EUROPEAN RENAL ASSOCIATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 EUROPEAN RENAL ASSOCIATION - CONTENTS Page Reference and Admlnlstrattve Details Report of the Councll of Management 3-10 Report of the Audltors Consolldated and Assoclatlon Statement of Flnanclal Actlvitles 15 Consolldat8d and A880clatlon Balance Sheets Consolldated and Assoclatlon Statement of Cash Flows 17-18 Statement of Accounllng Pollclgs 19-22 Notes to thè Flnanclal Statements 23-31 EUROPEAN RENAL ASSOCIATION - REFERENCE AND ADMINISTRATIVE DETAILS Status The following report and financial St￿ements describe the cc¥nbined affairs of the Associalion £nd its subsidiary company con5011dated togeth8r as a charitable group. A report and financial statements for the subsidiary company is available separately. Council of Management (all were In offic8 at 31 Decomber 2024) a) Five ex-officio members, namgty Prof. Maria Rosser Torra Balcells {President) (tenn started 25 May, 2024) Prof. Dimitrios Goumenos (Secretary-General) (term started 25 May, 2024) Prof. Muslafa Arlci (Treasurer) (term started 25 May, 2024) Prof. Danilo Fliser (Renal Science Chair) Prof, Alberto Ortiz (Clinical Nephrology Govemance Chair) Prot. Christoph Wann8r (President) (lemi ended 25 May, 2024) Prof. Ivan Rychlik (Secretary-Treasurer) (term ended 25 May, 2024) b) Elght full ordinary members, namely: Prof. Ana Carina Costa Ferreira Prof. Pieter Evenepoel Prof. Giovanni Gambaro Prof. Giuseppe Grandaliano Prof. Albert Ong Prof. Pantelis Sarafidis Prof. Kitty Jacoba Jager (term started 25 May, 2024) Prof, Jennifer Susan Lees (term started 25 May, 2024) Prof. Alexander Rosenkranz (term ended 25 May, 2024) Prof. Serhan Z. Tuglular (term ended 25 May, 2024) Prof. Slren Sezer {ObseDier Ordinary member) (temi started 25 May, 2024) Executlve Dlrector Monica Fontana Independent Audltor PKF Littlelohn LLP 15 Westferry Clrcus Canary Wharf London E14 4HD United Kingdom Reglstered Charity Number 1060134 EUROPEAN RENAL ASSOCIATION - REFERENCE AND ADMINISTRATIVE DETAILS Maln Bankers & Investment Advlsors HSBC UK Bank PIC 69, Pall Mall St James London SW1Y SEY Unrted Kingdom UBS AG 45, Bahnhofstrasse CH4098 Zurich Switzerland Azimut Capital Management 4, Via Cusani 20121 Milano Italy Credit Agricole Carlparma Piazzale Barbieri 291A 43125 Parma Italy Reglstered Offlce 15 Wesiferry Circus, Canary Wharf London E14 4HD Unlted Kingdom Operatlve Headquarter8 Strada dei Mercatl. 161A 43126 Parma Italy Sollcltors Ru88ell£o(A(e 2 Putney Hill London SW15 6AB United Kingdom EUROPEAN RENALASSOCIATION- REPORT OF THECOUNCIL OF MANAGEMENT The members of the Council have pteasure in presenting their report, together with the audited financlal statements for the year ended 31 D￿rnber 2024. Structur•, Governanco and Management European Renal AsS￿lation is an unincorporated associallon which was registered with the Charity Commissioners on the 14 January 1997 under number 1060134. The General Assembly, on June 7, 2021, declded to chang8 the name of the Charity from European Renal Association European Dialysls and Transplant Association (ERA-EDTA) to European Renal Association (ERA), receiving formal approval by the Charity Commission for this change, The governlng instrumenl is the CharitVs Constitution, which was last revised and approved on June 17, 2023. The admlnistration of the Assoclation as detemiin8d by the Constitution 15 carrfed out by.. Th8 General A&8embly Th6 Councll b) The Presldent of the Association The Secr8tary-General The Tr6asurer The Renal Sclence Chair The Chair of the Registry Elaciion of Councll Members d) g) Ordlnary members of the Council are elected by the General Assembly. The candid8te8 musl be full members and supported by two otherfull members. The lem of the ordlnary council members is Ihree years. An ordinary member at the expiry of hislher period of office wlll be ineligible for re-election as an ordinary member of the Councll for a period of three years. There are eight ordlnary 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 8UPPOrted by two other full members, furthermore the Candidates musl have al least five years seniority in the AssociatKJn. There are five eX￿ffICi0 members.. 1) The Presldent of the Association is appointed for a period of three consecutiv6 years and cannot be re.elected, He or She can only be appointed if he or she was elected as an ordinary council member. 2) The Secretary-G6neral Is appointed for a perlod of three years and may be re-6lectgJ for a further p8riod not exceeding three year8. 3) The Treasurer is appolnted for three years and may be re4J8Ctgd for a further period not exceeding thre8 years. 4) The Renal Scienc8 Chair is appointed for three years and may be re-elected for a further period not exceeding three years. S) The Chair of the Registy Is appolnted for three years and may b8 re-elected for a further period not exceeding three years. EUROPEAN RENALASSOCIATION- REPORT OFTHE COUNCIL OF MANAGEMENT Structure, Governance and Management Icontinued) The minimum number of Council members is 7, the maximum 13; there cannot be more than two people in th8 Councll from the 3ame Country. The Association is represented by its President or by any other person appointed by Ihe Council. Members of the Association are Honorary members, Senior members, Full members, Asso¢late members and Congress members. Th6 General Assembly is the supreme authority of the ASs￿lation. The meetings of the General AssembEy can be ordinary or exlraordinary. Inductlon and Tralnlng of Councll Memb8rs All newly elect8d Councll members recelved a copy of the Constitution and Rules as well a8 a formal presentation regarding the duties and the legal obligations as trustees with further links of relevant materials all of whlch they are asked to read carefully. Finally, they must sign an official d8claration that confims that they are suitable, accordlng to the law. to act as Council memben8 (being the Tru$iee8). Councll of Manag6m•nt's Alms, Objectlves and Responslblliti68 The Council meets on average trthce a month (vlrtual Councll meetings) and four tlmes a year (in person), plus Ihere are other informal me81ings as required. The virtual meetings started during the Covid-19 pandemk but have been instrumental lo make sure that all declslons related to the many Charity acllvltle8 are closely followed Ihus thls initiative continues. The Council is the executive body of the Assoclation and in furtherance of the objects of th8 As8OCl8tion the Council may execute p￿erS to., Ralse funds b) Buy, lake on, leasg or exchange any property Subject to consent, sell. lease or dispose of all or any part of the property of the Assoclatlon Subject to consent, borrow and charge all or any part of the property ofthe Assoclation Employ and dismlss staff Co-operate viiih other charities Support any charitable trusts Incorporate a subsldiary company Do all such other lawful things to achieve the otiectlves of the Asswiation. d) h) EUROPEAN RENALASSOCIATION- REPORT OFTHECOUNCIL OF MANAGEMEKr Council of Management's Aims, Objectives and Responsibilitles (continued) Charity law requires the Trustees to prepare financial statements for exh financial year which gwe 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 