EUROPEAN SOCIEfY FOR VASCULAR SURGERY REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
European Society For Vascular Sur8ery Reports and ftnandal ststementslorthe year ended 31 December 2021 Contents Pale Trustees. report Report ol the independent auditor Stolernent5 of financial active5 io Balance sheets 12 Consolldated statemtnt of cash Iltsws 13 Notes to the financial 5tstements 14
European Society For Vascular Sur8ery Trustees, report lor the year ended 31 December 2021 The tnjstees, as directois of the tharltsble tompany for the purposes of company law, preseni their report and financial staternents for the year ended 31 December 2021. ThLs report meets the requlrements for a Directors. Res)ort for the purposes of the Companles ACL A1rn5 and oblertl¥ Purposes ond aims The Society delines its mission as being to Improve vascular health for the publlc beneflt by.. Promotlng high qualtty research,. Provldlng educatlonal opportunftles,- Or£anlslng meetlngs semlnars. workshops. lectures and conferences. both on-llne and in pers¢Jn; Sponsoring Its Journals (European JourrtoloA Vostulorond Endovostulorsurgery IEJVÉSI and EIVES Voscular Forum; 15suin8 Clinical Practice Guidelines on the treatrnent of vascular disease.. Promoting dialogue with National Societies and others involved in the treatment of ¥ascular disease,. and Advlslng regulatory authorlties on matters relating to vascular disease. In order to lurther its objects and athleve its mlsslon, the k<lety and subsldlary companles undertake a varlrty of attivltles. detalls of whlth are glven btlow: Annuolconjereftce The Annual Conference ha5 been held every year 51nce 1987 In dffterent European cities. which are selected oround fve years In advance to allow for the necessary plannln8. The Annual General MeetOn8 of the 5gciety Is also held during the Annual Conference, The pvogramme ol the Annual Conference con51sts of scientifi¢ 5esslons, workshops and symposla, b5tract presentatii)ns, a trade exhibffiion together with a Social Programme ond opportUb)itles for informal networkln8. Tronslotionolmeeting (previotssfy Spring Conftrentej The Society held its first Sprin8 Conference in 2013 and the event has been repeated annualty since then. The event was conceived on a smaller xale than the Annual Conlerence and consists of a number of Sclènt5flc Sessions Includln8 a keynote lecture and a serles of absiract presentatlons. In 2020, the declslon was taken to chan8e the format of the event 50 that It becamè a blennlal evént. altemating wilh the bnn1a1 European Symposium Of Vascular Biomateda15 Symposlum. Edurotionolpro¢romme The Soclety offers z programme of tralnlng courses not only at the annual conference but also at other tlme5 tfrrough the vear. Sur8eons wlth skllls In the specific area beln8 covered act as tutors. and, whi15t the courses are offerèd to all nmbtrs of the S(Kbety, they are prlmarily almd at surgeons 5tlll In tralnlng. In 2019. a new concept for tralning was Introduced with the launch of ESVS Masterd@ss Livt. a two day event whlth Included commentary on live operation5 wilh direct vldeo link to the operation room5 as well as dTstU$5i0ns and lectures. It wa5 possible not only to attend the event in person. but also to attend -virtually" by re8lSterin8 on 1088ln8-on through the Societ15 webte. Edited vide05 of the event are è150 available and constituted the embryonlc sta8e of an on-line reference e-library. which is available to members of the Society- The e-library referred to in the para8raph above now also indudes a Yirtual Vascular. textbook. which Is In the procèss of bein8 written with individual chapter5 being Izunched a5 they are cornpleted. It 3150 includes a series of podcasts and other resource5, made avallable to members. The Soclety offer5 a series of wèb5nars. which featured vascular expert5 discussing speeiallst topics. These are also avallable to members after the Ilve"broadcasf. All members of the Society have elettronk acctss to the Societys ioumals, which are owned by the Soclety and managed by European Vascular Surgery Journals Limited IEVSILI. a subsidiary company of the Society. The profits generated by this company a returned to the Society. For an addttional fee, members can elecr to receive a paper copy of EJVES each month.
