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2023-12-31-accounts

THE INTERNATIONAL SOCIETY OF ULTRASOUND IN OBSTETRICS AND GYNECOLOGY

ANNUAL REPORT AND FINANCIAL STATEMENTS 2023

International Society of Ultrasound in Obstetrics and Gynecology Registered Company number: 02722770 Registered Charity number: 1030406

TABLE OF CONTENTS
Trustees’ report of the year ended 31 December 2023 4-6
Objectives and activities 6-8
Review of activites and achievements 8-21
Future developments 21-22
Financial review 22-25
Statements of responsibilities of the Board 25
Independent auditor’s report to the members of ISUOG 26-28
Consolidated statement of financial activites 29
Balance sheets 30
Consolidated statement of cash flows 31
Notes to the accounts of 31 December 2023 32-42
Reference and administrative information 43-44

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INTRODUCTION: ACHIEVING STRATEGIC GOALS

As I reflect on the past year, I feel a profound sense of pride. Without a doubt, 2023 has been a remarkable year for ISUOG, marked by significant achievements and a collective commitment to advancing the field of ultrasound in obstetrics and gynecology. Together, we have reached new heights in education, research, and influence, solidifying ISUOG's position as the leading authority in our field.

I am pleased to report that we have continued to uphold our commitment to providing high-quality education that is both relevant and accessible. At the start of the year, we successfully delivered our second 'Ultrasound Essentials' event - an ambitious two-day online event designed for lower-resource settings. This initiative brought together a panel of world-renowned speakers from across the globe to share valuable scientific knowledge on the important areas of ultrasound in obstetrics and gynecology, ranging from basic concepts to specialised applications. The event ran in partnership with the Fetal Medicine Foundation, providing crucial education and resources to foster capacity building and knowledge transfer.

On the theme of knowledge transfer, it was wonderful to reconnect face-to-face with members of our international community at our 33rd World Congress in Seoul, South Korea, in October. As the first, fully inperson Congress since 2019, the vibrant four days were a buzz of connection, community spirit and invaluable knowledge, earning the Congress its highest overall satisfaction score to date. Embracing our value of inclusiveness and recognising many of our lower-resource community would be unable to join in person, we offered online access to our Congress content to our community in this setting. For the first time, the in-person Congress and pre-Congress courses were made available on demand at the ISUOG Academy for Congress attendees to enjoy post event. Accessibility to pre-Congress courses for members is also improved as this important up-to-date research, science and education can be purchased at an affordable cost.

As always, the importance of our charitable aim to improve women’s health through education around the world was at the forefront of our minds. We continued to offer a range of free webinars throughout the summer, to provide accessible expert knowledge, and to support our colleagues’ development and training. Combined with our educational courses, we covered a wide range of topics for all levels of training.

An important success was the innovation of online programs launched on the ISUOG Academy. We meticulously developed a comprehensive education curriculum catering to diverse learning styles and experience levels. Our tiered pricing structure ensures ultrasound education reaches practitioners across all income levels, fostering global equity in knowledge and skills. The ISUOG Academy has also thrived, witnessing an impressive increase in traffic and users, further solidifying its position as a trusted resource for ongoing learning.

The impact of the White Journal continues, with article downloads exceeding an impressive 6.7 million in 2023, a substantial increase from last year, underscoring the growing influence of our research on clinical practice. The number of downloads and citations has soared, which is testament to the determined efforts of our authors, reviewers, and editorial team, in delivering cutting-edge content that advances the field.

As we embark on a new year, I am filled with optimism. The unwavering dedication of our members, the expertise of our committees, and the collaborative spirit within our Society, form a powerful foundation for continued growth and success. We will build upon the momentum of 2023, exploring new avenues to engage our membership, championing further advancements in the field, and amplifying the positive impact we have on a global scale.

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I am incredibly grateful for the dedication and tireless efforts of our Board of Trustees, committee volunteers, staff, and, most importantly, our esteemed members. Your unwavering commitment is the engine that drives ISUOG's success.

Together, we shape the future of obstetric and gynecological ultrasound, ensuring the highest quality of care for women around the world.

Professor Laurent Salomon

President ISUOG

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Board of Trustees is pleased to present its report together with the financial statements of the charity for the year ended 31 December 2023. The legal and administrative information pages 43-44 forms part of this report.

ORGANISATIONAL STRUCTURE, GOVERNANCE AND MANAGEMENT

The International Society of Ultrasound in Obstetrics and Gynecology is a charitable company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association (charity number 1030406; company number 02722770). The Board members are the Trustees of the Charity for the purpose of charity law (and as listed in the Articles of Association), and the Directors of the company. The Charity controls the subsidiary, ISUOG Courses and Conferences Limited, a charitable company limited by guarantee and registered in England and Wales. The company number is 03326162 and the registered charity number is 1063743. The registered office address is 122 Freston Road, London, W10 6TR.

RECRUITMENT AND APPOINTMENT OF TRUSTEES

The Trustee term lasts for four years, after which the Trustee retires by rotation. The post is renewable once, or exceptionally more, if an appointment is made as an Honorary Officer or in circumstances, which the Trustees consider to be extraordinary. New Trustee candidates are nominated by the Board of Trustees and the Advisory Group. Nominees are shortlisted by the Nominations Committee and supply candidacy statements to support their nomination. The final election is operated by the Board of Trustees and the Advisory Group with the assistance of the Nominations Committee. The new Trustees are ratified annually by the members at the Society’s Annual General Meeting.

INDUCTION AND TRAINING OF TRUSTEES

New Trustees receive the Governance Manual of policies and procedures (bylaws) and join a Trustee meeting prior to their appointment. In addition, they are invited to attend an induction meeting with the CEO, President and Governance Manager to affirm Trustee requirements and responsibilities and to highlight key areas of interest for them to contribute to during their term. New Trustees are also given a briefing on the finances of the Society and their legal obligations as a Trustee of a UK registered charity by ISUOG’s Director of Finance and Resources. They are encouraged to visit the ISUOG office to review the operating and support procedures in place.

During 2023, the Trustees continued to meet both in person as well as remotely using a virtual meeting platform every two months to discuss latest developments on the key objectives of the Charity. The annual Strategic Planning Meeting in March 2023 presented an opportunity to evaluate and make recommendations on strategic development in key areas, such as future of ISUOG education and outreach, as well as strengthening ISUOG governance structure through a mechanism of accountability. Key strategic objectives, as well as the organisation’s values, were reviewed in the run up to submission of the new 5-year Strategic Plan approved by the Trustees in July 2023. Decision making around delivery of the Strategic Plan is delegated to the Executive Committee, which has been granted delegated powers from the Board of Trustees. The committee meets with the Chief Executive Officer (CEO) a minimum of once per month using a virtual meeting platform. The Trustees elect a number of Honorary Officers and Committee Chairs and appoint Chairs of Sub- Committees who are all delegated to progress different areas of activity. Operations are co-ordinated by the CEO from the Society’s office in London.

Trustee performance is reviewed annually at the mid-year Trustee meeting through a Trustee reflective selfappraisal, followed by a whole Board discussion with the President.

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Trustees are using the Charity Governance Code to inform their own review of its governance arrangements. The review was largely completed in the financial year of 2021, resulting in approval of the key governing documents throughout 2023 and 2024. These documents included updated ISUOG Articles of Association approved in September 2024 and other key governing procedures and protocols, including the principles of the Accountability Framework, Complaint policy as well as Procedure for appointment and re-appointment of Committee / Sub-Committee Chairs and Members and other key Society functions.

COMMITTEES

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develop successful live virtual courses through 2023. The Sub-Committee for Basic Training continued to develop the practical curriculum and methods for delivery and evaluation. Patient Information SubCommittee continued to support ISUOG’s objectives to expand its reach and demonstrate public benefit through the provision of information for patients. Meanwhile, the VISUOG Sub-Committee continued to provide medical professionals with up-to-date information on the clinical use of ultrasound in obstetrics and gynecology and support patients in arriving at informed choices. In addition, an Accreditation & Certification Sub-Committee was established in 2023 to develop comprehensive accreditation and certification tools for ISUOG’s education portfolio; it also supports the effectiveness of ISUOG’s curricula by setting standards for learning objectives and developing assessment through a formal accreditation / certification programs. Multiple Special Interest Groups also supported the Society’s delivery to focus on development in particular subspecialty areas, such as 3D Ultrasound, Doppler, Fetal Heart and Fetal MRI, as well as newly established Artificial Intelligence and Twins & Multiple Pregnancy Special Interest groups.

At the end of 2023, the Society employed a total of 25 employees (2022: 30). The Chief Executive Officer, the Director of Events and Systems, the Managing Editor of the Journal, and 22 (2022: 19) activity, project and support staff. This includes 3 employees (2022: 2) who work part-time.

ISUOG reviews pay annually following a performance appraisal. The organisation considers, but does not guarantee, an award to reflect inflation (which also considers national guidance for inflation and average annual earnings increases for the preceding year). ISUOG uses guideline pay scales based on levels of responsibility to set salaries. Additional awards on this scale are discretionary and consider exceptional performance against achievement of goals set for the year, organisational strategies, or any specific changes to the job requirements in the preceding year.

FUNDRAISING

ISUOG derives its income from its members, Journal, conferences and education courses. ISUOG does not currently derive any income from fundraising.

OBJECTIVES AND ACTIVITIES

IMPROVING HEALTH OUTCOMES FOR WOMEN

As the leading international Society for women’s imaging, ISUOG exists to protect and preserve health through the promotion of the science of ultrasound in obstetrics and gynecology and the education therein for the benefit of the public.

