REGisfERED CHARrrY NUMBER: 1016118 REPORT OF THE TRusfEES AND FINANCIAL sfATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY Har￿eV Fowler LLP awrtered AcC￿ntants 4th Floor Tuition House 27-37 St Ge(Kge'5 Rckid Wimbledon London SW19 4EU THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY CONTENTS OF THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees I to 5 Independent Examine￿$ Report statement of Finandal Activltles Balan￿ Sheet Nots8 to the Financl)I Statements 9 to 15 Detslled Ststement ol Finandal Acuvltles 16 THE EUROPEAN FEDERAnON OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financial statements of the th8rity for the year ended 31 December 2023. The tnLStees have adopted the provisions of Accounting and ReportirKJ by u￿ritieS-. Ststement of Recommended Prartice applicable to charities preparing their accounts in accordan￿ wth the Financial Rep)rtlng Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effethve l January 2019). OBJECTIVES AND ACTivrriES Objertives and aims EFSUMB'S objectlves are to.. promote the science, the research and development of ultrasound in Mediane and Biology and to publish the results of research - to propose standards and to glve advi￿ concemlng criteria for opumum equipment and techniques and clinical application5 to arrange congresses and study and development meetings on an international level both in and outslde Europe by the member organisattons, includlng organlsing, in co-operation with a kjcal committee, a European or Wodd Congress ft)r ultrasound In Medicine and Biology (WFUMB) - to work with organisations wlth shared objectNes to harmonise guldelines and to foster a closer relationship almed at promotlng the best of education in ultrasound across the European communlty to represent the Interests of its mernbershlp In WFUMB and In any other International organlsotion whose purposes are conslstent wlth those of EF5UM8. Public benefit The trustees hove complled wlth the duty In section 17 of the Charits'es Act 2011 to have due regard to publlc benefit guklance published by the Charlues Cornmlssion, ACHIEVEMENT AND PERFORMANCE Research activitles The last twefve months has seen the submlssion for publicatlon of the followlng EFSUMB papers.. I, EFSUMB Technlcal Revlew Update 2023., Ltynamic Contrast-Enhanced Ultrasound (DCE-CEUS) f(x the Quantiflcation of Tumor Perfuslon 2023 2. The EFSUMB Guldeline5 and Recommendatlons for Musculoskeletal Ultra50und Part II.. joint Pathologles, Pediatrlc Appllcations, and Guided Procedures 2022 The followlng papers are submitted or work In progress for publlcatlon In 2024,. l. Mults'pararnetrlc Ultrasound Small Parts ￿hyrOld, Test6s) 2. ProfeSsI￿al Standards in MedScal Ultra50und Part B 3. Point of Care Ultrasound CPOCUS) for Primary Care Users 4. Thor7cic Ultrasound Training Recommendations 5. Curriculum for Sonographers Safety Ststements in US The following have been updated and are the most visited safety Statements on the EFSUMB webslte.. l. Best Prattice GUIdan￿ for the Safe use of Doppler Ultra9)und [Last revlslon 2021] 2. Best Practlce recommendations for cleanlng and dlsinfectlcn of Ultra￿)Und transducers whllst malntaining transducer integrty [20211 3. EFSUMB Reccffnmendatlons on Non-medlcal Use of Imaglng Ultrasound [Last rev15ion 2021] 4. The use of ultrasound for cosmetlc or aesthetic b(xly shaping (2024) 5. Doppler ultrasound devices - Safety Aspects - Update 2022 The Safety Committee has a representative in WFUMB and Is invofved In harmonising safety guidelines between the intemational Federations. THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Courses and congresses The EUROSON 2023 took ptace very successfully in Riga, La￿a in May 2023. The war in Ukralne may have affected attendan in addition to the high registration fee for non-Baltic countries but there We￿ vlsltors from 44 countrles and a highly successf Student Ultrasound Congress (sruo organised by the students themsefves and a SonoC2ve with thetTEd ultrasound hands c training with experts. The next COng￿sS tskes Pla￿ In Naples, Italy 9- 11 November 2024 again with an incorporated Student Ultrasound Congress, Sonocave and the Young Investigator session to find the best cllnScal andlor technical presentation which will then be entered for the WFUMB Ywng Invest￿atOr Sesslon at WFUMB 2025 Kyoto, Japan. There