Charity Number: 299872 OSCR Number: SCO45652
## The Royal College of Ophthalmologists
Report and financial statements For the year ended 31 December 2025
## Contents
Contents ................................................................................................................. 2 Reference and Administrative Details ...................................................................... 3 Introduction from the President and Chief Executive ................................................ 4 Report of the Trustees ............................................................................................. 5 The Aims, Objectives and Activities of the College ................................................... 5 Reserves policy ...................................................................................................... 6 Investment policy and performance ......................................................................... 6 Funds held as custodian trustee .............................................................................. 7 Risk Management ................................................................................................... 7 How our activities deliver public benefit ................................................................. 12 Future Planning .................................................................................................... 12 Going concern ...................................................................................................... 14 Structure, Governance and Management .............................................................. 14 Senior Leadership Team ....................................................................................... 15 Fundraising Statement .......................................................................................... 16 Charity relationships with suppliers, customers, partners, and others ..................... 16 Statement of the Trustee’s responsibilities ............................................................. 16 Independent Auditor’s Report ................................................................................ 18
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## Reference and Administrative Details
Charity number 299872 in England and Wales and SC045652 in Scotland Registered office 18 Stephenson Way and operational London address NW1 2HD
Trustees
The Trustees of the College who served during the year and up to the date of this report were as follows:
Prof Ben Burton President Prof Stephen Kaye Vice President – until May 2025 Ms Dilani Siriwardena Vice President – from May 2025 Prof Christopher Liu Honorary Treasurer – until May 2025 Mr Mohamed Elalfy Honorary Treasurer – from May 2025 Prof Andrew Lotery Honorary Secretary Mr Adonis El Salloukh Member Trustee – until May 2025 Mr Christopher Way Member Trustee – from May 2025 Mr Vikas Chadha Member Trustee – from May 2025 Ms Rebecca Ford Member Trustee – until May 2025 Mr Parwez Hossain Member Trustee – until May 2025 Ms Melanie Corbett Member Trustee – from May 2025 Ms Swetha Maddula-Battambuze Member Trustee – from May 2025 Mr Darren Ting Member Trustee – from May 2025 Mr Stephen Winder Member Trustee – from May 2025 Mrs Vina Manjunath Member Trustee – until May 2025 Mr Colin Vize Member Trustee – from May 2025 Mr Mark Easton Lay Trustee Mr Anthony Carey Lay Trustee Dr Andrew Welchman Lay Trustee – until May 2025 Dr Stephen Jones Lay Trustee – from May 2025
Investment managers Sarasin & Partners LLP, 50 George Street, London, W1U 7DY Solicitors Camerons Solicitors LLP, 70 Wimpole Street, London, W1G 8AX Auditor Moore Kingston Smith, Chartered Accountants and Statutory Auditors 9 Appold Street, London EC2A 2AP
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## Introduction from the President and Chief Executive
2025 continued a period of growth for the College, as we passed the halfway mark in our organisational strategy, our thanks to the hundreds of College members, volunteers, staff and others who helped us to realise a series of notable achievements.
## We have driven **excellence and best practice** by:
- Launching a new journal – Eye Open
- Publishing the findings of our pilot of a physician associate role in ophthalmology
- Launching new BOSU studies to investigate ocular hypotony and retinal injuries from laser devices
- Publishing the latest reports for the cataract and AMD audits.
## We have **realised change** by:
- Publishing case studies that showcase good practice in UK ophthalmology services
- Launching a registry of artificial intelligence tools for ophthalmology
- Starting work on a new, more responsive and accessible, website for the College
- Responding to nine key consultations.
## We have supported **learning and development** by:
- Delivering more than 40 skills courses and other educational opportunities
- Hosting Annual Congress in Liverpool, including a visit from HRH The Duchess of Edinburgh
- Providing exams for more than 2,500 candidates
- Granting research funding through the Zakarian Award and other initiatives.
We have built a **thriving community** by:
- Reaching our highest-ever number of members
- Operating in a more financially viable way, including through securing new income streams
- Embedding sustainability principles into our work, such as through the provision of guidelines
We are very grateful to everyone involved and look forward to continued success in 2026.
Prof Ben Burton, President
Ali Rivett, Chief Executive
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## Report of the Trustees
The Trustees of the College present their report and the audited financial statements for the year ended 31 December 2025.
The reference and administrative information set out on page 1 forms part of this report. The accounts have been prepared in accordance with the accounting policies set out in Note 1 of the attached accounts and comply with the College’s Charter, applicable laws, and the requirements of 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).
## The Aims, Objectives and Activities of the College
Our strategic plan sets out our priorities for 2024 - 2026:
The results for the year are summarised in the Statement of Financial Activities on page 22 with further details shown in the notes to the accounts. The overall net incoming resources before gains and losses and transfers amount to £489k (2024: £17k) This is a combination
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of net income on unrestricted funds of 470k and net income on endowment and restricted funds of £19k.
The College’s total income for 2025 was £7.87m, an increase of £1.23m (18%) on 2024. Sponsorship income is being reported as a separate income line from Annual Congress income. In 2025. Sponsorship income was £753k, relative to £386k in 2024. This was included in the £630k reported for Annual Congress in 2024. Annual Congress increased to £343k in 2025 relative to £244k (restated) in 2024. Exam income in 2025 increased by £478k from £1.53m in 2024 to £2.01m due to increases in the number of exams, number of candidates as well as an increase in examination fees. The NOD funding increased to £683k in 2025 from £603k in 2024. Membership subscriptions increased by £184k in 2025 to £2.06m (2024 £1.88m) and is still the College’s largest source of income.
The resources expended totalled £7.38m (2024: £6.63m) Expenditure includes central costs of £2.93m which are allocated to the individual departments based on the number of staff employed in each department. The departmental expenditure both before and after this allocation is shown in more detail in note 5.
A major component of the college’s assets is the building at 18 Stephenson Way and its installed contents and systems: The building is being depreciated over 30 years, while the electronic equipment and other moveable furniture and systems are being written off over periods of between three and ten years. Depreciation amounts to £189k in 2025. ((2024: £233k)
## Reserves policy
The College has a policy of holding an income reserve to protect it against future and unforeseen fluctuations in its income and expenditure. Trustees have agreed to maintain general reserves of no less than 6 months’ running costs for the College. This target has been met, as at 31 December 2025, general reserves amounted to £6.51m or 12 months of 2025’s unrestricted expenditure (2024: 11 months).
At 31 December 2025 two restricted endowment funds (one permanent and one expendable) together valued at £926k, are used to fund research projects. Several restricted funds, together valued at £696k are used to fund scholarships, awards, and projects. Designated funds totalling £5.30m mostly comprise the property and equipment fund represented on the balance sheet.
Trustees have previously agreed to use these additional reserves to fund the additional programme of work in the College’s strategic plan.
## Investment policy and performance
The College has been given, by Royal Charter, wide powers to invest monies not immediately required. The College employs a professional fund manager, Sarasin & Partners LLP to invest funds not required for its immediate use to maintain the real value of its assets and the purchasing power of its income for both current and future beneficiaries of its services. The College also wishes to minimise its risk of capital and income losses and does this by restricting the range of investment instruments and by requiring its investment
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portfolio to be diversified by placing its investments in a range of common investment funds specifically designed for charities.
The College has previously committed to not invest in tobacco producing companies. Trustees will continue to monitor environmental, social and governance (ESG) issues, and make investment decisions via discussions held with the fund manager twice a year.
The portfolio of investments currently has a market value at 31 December 2025 of £5.32m (2024: £5.1m).
## Funds held as custodian trustee
The College holds funds donated to the Keeler Scholarship Fund which is a charitable fund registered separately with the Charity Commission but incorporated within these financial statements. The fund receives regular donations which are dispensed by way of a scholarship to enable a member of the College to acquire further skill, knowledge or experience. No awards were made in 2025 (2024: Two). As at the end of 2025 the balance on this fund was £3k.
## Risk Management
The College has a corporate risk register, highlighting the primary strategic, operational, reputational and financial risks. This is monitored and reviewed monthly by the Senior Leadership Team and regularly reviewed by the Trustees, including the action taken to mitigate the risks identified. The key risks that have been identified are:
|**Key risk**|**This is being managed by:**|
|---|---|
|**If the new ePortfolio is not**
**fully implemented to**
**support Curriculum 2024**
**at the new target date.**|We went live in August 2024 and completed legacy
data transfer by December 2024, maintaining close
supplier oversight throughout.
We strengthened governance through joint project
management, regular stakeholder updates and a
contract extension to February 2026, with future
terms under negotiation.
We are resolving outstanding integration issues and
considering legal and supplier options to protect long-
term stability.|
|**If exams on a UK/overseas**
**basis are not delivered in a**
**viable way**|We strengthened financial oversight of examinations,
embedding key metrics in trustee reporting and
aligning budgets with 2026 planning.
After the June Part 2examination, we implemented a
clear action plan, including candidate support,
insurance engagement and work with the General
Medical Council (GMC).
We commissioned an independent review and are
assessing international tax implications to strengthen
future resilience.|
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|**If the College fails to**
**robustly protect itself from**
**Cyber-attacks/crime If the**
**College fails to robustly**
**protect itself from Cyber-**
**attacks/crime**|We strengthened cyber resilience with insurance
cover, updated business continuity plans and a
drafted crisis communications plan.