OUR VISION

Our vision is for every woman in the world to have access to ultrasound; that every scan provider is competent, and that the diagnosis of obstetric and gynecological conditions is effective so that women’s health outcomes improve.

OUR MISSION AND ACTIVITIES

Our mission is to improve women’s health through the provision, advancement and dissemination of the highest quality education, standards, and research information around ultrasound in obstetrics and gynecology.

Our primary activities to achieve our mission are:

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OUR VALUES

The pillars of our Society are the consistent achievement of quality in science and education, learning, innovation, opportunity for our members, delivering on our charitable purpose and developing powerful partnerships. To this end in our work, research and teaching, we will demonstrate excellence, integrity, respect, inclusiveness & diversity, and passion.

DELIVERING PUBLIC BENEFIT

In setting ISUOG’s objectives and planning activities, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit, in particular the guidance on the advancement of education.

ISUOG’s primary beneficiaries, mostly its members, are health professionals practicing in the field of ultrasound in obstetrics and gynecology, and the women they provide health services to are the ultimate beneficiaries of the improvements in knowledge and skills resulting from ISUOG’s activities.

MAXIMISING PUBLIC BENEFIT

It has been recorded that in 2020, over 800 women died each day worldwide from pregnancy and childbirthrelated complications (WHO, 2023). Known risk factors of morbidity and mortality in pregnant women, such as ectopic pregnancy, placenta previa, multiple pregnancies, fetal malposition and abnormal fetal growth, as well as life-threatening gynecological conditions, can be diagnosed using ultrasound.

ISUOG believes that the effective use of ultrasound can improve maternal and perinatal health outcomes and contribute to a reduction in morbidity rates. We work with the leading practitioners in our field to deliver the highest quality education courses, resources, and provide opportunities for health professionals to share knowledge of best practice and engage in our learning environment.

Ultrasound depends on the skills of the operator, and with the expanding availability of ultrasound around the world, ensuring a comprehensive education program that is accessible to our diverse membership and beyond remains a constant priority. ISUOG’s educational offering spans ISUOG Outreach to underserved regions and the ISUOG Basic Training program for entry level practitioners in the field, continuing professional development through its online CME program, up to advanced and specialist teaching courses, all supplemented by ongoing online learning opportunities. We support education and research in lower-resourced regions of the world with accessible pricing structures, and by offering up to 6 travel grants to researchers and discounted fees to local participants in order to attend our Congress, and the delivery of regional education in person or online.

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Membership growth is also a key goal for ISUOG to ensure our work reaches all corners of our international community. Accessible pricing structures, a free entry level membership for trainees just embarking on their careers and partnerships with national societies are priorities to this end.

Assuring quality and learning are critical for ISUOG. Across all our activities, we work to ensure that our educational and scientific resources are of the highest standard, reflect the latest scientific evidence and are as accessible as possible through our online learning and remote access platforms.

Our Journal strives to publish evidence with the highest clinical impact and to influence national guidelines for care. Our clinical guidelines supplement this influence on practice for countries without formal protocols. We also seek opportunities to bring our quality teaching to remote regions where ultrasound services are compromised through our Outreach program.

EVALUATING PUBLIC BENEFIT

ISUOG works closely with its membership community and wider stakeholders to continually assess the value and benefit it offers. Progress is reviewed regularly and projects revised accordingly.

Success is measured through key performance indicators: continued growth and retention of membership (as a proxy for influence in the speciality); the Journal impact factor and downloads (as a measure of quality of research dissemination); quality and satisfaction evaluations (and attendance figures) across all events and online courses as an indicator of eventual impact on clinical practice; as well as an annual membership survey.

In depth needs assessment ensures that Outreach programs are delivered to areas most likely to succeed. Sustainable improvements in healthcare and detailed monitoring and evaluation protocols remain a priority for the continued success of ISUOG’s outreach work.

ISUOG strives for excellence in operations to maximise impact and ad hoc, independent reviews are carried out to evaluate the progress of key activities in line with the Society’s objectives and to identify further opportunities to maximise the impact of our work.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

KEY OBJECTIVES FOR 2023

1: TO BE THE LEADING AUTHORITY IN EDUCATION, SCIENCE, RESEARCH AND PATIENT CENTRED CARE.

We continued to increase the publication of high impact research and broad dissemination to the scientific community

Impact Factor

Based on the 2023 JCR release, UOG accomplished an Impact Factor (IF) of 7.1 in 2022, compared with the IF of 8.7 in 2021. The decrease in the IF was expected, as the boost from citations to COVID-19 articles was smaller. UOG’s ranking remained pretty stable at 5th (compared with 4th) place out of 130 journals in the field of obstetrics and gynecology. The top three articles that contributed to the new IF were the ISUOG Practice Guidelines on the diagnosis and management of small-for-gestational age and fetal growth restriction (Lees et al., 2020), a systematic review evaluating the effect of COVID-19 on maternal, perinatal and neonatal outcomes (Juan et al., 2020) and a research article reporting on pregnancy and neonatal outcomes of gestations affected by COVID-19 based on data from the PAN-COVID and AAP-SONPM registries (Mullins et al., 2021).

UOG achieved a CiteScore of 12.6 in 2022 (up from 11.3 in 2021), standing in 3rd place out of 197 journals in the OBGYN subject. CiteScore is similar to the IF but is based on Scopus data and calculated based on citations over a 4-year period.

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Downloads and altmetric scores

In 2023, article downloads exceeded 6.7 million, compared with 5.1 million in 2022 (a 31% increase). UOG articles continue to be the most downloaded among all Wiley journals in the OBGYN category. The most downloaded article of those published in 2023 was the updated ISUOG Practice Guidelines on the performance of 11–14 ‐ week ultrasound scan, with more than 40K downloads.

The chart below shows the top 10 countries from which articles were downloaded via Wiley Online Library in 2023, and the percentage each country contributed to total usage.

The high altmetric score of articles published by UOG reflects the significant clinical impact of the Journal and the continuing efforts of our social media team to promote a high number of articles each month. More than 20

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articles published in 2023 achieved an altmetric score ≥ 20. Of articles published in 2022 and 2023, 42 achieved an altmetric score ≥ 20, with an average score of 51.

The three articles with the highest altmetric score were: (1) the updated ISUOG Practice Guidelines on the ‐ performance of 11–14 week ultrasound scan, which was tweeted 97 times and obtained an altmetric score of 71; (2) an original article on the association of intraplacental oxygenation patterns on dual-contrast MRI with placental abnormality and fetal brain oxygenation, by Sun et al., which was picked up by five news outlets (altmetric score of 53); and (3) an article on the effects of aspirin on mean arterial blood pressure and uterine artery pulsatility index trajectories in pregnancy, by Rolnik et al., which was tweeted 67 times (altmetric score of 44).

- Submissions, peer review times and acceptance rate

In 2023, UOG received 1168 submissions (17% increase compared with 2022), including 732 original articles, 96 systematic reviews and six randomized controlled trials. The majority of submissions were from Asia, followed by Europe and North America.

The median time from submission to first decision for research papers submitted to UOG increased to 35 in 2023, compared with 33 days in 2022. This is still within our target of six weeks to return a first decision. The median time from submission to final decision for research papers was 38 days in 2023, compared with 35 days in 2022. This increase was mainly due to the challenge of securing reviewers and due to the decrease in the outright rejection rate to 33% in 2023, compared with 39% in 2022 and 44% in 2021.

The acceptance rate for research articles increased to 22% in 2023, compared with 19% in 2022. Similarly, the acceptance rate for any type of article increased to 25% in 2023, compared with 23% in 2022. As a result of the increase in the submission and acceptance rates, the backlog of accepted articles awaiting definitive publication increased in 2023, standing at 130 manuscripts at the end of the year.

Presence on social media

UOG content continued to be the protagonist of ISUOG’s social media presence in 2023. With an average of 18 posts on UOG articles every month, Journal posts for 2023 achieved an engagement rate of 6.3% with a total of 4 million reach and 390K engagements across platforms. In 2023, UOG published 26 videoclips, including four video abstracts, gaining 270K views and 360K reach. The most successful post, based on engagement and reach, promoted the original article by Scott et al. on the influence of late first-trimester ultrasound findings on management after a high-risk non-invasive prenatal test result, with 10K engagements and 69K reach. The most viewed videoclip was from a Letter to the Editor by Moro et al., demonstrating the anatomical assessment of the parametrium using transvaginal ultrasound, with 28K views and 24K reach.

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We continued to scope new opportunities in Journal publishing to increase and expand impact

As a result of the Plan S initiative for open access publishing and Wiley’s transitional agreements, the number of open-access articles published in UOG has increased significantly in the past years, with 37% of all articles published in 2023 being open access (vs 20% in 2022 vs 16% in 2021). UOG will continue to be a hybrid journal keeping open the option to move to fully open access. The opportunity to launch an open access sister journal is actively being considered.

We delivered our state-of-the-art World Congress and demonstrated our commitment to excellence, maintaining our position as leading event in the field

2023 saw our first fully in person Congress since 2019, taking us to Seoul, South Korea, after two postponements. We continued our commitment to reaching the breadth of our community. We welcomed 2,089 paying delegates from 95 countries, over half of whom were from the Asia region. South Korea, Philippines, Australia, China, Japan, Indonesia, Vietnam and India were among the top ten countries in terms of attendance. We maintained a Congress fee structure with significantly lower rates for trainees and those from middle and lower-resource countries. 580 delegates from middle-income countries, 146 delegates from lower-resource countries and 254 trainees attended. To support education and research in underserved regions of the world, ISUOG offered 5 Travel Grants to abstract submitters working in lower-resource countries (LRC) so they could attend the event at no cost.

