Eymposia, bringing th8m up to dale wRh proeedurè5 and developments vrithin their Dwn regions and far beyond. The Eur8tina 2024 annual coNJres$ took Fl¥e in person in Balon8. The meeting NWd8 a hug8 success ané was extremety well support8d with 9,179 gistered attende&%. Delegates ¢ame from 120 countries. which is an ongoing inElication of the worfdwide roa¢h and rel8vance of the society-
Foundation of the Society ot Retina Speaalists IA eompany IlmitEd by EuaranteÈ, not a5hare capitsll DIRECTORS. ANNUAL REPORT forthe flnancaal year ended 31 De¢ÈmbeY 2024 Ibl publlcatlon8 Ophthalmologica, the officialjoutnal of EURETINA, published fivB online issu8s in 2024. To data, guld81in&s on Ihr&e clinical areas have been developed and pubilshed. Icl Onllne Edu¢atlonal reswrcÈs Th9 EURETINA webslt8 con501idates Ihe key educatiDTral r£sDurc85 01 the society in one plac8. Theso include.. EURETINAOn DBmand, containlng an online library of conference pre52ntstions from the Lgst two y&ar$ &URETINA Insight, 811brary of CME actr8dil6d e-Learnin9 Govrses EURETINA'S Webinars, D&ba188, Case Clubs and archive of Itcorded inter4qaws and panel discusslons with 8XPÈrts In retina Talking IEulRetsna- r&gu18r podGasts about the latest tetina sclence new5 and ¢urrentupdates on EURgfiNA. EURETINA Bri8f, a web-based digltal magazine dellvÈring up-104ate Summary briets on a ronge of topics or interest to retinal Clinicians, speci81ists dnd researchers across Europe EUREfiNA Educatlon Forum Portal. containing industry supported Ind8pendent MÈdic21 Education matwial EuftlNA MernbÈrs' Forum, whEre rnBrnber8 c8n dis¢us$ retina news and n&twork globally The aim of these resour¢es is to provide expert4ed educabonal r8sourc8s for as wlde 8 population ol retina speciali515 as rxissible. Idl Sclentifi¢ research The Soclety has a formal prot888 for the fundiDg of research projtrcts under the annual EURETINA Re11p MeESlcln6 Clinlcal Research Funding CaS1. Under this process, apiCationS ar6 inwted and rev18wed by an oXt&mal panel of &min8nl judges. Funding for any amount up to É300,000 can be sought by ¢lini¢ians and reseat¢hers who hold EURETINA meFnbetship. Since the programme was established in 2018, th8 SOGlety has received a high numberaf high-quallty $ubmis3ion5 and ptogressed with eleven. In 2019, a ofteff researGh furKling call was made to fund clinical research triak to addres5 the best tr8atmenl option for SubtnaGul8r Haernorrhage caused by Age-Rel&ted Ma¢ukr Degenerètion. Th* Inlliative has béèn sèl up in conjunction wth Fiohl forsight. Funding ol GBP £1.89ffl wlll be made available over 5 years to Ihg wlnning applteant, ng's Colleg0 London. lel Ob$epvershlp programtn9 Trninee obseNerships are available annually for digibl& selerted doctors to spend a period tyf obs8N8rship at a approved European CElltre of exp8rtise. É1.5001s offered to each suc$$1 candid8t&, as well as acces5 to a list of presttgious training cenlres. Seven ob88rvership5 were awardèd in 2024. In Membeisfrlp of EU-EYE EURETINA contlnuÈs to b& a m8mber of EU.EYE, the European Mllanc8 for V11)n Re$88rch and Ophthalmology. whith lobbies at EU level lo increase political awareness anLI funding for ophthaltnobgy and vision research. UREnNA support5 this cau58 financially and thrwgh representation of EURETINAb¢ard members on th6 EU.EYE board. Igl EUREMNAIEBO 5ub$peci41ty Reuna Exam EUREfiNA has developed a subsp8cialty retina exam In assooation with th8 Europ8an Board of Ophthalfflology
Foundation of the Society of Retina Specialists IA ts)Mpany Ilmited bygu¥rAntee. not havln8a shar• (apltall DIRECTORS. ANNUAL REPORT forlhe flnan¢lal year gnded 31 Decefflber2024 {EBOI. The first exam look place in 2023. taryeting retina speualists In Europe. Th8 purpos8 Of the exam is the harmonisabon of educAtion across ajl European ¢ountii8s and succÈs51ul candidates will bè awarcled a diplorna and titte,. Fellow of the European Board of Ophth81mology in the subspeclalty of Retina. Ihl Mentotship EUREllNA is delighted to wntinue its Mentorship Progryamme for Retina Speaalists, now in its thlrd yèar. Th$ Mentor5hp PrCgTaM is de8igned to stspptyt the Professional development of promlsing retins speaalists. Up to slx mentees are selected each year through a m•mbErs' 3pplication process. The prograrnme includes careèr developrnert skills ¢ourse$ and rJetsvort(ing 0ppDrtities. a8 well as personal one-ttrone sessions between mentors and ment•es.All mèètings 8r8 fa(xto face possible and mènte8 trzvgl expenses. as wejl 8s EURETINA Congrw fe&5 during the terry) ol the prograrnme, are covèr£d bythe saciety. EURETINA Wom•n in R•tina Progtrzmme The Board of EURETINA is committed to making th society an indu8ive eniTonmentwhere ts CDlltributors and f¢llowers have equal opportunity to thrfvÈ In the field of relin8. The goal of the EURETINAWomen in Retina programme is to nurturè diversity by glving 811 genLlers 8qU81 OPPDrtunity at all levels in the rId of retini programtne alsD aim5 to educate the wder ophthalmic communty by supporting inativeS aimed to remove unfair obstacles tothe PTofessional development ¢f wmlsing women wotking In sd¥Tr¢e and care in retina. Th8 core foundation of the Women in REtina prograrnrne is the befief that the best innovations happen when dNer5e peopje with drfferent perspectives cdlaborale. The InitiaVe help the sothety to hamess thesg perspectives, to chauonge th8 WÈY thkngs are done and 8llowforttwtn to be done better. Plans forfuture period5 ELIRETINAwll continue to tske an actpie and po&tive role In shaplng the futu of the 6ub-speci81ity of retina. in line ith th8 obiectiv8s sel out in its slraiegic plaTr. PriThcip31 risks and un¢ertaintle5 Annu81 cOngsS Thp main source of income to the sooety Is its annual congress. A key risk th&refore to the group Is 8 f8118d or signifieanlty curtailed annual ¢onfereno and the r?5uMant1055 of iTKorne thal would 8ri5e. This includes the Thsk to an aMu41 ¢ongress frcm an gctof tèrrortsm or. as transpired in 2020 and 2021, frorn a pandem1c. There is also the r&%k that change$ in condilons OCCUT. over 1Sme, which redu the aitractweness relevance crfa l¥g& annual meetlng developÈd around a s¢ientifiG programme. The directors mitigate the8e rfsks wherè possible by tsklng out Snsuran¢e for ea¢h nferenCe against Insurable ris and maintatning sufficient reserves to èr1SU the society Could continue operation5 uninterrupted in sueh an event wthile alternalve revenue soure&s were dSlOpert. Flnanclal revlew In the ye3r 2024. th8 Group generated a surplus of QOQ,432 (2023. a deficAt of É1,114,4081. The resoureos available to fhe gTOUP and those expend6d during th8 yèaraN sèl out in th8 Con501idated StatBmenl of FJnancialActivities. The EUREfiNAgroup is in 8 hestthy finantrial pOsIon. This wlll ensure the Colltinu fundlng of new education£1 initi8tNTes and Tesearch projects.