slatements, the Twstees are required to: Select sultable accounting pollcies and then apply them consistent Make judgements and estimates Ihat are reasonable and prudent State whether the policies adopted are in accordance with the Statement of Recommended Practice for Charities, and with appllGable acGounting standards, subject to any mat8ri81 departures disclosed and explalned In th8 financial statements Prepare the financlal statements on ihe going concern basis. unless it is inapproprlate to assume that the Charity will wntinue in busi1￿S b) d) The Trustees are responsible for keeping proper accounting records which disclose wtth reasonable accuracy at any tlme the flnanclal position of the Charity and enable them to ensure that th8 financlal statéments comply wllh relevant leglslatlon. They are also responsible for 5af8guarding the assets of the Charity, and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities, Do¢18lon maklng and the relatlonshlp between offlce$ Overall, it Is the General Assembty that is the supreme authorily of the AssocialK)n. The General Assembly can be ordinary and would b6 held at the time and place of the annual congress, or the General Assembly can be extraordinary, and Summoned in speclal circumstances. The Council however Is the exe¢uttve body of the Assoclalion and acts on its behalf. Th8 group has office8 in varlous European countrie5. these offic88 are simply executlve and not decisional, in fact staff follows the inslruclions outlined and decided by the Council. Forelgn Currencles The activities ofthe AssoclatiDn are transacted in vartous forelgn currencles, the primary currency being EuroB. The flnanclal slalements of the Associatlon are Iherefore translated into Euros where appropriata. Subsldlary Tradlng Companle8 Th8 Association has a trading subsidlary 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 Associatlon. Objectlves & Actlvltles The maln purpose ofthe Associatlon is the adv8ncement of medical knowledge for professionals by promotlng sclenlifi¢ and cliniGal advances in the field of nephrology, dialysis. renal transplantation. hypertension and related subject8 and consequently is for the benefit of the patients and thus the public, Th8 Association 8chieves its objectrves by publishing medical journals (Nephrology Dialysis Tr8nsplanlalion and Clinical Kidney Joumal, both published by Oxford Univ. Press), holdlrKJ annual congresses, producing epidemiological data for research in the field of Inte￿St of the Assttiation through the ERA Registry, organising continuing medical educational courses, 5UPPOrting fellowships and grants for young professionals. supporting 'seed money" to then receive granls {i.e. EU Granls) for scientific research for important scientific clinical trials that could bring extreme benefit to nephrology patients, but also supporting specific working groups, task forces and committees that engage both in research projects as well as in educational courses. producing advis8 and implementation guidance as well as kY)silion slaternents for clinical practice through Its specific committee ERBP (European Renal Best Practice), disseminating educational material through its congresses and seminars (webinars) and co-operating with other scientific medical organi5ations to reach the objectives oullined above. EUROPEAN RENALASSOCIATION- REPORTOFTHECOUNCIL OF MANAGEMENT Objectives & Actlvltles {¢ontlnued) The officers of the European Renal Association (EFIA), together with the entire ERA Council are honoured to present this report on the activities of our Society of 2024. In 2024 the UEMS (European Unlon of Medical Specialists) Renal Section and a group of key stakeholders from ERA (including representatives of ERA'S Young Nephrologists. Ptaifonn YNP) have started working together to establish a nephrology curriculum within Europe with the aim of unifying the currlculum by creating minimum basic standards and cleaty defining'what a nephrologist is. it goes without saying that working very closely with Nation81 Societies of nephrology that must be fully involved in the preparations of the curriculum Is essential. Last, bul certainly not least, the ERA through its Neph-manual would provide trainiThJ conlent for sitting the exam and, therefore, new chapters need to be created (and av&lable for free for all ERA member8) once the curriculum is ready. The Natlonal Soclety ERA Membershlp project was so successful that, by the end of 2024. the ERA membership reached th8 unprecedented number of 28,447 active members. Not only European countri88 lolned, bul also olher Swielies outside of Europe." the SLANH {s￿ledad Latino Americana de Nefrologla e Hipertenslon) and the Indian Society of Nephrology. We are ¢urrentty in the final slages of flnalÈzing yet another agreement with the ANZSN (Australia and New Zealand Soc. of Nephrology). The Congress in Stockholm (Sweden) was a great succes8 and continued th8 pre-Covid19 trend wlth almost 9.000 particSpanls. An outstanding session regarding the outcome of the FLOW (Evaluale Renal Functlon with Semaglutide Onc& Weekly) Study, showing that semaglutide slgnificantly reduces the risk of major kldney disease events, cardiovascular outcomes. and all-cause mortality in pallents with lype 2 diabetes and chronic kldney disease, was presented during the Congress and, for the first Ilme. these results were so impactful on clinical pract1￿, thus for the benefit of nephrology pallents, that mention was made of this session In many of th& lay newspapers (The Guardian, CNN, the New York fimes, etc.). Due lo the growing success of the contenl of the annual Congress. the ERA Council decided to publish a Speclal supplement of CKJ (Clini¢81 Kidney Joum80 dedicated to the highlight8 of Ihe ex¢8116nt content presented. Such a supplement will become a standard feature of CKJ. Sustainablllty remalns a very Important part of ERA'S strategic goals. For the Stockholm Congress, two special 'to do" infographics were prepared, one for our participants and one for our sponsors. on how they would also contribute with very practical tlps to the sustainability of our annual Congress. ERA also hired a specialized company for a long-temi commitment to measure the CO2 emissions of our annual Congress and how we can mltigate it. Last, bul certainly not least, a new Task Force was created in 2023, but started ils activities in 2024, to support ERA'S efforts in this field, not only linked to the organizalion ofthe annual Congress, but much more Importantly to Sustainability In Nephrology (the Sustainable Nephrology Task Force). As already happened last year, ERA gave a complimentary congress membership to all Ukrainian nephrologisls and this will continue until the horrific ongoing conflict in Ukraine will end, thus allowing all our m8mbers living and working in this country to fully attend the Congress (which is hybrid). The extension for Ukraine was also given for the ERA membership whlch is alx) complimentary. Legacy and creating awareness is another key element that ERA wishes to introduce, starting 2025. durlng Its annual Congress. In Vienna during the 2025 Congress, with the essential support and coordination of the Austrian Society of Nephrology, important projects both to