Bracey’s Accountants Limited Unit 1, The Cam Centre Wilbury Way Hitchin SG4 0TW EUSPEN ¢)rt of the Trustees for the Year Ended 31 December 2021 The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the finonciol stotements of the chority for the yeor ended 31 December 2021. The trustees hove adopted the provision of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standord applicable in the UK and Republlc of Ireland IFRS 1021. The society has been operating as the European Society of Precision Engineering and Nonotechnology since 1999 and was incorporated on 29 December 2000. The company is limited by guarantee and is governed by memorandum and articles of association. The company also has charitable statu5. The Directors have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the chority to enoble them to ensure that the financial stotements comply with the Companies Act 2006. They are also responsible for safeguarding assets of the charity hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. All activities are continuously reported by the staff to directors and on a regular basis to the Society Council, who act as the company s internal controller. The Directors have implemented o risk monogement strategy which comprises: An annual review of the risks which the charity may face. The establishment of systems ond procedure to mitigate those risks identified. which Include the approval of all payments by two dlrectors. The implementation of procedures designed to minimise any potential impact on the chority should ony of those risks materialise. The company established an Audit Committee in 2004 to provide periodic reviews of the Societys management ond control systems. Objectives and activities The objective of the Society is to advance the arts, sciences and technology of precision engineering, micro-engineering and nanotechnology, and to promote its dissemination through education and training, and to promote its use by science and industry. Page I EUSPEN ¢)rt of the Trustees Contlnued for the Year Ended 31 December 2021 Achlevement and pertormance Flnan¢lal revlew (md summary of actlvltles The global Covid pandemic has continued to affect us as it has the whole world. The impact for us was seen in the inability to deliver in-person events and conference. being a large income source of the Charlty. We were proactive In continulng wlth the model of vlrtual events and a decision was quickly taken to continue with this model for the whole year. Whilst income overoll hos follen, we hove mitigated this reduction by changing our method of delivery and reducing expenditure. This enables us to ensure we continue to deliver our charitable objectives. The overall income for the year was £388,05112019.. £214,117). This includes PREFAM funding clalmed of É198,707. wlth related expenditure Incurred of £168.339. The surplus of £30,368 was transferred to general reserves at the year end. as permitted. A surplus for the year is recorded of £20,78912020.' £42,030 deficit). Financial Review Reserve5 policy The society hos achieved Its short-term oblective of generatlng sufflclent reserves to fund at least two years, future projected running costs. This provides stability against the possibility of running with no projects in any further year and reserve funding required to support the hosting of large-scale events. The level of reserves will be reviewed on an annual basis. In light of the pandemic the reserves policy has been reviewed and is considered sufficient for the Charity at the current levels. Structure. govemance and management Govemance document The charity is controlled by it5 governing document, o deed of trust, ond constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 2 EUSPEN ¢)rt of the Trustees Contlnued for the Year Ended 31 December 2021 Reference and admlnlstratlve detal Reglstered Company number 04132591 (England and Wolesl Registered Charity number 1091120 Registered office Building 90 Cronfield University Compus Cranfield Bedfordshire MK43 OAL Trustees Mr David Billington Euspen, UK Mrs Baldish Phillips, Euspen, UK Dr Harold Bosse PTB, DE - resigned 9/6/21 Dr Ir Jelm Franse ASML, NL Mr Thomas Ittner Carl Zeiss AG. DE Professor Rlchard Leach University of Nottlngham, UK Dr Oltmann Riemer LFM, University of Bremen, DE Professor Enrico Savio University of Padova, IT Professor Liam Blunt, University of Huddersfield, UK Prof