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2024-09-30-accounts

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Charity No: 1163671

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

REPORT AND ACCOUNTS

CONTENTS

Page
Trustees’ Report 2 – 5
Accountants’ Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 – 16

1

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees present the annual report together with the financial statements of the Charity for the year ended 30 September 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objects and aims

The objects of the CIO are, for the public benefit, the advancement of health in particular among those with vitreoretinal (“VR”) diseases and related conditions and in particular but without limitation by:

Public Benefit statement

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

ACHIEVEMENTS AND PERFORMANCE

The activities undertaken in the period, including those of the Company's subsidiary, BEAVRS Trading Limited, were as follows;

There were 263 active members at 30 September 2024.

2

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Total number of active memberships as on 30 Sept 2024

VR Surgeon Full Membership: 153 members Trainee Membership: 110 members Total: 263

Total income:

VR Surgeon Full Membership: 11,636 Trainee Membership: 4,400 Total: 16,036

FINANCIAL REVIEW

Membership income of £16,036 arose in the year (2023: £19,244). Donations of £42,283 (2023: £14,116) were receivable in respect of the year from BEAVRS Trading Limited under the Gift Aid rules.

Continued work on the Retinal Outcomes Project, support costs and future grants will be funded by this income.

Policy on reserves

Reserves carried forward at the year end totalled £216,180 (2023: £172,961) for unrestricted funds and £nil (2023: £nil) for restricted funds. Reserves are held for future expenditure on the Objects of the Charity.

The policy of the Charity is to seek to maintain reserves at a level of at least £100,000 to enable the prudent management of any unforeseen circumstances.

Principal funding sources

One of the Charity's principal funding sources is from annual membership income. Full membership is only open to career grade ophthalmologists who perform vitreoretinal surgery and who work in the United Kingdom or Eire, or who have undertaken a UK or Eire VR Fellowship.

In addition, the Charity runs its commercial trading activities through its trading subsidiary BEAVRS Trading Limited which passes up its profits each year to the Charity through Gift Aid.

FUTURE PLANS AND DEVELOPMENTS

Aims and key objectives for future periods

The Annual Meeting which took place in November 2024, live in Hull and live-streamed for virtual attendees, was a great success. The latest financial projection indicates that a trading profit of £60,000 (EST) will be available for Gift Aid and the CIO will record a profit for the year ending 30 September 2024.

A similar set up, with both live and virtual attendance, will be used for the next Annual Meeting due to take place in Glasgow in 2025.

3

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

British and Eire Association of Vitreoretinal Surgeons is a Charitable Incorporated Organisation, registered with the Charity Commission on 21 September 2015, governed by its Association Constitution.

Appointment of Trustees

Trustees are appointed at the Annual General Meeting and are appointed on the basis of enthusiasm for and commitment to the objects of the charity and to provide a broad range of skills and expertise to the Board of Trustees. Trustees are elected by the membership to serve terms of two years and may serve one further term only if re-elected by the membership.

Induction and training of trustees

Once appointed, new trustees are fully briefed by the President with regards to:

Arrangements for setting key management personnel remuneration

The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and operating the charity on a day-to-day basis.

All trustees give their time freely and no trustee remuneration was paid in the year. No expenses were reimbursed to trustees for travel costs.

Trustees are required to disclose all relevant interests and register them with the Chair, and in accordance with the charity's policy, withdraw from decisions where a conflict of interest arises.

Organisation

The Trustees manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO. There must be at least three Trustees. If the number falls below this minimum, the remaining Trustee or Trustees may act only to call a meeting of the Trustees, or appoint a new Trustee. The maximum number of Trustees that can be appointed is fourteen and no Trustee appointment may be made in excess of these provisions.

Relationships with related parties

BEAVRS Trading Limited is a wholly owned trading subsidiary of the Charity, incorporated in the United Kingdom.

Major risks and management of those risks

The trustees have a risk management strategy which comprises:

4

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees:

Mr S J Charles Ms R J Hillier Mr S Winder Ms S Saidkasimova (resigned 19 December 2024) Mr D H W Steel (resigned 19 December 2024) Ms M T A N Sandinha (resigned 19 December 2024) Mr A Chandra Mr D Kilmartin Mr Soon Ch’ng (resigned 19 December 2024) Mr A Jalil

Charity Registration no: 1163671

Principal Office: Mr S Winder C/O Eye Clinic Royal Hallamshire Hospital Glossop Road Sheffield S10 2JF

Independent Examiner: David Terry FCA

Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA

5

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

APPROVAL

This report was approved by the Trustees on 29[th] July 2025 and signed on its behalf.