cr8ate awaren8ss (with a screening project of and for the general public) as well as a legacy projecl with some kKal school children, will be implemented. In 2024 Ihe ASN (American Society of Nephrology)-ERA-ISN (International Society of N@phrology) Kldney Support Initiatlve Task Force was created to ensure kidney patients receÈve essential care during humanitarian crlses. this important initiative is CCM)rdinated by ERA. The aim is to creale a unified emergency response strategy and enhance global preparedness and response for nephrologists, healthcare workers, and patlents. The Task Force will collaborate with key stakeholders (an agreement with Direct Rellef will be signed in 2025 to reach this aim), unify resources from the Societies, and translate and circulate these malerials. Ethical considerations, systematic training. and patient education materials, including booklets and infogr8phScs, are key priorities. EUROPEAN RENAL ASSOCIATION - REPORT OF THE COUNCIL OF MANAGEMENT Objectives & Actlvltles (contlnuod) On the olher hand, ERA'S Kidney Refief in Disasterfs Task Force in 2024 launched the work related to the creation of a very practical manual that will support khlney doctors. professionals as well as patients, with very clear information (via infographics, etc.), in different languages. to address critical situalions for this, very often, neglected grotsp of patients during "disasterf (natural andlor man￿fiade) situations. This manual with 811 its r680urces, once publlshed, will be available for free for all. Networking and collaboration with other Socletles is key for ERA and in 2024 ERA launched a new series of Eduaatlon Meetings (two) and one Science Meeting- these meetings will start taking place In 2025. The idea behlnd the ERA Education meetings is to bring the educational content of the annual ERA Congress to areas of Europe where the ERA Congress cannot be held, in fact due lo its growing size there are not many venues that can now host It. These meetings. whl¢h are ful￿ funded by ERA, are organized In close collaboration with the local National Society and are espec5ally targeted to young specialists living In the region. ERA Science instead is meant to allow experts in a speGific very 'hot topic. in nephrology lo °brainstonn" and reach a consensus and thus a scientific paper (lo be published in one ofth6 ERA Journals) fora needed cllnlcal output, 80 as to, In the end, benefit the clinlcal care for kldney patients. One of the most successful collaboratlons that ERA has had for many years is the one with the Japanes8 Society of Nephrology which culminated in an important m8eiiry held in September 2024 in Kyoto on Kidney H9ath in Aging andAged Societies (done also in collaboration wilh the Japanese Society for Dialysls Therapy). Tha outcome of this meeting was a paper that will be published (Open Access) in NDT In 2025.. Maintaining Kidney H98lth in Aging Societies. In 2024 the work in the field of Publi¢ Affalrs Started and one of the most tanglble results was a Jolnt collaboration wlth ASN and ISN producing an important artlcle, published in Nature Review Nephrology, on 'ChronlG kidney dis88se and Ihe global publlc health agenda.. an intemational consensus. This important activity has allowed ERA to 8UPPOrt lobbylng activities at VIHO level to flnally include kldney disease as one of the malor worldwide chronic disease8. 2024 was also the y8ar In which we launched the translation into the 7 main languages used in Europe of all our web8lte content.. this Is an Important effort that ERA wishes to make to become more inclusive. In October 2024 ERA launched an e-leamlng platfomi to optimize all its educatlonal content in one single plalfomi thus allowing its members to rapidly recelve important educati¢)nal content for thelr personal professional growth. 'In 2024, a new Important fellowship on Msc in Clinical Trials began. The Msc in Clinical Trials is a two-year, distance learning course with two residential sessions in Oxford that provides a thorough trainlng in both the theoretical and practlcal aspects of conducting randomised clinical trials. The fellowship covers the luition fee8 plus accommodalion in Oxford during both short r8sidential sesslons and will allow training for nephrologists In thls very important fleld of expertise that is now lad(ing. Furthemiore, the Council decided to launch two new fellowships (calls will be made in 2025).. one on Interventional nephrology and the olher one lo favour knowledge exchange. In particular, th8 Knowledge Exchange Programme aims to promote lh8 exchange of expertise and innovative clinical practices betsveen leading nephrology professionals and institullons withln the ERA eo ra hical area. By facllllating the exchange of knowledge and skills. the progr8mm8 alms to wnprove the quallly of nephrology ¢gre and education on a global scale. Patient involvement in ERA'S activities is growing and in 2024 a collaboration between the European Federatlon of Kidney Patients and YNP started to involve patients in the YNP e-seminar series. Guidance remains a key element of ERA'S obj'edives towards all its members for clinical practice and thus for th8 kldney palienl's benefit. For this reason, Ihe collaboration with KDIGO (Kidney Disease- Improving Global Outcomes) has been up-graded to include commentary papers by our expert Working Groups on KDIGO guldelines. ERA is also collaborating with other societies to produce guidelines, in 2026 a European Sociely of Cardiology (ESC) Guidelines for the management of cardiovascular disease in Ghronic kidney diseas8 (working title], developed in collaboration wilh the European Renal Association (EFiA> (the Task For￿ Chairs are Kevin Damman and Will Herrington) will be published. Furthemiore, a current collaboralion is with ESE (European Society for Endocrinology), to produce a150 in 2026 a Guideline on Hyponatraemia. Chalred by EUROPEAN RENAL ASSOCIATION- REPORT OFTHE COUNCILOF MANAGEMENT Objectlves & Activities (contlnued) Mark Sherlock (ESE) and Ewout Hoom (ERA). Hyponatraemla is the most common dectrolyte disorder encountered in clinical practFce and is associated with increased mortality, morbidity and length of hospltal stay. In additlon. hyponatraemia often poses a diagnostic and Iherapeutic challenge to clinicians. ESE and ERA join forces to produce praciical. handS￿n guidan￿ on this dinically relevant condition. The loinl guideline will provide recommendations, based on systematic literature assessment and cllnical expertise, on how lo diagnose and treat hyponatraemia. Wrth this guideline, ESE and ERA aim to support clinlcians in optimising clinical care for adult patients with hyponatraemia. The finalization of this guldeline wlll be dlscussed at a face-topface meeting held in the ERA HQ in Pama in October 2025. In 2024 the ERA HQ in Parma hosted many face-to-face meetings (24). fully hosted by ERA, for its many Internal meetings. Such meetings have resulted in extremely productive outcomes Ilnked to excellent networking opportunities for all volunteers as well as to important publications in the fleld. Thls has fully justified the investment made by the Society in creating this structure optimizing the resources of both staff and volunteers. For