Foundatlon of the society of Retina Spetialists IA company Ilmtted byguarantee, not havlnga share capltall DIRECTORS, ANNUAL REPORT for the flnancial ¥ea¥ ¢nded 31 December 2024 ReseKv8spolicy The rèsÈrv8s policy tske5 into consideration the major risks that CDUIO affect EURETINA In the lulur8 and principally th8 threat posed to the incorne of the society through a failed tsr si¥nifi¢anUy curtailed gnnuel congress whether due lo a pandemic, compelitive faGlors, an 8Ct of God, acts of t8rror, or the potential wllhdrawal over lime of lundlng from anrat9 5UPPOrter8 due to legi51atlvB and gUlatOry ¢hanges. The resNes policy is deswJned to ayow EUREtINAto ¢onlinua wnning its acbvitias unlntaffupled for al least a 1 year period, during which pmjects wwld be re-evaluaied dep&nding on the level of su¢cess in generating ttew revenue streams. Allowing at least 8 1 year period would help to Trunimise Ihe risk ol ¢ompromising the objÈ¢lNes and cora aCtiti of EURETINA. Qkn th15 ba$ls, Ihe directors consider that th& required 18vel of RBdlly usable reserves ShOld be 64m. Thi$ ¢ompares to unrestrictod general reserves as Shown in ths auditEd Bccounts of É4.74m12o23...lgrn1. Thera LB thérafore a surplus above U)e réserve reqiirernent of EO.74m. The directors are awarè of the surplus on unr8$tricted funds and are und6rtakiHg a rangè of additn&& activities that should s8E the deployment of the rern8inin9 suwplus on addibon81 charitable a¢tiYities in the nearto m£diutn term. Inw8slrnent$ The investment strategy Is te achieve a balance(S portfolio within the conlextof a low-risk approach that primarity airtjs to po$Ètrve the fund $ real c2Pital vue and, in addltton, gam a mde rowm. Inv85trnents are made $h con81deratiots of a 2-5 year tirnefrarne. The return on the societys illvestsnent portfolio in 2024, nelollges. was 4.3%. Going ¢tsnc8rn and future businB5S SUCCESS It is 2xpecled that the aTrnual ffleeUng will contlnue in a format simlL4r to 2025. and th8t thè surplu5e5 Irom th*se meetings wlll allow EURETINA Its ctsnllnue all its core Charltable activibes going foard. On this basis th8 dir6clors are confident that tre group will continu8 In Dperational existsnce and that the financlal st8teTnent5 s)ld continutt to be drawn up on a going concern ba$ls. Polllical donatlon$ No polib"cAI donations were tnade during the year12023'. &lill. Charltable d(knations No charitable donations were made during the year12023.. ÉNill. ndemnlty Insuranco The group purcha5Bd and mainlalned, throughout Ihe flnan¢lal y88r, DireGtors' and Officers, Liability Insurance In re5peGt of the directors. The Auditors The audiiors, Advantsge Accountancy &Adwsory Ltd (Chartered Certified Accountants and StatuloryAuditorsl hav8 indicated their willingn8SS to continue in officg CordanCe with the provlslons of Section 485 of the CompaniesAct 2006. Speclal provislon5 rolating to small companies Th abov8 report has been Prepared in accordance with the spécial provi8ions relating lo Small companie5 within Part 15 Df the Companies Act2006.