European Society For Vascular Surgery Trustees. report for the Yearended 31 December X121 Icontlnuedl Aims and objètlivtt lu>ntinued) Industryportnerships The Charity activdy works with a number of medical device and phamaeeutical companies. which make a donatlon to the Society lor one ol its subsidtariesl and become -Industry Partners~. The Society 3150 welcomes sponsorship of particular events, although It malntain5 its suentifK independence from such sponsors. Gronts The Soclty Current offers Educational Travel Grnnts whith alm to allow successful applicant, over a short pedod of tlme, to look at a partlcular technique or research project in a European in5tltution. Voscunet Va%uThet is a collaboration of vaxular reglstries that Was established to improve the quality, safety and effectiveness of vascular healthcare In Europe and Australasla. The focus of Vascunet is the development of high-quality international regittry data in vascular surgery. whlch supports anafysis of vascular sur8lcal outcomé on an international level and feeds Into quality improvement projects in multidisuplinary vascular mediune nationally and intematlonallv. Adrninistrtstrt In 2018 the Trustees took a declsion to re-establlsh an admlnlstratlve office speclfically for the Society, which assumed rt5POn5ibility foi the So¢ieWs adminisiraiiort in December 2018. The office is located in Bordeaux, France, and operates through an wholly-owned French subsidiary ISASU ESVS France). SASU ESVS France is responslble for mployin8 the staff who work In the office and lor pro¥ldln8 the offlces and equlpment for those staff. A<hl•vements and pertorniance The Soclèty's achle¥tments and performance are based on thé actfvltles stated above. Membershrp At the end of 2021 the Soclety had almost 2.8 members of whom over 700 were tralnees. The Trustees Ore actively workln8 to Increase the number of members, concentratln8 on rhose countrles where the proportlon ot vasclar Surgeons elertlng to loln the Society Is lower than ml8ht be expected. Annut71 Conference The 35 Annual COnfence was or1g1nal planned to take place In Bewast. Unired Kln8dom in September 2021, and Inltial preparations were underway when the Covid-19 Pandemic struck. Earfy In 2021. having staged an on.llne event in plate of the planned 2020 Annual Conference, the Trustees took the decision to repl the planned event with a Hybrid Meeting amprfTh8 an on-slte element based In Rotterdam. Netherlands. and a parallel vlrtual prtsgramme. Tronslotionalmeetlnq The ESVS Translational Meetln8 is a biennial èvent and was not dué to take plate in 2021. Vuscurtet In 2021, Vascunet invesied in new systems to ensure Ihat its data-collection remained fully GDPR-compliant. It 3150 tssued port on PAD treatment. Journals The most recent published ISI Impart Factor of the European Journal of Vasculai and Endovascular Surgery IEJVESI Is 7.069. once again the highest ever recorded by the Journal. The impart factor is a measure of the citations from a 8iven source. as defSned by the InstStute for SCIenfic Informatlon. Slnce January 2020 Members have actively had to choose to receive EJVES in prlnted fom and pay an additional fee for doin8 $0. Around one ihird of the rnembershlp chose thls option in 2021. Ouring 2019 the declslon was taken to r&launch the Socletvs second lovrnal from January 2020 a5 an interactlve on-llne publication EJVES Vosculor Forum. Thu$ 2021 was ihe second year of publlcatlon for EJVES Vosculor Forum, whlch continues to develop it5 content as an alternatwe to EJVE&