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----- Start of picture text -----
“ There was so much “ It was an enriching
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“Attending the World
content and I had a experience that will
Congress in Seoul has
chance to see my undoubtedly shape the
been a profound and
mentors…it was also a future of my work and
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experience for me!”
present my work.” forward .”
Travel Grantee
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We maintained our focus on excellence in education and science. Congress scientific program highlights included:

Research submissions were 13% higher compared with 2022 and the Congress program included 18 oral communication sessions, 17 oral presentation sessions and 845 digital posters. We continued to improve our engagement with trainees and junior researchers, with the NGen Committee members leading Congress sessions as chairs and faculty and new researchers being given the opportunity to present their work on stage at OC and OP sessions. We also organised a networking event to introduce the Travel Grantees, Top Abstract and Young Investigator nominees to the leading clinicians and Committee members in ISUOG.

Following encouraging feedback in 2022, we retained our modernised, more interactive session and stage formats. We were delighted to achieve the highest overall satisfaction Congress score yet of 6.35/7 and positive testimonials:

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----- Start of picture text -----
“ ISUOG Congress was truly an
eye opener for me. It provided
immense and invaluable
knowledge from the basic to
the most advanced things like
AI, making me proud to be an
obstetrician. The live
ultrasound demonstrations was
an experience I couldn’t afford
to miss .”
Congress attendee 2023
----- End of picture text -----

----- Start of picture text -----
“ ISUOG World Congress
is by far the best event
on ultrasound in
obstetrics & gynecology.
There is no counterpart
in the field and no way
you can miss it .”
Congress attendee 2023
----- End of picture text -----

We grew our community as a leading authority, via partnerships at Congress

The Congress was endorsed by one program partner and 28 society partners, resulting in 363 registrations and a strengthened international network for further collaborations.

We coordinated 28 industry partnerships, enabling delegates to enjoy a busy and varied exhibition and educational industry program, with some notable new partners, diversifying our industry income.

We continued to offer Ultrasound Essentials to complement our World Congress and reach new audiences

We delivered the second edition of Ultrasound Essentials, a two day, free-to-attend online event tailored for the lower-resource country audience, in partnership with the Fetal Medicine Foundation. We welcomed nearly 6,000 delegates from 90 lower-resource countries and achieved an overall satisfaction score of 6.64/7.

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----- Start of picture text -----
“ You are making a real, a big
difference in our LMIC
improving our knowledge,
practice and overall the access
of better management for
those women with limited
economic power and who need
adequate and affordable care
the most. Bravo, keep
changing women’s care ”
Ultrasound Essentials attendee
2023
----- End of picture text -----

We developed and disseminated comprehensive, current clinical guidelines for the use of ultrasound in obstetrics and gynecology .

Three updated ISUOG Practice Guidelines were published in 2023. The updated guideline on performance of 11-14 week ultrasound scan was published in January 2023 and received just over 37K downloads, 18 citations and an altmetric score of 71 by the end of the year. The updated guideline on performance of fetal magnetic resonance imaging was published in February 2023 and, by the end of the year, had reached over 5K downloads, 23 citations and an altmetric score of 4. The updated guideline on fetal cardiac screening was published in June 2023 and received over 19K downloads, 7 citations and an altmetric score of 7 by the end of 2023. The total number of citations to ISUOG Practice Guidelines published at any time in UOG was 1,667 in 2023 and the total number of downloads exceeded 243K.

2: TO DELIVER ON OUR CHARITABLE AIMS WHILST ENSURING FINANCIAL SUSTAINABILITY THROUGH OFFERING COMPREHENSIVE, INNOVATIVE SCIENCE, EDUCATION AND OUTREACH PROGRAMS.

We implemented a pricing philosophy that ensures our charitable aims and revenue generation goals can co-exist

Tiered pricing has been adopted or revised for all saleable education products using the following categories: lower-resource countries (LRC), middle-income countries (MIC) and high-income countries (HIC). Pricing for our advanced education courses (all online/livestream in 2023) was reviewed to ensure we remain competitive for members in LRCs and MICs.

The Basic Training Online Program (BTOP), offering 30 CME credits and an ISUOG Certificate of Achievement, was launched on the ISUOG Academy in Q3, with member prices as follows: HIC £330, HIC trainees £240, MIC £100, LRC £5, with prices which track well against other credit-bearing (specifically CME) medical society courses. BTOP was also made available to non-members with the following prices: HIC £360, HIC trainees £260, MIC £115, LRC £10, proving popular for LRC learners who can not yet afford ISUOG membership.

We made our 2023 Congress and pre-Congress courses available on demand on the ISUOG Academy for ISUOG members in LRC regions for £25 and £10 respectively, so they were able to benefit from the most upto-date research and science at an affordable price and without the added cost of travel.

Other on-demand courses were made available in the ISUOG Academy to expand their reach and accessibilty without the need to travel. These were competitively priced for members at: HIC £50, HIC trainees £20, MIC £20, LRC £10; and for non-members at: HIC £80, HIC trainees £40, MIC £35, LRC £15. Prices were also agreed for the fully interactive multimedia online courses that are currently in development.

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We evaluated the ISUOG Academy’s overall sales mix and evidenced that the service is being funded by HIC users as intended, from whom 82% of the total income was generated in 2023. 14% of the Academy income was generated from the MIC users and 4% of income was generated from LRC user purchases.

In 2023, we provided content for free to ISUOG trainee members and members (via ISUOG Academy), and as part of various Outreach initiatives (via ISUOG Academy and our website). Free content was offered in both Spanish and English.

We developed a comprehensive education curriculum incorporating all levels of education

There were 7 advanced livestream courses in 2023 spanning various topics in gynecology (3) and obstetrics (4), involving 107 speakers (86 individuals), and offering a combined total of 46 CME points. Courses were as follows:

The content map for the Advanced Training Curriculum (ATC) was further developed and refined (formerly known as the Intermediate Curriculum). Content gaps were identified and fed into the course planning processes at the Courses Sub-Committee. This lays the foundation for further improvement in the range of topics that have been covered in education so far.

This comprehensive online curriculum has been developed over the past few years, with huge support from the Online Education Sub-Committee and the associated Working Group (about 25 volunteers in total), who were rewarded with the Trustees’ decision to award funding towards the development of this material into a fully interactive, multimedia online offer to support learners in every corner of the world at any time they need it. Production started in Q3 of 2023, with the release of a group of three courses in December. Courses were released on the use of ultrasound in multiple pregnancy, complications in multiple pregnacy, and intrapartrum ultrasound. A course on cervical cancer was approved for release soon after.

The CME Sub-Committee reviewed all of the free member CME activities to identify subject gaps in the offering. These were fed back to the other Sub-Committees through the Education Committee to highlight areas to focus on. The CME activities were also classified and divided between different learning levels so that members will be better able to find the most relevant content for their individual needs. This will lead to a more comprehensive offering of free learning activities for our members. Membership survey results and feedback from the CME activities were used to identify the most wanted topics that members internationally want to see more content on. These will inform course production (both live and online) in the following year. Here are the top 5:

  1. Diagnosing uterine malformations using 2D and 3D ultrasound - Congenital uterine anomalies

  2. Physics, image optimisation and Doppler signal

  3. Skeletal dysplasias

  4. Invasive procedures

  5. Evaluation and management of female infertility

The BTOP was completed and approved for use in Q1, offering updated Basic Training content with more extensive resources and useful additions for learners at this level of experience. It was then tested with a focus group before being released later in the year. Basic Training is now available to anyone in the world, anywhere at any time, accessible via amobile phone, tablet or desktop computer. By the end of 2023, we had reached learners in over 100 regions across the globe, with the vast majority of users coming from LRCs.

Basic Training was also run through nine other organisations as an in person ‘Run A BT’ course in the following locations: Cairo, Egypt; Muscat, Oman; Pennsylvania, USA; Tamilnadu, India; Patna, India; Fayium, Egypt; Nashik. India; Cairo, Egypt; Bucharest, Romania. 864 attendees were registerd as participants, and the course was delivered in either English or Arabic.

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The Basic Training Sub-Committee also continued to work on the Basic Training practical syllabus, investigating how this hands-on training can be standardised, delivered by different organisations and assessed. This was trialled in two locations and was further perfected.

We implemented our Outreach strategy

In 2023 Outreach activities were conducted on the ground in Kyrgyzstan and Egypt.

In Kyrgyzstan, during Phase 1 Trip 2 in May, 26 trainees participated in the program. Theoretical scores increased by 18 points and practical scores increased by four points. Out of the 26 trainees, 11 were identified as Potential Trainers (PT). Final evaluation and advancement were determined in Trip 3, which took place in February 2024.

In Egypt, Phase 1 Trip 2 took place in February with 26 trainees and Phase 1 Trip 3 took place in November with 17 trainees. Theoretical scores increase during both trips and 11 trainees will advance to Phase II under ISUOG guidance.

A site visit was also conducted in Nigeria, and a proposed project in Syria was put on hold.

The model adopted for Outreach projects was train-the-trainer. Additionally, in the office we provided support and coordinated volunteers for an online course in Venezuela, and gave free resources to a group in Pakistan on pre-eclampsia.

We optimised the ISUOG Academy to expand our offerings

We greatly expanded our range of offerings on the ISUOG Academy learning platform. Previously, we only offered the CME activities for members. Now, we also offer a range of basic training (BTOP and free BTOP mini courses); courses in the Advanced Training Curriculum (ATC); on-demand courses (on-demand version of the livestreamed courses); on-demand events (such as Congress, pre-Congress courses, and Symposia). The Academy now has a wider range of learning activities, from on-demand video, articles and guidelines to fully interactive, multimedia, eLearning self-study courses.