Foundation of the Society of Retina Specialists IAcomp3ny Ilmlted byEuavatrtÈE. Ilot h*ing 3 5haTe capitsll DIRECTORS, ANNUAL REPORT for the financial y8ar ended 31 D¢¢embw 2024 Statement of relevant audit Infomiation In so far as the directors are aware". there is no lev9ht zudf( information linformation needed by the gwup's audttor in connection wlth pparing the auditoV8 report) ofwhith th8 group's auditor is unaware, and the (firedors have taken all the steps that they (yjght to have tsken as dI¢tOrS in orderto make thetn5ePJes are of ary relevant audit information and to e51abli8h Ihatthe groups auditor is aware of that nfOatIO Approved by thp Board of Directors on 20i and signed on Its bèhalf ty. Director
Foundation of the Society of Retina Speclallsts IAcDmp8ny Ilmited by Euarantse, noi havlng a Sharp tapltal STATEMENT OF DIRECTORS, RESPONSIBILITIES for the financial yèar ended 31 08remb¢r 2024 Th8 dire¢tors (who are also tNÈteès of Foundation of the soety of Retina Spe¢iallst$ for th8 Purposes of Company lawl are responslble for preparing the Directors. AnThu Rfrport and the CDnsolid8t8d financial ststements in accordancè with applicabl& law and United ngdorn Accounlinu Standards (United Kingdom GenerallyA¢c8pted Accounting Practice). Cornpany law requires ditECtors to prapare wn8olldatBd finan¢ial ststements fur each financlal year, which give a true and fair vÈew ol th8 stste ol affairs of the group and of the incoming resourc&s and application ol resource$, including th8 income and exFenditure. olthe group lorthat poriod. In pr9pan9 these finan81 statements, ihe dirB¢tors are required to.. selecl sultab ao¢oLJnting policies and apply Ihem coBsist8ndy'. ob$erv8 the melhad5 and prinrAples in the Charities SORP.. make judgement5 and accounting e51iTnate$ that are reasonable and pnjdenl: 5tatg whelhorthe financial 5tat8men15 have been prepared In ac¢ord8nce with applieAbb accounting starKlards, identity those standards, and note the èffect and Ihe rpasons for any material departure from those 51andaids, and prepwe financid statement5 on th8 going ¢onc8rn b85is unless rt is inappropriate to presume that the group vlll conbnts8 n operation. The directors are spOnsible for keeping adequate a¢¢ounting r8Goids that ar8 sufficpllt to show and explain th8 group's transacliolls and dls¢k>se with reasonable accurdcy at any time the financlal position of thè group and enable them to Ènsure that the ¢onsolidated financial staternèn& comply with the Companie5 Act 2006. Th8y are also iÉsponsible for safeguardlng Ihe assets of the group and hBnG8 for taking reasonable steps for th8 preventlon an detection of fraud and other irregylalllie5. Approved by the Board of Dlrocttsrg on and 51gngd on its beha51 by: Allslalr Laid13W DlreGtgr
INDEPENDENT AUDITOR'S REPORT to the Members of Foundation of the Society of Retina Specialists IA comparw limited by guarante2, not having a sh8Te capital) Report on the audit of ttto finan¢ial statements Oplnlon We have audited the rons1)lidated finanrial statements of Foundation of th8 So¢iety of Retina Speciafisls for the year ended 31 Decernber 2024 whh wmprise the Statttmentof Finandal A¢bvllies (incorporating an Income and Expendlttjre Ac¢ountl, Balance Shee¢ Cash Flow Ststament nole5 to the Financlal Statèments, in¢luding summary of significant aco)unling pDlicl8s. The financial reporting frdmework Ihal has been aptyied in their preparation is applicable law and Ljnited Kingdom Accnunting Standards, inc]uding FRS 102 Trè Finanaal Reporfjng StarFdard applicable in the UK and Republic of Irda (United Kingdom GeneraltyAccepted Accounting Practi¢el. In ouropinion, when reporting in acGonlan¢e wth a fair presentsl.on fraTll8work Ihe finantial statements.. givè a tru¢ and fair vitrw of the stsle of group's affairs 8s at31 DeceThber 2024 and of the Group's incaming r8sources and apprication r*%Dur¢es. induding its iome and expenditure, forlhe yeaT tre ended., hav¢ been properfy prepared in accordance wlh United Kingdom G¢nerallyAtt¢pt¢d Accounting Practice; and been prtpad in atrxordance wlth the requlreTnents of the CoTfP8niesAd 2006. Basi$ for opinion We conducted our£udit in accordattcè wth Intemadonal Standards on Audn9 IUKI IISAS IUKII 2nd applicEble law. Our responsbi ilities uTrdÈrthcse staTsdard5 are furtherdescrfb¢d in th&Auditors' responsibilities fvr the audit of Ihe IYnanci815tatements section of our report. We are indeppndEnt of the group and p8rent chsritable company In 8¢¢ordance with the 8thical requireTnents that ao r&levant to our audit of th6 finandal statements in the UK induding the FRC'5 Ethical StandaTd, and we have fulfilled our othèr othical responsibil85 in accordance with these requiremènis. Vve belleve thatthe aud&teTriclence we have obtalned is sUffient8nd appropriate to provide a basi for our opinfon. Conclusions mlatln9 to gglng concem In auditing the consolidated financial statements. we h¥ve concluded that the diT8Ctors' ose of the going ¢on¢em bask¥ of aceounting In the preparation of the financo15tatements is approprfate. Based on the work we have performed- we have not Idendfied any matgrial UrtrtaInties relating to events or onditions that. indwtdually or eollectively. rnsy cast slgnlficant doubt on the group'5 or pant charitable cornparsYs abiftty to continue as a going ¢oncern for a period of at least bvdve monthsfrom the date when the financial ststemenls ar8 auth0ri5ecl for Issue. Our responsibilities and the E5ponsibilitses of the directOE5 Vllth resrectto going ¢onc8m 8r8 descThb8d in the levani sÈCtiS of thi5 reporL Other Information The rfEreotors are responsible frTrrthÈ other infoThation. The other infonnabon comprise5 the infomatson in the DirectOT5'Annual Report. but does not indude the financial statements and our Report of th?Auditor5 thtreon. Our opinlon on the financial stat&m8nts doas not covèrthe other infornatKn and, expt to the extent otheNJisè explicitly ststed in our fepDrt, we do not expr8ss any fom tsf assuran nCluSIon therean.