We implemented core technical safeguards, including
multi-factor authentication across the College, secure
VPN access and mandatory cyber security training
for all staff.
We continue to enhance controls and monitoring, are
expanding multi-factor authentication with third
parties, and are moving towards cloud-based
systems and Cyber Essentials.|
|---|---|
|**If the College does not**
**manage the Refraction**
**Certificate (RC)**
**appropriately**|We implemented an action plan and launched a pilot,
with costs built into the budget and oversight provided
through regular Refraction Pilot Group meetings.
We will finalise and share the pilot report and
recommendations with members before submitting
any proposed assessment changes to the GMC.
The GMC has responded positively to our approach,
and we are undertaking market research to inform
next stepspending pilot outcomes.|
|**If the College does not**
**manage activities in a**
**financially sustainable way**|We maintained strong financial oversight through
quarterly management accounts, annual audit and
clear delegation and expense policies, supported by
training for budget holders and committee members.
We secured specialist tax advice on overseas
examinations and are developing an action plan to
address international tax positions, ensuring
compliance and alignment with auditor
recommendations.
We are reviewing contracts, financial systems and
trading subsidiary options, and updating policies to
improve efficiency and safeguard the College’s long-
term financial sustainability.|
|**If the College fails to**
**deliver strategic**
**leadership, direction and**
**communication**|We strengthened organisational performance through
annual staff appraisals, including six-month reviews
and 360 feedback, supported by improved monitoring
tools such as quarterly management accounts and a
balanced scorecard.
We enhanced strategic focus through a clear
communications strategy, ongoing monitoring of
external policy developments, and alignment of
activities to our strategic objectives.|
|**If the College fails to**
**successfully manage**
**employee engagement**|We invested in our people through dedicated staff
development budgets, a structured Learning and
Development Programme, and regular all-staff
meetings to strengthen skills and connection.|
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||We implemented a People Strategy to enhance
employee experience and culture, supported by our
“Challenge and Change” staff group and frequent
communication from the Senior Leadership Team.
We strengthened workforce planning through bi-
annual engagement surveys reported to Trustees,
external salary benchmarking every three years, and
dedicated CPD.|
|---|---|
|**If College membership is**
**not viable and/or the**
**membership strategy**
**delivered**|We strengthened our member offer through a
dedicated Membership Working Group and a
College-wide pricing structure designed to incentivise
and reward membership.
We enhanced oversight through ongoing monitoring
of membership numbers, an annual membership
survey with clear actions, and quarterly reporting to
the Working Group, Council and Board of Trustees.
We improved member engagement through targeted
communications, awareness campaigns and clearer
renewal messaging that highlights benefits and
opportunities to volunteer andget involved.|
|**If Annual Congress and**
**other events are not**
**delivered in a viable way**|We strengthened event delivery through forward
planning, continuous development, and regular
analysis of delegate feedback and sector
benchmarks.
We reviewed and implemented updated delegate and
sponsor pricing, supported by proactive
communications and a published Congress
sponsorship brochure, with negotiations underway.
We are enhancing accessibility and transparency by
publishing the full 2026 programme in advance and
wideningaccess to events across the UK.|
|**If inadequate or**
**inappropriate financial**
**standard operating**
**proceduresare not**
**addressed**|We strengthened financial governance through
quarterly management accounts, annual audit and
targeted training for committee members and budget
holders.
We reviewed our financial systems and implemented
PayHawk and Xero to streamline processes and
improve reporting.
We secured tax advice on overseas income, are
developing a clear action plan, and continue to
update policies to ensure best practice and
compliance.|
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|**If the UK health system for**
**national clinical audits**
**changes**|We are involved in the Outcomes and Registries
programme to assess impact to NOD audits
We monitor the situation and engage with NHSE and
HQIP regarding audit environment
We continued transition of audits into a QI function
and speed upoutcome delivery|
|---|---|
|**If Trustees, Committee**
**Chairs and Members fail to**
**meet their legal**
**responsibilities and**
**commitments**|We strengthened governance through advance
scheduling of meetings, active succession planning
via elections and regular monitoring of volunteer
engagement.
We introduced a skills and experience matrix and a
formal review mechanism for the President role to
support effective leadership development.
We are enhancing governance through a Trustee-led
review in Q1 2026, targeted recruitment to committee
vacancies and structured induction training for all new
committee members.|
|**If the College fails to**
**comply with Health &**
**Safety legislation**|We strengthened health and safety governance
through a clear policy framework, regular risk
assessments, appropriate insurance cover and
structured reporting to the Senior Leadership Team
and Board of Trustees.
We embedded oversight through a standing health
and safety agenda item at Senior Leadership Team
meetings and annual reporting to Trustees.
We enhanced staff capability by increasing the
number of trained Fire Wardens, First Aiders, Mental
Health First Aiders and a Menopause Champion,
supported by ongoing issue management and
specialist trainingfor keyleads.|
|**If the College fails to**
**comply with General Data**
**Protection Regulations**|We strengthened data protection governance through
a named Data Protection Officer, regular policy
reviews and active monitoring of data protection
issues.
We embedded data protection training within our
Learning and Development Programme to ensure all
staff understand their responsibilities.
We are further enhancing our controls by working
towards Cyber Essentials accreditation.|
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|**If the Senior Leadership**
**Team fails to meet their**
**objectives**|We continued to deliver against our 2024-26 strategy,
with clear 2025 objectives in place for all staff.
We strengthened leadership oversight through
regular Chief Executive Officer and Senior
Leadership Team one-to-one meetings and a
structured appraisal process.
We monitor organisational performance through our
balanced scorecard and operational plan, with 2026
objectives to be agreed at Januaryappraisals.|
|---|---|
|**If the College fails to put in**
**place appropriate**
**structures and procedures**
**to protect itself from**
**reputational risk**|We strengthened brand and reputation management
through a comprehensive audit, the introduction of
clear editorial and policy sign-off processes, and the
establishment of a structured crisis communications
framework and response team.
We enhanced governance and external influence
through the creation of a new Policy Committee,
structured stakeholder engagement planning,
targeted media training for spokespeople, and
proactive external environment and social media
monitoring.
We reinforced brand protection through trademark
registration, media licensing arrangements, and the
introduction of a brand messaging framework. Further
brand developments are planned for 2026, including
updated brand guidelines and media training of the
incomingPresident.|
|**If external duties are to be**
**funded by external**
**organisations in future (as**
**proposed by NHSE)**|We strengthened governance transparency by
clarifying committee role descriptions, including
expected time commitments, and requiring employer
confirmation of availability for Presidential candidates.
We raised workforce planning concerns through the
Academy of Medical Royal Colleges (AoMRC),
contributing to updated guidance that addresses job
planning risks.
We are shaping long-term sustainability through
active participation in an AoMRC working group on
the future financial model of Colleges, alongside
analysis of the cost of member time supporting
College activities.|
|**If the College fails to meet**
**legal and regulatory**
**requirements of**
**Companies House, OSCR**
**and the Information**
**Commissioners Office**|We maintained full compliance with Charity
Commission guidance and legal advice, reinforcing
strong regulatory governance.
We commissioned an external governance review
and are progressing implementation of its
recommendations.|
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||We strengthened compliance processes by formally
scheduling statutory returns to Companies House
and the Charity Commission.|
|---|---|
|**If the College fails to**
**robustly protect its supply**
**chain from modern slavery**|Modern slavery statement in place and reviewed
annually.
Risk is reviewed quarterly by SLT and reported to
Trustees.|
The Trustees consider that the major risks have been identified and adequate systems are in place to monitor the College’s exposures and manage these risks.
## How our activities deliver public benefit
The Trustees have considered the Charity Commission’s general guidance on public benefit and regularly review the ways in which the activities of the College are carried out to enable the College to achieve its aims and deliver public benefit. This is also considered in the planning of future activities. The principal ways in which the work of the College delivers public benefit are by the advancement of health and education and the promotion of the profession as fundamental to integrated primary health care.
All the activities of the College are directed to ensure high standards in the practice of ophthalmology for the benefit of both the medical profession and the public.
## Future Planning
We have identified the following areas of work for 2026 which directly link to the Colleges three-year strategy.
## **Strategic aim 1 – Drive excellence and best practice in all aspects of ophthalmology**
- Foster the continued growth of Eye and Eye Open.
- Improve support for overseas members through the development of INSPIRE, reintroduction of on-demand at annual congress and strengthening partnerships with international organisations.
- Develop the NOD to continue to drive improvements in patient care, implementing an updated outlier policy for the cataract audit and working with EMR providers to improve data collection systems.
- Expand and improve our clinical guideline development programme, including through a new sustainability toolkit/guideline, ongoing publications in Eye and pilot a collaboration with the Cochrane Eyes and Vision Group (USA) to assist with guideline production.
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- Ensure our Awards programme is relevant to all membership categories and individuals with an interest in the specialty and actively seek funding to address any gaps.
- Set up a support network for the work of Open EHR to develop new ophthalmology archetypes to facilitate standardisation of data records.