We customised the platform experience to learners through the creation of targeted groups, for example: Congress attendees, lower-resource countries and non-members. All groups of users see content specific to them, allowing a more bespoke service. We increased regionalisation of the platform into Spanish, with the addition of some learning content also in Spanish.

Accessibility has been improved, allowing us to attract and service non-members. There is growing evidence that these users do purchase membership through their interaction with the special non-member content that they are offered. Online courses have also been optimised for speed, so that people with poorer internet connections can still access the content.

Continued analysis, customer service and improvements to feedback reporting allowed us to improve the user experience, navigation, accessibility and learning experience. These successful strategies and execution led to a fourfold increase in traffic to the platform. Previously, we averaged 250 active users per month and by the end of the year, we were averaging 1000.

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We maintained a finance strategy that was reliable and equitable, that supported our charitable ambitions

There were seven advanced livestream courses in 2023 spanning various topics in gynecology (3) and obstetrics (4). With a cumulative attendance figure of over 2000 delegates from 126 different countries; 17% of delegates were trainees. These courses generated revenue of approximately £227K and led to the registration of almost 450 new members.

Advanced (livestream) courses were given a lifecycle whereby they were made available for two months exclusively to paying customers; some were then sold as on-demand video for a further period of time.

Industry sponsored webinars generated a total of £48K and had a cumulative total of 10,500 delegates from 170 countries.

There were 50 Approved Courses in 2023 generating revenue of £24K and 1040 new member registrations.

ISUOG Academy generated £13.4K gross sales from its first sale at the end of September 2023, from a total of 135 learners. Saleable courses on ISUOG Academy were viewed in a total of 219 cities in the world, with sales converted in 114 different cities. Of this total revenue, £13.1K was from the BTOP.

We developed efficient and effective systems to support the organisation’s strategy

We worked with developers to create automated ecommerce on the ISUOG Academy, which has enabled us to sell the online self-study courses in an efficient way. With Academy users reaching an average of 1000 monthly users by the end of 2023 (up from 250 in Q1 2023), this ‘evergreen’ sales funnel now requires less staff time to manage. This has enabled us to sell online courses at a competitive price point and has enabled learners from less reourced countries to access quality education.

We developed the integration between the ISUOG Academy and the ISUOG CRM, such that 3-tier pricing (LRC, MIC, HIC) was rolled out effectively. We also enabled sales to non-members (at higher cost) without requiring them to register as members first. By the end of 2023, user composition by location on the Academy was as follows: LRC – 60% (of whom, 66% were non-members), MIC – 17%, HIC – 23%.

We collected feedback on our newest product, BTOP, from learners who were given sample modules for free: 100% said they would recommend to a colleague, 84% rated the course as excellent, 76% said it will make a big difference to their practice, and 64% said the course made them feel more confident.

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We solicited feedback on our seven advanced courses from the 2040 delgates that attended. Based on a 70% response rate, the average results were as follows:

The course on Fetal Growth Restriction (FGR), Chaired by Prof. A. Khalil and A/Prof. C. Coutinho, had the highest number of delegates (534) and the highest overall course score (98.4%).

3: TO RETAIN AND GROW MORE ENGAGED MEMBERS ACROSS ALL COMMUNITIES.

At the end of 2023, our total membership was 17,640, compared to 19,103 at the end of 2022. However, there were increases in paid membership numbers across most categories. The decrease in overall members can be attributed to fewer individuals joining the trainee program after a significant post-COVID rush to join up in 2022. Journal membership increased slightly, and there was a small decline in print membership.

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During 2023, we continued to work with the NGen committee to create content for trainee members. One notable highlight was the first trainee webinar, which took place in July. It was an important part of our ongoing plan to engage ISUOG trainees, while also engaging with the wider trainee community. Over 3000 trainees booked to attend, with nearly 800 (22.28%) attending on the day. Over 75% of these were non-members.

We also used the webinar as an opportunity to trial online networking groups. This was in response to a comprehensive membership survey conducted in early 2023. Feedback from the survey suggested that networking opportunities were missing from the current membership proposition.

An online group was established six weeks before the trainee webinar. Within the first two weeks of setting it up, the group grew to over 500 members. Today, there are more than 1000 members in the group, and it remains very active, with members posting regularly.

This success has reinforced our belief that this online networking could become a valuable tool, not only for our trainees but also for other members of our community. As a result, approval was given after the trial to buy a licence for the networking platform and roll it out to the wider ISUOG community.

We incentivised membership on the ISUOG Academy through discounted pricing across the board (nonmembership price does not include membership, though messaging is clear that they will benefit from reduced rates if they register first). In 2023, free members benefits on the ISUOG Academy included: new CME Activities, certain on-demand events, a series of BTOP courses - in response to requests made through the trainee members’ questionnaire.

VISUOG, a free member benefit, saw approximately 55 new chapters published in 2023, bringing the total to nearly 290 towards the end of the year. Its 10-year anniversary was celebrated in October, and work started on building the case-of-the-month initiative.

We expanded on our regionalisation program through the advanced education course delivered in November to members in the LATAM region in Spanish. The course was priced to break even, drew in 326 participants, and led to almost 200 new member registrations.

4: TO DEVELOP STRATEGIC PARTNERSHIPS AND COLLABORATIVE VENTURES.

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Partnerships continue to grow in strategic importance and working with other professional bodies, national societies and industry to increase our reach and disseminate science, education and research to the global community remains a priority.

We have committed to developing and maintaining mutually beneficial partnerships and to influencing the health agenda on ultrasound through key partnerships with influential global health bodies.

Partnerships are an important pillar of our international events and our World Congress in Seoul was no exception. Partnering with the Korean Society of Ultrasound in Obstetrics and Gynecology (KSUOG) was important and supported increased local attendance. The inclusion of a session to support their annual meeting allowed participants to enjoy a wide range of scientific and educational activities. Over 20 partnership agreements, largely Asian-based, provided further attendance discounts supporting regional attendance goals.

Industry partners play an important role supporting our events through the provision of educational grants and sponsorship, as well as providing ultrasound technology central to the delivery of live scan sessions at our events. They also contribute expert knowledge by offering insights from their own network of experts as part of the full offering of education to our community.

Partnership engagement in Outreach has been strong, with multiple local stakeholder organisations, government agencies and industry partners supporting Outreach missions to Kyrgyzstan and Egypt.

Our trainee partnership program continues to be popular and engages practitioners early in their professional careers with free ISUOG membership. We will continue to partner with organisations such as World Association of Trainees in Obstetrics and Gynaecology (WATOG) and the European Network of Trainees in Obstetrics and Gynaecology (ENTOG) to engage with the wider trainee community.

We stated our focus on developing and implementing an effective advocacy plan that gives ISUOG a voice.

In 2023, we continued our work with the World Health Organisation with our aim to become a non-state actor providing input into the main global health agendas.

We outlined our intention to develop our branding to support increasing awareness of ISUOG and support the dissemination of our science, education and research efforts.

We updated our branding by slightly modifying our logo. We dropped the '.org' from the logo and reduced the number of secondary pallet colors. We wanted to increase the use of our prominent bold red color. We also updated our promotional assets by using the same bold core colors, and added more images of key speakers to build trust and recognition among our international community.

5. TO ADVOCATE AND BECOME THE GLOBAL VOICE WITH STAKEHOLDERS, INCREASE ISUOG’S RECOGNITION AND IMPACT, AND TO IMPROVE PATIENT CARE.

We committed to increase ISUOG’s recognition and impact to influence global standards in OBGYN ultrasound.

In 2023, our social media audience grew by 18.5% to 174K. Our engagement rate also increased by 30% to 3.5%; industry average is 1%. Articles from our Journal, Ultrasound in Obstetrics & Gynecology (UOG), continue to be the most popular content on our social media, generating high levels of engagement and demonstrating ISUOG channels as a respected resource for high quality education. We continued to develop our most engaging content, our weekly educational quizzes which resulted in 4.2M impressions (up 117% from previous year), and our UOG Journal article posts which resulted in 6.3M impressions (up 23% from previous year). UOG Journal Articles achieved higher than average engagement rates of 6.3%, a 14% increase compared to last year (5.5%).

We aimed to communicate as the leading voice for ultrasound in OBGYN, engage with the media and set standards for patient care.

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Our Patient Information Series continued to grow. By the end of 2023, 236 leaflets were published in English, 114 in Simplified Mandarin Chinese, 37 in Spanish, and 11 in Hindi. These clinical resources combined garnered almost a quarter of a million views on the ISUOG website (237K).

In 2023, the most popular leaflet was on Echogenic Bowel in English, followed by a Ventriculomegaly leaflet in Spanish, then the Limb Body Wall Complex (LBWC) in English.

In early 2023, ISUOG was contacted by CNN to use an image featured on our Limb Body Wall Complex Patient Information sheet. While we were unable to gain credit as an original source for the image, our information sheet was used as a ‘further reading’ backlink on the news story, which resulted in a spike in traffic to that page on our site.

6: TO STRIVE FOR EXCELLENCE, EFFICIENCY, AND CONTINUOUS IMPROVEMENT, AND BEST PRACTICE IN GOVERNANCE, WELLBEING AND MANAGEMENT.

We ensured excellence in governance and effective strategic leadership to help ensure operational effectiveness .