Foundation of the Society of Retina Specialists IA ¢ompany limited by gvarantep, not haviny a sharg ¢apltall In ¢onnection with our 8tAit of the financial slalemenls. our responsibility is to r£ad the other information and, in doing 50, Gonsider whéther th8 Other inform81ion is matsri8lly inconsistent with the financial slelements, or our knOedg oblalned in the audit orothetw15e appearsto be materially mlsstaled. If id&nUty su¢h material In¢on$l$tenGies gr spparent material mis5taternents. we a qe to de19rmine whether this givB5 risE to a tn3tellBI misStat£ment th8 financial statements th8mselves. K, ba58d on the work wo have performed. we ¢ondude ihatihere Is a material misstalement ol this other inforrnalion. we are required to report that fact. We have nothing to report in Ihis [Bgld. Oplnlon on tsthor matter pres¢rlbed by Ihe Compan18$ Act 2006 In our opinion, based on the work undertaken in the cvur5e of the audll.. the information given in the Direclor5'Annual Report for the financlal year for whlch the financial slatern8nt8 are pr8p&red 15 consistent with the financial statsments., and the Report of the Direclor5 has been prepared in ac¢ordan¢e th appllcable legal requirernenls. Matters CFtt whith WÈ are rÉqulrèd to report by exceptlon In thtr light of U)e knowledge and un(5er$landing of the company and its environment Dbtained in the rour5e of thg audit. we have not entifi rnaterial rni55tatpment5 in IhB Report of Ihe Dir8clors. We have nothing to r8porl In r£5PeCt of the following rnatters whore the Companies Act 2006 r8quira5 US to report to you Sf. in our opinlon= adequate a¢¢ounUng records have not been kap¢ or relums adequate for our audit havB not reGeived fri>m branches Not V151ted by us,. or the finènci81 slaternenl8 are not in agreement the accounting records and relums., or certain dis¢losures of dirÈclors' remuncrab.on specified by18w are not made.. OT we have not receNed 011 the inlomwlion and explanations we require for our audlt. Re8POnslbllltl85 of dlroctQT5 for the financial statèmènts A5 expl3ined more fully in the Stalempnl of Directors. Responsibilllles set out on page eiyhl. the dirèctors Iwho ar8 a150 the trustees ol thg pgrent charitable cnmpany for the purposss of charity lawl re5pon5ible for th8 preparation of the financlal state[nts and for being $atisfied th8t they giv• a true and fair view, and lor suth inteFnal control 8$ th8 directors deterrThne necessary to en8ble thè Pparation offinanciAI statements that ar8 free from material missta19menl, whglher du8 to fraud or errL¥r. In pparing the GDTr5011dBled financial stalements. th8 directors are responsible for assessing the groups and parent charitable companys. abilityto conb"nu8 as a gdng concern, dis¢losing, as applicab16, matt8rs rdaled to going conccrn and using the gjing concern basis of accounting unless the dlrectors ellher Intend to liquidato the group or pont ¢horilabl8 ¢ony8ny or to cease OpelIans, or have no realistic elternativg but to do so. AudIt0$ respon$ibllitlg$ lttr th¢ audlt of the ffnanclal statem8nt8 Our objectives are lo obtain reHsonable assuran about whpther IhÈ financial statgrnents as a whole ar& free from material mi8slat&menL whether due to fraud or error. and 10 issue an Aud%lors Report that includas our opinion. R8asonabl8 assurance 15 a h¥h level of assurance, but not a guarante8 that an audit conducted in accord8n¢& with ISAS IUKI wll always det8ct a rnaterial misstaternent when it 8xists. Misstalements can arise from fraud or error and are considered materi81 if. indpildu211y or in the 8ggtegatg, th6y COU rèasonably be expectsd ¢0 influence the eronomiG dedsions of Js&rs tsken on th8 basis of these conso1idaled financial statenents. ErgUlarities, including fr5J, are instances of non<omplian¢e with laws and reguladons. WA d&sb procedu¥e8 in lin8 With our r8sponslbilllies, outlin8d 8bov8, lo detect material misstatements In re$pe¢tof Irr8guiarits&s, Indudlng traud. 10
Foundatlon of the Society of Retina Specialists
(A company Ilmtted by guarante4 not having a share capEtall
The extent to whith our procedures a capable of d8tecting irregularities, Incfudin9 fr4ud ks detslled below.
The engagement partner ensured that Ihè ongagement team ¢olle¢tivety had the 8pproprfate cornpetence.
Capabilities and $kS to Klentfy or re¢ognis8 non-compliance wth applicabl$ Iws and regu18tions.
We obtained uThlerstsnding of thè lègal and regulatory frameworks ?ppllcable to the company and the
sector in whteh they operate. We determined that the ft)Ilovring18ws and wulations were most Sign1ant..
Thè CornpanI8s Act2(M)6, UK corporate t8xation laws, Brnployment legislation and health and safety
legi$latbn.
We obtained an understanding of hDwthe Gornpsny are cornplying with th05e18gal and ragulatory
frameworks by making inquiries to rnanagemenL Wè CDrroborated our in4uiries through our revlew ot1egal
correspondenc8.
as5sed the su5ceptibilty ofthe compa5 finsncial statements to material misstatsments, Including
w fraud mlght tsccur.Audit proceduTes pèrformed by the engagernent teem included..
maknng enqulries ol rnanagemer)t as to where they consided there was suscéptibilty to fraud.
their knoedge of actual, susped8d and alleged frgud.
identitying and assessing th8 design effectiveness of eontrots management ha$ in plac• to prevent
and detettfraud;
und8rstanding hawth05e th3ryed wryth governance cfjn$tdored ond ¥ddre$sed th8 potential for
override of controls orother inapproprigte infiU¢e Dverthe finantial rÈporting prDcess:
perftsyming PTocedurÈs to identify any unusual or unexpectèd r8lationships',
challengsry assumptions andludgements made by rnanagernent in its Significant aCCnting
85tirnatss-,
identifying and testlngloumal erttr1, in particular ary journal entrias posted wlth Unsal aCCDunt
comblnations-, and
8S8essing the extent of ecmpfiance wth rglevant laws ar reGulions.