a full and detailed outline of the various activities of the Assoclatlon perfomied in 2024 please go to our website {www.era-online.org) to view the .2024 Annual Reporf. We have referred to the guldance contained in the Charity Commission8' general guidance on public benef when reviewlng our alms and objectlves and In planning our future activities. FlnanGlal Revlew The net movement in group funds as shown bythe Statement of Financlal Actmtles on page 15 shows a surplus ofE2,906,257 (2023: E2,558,931). The Group's princip81 funding sources are membershlp fees, congress memberships, congress exhlbitions, varlous sponsorships mainly linked to the annual congress, unrestricted grants as well a8 the NDT and CKJ Journals. It is from these Incoming resources that the Group 18 able to achieve and continue lo Support ils maln objectives. Investment Pollcy & Perfomiance The day-to-day management of the Associ8tion'8 Investment funds are delegated to professional investment managers. The Council ofmanagement's Inveslmentpolicy is to preSe￿e the capital to furthertheAsso¢lation's educatlonal and scientlffc actlvilies Investing a part of It in low I medium rlsk Investrnents. The Association'3 ￿ewS concerning Investments are that any financial investment made should not cause 8 confllct of Interest in the ethical or scientrfic aims of the Association. Assets a￿ managed by Azimut. Cash fvnd8 remunerated at fixed interest rates are held wilh HSBC. Movements on Investments tor the year are disclosed at note 9 to th8 financial statement5. Reserves Poll¢y The Council of Management's policy on reserves is lo accumulate surplus funds sufficient to sustain all the activities of the Association for at least Iwo yeais 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 expenditures of at ￿ast hvo years of activities and al the year end the group held accumulated unrestricted funds of É18,281.442 (2023: E15.375,185). The current level of resenfes is in line with the targel r&8erves of E12,600,000, which would at least iwo years of expenditure. The charity holds a 'Reserve Fund, wthin its resetves which comprises the total market value of the lisled Investments held at 31 December 2024 ofE3.599.819. (2023 É3,292,223). EUROPEAN RENAL ASSOCIATION - REPORT OF THE COUNCIL OF MANAGEMENT Fundralsing Pollcy We ar8 not currently engaging in any fundraising activty as such no complaints have been received either In the current or the prior year. Key manag8mont personnel remuneration The trustee5 are deemed to be the key management personnel of the charity arKI are not remunerated for thelr Services to ERA. Rlsk Management Pollcy The Councll of Man8gement has examined the princlpal areas oftheAss¢xiallon's a¢tFVitle8 and considered the major rlsks faced In each of these areas. In the oplnion of the Council of Management the Assoclation has reviewed sy81ems which under nomial circumstances should allow these risks to be mitigated to an acceptabl8 level in its day-to-¢Jay operalions. The Councll of Management has identlfied a numberof risks and as a consequence has introduced the ft)Ilowing Rlsk Management Policy.. Congresses a) Reductlon In Attendance The financial viability of a congress is dependent on Ihe numberof reglstered congress members that attend. Circumstances out of the control of the Asso¢ialion may arise which significantly reduces the number of congress members attending the annual corYJress. To restrict the financial loss which would ensue, ERA and ERA-Eurocongress Ltd. have the power to negotlate the variable costs in order lo reduce considerably the eventual penalty fees. Since 2020 ERA has Invested in virtual IT applications and programmes that allow active participation by congress attendants also remotely in 8 Virtual matter thus Ilmlting substantially the problem of having a reductlon in attendance. Furthermore, ERA doe$ not have a dlffer6nt congress membership fee for in person I virtual attendees. b) Congress Can¢ellatlon Pandemlc situallons, acts of terrorism or polStical instability may result in the cancellatlon of a congress. To Ilmit 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 predlcl. In case of cancellation agreements wlth the major suppliers have been put in place to use any eventual down-payment for a future annual ¢ongress thus avolding any kind of penalty fee. c) Personal Safety Contracts with congress centres and commercial exhibitors who construct exhibition stands or 3ub Staff employed by the Association are issued with appropriate contrads which meet all legal requirements of the countries where such staff are wnployed. b) Obligatory insurance is included in contracts in all the countries where ERA staff ar8 employed. Additional Insurance is available for employees who are required to travel as a consequence of Iheir employment. EUROPEAN RENALASSOCIATION- REPORT OFTHECOUNCIL OF MANAGEMENT Flnanclal Rlsks Investment Managers are instructed not to invest in high-rlsk funds and additionally ar8 r8quired to regularly review the investment portfolio and provide a wiitten report to the Council of th8 Association. Records of the Assoclatlon a) Electronlc Flles Files held electronically are copied on a regular basis, such that infomiatlon is held in at least two separate places. b) Paper Flles Important paper files are held in the administration offices of the Assoclatlon. c) Confldentlallty Electronic data held by the Association is not disclosed to third parties without the permission ofthe Member providing the data. All staff undergoes regular courses regarding confid8ntiality and strictly complies with the EU GDPR rules. Furthemiore. all Council members and members of the various ERA bodies sign a confidentiality agreement regarding topics discussed during their meetings, th8 same is also valid for the staff that attends the meelings. d) Cybersecurlty All computers undergo regular security checks and are equipped with the latest firewall and antivirus software. Daily backups are performed both physically and in the cloud to safeguard data. Additionally, Iwo-8tep verification method is Implemented for all applications to enhance security. Future plans and actlvltlos During the winler Councll meeting a full hatf day was devoted to a strategic workshop alrned at identifying a long term strategic plan of ERA, which will be posted on the ERA website during 2025, including new projects that are under the umbrella of such strategic plan. Below are the projecls identified: 8, Public awareness and prevention was considered a key area that, up to now, was neglected by the ERA. The Council decided to invest funds and resources to an awareness project aimed at the general public, the olh8r medical professionals and policy makers. The goal of this project Is to benefit the public in allowing prevention in kidney disease. b. Gender equality in the nephrology field was also considered extremely relevant and funds were allocated for a new projecl for allowing members to attend, in Oxford, the 'Women Transforming Leadership Programme. course. c. Educalion and thus training via special fellowships was considered a very successful initiative of the ERA so more funds were allocated to the current fellowships, however, also a new one was crealed, one on methodology Iraining allowing experts in our field to produce future guidelineslguidance documents impacting clinical practice. d. One of the key benefits that EFIA grants its members. and volunteers, is networking opportunities. In particular, an in person meeting will be organized by ERA and fully funded by the Society for all the board members of our Working Groups lo optimize the exchange of best practices and synergies for joint projects aimed at making our educational and scientific portfolio more comprehensive and accessible in particular for clinical practice and thus the patient's benefit. e. Last, bul certainly not least. a extremely needed project will start in 2025 f￿USIng on 'Disease Definition" which will fill in a void Ihal currently exists in the field of nephrology. the Councll .