In 2023, the Society’s governance structure continued to be strengthened through implementation of the key principles of the Accountability Framework, and through introduction of the corresponding Trustee roles across all ISUOG Committees and Sub-Committees, ensuring information exchange between the relevant Committee / Sub-Committee and the Board of Trustees. The framework provides the Trustees with a greater degree of oversight ensuring consistency, transparency and alignment with strategic direction of the Charity.

In order to ensure institutional knowledge and successful continuation of the Society’s activities delivered by the Committees, Sub-Committees and other groups, the Board of Trustees also reviewed a mechanism of governance rotations and introduced a process of staggered rotations to balance the membership composition in the newly established Committees and Sub-Committees. ISUOG governance rotations, including new appointments and re-appointments, continued across 17 different Committees, Sub-Committees, Ambassadors and Special Interest Groups in 2023. Overall, the volunteer recruitment executed last year attracted 329 candidates from 49 countries, with the top five countries being India, Italy, USA, UK and Egypt. At the time of the Society’s Annual General Meeting (AGM) in Seoul in October 2023, 65 new appointments and 36 reappointments commenced across all Society’s volunteer groups.

With a view to further increase operational effectiveness, the Transformation Action Group (TAG) has been established in 2023 to recommend mechanisms to optimise organisational alignment between stakeholders, manage and drive forward positive organisational transformation, and align volunteers and staff groups to work in unison towards ISUOG’s objectives.

FUTURE DEVELOPMENTS

A new strategic plan, delivered and approved in 2023, gives the Society much to be excited about and to look forward to in 2024 and beyond. As we develop and diversify our plans and confirm key activities, we remain conscious of the external environment, global conflict zones and the economic impact. Financial stability is critical to continuing our charitable mission, remains a challenge, is a priority and remains under constant review.

The provision of education lies at the heart of ISUOG’s mission. For 2024, we are planning a wider selection of advanced courses (livestream and onsite/hybrid), covering a range of topics that address the needs of our members. We will improve our ‘live’ offering by developing a strategy to support the pre-Congress courses of other societies in a more targeted, considered, and mutually beneficial manner. We will take our online platform to new heights by expanding on content offerings through the ATC and other projects, exploring integration with AI software to support certification objectives, and building our regionalisation strategy by offering courses in other languages (starting with BTOP in Spanish). We will adopt cloud-hosting for ISUOG Academy content,

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allowing us to disseminate our courses through other medical societies’ learning portals, giving us reach to their members and associates. This same technology will also assist our Outreach mission by allowing us to share content in a managed way with institutions that need our support the most. We will continue to support the inspiring work of the Education Sub-Commitees, driving towards the completion of all of the above and other important initiatives such as the Basic Training practical component, Patient Information translations, VISUOG case of the month, and ISUOG Certification. As always, we will continue to review our existing educational products and Outreach models, the systems that underpin and deliver them, to ensure that we are always widely accessible, optimised and cost-effective.

Our event portfolio promotes the dissemination of our science, research and education, providing our community with important opportunities to network both in person and online. In 2024, our portfolio will deliver our third online Ultrasound Essentials event, in partnership with the Fetal Medicine Foundation (FMF), serving our lowerresource community. We will also engage with our community in the Americas by partnering with the Federación Colombiana de Obstetricia y Ginecología (FECOLSOG) at their annual meeting in May in Cartagena, focusing on topics such as preterm birth, pre-eclampsia, congenital infections, and endometriosis, among others.

Our World Congress will return to Europe, in Budapest, Hungary in September 2024. While the focus is an in person event, our teams will be working to make the content available online to lower-resource communities who may not be able to attend the event in person. ISUOG will collaborate with The Hungarian Society of Ultrasound in Obstetrics and Gynecology (HSUOG) in association with The Hungarian Society of Obstetrics and Gynecology (HSOG) to make this Congress the biggest Congress ever. Simultaneously, our efforts to create longer lead times for our Congress and events will roll into the current year as we work to finalise our 2025 and 2026 destinations and begin planning beyond these years.

The focus of the Society’s Journal Ultrasound in Obstetrics and Gynecology remains on maintaining the quality it is well-known for, increasing its impact and reach, and ensuring the best service for our authors. Working closely with our publisher Wiley, we will undertake a full review of our workflows to increase efficiency and effectiveness in our editorial processes. Assessment of the publishing Open Access environment is ongoing, and a business case review is in progress for options open to the Society to introduce a sister journal.

ISUOG values the partnerships that we have built, and in 2024, we will put effort into developing a more detailed partnership strategy to align with our overarching Society strategic goals in all areas of our work, including our Congress, Education, Outreach and Journal as a minimum. Strategic partnerships are central to bringing ISUOG science, education and research to our regional communities, and we are appreciative of all our society and industry partners for the collaborations to come.

As our Society leadership transitions, our key business areas of focus in 2024 remain the delivery of our activities and improvements to our core business functions, namely finance, human resources, building capacity, and transitioning to a more robust IT and systems infrastructure. Developing a clear roadmap for our business systems transformation is mission-critical to enable growth and sustainability for the future of our Society.

FINANCIAL REVIEW

The Statement of Financial Activities on page 29 summarises income and expenditure for the year for the Charity. The associated Balance Sheet, which shows the position as at the year-end and which the Trustees continue to consider as being strong, is on page 30. The Trustees consider that the level of resources is sufficient to meet future commitments.

SU MM ARY

We are reporting a surplus of £ 540,325 for 2023 (2022 deficit: £1,757,322) coupled with an operating deficit of £ 325,777 (2022 deficit: £859,924).

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DETAIL

The Charity’s income increased overall in 2023 to £ 3,974,026 (2022: £2,984,243) in large part due to an increase of £853,317 in Congress income to £2,277,418 (2022: £1,424,101).

ISUOG’s other main sources of income are membership, education and sales of the Academic Journal: Ultrasound in Obstetrics and Gynecology (UOG). Membership income increased by £2,263 in 2023 to £600,709 (2022: £598,446).

UOG income increased by £231,273 to £552,680 (2022: £321,407).

ISUOG courses income decreased by £132,361 to £291,998 (2022: £424,359).

Expenditure increased by £ 455,636 to £ 4,299,803 (2022: £3,844,167) largely resulting from increases in Congress spend.

GOING CONCERN

The Trustees, together with the management team, have assessed the financial and operating outlook for the next 12 months in order to identify any material uncertainties that may impact ISUOG’s ability to continue operating.

With investments position remaining high, a very strong cash position and a robust level of free reserves, ISUOG is well-placed to deal with any potential situations that may affect the Charity’s ability to continue operating. It is the opinion of the Trustees and management that there are no material uncertainties and that, as a result, it is appropriate to prepare the financial statements on the going concern basis.

RISK MANAGEMENT

The assessment of potential material uncertainties, as detailed above, is part of ISUOG’s overall risk management. The Trustees undertake an annual full risk review assessing and scoring for probability and the potential impact of the risks to which the Charity is exposed. Systems are already in place to mitigate the risks and these are agreed as being appropriate for ISUOG requirements.

Higher impact and higher probability activities have been reviewed in detail and financial risks still focus on decreasing income for, or complete failure of, the World Congress, historically the most important source of income for the charity. Risks for the Congress are minimised through insurance, careful cost control and budgetary planning as well as a continued focus on exploring new delegate markets and the creation of a highquality scientific program. Destination and venue selection is also a mitigating factor, however lead times have been heavily impacted since 2020 and the Society is working hard to grow these back to normal standards, i.e. 3-5 year lead times. Close partnerships with regular industry supporters and with other national or international bodies for meetings outside Europe are essential. The impact of the complete failure of any one Congress is mitigated also through the reserves policy. With the Congress operating across the globe foreign exchange risk is also heightened in the current economic climate. Competition with other niche societies remains a consideration. ISUOG continues to engage in and increase its partnerships for mutual benefit. The Society has a Risk Register that is kept under scrutiny by the Finance Committee and reviewed annually by the full Board of Trustees. The Register includes mitigating actions to be taken to reduce the likelihood of adverse events happening and to reduce their impact if they do occur.

RESERVES POLICY

ISUOG has just four main income streams (membership, education, journal and congress) making it vulnerable to changes in customer behaviour and the economic environment. Journal income has been gradually declining

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based on trends in the publishing environment towards free and open-access research, which also impacts on Journal memberships, that still constitute the largest stream of membership income. In 2023, ISUOG renewed its contract with its publisher, Wiley and this renewal resulted in a one-off signing bonus of £190,000 contrary to the downward trend described. The World Congress is the largest single contributing income stream, but is highly variable depending on location and unpredictable in times of economic uncertainty. Strategies for membership are around growth in influence and reach rather than around income. At the same time, long term strategies focus on international education development and larger scale investment in educational resources.

To manage risk in this income environment, ISUOG operates a contingency reserve policy to hold 18-24 months of operating budget, £4.6m to protect against catastrophic unforeseen events leading to the complete failure of the World Congress, which may affect income streams in any one year, and to allow for the full and effective continued operation of the Society for its current and future members over the following 18 months. Reserves are currently held at £9.6m, above policy and with the impact of inflation operating budgets are increasing and so too the need to hold additional reserves. The policy is under regular review and anticipated this will decrease in time as large capital projects requiring investment are in progress, e.g. business systems transformation to develop and launch a new CRM and website, as well as other automations long overdue. This will reduce the reserve over the next two to three years to align with policy. The reserve also includes protection of its fixed assets (secretariat building) to continue to operate in such circumstances. Reserves are also held in multiple currencies as risk management against foreign exchange exposure.

The reserves policy is reviewed annually by the Finance & Risk Committee, in line with the identified risk to the organisation at the time, and approved by the Board.

