REGISTERED COMPANY NUMBER: 04132591 (England and Wales) REGISTERED CHARITY NUMBER: 1091120
Report of the Trustees and Unaudited Financial Statements For the Year Ended 31 December 2023
For
EUSPEN
Bracey’s Accountants Limited Unit 1, The Cam Centre Wilbury Way Hitchin SG4 0TW
EUSPEN
Contents of the Financial Statements for the Year Ended 31 December 2023
||Page|
|---|---|
|Reports of the Trustees|1-4|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|6|
|Statement of Financial Position|7|
|Notes to the Financial Statements|8-14|
|Detailed Statement of Financial Activities|15|
## **EUSPEN**
## **Report of the Trustees for the Year Ended 31 December 2023**
The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have 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 Standard applicable in the UK and Republic of Ireland (FRS 102).
The society has been operating as the European Society of Precision Engineering and Nanotechnology 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 status.
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 charity to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding assets of the charity hence for taking reasonable steps 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 a risk management strategy which comprises:
- An annual review of the risks which the charity may face;
- The establishment of systems and procedure to mitigate those risks identified, which include the approval of all payments by two directors.
- The implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise.
- The company established an Audit Committee in 2004 to provide periodic reviews of the Society’s management and control systems.
## **Objectives and activities**
The objective of the Society is to advance the arts, sciences and technology of precision engineering, microengineering and nanotechnology, and to promote its dissemination through education and training, and to promote its use by science and industry.
Page 1
## **EUSPEN**
## **Report of the Trustees (continued) for the Year Ended 31 December 2023**
## **Achievement and performance Financial review and summary of activities**
There is still a residual impact from the global Covid pandemic resulting in a reduction of event and membership income for the Society. The business model incorporated for this year was to deliver in-person events only strengthening the networking element and collaborations the Society encourages with its community. This has enabled us to deliver our charitable objectives whilst injecting confidence back into the community to travel and conduct in-person meetings.
The overall income for the year was £427,272 (2022: £424,110). This includes PREFAM funding claimed of £54,071 (2022: 38,160), with related expenditure incurred of £31,265. The surplus of £22,806 was transferred to general reserves at the year end, as permitted. A surplus for the year is recorded of £28,630 (2022: £25,464).
## **Financial Review**
## **Reserves policy**
The society has achieved its short-term objective of generating sufficient 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.
## **Structure, governance and management**
## **Governance document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Future Developments**
Euspen continues to strive towards a more inclusive participatory rate to its events through diversity and gender equality. Future developments for the charity include adding further courses onto its European framework for continuous professional development in precision engineering (ECP2) with a wider focus upon soft skills, women in leadership roles and project partnerships promotion of women.
Page 2
## **EUSPEN**
**Report of the Trustees (continued) for the Year Ended 31 December 2023**
**Reference and administrative details Registered Company number** 04132591 (England and Wales) **Registered Charity number** 1091120 **Registered office** Building 90 Cranfield University Campus Cranfield Bedfordshire MK43 0AL
**Trustees**
Mr David Billington Euspen, UK Mrs Baldish Phillips, Euspen, UK Dr Ir Jelm Franse ASML, NL Mr Thomas Ittner Carl Zeiss AG, DE Dr Oltmann Riemer LFM, University of Bremen, DE Professor Enrico Savio University of Padova, IT – resigned 14/06/2023 Professor Liam Blunt, University of Huddersfield, UK Prof Geoffrey McFarland Renishaw Plc, UK Dr Theo Anjes Maria Ruijl MI-Partners BV, NL Dr Helene Mainaud Durand CERN Prof Andreas Archenti, KTH Royal Institute of Technology, SE Professor Guido Tosello Technical University Denmark, DK Professor Dr José Antonio Yagüe Fabra Dr Jörge Drescher – appointed 14/06/2023
## **Accountants**
Bracey’s Accountants Limited Unit 1, The Cam Centre, Wilbury Way Hitchin SG4 0TW
Page 3
## **EUSPEN**
## **Report of the Trustees (continued) for the Year Ended 31 December 2023**
2 July 2024 Approved by order of the board of trustees on ……………….. and signed on its behalf by:
………………………………………. fa (al)
**Professor Liam Blunt**
## **Trustee**
……………………………………….