{PresbJent) o•lob12oLS 10 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATION Opinlon We have audited the financial statements of European Renal A880ciation {Ihe 'parent charity,) and its subsidiary (the 'group') for the year ended 31 December 2024 which ￿mPriSe the Consolidated and Parent Charity Slatemenls of Flnancial Activities, the Consolidated and Parent Charily 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 Stendanl 8pplicable In the UK and Republic of Iro18nd (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. glve a tru8 and fair view of the stale of the group's and of the parent charity's affalrs as at 31 December 2024 and of the group's incomlng resources and appllcalion of resources, including its Income and expenditure, for the year then ended; have been properly prepared in accordanGe with Unlted Kingd(xn Generally Accepted Accounting Practice; and have been prepared in accordance With ihe Ch8ritles Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standard8 on Auditing {UK} (ISAS {UK)} and appll¢able law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audlt of the financial slalements section of our report. We are independent of the group and parent charity In accordance with the ethical requirements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities In accordance wllh these r8quirements. We believe that the audit 8vvJence we have obtalned is suffjcient and appropriate lo provlde a basis for our opinion. Conclu81ons relatlng to golng concem In auditing the financlal statements, we hav8 conduded that the trustees, use of the going concem basis of accountlng in the preparatlon of the finan¢lal statements is appropriate. Based on the work we have performed, which Includes the review of budgets and forecasts along with challenglng the adequacy of the resenies policy, we have not identified any malerlal uncertainties relating to events or conditions that, individually or collectively. may cast signSficanl doubl on the group's or parent charity's ability to Gontinue as a goSng concern for a period of at least twelve m¢)nths from when the financial statement8 are authoTlsed for is8ue. Our r&sponslbilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of thls report. Other Infomiatlon The other informatlon comprises the Infomalty)n included in the Report of the Council of Management. other than the financial statements and our auditorfs 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 financi81 statements does not cover the other informalion and we do not express any form of assurance Gonclusion thereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other information is materially inconsislenl with the financial statements orour knowledge obtained in Ihe coun8e of the audit. or otheThvise 11 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATION Other Informatlon Icontlnued) appears to be materially mlsstaled. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If. bas8d on the work we have performed. w6 conclude that there Is a material misstatement of this other infomiation. we are requlred lo report that fact. We have nothlng to report in this regard. Matterg on whlch we are required to r6POrt by exceptlon We have nothing to report in respect of the folloAilng matters in relation to wh￿h the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our oplnlon: the Infomiation given in the financial statements is inconsistent in any materlal respect with the trustee8' report; or sufficSent accountlng records have nol been kept: or the parent charlty flnanclal statements are not in agreement wlth the accounting recofds,, or we have not re¢elved all the infomiation arKI explanations we require for our audlt. Re8pon8lbllltla8 of trustees AS explained more fully in the trustees, re8ponsibilities statement, the tru8tee5 are responsible for the preparation of the group and parent charity financial statements and for being satisfied that they glve 8 Irue and fair vlew. and for such Internal control as the trustees determine is necessary to enable the preparation of financial statements that ar8 frea from malerlal mi881atement, whether due to fraud or error. In preparing the group and parent charfty financial ststements, the trustees are responsible for assesslng the group's and the parent charity's ability to continue as a golng concern. disclosing, as applicable, matters relaled to going concern and using the golng concern basis of accounting unless the trustees eilher intend to IiquKlate the group or the parent charity or to cease operations, or have no realistic altemative but to do 80. Audltor's re8ponslbllltlè$ for the audlt of the flnancl41 $tatom8nts We have been appolnted as auditor under secllon 151 of the Charltie8 Act 2011 and report In accordance with the Act and the relevant regulations made or havlng effect thereunder. Our objectives are to oblaln rea80nable assurance about whether the financlal statements a8 8 whol6 are free from msterlal mlsstalement, whether due to fraud or error, and to issue an audltorfs report that includes ¢)ur opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a material misstatement when11 exlsts. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influence Ihe economic decisions of users taken on the basis of th888 financial statements. 12 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EUROPEAN RENAL ASSOCIATIQN Audltor's responsiblllties for the audlt of the flnancial statements (continu8d) Irregularilies, induding fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibillties, outlined above. to d&tect material misslalem8nts in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularllies. including fraud is detailed below- We obtained an understanding of the group and parent charity and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, sector research and application of cumulative audit knowledge and experience of the sector. We delermlned the principal laws and regulations relevant to the group and parent charlty in this regard to be those arising from the Charities Act 2011, Charities SORP 2019, Companies Act 2006, Financlal Reporting Standard 102 and UK amployment law. • We designed our audit procedures to ensure the audit team considered whether there were any indlcations of non-compliance by the charity with those laws and regulations. These procedures included, but were not Ilmlted to enquiries of management, revlew of minutes and