## **Strategic aim 2 - Realise change through our leadership voice**
- Develop, implement and evaluate a plan for raising the new President’s thought leadership profile, including media activity, digital content development, and speaking engagements.
- Undertake a workforce census to identify the key challenges facing ophthalmology services across the UK and use the findings to influence policymakers and other key stakeholders.
- Develop, implement and evaluate public affairs plans for the Senedd and Scottish Parliament elections.
- Influence and support NHS England-led task and finish groups on independent sector issues to deliver progress on College priorities.
- Support the successful delivery of the DICOM project to enable improved IT interoperability in ophthalmology, working with the College of Optometrists and other project delivery partners.
- Develop, implement and evaluate a communications campaign that leverages our credibility and clinical expertise to help educate the general public about vision and eye health.
## **Strategic aim 3 - Support learning and development across the specialty**
- Deliver a world-class Annual Congress, integrating the scientific and exhibition components to improve delegate attendance, exhibitor satisfaction, and align our approach with best practice.
- Undertake the Refraction Certificate pilot, submit a report to the GMC on the findings, and establish a framework for the future assessment of refraction within OST training.
- Finalise plans to streamline and improve Curriculum 2024, submit change requests to the GMC and deliver an effective implementation plan.
- Deliver our UK and overseas examinations programme, promoting greater interest through the implementation of a new communications plan, and strengthen financial viability.
- Provide a comprehensive educational programme to support all membership categories on a UK-wide basis, publishing the full 2026 programme, undertaking a review and using the findings to inform the publication of the 2027 programme.
- Support the need for development of digital health skills in the ophthalmic workforce.
## **Strategic aim 4 – Build a thriving and sustainable community in and around the College**
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- Undertake a review of our 2024-26 strategy, using findings and member feedback to inform the development of a new organisational strategy.
- Develop, embed and evaluate new internal strategies and processes to support the ongoing data-driven development of and engagement with our new website.
- Contribute to the UK Health Alliance on Climate Change’s (UKHACC) influencing activities, and take action to mitigate the College’s environmental impact
- Strengthen regional and national engagement by attending events to increase visibility, gather member insights, and foster local relationships, and enhance communication through improved messaging across the website, newsletters, and targeted campaigns.
- Adopt the AoMRC principles on exam preparation and guidance for all candidates, creating new exam teaching and training video materials and other improvements.
- Plan, co-ordinate, and complete the annual financial audit in line with agreed timelines, working closely with departments and implementing audit findings in a timely way.
## Going concern
At 31 December 2025, the College holds more than 12 months’ unrestricted reserves as reported above.
The Trustees, having reviewed scenarios on the financial position of the Charity including its forecasts and cashflows, liquidity position and existing commitments, confirm that the College has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties impacting on the College’s ability to be a going concern. Thus, the going concern basis of accounting is adopted in preparing the annual financial statements.
## Structure, Governance and Management
The College was incorporated under Royal Charter on 14 April 1988 and was registered as a charity on 2 August 1988 in England and Wales (number 299872) and on 29 May 2015 in Scotland (number SC045652).
The College is governed by the rules and regulations set down in the Ordinances and enacted within its Royal Charter
## **Trustee Board**
The Trustee Board is the College’s governing body and meets 6 times a year. The Trustee Board comprises 4 College Officers posts (the President, the Vice President, the Honorary Secretary and the Honorary Treasurer), Chairs of all Standing Committees, the Chair of the Ophthalmologists in Training Group, SAS Chair and up to 3 Lay Trustees. The Trustees who served during the year are listed on page 1.
The Trustee Board is responsible for the governance, financial and legal aspects of the College. The members of the Trustee Board are recruited as follows:
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- The President is elected by all Fellows, members and diplomates in good standing, home and overseas and the current OTG Chair is elected by the OTG. The Vice President, Honorary Treasurer and Honorary Secretary are appointed following an application and interview process.
- Lay Trustees -Lay Trustees are appointed following an application and interview process, with the posts advertised online.
- Chairs of Standing Committees -There are 6 Standing Committee chairs who are appointed, following an application and interview process.
The College provides all new Trustees with an induction pack which outlines their responsibilities and gives an overview of the College, its functions and how it operates. In addition, training is provided on a range of relevant topics both to the Trustees as a whole and to individuals or groups where specific knowledge is required.
## **Senior Leadership Team**
The Senior Leadership Team (SLT) is responsible for the delivery of operational activities by aligning resources, people and strategies with College aims and objectives.
|**Senior Leadership Team**|**Role**|
|---|---|
|Mr A Rivett|Chief Executive|
|Ms E Barnes|Director of Quality improvement and Research|
|Mr D Costello|Director of Examinations|
|Mrs A Fedyk|Director of Education, Training and Events|
|Mrs C Wilson|Director of People and Resources|
|Mrs A Chitty|Director of Communications and Engagement|
## **Council**
Council reports directly to the Trustee Board and meets 4 times a year. Its function is to act in an advisory capacity in relation to professional and clinical matters. Council comprises not more than 40 members including the Honorary Treasurer and Honorary Secretary, up to 20 members elected on a geographical basis and up to four members co-opted by the Council (Ordinance 28) and members appointed by the Council (Ordinance 32). The Editor of Eye attends as of right.
## **Staff and Remuneration Policy**
Staff remuneration is structured around six bands which reflect the College’s organigram.
Our pay policy aims to ensure that there is no pay discrimination within its pay structures and that pay differentials can be objectively justified through the use of external benchmarking
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mechanisms which relate salaries to the requirements, demands and responsibilities of the role against current charitable sector market rates.
No staff member is paid below the London living wage.
The Recruitment, Remuneration and Representation Committee operates under a delegated authority of the Trustees of the College. The Recruitment Remuneration and Representation Committee sets best practice for recruitment and remuneration, and associated terms and conditions of employment, for all staff. It is responsible for setting and reviewing the College’s pay policy such that renumeration is fair, competitive, and financially sustainable.
## Fundraising Statement
In line with section 162A of the Charities Act 2011, the College provides the following statement regarding fundraising.
The College does not undertake fundraising from the general public. However, the College recognises that the statutory definition of fundraising includes “soliciting or otherwise procuring money or other property for charitable purposes”. On occasion, discussions with organisations may result in a contribution to support College activities. Any such contributions are recorded in the accounts as income attributable to the relevant activity to which the contribution relates.
The College does not use commercial participators, professional fundraisers, or other third parties to raise funds. Day-to-day responsibility for income generation sits with the Senior Leadership Team, which is accountable to the trustees.
No complaints have been received in relation to fundraising activities. The College expects all staff to behave reasonably at all times in accordance with their terms of employment. The College does not approach individuals to solicit funds and, as such, does not consider it necessary to implement additional procedures to monitor fundraising practices.
## Charity relationships with suppliers, customers, partners, and others
The delivery of our charitable aims and objectives is dependent on a range of relationships with universities, suppliers and others, and we are extremely grateful for the advice and support received during the past year.
The College has maintained strong and effective relationships with communities, key opinion leaders, medical research charities and the NHS to help shape and inform our policies and further our objectives to ensure high standards of ophthalmic patient care.
## Statement of the Trustee’s responsibilities
The trustees are responsible for preparing the Trustee’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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The law applicable to charities in England and Wales and in Scotland 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 for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the Charities SORP
- make judgements and estimates that are reasonable and prudent
- state whether applicable UK accounting standards have been followed, subject to any departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue in operation.
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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charter and Ordinances. They 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 charity and financial information included on the charity’s website.
## Auditor
In 2024, the College undertook a tender process for our Auditors, and a recommendation was made by the Finance and Risk Committee to the Board of Trustees and approved that we appoint Moore Kingston Smith. This was agreed to and was presented to our members at our 2025 AGM for ratification.
Approved by the Trustees on 30[th] April 2026 and signed on its behalf by
Mr MSM Elalfy Honorary Treasurer
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## Independent Auditor’s Report
## **Opinion**
We have audited the financial statements of The Royal College of Ophthalmologists for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of affairs of the charity as at 31 December 2025, and of the incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements
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does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we required for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 16, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be
19
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
- Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with Laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
20
- We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council
- We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error **,** as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
## **Use of our report**
This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed.
## **Moore Kingston Smith LLP**
1 May 2026
Statutory auditor 9 Appold Street London EC2A 2AP
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
21
The Royal College of Ophthalmologists
## Statement of Financial Activities
For the year ended 31 December 2025
||Restricted /
Endowment
£'000s
-
-
-
24
-
27
-
-
38
-
22|2025
Total
£'000s
2,056
2,011
627
399
683
1,055
-
38
817
183
-|Unrestricted
£'000s
1,872
1,533
414
307
603
1,130
-
476
203
-
-|Restricted /
Endowment
£'000s
-
-
-
23
-
-
-
-
61
-
22|2024
(Restated)
£'000s
1,872
1,533
437
307
603
1,130
61
476
225
-
-|
|---|---|---|---|---|---|
|7,759|111|7,870|6,538|106|6,644|
|2,021
2,058
1,400
603
998
22
128
60|-
23
-
-
-
2
67
-|2,021
2,081
1,400
603
998
24
195
60|1,643
1,618
1,313
625
910
48
87
34|-
68
-
62
-
80
138
-|1,643
1,687
1,313
687
910
128
225
34|
|7,289|92|7,381|6,279|348|6,627|
|158
470|-
19|1
158
489|370
258|-
(242)|370
17|
|628
(163)|19
163|647
-|629
(36)|(242)
36|387
-|
|465|182|647|593|(206)|387|
|465
11,242|182
1,440|647
12,682|593
10,649|(206)
1,646|387
12,295|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19 to the financial statements.
