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2021-12-31-accounts

EUROPEAN RENAL ASSOCIATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

EUROPEAN RENAL ASSOCIATION -

CONTENTS

Page
Reference and Administrative Details 1–2
Report of the Council of Management 3-10
Report of the Auditors 11 - 14
Consolidated and Association Statement of Financial Activities 15
Consolidated and Association Balance Sheets 16
Consolidated and Association Statement of Cash Flows 17
Statement of Accounting Policies 18
Notes to the Financial Statements 23 - 31

EUROPEAN RENAL ASSOCIATION -

REFERENCE AND ADMINISTRATIVE DETAILS

Status

The following report and financial statements describe the combined affairs of the Association and its subsidiary company consolidated together as a charitable group. A report and financial statements for the subsidiary company is available separately.

Council of Management

a) Four/Five ex-officio members, namely

Prof. Christoph Wanner * (President)

Prof. Ivan Rychlik* (Secretary-Treasurer)

Prof. Danilo Fliser* (Renal Science Chair – formerly Chair of Administrative Offices)

Prof. Denis Fouque** (Editor-in-Chief of "Nephrology, Dialysis, Transplantation") (term ended 07.06.2021) Prof. Ziad Massy (Clinical Nephrology Governance Chair – formerly Chair of the Registry) (term ended 07.06.2021)

Prof. Alberto Ortiz* (Clinical Nephrology Governance Chair – formerly Chair of the Registry) (term started 07.06.2021)

b) Eight ordinary members, namely:

Prof. Mario Gennaro Cozzolino*

Prof. Ronald Teunis Gansevoort*

Prof. Dimitrios Goumenos (term ended 07.06.2021)

Prof. Albert Chee Meng * (term started 07.06.2021)

Prof. Alexander Rosenkranz*

Prof. Pantelis Sarafidis* (term started 07.06.2021)

Dr. Maria Jose Soler Romeo (term ended 07.06.2021)

Dr. Kathryn Isabelle Stevens (term ended 07.06.2021)

Prof. Giovanni Gambaro (term started 07.06.2021)

Prof. Roser Torra*

Prof. Serhan Z. Tuglular*

*in office at 31 December 2021

**No longer a Trustee, following a decision by the General Assembly to start giving a lump sum to the NDT Editor-in-Chief for his contribution, on June 7, 2021

Executive Director Monica Fontana

Auditors

PKF Littlejohn LLP 15 Westferry Circus Canary Wharf London E14 4HD United Kingdom

Registered Charity Number

1060134

1

EUROPEAN RENAL ASSOCIATION -

REFERENCE AND ADMINISTRATIVE DETAILS

Main Bankers & Investment Advisors

HSBC UK Bank Plc 69, Pall Mall St James London SW1Y 5EY United Kingdom

UBS AG 45, Bahnhofstrasse CH-8098 Zurich Switzerland

Azimut Capital Management 4, Via Cusani 20121 Milano Italy

Principal Office

Operative Headquarters

Solicitors

Credit Agricole Cariparma Piazzale Barbieri 29/A 43125 Parma Italy 15 Westferry Circus, Canary Wharf London E14 4HD United Kingdom

Strada dei Mercati, 16/A 43126 Parma Italy

Russell-Cooke 2 Putney Hill London SW15 6AB United Kingdom

2

EUROPEAN RENAL ASSOCIATION -

REPORT OF THE COUNCIL OF MANAGEMENT

The members of the Council have pleasure in presenting their report, together with the audited financial statements for the year ended 31[st] December 2021.

Structure, Governance and Management

European Renal Association is an unincorporated association which was registered with the Charity Commissioners on the 14[th] January 1997 under number 1060134. The General Assembly, on June 7, 2021, decided to change the name of the Charity from European Renal Association – European Dialysis and Transplant Association (ERA-EDTA) to European Renal Association (ERA), receiving formal approval by the Charity Commission for this change.

The governing instrument is the Charity’s Constitution, which was revised and approved on June 8, 2020.

The administration of the Association as determined by the Constitution is carried out by:

Election of Council Members

Ordinary members of the Council are elected by the General Assembly. The candidates must be full members and supported by two other full members. The term of the ordinary council members is three years but no more than three ordinary Council members may change each year. Therefore, if more than three members end their term of office at the same time, the members necessary to satisfy this requirement will remain in office for one more year. The decision as to who will continue will be made by lot or by secret ballot by the Council members. An ordinary member at the expiry of his/her period of office will be ineligible for re-election as an ordinary member of the Council for a period of three years. There are eight ordinary council members.

Ex-officio members of the Council are nominated one year in advance by the Council and must then be elected by the General Assembly. They must be full members and also be supported by two other full members, furthermore the candidates must have at least five years seniority in the Association. There are five ex-officio members:

1) The President of the Association is appointed for a period of three consecutive years and cannot be reelected. He or she can only be appointed if he or she was elected as an ordinary council member.

2) The Secretary-Treasurer is appointed for a period of three years and may be re-elected for a further period not exceeding three years, except in the special circumstance described below.

3) The Renal Science Chair (former Chair of the Administrative Offices) is appointed for three years and may be re-elected for a further period not exceeding three years, except in the special circumstance described below.

4) The Editor in Chief of the official ERA-EDTA Journal (Nephrology Dialysis Transplantation – NDT) is appointed for three years and may be re-elected for a further period not exceeding three years. During the General Assembly, June 7, 2021, it was decided to remove this ex-officio from the Council thus reducing the number of ex-officio members from five to four. The reasoning behind this was to make this very important position a compensated one (financially), which makes the said position not allowed within the Council.