review of legal and regulatory correspondence. • We also identified the risks of material misstatement of the financial statements due to fraud. We Consldered. In addition to the non-rebullable presumption of a rlsk of fraud arising from management override of controls, that there was potential ft)r management bias In the judgements made 8round recoverability of debtors. We addressed thi$ through examination of post year end cash received, revlew of correspondence wlth debtors and discussion of recoverabilily Wlth management. We also identified potential for management bias In the allocatlon of support costs against charitable activty categortes. Wé addressed this through revlewing the method used for reasonableness and re-performing the calculation to ensure it had been perfomied accurately and In Ilne with the stated method. We also considered the risk of fraud in r8venue recognition through t8Sting the cut-off and completeness of membershlp and events income around th8 year end. • As In all of our aLidit8, we addressed the risk of fraud arising from management override of control8 by performing audit procedur8s which included, but were not limiled to: the testing of Journals; reviewing accounting estimates for evldence of bias,. and evaluats'ng the business rationale of any slgnlficant transactions that are unusual or outslde the normal course of business. Because of the inherent limitation8 of an audit. there Is a rlsk that we will not detect all Irregularilles, Including thos& leading to a material misstatemenl in the financial statements or non issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn. b. Golng concern The financial slalements are prepared on the going concem ba818. ERA has consolldaled reserves of 18,281,442 at 31 December 2024 including net current asset$ of E13,967.462 and cash at bank ofÉ14,553,911. The Trustees have reviewed the financial position of the charity at 31 December 2024 and considered their forecasts and Gonsider the charity is a going concem for a period of at least twelve months from the date of signing these financial stalements and that there are no material uncortainties to note. c. Fund structure Unrestricted funds are general funds that are available for use al the Councll of Man8gemenfs discrelion in furtherance of any objectives of the charity. 19 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1. Accounting Pollcles (¢ontlnued d. Income recognition All income is recognlsed in the period in which the charlty is entitled to receipt. the amount can b8 measured with reasonable Certainty and it is probable that the income will ba received, and specifically as follows.. i) Income from tradin exhibstion space. in activlties is income receivable by the subsidiary company on selling ustry symposia, sponsorships and other ancillary services In connection wlth those congresses held by the Association or wlth olher events organised by the subsidiary Company. Turnover 15 Stated after trade discounts, exclusive of VAT and other sales taxes. 11) Investh)ent income includes income from Investment8 and bank interest and Is recogni88d In the year in which it is receivable. ill) Membership fee Income is recognlwj in the year to whlch fees relate. Iv) Congress proceeds are recognlsed in the year that the congress was held. v) Donallons from the Association's subsidiary undertaking are recognised on a receivable basls and third party grant5 and donatlons are recognised in the year In which they are due. vl) Nephrology Dialysis Transplantation (NDT) and Clinical Kidney Journal (ckj). The A880ciallon utilises the seNices of Oxford University Press to print and to distrlbute Nephrology Dialysis Transplantation (NDT) and to publish the online journal Clinlcal Kidney Joumal. Each year Oxford University Press prepares audiied financial slatements of their activities and the results and the nel result is either remitl8d to the Association or invoiced lo Ihe Association. Thls year the Journal has made a profit. The net financial 8ffect5 of these aclivitles ar8 disclosed as an Incoming resource of the Association and18 recognised in the year these are r8ceived. e, Expendlture recognltlon Llabllltles are reco9nlsed as expenditure as soon as there Is a legal or constructive obligation committin amount o the Charity to that expenditure, It is probable that settlement will be requlred and the the obligation can be measured rellably. All expenditure is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned lo the sppllcable expendlture headings, l) R8lsln other t funds are those c08ts attributable lo generatlng incoming ￿SourCeS for the charlty, an those costs Incurred In undertaking charitable activitles or the costs Incurred In undertaking trading activities in furtherance of the charity's objects. 11) Charilable activilie5 comprise all costs incurred in the pursuit of the charitable object8 of the charity. These costs, Whe￿ not wholly attributable are apportioned befvrfeen the categories of charitable expenditure in addition to the direct costs. The total c05t of each category of charrtable expenditure therefore includes support costs and an apportionment of overhead8. Grants pay8bie are 8ccrued insofar that the beneficiary has an expectatlon of receiving a grant as at the balance sheet date. but only rf such grant is unconditional. Where the charity retains Its discretion over grants to be made. and the grants are conditional on the benef￿lary satlsfying certain requirements, then such grants are not accrued. iii) Support and govemance costs and allocation Support ￿StS have been allocated to direct charitable expenditure based on proportlon of direct costs. Govemance costs ¢omprise all costs involving the public accountability of the charity and rts compliance with r8gulalion and good practice. These costs includ8 Costs related to statutory audit and legal fees together ￿th an apportionment of overhead and support costs. 20 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1. Accounting Policies (contlnued) f. Flxed assets Fixed assets, includlng property. plant and equipment and inlangible ass8ts, costing more than É500 are capitalis8d and accounted for at historical cost. The assets are wrilten off over their useful economic lives as follows: Buildlngs- 2% on cost per annum. Furniture and Fittings - 33 % on cost per annum Electronic equipment and Software - 330/0 on cost per annum Website development - 33010 on cost per annum Where the recoverable amount of an asset Is found to be below ils net book value. the asset is written down to its recoverable amount and the loss on impaimienl is charged to the relevant expendlture category of the statement of financlal activities. Where an asset is not primarily used to generate income, ils impainrent is assessed by reference to its Service potentlal on its initial acquisition. In the year the charity ¢urrentty has no tangible fixed assets to which impaiment provislons appty. g. Flxed asset Inveslments Inveslmenls are a form of basic financial instrument and are Initially recognised at their transaction value and subsequently measured at thelr fair value as al the balance sheet date uslng the closing quoted market price. The statement of financial activities includes