22
The Royal College of Ophthalmologists
## Balance sheet
## As at 31 December 2025
|As at 31 December 2025|As at 31 December 2025|||||
|---|---|---|---|---|---|
|Note
£'000s
Fixed assets:
12
12.a
12
13
Current assets:
14
1,145
21
2,635
21
575
4,355
Liabilities:
15
1,595
19
925.68
926
696.454
696
1622.13
18
5,202
18
94
6411.45
6,411
Total unrestricted funds
6447.45
Current Asset Investments
Debtors
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total charity funds
Total net assets
Investments
Cash at bank and in hand
Tangible assets
Heritage Assets
Intangible assets
Restricted funds:
Endowment Funds
Restricted income funds
Unrestricted income funds:
Designated funds - functional property
Other designated funds
General funds||2025
£'000s
5,150
34
58
5,327|£'000s
1,356
2,227
-||2024
£'000s
5,288
-
58
5,090|
|||10,569
2,760|||10,436
2,246|
|||||-||
||4,355
1,595||3,583
1,337|||
||926
696
5,202
94
6,411||784
656
5,305
94
5,843|||
|||13,329|||12,682|
|||||||
|||1,622
11,707|||1,440
11,242|
|||||||
|||13,329|||12,682|
Approved by the trustees on 30 April 2026 and signed on their behalf by
Mohamed Elalfy Prof. Benjamin Burton Honorary Treasurer President
23
The Royal College of Ophthalmologists
## Statement of Cash Flows
|For the year ended 31 December 2025|For the year ended 31 December 2025|For the year ended 31 December 2025|||
|---|---|---|---|---|
|Note
£000's
£000's
20
962
183
12
(83)
13
(79)
21
983
2,227
21
3,210
Cash reconciliation
3,210
2,635
575
3,210
Cash flows from operating activities
Net cash (used in)/provided by investing activities
Net cash (used in)/provided by operating activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of fixed assets and artwork
Purchase of investments
2025
Cash at bank and in hand
Current Asset Investments
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year|||£000's
£000's
(244)
225
(11)
(99)
115
(129)
2,356
2,227
2,227
-
2,227
2024||
||||||
|||983
2,227||(129)
2,356|
|||3,210||2,227|
|||3,210
2,635
575||2,227
-|
|||3,210||2,227|
24
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
- 1 Accounting policies
- a) The Royal College of Ophthalmologists is incorporated by Royal Charter and a charity registered with the Charity Commission in England & Wales and Scotland.
The registered office address is 18 Stephenson Way, London, NW1 2HD.
## b) Basis of preparation
The accounts (financial statements) have been prepared in accordance with the relevant version of the 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
## c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
## d) Going concern
Management, having reviewed a stress tested budget and cashflow, consider that there are no sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period, and therefore consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
## e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Grants and donations received are credited directly to the statement of financial activities in the year in which they are received or receivable, whichever is earlier. Legacy donations are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable (i.e. when confirmation has been received that probate is granted, executors have established that there are sufficient assets to pay the legacy and all conditions attached to the legacy have been fulfilled).
Subscriptions are accounted for on a receivable basis and credited to the statement of financial activities in the period to which they relate. Examination fee income is recognised when the examination takes place. Annual congress income is recognised when the event takes place. Journal 'Eye' income is based on the final royalty statemnt received from the College's publishers, Springer Nature.
## f) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## g) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Income from the permanent endowment fund (Bibby/Horton Scholarship) is used to part fund research fellowships jointly with the Medical Research Council.
The expendable Research Endowment Fund is used to improve research in ophthalmology and visual sciences.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
25
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
- 1 Accounting policies (continued)
- h) Expenditure 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 on charitable activities includes the costs of delivering examinations, training and educational activities and other services undertaken to further the purposes of the charity and the associated support costs of providing these services.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
- i) Allocation of support and governance costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of the charity, comprising the salary and overhead costs of the central function, is apportioned, based on staff numbers engaged in each activity. Governance costs are apportioned on the same basis. Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities. Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.
## j) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
## k) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the same basis . Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Depreciation is provided on a straight line basis. The depreciation lives in use are as follows:
Freehold buildings Thirty years Equipment, furniture and fittings Between three and ten years Computers and IT Between three and five years
Heritage assets comprise historic books and other ophthalmological artefacts which are preserved and maintained in display cabinets and are not to be disposed of. These are capitalised at historic cost where the College has reliable cost information. The current net book value is believed to be at least equal to the residual value, and as such no further depreciation has been charged.
- l) Intangible fixed assets
These are various IT software, learning platforms and website asets. Expenditure thereon is capitalised over £1,000. Amortisation is done over a period between 3 and 5 years.
- m) 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.
- n) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- o) 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.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
## p) Pensions
The Royal College of Ophthalmologists participates in two defined benefit pension schemes, the Superannuation Arrangements of the University of London (SAUL) which is a funded defined benefit scheme and the NHS Scheme which is an unfunded defined benefit scheme. The college also has a group personal pension scheme with royal london and anadditional sscheme for the CEO with Scottish Widows. The expected cost of providing pensions is charged to the statement of financial activities so as to spread the cost over the service lives of employees in such a way that the pension cost equals the annualised long-term cash outlay to the scheme.
The two defind benefit schemes schemes are multi-employer schemes of which the assets and liabilities cannot be identified for individual employers. The accounts therefore include contributions payable on an accruals basis. Further information for both schemes is given in note 17.
- q) Investments
26
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
Investments recognised at fair value and gains and losses, whether realised or unrealised, are combined and shown in the heading “Net (losses)/gains on investments” in the statement of financial activities.
- r) Grants payable
- Grants payable are shown in the year in which the award is payable. If grants are in instalments over a period longer than a year the amounts shown relate to the instalment due in the year in question.
27
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
- 2a Income from charitable activities - current year
|Fees for Skills Courses
Sub-total for Education and Training
Professional support
Income from Donors
Sub-total for Examinations
Education and Training
Dual Sponsorship fee income
Examination fees
Membership subscriptions
Sub-total for Subscriptions
Sponsorship
Sub-total for Donations & Legacies
Sub-total for Journal Eye joint venture
Seminars
Other
Other contract income
Journal Eye joint venture
Sub-total for National Ophthalmic Database
Gross income from Joint Venture with Springer nature
Sub-total for Professional Support
National Ophthalmic Database
Other income
Congress and specialty days
Fight for Sight
Sub-total for British Ophthalmic Surveillance Unit
Total income from charitable activities|Unrestricted
£'000s
2,056|Restricted
£'000s
-|2025
Total
£'000s
2,056|2024
(Restated)
£'000s
1,872
1,872
-
386
1,533
1,533
23
347
67 Phy
437
244
19
44
307
603
-
603
1,130
1,130
61
61
5,944|
|---|---|---|---|---|
||2,056
753|-
-
-|2,056
753||
||2,011|-|2,011||
||2,011
-
286
318|-
23
-
1|2,011
23
286
319||
||603
343
57
-|24
-
-
-|627
343
57
-||
||399
656
-|-
-
27|399
656
27||
||656
1,055|27
-|683
1,055||
||1,055|-|1,055||
||-|38|38||
||-|38|38||
||7,534|89|7,623||
28
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
- 2b Income from charitable activities - prior year
|2b
Income from charitable activities - prior year|||||
|---|---|---|---|---|
|Unrestricted
£'000s
1,872
1,872
-
-
1,533
1,533
-
-
347
67
414
244
19
44
307
-
603
-
603
1,130
1,130
-
-
-
-
-
-
5,860
3
Sponsorship, advertising in College publications and other miscellaneous income
Donations & Legacies
Sub-total for Donations & Legacies
Examination fees
Contract income from Health Quality Improvement
Partnership
Sub-total for Professional Support
Membership subscriptions
Sub-total for Subscriptions
Keeler Ltd for Keeler Scholarship
Sub-total for Journal Eye joint venture
Sub-total for National Ophthalmic Database
Sub-total for Examinations
Education and Training
E-integrity for E-learning
Fees for Skills Courses
Other income
Sub-total for Education and Training
Professional support
Congress and specialty days
Seminars
Other contract income
Other
Dual Sponsorship fee income
National Ophthalmic Database
Income from other trading activities
Sub-total for Scholarships and Awards
Income from Donors
Chandra Award
Other income
Fight for Sight
Scholarships and Awards
Journal Eye joint venture
Gross income from Joint Venture with MacMillan
Total income from charitable activities
All income from trading activities in 2024 and 2025 is unrestricted.