5) The Clinical Nephrology Governance Chair (former Chair of the Registry) is appointed for three years and may be re-elected for a further period not exceeding three years.

3

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REPORT OF THE COUNCIL OF MANAGEMENT

Structure, Governance and Management (continued)

No more than one of the following ex-officio members can end their term at the same time: the SecretaryTreasurer and the Renal Science Chair (former Chair of the Administrative Offices); unless one of these exofficio members will remain on the Council as a result of being elected for another of the ex-officio posts. Therefore, if one of these ex-officio members end their term of office at the same time and is not elected for another of the ex-officio posts, the ex-officio member necessary to satisfy this requirement will remain for one more year. The decision as to who will continue will be taken by the Council upon proposal by the President.

The minimum number of Council members is 7, the maximum 13; there cannot be more than two people in the Council from the same Country.

The Association is represented by its President or by any other person appointed by the Council.

Members of the Association are Honorary members, Senior members, Full members, Associate members and Congress members.

The General Assembly is the supreme authority of the Association. The meetings of the General Assembly can be ordinary or extraordinary.

Induction and Training of Council Members

All newly elected Council members received a copy of the Constitution and Rules as well as a formal presentation regarding the duties and the legal obligations as trustees with further links of relevant materials all of which they are asked to read carefully.

Council of Management’s Aims, Objectives and Responsibilities

The Council meets on average three to four times a year, plus there are other informal meetings as required. Due to the pandemic of Covid-19 and the subsequent limitation on face-to-face meetings, the Council decided to meet every two weeks to make sure that all decisions related to the many Charity activities were closely followed.

The Council is the executive body of the Association and in furtherance of the objects of the Association the Council may execute powers to:

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REPORT OF THE COUNCIL OF MANAGEMENT

Council of Management’s Aims, Objectives and Responsibilities (continued)

Charity 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 Charity and of its financial activities for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity, and enable them to ensure that the financial statements comply with relevant legislation. They are also responsible for safeguarding the assets of the Charity, and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Decision making and the relationship between offices

Overall, it is the General Assembly that is the supreme authority of the Association. The General Assembly can be ordinary and would be held at the time and place of the annual congress, or the General Assembly can be extraordinary, and summoned in special circumstances. The Council however is the executive body of the Association and acts on its behalf. The group has offices in various European countries, these offices are simply executive and not decisional, in fact staff follows the instructions outlined and decided by the Council.

Foreign Currencies

The activities of the Association are transacted in various foreign currencies, the primary currency being Euros. The financial statements of the Association are therefore translated into Euros where appropriate.

Subsidiary Trading Companies

The Association has a trading subsidiary company, ERA Eurocongress Limited, a company registered in England and Wales number 03431245. The company’s primary activity is to sell exhibition space, industry symposia, advertising and other services to companies mainly in conjunction with congresses arranged by the Association.

ERA Eurocongress Limited received, as a donation, on 4[th] April 2016 Euromeetings Srl, a small limited Italian company which, on September 4, 2020 was put into liquidation with the aim of closing it during 2021. The closure date of Euromeetings Srl was 9 November, 2021.

Objectives & Activities

The main purpose of the Association is the advancement of medical knowledge for professionals by promoting scientific and clinical advances in the field of nephrology, dialysis, renal transplantation, hypertension and related subjects and consequently is for the benefit of the patients and thus the public. The Association achieves its objectives by publishing medical journals ( Nephrology Dialysis Transplantation and Clinical Kidney Journal , both published by Oxford Univ. Press), holding annual congresses, producing epidemiological data for research in the field of interest of the Association through the ERA Registry (previously ERA-EDTA Registry), organising continuing medical educational courses, supporting fellowships and grants for young professionals, supporting scientific research for important scientific clinical trials that could bring extreme benefit to nephrology patients, but also supporting specific working groups and committees that engage both in research projects as well as in educational courses, producing advise and implementation guidance as well as position statements for clinical practice through its specific committee ERBP (European Renal Best Practice), disseminating educational material through its congresses and e-seminars (webinars) which in 2021 were done all virtually and co-operating with other scientific organisations to reach the objectives outlined above.

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EUROPEAN RENAL ASSOCIATION -

REPORT OF THE COUNCIL OF MANAGEMENT

Objectives & Activities (continued)

As happened in 2020 also in 2021, due to the continuing pandemic situation, the annual congress had to be transformed from a traditional live meeting into a fully virtual one in just a few weeks.

The 2021 Congress was again extremely successful both from an income point of view and also a participation point of view, with over 5,000 delegates attending virtually from all over the world and we were able to keep the same full scientific programme and key features. The 2021 Congress also introduced several novelties, among them, the CEPD Courses of the first day were included in the congress membership fee and the UEMS-EACCME accreditation for attendees was extended three months after the event thus also for the webcast (not only for the live streaming of the sessions).

During the 2021 General Assembly some very important resolutions were approved: the change of the name from ERA-EDTA to ERA (European Renal Association) and the removal from the board of trustees (Council) of the NDT Editor-in-Chief making this a financially compensated position, but more importantly, independent from any external influence that could distract from the aims of the Journal, which remain publishing the most relevant scientific output in the field of nephrology.

2021 saw the inclusion, within our very successful e-seminar programme, of seminars organized by our committees/working groups giving formal CME accreditation for professional development of our members.