**Professor Andreas Archenti Trustee** ………………………………………. **Dr. Hélène Mainaud Durand Trustee**
Page 4
## **Independent examiner’s report to the trustees of EUSPEN (‘the Company’)**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the act’)
Having satisfied myself that the accounts of the Company are not required to be audited under Part 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 Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified members of 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:
1. accounting records were not kept in respect of the Company as required by section 386 of
2. 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 view 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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Emma Fraser FCA, Bracey’s Accountants Limited Unit 1 The Cam Centre, Wilbury Way, Hitchin, Herts SG4 0TW Date: 14.03.2024
Page | 5
**EUSPEN**
**Statement of Financial Activities**
**for the Year Ended 31 December 2023**
|Notes
**Income and endowments from Charitable activities**
Conference and seminars
2
Membership Subscriptions
Sponsorship
Sale of proceedings and notes
Grant funding
2
Management Fees
Investment income
2
**Total**
**Expenditure on**
**Raising funds**
**Charitable activities**
Conferences and seminars
3
Support & governance costs
3
(Profit)/Loss on foreign exchange
**Total resources expended**
**Net (outgoing)/incoming resources before transfers**
Gross transfers between reserves
10
**Net movements in funds**
Total funds brought forward
Total funds carried forward|£
279,585
56,190
26,716
2,745
7,965
**373,201**
131,520
9,142
210,691
16,024
**367,377**
**5,824**
22,806
28,630
**455,884**
**484,513**
**Unrestricted Funds**|£
-
-
-
-
54,071
-
**54,071**
31,265
-
-
-
**31,265**
**22,806**
(22,806)
-
-
**Restricted Funds**|£
279,585
56,190
26,716
2,745
54,071
-
-
7,965
**427,272**
162,785
9,142
210,691
16,024
**398,642**
**28,630**
-
28,630
**455,884**
**484,513**
**31.12.23 Total**
**Funds**|£
304,225
34,678
42,989
1,620
38,160
-
-
2,438
**424,110**
181,499
9,212
211,687
(3,743)
**398,655**
**25,455**
-
-
**430,429**
**455,884**
**31.12.22 Total**
**Funds**|
|---|---|---|---|---|
Page | 6
**EUSPEN Statement of Financial Position for the Year Ended 31 December 2023**
|||Unrestricted|Restricted Funds|**31.12.23 Total**|31.12.22 Total|
|---|---|---|---|---|---|
|||Funds||**Funds**|Funds|
||Notes|£|£|£|£|
|**Fixed Assets**||||||
|Tangible assets|7|5,222|-|5,222|1,139|
|**Current Assets**||||||
|Debtors|8|39,955|-|39,955|11,127|
|Cash at bank and in hand||452,271|-|452,271|548,690|
|**Creditors**||**492,227**|-|**492,227**|**559,817**|
|Amounts falling du|9|(12,936)|-|(12,936)|(105,073)|
|**Net Current Assets**||**479,291**|**-**|**479,291**|**454,744**|
|**Total assets less current liabilities**||**484,513**|-|**484,513**|**455,883**|
|||||||
|**Net Assets**||**484,513**|**-**|**484,513**|**455,883**|
|**Funds**||||||
|Restricted funds|10|||**-**|-|
|Unrestricted funds|10|||**484,513**|**455,883**|
|**Total Funds**||||**484,513**|**455,883**|
The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable the to charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 02.07.2024 and were signed on its behalf by:
Professor Liam Blunt **Trustee**
Professor Andreas Archenti **Trustee** # Dr Helene Mainaud Durand **Trustee**
Page | 7
**EUSPEN**
**Notes to the Financial Statements for the Year Ended 31 December 2023**
**1. Accounting policies**
## **Basis of preparing the financial statements**
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 (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102), Financial 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 (SoFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Membership fees are 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 a particular purpose, in advance, and which does not have any pre-conditions attached regarding entitlement, is included in incoming resources of restricted funds when receivable.
## **Expenditure**
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 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 activities on a basis consistent 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.