European Society For Vascular Surgery Trustee< reput for the year ended 31 December 2021 {contlnu•d) hlevements and p•rtormance (contln¥edl Educotionolpiooromme The ESVS Academy had planned ¢0 provide a number of trainin8 courses durin8 2021, althou8h only one actually took pla la person and a serfes of on-15ne Interyentoons was organlsed. CME tredrts wete awardÈd to those who attended thè workshops. The two initlative5 launched in 2019. ESVS Mastercl@Ss Livè 3nd ESVS Webinars, contlnued In 2021 both of whlch were able to contlnue throu8h the pandemlc 6ronts Details of the £rants awarded durlng 2021 are shown In note 7 of the flnancial statements. Industry Portnershlp5 The number of industry partnerships and the Income eenerated from them Increased gnIfiCantlY In 2021, although more of these tame In the lomi of sportsorshlp tor spetlfic events. The Trustets thankthe Indu5tdal Partners for their support. Adrnlnlstrutton The ESVS oflice, established In December 2018, continued to operate Inltialty wlth five staff. who continued to work remotely for much of the year. Ourin8 the year one member of staff was on maternrty leave and on her return to work an additional post was created brin8lng the number of stafl employed to six. The Trustees thank the staff team for thelr work and 5UPPOrt durin8 another difficult and unusuil year. A particular focus lor the offKe team was thè launch of 3 new webslte In December 2021. How the Charlty'i artl¥ltkn d•ll¥tt publk benefit The Trustees conflrrn that they have considered the 6uidance issued by the Charity Commlsslon appertainlng to PublSc Benefit. They consider that as all of the actfvities of ihe Chafifv are conducted wlth the aim of improvlng the knowledge of and standard of work performed by Vascular Surgeons not only throughout Europe but the whole World therebv promotlng health, It exists for the publlc benefit. In order to ensure that membership of the Soclety Is avallable to sur8eons In less affluent European countrles, the Soclety offers a reduced late membershlp to a small number of Eastem European countrles. The countries included are revlewed Te8ularfy to ensure that the discount Is stlll valld. In add5tion a reduced membership rats is char8ed to sur8eons in trainin8. Flnandal Revl•w The consolldated and charlty Statements of Financ131 Activlty are set out on pages 10 and 11 of the Financial Statements and show the financial re5uh for the year. The group's main fundin8 sources tontinue to be subscription5 from members. the prolits 8enerated by the ENES, income 8enerated by its various charitable actiwties and funds rècèived from industry partners. In 2021. the Group reported 3 surplus of C2CKI.000 compared with .792 in 2020. This Increase in 5urplu5 reflected the additional support received from industrial partneis relerred to above. balanced by idditional costs generated by more actwities. Reserve5 polity At the end of the period, the Group had fund5 amountin8 10 É1,502,26712020.. É1,302,2671 of which £1.498.916 were free reserves las defined by the Charity Commissionl. The Trustees considered in detsil at the rtart of 2019 the level of free reserves that the Soclety should hold and concluded that an appropriate level would be between £1,8W.OLY) and ,200,Cm in order to èrtable it to tontinue its aclNities and to fflitigate against the potential financial tonsequentes of the need io provide financial support for its Annual ferenCe, as well as enable it to contSnue to meet Its obligations to irs staff and running ils activilies. The level of free reserves is still somewhat below the target range, notwithstanding the Increase achloved In 2021. and It Is the alm of the Trustees that they should Increase In the medium term to within the r8et ronge.
European Society For Vascular Surgery Trustee5' report forthe year ended 31 DeThber 2021 {contlnuedl Plans forthe future The 36 Annual Conference of the Society is due to bÈ hdd in September 2022 in Rome. Italy. The meetlng Is expected to take place in its traditional lin person) lorm althou8h an on-line option may be made available if infectlons arlsln8 from the Covid-lg pandemic requi there to be such a provision. The Tru5tee5 provisionally expect the 2023 Conference to be based in Belfast (originally planned for 20211 and the 2024 Conference to be IoGlted In Krakow185 orlglnally planned for 20201. The Mastercl@S5 event took Pla in January 2022 and the Spiln8 Translatsonal Conferènce took place In Stotkholm, Sweden, In June 2022. Courses, podcasts and weblnars continue. as do the journals and e-library Includins the on-llne vasculaf textbook. Refefence and adrnlnlstTatl¥e deta115 Reglstered Compony Number.. 