Geoffrey McForlond Renishaw Plc, UK Dr Theo Anjes Maria Ruijl Ml-Partners BV, NL Dr Helene Mainaud Durand CERN Prof Andreas Archenti, KTH Royal Institute of Technology. SE - appointed 1/6/2019 Dr Anke Guenther - appointed 10/06/20 Professor Guido Tosello Technical University Denmark, DK - appointed 8/6/21 Accountants Bracey s Accountant5 Limited Unit 1, The Cam Centre. Wilbury Way Hitchln SG4 OTW Page 3 18/07/2021 Independent •xomin•r's report to the trust•os of EUSPEN (*he Company.) I report to the charity trustees on my exomination of the accounts of the Company for the year ended 31 December 2021. Responsibilitles and bosls of report As the charity's trustees of the Company land also Its dlrectors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Port 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Chorities Act 2011 I'the 2011 Act'l. In corrying out my exominotion I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examlner's statement Since the Companys gr05s income exceeded £250,000 your exominer must be o member of o body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertoke the examination because l a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe= accounting records were not kept in respect of the Company os required by section 386 of the 2006 Act., or the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair vlew which is not a matter considered as part of an Independent examination., or 4. the accounts have not been prepared In accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporring Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Emmo Fraser FCA. Bracey s Accountants Limited Unlt l The Com Centre, Wilbury Woy, Hitchin. Herts SG4 OTW Date.. 13/07/2022 Page15 EUSPEN forththryEnded 31 DeceD)bRL2 lthrethctsd Funds Res¢rfctod 31.IZ21 T•t41 Fund5 31.1120 Total Fund5 Notes In¢•m•¥nd ondtywmOntsfr•m Ch¥rfttWo ¥¢0¥￿[•¥ Conference and seminors Mernbership Subscriptions Sponsorshlp Soltr of proc*edin9s ond notes Grant funding Management Fees 103.653 56,515 12.337 3.457 103,653 56,515 12.337 3.457 198.707 12.500 87,475 61,532 11.496 1,542 50,512 198.707 12.500 Investment Income 880 8BO 1,560 Total 189343 198.707 38&OSO 214117 Exp￿￿￿￿ on Ralslng funds 168.339 168339 45,923 ehryknbleoctlTrhtles Conferences ond semlnars Other Chgritoble octivities 17,618 158,410 17.618 158.410 27.973 199,372 IProtitl/Loss on forelgn exchange 22.900 22.900 114.4151 Total resource5 expended 198,929 168339 367288 258,8S3 Netloutgolngl/kncorrthgresowcttbeforetyqnsfer5 19.5861 30.368 20.n2 I4￿30) Gross transfers be￿een reserves 30.368 30.368 Netmovementsln fund5 20.782 20,782 Total funds brought forward 411343 412.343 454373 Total funds earrled forward 431125 431125 412,343 EUSPEN tcrtr*Y•uiErthd 31 D•G•w&w2021 Unrpstiitye Funds RestriGted Funds 31.122ITotd Furth Funds Note5 2.203 2.203 2.328 Debtors Cg5h gtbgnk ond in hor 58,952 514,053 58.952 514,053 30,479 571DJ5 5FiO]S Amountsfalling duewLhlnone year 1144.7891 (201,7811 TOt￿￿E•ll1•1$￿r•ThtIk7bifd•S 4￿￿19 4>JA19 430AiY 19 40SBJ7 Fun Restrictedfund5 Unrestrictedfvnd5 430A19 TotdFund 4>JA19 ThèCharItts￿ compuny tsÈntitlÈdto &x￿p￿10rn from audlt un&r saction 477ofthÉ Compunlas Acr 2W8foryèui èndÉd 21 0ècambÈr2021 The ￿MberS ￿Ve￿￿t requlred thecompanyto obtalDonoudrtof tsflnonclol statement&fortheyear ended31 December2021 in accorda￿e￿ILh Seclion 476 of Comporwes Act 2W& ThètsuStÈ¥acknowlèdgèthÈii iè>pOn*￿m1ltiÈ￿f0r lal8nsurln9that th&charltobl8 comww k8éps accountlng recordsthatcomplywlth $8cbDThs 386and 387 of th8 Cornpanhgs Act2006 and Ibl wewring financial stotementswhich glve atrueand foirv￿￿ of the 5toteof otralrs of thech0rltat￿e companyas orthe end ofeach fIn0￿1￿1 yegrond o*¢55vrplu5 Qrdeficiltor egchffignc￿Iye￿rln occordgnce ￿ththe reqvirements of Seclion 394ond 395 ￿n￿wh￿h othe￿ISe¢0MpIY withthE regvirEments pf thecornpgnies Act 2095 tofingncip15totEment5. 