The Council in 2021 appointed the new Editor-in-Chief of the Society’s sister Journal (Clinical Kidney Journal – CKJ), Maria Soler (Spain), who became the first woman to cover this role in the history of our Society, furthermore, due to the ever growing success of CKJ, the Council decided to transform the publication timing from bi-monthly to monthly..

In 2021 the EU funding supported project, of which ERA is a core member, NEPHROPATH (Nephrology Pathway) successfully started its training programme. The final aim of this specific project is to start a novel training programme for the nephrologists of the future in interventional nephrology thus benefitting the patient outcomes with regard to survival as well as quality of life.

Collaboration with other societies is key for reaching the aims of the Society and in 2021 the following projects/agreements were finalized: a special agreement between the European Society of Paediatric Nephrology and ERA’s Young Nephrologists’ Platform for joint educational activities, YNP also started a series of e-seminars with the Japanese Soc. of Nephrology. ERA instead signed a collaboration with the Korean Society of Nephrology and, finally, the three major Nephrology Societies worldwide, ERA, ASN (American Society of Nephrology) and ISN (International Society of Nephrology), published a common statement regarding Dialysis patients and Covid-19 vaccination which was circulated widely to all our contacts, thus not only our members.

ERA fully supports the ERA Registry that collects data from various Dialysis Centres in Europe to produce epidemiological studies and many excellent papers published in world renown scientific Journals. It also produced extremely relevant statistical annual reports that are freely accessible through our website. ERA also supports the ESPN/ERA Registry which is one of the most comprehensive paediatric nephrology databases worldwide and allows for many important publications.

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REPORT OF THE COUNCIL OF MANAGEMENT

Objectives & Activities (continued)

General awareness aimed towards the general public is also another topic that received major focus in 2021. The KHADs (Kidney Health Awareness Days – Healthy Kidney Campaign) is an initiative launched in 2021 in which ERA coordinates and supports National Societies of Nephrology with texts and tips on how to organize awareness campaigns in their respective Countries for a certain number of weeks before the annual ERA Congress. This initiative is integrated with the Cookbook project, again another ERA lead project, in collaboration with the National Societies of Nephrology to provide a platform for nephrology patients all over Europe (and the world) for special recipes with an international/national flavour that are most suitable for them. Awareness in the field of nephrology is badly needed and also for this reason ERA is part of various Alliances together with other medical Societies:

Efficiency is also a key element that the Council closely follows, in 2021 a PCO (Professional Congress Organizer) tender was performed and one appointed for the organization of the 2022, 2023 and 2024 Congresses, furthermore the administrative structure based on outsources professionals that also advice the Council for the allocation of funds available and investments has been further strengthened with formal presentations by said professionals at the Council meetings.

For a full and detailed outline of the various activities of the Association performed in 2021 please go to our web-site (www.era-online.org) to view the “2021 Annual Report”.

We have referred to the guidance contained in the Charity Commissions’ general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

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EUROPEAN RENAL ASSOCIATION -

REPORT OF THE COUNCIL OF MANAGEMENT

Financial Review

The net movement in group funds as shown by the Statement of Financial Activities on page 15 shows a surplus of €1,753,672 (2020: €1,083,016).

The Group’s principal funding sources are membership fees, congress memberships, congress exhibitions, various sponsorships mainly linked to the annual congress, unrestricted grants as well as the NDT and CKJ Journals. It is from these incoming resources that the Group is able to achieve and continue to support its main objectives.

Investment Policy & Performance

The day-to-day management of the Association's investment funds are delegated to professional investment managers. The Council of Management's Investment policy is to preserve the capital to further the Association’s educational and scientific activities investing a part of it in low / medium risk investments.

The Association’s views concerning investments are that any financial investment made should not cause a conflict of interest in the ethical or scientific aims of the Association.

Assets are managed by Azimut.

Movements on investments for the year are disclosed at note 8 to the financial statements.

Reserves Policy

The Council of Management’s policy on reserves is to accumulate surplus funds sufficient to sustain all the activities of the Association for at least a year in the event of some natural or political catastrophe resulting in the cancellation of the annual congress and therefore the loss of the major source of income for the Association. The reserves target is the annual turnover of at least two years of activities and at the year end the group held accumulated unrestricted funds of €11,093,345 (2020: €9,339,673). The current level of reserves are in line with the target reserves of c.€10.5m, which would be at least two years of turnover.

The charity holds a ‘Reserve Fund’ within its reserves which comprises the total market value of investments held at 31 December 2021 of €3,455,965, (2020 €2,709,033) together with cash funds of €Nil, (2019 €Nil); totalling €3,455,965 (2020 €2,709,033).

Fundraising Policy

We are not currently engaging in any fundraising activity as such no complaints have been received either in the current or the prior year.

Key management personnel remuneration

The trustees are deemed to be the key management personnel of the charity and are not remunerated for their services to ERA.

Risk Management Policy

The Council of Management has examined the principal areas of the Association’s activities and considered the major risks faced in each of these areas. In the opinion of the Council of Management the Association has reviewed systems which under normal circumstances should allow these risks to be mitigated to an acceptable level in its day-to-day operations.

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EUROPEAN RENAL ASSOCIATION -

REPORT OF THE COUNCIL OF MANAGEMENT

Risk Management Policy (continued)

The Council of Management has identified a number of risks and as a consequence has introduced the following Risk Management Policy:

Congresses

a) Reduction in Attendance

The financial viability of a congress is dependent on the number of registered congress members that attend. Circumstances out of the control of the Association may arise which significantly reduces the number of congress members attending the annual congress. To restrict the financial loss which would ensue, ERA and ERA Eurocongress have in place a contract with congress venues and associated suppliers which allows for a reduction in the rental space, temporary staff, and catering, without incurring any penalty.