Mr S Charles Trustee

Mr S Winder Trustee

6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

I report to the trustees on my examination of the financial statements British And Eire Association Of Vitreoretinal Surgeons (the charity) for the year ended 30 September 2024.

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

David Terry FCA

Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA

Dated- 29[th] July 2025

7

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Notes
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Investment Income
Total income
Expenditure
Expenditure on charitable activities
4
Total expenditure
Net income/(expenditure) and net movement in funds for the
year
Reconciliation of funds
Total funds, brought forward
Total funds, carried forward
13		 Unrestricted
Funds
2024
£
£
42,283
42,283
16,036
16,036
429
429		 2023
£
45,076
19,244
-
58,748
58,748		 64,320
15,529
15,529		 17,125
15,529
15,529		 17,125
43,219
43,219
172,961
172,961		 47,195
125,766
216,180
216,180		 172,961

CONTINUING OPERATIONS

None of the charity’s activities were acquired or discontinued during the above financial periods.

The notes on pages 9 to 16 form part of these accounts.

8

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

BALANCE SHEET AS AT 30 SEPTEMBER 2024

Notes
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
10
Liabilities
Creditors falling due within one year
11
Net current assets
Net assets
The funds of the charity:
Unrestricted funds
13
Total charity funds		 2024
2023
£
£
£
£
1
1
85,643
3,901
132,870
199,375
218,513
203,276
(2,334)
(30,316)
216,179
172,960
216,180
172,961
216,180
172,961
216,180
172,961		 2024
2023
£
£
£
£
1
1
85,643
3,901
132,870
199,375
218,513
203,276
(2,334)
(30,316)
216,179
172,960
216,180
172,961
216,180
172,961
216,180
172,961
172,961
172,961
172,961

Approved by the Trustees on 29[th] July 2025 and signed on their behalf by:

……………………………………………………. Mr S J Charles – Trustees

……………………………………………………. Mr S Winder – Trustees

The notes on pages 9 to 16 form part of these accounts.

9

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

British and Eire Association of Vitreoretinal Surgeons meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity opted to adopt Bulletin 1 published on 2 February 2016 and have, therefore, not included a cash flow statement in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Preparation of accounts on a going concern basis

The Trustees have reviewed the planned activities and resources available to the Charity and consider that it has adequate resources in place to continue for at least the next twelve months.

1.3 Group accounts

The charity has taken advantage of the exemption under the Charities Act 2011 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the charity as an individual entity and not about its group.

1.4 Income recognition

All income is included in the SOFA when the charity is legally entitled to it, receipt is probable and the amount can be measured with sufficient reliability.

Donations and legacies

Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.

Membership fees

Membership fees are credited to income on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.

1.5 Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. No such donations were received during the year.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

10

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.6 Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Expenditure on charitable activities include expenditure associated with the main objectives of the charity and include both directs costs and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.7 Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs and governance costs which support the charity’s programmes and activities. These costs have been allocated between charitable activities. The basis on which support costs have been allocated are set out in note 5.

1.8 Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

1.9 Fixed assets investments

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short term cash deposits.

1.12 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

11

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.15 Judgement and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the charity is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2. DONATIONS AND LEGACIES

Donation from BEAVRS Trading LTD
Other Donations		 Unrestricted
Funds
2024
2023
£
£
£
42,283
42,283
14,116
-
-
30,960
42,283
42,283
45,076

3. INCOME FROM OTHER TRADING ACTIVITIES

Membership subscriptions Unrestricted
Funds
£
16,036
16,036		 2024
£
16,036
16,036		 2023
£
19,244
19,244

4. ANALYSIS OF EXPENDITURE

Direct project costs
Support costs (note 5)
Governance costs (note 5)		 Unrestricted
Funds
£
10,860
1,975
2,694
15,529		 2024
£
10,860
1,975
2,694		 2023
£
16,260
3,247
(2,382)
15,529 17,125

Of the £15,529 expenditure in 2024 (2023 - £17,125), £15,529 (2023 - £17,125) was charged to unrestricted funds and £Nil (2023 - £Nil) to restricted funds.

12

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. ANALYSIS OF SUPPORT AND GOVERNANCE COST

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s key activity undertaken (see note 4) in the year. All the general support and governance costs are allocated to activities at different percentages, based on direct project costs attributable to each activity.

6.