5ofgr psapOiGgblE theto Ch￿rmble¢￿mp9rnY These tingncigl aoternent5 hovebeen prepgrEd Inoccordgncewiih y0v15￿n50ppllcQbletO comppnie55vbietytothe5rnallrornpgnEs r*imè Th@finonc￿1st01￿M&nt5w8v&￿pprOv0d byth8 8oard of Trustfp8S and authorlsed f￿1$S￿￿On Qndw8r•￿n￿d on Its b8half by. Dr Harald 3ossÉ Jst•• Proféssor Enrlco Savlo J¥1•• Dr H8lene Malnaud Dura J¥1•• EUSPEN Notes to the Flnanclal Statements for the Year Ended 31 December 2021 1. Accountlng pollcles Basls of preparlng th• flnanelal stotements The financial statement of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporting Stondords opplicoble in the UK ond Republic of Irelond IFRS 1021, Finonciol Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All incoming resources are included on the Statement of Financial Activities ISOFAI when the chority is legally entitled to the income and the omount can be quantified with reasonable occuracy. Membership fees ore included in the SOFA across the period of membership. The Society organises conferences and seminars for its own benefit and on behalf of third parties. Income is recognised as unrestricted income when the Society becomes entitled to the income as a result of activities already performed and any pre-conditions have been met. Such income received for o porticulor purpose, in advance. and which does not have any pre-conditions attached regarding entitlement, is included in incoming resources of restricted funds when receivable. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to thot expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activitles on a basls conslstent with the use of resources. Support and governance Costs The charity has its main charitable activity as conference and seminars. all else is classified as other charitable activities. All support and governance costs are included within other charitable activities. Given the nature of the conferences and seminars it is not considered necessary to charge any such costs to conferences and seminars. Pagel 8 - 25% on cost - 15% on cost - 25% on cost Page | 9 **31.12.21** 31.12.20 **£** £ **880** 1,560 **31.12.21** 31.12.20 **£** £ **441** 5,741 Page | 10 **31.12.21** 31.12.20 **£** £ **103,947 104,452 9,720 5,720 8,809 8,809 122,476 118,981** **31.12.21** 31.12.20 **16 16** **31.12.21** 31.12.20 **0 0** Page | 11 **----- Start of picture text -----**
Fixtures
Plant and and Computer
machinery fittings equipment Totals
2,319 5,897 26,252 34,468
- 948 948
2,319 6,845 26,252 35,416
2,319 5,526 24,295 32,140
315 758 1,073
2,319 5,841 25,053 33,213
- 1,004 1,199 2,203
- 371 3,945 4,316
31.12.21 31.12.20
£ £
56,425 29,900
2,528 579
58,952 30,479
**----- End of picture text -----**
Page | 12 **31.12.21** 31.12.20 £ £ 2,651 4,303 - - 25,091 21,453 51,255 98,554 9,595 26,076 56,198 51,395 144,790 201,781 ||Net movement
At 01.01.21 in funds At 31.12.21
412,343
20,789433,132
- - -| |---|---| |Incoming|Resources|Transfer between|Movement| |---|---|---|---| |resources|expended|reserves|in funds| |£|£|£|£| |189,344|(198,922)|30,368|20,789| |198,707|(168,339)|(30,368)|---| |**388,051**|**(367,261)**|
**---**|**20,789**| Page | 13 EUSPEN Notes to the Flnanclal Statements- contlnued for the Year Ended 31 December 2021 10. Rolatad party disclosures There were no related party transactlons for the year ended 31 December 2021. 11. Deferred salory costs In the financial year there were no deferred salary costs. 12. Deferred income Deferred income is due to annual memberships being raised pre year end, that relate to forthcoming financial year. Opening Deferral Released during the period Provision created Closing provision 51,395 4,803 56,198 Page | 14 ÉUSPEN D*¢51edStgi¢mentotFkK¥)C￿1A¢1fv￿V$ f•rtho Y•qiEnW31 P•¢•rnbor2Wkl 31.1220 1,5$0 Conf&r&nco and $8mlnars Menibership Subscription sole proceeding5 ond note5 GrDDtfunding M)n¢gèmethi Fees Spy>yshlp 103.653 56.515 3.457 198,707 12.$00 87.475 56.515 1,533 5Q.512 287.170 2D8.372 TotalknCoM￿ r•wxe 388.050 209.932 RaT4ngknd5 Reimbvrsed om¢unts Dinner. t0￿r50nd sundry Items TLltorlals and wDrkshop vgnt Sermcgs HMRC Int8r8st Pri(￿ yeor adjustment Prefam c05t5 Travel co5tS EntertQiDmen¢ 15.003 30,797 57 $0 45,923 168,339 168.339 Charltab1•4XtMI•& Wago 104.452 5.720 8,809 E18 1,560 6.001 121285 8.645 11,374 Lightond heat Posioge ond stotiowry Adv¥tlsin9 EntertalThment 1$,293 Travel ond subslst&nc 1.408 4.884 2.648 6.004 383 Ront and sorvicés Recruitmentfees Bqnk and creditcharge5 TelephoDp Computerwuipttent 2.468 451 2.628 599 S.E79 142,449 173.783 ¢owrnonv¢osts CCDuntancy and Wl fe8s 25.589 25.589 15.961 CoDference mtjrketiny Event serVi¢eS 248 s.¥2i 12.$69 ursory Motwarklng dInTh￿r rseas entertainment 1.495 43 Amorican 8xpr•ss18èS Depreciation Bad debtswite off Sut>scfipiion5 1.073 3.￿D 5.204 5.742 692 1.480 Truvel. subslstenceond sundry Mgétings 96 416 27.973 Profit/l105slon foreign exchange 22. Totol expended 367.268 258.8S3 Mot oxpondlture 20.782 148.9201