4524120 Registered Charity Number.. 1093753 Address of Serretoriot.. ESVS. 244 8oulevard Albert 1-, 33800 Bordeaux, France Reglstered offlce.. 18 Saxon Way. Romsey. Hampshlre. S0515PT, ijnited Kln8dom Audltors.. Azets Audit Services Llmited, Camac Place. Cams Hall Estate, Fareham, P016 8UY, UK Bonkers.. BNP Pariba5 SA. 14 Chernln de Maqrel. Merf8nac, 33700, &7rdeaux, France ING 8ank, Cours Salnt-mlchel 40, 1040 8russels, Bel8lum Nordea Bank Danmark AIS. J8ersborgAllè 22. 2920 Charlottenlund, Denmark Webslte.. www.esvs.or8 Tru5tee5 The followin8 Officers served as Trustees and made up the Executive Commlttee of the Soclety for the whole of th• period from l January 2021 to the date of this report Un$$ stated otherwi5e= The Presldent luntll October 20211 The President (from October 20211 The President Elert (from Ortober 20211 The Deputy Presldent-Elect lfrorn Ortober 20211 The Treasurèr The Secretary General EJVES Editor in Chief Editor in Chief EJVES Vosculor Forum Chairman- ESVS Academy EVST Representative Hence Verha8en Mauro GargiLJlo IPresidenl-Elect to October 20211 Phlllppe Kolh (Deputy Presldent-Elert to Otlober 20211 lan Loftus Pirkka Vikatrnaa Maarit Venemo Fltirian Dick Melina Ceniga de Ve8a Ramon Vila Coll Stefano Ancettl Slnce November 2020, there has been a Councll, which an Jvis0ry body io the Trustees wlth certain specrfic responsibilities as defined In ihe rewsed Articles of Association.
European Society For Vascular Surgery Trustee< reportft>rihe year ended 31 December zozl {contied) Structur•. Governan¢• and Mana8ement 6ovemlno document rhe European Soclety fol Vascular Sur8ery I'ESVS-I was IncOlIated on 2 September 21XJ2 and registèred with the Charity Commission on 9 Septembèr 2002 as a charity whose purpose is to relieve sickness and to preserve and protect health bv aLfvancing for the public benefrt. the science and art and research Into vascular d15ease includin£ Iwlthout limitation) vascular surgery. On 30 September 2002, the actmtles ol an unincorporated charlty, The European S¢xiety foi V05cular Suryery Ireglstered number 10035341. were transferred to the Society. and thelotter charlty was dissolved. ESVS Is a tompany limlted by zuarantee govemed by its Memorandum and Articles of Association dated 28 October 2002 and amended on 18 September 2005. During 2011 the Tru5tee5 undertook a review of the Charity's Memoiandum and Articles of Association using a professional a(fvisor and new governln8 documents were prepared. These were approved and adopted at the Annuèl General Meeting in September 2011 and were subsequently 5ubrnitted to ihe Charity Commission, which requested an addr(ional change to be made, whlch was approved by members at the AGM In September 2012. Durlng 2020, the Trustees agaln rewewed the Artlcles of Assodatlon, In the118ht of the latest 8uitsnce Issued by the Charity Commisslon and other advice on best pradice for the Governance of charltles. Thls resulted in an updatèd sét of Artldes belng prepared. whlch were approved by the members of the company at the 2020 Annual General Meetlng and Subsequent approved by the Charity Comrnlsslon. The most $18nificant chan8e In the artlcles was to redeflne the Board of Director5 (who are also Trusteesl from a var6able nurnber (but always In excess of 30 in recent years) to a flxed number. The Councll, whlch prèvlousfy formÈd the Board ol Dlrertors was then reforrned as an odv150ry body eletted dIreCV bv members. The Ilablllty of the members of the company lfvll mernbers of the Socletyl Is 11me by thelr guarantee. In the event ot the company belng wgund durin8 the perfod of thelr membershlp lor wlthln the year followingl they uThdertake to contrfbute suth amounts ès may be requlred, to a maxlmum of Él each. The