Sub-total for British Ophthalmic Surveillance Unit|Unrestricted
£'000s
1,872|Restricted
£'000s
-|2024
Total
£'000s
1,872|2023
Total
£'000s
1,711|
||1,872
-|-
-|1,872
-|1,711
16|
||-
1,533|-
-|-
1,533|16
1,405|
||1,533
-
-
347
67|-
-
23
-
-|1,533
-
23
347
67|1,405
19
209
77|
||414
244
19
44|23
-
-
-|437
244
19
44|305
876
67
35|
||307
-
603
-|-
-
-
-|307
-
603
-|979
441
105|
||603
1,130|-
-|603
1,130|546
935|
||1,130
-
-
-|-
-
-
-|1,130
-
-
-|935
15
6
-|
||-
-|-
61|-
61|21
30|
||-|61|61|30|
||5,860|84|5,944|5,948|
|||Unrestricted
£'000s
817|2025
Total
£'000s
817|2024
Restated
£'000s
476|
||||||
29
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
|4a
4b
Bank interest incl Currency gains
Income from investments - current year
Income from Common Investment Funds
Income from Common Investment Funds
Bank interest
Income from investments - prior year|Unrestricted
£'000s
144
17|£'000s
22
-
Endowment|2025
Total
£'000s
£'000s
-
166
-
17
-
183
2024
Total
£'000s
£'000s
-
191
-
34
-
225
Restricted
Restricted|2025
Total
£'000s
£'000s
-
166
-
17
-
183
2024
Total
£'000s
£'000s
-
191
-
34
-
225
Restricted
Restricted|2024
Total
£'000s
191
34|
|---|---|---|---|---|---|
||161|22|-|183|225|
||Unrestricted
£'000s
169
34|£'000s
22
-
Endowment|||2023
Total
£'000s
183
17|
||203|22|-|225|200|
30
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
- 5a Analysis of expenditure (current year)
|||Charitable activities|Charitable activities|Charitable activities|||Fundraising
Fundraising
costs
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60
-
-
-
-|Allocated
Governance
costs
£'000s
-
-
43
-
-
-
-
-
-
-
-
-
1
34
-
-
-
-
19
-
-
3|AAllocated
Support
costs
£'000s
1,209
163
26
147
182
-
-
11
49
64
14
-
31
3
38
311
95
-
-
47
62
399
77|2025
Total
£'000s
2,449
176
842
227
189
404
10
335
49
71
42
183
1,043
79
38
425
95
60
19
47
62
399
135|
|---|---|---|---|---|---|---|---|---|---|---|
|Examinations
£'000s
313
15
610
-
7
172
10
-
-
-
4
11
86
-
-
70
-
-
-
-
-
20|Education
and Training
£'000s
399
(1)
77
80
-
-
-
-
-
-
-
41
87
-
-
29
-
-
-
-
-
-|Professional
Support
£'000s
326
-
81
-
-
232
-
-
-
8
-
-
230
-
-
-
-
-
-
-
12|NOD
£'000s
71
-
4
-
-
-
-
-
-
-
-
131
181
42
-
15
-
-
-
-
-
-|"Eye" Journal
Joint Venture
£'000s
64
-
-
-
-
-
-
323
-
-
-
-
428
-
-
-
-
-
-
-
-
23|Scholarships
and Awards
£'000s
-
-
-
-
-
-
-
-
-
-
24
-
-
-
-
-
-
-
-
-
-
-|BOSU
£'000s
67
-
1
-
-
-
-
1
-
-
-
-
(2)
-
-
-
-
-
-
-
-
-|||||
|1,318
679
23|713
1,323
45|889
494
17|443
154
5|838
154
5|24
-
-|67
124
4|60
-
-|100
-
(100)|2,928
(2,928)
-|7,381
-
-|
|2,021|2,081|1,400|603|998|24|195|60|-|0|7,381|
Scholarships and awards are given to support research and travel costs. These are awarded following an application for funding and approval by the relevant Committee or Sub-Committee.
31
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
- 5b Analysis of expenditure (prior year)
|||Charitable activities|Charitable activities|Charitable activities|||Fundraising
Fundraising
costs
£'000s
34|Governance
costs
£'000s
-
-
12
-
-
-
-
-
-
-
-
-
-
35
-
-
-
15
-
-
9|Support
costs
£'000s
1,136
76
26
135
208
-
-
11
47
65
-
-
14
18
36
253
77
-
-
162
41
21|2024
Total
£'000s
2,334
109
740
215
233
353
24
229
50
75
129
317
807
53
36
476
77
34
15
162
41
117|
|---|---|---|---|---|---|---|---|---|---|---|
|Examinations
£'000s
279
13
513
-
9
88
24
-
-
2
1
-
28
-
-
136
-
-
-
-
-
71|Education
and Training
£'000s
397
20
79
80
17
-
-
-
-
-
-
2
-
-
-
40
-
-
-
-
-
8|Professional
Support
£'000s
242
-
109
-
-
265
-
1
2
8
-
-
225
-
-
-
-
-
-
-
-
4|NOD
£'000s
96
-
1
-
-
-
-
-
1
-
-
315
24
-
-
31
-
-
-
-
-
2|"Eye" Journal
Joint Venture
£'000s
59
-
-
-
-
-
218
-
-
-
-
504
-
-
17
-
-
-
-
-
2|Scholarships
and Awards
£'000s
-
-
-
-
-
-
-
-
-
-
128
-
-
-
-
-
-
-
-
-
-
-|BOSU
£'000s
125
-
1
-
-
-
-
-
-
-
-
-
12
-
-
-
-
-
-
-
-|||||
|1,163
466
21|643
1,013
46|855
445
20|469
212
10|800
106
5|128
-
-|138
85
4|34|71
-
(71)|2,326
(2,326)
-|6,627
-
-|
|1,643|1,687|1,313|687|910|128|225|34|-|-|6,627|
Scholarships and awards are given to support research and travel costs. These are awarded following an application for funding and approval by the relevant Committee or Sub-Committee.
32
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 6 Grant making - Scholarships and awards
|Cost
The Research Fund
Grants to individuals
Sadhu Gupta Award
At the end of the year
Bibby/Horton Scholarship|2025
£'000s
-
23
2|2024
£'000s
34
49
1|
|---|---|---|
||25|84|
The basis of the grants to individuals is described in note 1.
- 7 Net (expenditure)/incoming resources for the year
This is stated after charging:
|This is stated after charging:|||
|---|---|---|
||2025|2024|
||£'000s|£'000s|
|Depreciation|189|233|
|Operating lease rentals:|||
|Other|23|19|
|Auditor's remuneration (excluding VAT):|||
|Audit|19|15|
|Other services|2|2|
33
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
|Staff costs were as follows:|||
|---|---|---|
|Social security costs
Salaries and wages
Pension contributions|2025
£'000s
1,924
246
279|2024
£'000s
1,844
198
292|
||2,449|2,334|
Employees with salaries over £60,000 (not including National Insurance) were as follows:
||2025|2024|
|---|---|---|
||No.|No.|
|£60,000 - £70,000|1|2|
|£70,000 - £80,000|5|3|
|£130,000 - £140,000|1|1|
The key management personnel of the charity comprise the Chief Executive and the five (2024: five) heads of department. Gross salaries, employer national insurance and employer pension contributions for key management personnel this year were £670,570 (2024: £652,301).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: £nil).
11 (2024: 5) Trustees submitted expense claims relating to meetings and College related business activities totalling £7,589 (2024: £1,966). The College also incurred £7,439 (2024: £2,160) of expenditure, paid directly to suppliers, for activities relating solely to the role of President.
## 9 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
|follows:|||
|---|---|---|
|Professional Support
Journal "Eye" joint Venture
Support
National Ophthalmological Database
Examinations
Education and Training|2025
No.
5
9
4
1
1
19|2024
No.
5
9
4
2
1
18|
||39|39|
## 10 Related party transactions
There were no related party transactions in 2025 (2024: nil) other than expenditure reimbursements detailed in note 8
34
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 11 Taxation
The charity is exempt from corporation tax on its charitable income which is applied for charitable purposes. The college began to carry out its own sponsorship revenue activities in 2024. An exercise has been carried out to estimate the potential tax liability for the years 2022-2025 on sponsorship and advertising revenue from the college magazine, This is estimated at £398,726.
## 12 Tangible assets
|Tangible assets||||||
|---|---|---|---|---|---|
|Net book value
At the end of the year
At the end of the year
At the end of the year
Depreciation
At the start of the year (as restated)
Additions in year
Cost
Disposals
At the start of the year (as restated)
At the start of the year (as restated)
Disposals
Charge for the year|Freehold
property
£'000s
7,005
-
-|Fixtures and
fittings
£'000s
200
28
-|Computer
equipment
£'000s
597
23
-
620
577
10
-
587
33
20|Heritage
Assets
£'000s
85
-
-|Total
£'000s
7,887
50
-|
||7,005|228||85|7,938|
||1,752
174
-|185
5
-||27
-
-|2,541
189
-|
||1,926|190||27|2,730|
||5,079|38||58|5,209|
||5,253|15||58|5,346|
Land with a value of £1,800,000 (2024: £1,800,000) is included within freehold property and not depreciated.