ERA has the power to negotiate the variable costs in order to reduce considerably the penalty fees. Since 2020 ERA has invested in virtual IT applications and programmes that allow active participation by congress attendants also remotely in a virtual matter thus limiting substantially the problem of having a reduction in attendance. Furthermore, ERA does not have a different congress membership fee for in person / virtual attendees.

b) Congress Cancellation

Pandemic situations, acts of terrorism or political instability may result in the cancellation of a congress. To limit the consequences of this a 'force majeure clause' is included in contracts with all suppliers to avoid the payment of penalties in case there is a need to cancel the annual congress for such reasons. As payments are made over a long period of time and as political instability is difficult to predict. In case of cancellation agreements with the major suppliers have been put in place to use any eventual down-payment for a future annual congress thus avoiding any kind of penalty fee.

c) Personal Safety

Contracts with congress centres and commercial exhibitors who construct exhibition stands or sub-contract such work to be undertaken must provide evidence of adequate insurance cover for any personal injury which may arise as a result of accidents occurring to any congress members, speakers, or temporary staff. ERA has a specific insurance to cover any liability against third parties.

Employees

Financial Risks

Investment Managers are instructed not to invest in high-risk funds and additionally are required to regularly review the investment portfolio and provide a written report to the Council of the Association.

Records of the Association

Files held electronically are copied on a regular basis, such that information is held in at least two separate places.

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EUROPEAN RENAL ASSOCIATION -

REPORT OF THE COUNCIL OF MANAGEMENT

Risk Management Policy (continued)

b) Paper Files

Important paper files are held in the administration offices of the Association.

c) Confidentiality

Electronic data held by the Association is not disclosed to third parties without the permission of the Member providing the data.

d) Virus and firewall Protection

All computers used by the Association are checked at intervals with the most up to date firewall and antivirus software.

COVID-19 Pandemic

The COVID-19 pandemic presents a number of key risks to the operations of ERA and its trading subsidiary ERA-Eurocongress.

The travel bans in place at the scheduled time of the 2021 Congress have meant that 2021 Congress which was due to take place in Berlin was switched to a fully virtual Congress. Staff are able to work remotely if needed and records and systems needed to ensure the business continues are in place. Congress 2022 is planned to go ahead in Paris but in a hybrid version allowing ERA to switch to a fully virtual congress if needed. The same will be also valid for the Congress 2023 in Milan (which was moved from the 2020 one). Whilst there is expected to be an impact on subscriptions and memberships, this is not anticipated to be significant based on current assessments.

Management and the Trustees are regularly reviewing the financial impact of the COVID-19 pandemic and taking appropriate actions to mitigate the risks arising, to ensure the business can continue to grow and thrive.

Future plans and activities

One cannot start this section of the report without mentioning the horrific war that is ongoing in Europe, ERA has issued a very strong statement against this war and is actively coordinating the desperately needed support for our members (and their patients) in Ukraine, the coordination is done between the National Societies of Nephrology and our members within Ukraine.

Support and awareness are becoming more and more relevant and are becoming an important aim of our activities, thus adding to the more traditional ones of providing excellent education and science to professionals working in the field of nephrology – all however with the final aim of benefitting the patient.

Inclusiveness and also sustainability are becoming more relevant and key elements of these will become even more important at our annual in-person Congress.

In 2021 Council continued to hold meetings every two weeks even if in person meetings were also held. This initiative, driven by necessity, allows a much better collaboration among all Council members for a better understanding and thus implementation of all the many initiatives of the Society.

Another key element is the optimization of the Charity resources, the Council is very attentive to this governance aspect of the Association and continuous improvements and measurement are being put in place to make sure that the best cost/effectiveness is reached so that more funds can be used for special new initiatives, like educational tools (e-book) that is one of the future projects that the Council has recently approved.

By Order of the Council

…………………………………… (Secretary-Treasurer)

Date: ………………………… May 22, 2022

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATION

Opinion

We have audited the financial statements of European Renal Association (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise the Consolidated and Parent Charity Statements of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Consolidated and Parent Charity Cash Flow Statements 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 group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Council of Management, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Council of Management. Our opinion on the group and parent charity financial statements does not cover the other information and 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

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATION

Other information (continued)

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the group and parent charity 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 group and parent charity financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and the relevant regulations made or having effect thereunder.

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.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATION

Auditor’s responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATION

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

PKF Littlejohn LLP Statutory Auditor

15 Westferry Circus Canary Wharf London E14 4HD

Date: 22 May 2022

PKF Littlejohn LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

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EUROPEAN RENAL ASSOCIATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021