Artlcle5 of Ass¢xiatlon authortse the Councll to create 6ye Laws. whlch were updated in 2019 and 2020. Thése ¢over a number of matters relatlng to the operatlon of the 5otiety including tategoriès of membershlp. The charity has three subsidiaries, two of which are owned directly. European Vastular Sur8ery Journa15 Umlted, whlch mana8es the EJVES publication5, European VaKular Sur8ery Tradin8 Limited IEVSTLI, whlch mana8es the malorlty of lis other activitie5 and which own5 SASU ESVS France, which operates the SocleW5 admlnlsirative office. Appointment of trustees ondofflcers Slnce November 2020. the Board ol Trustees has been ihe Executive Comffllttee. comprlsing the Presldent. Presldènt-Elect, Deputy Presldent-Elect, Secretary, Treasurer, Chalrnian of the Academy C<Mnmrtree, Secretsry of the EVST Itralnee sectlon of the Souetyl and Editors in Chief of the Socievs two journals. Officers of the Charfty are proposed for elettion at the Annual General Meetfjn4 on thè nomination of the Council and take offieÈ thereafter. The Presldent serves a one year tem of offitè hawng prèviousty served as Deputy President Elect and Piesldent Elect for ane year each. giwng a three year terni of office in total. He or she may not be re-elected to succeed himself. The Secretary and the TreaSUr are elected for a fwtryear term of offitt and are not normally re-elected for a further term. The Editors in Chief serve terms of three years as do the Secretary of EVST and the Chalrman of the ESVS Academy who are elected by members of the relevant committees. Successors to the Secretary and Treasurer are elected at the Annual Conference at least one ytsr in advance of their assumption of duties and serve informally as Secretaryolect and frèasurerolett the in year before they take office. Trustee Induction and trolnlng When new Trustees are appointed. they receive information from the Secretsry 4dvisin$ them of thelr re5ponsibllltles including information Suppli by the Chartty QJrnmi55ion of England and Wale5. They also receive the mlnutes of the previous rneelin85 of the Executive Cornmittee. Council Members a150 receive information about thelr role as Counollors and minutes of prevKius meetings of the Council.
European Society For Vascular Surgery Trustee5' report for the ye•r •nd•d 31 D•¢•mber 2021 {coThtlnuedl Structure. Gowrnance and ManJ8em•rnt (contlnu•dl Oroonisotlon The Trustees meet in person at least three times each year and then deal wlth other buslness by virtual means between suth meetlngs. The ESVS councll. now an advlsory body for the tharlty. meets twice each year. Other sub40mmlttees exlst for a varlety of purpose5 and meet as often as Ss needed to transact buslness. These currently Include ESVS Academy. whlch manages Ihe Soclety's tralnlng provlslon, ESVT, the Societrfs Tralnee sectlon, Programme Committee, Guldelines Committee, e- committee and Industry Relauons and Business DeloPMent Committee. The President Is Chairman of meetlngs of the Council and of General MeetinB5. The oreanisalion of the annual conference is undertaken by the Programme Committee, whlch works in conjunction with the Executlve Commlttee. and a Professlonal Congress Or8aniser IPCOI. Rlsk rnonqoementpollcy The Trustees and Executive Comrnlttee Conrtue to monitor the malor r65ks to whlth the Society might be exposed and take approprlate artlon a5 necessary to rnanage those rlsks. The risks considered most Sl8nificant over the past 18 rnonlhs have been financial. beciu5e of the Covid-19 pandemic and the gradual move to an opèn acce&s buslness model of sclentlfi journals. The Éxecutlve Commlttee and Council took an earty decislon to Postpone the Annual Conference planned to take place In Bellasl In 2021 to mlnlmise the potential financial105s¢s whi15t the Dirertors of European Vascular S¢Jr8ery Journa15 are reviewin8 the business model of the Societvs maln journal to mana8e the effects ol these changes. Reloted porties The Soclety has two wholly owned Subsidlary