## 12a Intangible assets
|Intangible assets||||
|---|---|---|---|
|At the start of the year (as restated)
Charge for the year
Disposals
Net book value
At the end of the year
At the start of the year (as restated)
Additions in year
Disposals
At the end of the year
At the start of the year (as restated)
Cost
Amortisation
At the end of the year|Website
£'000s
184
34
-
218
184
-
-
184
34
-|IT Software
and Learning
Platforms
£'000s
583
-
-|Total
£'000s
767
34
-|
|||583|801|
|||583
-
-|767
-
-|
|||583|767|
|||()|34|
|||-|-|
35
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
Assets worth £801k (2024 £767k) were moved out of fixed assets into intangible assets.This represents the cost of various education platforms, operating software and websites see Note 23.
All of the above assets are used for charitable purposes.
|All of the above assets are used for charitable purposes.|||
|---|---|---|
|Historic cost
Additions at cost
Net gain/(loss) on revaluation
Market value at the end of the year
Market value at the start of the year
UK Common Investment Funds
Investments comprise:
13
Listed investments|2025
£'000
5,090
79
158|2024
£'000
4,621
99
370|
||5,327|5,090|
||3,607|3,607|
||2025
£'000
5,327|2024
£'000
5,090|
||5,327|5,090|
The College has made investments in two Common Investment Funds, the Alpha Fund for Endowments and the Alpha Fund for Income and Reserves. Since the year-end, The Royal College of Ophthalmologists has seen the value of its investment portfolio rise to £5.35m.
36
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
## 14 Debtors
|Debtors|||
|---|---|---|
|Trade debtors
Other event costs in advance
Prepayments and accrued income
Other debtors
Congress expenses in advance|2025
£'000
158
501
238
111
137|2024
£'000
445
514
156
73
168|
||1,145|1,356|
## 15 Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
|Trade creditors
Taxation and social security
Deferred income
Sundry Creditors and Accruals|2025
£'000
411
541
574
69|2024
£'000
441
122
737
37|
||1,595|1,337|
## 16 Deferred income
Deferred income comprises fees received before the year end for subscriptions received in advance and examinations, training and other events taking place in the following year.
|Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year|2025
£'000
737
(737)
574|2024
£'000
754
(754)
737|
|---|---|---|
||574|737|
37
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 17 Pension schemes
## SAUL pension
The College participates in the Superannuation Arrangements of the University of London (“SAUL”), which is a centralised defined benefit scheme within the United Kingdom and was contracted-out of the Second State Pension (prior to April 2016). SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.
Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings ("CARE") basis.
The College is not expected to be liable to SAUL for any other current participating employer’s obligations under the Rules of SAUL, but in the event of an insolvency event of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.
## Funding Policy
SAUL’s statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL’s benefits as they fall due (the “Technical Provisions”). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members’ accrued pension rights to be met.
The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.
At the 31 March 2023 valuation SAUL was 105% (2020 94%) funded on its Technical Provisions basis. There is a funding surplus of £134 million. The cost of building up future benefits at 31 March 2023 was 19.3% of salaries, compared to the 27% of salaries currently paid in to SAUL as member and employer contributions. This results in a contribution buffer of 7.7% of salaries. However, once further employer contribution and member benefit changes are completed by April 2025, the cost of building future benefits will increase to 21.3%, and the contribution buffer will be 3.7%. This is a positive outcome for the scheme and for employers and members, as the contribution strain in 2020 was 13.4%. As part of the concluding work for the 2023 Valuation, the Scheme Actuary has confirmed that, as of May 2024, SAUL remains in surplus, and continues to enjoy a contribution buffer.
SAUL’s next valuation will measure the Scheme’s financial position on 31 March 2026. Any decisions made at the next valuation will depend on the financial position then.
As SAUL was in surplus on its technical provisions at 31 March 2023, the Trustee and the Scheme Actuary are not required to prepare a Recovery Plan for the 2023 valuation, unlike in 2020. The rest of the 2023 valuation’s supporting documents have been prepared by the Scheme Actuary and agreed by the Trustee.
## Accounting Policy
The Royal College of Ophthalmologists is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL's DB assets at 31 March 2023 was £3,096 million representing 105% of the liabilities
It is not possible to identify an individual Employer's share of the underlying assets and liabilities of SAUL. The College accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid (i.e. cash amounts) in accordance with paragraphs 28.11 of FRS 102.
Employer Contributions paid in 20 for all schemes in 25were £225,216 (2024: £294,098 ).
38
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 17 Pension schemes (continued)
## 1. NHS pension
One member of staff is in the NHS Pension Scheme, an unfunded defined benefit scheme. The total employer contribution payable in 2025 was £7,291 (2024: £8,135).
Past and present employees are covered by the provisions of the two NHS Pension Schemes. Details of the benefits payable and rules of the Schemes can be found on the NHS Pensions website at
www.nhsbsa.nhs.uk/pensions. Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS body of participating in each scheme is taken as equal to the contributions payable to that scheme for the accounting period.
In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, the FReM requires that “the period between formal valuations shall be four years, with approximate assessments in intervening years”. An outline of these follows:
## a) Accounting valuation
A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2020, is based on valuation data as at 31 March 2019, updated to 31 March 2020 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.
The latest assessment of the liabilities of the scheme is contained in the report of the scheme actuary, which forms part of the annual NHS Pension Scheme Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office.
## b) Full actuarial (funding) valuation
The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes taking into account recent demographic experience), and to recommend contribution rates payable by employees and employers.
The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2020. The results of this valuation set the employer contribution rate payable from April 2024 to 23.7% from 20.6% in April 2020, and the Scheme Regulations were amended accordingly.
## 2. Royal London
The College has a group personal pension plan with Royal london. All new employees are elgible to join the plan Employer Contributions paid in 2025 were £40,724
## 3. Scottish Widows
In 2025, the College contributed £5,562 to an additional scheme for the CEO
39
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
18a Analysis of net assets between funds
|Analysis of net assets between funds|||||
|---|---|---|---|---|
|Fixed assets
Investments
Net current assets
Fixed assets
Investments
Net current assets
Analysis of net assets between funds - Prior year
Net assets at the end of the year - 2024
Net assets at the end of the year - 2025|General
unrestricted
£'000
-
4,091
2,321|£'000
5,202
-
94
5,296
£'000
5,305
-
94
5,399
Designated
Designated|Restricted
£'000
41
1,236
345|Total funds
£'000
5,243
5,327
2,759|
||6,411||1,622|13,329|
||General
£'000
-
3,885
1,958||Restricted
£'000
41
1,205
194|Total funds
£'000
5,346
5,090
2,246|
||5,843||1,440|12,682|
18b Analysis of net assets between funds - Prior year
40
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 19 Purposes of restricted and designated funds
## Purposes of the Endowment Funds
## The Bibby/Horton Scholarship
The late Miss Bernice Bibby left the College a substantial sum to create a permanent endowment fund, to provide for fellowships at post graduate level. The income from this endowment fund and from the related restricted fund will continue to be used to part fund research fellowships. This fund is separately invested with Sarasins. A transfer of £143k was made to recognise historic gains and bring the accounts in line with the value of the investment held with Sarasins, which was £827k as at 31 December 2025.
## Research Endowment Fund
The Research Endowment Fund, an expendable endowment fund, was set up in 2008 to assure a stable mechanism to improve research in ophthalmology and visual sciences.
## Purposes of the Other Restricted Funds
Medical Training Initiative . The College has received funds from the Department of Health and the Academy of Medical Royal Colleges to support a scheme placing overseas doctors wishing to train as ophthalmologists in the UK before returning to their own country to practice. The priority focus of the MTI is to provide training opportunities for doctors from DfID priority or low and middle income countries.
Higher Specialist Scientist Training. The College received funding from the Medical Research Council Hearing and Communications Group to develop a curriculum for medical scientists working in ophthalmology.
Dual Sponsorship Scheme. The College has received funding from the Department of Health to match overseas doctors wishing to undertake specialist training in the UK with appropriate training settings.
E-Learning (Health Education England) and E-learning (Department of Health) . The College has received funds from the Department of Health and related organisations to support the College's contribution to the UK E-Learning for Health project for aspect of the curriculum for trainee ophthalmologists.
E- Learning - E-Integrity Project. The College has received funds from the Department of Health for an additional e- learning project to provide resources for those providing training to ophthalmologists.
E-learning Maintenance. The College received funds to maintain the electronic resources produced using the funding received above.
Revalidation E-Cohort . The College has received funding from the Academy of Medical Royal Colleges to enable it to participate in a cohort scheme with other medical colleges and faculties to develop a system for collecting information for doctor appraisal. The development of the scheme was completed in 2012 and the remaining funding will be used to support and maintain the system, at no cost to members, for an initial period.
OPT (formerly OCCCF) Project. The Ophthalmological Common Clinical Competency Framework (OCCCF) project was funded by Health Education England (HEE) and has been developed into Ophthalmic Practitioner Training (OPT). OPT trains postgraduate orthoptists, optometrists and ophthalmic nurses in secondary care to develop their skills in cataract, glaucoma, medical retina or emergency eye care.
NOD Cataract audit - Bausch and Lomb is a grant awarded to the College to carry out work on the National Ophthalmology Database now no longer funded by HQIP.