Group Group Charity
Charity
2021 2020 2021
2020
Total Total Total
Total
unrestricted unrestricted unrestricted unrestricted
Income from: Note funds € funds € funds €
funds €
Donations
Donations 2 29,276 79,177 29,276
79,177
Gift aid payments from subsidiary - - 1,299,870
999,114
Charitable activities 3 3,370,504 3,154,928 3,370,504
3,104,657
Other trading activities
Trading activity - Exhibition space, industry
symposia, sponsorship and other ancillary
services 2,190,480 1,346,862 -
-
Other trading activity – Euromeetings 51,846 158,961 -
-
Investments
Income from investments 8a
-		 - -
-
Interest received - 2 -
-
Other income 53,187 37,016 41,442
10,090
__ __ __
__
Total 5,695,293 4,776,947 4,741,092
4,193,038
__ __ __
__
Expenditure on:
Raising funds
Promotional activities 119,020 74,340 111,772
74,340
Other trading activity – Euromeetings 13,224 7,530 -
-
Charitable activities 4 3,943,861 3,546,333 3,306,254
3,036,695
__ __ __
__
Total 4,076,105 3,628,203 3,418,026
3,111,035
__ __ __
__
Net income before net gains on investments 1,619,188 1,148,744 1,323,066
1,082,003
__ __ __
__
Currency movements on translation (12,448)
(106,483)
30,263
(32,179)
Net gains on investments 8a
146,932		 40,755 146,932
40,755
__ __ __
__
Net income and net movement in funds 1,753,672 1,083,016 1,500,261
1,090,579
__ __ __
__
Reconciliation of funds:
Total funds brought forward 9,339,673 8,256,657 7,774,452
6,683,873
__ __ __
__
Total funds carried forward 11,093,345 9,339,673 9,274,713
7,774,452
__ __ __
__

All operations, other than Euromeetings are classed as continuing.

The notes on pages 19 to 31 form part of these accounts.

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EUROPEAN RENAL ASSOCIATION

CONSOLIDATED AND ASSOCIATION BALANCE SHEETS YEAR ENDED 31 DECEMBER 2021

Group
Notes
2021
€
Fixed assets
Property, plant and equipment
7
9,180
Investments
8
3,455,965
_
3,465,145
_
Current Assets
Debtors
9
1,220,413
Cash at bank and in hand
10
8,526,162
_
9,746,575
_
Liabilities
Creditors: Amounts falling due within
one year
11
1,984,941
_
Net Current Assets
7,761,634
_
Total assets less current liabilities
11,226,779
Creditors: Amounts falling due after more
one year
11
133,434
Net Assets
11,093,345
_
Funds of the Charity
Unrestricted funds
11,093,345
_
Total Charity Funds
11,093,345
 Group
2020
€
6,641
2,709,033
_
3,715,674
_
698,951
7,031,788
_
7,730,739
_
964,515
_
6,766,224
_
9,481,898
142,225
9,339,673
_
9,339,673
_
9,339,673
 Charity
2021
€
9,180
3,455,969
_
3,465,149
_
374,741
6,977,273
_
7,352,014
_
1,409,016
_
5,942,998
_
9,408,147
133,434
9,274,713
_
9,274,713
_
9,274,713
 Charity
2020
€
6,641
2,709,307
_
2,715,678
_
416,911
5,630,979
_
6,047,890
_
846,891
_
5,200,999
_
7,916,677
142,225
7,774,452
_
7,774,452
_
7,774,452

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

……………………………….

Prof. Ivan Rychlik (Secretary-Treasurer)

May 22,

The notes on pages 19 to 31 form part of these accounts.

16

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021

EUROPEAN RENAL ASSOCIATION

Notes
Net cash from operating activities
1
Cash flows from investing activities:
(Purchase) of fixed assets
Purchase of investments
Cash used by investing activities
Change in cash and cash equivalents
in the year
2
Cash and cash equivalents brought forward
Total cash and cash equivalents carried forward 3		 Group
2021
€
2,104,359
(9,985)
(600,000)
_
(609,985)
_
1,494,374
7,031,788
_
8,526,162
_		 Group
2020
€
1,565,410
(1,166)
-
_
(1,166)
_
1,564,244
5,467,544
_
7,031,788
_		 Charity
2021
€
1,956,279
(9,985)
(600,000)
_
(609,985)
_
1,346,294
5,630,979
_
6,977,273
_		 Charity
2020
€
1,487,072
(1,166)
-
_
(1,166)
_
1,485,906
4,145,073
_
5,630,979
_

17

EUROPEAN RENAL ASSOCIATION

NOTES TO THE STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021

1
Reconciliation of net movements in
funds to net cash flow from operating
activities
Net movement in funds for the reporting
period (as per the statement of financial
activities)
Adjustments for:
Net (gains) on investments
Charges adjustment on investments
Depreciation
Loss on disposal of fixed assets
(Increase) / decrease in debtors
Increase in creditors
Net cash generated from operating
activities
2
Reconciliation of net cash flow to
movement in net funds
Balance at 1 January
Net cash inflow
Exchange (losses) / gains on cash
Balance at 31 December
3
Analysis of cash and cash and
cash equivalents
Cash at bank and in hand		 Group
2021
€
1,753,672
(152,350)
5,418
6,955
492
(521,462)
1,011,634
_
2,104,359
_
Group
2021
€
7,031,788
1,506,822
(12,488)
_
8,526,162
_
Group
2021
€
8,526,162
 Group
2020
€
1,083,016
(46,091)
5,337
15,855
2,638
430,029
74,626
_
1,565,410
_
Group
2020
€
5,467,544
1,670,727
(106,483)
_
7,031,788
_
Group
2020
€
7,031,788
 Charity
2021
€
1,500,261
(152,350)
5,418
6,955
492
42,170
553,333
_
1,956,279
_
Charity
2021
€
5,630,979
1,316,031
30,263
_
6,977,273
_
Charity
2021
€
6,977,273
 Charity
2020
€
1,090,579
(46,091)
5,337
15,855
-
(133,407)
554,799
_
1,487,072
_
Charity
2020
€
4,145,073
1,518,085
(32,179)
_
5,630,979
_
Charity
2020
€
5,630,979

18

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting Policies

The Association is an unincorporated charity registered in England and Wales and with its principal office and operative headquarters disclosed on page 2. The charity’s principal objectives are disclosed on page 5.