companles. European Vascular Sur8Èry Journals Llmlted Is responslble for mana8ln8 the contract between the Publlsher of the EJVES publications and Ihe Society. European Vascular Surgery Tradinq Limited is résponslble for the or8anisatlon of the Anntsal Conference and other artlvltles and ha5 one wholly owned subsidiary being SASU ESVS France. Other related parties are consldered to be the rnembers ol the Executtve Commlttee (listed above), who are in a posltion to exert Sl8nificant influence on the Charivs affalrs. Detalls of transactlons wlth related parties are provided in note 17 of the Financial Statements. Pay pollcy Jor senr$tol Wlth the exception of the Secretary General and Chalrman of the Industrtal Relatlons and Buslnèss Developmènt Committee. all Trustees 8lve freely of theli tlme to undertake thelr role as Trustees of the Sotlèty and noné received remvneraiion Sn the year. Detalls of the Honorarlum pald to the Secretary General, honorarfa pald io other Trustee5 for specSflc ro1è5 that they undertakt ftsr the Souety and its subsidiaries and expenses pabd to Trustees are 8iven in note 8 of the flnanclal staternents. Since December 2018, SASU ESVS Frante has empbyed Staff at salaries eomrnensurate with local market conditlons and the experience of those employed. Stat•m•nt of Tru5tees' r¢4n51bl1tt1e$ The Trustees (who are a150 dlrertors of the European Soclety for Vascular Surgery for the purposes of company lawl are responsible lor preparfng the Trustee¢ Annval Report and the financial statements in accordante wf(h applicable law and United Kin8dom Atcounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the Trustees to prepare financial statements lor each financial year. which glve a twe and farr eW of the state ol affair5 of the charitable company and of the incomln8 re50urce5 and appllcatlon of resources. Includln8 the Income and expenditure, of the charitable company for that period. In preparing these finantial statements, the Trusteès are requlred to.. select suitable accountirvA policies and then apply them conslstently- observe the methods and principles In the Charknes SOAP IFRS 1021- make judgements and estimates that are reasonable and prudent.. state whether appllcable UK ACCOUnnI Standards have been followe(I, subiert to any material departures dlsclosed and explained Sn the flnandal statements- prepare the financial statements on the going concern basis unless it is inapproprlate to presurnè that the Charitable company will contrnue in operation.
European Sodety For Vascular Surgery report forthBy•arwd•d 31 Deombw2021 lcontlhÈd) Staternert o1TTUlt. SPOnsIbl1[11QS {coAthuÈd) The TrUee$ are fespor6ible lor keepin8 adequate accountkng records that di5cknse reasonable accyra¢y at any time the financlal po4ilon ol the charitable company and enabfe them to ensure that the financial statements compty wirh the Companies Act 2(X]6. They are also re5ky)nsible for sale8varding the a55ets of the charltable company and henre for taking reasonable steps for the prevention and deteCn of fraud and other lffe8ularffies. ln so far as the Tnjstees are aware: there Is no rdewdnt audSt information of whkh the charbtable compan5 audltor Is unaware- and the Trnstees he taken all Steps that they ought to have rdken to make th8m5elvÈs aware of arby relevant >Jdlt Inforrnatlon and to estabbsh that the auditor Is awère of that information. Aydltors The Trusttes have taken 1 ol the step5 that thry ou¢hi io hwe taken to make thern5efve5 aware of any Informatbn needed by the companV5 auditors for the purposes of thelr audit and to establish that the audllor5 ale aware of that Intormatlon. The trustees are not aware of any relevant audit Informaon of vthlch the audltors are unawafe. A resoluilon proposln8 the reappolntmentof tt$ Audlt Servlces wlll be PLrt to the forthcomn8 Annual Gtner¥l Meetlrq. In wep•rfnB thls report thTrustees hat&E ten advantage of the ex*mpt10ry5 8pp]l¢able to small cornpanles. Thbs report was approved by the Trustees on 27 June 2022 andls 5i8ned on thdr behalf bv Plrkka VIkMa• Treasurer and Trustee