NOD AMD audit is funded in 2020 from a transfer from the Elizabeth Thomas Seminar fund, which was originally funded by the Macular Society. This funding will be used to set up the NOD AMD audit during 2020 and 2021. The fund also includes a contribution from Alcon. The project has come to an end and this was recognised by a transfer of £31k into general reserves
Educational Website ST1 trainees. The College received funds from Bayer to subsidise access for ST1 trainees to an educational website with relevant learning content and advice for trainees at this level.
The Ethicon Scholarship provides travel funds to members and fellows who travel abroad for research or training.
The Jack Kanski Award is a lifetime achievement award to recognise passion, commitment and achievement in Ophthalmic Education. The fund was created in memory of Mr Jack Kanski who was an eminent ophthalmologist and Honorary Fellow who died in 2019.
41
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 19 Purposes of restricted and designated funds (continued)
The Keeler Scholarship provides financial assistance to members and fellows to acquire ophthalmic skills, knowledge or experience.
The Sadhu Gupta Award will provide an award for the best performing international candidate in a RCOphth examination. This is a way to promote learning and increase the global level of ophthalmic knowledge.
John Lee Research Fund . The College established a fund in memory of Mr John Lee who died in 2010 during his term as President. The fund is used to fund research fellowships in ophthalmology jointly with the Medical Research Council and with Fight for Sight.
The Nettleship Fund provides a medal award every four years for the best paper on ophthalmology published in the preceding four years.
The Lister Award provides travel funds for study to any ophthalmologist who is a citizen of the United Kingdom.
The Edridge-Green Lecture Fund was set up to fund an ophthalmic lecture given at the Annual Meeting every year.
The Dorey Bequest provides travel funds to members and fellows who travel abroad for study or research.
The second Bibby Horton Scholarship Fund receives the income from the Bibby Horton Endowment Fund which is not used in the year. In the immediate future years part of the College's financial commitment to a research projects including fellowships will be met from this fund. A transfer of £22k was made to account for the interest earned in 2025 from the main endowment fund. This is in line with the terms of the endowment whch allows the college to use the interest earned for the purposes of the fund.
The Ashton Lecture Fund was set up to fund an ophthalmic lecture to be given at the Annual Meeting every four years or at the discretion of the Council.
Professor Barrie Jones provided funds for a lecture on the subject of preventative ophthalmology in the developing world to be given every four years at the Annual Congress.
Elizabeth Thomas Seminar Fund . The Macular Society has made donations, in memory of Elizabeth Thomas, which have supported an annual seminar on macular disease. The Macular Society has agreed a change of use of this fund which will now be used to support the College's aim to start an AMD national audit.
The Optic Lecture. Optic UK provides funding for a lecture at the annual Congress.
Winstanley Fund . The College acquired a collection of antiquarian ophthalmic books from Mr John Winstanley which are housed in the College.
The Peter Curran Bequest was given for the purchase of works of art to be displayed in the College. The initial purchase was sold during 2015 and the proceeds will be reinvested in a work of art appropriate to both ophthalmology and the new setting of the College's headquarters.
London Deanery Equipment Fund . The London Deanery of the NHS has provided funding for the College to acquire an ophthalmic surgery simulator which is used in a range of training situations. This fund was fully expended in 2019.
The British Ophthalmological Surveillance Unit operates a national system to assist with the surveillance of rare ophthalmological conditions. The College meets the costs of providing accommodation and office support services. Further funding is provided by Fight for Sight. A transfer of £29k was made to this fund to cover excess of expenditure over income.
The Duke-Elder Memorial was set up in memory of Sir Stewart Duke-Elder, an eminent ophthalmologist and prolific writer. The fund has been used to support the Duke-Elder examinations which are open to medical undergraduates in the UK and Eire. When the funds come to an end the College will continue to fund an examination and a prize to be known as "The Royal College of Ophthalmologists - Duke-Elder Prize".
The Patrick Trevor-Roper Travel Awards Fund provides the Council with wide discretion and it has been decided that the income of this fund is to be used to provide travel funds for medical undergraduates travelling abroad for research or training.
42
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
## 19 Purposes of restricted and designated funds (continued)
John Lee Memorial Research Fund - the College established a restricted fund in 2011 to commemorate the contribution to ophthalmology of the late President with a joint MRC/College research fellowship the first of which completed in 2015. This fund represents the College's designation for the same purpose.
The Council was given wide discretion over funds transferred from the Anne Allerton Fund . Part of this fund was used to support the purchase of a second cataract simulator in 2016.
Professor Wallace Foulds left a legacy to continue the payment of The Foulds Trophy prize. It has been left to the discretion of the Trustees to use these funds in any way they feel necessary but Trustees have agreed to use the fund as Professor Foulds intended.
The Property and Equipment Fund represents the value of the fixed assets held by the College excluding the assets held in the Winstanley Fund which are shown separately (above).
43
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
|19a
At 1 January
2025
£'000s
Permanent endowment fund
02230001SCP
▪
The Bibby/Horton Scholarship
-827
663
02231001SCP
▪
Research Endowment Fund
-121
121
(949)
784
Other restricted funds
02240001EDT
▪
0
-
02241001EDT
▪
-3
3
02242001EDT
▪
-149
149
▪
E-Learning Fund (Health Education England)
0
-
02243001EDR
▪
E-Learning Fund (Department of Health)
-36
36
02244001EDR
▪
-42
42
02247001EDR
▪
-19
19
02260001PRO
▪
Revalidation E-system cohort project
-12
12
02246001EDR
▪
OPT (formerly OCCCF) Project
-1
1
▪
NOD Cataract audit - Bausch and Lomb
0
()
02271001NOD
▪
NOD AMD audit
4
4
▪
0
-
(265)
265
Educational website ST1 trainees
E-Learning for Health - Maintenance
Expendable endowment fund
Medical Training Initiative (Department of Health)
Higher Specialist Scientist Training
Dual Sponsorship Scheme - Pilot matching scheme fee income
E-Learning Fund - E Integrity Project (Department of Health)
Movements in funds - current year|Income &
gains
£'000s
22
-|Expenditure
& losses
£'000s
-
(23)|Transfers
£'000s
143|At 31
December
2025
£'000s
827
98|
|---|---|---|---|---|
||22|(23)|143|926|
||-
24
-
-
-
-
-
-
27
-|-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-
-
-
-
(31)
-|-
3
173
-
36
42
19
12
1
()
()
-|
||50|-|(31)|285|
44
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
|19a
Check
At 1 January
2025
£'000s
Scholarships and Award Funds
02301001EDS
▪
The Ethicon Scholarship
-139
139
02308001EDS
▪
The Jack Kanski Award
-20
20
02303001EDS
▪
The Keeler Scholarship
-3
3
02309001EXO
▪
The Sadhu Gupta Award
-21
21
02304001SCP
▪
The John Lee Research Fund
-8
8
02305001EDS
▪
The Nettleship Fund
-2
2
02306001EDS
▪
The Lister Award
-6
6
02401001SCC
▪
The Edridge-Green Lecture
-26
26
02307001EDS
▪
The Dorey Bequest
-11
11
(237)
236
Project Funds, including Memorials and Bequests
02402001SCP
▪
The Bibby/Horton Scholarship
-58
58
02403001SCC
▪
The Ashton Lecture
0
-
02404001SCC
▪
The Professor Barrie Jones Lecture Fund
-55
55
02406001SCS
▪
The Elizabeth Thomas Seminar
0
-
02405001SCC
▪
Optic Lecture
0
-
02238001COR
▪
The Winstanley Book Collection
-41
41
02239001COR
▪
The Peter Curran Bequest
0
-
(154)
154
British Ophthalmological Surveillance Unit
-
Total Other Restricted Funds
(657)
656
Total Restricted Funds
(1,606)
1,440
Movements in funds - current year (continued)|19a
Check
At 1 January
2025
£'000s
Scholarships and Award Funds
02301001EDS
▪
The Ethicon Scholarship
-139
139
02308001EDS
▪
The Jack Kanski Award
-20
20
02303001EDS
▪
The Keeler Scholarship
-3
3
02309001EXO
▪
The Sadhu Gupta Award
-21
21
02304001SCP