There are Inhgmt risks in ouraud(t Procedur?5 described above. The MO retnoved that laws Jnd regulations are
f¥om finanval transac¥on. the less likély itis Ihatwe would become awa of n9n
Foundation of the Society of Retina Specialists IAcompatty limlted by guarantee, Aot havlng a sharè capltall U$e of our rÈports This report Is m8dg solBly to company's memb8rs, as a body, in accordance wllh Chapter 3 of P8rt 16 of the Companie3Act20Q6. Our audit work has been undertaken so that wo might stste to tho comp8ny's members thos8 atters w8 are reqUId to state lo them in 8 Report ol Ihe Auditors and for no other purpose. To tha fullest extent permttted by law, weiso not accept or assume r85ponsibility io anyone Dther Ih8n Ihe tompany and the ¢ompanVs metnbeis as a by, forour audit work, forthis repDrL Drfor lh8 opinion ws hav& forrned. Stephen John Bickerton Isenlor Statutory Atsdltor for and on behalf of AdvantagtsAccountsn¢y & Advlsory Ltd ChartEred Cerbfied Accountants and Statutory Auditor5 Avalon House 5-7 C3thedr21 Road CardrfF CFI19HA 12
Foundation of the SociÈty of Retina Specialists (Acompany limitstl by guararrtoe, not havin9 a shar• capStall STATEMENT OF FINANCIAL ACT5VITIES (IncoTporatlng an Income and E*penditura Accounti for the financial yetr ended 31 December 2024 Unrèstricted Total Un$trI¢ted Total Funds Funds Fund$ Funds 2024 2024 2023 2023 Income Not88 Charitrdble activit18S 3.167,429 3,167,439 118 6.500,845 6,SOO.845 52,990 Investrnents Total In¢oming resources 3.252.557 6 553 835 6,553.835 Expenditure Gharllablè aoowties 3 078 725 3 D78,725 7.720.013 7720013 Net (fossÈsy9ains on iftv05trnents Net lexpttnditurel I Income 12 J5.600 51.770 209.432 209 432 1.114.408 1.114408 Net movemènt In funds for the finan¢ial year 209.432 209.432 (1,114.4081 11,114.4081 Reconclliatlon of funds: Balanc8s broUghtfoard at 1 J3nugry Balances caTrfed lorward at 31 December 15.2 7.06T.455 7 067 455 8,181.863 8 181863 7276.887 7.276 887 7,067.455 7,067,455 The Ststement of Financaal Activitie$ tncludes all gains and10sse5 recDgnised in the financAal year. All incomè and expenditure relale b contnuiry aC1blI&S. Thoro is no ¢orpornbon tax payab on any of the activities. 13
Foundation of the Soclety of Retina Specialists IA company Ilmlted by gu8rnntee. not having a sharè capltall ompany Number:O7472064 BALANCE SHEET 3151 December 2024 2024 2024 2023 2023 Group Charlty Group Charity N¥tes Flxed Assets Tangljle as5£ts Investments 14 4,399 2 928,969 12 2,928 970 2 928 97a 2,808,249 2,808 250 2.933 368 2 808.249 2 808,250 cuTrIt Assets Debtors 13 2N17.209 4 239 799 350.780 1,181,49B 4.431.640 531,531 3 899.159 Cash al bank and in hand 3 128498 6 657,008 3.479 277 5,613138 4 430 690 Cr¢dltors'. Amounts falllng due wlthln Dne year 14 12,313,489) 1892.3491 11.353,9321 11,010,693) Net CuTr¢nt Assets 4343519 4.259 206 3 419,997 Total AssBts l¢$& Current Liabllltles 7,276 887 5 515.899 7,067 4S5 6,228,247 Fttnds Unrestricted funds 7 276 887 5515899 7 067 455 6,228 247 Totsl fund$ 141 7.776 887 5 515.B99 7.067.455 6.228.247 Foundation of the Society of REb"na Sp¢cialis15 tnadÉ a defirAt lor the year of é712,348 after receipt of GIftAid tDtaling 839,208, from its Iradillo 5Ltbsidiary Eurelina Trading Ltd. These financial statements have been prepared In accordance with special provlsions r8lallng to smdl cotnpani85 within Part 15 01 the CotnpanvèsAct 2006. Approved by the Board of DITector5 and au¢hoTised Ipr Issue on by Ziz and slgtr)8d ors Its half A115talr Laldlaw Dirèctor 14
Foundation of the Society of Retina Speclalists (A ¢ompany limitsd by guarantee, not havlng a sharè ¢apitaEI STATEMENT OF CASH FLOWS forth¢ ftnan¢ial year endEd 31 December 2024 2024 2023 Cash flows from operatlng actr¥ltles Net movem&nt in ftmds 209.432 11,114,408) Adjustments for. Ga5ns and los$es on invEStments 104,680 173,832 11,219.088} Movements in worng capiyal.. Movement in debtQTS {1,235,7111 959W7 1666,9421 397.483 Movement in creditor5 Cash u¥ed in operations lQ2322 1.488547 Cash flt)w$ from Investing a¢tivifies PurchaSE of tangible fixed assets Net of additnns. rfisposal prOeLlS 3nd income from investments Net cash generated frorn in¥estment activities {5,087) 84.432 1.500,000 9.519 1,500.CQO Nrf Ide¢reaseifincreasè In ¢ash and ¢ash equlvalonts Gash and ¢a$h equtvalenls at 1 January 1191,8411 4A31 640 12.98854D 7.420,187 Cash and cash equlvalents at 31 December 4 239.799 4.431.640 Cash and cash equivalersts conslst of: Cash and bank in hand 239 799 4,431,640 ash and ¢a$h èqwvalBnts at 31 Dg¢gmbwr 4.239.799 4,431,640 15
Foundation of the Society of Retina Spèclalists IA company Ilmltod by guaranto8, wbot havln9 a sharo capltal NOTES TO THE FINANCIAL STATEMENTS for the fsnon¢lal year ended 31 Dteember 2024 GENERAL INFORMATION Foundation of the Society Df Retina Speclalists is a company limited by guaranteè EnL% a registe charty, incorwrated In Ime Unll8d Kingdom. The registered office of the company is Th8 Scalpgl, 18th Floor. 