European Society For Vascular Surgery IDdepEndentAUdrroS Repwrio thernernber5 of the Ewopean Souetyforvaxular Suryeryfor ihe yerènd•d 31 DK•mber 2021 Opinion We h4ve audlted the fln3ndal st3tements of European SodetyorVascul3r Surgery Ithe'p3rent charrtable company'l andlts 5ubsldlarle5 Ithe'group'l for rhe ar ended 31 Decembef 2021 v4hich cunprtye the Consolhlated Starement of Finanilal Affli¥Aty, Charllv Statement of Financial Artllity. lanCe Sh¢et% Consolidat¢d StaterThemt of Cash Flows notes to the finanoal statements. lttdudin8 signifiunt accountln8 pollcles. The financlal rèportln8 framework that has been applled In thek prep3ratlon is applkabk law and United KiThEdom Accounting Standard5, including FinarKial ReportinB Standard 102 Tre FinoKiolReporting StondordopplKuble the Vkond Republk ol Irelondlunlted Kln8dom GenerallyAc(epted Accountlng Pratticel. In our opinion the financial statements.. ve a true and farr view of the state of the grou5 parent charitable companV5 affalrs as at 31 December 2021. ond of the group's Incemln8 resources and appllcatlon of resources. Includln81ts Income and expendltufe. for the year then ended., have been Proper prewed in accordance with United Kin8dorn Generally kcepled Acco¥nbng Practlce., and have been prepared In aOrdrKe with the vequlrefflentsof the Companie5 Act 2ffj6 and the Charities Ad 2011. Basls foroplnlon We condLfted our audit In accordance with Intematkjnal Standards on Auditing IiiKI IIsA5 IUKII and appllcable law. Our re5pon5ibilitles under those stsnéards are further described in the Audrtorfs re5ponsiblllties for the audit of the financial statement5 seciion of our r¢port. We are Independent of the 8toup and parent charltable company In accordancé whh the ethkal requSrements thèt are rèlevant to our audlt of the flnanc5al staiements In the UK Indudini the FRCS Ethical Stsndard, and we have fulfilled our other ethl¢al responslb511tles In accordance wlrh these requlrement5. We bdleve that the audlt evldeTrce we have tsbtaln•d Is sufflclent and appropriate to prOe è basis lor oUr010Th. Concluslons relatIn¢ioyl concern In auditlTr8 the finaniial ststements. we ha¥e conduded that thetrustees. useof the8ne eonc•rn b•sL% ot•ccountln4 In the prepar•tion of the fknand•l stètements Is •ppropfL4te. Bas?d the wor WÈ have perlormed. we h•ve ho iéet)iified any materlal uThcÈrtainties reljrlw to events or condltlons thit. ndIduallY or collectlvely, mèy Case slgnlflcant doubt on the 8rrNJp's or parent charltable ¢oMpan5 ablllty to Corfinue as a concern far i perK)d of Jt least t1ve manths from ihe financial statements I•thoriSed for tssue. Our respons111¢S and the responslbllw ol the trnsthes wlth respert to ¢onc¢m •rt desrrfbed In the relevant ttIOnS of the report. Otr Ihlormtlon The other Informatlon cornprlses the Inlormatlon Included In th• Tfvst•e5' Report. othtr th¥Tr the finandal statements ind our audltorfs report thereon. The trustees are responslble for the other infonnation contalned withln the Tru5tee5' Report. Our oplnlon on the rinaneial statemenES does not co%r the other infoimat¢on and, except to ihe exteni oihen¥ise Èxpllcltly silted In our report, we do not express any lom of •$5ur•n¢¢ ¢ty¢lwon ther¢ort. Our rtsptyulbllity 15 t¢ read the other informatlon and. in doin8 so, conslder thether the other Informlon Is marerlalty Incon51steni wilh the flnandal ttatements or wr ntyed6e obtalned In tht course of the audlt or otherwise appears to mèttrially misstated. IF we vjenitly such material incansi5tencies or apparerrt moterlal mlsstaiements, we are required to determine whether thi5 gives lo a materi31 misstatement in the financial statements them5elvts. If, based on the work we h3w performed, conJudt that there L4 a Material MI11tman¢ of this other Information, we are re4uireO to reportthat facL We have nothln8 to ¥em In thls regard. Qplnlons on other m•ttets pleKbed bythe(omp•nles