INVESTMENT POLICY

The main risk to the Charity from its investments is that of potential uncertainty of equity and investment markets due to wider economic conditions. The Charity manages this risk by retaining expert investment advisers and operating an investment policy providing for a high degree of diversification of holdings within lower risk investment classes that are quoted on recognised stock exchanges. Investments are held for the long term so that any adverse short-term volatility in market conditions can be weathered. The Trustees monitor the situation closely; with strong cash balances in place, the holding of investments will continue to be a long-term strategy.

ISUOG holds Common Investment Funds with CCLA with the current long-term goal of achieving a fourth sustainable income stream, earmarked for cost based educational projects (such as ISUOG Outreach and Basic Training). These cost centres have been primarily funded by surpluses on other activities to date, but with continuing, substantial expenditure in education and outreach, the goal is to establish this fund so that dividend income can be a primary funding stream over time. ISUOG retains its reserves policy to allow for increased expenditure in years when operating surpluses exceed the operational goals.

The CCLA fund performed very well over the course of the period, with a market value of £8.16 million at the end of the year (£7.40 million 2022).

With ISUOG’s policy of holding multiple currencies, and with very low interest rates available for foreign currency held within the UK, a US dollar investment fund is also held, managed by Vestra Wealth Management. The value of these investments had risen to £1.55 million by 31 December 2023 (2022: £1.46 million).

In previous years, ISUOG had instructed Vestra Wealth Management to manage rebalancing of currency to ensure sufficient cash flow in Sterling whilst maximising interest through Dual Currency Deposits, and reducing risk of currency exposure and with the goal of optimising currency balances at 55-60% Sterling, 30-35% US Dollars and up to 25% Euros based on current independent advice and analysis of future income and expenditure planning. During 2021, with all activities including events moving online from March, the risk of currency exposure was greatly reduced and there was no requirement to utilise Dual Currency Deposits.

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GRANT MAKING POLICY

Grant applications may be considered for obstetric and gynecological research and development, which will make a significant contribution to new scientific advances in these areas. The Trustees have not prioritised this area of activity to date, as it is considered to be expensive without predictable gains. The Trustees are experts in this field of medicine and are therefore, well placed to consider each grant application on its own merits should this be prioritised.

RELATED PARTIES

ISUOG Conferences & Courses Ltd (CCL), is an associated charity to the main charity in that its three Trustees are also Trustees of ISUOG. . CCL did not trade during 2023 (2022: did not trade).

Related party transactions are disclosed under note 17.

AUDITORS

The independent audit is carried out by Sayer Vincent LLP, appointed in 2016. Sayer Vincent LLP was reappointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

STATEMENT OF RESPONSIBILITIES OF THE BOARD

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

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities FRS 102 (issued in 2015) and in accordance with the special provisions for small companies under of Part 15 of the Companies Act 2006 relating to small entities.

Approved and signed on behalf of the Board of Trustees

……… ……………………………………………… Date: 6 December 2024

Prof. Asma Khalil - Trustee

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE INTERNATIONAL SOCIETY OF ULTRASOUND IN OBSTETRICS AND GYNECOLOGY REGISTRATION NUMBER 02722770 FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of International Society of Ultrasound in Obstetrics and Gynecology (the ‘charitable company’) for the year ended 31 December 2023, which comprise the statement of financial activities, balance sheet, statement of cash flows 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:

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 charitable company 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 International Society of Ultrasound in

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Obstetrics and Gynecology’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 Trustees’ 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 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 this gives rise to 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ annual report, the Trustees (who are also the directors of the charitable company for the purposes of company law), 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 anyone other than

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the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior Statutory Auditor) Date: 21 November 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, EC1Y 0TG

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STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

YEAR ENDED31 DECEMBER2023
Note 2023
£		 2022
£
Income from
Donations 2,802 3,873
Charitable activities:
Member income 600,709 598,446
Journal income 552,680 321,407
Congress income 2,277,418 1,424,101
Other educational events and activities 291,998 424,359
Income from other trading activities:
Rental income 24,134 24,166
Investments:
Interest receivable 6,733 754
Investment income 217,552 187,136
Total income 3,974,026 2,984,242
Expenditure on
Charitable activities:
Member services 2 588,975 757,770
Journal costs 2 560,860 466,634
Congress costs 2 2,188,566 1,429,924
Other educational events and activities 2 809,524 1,057,854
Outreach costs 2 151,878 131,984
Total expenditure 4,299,803 3,844,167
Net (expenditure)/income for the year 3 (325,777) (859,924)
Foreign exchange gain/(loss) (61,539) 244,874
Net gain/(loss) on investment assets 927,641 (1,142,272)
Net (expenditure)/income for the year 529,685 (1,757,322)
Transfers between funds - -
Net movement in funds 540,325 (1,757,322)
Reconciliation of funds
Total funds brought forward 12,558,525 14,315,847
Total funds carried forward 13,098,850 12,558,525

The Statement of Financial activities includes all gains and losses recognised in the year.. All activities of the charity are unrestricted.

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BALANCE SHEET AT 31 DECEMBER 2023

BALANCE SHEET AT31 DECEMBER2023 BALANCE SHEET AT31 DECEMBER2023
Note 2023
£		 2022
£
Fixed assets
Tangible assets 8 1,704,055 1,752,794
Investments 9 9,708,182 8,859,443
11,412,237 10,612,237
Current assets
Debtors 10 314,317 534,664
Cash at bank and in hand 1,888,304 2,230,657
2,202,621 2,765,321
Liabilities
Creditors: amounts falling due within one year 11 (516,008) (819,034)
Net current assets 1,686,613 1,946,287
Total net assets 13,098,850 12,558,524
The funds of the charity 15a
Unrestricted income funds:
Designated funds 3,483,811 4,325,809
General funds 9,615,039 8,232,716
Total unrestricted funds 13,098,850 12,558,525
Total charity funds 13,098,850 12,558,525

The financial statements were approved and authorised for issue by the trustees on and signed on their behalf by:

… …………………………… Professor Asma Khalil Trustee

Date: 6 December 2024

The notes on pages 32-34 form part of these accounts.

Company registration number: 02722770

31

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED31 DECEM **BER2 ** 023
Note 2023
£		 2022
£
Cash flows from operating activities
Net movement in funds 540,325 (1,757,322)
Interest receivable (6,733) (754)
Investment income (217,552) (187,136)
Losses/(gains) in investment assets (927,641) 1,142,272
Depreciation charges 59,582 81,072
(Increase)/decrease in debtors 220,346 (439,297)
Increase/(decrease) in creditors (303,026) 223,233
Net cash provided by operating activities (634,698) (937,932)
Cash flows from investing activities
Purchase of fixed assets (10,843) (1,276)
Exchange rate (gain)/loss on revaluation of investments 72,698 (178,794)
Investment and exchange rate gain/(loss) on investment cash balances 6,204 19,571
Interest received 6,733 754
Investment income received 217,552 187,136
Net cash provided by / (used in) investing activities 292,344 27,391
Change in cash and cash equivalents in the year (342,353) (910,541)
Cash and cash equivalents at the beginning of the year 2,230,657 3,141,198
Cash and cash equivalents at the end of the year 1,888,304 2,230,657

The notes on pages 32-34 form part of these accounts.

32

NOTES TO THE ACCOUNTS OF 31 DECEMBER 2023

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following specific policies are applied to particular categories of income:

33

The allocation of indirect costs is by percentage of staff time or percentage of space used to accommodate the activity or staff.

Irrecoverable VAT is charged as an expense.

(i) Unrestricted general funds – these are funds without specified purpose and are available as general funds.

(ii) Designated funds – these are funds set aside by trustees out of unrestricted general funds for specific purposes or projects.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate, except where a financial instrument is in place that provides a predetermined exchange rate.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Foreign exchange differences are allocated directly to activities where appropriate to do so, but are otherwise shown as other income or expenditure.

34

Freehold buildings over 50 years Office equipment and furniture over 5-10 years Website over 5 years

Fixed assets which cost less than £1,000 are not capitalised except for computer equipment which is all capitalised without a de minimis limit.

Freehold property includes freehold land costing £390,000 (2022: £390,000) that is not depreciated.

Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

All investments are carried at their fair value. Investments in equities, bonds and fixed interest securities are traded in quoted public markets, primarily the London and North American Stock Exchanges. Holdings in unit trusts and open-ended investment companies are valued at the mid-market price. The basis of fair value for quoted investments is equivalent to their market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

35

2A. ANALYSIS OF EXPENDITURE (CURRENT YEAR)