will be no congress In 2025 as EFSUMB moves to blennial Cong￿9Se5 (alterna￿ng wlth WFUMB) but a Student Ultrasound Congress Is planned for Berlln, Germany 4- 6 September 2025. If Su￿s￿ul thls will lake pl￿ In years altemating with the EFSUMB Congress. Nearly all of the 13 EUro￿n *hools pro￿eded as planned (with the eX￿ptIon of a CEU5 course planned for SL￿a, Bulgarla) with topics ranging from ￿US, Musculoskeletal, Paedlatric Radiology, Gastrointestinal Ultrasound, Point of Care Ultrasound and Demiatologic31 Ultrasound. Endorsed c￿r5e5 pr￿ed as planned offering specialist education In head and neck ultrasound, neonatal ultra50und and an Interventlonal Cadaver Course. All commlttee meetlngs contlnue to be he￿ onllne extrpt when a COng￿sS is taklng pla￿. Online eduGition EFSUMB continues to offer educauonal webinars. The tradiuon of Contrast Enhanced Ultrasound webinars wlth 5UPPOrt from Bracco is contlnued wlth 2 focusing on Eur￿an research aThJ 2 on Chlnese research developments. At the end of 2023 a new serie5 of CEUS courses was launthed featurlng one Chinese and one European speaker in each webinar on a 5peoflc toplc shanng internatlonal perspective& The Chinese team led by Prof Xie at Sun Yat Sen University trnnslate the presentstions Into Mandarln and these are on the website wlth subiltles in the weblnar arthlve sectlon. The onllne ￿CordingS attract a lot of Interest. Cooperation wlth international oryanisations and Industry The Coopera￿on agreement wlth European Soclety of Radiology has been renewed and a jolnt ESRIEFSUMB Ultrasound fLU5ed se￿lon was held in 2024 whlch was well re￿Ived, ESR is conslECEMBER 2023 2022 Unrestrf(led R&trIc￿l fu fur Total fur Tang￿￿ assets Inveknts io li 1,253 141,191 1,253 141,191 1,670 138335 142.444 141444 140,005 12 6,435 336,030 6,435 339,041 S,134 360,058 Cash at bank 3,011 342,465 3,011 345,476 365.192 CReDThORS Arnounts fall1￿ the wthln cTh 13 (44,720) (44,no) (42,976) 297.745 3,011 300,756 322,216 440,189 3,011 443,2LYJ 462221 NEf ASSErs 440,189 3.011 44320) 462,221 FUNDS Unrestrlcted fvrnls Restr*led fvnds 14 440.189 3,011 4S9,210 3,011 TOTAL FUNDS 443.2LY 462,221 The fin¥4dal *atern￿ts aFprmd by the Bc41rf dTrn#4¢S and ￿tt￿rf$al ts issue on 23 Juty 2024 ar￿ %ffre ¥gr￿￿ on Its btha￿ by: CLJIJL THE EUROPEAN FEDERATION OF SOCIEfEES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL sfATEMEMrs FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The charity Is a UK based charltsble tnjst. The athjress of ts reglstered Offi￿ is P O Box 72718, Wimbledon, London, SW19 9HD. The registered number of the tharity 15 1016118. The flnancial Infomiauon presented is for the year ended 31 March. The pre5entstion currency of the financial statemerts is the Pound Sterling (£). Monetsry amounts In the financial siatements are rounded to the nearest Pound (£). AccouKfING POLICIES Basis of preparing the finanaal statements The financial &atements of the charity, whlch is a public benefit entyty under FRS 102, have been prepared in accordance with the Charitle5 SORP (FRS 102) 'Accounting and Reporting by Chariues: Ststement of Recommended Practi applicable to charities preparlng their accounts In accordance with the Finandal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Finandal Reporting Stsndard 102 The Financial Reportlng Stsndard appllcable in the UK and Republlc of Ireland. and the Charitles Act 2011. The financial ststements have been prepared under the historical cost convention, ￿th the excepuon of Investments which are included at market value, as rmdined by the revaluatlon of certain assets. Going concern The trustees consider that there are ￿ matedal Un￿rtaIntleS a￿ut the chadty's abilty to continue as a going con￿M. In futu￿ years, the key risk5 to the charity are a fall In income. The trustee5 have a serles of measures to control, mitigats and minlmlse the effects of a fall In Income, Includlng a prudent reserves policy. Financijl reportlng stsndard 102 - reduced disclosure exemptions The chartty has taken advantage of the fc41owing disclosure exemption In preparing these financlal statements, as permltted by FRS 102 The Financial Repjrtlng Stsndard applicable In the UK and RepublSc of Ireland.: the requirements of Section 7 Ststement of Cash Flow5. Income All I￿rne is recognised in the Statement of Financial Actlvltles once