52 Lime Street, Londtsn. EC3fv17AF.ThÈ administrative offl¢e ofthe company is Office 17, The Old Station House, 15a Main Str88t. Blackrod(. Co. D¢Jblin. The financial state¥nenls hav& been presented in Euro If) which is aL50 the functional curr8ncy of the cornpany. Monetsry amounts in these finanGial 5taletnents are rounded to th$ near881E. SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES The following accounting pICIeS have been applied con51Stenlty IN dealing wllh itams whlch ar8 nsIdered rnateriol in laDon lo the group finanal statemEnls. Basis of preparatlon The consolidated IiThanGial stst9ments DI th8 group forihe year ended 31 Dgc8mb8r 2024 have been prepared on the going concem basis and in accordance WEth Ihe Statement ol Recommended PFaGliie ISORPI 'Accounting and Reporting by Charities prep8ring their accounts in accordance th the Finan¢Aal Reportlng St8ndard applic8ble in the UK and Republic of Ireland IFRS 1021 laffécliye 1 January 20191. an FRS 102'Th& Finanoal Reporting Standard applic8ble in the UK and RepublK of Ir818nd'. The charty Public Benefit Enlity as definetl by FRS 102. Bas1& of consolldadon The group financial statements consolidate the financial 5tskments of Ftsundaiion of the soCtY of Retina Specialt8 and Euretina Trading Limited, its wholly owned subsidiary. ND saparate Staiement of Financial Activities has been prèsented forth& charity alone a5 pettnilled by the Companias Act 2Th)6. Tho charity. beitEg the parent¢ompany, has lak&n avnta of seclion 408 of Ihe CompanlÈs Act 2005 and has not included (G own Statemenl of Financial A¢tivities In th&s& financial slatetnenls. The charity'5 nèt movement in funds for the y8ar was a deficit of e712,34612023 deficit.. 551,4821. Funds Unreslricted funds ¢on51St o19Èneral and designated funds. General funds represent arntS which ar8 expendable 8t the discretion oflhe board, in furtherance of Ihe obj8¢tkwes of the charity. Designated funds comprise unrÈstricl8d fijnds thalthe board has. at Its dLscr8tion, sgt a5ido for particular purp05e5. ThÉsÈ dÈsignations have an administrative purpose only, and do nol legally restrict the board's discretion to apply the fund. In¢ome Income comprises con9re55 a¢Uvity income and miscellaneous incorne. Inrom? is Included in the Slalement of Finanoaf Acliviti8s when the charity 15 legally entitbd to IL its financial value can be quantifi8d with reasona2 ¢Prtainiy and therg 15 reasonable ¢ertainty of 118 ulbm8t) r&c8iPt. InGome is 8ccounted for on an ac¢rual$ basls. Expendlture l &Xp&ndire ts accounted for on an acctuals basi$ when ther8 15 a legal or constructr48 obligation to that expendibjre, it is probab18 $8ttlernenl 15 requlred and Y)e arnOnt can be m6asure(J rellably. Charita8 includ8 congr885 costs, researGh edu¢atlon costs, and SUPPDrt and governan( costs. Govwnanc& costs are those asso¢iated with Consliluiional and statutory requirements. 16
Foundation of the Society of Retlna Specialists IA company Ilmltsd by guarant•a. ntst haying a shar• capita NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 Investsxènts Investments are In¥[lY gnISed atthe transtIon yUe and subsequently measured at th8ir fairvalue at thÈ belae sheet date using their¢losing marlot values. Goins and losses arising on rpvaluats.rjn 8 in¢lud8d In the Stalom?nt of Knanctal Activltles. Trade and othèr debtors Trade and oth8rdebtor5 are initlalty recogni88d at fairvalue and thereafter$td 8t arnorti$ed cost using the effeWe inter8sl mothod less irnpairrnent losses for bad and doubfful debts ex¢eptvthere thtt effeGt of dlscounling would b2 immat8rf8l. In such r2se8, the re¢81vables are stated at cost less lrnpalmient losses for bad ancl doubtfvl delits. Trade and other credltors Trad¢ and other ¢reditors ar& rewgni$ed atfairvalue and tt)ereafter stated al 8mortised ¢osl ushc the elfltwe Interest rate method, unless the tht ot dl$¢ounting would be lrnmaterial. in which ¢ese they are Stated 8t cost. Cash and c3sh lliValents Cash and cash equiwalonts ¢ompris& e2sh at bankand in hand. damand daposits with bank8 and other short terrn highly liq(Dd imiestmeTrts wth Origin81 maturitles of thTee months or less and bank overdraft& In th8 88lance Sheet bank overdraft5 are shown within creditors. T4xatlon Fwndation gf the Souety of Rebna Speciallsts wnsidered to Pas8 the tests set out Paragraph 1 Schedule 6 Finan¢e Act 2010 and ther8fore it meets the definition of a charitable Gompany for UK cDrpoTati( Tax purpos&s. A¢¢ordingly. the chaftty Is potentially exemptfrom taxation in respect of income or capiLal gains Teceived within tegorieS covered by Ch3Ptpr 3 Part 11 CotporatianTaxA¢t2010 or SÈctlDn 256 of the Tax8bon of Char9eable Gains Act 1992, to the extent that such inct)me or gain$ are applied exduswety to charitable purpos8S. The proflts ofthe subsldkqry, Euretina Tradlng Urnit8d, 8r8 Gfftde to Foundat ofthe Society Df Retina Spgcialrsts, thprgfore no anv)unts are ¢hargeaNe to corpor8tion tax. Fore¥gn currencles The consolidated financial st3tetnents a pwared in Euro (Él which is the functional CLJrrency of the group. Forew CUErency traTtsactK)ns a re¢orOed in guro at the rate wling or* the d8te olthe tr2ns2clion. Monetary assets and liabilities denorninated in foreign currenGie5 are translated into Euro at the balance sheet date. The resulting gains and Ioss85 aFE deattwth in Statemefttof Fin8n¢ialACtVltie8. 17