The principal accounting policies, all of which have been applied consistently throughout the year, are set out below.

a. Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements consolidate those of the Charity and its wholly owned non-charitable subsidiary trading companies, ERA Eurocongress Limited as well as Euromeetings Srl up to the date it was placed into liquidation.

The financial statements are prepared in Euros which is the functional currency of the charity and to the nearest €.

The Charity constitutes a public benefit entity as defined by FRS 102.

b. Going concern

The financial statements are prepared on the going concern basis. ERA has consolidated reserves of 11,093,345 at 31 December 2021 including net current assets of €7,761,634 and cash at bank of €8,526,162.

The Trustees have reviewed the financial position of the charity at 31 December 2021 and considered their forecasts in relation to the potential ongoing impact of COVID-19 and consider the charity is a going concern for a period of at least twelve months from the date of signing these financial statements and that there are no material uncertainties to note.

The Congress 2022 in Paris and the Congress 2023 in Milan are planned to be held as hybrid events, both in person as well as virtually thus enhancing participation. In particular it is important to highlight that Congress membership fees are the same for in person and virtual attendance. There could still be an impact on subscriptions and memberships, however this is not anticipated to be significant based on current assessments.

Management and the Trustees are regularly reviewing the financial impact of the COVID-19 pandemic and taking appropriate actions to mitigate the risks arising, to ensure the business can continue to grow and thrive.

c. Fund structure

Unrestricted funds are general funds that are available for use at the Council of Management’s discretion in furtherance of any objectives of the charity.

19

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting Policies (continued)

d. Income recognition

All income is recognised in the period in which the charity is entitled to receipt, the amount can be measured with reasonable certainty and it is probable that the income will be received, and specifically as follows:

e. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are accrued insofar that the beneficiary has an expectation of receiving a grant as at the balance sheet date, but only if such grant is unconditional. Where the charity retains its discretion over grants to be made, and the grants are conditional on the beneficiary satisfying certain requirements, then such grants are not accrued.

iii) Support and governance costs and allocation

Support costs have been allocated to direct charitable expenditure based on proportion of direct costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

20

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting Policies (continued)

f. Property, plant and equipment

Property, plant and equipment costing more than €500 is capitalised and valued at its historical cost. Depreciation is charged over useful economic lives as follows:

Software - 33% on cost per annum. Office equipment - 33% on cost per annum Electronic equipment - 33% on cost per annum

Where the recoverable amount of an asset is found to be below its net book value, the asset is written down to its recoverable amount and the loss on impairment is charged to the relevant expenditure category of the statement of financial activities. Where an asset is not primarily used to generate income, its impairment is assessed by reference to its service potential on its initial acquisition. In the year the charity currently has no tangible fixed assets to which impairment provisions apply.

g. Fixed asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

h. Realised gains and losses

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

i. Foreign currencies

Transactions in foreign currencies are translated at an average rate calculated for the year. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. All other exchange differences are dealt with through the Statement of Financial Activities.

j. Taxation

The Association is registered as a charity under the Charities Act 2011 and it is not liable to UK tax on its income and chargeable gains, as they fall within the various exemptions available to registered charities.

Following the triennial review of FRS 102 applicable for accounting periods commencing on or after 1 January 2019, there must be a legal obligation in place in order for a donation of profit from subsidiary to parent to be recognised in the financial statements. There was no legal obligation in place at 31 December 2021 and so the donation of the subsidiary company’s profit to ERA has correctly not been recognised within these financial statements. Where the post year end payment of the profit for the previous financial year is deemed probable, this is taken into account within the tax computation of the subsidiary company.

21

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting Policies (continued)

k. Critical judgements and estimates

In the application of these accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects current and future periods. The Trustees consider the following items to be areas subject to estimation and judgement:

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

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

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

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

22

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

2
Income – Donations
Working Groups
3
Income – Charitable activities
Congress Proceeds:
- Direct - Congress Membership Fees
- Ancilliary - Grants received
Membership
Journals and Editorial Offices
Grants received
4
Expenditure – Support Costs
ERA HQ and staff management
Professional Fees – Governance costs
Administration Management
Miscellaneous
Staff costs
Bank Charges & Other Commission
Bad Debts		 Group
2021
€
29,276
_
29,276
_
Group
2021
€
1,708,795
-
365,215
1,296,494
-
_
3,370,504
_
Group
2021
€
96,333
260,022
152,710
3,311
942,466
45,225
15,834
__
1,515,901
 Group
2020
€
79,177
_
79,177
_
Group
2020
€
1,516,209
101,200
428,003
1,059,245
50,271
_
3,154,928
_
Group
2020
€
129,955
597,733
157,016
24
1,124,589
48,175
8,140
__
2,065,632
 Charity
2021
€
29,276
_
29,276
_
Charity
2021
€
1,708,795
-
365,215
1,296,494
-
_
3,370,504
_
Charity
2021
€
96,311
222,555
148,274
-
942,466
44,436
-
__
1,454,042
 Charity
2020
€
79,177
_
79,177
_
Charity
2020
€
1,516,209
101,200
428,003
1,059,245
-
_
3,104,657
_
Charity
2020
€
101,676
492,730
119,768
-
983,102
46,618
-
__
1,743,894

Support costs have been allocated to direct charitable expenditure based on proportion of direct costs. Staff costs are now allocated as support costs in furtherance of all charitable objectives of ERA.