**2A.A.. ANALYSIS OF EXPENDITURE (CURRENT YEAR)NALYSIS OF EXPENDITURE (CURRENT YEAR)OF EXPENDITURE (CURRENT YEAR)F EXPENDITURE (CURRENT YEAR)EXPENDITURE (CURRENT YEAR)XPENDITURE (CURRENT YEAR)(CURRENT YEAR)URRENT YEAR)YEAR)EAR)) ** **2A.A.. ANALYSIS OF EXPENDITURE (CURRENT YEAR)NALYSIS OF EXPENDITURE (CURRENT YEAR)OF EXPENDITURE (CURRENT YEAR)F EXPENDITURE (CURRENT YEAR)EXPENDITURE (CURRENT YEAR)XPENDITURE (CURRENT YEAR)(CURRENT YEAR)URRENT YEAR)YEAR)EAR)) **
Charitable activities
Basis of
allocation		 Member
Services		 Journal Congress Other
Education
events and
activities		 Outreach Governance Outreach Governance 2023 2023
2022
~~a~~ ~~Mas~~ £
~~es ee~~		 £
~~ee~~		 £
~~Gn~~		 £
~~QQ~~		 £
~~QQ~~		 £
~~QQ~~		 £
~~QQ~~		 £
Direct costs:
~~a~~		 ~~Mas~~ ~~es ee~~ ~~ee~~ ~~Gn~~ ~~QQ~~ ~~QQ~~ ~~QQ~~ ~~QQ~~
Costs of servicing members
~~a ~~		 Direct
~~Mas ~~		 127,183
~~es ee~~		 -
~~ee~~		 -
~~Gn~~		 -
~~QQ~~		 -
~~QQ~~		 -
~~QQ~~		 127,183
~~QQ~~		 108,351
Editorial office costs Direct - 56,009 - - - - 56,009 54,436
Event costs Direct - - 1,586,549 - - - 1,586,549 917,050
Staff costs, including agency and
recruitment (note 4)		 Direct 202,588 209,147 241,857 317,279 64,880 105,712 1,141,463 1,451,325
Education costs Direct - - - 127,665 - - 127,665 293,373
Outreach costs Direct - - - - 9,962 - 9,962 29,650
Audit fees Direct - - - - - 20,000 20,000 12,000
Legal fees Direct - - - - - 50,367 50,367 99,597
Board meetings and Committees Direct - - - - - 28,764 28,764 43,570
Travel and subsistence Direct - 6,886 72,948 12,102 19,288 99,049 210,273 88,985
Other costs Direct - - - - - - - -
Total direct costs
~~ee~~		 ~~es~~ 329,771
~~Cs~~		 272,042 1,901,354
~~CO~~		 457,046
~~CO~~		 94,130
~~CO~~		 303,892 3,358,235 3,098,335
Support costs:
~~ee~~		 ~~es~~ ~~Cs~~ ~~CO~~ ~~CO~~ ~~CO~~
Promotion costs
~~ee ~~		 Staff time/usage
~~es~~		 5,916
~~Cs~~		 7,202 5,916
~~CO~~		 6,508
~~CO~~		 592
~~CO~~		 - 26,134 30,915
Staff costs, including agency and
recruitment (note 4)		 Staff time/usage 85,054 87,808 101,541 133,206 27,240 - 434,849 402,687
Office costs Staff time/usage 24,715 30,088 24,715 27,187 2,472 - 109,177 125,472
Professional and finance costs Staff time/usage 14,559 17,724 14,559 16,015 1,456 - 64,313 53,728
Premises costs Staff time/usage 69,520 84,632 69,520 76,472 6,952 - 307,096 133,029
Other costs Staff time/usage - - - - - - - -
Total support costs 199,764 227,454 216,251 259,388 38,712 - 941,569 745,831
Total costs excluding governance
costs		 529,535 499,496 2,117,605 716,434 132,842 303,892 4,299,804 3,844,167
Governance costs Staff time 59,440 61,364 70,961 93,090 19,036 (303,892) - -
Total expenditure 2023 588,975 560,860 2,188,566 809,524 151,878 - 4,299,804
Total expenditure 2022 757,770 466,634 1,429,924 1,057,854 131,984 3,844,167

35

2B. ANALYSIS OF EXPENDITURE (PREVIOUS YEAR)

2B.B.. ANALYSIS OF EXPENDITURE (PREVIOUS YEAR)NALYSIS OF EXPENDITURE (PREVIOUS YEAR)OF EXPENDITURE (PREVIOUS YEAR)F EXPENDITURE (PREVIOUS YEAR)EXPENDITURE (PREVIOUS YEAR)XPENDITURE (PREVIOUS YEAR)(PREVIOUS YEAR)REVIOUS YEAR)YEAR)EAR))
2B.B.. ANALYSIS OF EXPENDITURE (PREVIOUS YEAR)NALYSIS OF EXPENDITURE (PREVIOUS YEAR)OF EXPENDITURE (PREVIOUS YEAR)F EXPENDITURE (PREVIOUS YEAR)EXPENDITURE (PREVIOUS YEAR)XPENDITURE (PREVIOUS YEAR)(PREVIOUS YEAR)REVIOUS YEAR)YEAR)EAR))
Charitable activities
Basis of
allocation		 Member
Services		 Journal Congress Other
Education
events and
activities		 Outreach Governance Outreach Governance 2022
Total
~~a~~ ~~Bas~~ £
~~Rs~~		 £
~~Rs~~		 £ £
~~CC~~		 £
~~CC~~		 £
~~CC~~		 £
Direct costs:
~~a~~		 ~~Bas~~ ~~Rs~~ ~~Rs~~ ~~CC~~ ~~CC~~ ~~CC~~
Costs of servicing members
~~a ~~		 Direct
~~Bas~~		 108,351
~~Rs~~		 -
~~Rs~~		 - -
~~CC~~		 -
~~CC~~		 -
~~CC~~		 108,351
Editorial office costs Direct - 54,436 - - - - 54,436
Event costs Direct - - 917,050 - - - 917,050
Staff costs, including agency and
recruitment (note 4)		 Direct 362,000 201,110 261,592 426,081 55,753 144,788 1,451,325
Education costs Direct - - - 293,373 - - 293,373
Outreach costs Direct - - - - 29,650 - 29,650
Audit fees Direct - - - - - 12,000 12,000
Legal fees Direct - - - - - 99,597 99,597
Board meetings and Committees Direct - - - - - 43,570 43,570
Travel and subsistence Direct - - 22,037 6,085 6,510 54,352 88,984
Total direct costs
~~es~~		 ~~GC~~ 470,351
~~GC~~		 255,546
~~GC~~		 1,200,679
~~GC~~		 725,539
~~GC~~		 91,913
~~GC~~
~~QO~~		 354,307
~~GC~~
~~QO~~		 3,098,335
~~GC~~
Support costs:
~~es~~		 ~~GC~~ ~~GC~~ ~~GC~~ ~~GC~~ ~~GC~~ ~~GC~~
~~QO~~		 ~~GC~~
~~QO~~		 ~~GC~~
Promotion costs
~~es~~		 Staff time/ usage
~~GC~~		 6,999
~~GC~~		 8,520
~~GC~~		 6,999
~~GC~~		 7,698
~~GC~~		 700
~~GC~~
~~QO~~		 -
~~GC~~
~~QO~~		 30,915
~~GC~~
Staff costs, including agency and
recruitment (note 4)		 Staff time/ usage 111,572 61,984 80,625 131,322 17,184 - 402,687
Office costs Staff time/ usage 28,404 34,579 28,404 31,245 2,840 - 125,472
Professional and finance costs Staff time/ usage 12,163 14,807 12,163 13,379 1,216 - 53,728
Premises costs Staff time/ usage 30,115 36,661 30,115 33,126 3,011 - 133,029
Total support costs 189,252 156,551 158,306 216,771 24,952 - 745,832
Total costs excluding governance
costs		 659,603 412,097 1,358,985 942,310 116,865 354,307 3,844,167
Governance costs Staff time 98,167 54,537 70,939 115,545 15,119 (354,307) -
Total expenditure 2022 757,770 466,634 1,429,924 1,057,854 131,984 - 3,844,167

37

3 NET (EXPENDITURE)/INCOME FOR THE YEAR

This is stated after charging/(crediting):

2023 2022
£ £
Auditor's remuneration (excluding VAT): 15,000 12,000
Additional audit fees (excluding VAT) 5000 -
Depreciation of tangible assets 59,582 81,072
Net gains/(losses) on foreign exchange (61,539) 244,874

4 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL

Staff costs were as follows:

2023 2022
£ £
Gross salaries 1,141,706 1,406,981
Redundancy / Termination 19,500 -
Employer's national insurance 126,014 164,503
Employer’s contribution to defined contribution pension schemes 62,901 75,889
Other staff costs 226,189 206,640
1,576,310 1,854,013

Other staff costs include agency and recruitment fees paid in full during the year.

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2023 2022
No. No.
£160,000 - £170,000 1 -
£110,000 - £119,999 1 1
£90,000 - £99,999 - 1
£70,000 - £79,999 1 3
£60,000 - £69,999 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £ 414,802 (2022: £508,760).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling 82,260(2022: £44,830) incurred by twenty board members (2022: 12).

Payments totalling £400 (2022: £200) were made to two Trustees (2022: 1) as speaker fees on education courses.

The average number of employees (head count based on number of staff employed) during the year was:

2023 2022
No. No.
Journal 6 4

37

Member Services 3 7
Congress 8 9
Other educational events and activities 4 5
Outreach - -
Core and Governance 6 6
27 30

6 TAXATION

The Society has charitable status, and the Trustee Board considers that its income derives from trading in direct pursuance of the charity's main objectives from rentals and from investment income. As such it considers that the Society's income is exempt from tax and no taxation has been provided for.

7 SUBSIDIARY UNDERTAKING

The charity has an associated charity, ISUOG Course and Conferences Ltd (ISUOG - CCL), which is linked by means of joint control. It is incorporated in England and Wales. The subsidiary was dormant in 2022 and 2023.

Prof. Laurent Salomon; Prof Asmaa Khalil and Prof. Reem Abu-Rustum are the trustees.

.

8 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Freehold
property		 Website Office
equipment
and
furniture		 Total
£ £ £ £
Cost
At the start of the year 2,013,562 143,940 245,722 2,403,224
Additions in year - - 10,843 10,841
Disposals in year - - - -
At the end of the year 2,013,562 143,940 256,565 2,414,065
Depreciation
At the start of the year 313,768 138,170 198,492 650,430
Charge for the year 32,474 4,237 22,871 59,582
Eliminated on disposal - - - -
At the end of the year 346,242 142,407 221,363 710,012
Net book value
At the end of the year 1,667,320 1,533 35,202 1,704,053
At the start of the year 1,699,794 5,771 47,230 1,752,795

Land with a value of £390,000 (2022: £390,000) is included within freehold property and not depreciated.

