**Report of the Trustees and Unaudited Financial Statements For the Year Ended 31 December 2024** **For EUSPEN** Euspen Contents of the Financial Stirtements for the Year Ended 31 December 2024 Reports of the Trustees Independent Examiner's Report Profit and Loss Statement of Financial Position Notes to the Financial Statements 8-13 Detailed Statement of Financial Activities 14 Euspen Re ort of the Trustees for the Year Ended 31 December 2024 The trustees who are also directors of the chority for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provision of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in occordance 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 incorporoted on 29 December 2000. The company is limited by guarantee and is governed by memorandum and articles of association. The company olso has choritable status. The Directors have overall responsibility for ensuring that the Charity hos an appropriate system of controls. financial and otherwise. They ore 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 stotements 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 o 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. Objectlves and actlvltles The objective of the Society is to advance the arts. sciences and technology of precision engineering. micro-engineering and nanotechnology. ond to promote its disseminotion through education and training, and to promote its use by science and industry. ## **Financial Review** ## **Reserves policy** ## **Structure, governance and management** ## **Governance document** ## **Future Developments** 2 ## **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 – resigned 14[th] February 2024 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 Liam Blunt, University of Huddersfield, UK Prof Geoffrey McFarland Renishaw Plc, UK Dr Theo Anjes Maria Ruijl MI-Partners BV, NL – resigned 12[th] June 2024 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 ## **Accountants** Bracey’s Accountants Limited Unit 1, The Cam Centre, Wilbury Way Hitchin SG4 0TW 3 lot tho Yoar Ended.3.1 December 2024 ord•rolth• I￿rd o1mlA￿ on.QklDfiI2P?4 ind ilinédofi*sbel4¥trr. Dr. •lélthTr• M•lMud Dyrnnd Eus Independent Examlner's Report for the Year Ended 31 D￿ernber 2024 Independent examiner's report to the tntstees of EUSPEN {Ihe Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company lawl 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 20111.the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5) (bl of the 2011 Act. Independent examiner's st¢rtement The charity's gross income exceeded £250.000 and l 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: accounting records were not kept in accordance with section 130 of the Charities Act- or 2. the accounts did not accord with the accounting records. or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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 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 [applicoble 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 o proper understanding of the accounts to be reached. Emma Fraser FCA. Bracey's Accountants Limited EUSPEN Profft and Loss for th• End•d 31 December 2024 31.1224Tot Fun& 31.1223 Totd Funds Funds Notes Conference and seminors 288.181 288.181 279.585 Membership Subscriptions Sponsorship Sole of procee(lings ond notes Gront funding Monogement Fee5 50.628 5.769 1.842 50.828 5.769 1.842 8.921 56.190 26.716 2.745 54.071 8.921 Investment income 14.277 14.277 7.965 Totol &921 369.617 427,272 Exp9nJtyrg on R¢Wngfw 134.307 134.307 162.785 Conferences ond seminars 11.668 210.823 11.668 210.823 9.142 210.691 Support & governonce cost5 IProfitl/Loss on foreign exchonge 7595 7.595 16.024 39l642 I￿97) 921 28.630 Gross tronsfers between reserves 10 8.921 18.9211 5.224 5.224 28.630 Total fund5 brought forward 4M513 484,513 455,884 Total funds carried forward 489.737 484,514 Ji.#23Tot F¥nth U09 (&M•J 14 D1•30 4••Ju wij EUSPEN Notes to the Financial Statements for the Year Ended 31 December 2024 1. Accounllng pollcles Basls of preparfng the financlal statements The financial stotement of the charwtable 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 Proctice 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 Irelond. and the Companies Act 2006. The finonciol statements have been prepared under the historical cost convention. I￿orne All incoming resources ore included on the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reosonoble 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 legol 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 thot 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 moin