23

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

4
Charitable Expenditure – Group
Direct cost
2021
€
Congresses and other trading
1,374,785
Education
78,407
Research
898,065
Meetings
27,636
Relations with Societies and Institutions
49,067
_
2,427,960
_
Charitable Expenditure – Group Comparative
Direct cost
2020
€
Congresses and other trading
377,561
Education
82,345
Research
940,828
Meetings
32,147
Relations with Societies and Institutions
47,820
_
1,480,701
_
Charitable Expenditure – Charity
Direct cost
2021
€
Congresses and other trading
799,037
Education
78,407
Research
898,065
Meetings
27,636
Relations with Societies and Institutions
49,067
_
1,852,212
_
Charitable Expenditure – Charity Comparative
Direct cost
2020
€
Congresses and other trading
189,661
Education
82,345
Research
940,828
Meetings
32,147
Relations with Societies and Institutions
47,820
__
1,292,801
 Support
cost
2021
€
858,349
48,954
560,708
17,255
30,635
_
1,515,901
_
Support
cost
2020
€
526,711
114,874
1,312,490
44,846
66,711
_
2,065,632
_
Support
cost
2021
€
627,267
61,552
705,009
21,695
38,519
_
1,454,042
_
Support
cost
2020
€
255,838
111,077
1,269,109
43,364
64,506
__
1,743,894
 Total
2021
€
2,233,134
127,361
1,458,773
44,891
79,702
_
3,943,861
_
Total
2020
€
904,272
197,219
2,253,318
76,993
114,531
_
3,546,333
_
Total
2021
€
1,426,304
139,959
1,603,074
49,331
87,586
_
3,306,254
_
Total
2020
€
445,499
193,422
2,209,937
75,511
112,326
__
3,036,695
 Total
2020
€
904,272
197,219
2,253,318
76,993
114,531
_
3,546,333
_
Total
2020
€
445,499
193,422
2,209,937
75,511
112,326
_
3,036,695
_

24

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

5
Staff Costs
Wages and salaries
Social security costs		 Group
Group
2021
2020
€
€
538,189
661,164
404,277
463,425
_
_
942,466
1,124,589
_
_

The average number of employees during the year was 9 (2020: 12) with all employee time involved in providing either support services to its governance and charitable activities.

During the year ended 31 December 2021, termination payments totalling €17,561 (2020: €Nil) were paid to 2 (2020: Nil) employees. There were no termination payments outstanding at the year end.

The number of employees whose total employee benefits exceeded €70,000 for the year ended 31 December 2021 and fell within the following band was:

2021 2020
€70,001 - €80,000 1 -
€80,001 - €90,000 1 -
€90,001 - €100,000 - 1
€100,001 - €110,000 - -
€110,001 - €120,000 1 -

ERA considers its key management personnel to comprise three from the ex-officio members (President, Secretary-Treasurer, Renal Science Chair (former Chair of Administrative Offices)) detailed on page 1. No key management personnel received any remuneration for their services. No Trustees were remunerated by the charity (2020: €Nil).

During the year ended 31 December 2021 sums totalling €11,986 were paid to 12 (2020: €7,500 paid to 10) Council members in relation to the reimbursement of travel and subsistence expenses.

6
Auditors' Remuneration
Fees payable to the Company's auditor and its associates for the
audit for the Group's annual financial statements (including
subsidiary companies)
Fees payable to the Company's auditor and its associates in
respect of:
Taxation compliance services
All other services		 Group
2021
£
42,450
4,310
15,850
62,610		 Group
2020
£
39,300
4,000
14,680
57,980

25

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

7
Tangible Assets – Group & Charity
Computer
Furniture
Electronic
Software
& Fittings Equipment
Cost
€
€
€
At 1 January 2021
1,648
18,369
129,823
Additions
-
3,928
6,057
Disposals
-
(6,934)
(111,329)
__
_
_
At 31 December 2021
1,648
15,363
24,551


_
Depreciation
At 1 January 2021
824
18,360
124,015
Charge in year
549
659
5,746
Disposals
-
(6,929)
(110,842)


_
At 31 December 2021
1,373
12,090
18,919


_
Net Book Value
31 December 2021
275
3,273
5,632


____
31 December 2020
824
9
5,808


 Total
€
149,840
9,985
(118,263)
_
41,562
_
143,199
6,954
(117,771)
_
32,382
_
9,180
_
6,641

26

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

8 Investments - Charity & Group
Group - Listed non-UK investments on recognised
stock exchanges (note 8a)
Investment in Subsidiaries
Charity 2021
Historical Cost
Group - Listed non-UK investments on recognised
stock exchanges (note 8a)
Investment in Subsidiaries
Charity 2021		 2021
€
3,455,965
4
_
3,455,969
_
2,400,000
4
_
2,400,004
_		 2020
€
2,709,033
4
_
2,709,037
_
1,800,000
4
_
1,800,004
_

Subsidiary Undertakings

ERA Eurocongress Limited is a company registered in England and Wales under the company number 03431245 and is wholly owned by the Charity. The company prepares financial statements to 31 December and has reported the following:

2021 2020
€ €
Net assets 1,818,639 1,540,144
Turnover 2,190,480 1,561,521
Expenditure (2,017,506) (1,485,344)
Profit 172,974
__		 76,177
__

Euromeetings Srl is a company registered in Italy. 100% of the issued shares of this company were gifted to Era Eurocongress Limited on 4th April 2016 and from this date the results and net assets of the company have been consolidated into the group financial statements. At the date of gift the net assets of Euromeetings Srl amounted to €101,011. The Company, that was put in liquidation at 4 September 2020, prepares financial statements to 31 December and the following is a summary:

Net assets
Turnover
Expenditure
Transfer on liquidation
(Loss) / Profit		 2021
€
-
52,001
(35,963)
(16,038)
-
 2020
€
91,351
214,309
(441,804)
-
(227,495)

27

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

8aSummary of Investments
Azimut
- Euro fund
Gains
Losses		 Market
Value
31.12.20
Additions
€
€
2,709,033
600,000
_
_
2,709,033
600,000
_
_		 Realised
Unrealised
Adjustment
Disposal gain / (loss) gain / (loss)
for charges
€
€
€
€
-
-
152,350
(5,418)
_
_
_
_
-
-
152,350
(5,418)
_
_
_
_
-
152,350
-
-
_
_		 Market
value
31.12.21
€
3,455,965
__
3,455,965
__

The above investments are listed on a recognised stock exchange.