▪
The John Lee Research Fund
-8
8
02305001EDS
▪
The Nettleship Fund
-2
2
02306001EDS
▪
The Lister Award
-6
6
02401001SCC
▪
The Edridge-Green Lecture
-26
26
02307001EDS
▪
The Dorey Bequest
-11
11
(237)
236
Project Funds, including Memorials and Bequests
02402001SCP
▪
The Bibby/Horton Scholarship
-58
58
02403001SCC
▪
The Ashton Lecture
0
-
02404001SCC
▪
The Professor Barrie Jones Lecture Fund
-55
55
02406001SCS
▪
The Elizabeth Thomas Seminar
0
-
02405001SCC
▪
Optic Lecture
0
-
02238001COR
▪
The Winstanley Book Collection
-41
41
02239001COR
▪
The Peter Curran Bequest
0
-
(154)
154
British Ophthalmological Surveillance Unit
-
Total Other Restricted Funds
(657)
656
Total Restricted Funds
(1,606)
1,440
Movements in funds - current year (continued)|Income and
gains
£'000s
-
-
-
-
-
-
-|Expenditure
and losses
£'000s
-
-
-
(2)
-
-
-
-|Transfers
£'000s
-
-
-
-
-
-
-|At 31
December
2025
£'000s
139
20
3
19
8
2
6
26
11
-|
|---|---|---|---|---|---|
|||-|(2)|-|234|
|||-
-
-
-
-
-|-
-
-
-
-
-
-|22
-
-
-
-
-
-|80
-
55
-
-
41
-|
||||-|22|176|
||-|38|(67)|29|-|
|||89|(69)|20|696|
|||111|(92)|163|1,622|
45
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
19a Movements in funds - current year (continued)
|At 1 January
2025
£'000s
Designated funds:
03052001EXU
▪
The Duke - Elder Memorial
-62
62
03053001EDS
▪
The Patrick Trevor - Roper Travel Awards
0
-
03056001SCP
▪
John Lee Memorial Research Fund
-6
6
03051001PRO
▪
The Anne Allerton Fund
-17
17
03057001SCP
▪
The Foulds Trophy
-9
9
▪
Property and Equipment Fund
-5,305
5,305
Total designated funds
(5,399)
5,399
03000
General funds
-5,843
5,843
Total unrestricted funds
(11,242)
11,242
Total restricted funds
(1,606)
1,440
Total funds
(12,848)
12,682
Unrestricted funds|Income and
gains
£'000s
()
-
-|Expenditure
and losses
£'000s
-
-
-
-
()|Transfers
£'000s
-
-
-
(103)|At 31
December
2025
£'000s
62
-
6
17
9
5,202|
|---|---|---|---|---|
||()
7,759|()
(7,130)|(103)
(60)|5,296
6,411|
||7,759|(7,130)|(163)|11,707|
||111|(92)|163|1,622|
||7,870|(7,222)|-|13,329|
46
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
|19b
Permanent endowment fund
02230001SCP
▪
The Bibby/Horton Scholarship
02231001SCP
▪
Research Endowment Fund
Other restricted funds
02240001EDT
▪
02241001EDT
▪
02242001EDT
▪
▪
E-Learning Fund (Health Education England)
02243001EDR
▪
E-Learning Fund (Department of Health)
02244001EDR
▪
02247001EDR
▪
02260001PRO
▪
Revalidation E-system cohort project
02246001EDR
▪
OPT (formerly OCCCF) Project
▪
NOD Cataract audit - Bausch and Lomb
02271001NOD
▪
NOD AMD audit
▪
Medical Training Initiative (Department of Health)
Higher Specialist Scientist Training
Dual Sponsorship Scheme - Pilot matching scheme fee income
E-Learning Fund - E Integrity Project (Department of Health)
E-Learning for Health - Maintenance
Educational website ST1 trainees
Expendable endowment fund
Movements in funds - prior year|At 1 January
2024
£'000s
663
170|Income &
gains
£'000s
-
-|Expenditure
& losses
£'000s
-
(49)|Transfers
£'000s
-
-|At 31
December
2024
£,000s
663
121|
|---|---|---|---|---|---|
||833|-|(49)|-|784|
||6
3
126
-
36
56
19
12
1
40
66
-|-
-
23
-
-
-
-
-
-
-
-
-|(6)
-
-
-
-
(13)
-
-
-
-
(62)
-|-
-
-
-
-
-
-
-
-
(40)
-
-|-
3
149
-
36
42
19
12
1
()
4
-|
||365|23|(81)|(40)|266|
47
The Royal College of Ophthalmologists
## Notes to the financial statements
For the year ended 31 December 2025 19b Movements in funds - prior year (continued)
|For the year ended 31 December 2025
19b
Movements in funds - prior year (continued)||||||
|---|---|---|---|---|---|
|Scholarships and Award Funds
02301001EDS
▪
The Ethicon Scholarship
02308001EDS
▪
The Jack Kanski Award
02303001EDS
▪
The Keeler Scholarship
02309001EXO
▪
The Sadhu Gupta Award
02304001SCP
▪
The John Lee Research Fund
02305001EDS
▪
The Nettleship Fund
02306001EDS
▪
The Lister Award
02401001SCC
▪
The Edridge-Green Lecture
02307001EDS
▪
The Dorey Bequest
Project Funds, including Memorials and Bequests
02402001SCP
▪
The Bibby/Horton Scholarship
02403001SCC
▪
The Ashton Lecture
02404001SCC
▪
The Professor Barrie Jones Lecture Fund
02406001SCS
▪
The Elizabeth Thomas Seminar
02405001SCC
▪
Optic Lecture
02238001COR
▪
The Winstanley Book Collection
02239001COR
▪
The Peter Curran Bequest
British Ophthalmological Surveillance Unit
Total Other Restricted Funds
Total Restricted Funds|C
At 1 January
2024
£'000s
139
20
48
22
8
2
6
26
11|Income and
gains
£'000s
-
-
-
-
-
-
-
-
-|Expenditure
and losses
£'000s
-
-
(45)
(1)
-
-
-
-
-|Transfers
£'000s
-
-
-
-
-
-
-
-
-|At 31
December
2024
£'000s
139
20
3
21
8
2
6
26
11
-|
||282|-|(46)|-|236|
||70
-
55
-
-
41
-|22
-
-
-
-
-
-|(34)
-
-
-
-
-
-|-
-
-
-
-
-
-|58
-
55
-
-
41
-|
||166|22|(34)|-|154|
||-|61|(138)|76|-|
||813|106|(298)|36|656|
||1,646|106|(348)|36|1,440|
||||||48|
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
19b Movements in funds -prior year (continued)
|Designated funds:
03052001EXU
▪
The Duke - Elder Memorial
03053001EDS
▪
The Patrick Trevor - Roper Travel Awards
03056001SCP
▪
John Lee Memorial Research Fund
03051001PRO
▪
The Anne Allerton Fund
03057001SCP
▪
The Foulds Trophy
▪
Property and Equipment Fund
Total designated funds
03000
General funds
Total unrestricted funds
Total restricted funds
Total funds
Unrestricted funds|At 1 January
2024
£'000s
62
-
6
17
9
5,529|Income and
gains
£'000s
-
-
0
-
-
-|Expenditure
and losses
£'000s
-
-
-
-
-
-|Transfers
£'000s
-
-
-
-
-
(224)|At 31
December
2024
£'000s
62
-
6
17
9
5,305|
|---|---|---|---|---|---|
||5,623
5,026|-
6,538|-
(5,909)|(224)
188|5,399
5,843|
||10,649|6,538|(5,909)|(36)|11,242|
||1,646|106|(348)|36|1,440|
||12,294|6,644|(6,257)|-|12,682|
49
The Royal College of Ophthalmologists
## Notes to the financial statements
## For the year ended 31 December 2025
## 20 Reconciliation of net (expenditure)/income to net cash flow from operating activities
|Net (expenditure)/ income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Fixed Asset reclassification
(Gains)/losses on investments
Dividends and interest from investments
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash (used in)/provided by operating activities|2025
£'000s
647
189
-
(158)
(183)
210
258
962|2024
£'000s
387
233
1
(370)
(225)
(279)
9|
|---|---|---|
|||(244)|
21 Analysis of cash at bank and in hand
|Analysis of cash at bank and in hand||||
|---|---|---|---|
|Cash in hand
Notice deposits (less than 3 months)
Notice deposits (95 Day)
Total cash and cash equivalents|At 1 January
2025
£'000s
1,309
918
-|Cash flows
£'000s
1,008
(600)
575
983|At 31
December
2025
£'000s
2,317
318
575|
||2,227||3,210|
## 22 Operating lease commitments
The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods
|The charity's total future minimum lease payments under non-cancellable operating
the following periods|leases is as follows for each of|leases is as follows for each of|
|---|---|---|
|Less than 1 year
1 - 5 Years|2025
2024
£'000s
£'000s
16
11
1
5
17
17
Equipment||
|||17|
## 23 Prior year adjustments
Assets worth £801k (2024 £767k) were moved out of fixed assets into intangible assets.This represents the cost of various education platforms, and operating software, costing £583k (2024 £583k) and websites costing £218k (2024:£184k) Accumulated depreciation of the website was £184k, (2024:184k), and on the software and platform was £583k (2024:£583k) see note 12. Sponsorship income of £753k (2024:386k) was received in 2025 nd was previuosly categorised as Congress income. Investment management charges of £60k (2024:£36k) are now shown separately as costs of fundraising.
The college conducts exams in India and contingent on the Indian authorities requesting a goods and service tax payment on these exams, the college might be liable to a payment estimated at £24,532
24 Contingent Liabilities
50
The Royal College of Ophthalmologists
Notes to the financial statements
## For the year ended 31 December 2025
25 Critical accounting estimates and judgements
In the application of the College's accounting policies, the Board 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The College includes an estimate of the useful economic life of its tangible assets.
Leases on equipment are classified as either operating or finance leases which require an evaluation of the terms and conditions of each lease to determine whether the College retains or acquires significant risks and rewards of ownership of the leased assets and as a result recognises an asset and liability for future payments relating to the capital element f the lease in the balance sheet.
The college has made an estimate of corporation tax liability due on trading activity over the period 2022-2025, see note 11.
51