the net galns and losses arislng on revaluation and disposals throughout the year. The Charity does not acqulr8 Put options. derivatives or other complex financial instrum8nls. The maln form of financial risk faced by the charity is that of volatility in equity markets and Inv8Stment rnarkels due to wider economic conditions, the altitude of investors to investment risk, and Changes In sentiment concerning equities and WFthin particular Sectors or sub sectors. h. Roa118ed galns and10880s R6allsed galns and losses on Investment8 are calculated as Ihe dffference between sales proceeds and th&lr market value at the start of the year, or their subsequent cost. and are charged or credited to the statement of financlal activities in the year of di8PO8al. Unreallsed galn8 and losses represent the movement in marf(et values during the year and ar credited or charged to the statement of financial activities based on the market value at the year end. Forelgn currencles Transactions In forelgn 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 dale. All other exchange differences are dealt with through the Statement of Financial Activities. Taxatlon The Associatlon 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 wrthin the various exemptions available to registered charities. Followlng the triennial review of FRS 102 applicable for accounling periods commencing on or after 1 January 2019, there must be a legal obligation in pla￿ in order for a donation of profil from subsidiary to parent to be recognised in th8 financial statements. There was no legal obligation in place at 31 December 2024 and so the donation of the subsidiary company's profit to ERA has correctly not been r8cognised within these financial statements. INhere the post year end payment of the profit fof the previous financial year is deem8d probable, this is laken into account within the tax computation of the subsidiary company. 21 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1. Accountlng Pollcies (contlnued) k. Crltlcal judgements and gstlmates In the application of these accounting policies. Ihe Trustees are required to make judgement8. eslimates and assumptions alx)ul the carrying value of assets and liabilities that are not readily apparent from other source5. Estimates and judgements are ￿ntinuallY evaluated and are based on historlcal ex other factors, includlng expectations of future events that are belleved to be reasona erience and le under the circumstances. Although Ihese estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately dlffer from those estimates. Revisions 10 accounting estimates are recognised in the period in which the estimate is revised if Ihe revlsion affects only that period or in the period of the revision and future periods if the revision affecls current and future periods. The Trustees consider the following items to be areas subject lo estimation and Judgement: i) Income recognltion in respect of the defeNal of Incom6 ii) Accruals and commitrnents in respect of grants payable 111) The allocation of expenditure between reportable categorles Flnancial In8trurnents Basic financial instruments are Initially recognised at transactlon valu8 and subsequently measured at amortised cost with the exception of Investments which are held at fair value. Financial asset8 held al amortised cost ¢omprise cash at bank and in hand. together with tr8d8 and other debtors. A specific provision is made for debts for which recoverability is in doubl. Cash at bank and in hand Is defined as all cash held in instant access bank accounts and used as working capital. Flnanclal Ilabilities held at amortl¥ed cost comprlse all creditors except social securily and other taxe8. Debtors Trade and other debtors are recognlsed at the settlement due after any trade discount offered, Prepayments are valued at the amount prepaid net of any trade discounts due. Credltors and provlslons Creditors and provisions are recognised where the charity ha8 a present obligation resulting from a past event that will probably result in Ihe transfer funds to a third party and the amounl due lo settle the ob!Igation can be measured or estimated reliably. Creditors and provlsions are normally recogni8ed at their settlement amount after allowing for any trade dlscounts due. Employee beneflts Short term beneflts Short term benefits including holiday pay are recognised as an expense In the perlod In whlch Ihe service is received. Employee ternilnatlon b8nefils Termlnation benefits 8r8 accounted for on an accrual basis and in Ilne with FRS 102. 22 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 2 Income- Donations Group 2024 Group 2023 Charfty 2024 Charlty 2023 Worklng Groups 54,373 53,33Q 54.373 53.330 54,373 53.330 54,373 53,330 3 Income- Charitable actlvltl88 Group Group Charlty Charlty 2024 2023 2024 2023 Congress Proceeds: - Dlrect - Congress Member8hlp Fee8 Membershlp Journals and Edltorlal Offices 3,201,154 484,947 1.554.640 2.713,213 656,873 1.441,084 3,201,154 2,713,213 484,947 656,873 1,554,640 1,441.084 5,240.741 4,811,170 5,240,741 4.811,170 4 Expendlture - Support Costg Group 2024 Group 2023 Charity 2024 Charlty 2023 ERA HQ and staff management Professional Fees - Governan¢e cosls Admlnlstralion Managemenl Mlscellaneous Staff costs Bank Charges & Other Commlsslon Bad Debts 103,168 264.770 788,359 131,942 1.130.336 80,428 30.155 89.943 195.304 658,385 31,715 969,240 69.790 24 103.168 220,303 731,444 131,942 1,130,336 80,135 89.943 153,913 618,552 31,715 969,287 69,449 2,529.158 2,014,401 2.397,328 1.932,859 Support costs have been allocated to direct charitable exp8ndtture based on proportion of direct costs. Staff costs are 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 2024 4 Charitable Exp8nditur8- Group Support cost 2024 Total Dlrect cost 2024 Total 2024 2023 Congresses and other trading Education Research Meelings Relallons with SoGleties and Institutions 3,106,412 1,699,057 4,805,489 4,467.969 485,821 265,720 751,541 521,349 880.796 481,752 1,362,548 1.433,184 96,946 53.025 149,971 38,232 54.126 29,604 83,370 78,043 4,624,101 2,529.158 7,153,259 6,538,777 Charltable Expenditure- Group Comparatlve Support cost 2023 Dlrect Cost 2023 Total 2023 Congresse8 and other trading Education Research Meelings Relalions with Societles and Inslilution8 3.091,522 1,376,447 4.467,969 360,737 160,612 521,349 991,663 441,521 1.433,184 26,454 11.778 38,232 54,000 24,043 78,043 4,524,376 2,014,401 6,538,777 Charltable Expendlturo- Charfty Support cost 2024 Total Dlrect cost 2024 Total 2024 2023 Congresses and other trading Education Research Meetings Relations wtth Societies and Instltutions 1,605,619 1,232,410 2,838,029 2,923,780 485,821 372.897 858.718 573,927 880.796 676,064 1,556,860 1,577,721 96,946 74.412 171,358 42,088 54,126 41,545 95,671 85,913 3,123.308 2,397,328 5,520,636 5,203,429 Charitable Expendlture- Charlty Comparatlve Support ¢ost 2023 Direct cost 2023 Total 2023 Congresses and other trading Education Research Meetings Relations wilh Societies and Institutions 1,837.716 1,086,064 2.923,780 360.737 213,19J 573.927 991.663 586,058 1,577,721 26.454 15,634 42,088 54.000 31.913 85,913 24 3.270.570 1,932.859 5,203,429 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 5 Staff Costs Group 2024 Gyoup 2023 Wages and salaries Social security costs Pensions costs 583,293 541,976 5,067 513,527 451,618 4,141 1,130,336 969.286 The average number of employees during the year was 13 {2023'. 