General
Governance
support
costs
£
£
-
Management costs
560
-
Computer costs
289
-
Bank charges
531
-
Other support costs
-
-
Miscellaneous
594
-
Independent examiner's / Accountant's fees
-
2,694
1,975
2,694
For the year ended 2023
3,247
(2,382)
NET INCOME / (EXPENDITURE) FOR THE YEAR
The net surplus of income over expenditure is stated after charging:
Independent examiner’s / Accountant’s fees		 General
support
£
560
289
531
-
594
-		 Governance
costs
£
-
-
-
-
-
-
2,694		 Governance
costs
£
-
-
-
-
-
-
2,694		 2024
£
-
560
289
531
-
594
2,694		 2023
£
2,197
33
1,017
-
-
(2,382)
1,975 2,694 4,669 865
3,247 (2,382) - 865
2024
£
2,694
 2023
£
(2,382)

7. TRUSTEES REMUNERATION AND EXPENSES

No Trustees received any reimbursed expenses during the year (2023 - £Nil).

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2023 - £Nil).

No trustees have received any other benefits from the charity during the year (2023 - £Nil).

13

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. FIXED ASSETS INVESTMENTS

2024
£
Shares in group undertakings and participating interests
1
Shares in group undertakings and participating interests:
Subsidiary
Undertakings
Cost
At 1 October 2023
1
At 30 September 2024
1
Net book value
At 30 September 2023
1
At 30 September 2024
1		 2023
£
1
Total
£
1
1
1
1

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2024 2023
Subsidiary undertakings
BEAVRS Trading Ltd United Kingdom Ordinary shares 100% 100% Provision of
seminars and
exhibitions for
Vitreoretinal
Surgeons

The trading subsidiary pays its profits to the charity under the gift aid scheme which totalled £42,283 (2023: £14,116).

The summary financial performance of the subsidiary is:

Turnover
Cost of sales
Administrative expenses
Net profit/(loss)
Current assets
Current liabilities
Net assets
Total equity		 2024
£
173,390
(35,986)
(137,404)
-
108,295
(108,294)
1
1		 2023
£
101,771
(31,284)
(70,487)
-
104,783
(104,782)
1
1

14

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. DEBTORS

Due from group undertakings
Accrued Income - due from Trippus
10.
CASH AND CASH EQUIVALENTS
Cash at bank
11.
CREDITORS: amounts falling due within one year
Accruals
Deferred income (note 12)
Other creditors
12.
DEFERRED INCOME
Balance as at 1st October
Amounts released from previous periods
Resources deferred in the period
Balance as at 30th September		 2024
£
85,003
640
85,643
2024
£
132,870
2024
£
2,334
-
-
2,334
2024
£
5,306
(5,306)
-
-		 2023
£
3,261
640
3,901
2023
£
199,375
2023
£
19,980
5,306
5,030
30,316
2023
£
4,950
(4,950)
5,306
5,306

Deferred income relates to the membership fees received in the year. Where the term of the membership is in relation to the next financial year the associated income from the membership has been apportioned and deferred to ensure income is recognised in the period to which it relates.

15

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. MOVEMENT IN FUNDS

Balance at
01.10.2023
£
Unrestricted Funds:
General funds
172,961
Total funds
172,961
Movement in funds – previous year:
Balance at
01.10.2022
£
Unrestricted Funds:
General funds
125,766
Total funds
125,766		 Income
£
58,748
58,748
Income
£
64,320
64,320		 Expenditure
£
15,529
15,529
Expenditure
£
17,125
17,125		 Transfers
£
-
-
Transfers
£
-
-		 Balance at
30.09.2024
£
216,180
216,180
Balance at
30.09.2023
£
172,961
172,961
14.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed assets/investments
Current assets
Current liabilities
Total net assets
Analysis of net assets between funds – previous year:
Fixed assets/investments
Current assets
Current liabilities
Total net assets		 Unrestricted
£
1
218,513
(2,334)
216,180
Unrestricted
£
1
203,277
(30,316)
172,961		 Restricted
£
-
-
-
-
Restricted
£
-
-
-
-		 Total
£
1
218,513
(2,334)
216,180
Total
£
1
203,277
(30,316)
172,961

16

BRITISH AND EIRE ASSOCIATION OF VITREORETINAL SURGEONS

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. RELATED PARTY TRANSACTIONS

During the year, the charity made the following related party transaction:

BEAVRS Trading Limited (Trading Subsidiary)

BEAVRS Trading Limited made a charitable donation to the Charity of £42,283 (2023: £14,116) within nine months of the year end. At the balance sheet date, the amount due from BEAVRS Trading Limited was £85,003 (2023: £3,261).

17