All of the above assets are used for charitable purposes.

2023 2022
£ £
Fair value at 1 January 2023 8,859,444 9,842,493
Additions to investments at cost - -
Disposal proceeds - -

39

Unrealised foreign exchange gain/(loss) on conversion of investments held in a
foreign currency		 (72,698) 178,794
Net gain/(loss) on revaluation 921,437 (1,161,843)
Fair value at 31 December 2023 9,708,182 8,859,444
Investments comprise:
Bonds/Fixed interest securities 2,847,138 2,638,263
Equities 6,861,044 6,221,180
Total 9,708,182 8,859,443

10 DEBTORS

2023 2022
£ £
Trade debtors 129,592 318,859
Other debtors 826 85,420
Prepayments and accrued income 183,899 130,385
314,318 534,664

11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023 2022
£ £
Deferred income (note 12) 296,914 503,531
Trade creditors 111,517 127,258
Taxation and social security 30,556 46,153
Other creditors 3,882 71,851
Accruals 73,139 70,241
516,008 819,034

12 DEFERRED INCOME

2023 2022
£ £
Balance at 1 January 2023 503,531 376,037
Subscriptions received 273,223 313,531
Other income received 23,691 190,000
Released to Statement of Financial Activities (503,531) (376,037)
Balance at 31 December 2023 296,914 503,531

Deferred income relates to membership subscriptions received in the year, but partly related to the next financial year. Other income relates to sponsorship income for 2024.

GUARANTEE OF MEMBERS

13

There were 17,522 members of the Society at 31 December 2023 (2022: 18,883). Each member undertakes to contribute up to £1 to the company in the event that the company is wound-up; this guarantee extends for one year after a person ceases to be a member.

40

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS (CURRENT YEAR)

ANALYSIS OF NET ASSETS BETWEEN FUNDS(CURREN T YEAR)
General
Unrestricted		 Restricted Designated Total
funds
£ £ £ £
Fixed assets 7,928,426 - 3,483,811 11,412,237
Current assets 2,202,621 - - 2,202,621
Current liabilities (516,008) - - (516,008)
Net assets at 31 December 2023 9,615,039 - 3,483,811 13,098,850

15 MOVEMENTS IN FUNDS (CURRENT YEAR)

At 1 January
2023		 Income &
gains		 Expenditure
& losses		 Transfers At 31 December
2023
£ £ £ £ £
Unrestricted funds:
Designated funds:
Freehold building 1,699,794 - (32,474) 1,667,320
Education fund 2,626,015 - (809,524) - 1,816,491
Total designated funds 4,325,809 - (841,998) - 3,483,811
General funds 8,232,716 4,840,128 (3,457,805) - 9,615,039
Total unrestricted funds 12,558,525 4,840,128 (4,299,803) - 13,098,850
Total funds 12,558,525 4,840,128 (4,299,803) - 13,098,850

The narrative to explain the purpose of each fund is given below.

Purposes of designated funds:

Freehold Building Fund: To provide for building improvement, repairs and maintenance.

Education Fund: The fund was set up to earmark funds for investments that will be used to finance future educational projects.

16 PENSIONS

The Charity operates a defined contribution pension scheme. The charge to the Statement of Financial Activities for the year is £62,901 (2022: £75,889). There were outstanding contributions of £8,465 (2022: £10,129) and no prepaid contributions at the year-end (2022: nil).

17 RELATED PARTY TRANSACTIONS

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

A total of 400 (2022: £200) was paid to two trustees for speaking at educational events. Trustees' expenses totalling £82,260 were incurred by twenty board members (2022: £44,830 12).

41

18 DETAILED COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted 2022
Total
£ £ £
Income from:
Donations 3,873 - 3,873
Charitable activities:
Member income 598,446 - 598,446
Journal income 321,407 - 321,407
Congress income 1,424,101 - 1,424,101
Other educational events and activities 424,359 - 424,359
Income from other trading activities:
Rental income 24,166 - 24,166
Investments:
Interest receivable 754 - 754
Investment income 187,136 - 187,136
Total income 2,984,243 - 2,984,243
Expenditure on:
Charitable activities:
Member services 757,770 - 757,770
Journal costs 466,634 - 466,634
Congress costs 1,429,924 - 1,429,924
Other educational events and activities 1,057,854 - 1,057,854
Outreach costs 131,984 - 131,984
Total expenditure 3,844,167 - 3,844,167
Net income for the year (859,924) - (859,924)
Foreign exchange loss 244,874 - 244,874
Net gain/(loss) on investment assets (1,142,272) - (1,142,272)
Transfers between funds - - -
Net movement in funds (1,757,322) - (1,757,322)
Reconciliation of funds:
Total funds brought forward 14,315,847 - 14,315,847
Total funds carried forward 12,558,525 - 12,558,525

19 COMPARATIVES

ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR YEAR)

ANALYSIS OF NET ASSETS BETWEEN FUNDS(PRIOR YE **AR) **
General
unrestricted

Restricted
funds		 Designated
funds		 Total
funds
£ £ £
Fixed assets 6,286,431
-		 4,325,809 10,612,240
Current assets 2,765,319
-		 - 2,765,319
Current liabilities (819,034)
-		 - (819,034)
Net assets at 31 December 2022 8,232,716
-		 4,325,809 12,558,525

42

MOVEMENTS IN FUNDS(PRIOR YEAR) MOVEMENTS IN FUNDS(PRIOR YEAR)
At 1 January
2022		 Income &
gains		 Expenditure &
losses		 Transfers At 31 December
2022
£ £ £ £ £
Unrestricted funds:
Designated funds:
Freehold buildings 1,732,268 - (32,474) - 1,699,794
Education fund 3,683,869 - (1,057,854) - 2,626,015
Total designated funds 5,416,137 - (1,090,328) - 4,325,809
General funds 8,899,710 2,086,845 (2,753,839) - 8,232,716
Total unrestricted funds 14,315,847 2,086,845 (3,844,167) - 12,558,525
Total funds 14,315,847 2,086,845 (3,844,167) - 12,558,525

43

REFERENCE AND ADMINISTRATIVE INFORMATION

ISUOG BOARD OF TRUSTEES

Referred to collectively throughout the report as the Board of Trustees (and as the Trustees in the Articles of Association), these individuals comprise the Trustees of the Charity for the purpose of charity law, and the directors of the company.

The Members of the Board who served during the year, together with dates of resignation / suspension and appointment are:

Dr R Abu-Rustum (USA) Prof C M Bilardo (The Netherlands) Prof T Bourne (UK) A/P G Condous (Australia) (appointed 16 October 2023) Prof J Copel (USA) (retired 16 October 2023) Dr F Crispi (Spain) (appointed 16 October 2023) Prof D Fischerová (Czechia) Prof J Hyett (Australia) (retired 16 October 2023) Prof A Khalil (UK) Prof C Lees (UK) (retired 16 October 2023) Prof S Meagher (Australia) (appointed 16 October 2023) Dr R Pooh (Japan) (appointed 16 October 2023) Prof L Poon (Hong Kong) Dr J Preisler Romanow (Chile) Prof L Salomon (France) Prof A Sotiriadis (Greece) (appointed 16 October 2023) Prof D Timmerman (Belgium) (retired 16 October 2023) Prof B Tutschek (Switzerland) (resigned 4 April 2023) Dr A Youssef (Italy)

Board members holding Officer positions are as follows:

Officers

President Prof L Salomon (appointed 16 December 2022) President Elect Dr R Abu-Rustum (appointed 16 December 2022) Past President Prof T Bourne (appointed 16 December 2022) Honorary Treasurer Prof A Khalil (appointed 19 November 2021) Honorary Secretary Prof L Poon (appointed 16 December 2022)

Committee Chairs

Chair of Education Committee Dr A Ranzini (appointed 18 October 2021) Chair of Scientific Committee Prof F da Silva Costa (appointed 16 December 2022) Chair of Clinical Standards Committee Prof F Prefumo (retired 16 October 2023) Prof R Napolitano (appointed 16 October 2023)

Chair of NGen Committee Dr S Saso (appointed 18 January 2021) Chair of Outreach Committee Dr H Mirghani (appointed 19 November 2021) Chair of Safety Committee Dr A Dall’Asta (appointed 19 November 2021) Editor in Chief Dr A Odibo (appointed in September 2022)

44

SENIOR MANAGEMENT TEAM

Chief Executive Officer & Company Secretary Mr J Vos (resigned 31 January 2024) Interim Chief Executive Officer & Company Ms W Holloway (appointed 5 February 2024) Secretary

Director of Finance and Resources Ms E Dixon (resigned 22 December 2023) Interim Director of Finance and Resources Mr D Wade (appointed 2 January 2024) Director of Events and Systems Ms W Holloway Senior Education Manager Mr R Farag (appointed 10 July 2023)

ADVISORS

Bankers National Westminster Bank PLC 208 Piccadilly London W1J 9HE

Solicitors Bates Wells 10 Queen Street Place London EC4R 1BE

Auditor Sayer Vincent LLP 110 Golden Lane London EC1Y 0TG

Investment managers CCLA Investment Management Limited 80 Cheapside London EC2V 6DZ

LGT Vestra LLP 14 Cornhill London EC3V 3NR

45

Registered Charity number: 1030406 Registered Company number: 02722770 Registered office and operational address: 122 Freston Road London W10 6TR

46