Foundation ol the Society of Retina Specialists IA ¢ompany Ilmlted by guarant90, not having a share capitsll NOTES TO THE FINANCIAL STATEMENTS for the financial yèar éndèé 31 Decembor 2Q24 Flnancial Instruments Financlal assets BasicfinanGial as88ts. including trade and oth&r receivables. and ¢ash are initlally recognised at transaction pric8 linduding transaction costs). unless thÈ arrangernent COnStitute8 8 financing transaclon, Lhe r&sultino rinancial a558t is measured at th& present valuÈ of th? future receipts dis¢ovnted at a rnarket rate of Inte$1 or a simi18r debt instrument. Suth assets are subsequenuy wried at amorused cost, U8ing the effe¢tiv& interest m&thod. At Ihe end ol 8&ch reporting period. firt3n¢ial assets measured at armrhsed c05t are assessed objecliwe evidence of impairmènt. The impairrnent105S 15 recogni8ed in the Sialement c>f Flnancial Act¥vilies. Financial assets ar8 rterB¢ognised when the contraclud rights to the cash flows fiom th8 asset expirB or s8tUed,' or subsequent]y all the rlsks and rewards of ths ownership of th& asset are tran8ferr8d to another party., or control of the asset has b&8n transferred to anolh8r party who ha5 tho practlC81 ability to uDilateTally sell asset to an unrelated thlrd party wthi)ut Imposlng adthtional résttklions on the tr2n8f8r. Financlal Ilabllstlets Basicfinancial liabiTlies, induding Ir8de and other payables and bank loans Initially recognlsed at transaction pri, unless IhE arrathgemÈnl constthtes a financing transaGtion where the resuking financial liability Is m8asured at the pSent value of the future payments discounted ata mark8t rate ol interest for similar debt instNrngDt. SuCh1i3blleS are subsequenlly c8rfied at amort15ed ¢ost, using the effedive Int&rest m&thod. Trade payables ar¥ obligations lo pay for good5 and servic85 thal have beèn acquir&d in the ordinary Course of business from suppliers. Trade payabb$ ere classified as ¢urrÈnt liabiliti85 il payment is due within one year or lèss. If not, they are piesente(S as non-curreTrt Ilablt1$s. Trade payables are initialty recogni5ed at transaction pllce and subs&quenlty measured at 8mortisEd cost uslng the effective Inter&st method. Finandal IlabS1iUs are derecognised when the liability ts extsnguished. that Is when tha conlraclual obllgatlon Is discharged, ¢antèlled or expires. Finen¢i81 assets and liabililies are only offset In th8 balance shest whore there eSt$ a legallyenforceable rht lo set off th8 recwnised amount and the chanty intends eith&r to selue on a net ba51s, or to reali5e Ihe as$&t 8nd selllp the liabilty sirnult8neously. CRlnCALA¢¢OUNTING JUDGEMENTS AND ESTIMATES In th8 applicatlon of thg charity's accounting pcllci8S, the trustees are required to make judgemBnt5, 8Stimate5 and assumptions aboutthe carrying aThaunt Df as5et5 and liabilits.es that are ntst rÈadily apparant frorn other sources. The eslirnates and 8SSOBiatEd assumptions arg bas t)n hlslorical expefi&nc8 and trther facto that are consideied to be relevant. AGtual r&$ults may differ from the cslimale5. Th& 85timate5 and underfylng assumptions are reviewed on an ongolng b88is. Rev15ions to accDunting estimalES are recognised in thg period tn which th& estimats 15 revised where thÈ r8vision only atteGts th8t period, or in th8 P8riod of rèvlslon and fuiur8 periods whors the r8vi%ion arre¢ts both current and future poriods. In the opinion of the Iru81805, there are erlli¢21 acGOLinUng judgements or85Umalion uncertainties withln the charity- 18
Foundation of the Society of Retina Specialists (A company limited by gvar8nte¢, not havln9 a share capil811 NOTES TO THE FINANCIAL STATEMENTS for the flnancial yearend¢d 31 December2024 NET EXPENDrruRE 2024 2023 Nèt èxpenditure Os stated after charyimul Icredittngl: Auditovs remuneration . Atxlit SeG&S 18,3S7 15,327 STATUS The charity L% a Company limtled by guaraniEe, not having a Share capital and cons£quElltly the liabli ily of meMrS 1$ limifed, Subject to an undertaking by each rnemberlo contnTr>ute to the ngt assets or liabilthes of the chariiable company on 1nlrng up such amounts 25 may be required not excIng17. 6. EMPLOYEES AND R2MUNERATIQN None of the director5 rgceiv?d &ny emolumerrts or unvouched expenses during the ye8r (2023.. Nill. In 2024 8xpenses attributable to Board meetings weTe ET,45412023: é4.9241 in respect of seven IreCtO 6.1 STAFF COSTS The average Monthly numbtr ofemploy8es during the yearwas as fdlows.. 2024 2023 No. stafi in charitable activitres The aggregate p8yroll cosb ofthese person$ were as follows: W2ges and sal*i&s 278,718 14.933 so81 erity 30,973 1,650 Pen510ns 28.252 le,583 The number of higher paid ernployees was a$ follows: 2024 2023 80.001-Éi00,rA)D 100,001-É110,000 110,001- f120.000 19
Foundation of the Society ol Retlna Specialists IA company limltsd by guarantpg. not having a shar8 capitsll NOTES TO THE FINANCIAL STATEMENTS for the finandal year ended 31 December 2024 INCOME 7.1 CHARITABLE ACTIVITES Urrèstrlctod Restrlcted Funds Funds 2024 2023 Congress income Exam income 3.167A39 3,167,439 6.468,865 31,9BO 3 167839 3 167,439 6 500.8 7.2 INVESTMENT INCOME Unrestrlcted Funds RÈstrlctsd Funds 2024 2023 Intsr8st income 72,331 12.787 72,331 14,7 38,255 52,990 Dividend In¢omÈ 85,118 EXPENDITURE 8.1 CHARITABLE ACTIVITES Actlyltles Grant fundlng ¢t actl¥itig¥ Actlvlty Support G05ts dlrectly undertokèn 2024 2022 Congres3 costs Research cosls 367.793 72.270 120,839 1,fj49.658 2,017.451 931.435 129.839 3,078 725 5.629.656 780,417 1 309.940 859,165 9,000 86B.165 Education E05ts 560,902 1,649,658 7,720.013 The above expendilure was atthbytsble to Unrestcted funds and included in the gxp&nditure in 2024 8r8 govemance costs of E287,31012023.' É492.3311 whlch relate dire¢Uy to chatttable 8Ctivrfies. S80 note 9 fvr further details. 20