the charty has enutlement to the funds, ￿ Is probable tfrklt the incoffE will be received and the amount can be measured rellably. Expenditure LlabiliLies are recognised as expendlture as SC*)n as there is a legal or constructive obllgation commlttlng the charfty to that expenditure, it Is probable that a transfer of economSc benefits will be required in settlement and the amount crf the obligatlon can te measured reliab￿. Expenditure Is accounted for on an accrua15 basis and ha5 been das5ifled under heading5 that aggregate all cost related to the category. Where costs cannot be directly attrlbutsd to partlculor headings they have been all￿ted to activities on a ba45 conslstent wlth the use of resources. Tanglble fixed assets Depreciation Is provided at the following annual rntes in order to write off each asset over its estimated useful life. Computer equlpment 250/0 cn reducing bala￿￿e Fixed asset investments L6sted investments are initlalty recognlsed at transaction pri￿ and subsequentty measured at falr value with referen￿ to market value. Both realised and unrealised galns are recognlsed in the statement of financial activities. Foreign cuThencies ts and liabilrties in foreign currencies are translated into sterling at the rates of exchange rullng at the balan￿ sheet date. Transaction5 in foreign currencies are translated into Sterling at the rnte ￿ exchange rullrrfJ at the date of transaction. Exchange differences are recognised in expenditure on charitable activities in the statement of rinancial acbvtties. Tantion The charity is exempt from lax on its charKable activities. THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- contlnued Fund accourting Unrestricted funds can be used In accordance wfch the charitsble objectives at the discretion of the trustees. Re5tr1tted funds can only be used for particular resirlcted purposes Withln the objects of the charfty. Restricuons arlse when spedfled by the donor or when funds are ralsed for particular restrlcted purp05e5. Further explanauon of the nature and purpose of each fund is induded In the notes to the financial statements. Flnancial Instruments The charlty only has flnancial instruments of a klnd that qualify as baslc financial Instruments. Basic flnanclal instrwments are initially reC￿nised at transaction value ar¥J subsequently measured at their settlement value. Invegtments Investments are stated at fair value. Income arising on the investments is shown under Invest￿￿nt IKome in the statement of Financlal Activltles. Galns and losses on Investment assets dIsp￿d of in the year are shown as reallsed galns and losses In the ststement of Flnanclal Actlvltles. Galns and losses on Investment assets held at the year-end are unreallsed and are also shown In the Ststement of Flnanclal ALtlwties, Cash at bank Cash at bank includes bank deposlts and short term highly liquld investments with a short maturtty of three months or less from the date of acquisition or openlng of the deposlt or slmilar account. Trade and other debtors are recognlsed at the settlement amount due. Prepayments are recognlsed at the invoiced cost prepaid. Credltors Creditors are recognised when the charity has a present obllgation resultlng from a past event that will probably results In the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estlmated reliabty. Creditor5 are normalty recognised at the %ttlement amount. Impairment sets not measured ot fair value are revlewed for any indlcation that the asset may be impaired at each balance sheet date. If such indicatlon ex15ts, the recoverable amount of the asset, or the asset's cash generating unit, is e5tlmated and compared to the carrylng amount. Where the carrying amount exceed5 Its recoverable omount, an impalrment 1055 Is recogni5ed In profit or Soss unless the asset Is carried at a revalued amount where the impalrment1055 is a revaluation decrease. DONATIONS AND LEGACIES 2023 2022 Subscriptlons 107,764 96,750 -iO- THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL STATEMEKfs - continued FOR THE YEAR ENDED 31 DECEMBER 2023 iJrHER TRADING ACnVITIES 2023 2022 Eur¢)gJn schojls, congresses and 55milar CEUS income 3,978 9,853 6,646 21,665 13,831 28,311 INVESTMENT INCOME 2023 2022 Invesbnent income Deposlt account Interest 4,524 1,256 4,524 1,257 CHARrrABLE AcfIvITIES COSTS Support costs (see note 