Page | 8
**EUSPEN**
**Notes to the Financial Statements**
## **for the Year Ended 31 December 2023**
(Continued)
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
> Plant and machinery - 25% on cost
> Fixture and fittings - 15% on cost
> Computer equipment - 25% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
The financial statements are prepared in Pounds Sterling which is also the functional currency of the charitable company. Rounding of amounts shown in the financial statements is to the nearest Pound.
## **Pension costs and other post-retirement benefits**
The company participated in the Universities Superannuation Scheme for the benefit of its employees. The assets of the scheme are held separately in a fund administered for the benefit of University Employees. The scheme is a multi-employer defined benefit final salary scheme where the share of assets and liabilities applicable to each employer is not identified. Euspen currently pays into a defined contribution pension scheme for its employees and this scheme is managed through Royal London. Accordingly, the financial statements include pension costs payable on a defined contribution basis in accordance with Financial Reporting Standards 102. The contribution to the scheme are charged to the statement of Financial Activities as they are incurred.
Page | 9
**EUSPEN**
**Notes to financial statements for the Year Ended 31 December 2023**
## **General Information**
The society is a company limited by guarantee, incorporated in England and Wales. The society is also a registered charity, registered with the Charities Commission.
The society’s registered office is:
Building 90, Cranfield University Campus, Cranfield, Bedfordshire, MK43 0AL
This is also the society’s principal place of business.
The members of the company are the subscribing members. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
|**2. Income (Unrestricted)**
Conference and seminars
Membership subscriptions
Sponsorship
Sale of proceedings and notes
**Income (Restricted)**
Grant Funding
**Investment income**
Deposit account interest
**3. Total Resources Expenses**
Conferences and seminars
Support & governance costs|**31.12.23**
**£**
**279,585**
**56,190**
**26,716**
**2,745**
**362,236**|**31.12.23**
**£**
**279,585**
**56,190**
**26,716**
**2,745**
**362,236**|31.12.22
£
2,438
31.12.22
£
304,225
34,678
42,989
1,620
383,512
31.12.22
£
38,160|31.12.22
£
2,438
31.12.22
£
304,225
34,678
42,989
1,620
383,512
31.12.22
£
38,160|
|---|---|---|---|---|
||||||
||||||
|||**31.12.23**
**£**
**54,071**|||
||||||
|||**31.12.23**
**£**
**7,965**|||
||||||
|||**31.12.23**
**£**
**9,142**
**210,691**
**219,833**|
|31.12.22
£
9,212
211,687
220,899|
Page | 10
## **4. Net income/(expenditure)**
Net income/(expenditure) is stated after charging/(crediting):
**31.12.23** 31.12.22 **£** £ Depreciation- owned assets **961** 1,064
## **5. Trustees’ remuneration and benefits**
One trustee received remuneration during the financial year and this was made under the provision in the governing document of the charity.
Total remuneration was between £60,000 - £70,000 during the period.
## **Trustees’ expenses**
Trustees’ received travel expenses during the financial year totalling £349 (2022: £946).
|**6. Staff Costs**
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during this year was as
follows:
All staff
The number of employees whose employee benefits (excluding
employer pension costs) exceeded £60,000 was:
£60,001- £70,000|**31.12.23**
**£**
**124,435**
**6,318**
**10,311**
**141,064**|31.12.22
£
122,284
6,245
9,338
137,867|
|---|---|---|
||||
||||
||**31.12.23**
**17**|31.12.22
16|
|||31.12.22
1|
||**31.12.23**
**1**||
Page | 11
## **EUSPEN**
## **Notes to financial statements**
## **for the Year Ended 31 December 2023**
## **7. Tangible fixed assets**
|**Tangible fixed assets**|||||||
|---|---|---|---|---|---|---|
|**COST**