28

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

9
Debtors : Amounts falling due within one year
Group
2021
€
Amounts due from subsidiary undertaking
-
Trade debtors
-
Future congress expenses paid in advance
19,385
Membership fees receivable
25,225
Other debtors
28,101
VAT
-
_
72,711
_
Debtors: Amounts falling due after more than one year
Trade debtors
470,057
Future congress expenses paid in advance
656,845
Other debtors
20,800
_
1,147,702
_
Total Debtors
1,220,413
_
10Cash at bank and in hand
Group
2021
€
Bank accounts
8,520,809
Petty cash accounts
5,353
_
8,526,162
_
11Creditors: Amounts falling due within one year
Group
2021
€
Other creditors
115,741
Accruals and deferred income
1,869,200
Amounts due to subsidiary undertaking
-
_
1,984,941
__
Creditors: Amounts falling due after more than one year
Deferred salary
133,434
 Group
2020
€
-
16,934
158,940
7,576
66,102
21,485
_
271,037
_
-
407,114
20,800
_
427,914
_
698,951
_
Group
2020
€
7,029,345
2,443
_
7,031,788
_
Group
2020
€
123,658
840,857
-
_
964,515
__
142,225
 Charity
2021
€
-
-
19,385
25,225
28,101
-
_
72,711
_
-
281,230
20,800
_
302,030
_
374,741
_
Charity
2021
€
6,972,591
4,682
_
6,977,273
_
Charity
2021
€
59,443
1,349,573
-
_
1,409,016
__
133,434
 Charity
2020
€
-
-
19,385
7,576
66,001
-
_
92,962
_
-
303,149
20,800
_
323,949
_
416,911
_
Charity
2020
€
5,628,759
2,220
_
5,630,979
_
Charity
2020
€
37,550
796,644
12,697
_
846,891
__
142,225

29

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

Deferred Income
At 1 January
Resources deferred in the year
Amount received from previous year
At 31 December		 Group
2021
€
77,218
1,465,044
(57,218)
_
1,485,044
_		 Group
2020
€
103,759
77,218
(103,759)
_
77,218
_		 Charity
2021
€
77,218
973,757
(57,218)
_
993,757
_		 Charity
2020
€
103,759
77,218
(103,759)
_
77,218
_

Deferred income mainly relates to membership income received in advance of the following year along with Congress income received in advance of the following year.

12Net Assets
Fixed Assets
Property, plant and
equipment
Investments
Net current assets
Creditors due after more
than a year
Total		 General
Fund
€
9,180
-
_
9,180
_
7,761,634

(133,434)
__
7,637,380
 2021
Reserve
Fund
Total
€
€
-
9,180
3,455,965
3,455,965
_
_
3,455,965
3,465,145
_
_
-
7,761,634
-
(133,434)
_
_
3,455,965 11,093,345

 General
Fund
€
6,641
-
_
6,641
_
6,766,224
(142,225)
__
6,630,640
 2020
Reserve
Fund
€
-
2,709,033
_
2,709,033
_
-
-
__
2,709,033
 Total
€
6,641
2,709,033
_
2,715,674
_
6,766,224
(142,225)
__
9,339,673

In accordance with the Council of Management Report the 'Reserve Fund' which comprises the total market value of the investments at the year together with cash funds held in those investments totalled €3,455,965 (2020: €2,709,033) which is below the 'Reserve Fund Maximum Amount of €6,000,000.

13 Gifts

The Association receives services for which no costs are charged. No monetary amounts have been included within the financial statements as it is difficult to quantify these benefits and in the opinion of the Members of the Council, these benefits are not material to the accounts.

30

EUROPEAN RENAL ASSOCIATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

14 Related Parties

As at 31 December 2021 the Association was owed €Nil (2020: €12,697) from its subsidiary company ERA Eurocongress Limited which includes €Nil (2020: €Nil) as a gift aid payment.

During the year, the partner of the Executive Director, Monica Fontana, was paid €48,635 for services provided to the charity on an arm’s length basis.

There were no other related party transactions during the current or the prior year.

15 Contingent Liabilities

As noted in the Report of the Council of Management, the Association has indicated its intention to support research projects into the future through the payments to outsourced professional companies in charge of preparing the application for EU funds. At the year end the Association had indicated its intention to set aside funds for this purpose.

16 Capital Commitments

During 2021, the Group committed to incurring capital expenditure on website development of €124,000 + VAT (2020:€Nil). This commitment is expected to be settled in 2022.

17 Operating Leases

The group had the following future minimum lease payments under non-cancellable operating leases for each of the reporting periods:

Payments due
Not later than one year
Later than one year but not later than five years		 2021
€
12,000
66,800
_
78,800
_		 2020
€
16,392
77,800
_
94,192
_

31