charitable activity as conference and seminars. all else is classified as other charitable activities. All support and governance costs are included within other charitable octivwties. Given the nature of the conferences and seminars it is not considered necessary to charge any such costs to conferences and seminars. EUSPEN Notes to the Financial Statements continued for the Year Ended 31 December 2024 Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated usef ul life Plont and machinery Fixture and fittings Computer equipment - 25% on cost 15Yo on cost - 25% on cost Taxation The charity is exempt from corporation tox on its choritable 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. Forelgn currencles 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 stotements ore 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. Pensi•)n eosts and other post.retirement benefits The company porticipoted in the Universwties 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 shore 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 Activwties as they are incurred. EUSPEN Notes to the Financial Statements continued for the Year Ended 31 December 2024 General Inforniation 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 OAL 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 2. Income (Unrestrlcted) 2024 2023 Conference ond seminors 288.181 50.628 4769 1.842 279,586 56.190 26,716 2,745 Membership subscriptions Sponsorship Sale of proceedings and notes 346.420 365,237 I￿orne (Restrlcted) Gront Funding 8,921 54,071 Investsnent Ineome Deposit Account Interest 14277 7,965 3. Total Resource Expenses Conferences and seminars 9.142 Support & governance costs 210.823 210,691 222.491 219.833 10 EUSPEN Notes to the Financial Statements continued for the Year Ended 31 December 2024 Net Income/(expendlture) Net income/(expenditurel is stated after charging/(crediting): 2024 2023 Depreciation- owned assets 1,613 961 Trustees. remunerallon 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. One trustee has received doctorate level training during the financial year totaling £3.400. This training has been deemed os for the benefr( of the charity. appropriately documented, and formally approved by the trustees. Trustees, expenses Trustees. received travel expenses during the financial year totalling É4.964 {2023- £349). & StaFF Costs 2024 2023 Wages and salories Sociol security Costs Other pension costs 128.967 6.555 &606 124.435 6.318 10.311 144.128 141.064 The averoge monthly number of employees during this year was os follows.. 2024 2023 All staff 17 17 The number of employees whose employee benefwts (excluding employer pension costs) exceeded £60.000 was: 2024 2023 £60,001- £70,000 EUSPEN Notes to the Financial Statements continued for the Year Ended 31 December 2024 Tangible fixed assets Plant & Machiner Fixtures Compute Total Fittings Equipmen Cost At l January 2024 Additions Disposals 2,319 8,749 29,392 40,460 At 31 December 2024 2319 8,749 29,392 40,460 DeprKladon At l January 2024 Chorge for year Disposals 2,319 6,504 759 26,415 855 35238 1,614 At 31 December 2024 2319 7,263 27,270 36,852 Net Book Value At 31 December 2024 1,486 2,122 3,609 At 31 December 2023 1245 2,9T7 5,222 Debtor& amounts falllng due wlthln one year 2024 2023 Trade Debtors 249 2,707 24,288 12.960 Prepayments Other Debtors 7.141 4807 11197 39.955 12 EUSPEN Notes to the Financial Statements continued for the Year Ended 31 December 2024 Creditors: amounts falling due within one year 2024 2023 Trode Creditors Sociol security and other taxes VAT Other creditors Accruals Deferred Income 739 12,486 (24.758) 7,139 16.022 8205 (14,392) 1,000 4,650 9,192 8.148 12,936 Rel¢rted Party Diselosure There were no related porty transactions for the year ended 31 December 2024. 10. Deferred salary eosts In the financial yeor there were no deferred salary costs. 11. 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 9.192 {9871 Closing provision 8.205 13 **EUSPEN** **Detailed Statement of Financial Activities** **for the Year Ended 31 December 2024** |**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
Private Health Insurance
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|**2024**
**£**
14,277
288,181
50,628
1,842
8,921
5,769
355,340
369,617
134,307
134,307
128,967
6,555
8,606
2,638
818
1,705
4,122
1,571
15,353
6,252
-
5,669
-
194
4,637
187,087
23,736
23,736
1,613
-
4,731
3,400
1,924
11,668
7,595
364,393
5,224|**2023**
**£**
7,965
279,585
56,190
2,745
54,071
26,716
419,307
427,272
131,520
31,265
162,785
124,435
10,311
818
830
9,157
7,254
19,507
5,935
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| |---|---|---| 14