13) with all employee time Involved In providing either support seNices to its governance and charitable activities. Durlng the year ended 31 December 2024, temiination payments totalling f2,079 (2023.. E1,965) were paid to 1 (2023'.2) wnployee. There were no terminatlon paym8nls outstanding al thè year end. The number of employees whose total employee ben6fitS 6xceeded ￿0,000 for th8 year ended 31 December 2024 and fell within the following band was: 2024 2023 0,001- E80,000 80,001- E90.000 110,001- É120,000 120,001- É130,000 140,001- É150,000 150,001- é160,000 ERA considers Ils key management personnel to comprfse four from the ex￿ffIci0 M￿berS (President, Secrelary-G8neral, Renal Science Chair (former Chair of Administrative Offices) detsiled on page 1. No key management personnel received any remuneratlon for their services. No Trustees were remunerated by the charily (2023: ENil). During the year ended 31 December 2024 sums totalllng E73.110 were pald to 20 (2023: É50,654 paid to 15) Council members in relation to the reimbursement of travel and subsistence expenses. 6 Audltors, Remuneratlon Group 2024 Group 2023 Fees payable to the Companls auditor its associates for the audit for th8 Group's annual financial statements (including subsidiary companles) Fees payable to the Company's audltor and Its associates in respect of: Taxation compliance Se￿ICe8 All other services 5.465 4,970 25 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STA TEMENTS YEAR ENDED 31 DECEMBER 2024 7 Tanglble Assèts- Group & Charity Land & Fumlture Electronlcs & 8ulldlng & Fittlngs Software Total Cost At 1 January 2024 Additions 879.833 10,615 60.076 69,163 1.009,072 18,097 28,712 At 31 December 2024 890,448 60,076 87,260 1,037.784 Depreclatlon At 1 January 2024 Charge In year 29,086 26,554 17.391 6,020 33,034 12.652 79,511 45,226 At 31 December 2024 55,640 23,411 45,686 124,737 Net Book Valuo 31 December 2024 834.808 36,865 41,574 913,047 31 December 2023 850.747 42.685 36,129 929,561 8 Intanglble A88et8- Group & Charlty Webslte Development Total Cost At 1 January 2024 Addltions 21,242 3,094 21,242 3,094 At 31 December 2024 24,336 24,336 Amortl8atlon At 1 January 2024 Charge in year 7,080 8,111 7.080 8,111 At 31 December2024 15.191 15,191 Net Book Value 31 December 2024 9.145 9,145 31 December 2023 14,162 14,162 26 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 9 Investments - Charity & Group Grou - Listed non-UK investments on recognised stock exchanges (nole 88) Investment in Subsidiary 2024 2023 3,599,811 3,292,219 Charlt 2024 3,599,815 3,292,223 Historlcal Cost Group - Listed non-UK Investments on recognised stock exchang8s (note 8a} Invastment in Subskliary 2,386,974 2,388,974 Charity 2024 2,380.394 2,386,978 Subsldlary Undertaklngs ERA Eurocongress Llmited Is a company registered In EnglarKI and Wales under the company number 03431245 and is wholly owned by the Charlty. The company prepares financlal statements to 31 December and has reported the following: 2024 2023 Net 83sels Turnover Expendilure (Loss)Iprofit 2,964,395 3,090,107 4,447,277 4,250,628 {4,715.868) (3,920,372) {268,591) 330,256 27 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 10 Debtors: Amounts falllng due wlthln one year Group Group Charity Charity 2024 2023 2024 2023 Amounts due from subsidiary undertaking Trade debtors Future congress expenses paid in advance Accrued income Other debtors 39,036 353,767 111.7 153.818 498.624 663.855 40,417 6.582 254,508 417,180 40,417 6,582 252,116 111,7C 153,818 658,327 1,209,478 517,640 718.687 Dgbtors: Amounts falllng due after more than one year Trade debtor8 Future congress expenses paid In advance 101,706 67,291 58,029 101,706 67.291 58,029 Total Debtors 760,033 1,276,769 575,669 718,687 11 Cash at bank and In hand Group 2024 Group 2023 Charlty 2024 Charlty 2023 Bank accounts Pety cash accountg 14,549,912 11,699,498 11,639,251 8,806,880 3,999 1,446 3,999 4,942 14,553,911 11,704,440 11,643,250 8,811,822 12 Credltors: Amounts falllng due wlthln one year Group Group . Charlty Charlty 2024 2023 2024 2023 other creditors Accruals and deferred income 169,497 249.035 167,827 249,035 1.176,985 1,417,369 1,048,007 1.056,776 1,346,482 1,666.404 1,215,834 1,305,811 Credltors: Amounts falllng due after more than one year Deferred salary 208.027 175,562 208,027 175,562 29 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Deferred Income Group 2024 Group 2023 Charlty 2024 Charity 2023 At 1 January Resources deferred in the year Amount received from previous year 1,099.906 1.704,487 803,665 1,303,500 611,935 1,099,906 529,560 803,665 (1,099,906) (1,704,487) (803,665) (1,303,500) At 31 December 611,935 1,099,906 529,560 803,665 Deferred Incomè mainly relates to membership Ineom8 received in advance of the following year along with Congress incom8 received in advance of the following year. 13 Net Assets 2024 Reserve Fund 2023 Reserve Fund General Fund General Fund Total Total Flxed Assets Fixed assets Investments 922.192 922,192 3,599,815 3,599,815 943,723 943,723 3,292,219 3,292,219 922,192 3,599,815 4,522,007 943.723 3,292,219 4,235,219 Net current assets 13,987,462 13,967.462 11.314,805 11,314,805 Credltors dua after more than a year (208,027> (208,027) (175,562) (175,562) Total 14,681,627 3,599,815 18.281,442 12,082,966 3.292,219 15,375,185 In accordance with the Council of Managemenl 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 3,599,811 (2023: E3.292,219) which is below the 'Reserve Fund Maximum Amount of E12,600,000. 14 Glfts The Association recetves 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 benefrts are nol material to the accounts. 30 EUROPEAN RENAL ASSOCIATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 16 Related Partles As at 31 December 2024 the Association was owed ÉNil (2023: ENil) from its subsldiary company ERA Eurocongress Limited whth includes ENil (2023.. ÉNil) as a gift aid payment. A8 at 31 December 2024 the Association owed É2,957 (2023: ÉNil) to Its subsidiary company ERA Eurocongres$ Limited in relation to an invoice pald on their behalf. During the year, the spouse of the Executive Director, Monica Fontana, was paid ÉNil (2023: E11,302) for servlces provided to the charity on an am's length basis. There were no other related party iransactlons durlng the current or the prior year. 16 Contlngent Liabllltles As noted in the Report of the Councll of Management, the Association has indicated its Intention to support research projects into the future through the payments to outsourced profe581onal companies In charge of preparing the application for EU funds. At th8 year end the Assoclatlon had Indicated It8 intention to $8t aside funds for this purpose. 17 Capltal Commltments There was no comrnltted expenditure at either year end. 18 Operatlng Lea8e8 The group had the followlng future minimum lease payments und6r non•cancellable operating lease$ for each of the reporting periods: 2024 2023 Payments due Not laler than one year Lst8r than one year but not later than five years 31