**At 1 January 2023**
**Additions**
**At 31 December 2023**
**Depreciation**
**At 1 January 2023**
**Charge for year**
**At 31 December 2023**
**Net book value**
**At 31 December 2023**
**As 31 December 2022**
**Debtors: amounts falling due within**
Trade Debtors
Prepayments
Other Debtors|**Fixtures**
**Plant and and**
**machinery fittings**
**2,319 6,845**
-
**1,904**
**2,319 8,749**
**2,319 6,133**
**371**
**2,319 6,504**
**- 2,246**||**Computer**
**equipment**
**26,252**
**3,140**
**29,392**
**25,825**
**590**
**26,415**
**2,976**||
|
**Totals**
**35,416**
**5,045**
**40,461**
**34,277**
**961**
**35,238**
**5,222**
**1,139**|
||**-**|**712**||**426**|||
||**one year**||||||
||||**31.12.23**
**£**
**2,707**
**24,288**
**12,960**
**39,955**||31.12.22
£
4,577
9,549
14,126||
## **8. Debtors: amounts falling due within one year**
Page | 12
## **EUSPEN**
## **Notes to the Financial Statements- continued for the Year Ended 31 December 2023**
**9. Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**
Trade Creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
Deferred Income|**31.12.23**31.12.22
£ £
**12,486**43,981
**-**-
**(14,392)**37,128
**1,000**9,651
**4,650**4,195
**9,192**10,117
**12,936**105,073|
|---|---|
## **10. Movement in funds**
|**10Movement in funds**||||
|---|---|---|---|
|**. **||||
|||Net movement||
||At 01.01.23|in funds|At 31.12.23|
|**Unrestricted funds**||||
|General Funds|455,884|
28,630|484,513|
|**Restricted funds**||||
|Grants|-|-
|-|
|TOTAL FUNDS
|455,884
|28,630|484,513|
Net movement in funds, included in the above are as follows:
||Incoming|Resources Transfer between|Movement|
|---|---|---|---|
||resources|expended reserves|in funds|
||£|£ £|£|
|**Unrestricted funds**||||
|General Fund||||
|**Restricted funds**|373,201|(367,377) (22,806)|28,630|
|Grants - Prefam||||
||54,071|(31,265) 22,806|---|
|**TOTAL FUNDS IN YEAR**||||
||**427,272**|**(398,642)**
**---**|**28,630**|
Page | 13
## **EUSPEN**
## **Notes to the Financial Statements- continued**
**for the Year Ended 31 December 2023**
## **11. Related party disclosures**
There were no related party transactions for the year ended 31 December 2023.
## **12. Deferred salary costs**
In the financial year there were no deferred salary costs.
## **13. Deferred income**
Deferred income is due to annual memberships being raised pre year end, that relate to forthcoming financial year.
Opening Deferral 10,117 Released during the period 925 Provision created Closing provision **9,192**
Page | 14
**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2023**
## **EUSPEN**
|**Income and endowments**
**Investment income**
Deposit account interest
**Charitable activities**
Conference and seminars
Membership Subscriptions
Sale proceedings and notes
Grant funding
Management Fees
Sponsorship
**Total incoming resources**
**Expenditure on**
**Raising funds**
Reimbursed amounts
Dinner, tours and sundry items
Tutorials and workshops
Event Services
HMRC interest
Prior year adjustment
Prefam costs
Travel costs
Entertainment
**Charitable activities**
Wages
Social Security
Pensions
Light and heat
Postage and stationary
Advertising
Entertainment
Travel and subsistence
Rent and services
Interest Income
Bank and credit charges
Late Filing Charges
Telephone
Computer equipment
**Governance Costs**
Accountancy and legal fees
**Conferences and seminars**
Conference marketing
Event services
Bursary
Networking dinner
Overseas entertainment
American express fees
Depreciation
Bad debt write off
Subscriptions
Training costs
Insurance
Travel, subsistence and sundry
Meetings
(Profit)/loss on foreign exchange
Total resources expended
Net expenditure|31.12.23
£
7,965
279,585
56,190
2,745
54,071
26,716
419,307
427,272
131,520
31,265
162,785
124,435
6,318
10,311
818
830
9,157
7,254
19,507
5,935
28
-
5,350
-
516
3,895
194,298
16,393
16,393
961
(70)
4,914
897
2,440
9,142
16,024
398,642
28,630|31.12.22
£
2,438
304,225
34,678
1,620
38,160
-
42,989
421,672
424,110
176,185
5,314
181,499
122,810
6,245
9,338
818
1,828
6,963
13,768
8,992
4,804
-
4,879
7,766
469
3,199
191,880
19,807
19,807
1,064
(1,915)
8,436
-
1,627
9,212
(3,743)
398,655
25,455|
|---|---|---|
Page | 15