Foundation of the SocTety of Retina Specialists IAcompany limit•d by guarante?, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the flnancl85 year eTTded 31 December 2024 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Basts of Apportionm•nt 2024 2023 G0veMan costs Centr81 off¢• ¢ost$ Finan¢e. IT. consultanry 8nd computer costs Travel, insurance and other ¢osts Promotion Payroll costs 287,309 243,107 355.704 247381 178314 492.23 1,533 728.329 30.886 2,183 ITwo1 events 1649.658 1271.845 GovernanGe 2024 Goveman 2023 Council meetings and secretarial Auifrt consultancy leg81 fees Gompany secrelariBI fees 18,976 265,247 23,746 458,209 10,376 492,331 Invoiced events 287.310 10. ANALYSIS OF GRA Grants to Individua15 2024 GTant5 to Instifutions 2024 Support tosts 2024 Total 2024 Tot81 2023 Research grants Èducatlon grants 859,165 859.165 475.179 9,000 9.000 859.165 858 165 488,679 21
Foundation of the Soclety of Retina Specialists IA company limlted by guarantee, not havlng a share capital) NOTES TO THE FINANCIAL STATEMENTS forthe financlal ygar ended 31 Docernber2024 11. TANGIBLE FJXED ASSETS GROUP Computèw Equlpment C05t Additions 5.087 5,087 At 31 December 2024 Depr¢tlation Charye for year Al 31 December 2024 Net book value At 31 D&cember 2024 68B 688 4.399 12. INVESTMENTS GROUP Inv&stment¥ Valuation Llst8d Investment$ Tot At 1 January 2024 Additions Dispo$als GainA05s on investrnents 2,808,249 1,552,417 11,467,297) 35,600 2,808,249 1,552,417 11,467,2g71 35,600 At 31 Dember 2024 Nèt book valu At 31 DEcEmber 2024 2,928,969 2,928.969 2.928,969 2,92889 At 31 De¢ember2023 2,808,249 2,808,249 CHARITY Subsidlary Undertfiking Share$ Inve$tments Li$ted Invèstmtnts Total Voluatitsn Al 1 January 2024 Additions Disposals Gainnoss Dn invesnen[S 2,808,249 1,552.417 11,467.2971 35,600 2.808,250 1.552.417 11,467,297) 35,6(X) At 31 Decernbor 2024 Net buok value At 31 December 2024 2.928,989 2,928.970 2.928,969 928 970 At 31 DeCeber 2023 2.808,249 2 808.250 22
Foundation of the Society of Retina Specialists IA MpanY limit•d by guarant•8, not Itaving a share capltati NOTES TO THE FINANCIAL STATEMENTS forthe financlaI year ended 31 Decembèr 2024 111 ANALYSIS OF INVESTMENTS 2024 2023 Equities Fixed inte$t s]e8 Cash held as part of the investment portfolio 550,756 658,041 1.599.452 2A28,969 Total Group Equty Investsnent IR subsidary 2,92B.969 2.808,249 Total Charty 2,928 970 2.808,250 Detalls of subsidlary undertsking At 31 December 2024 the charftable Company had art interest In the fonowing subsidiary.. Proportion of voting rights and share$ held 100UI. Principal actlvity Organising conferencgs Country of Incorportition United fingdom Undertaking Euretina Tradlng Umlted Holdrng Orifinary shares The summary finaneial pèrformance gfthè subsidiary is." 2024 2023 Turrtover Cost of sales 3,167,439 1806,146) 6,468,865 15,30Q,9881 Gr05s profft Admlnistratwe expenses 2.361,293 1600,3041 1,167,8TT I326,f9} Profit before taxatio Tax on profit 1.760.989 839,208 Profit IOT the finan¢lal year 1,760,989 839208 Fix8d assets Current 85S&ts Gurrenl Ilabllioes 4B99 3A12A92 11.756,0011 1.e47,111 1807,9021 Nat assets 1,76090 839.209 Shareholders funds q 760 990 839 209
Foundatlon of the Society of Retina Speclalists IA Gompany limitèrj by guarante6, ntst havlng a sharo Capltall NOTES TO THE FINANCIAL STATEMENTS tcr thÈ Ilnancial year ended 31 Decernbor 2024 13. DEBT()RS 2024 Group 2024 Charlty 2023 Group 2023 Charily Trade d&btors Amount owed Irorn connected partlss Prep?ymens and accrued income Other debtors AtnDunl8 owed by group ¢onN)anitt (Nole 161 73.233 11&18Q 2,226,700 3.096 668.325 28,560 284.813 31,980 15.919 34,886 334,861 350 78[ 464,664 531.530 2,417,209 1,1BI 498 14. CREDrroRS 2024 Group 2024 Charily 2023 Group 2023 Charity Trad& creditors other creditcKs TaxaUDn Accruals 2nd deferred inMme 68,009 t,973.gSO 65.523 208.007 2.313.489 33261 698,950 283,802 701,260 38.590 450,280 1 353,932 l D1,253 701,261 160 138 206 179 892.349 1 010,693 15. FUNDS 15.1 ANALYSIS OF NEfASSEfs BY FUND FinanGial flxed assèts Curr6nt assets Curr¢nt GROUP Total Unr&stiict 2.933,369 2,933,369 6,857,008 6,657,008 2.313.489 2.313,489 7 276,887 7.276,887 24
Foundation of the Society of Retlna Speciallsts (Acompany limltgd by guarantee, not having a Share caprtall NOTES TO THE FINANCIAL STATEMENTS for th¢ financial year ended 31 DecembeT2024 15.2 ANALYSIS OF MOVEMENTS ON FUND GROUP Balance January 2024 Transfers betsveon fund8 Galn and losses Balan0 December 2024 Incoming r•sour¢es R8sourc8S expended Designated fvnds RÈsearch fund Educational fund 2.881,102 1859,1S51 1299,1531 509,100 299.153 2.531,037 Unrestricted und Ggneral fvnd 4,188.3 3,252.551 17,920.4071 1808,2531 35.600 4,745.850 Total Funds 7 067,455 3,252.557 3,078,725 35,500 7 276.887 16. RELATED PARTYTRANSACTJONS The PaAt Iwd transaction8 With group ¢ornpanies 8nd the follong amounts are due èe(ween the companies ai the ye8r end= 2024 2023 Due from group cornpanies.. Eurelina Trading Lintled 334A61 Euretina Tradiry Limited is 100% owned by Foundation ot thè Soci&ty of Retina Sp8rialists and it donates annualEy its entire surplus tg Ihe parent company in theforrn of GiftAid nine month3 of the end of th• flnanaal yèar. 17. PoSTALANCE SHEET EVENTS There have been no s(gnFfitrdnt events affecting th& group slnce the wr end. 25