7) Direct Costs Totals General actlvities 136,121 9,635 145,756 SUPPORT cosrs Infomiation technology Governance costs Flnance Totals General activities 6,818 417 2,400 9,635 Induded In Governan￿ costs are fees (irKludlng Irrecoverable VAn to the Independert examlner of £1,200 for the Independent examlnatlon and £1,200 for accountsrLy servlces. Support co*s, Induded in the above, are as fcAIows,' Flnance 2023 General activities 2022 Totsl activitie5 Bank charges Lossl(gain) on foreign exchange 673 6,145 646 (18B19) 6,818 {17,673) -li- THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 TRusfEes' REMUNERATION AND BENEFrrs There were no tNstees' remuneration or other be￿ts for the year ended 31 December 2023 nor for the year ended 31 De￿mber 2022. Trustees, expenses The tNstees were reimbursed a total of £688 (2022 - £802) for exFenses Incurred on beha￿ of the charty. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrivrrIES Unrestritted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donatbns and legacies 96,750 96,750 other tradlng actfvldes Investrnent income 28,311 1,257 28,311 1,257 T¢)tal 126,318 126,318 EXPENDrruRE ON Charitable artlvities General activitles 105,104 105,104 Net gainsl(losses) on Investments (5,760) {5,760) NEf INCOME 15,454 15,454 RECONCILIATION OF FUNDS Total funds brought forward 443,756 3,011 446,767 TOTAL FUNDS CARRIED FORWARD 459,210 3,011 462,221 io. TANGIBLe FIXED ASSErs Computer equipment cosr At l January 2023 and 31 December 2023 25,786 DEPRECIATION At l January 2023 Charge for year 24,116 417 At 31 December 2023 24,533 NEf BOOK VALUE At 31 De￿rnber 2023 1,253 At 31 December 2022 1,670 -12- THE EUROPEAN FEDERATION OF SOCIEfIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 IL FIXED ASSEf INvE￿mENTs Listed investments MARKEf VALUE At l January 2023 Additions Revaluauons 138335 2,240 616 At 31 December 2023 141,191 NEf BOOK VALUE At 31 December 2023 141,191 At 31 De￿mber 2022 138,335 Investments are held In the M&G Chadbond Charities Flxed Interest Fund and Schroders tharity Multi-Asset Fund. or valuation at 31 December 20231$ represented by., Listed Investments Valuatlcm in 2021 valUatic￿ In 2022 valuat1(￿ in 2023 Cost (2,559) {5,760) 616 148,894 141,191 12. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade debtors Prepayments and accrued Income 6,435 4,868 266 6,435 5,134 -13- THE EUROPEAN FEDERATION OF SOCIErrES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Cther creditors 44,720 42,976 Funds held as agents Induded In other creditors are funds held as agents. The annual ￿Us Schvol held In Munich, Germany receives the invoiced assistan￿ of EFSUMB administration to ralse Sp)ns￿h1p and reimburse speakers, The balance carried fO￿ard Is hekl by EFSUMB as a fund for the course oryanI￿r5. The mvement In funds held as agents durfng the year were as follows.. £ 2023 20,225 23,000 (22,669) £ 2022 27,865 29,Oc￿l (36,640) Balance brought forward Income Expendlture Year end fO￿Ign currenoi translati¢Jn 20,556 20,225 MOVEMENT IN FUNDS Net movement in fund5 At 31112123 At 111123 Unrestrfrted fund5 General fund 459,210 (19,021) 440,189 Restricted funds Therese Planiol Fund 3,011 3,011 TOTAL FUNDS 462,221 (19,021) 443,200 Net mvement in funds, Included In the above are as follows., Incoming re9)U￿eS Resources expended Gains and losses Movement in funols Unre5trtcted funds General fund 126,119 (145,756) 616 (19,021) TOTAL FUNDS 126,119 (145,756) 616 (19,021) -i+ THE EUROPEAN FEDERATION OF SOCIETIES FOR ULTRASOUND IN MEDICINE AND BIOLOGY NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 14. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 31112122 At 111122 Unrestricted funds General fund 443,756 15,454 459,210 Restritted funds The￿se Planlol Fund 3,011 3,011 TOTAL FUNDS 446,767 15,454 462,221 Comparatfve net movement In funds, induded in the alx)ve are as follows., Incomlng regJurces Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 126,318 (105,104) (5,760) 15,454 TOTAL FUNDS 126,318 (105,104) (5,760) 15,454 The There* Planlol fund is provlded by the French Ultra93urvJ Society for a French Soclety nomlnated Thérèse Planlol lecture to be held at a EUROSON Congress and Is provided to cover travel and accommodation costs. RELATED PARTY DISCLOSURES 15. There were no related party trans*lons for the year ended 31 December 2023. -15-