Aci 2LJ6 In our oplnlon. based ¢n the work undertaken In the course of the audh= the information liven In the trv5tee5' repoTI lincorporatyTrg the dwectors. rep)rtl for the finandal year lor whlch the flnanclal 5t4tements are wepèred ls£onslstent with the financlal statements.. and the dlrectors. Report has been prepared In ac£ordance w(th applicable leRal requlrernents. Matters on whlth we4re requlred to byucoplkn In the liO)t of Qur knovAed8e and understandlng of ihe group and parent charftable company and ks ethrOnment obtalned In the Course of the audlt, we have not Identwied rnatertal rn155tstements In tho thrertors, Report. We have nothln8 to report In respert of the foll£ matters In re(¥ to whkh ihe Compani¢s A¢t and the CharleS Att 2011 requlre5 US to reportto you if. in our opinion.. adequate and sufficient accounting records have not been kept by the parent charitawe wmpany. or retums odequate for ouraud have not been recelved frorn iK4nches not vigted byus,. or the parent char5t3¢ companvs financial staterrtents are rbot in a8reement th the accoundng records and relurn5,' or £ertain dlsclosures of dlrertors, remuneratSon speofied by are not made.. or we have not recefved all the infthrmation and explanatw)nswe rewire forour audiL or
European Society For Vascular Surgery Ind¢p•hd•htAydhrfs Reporttothi m•mbvs olthe Sod¢tyfor V•s¢uhr Sur88ryfor thè y•r •nded 31 De¢ember2021 l¢onttnuedl the twstees were not enthled to prepare the financkl siatements In xcordance th the Small companleg re8lrne èhd takè advantage ol the small C1nI exernptiorLS in weparing the director report and from the requlrement to prepare 4 5trateEIC report. Pwponslbllltlu of trust• As explained rnore fvlly in the trustees. responsibilities ststernent set out on pages 7 and 8. the trustees l%¥ho arè atso the dlrettors of the charItae company for the purposes ol compat)y lawl are responble for the Pfeparatlon of the financial statements bnd for being satisfied that they 8Nè a true and fair tw. and forsuch 5nternal control a5 the tru5tee5detqrmkne Is rSsary to nae the preparaOn of financial 5tatementsthat are free from rnarerial mwtatement. t•therher due to fraud or eThor. In prepaTIfi8 the flnaneial siatements. the trustees are respon lor assessln8 the group's and parent charltable tomp•nl5 ablllty to continue a5 a goinB concern, di5closin& a$ 3pplicable. matrers related to 8oinB concefn and usin8 the 8oinB conc•rn ba51s of accountln8 unle55 Ihe tfU5tee5 Elthér intend to Ilquld•te the ytyjp ar the pwént tharitable torn or to cease operatlons. or have no reillstl altern4tlve but to do 54. Audltorfi respon110•$for the wdtt ofth•thandal st•tsm•nts We havè beèn appolnttd lUdr und the Companle5 Act 26) 5e¢llon 151 of the Choritle5 Act 2011 and report In x¢ordance wlth those Acts. Our oblettl¥es are to obtaln reasonable assuranee abtyjt whtth¢r the fftnanclal llementS a5 a whole are free from materfal mi$5tatement, Wther due to fraud or trror, and to issue an avditor's report that Include5 wr opinlon. Reasonable assurance Is a hl8h level ol assurance, but Is not a 8u8raniee thai In audit condutted In accordance wlth ISAS IUKI 11 always deteti a material mlsstatement when It exlst& Mlsstaternents C8fv arlsÈ from fraud or error and are consldered m•terial11. indl¥ldually or In the aBgre8ate. they could reax)nably be ¢xpe¢ted tts infftuence th¢ecorrnk d¢d51onsOt U59r5talenon the basls of these finan¢iol Statements. lrrt6utsrIes. Includin8 fraud. are Instances of nan-eompliance with laws ind slI10s. We éesi4n protedurei kn line th our responslbllitles, Outlined above, to delert rnated31 mis5taternents In respeci of IrrularItI Includln8 fraud. The specific procedures for thls enga8ement and the to whkh these are capab DI detectln8 Irre8vlirftlt5. IncJudln8 fraud Is deta51ed below.. Enqulry of manaKement and those tharyd 1MOnce around and poteThiial Iltlglon and clalms as well gs Irt11. susp¢tted and 4lle8ed fraud.. Rev&NnI mSnuies ol meetln8s of those ch4r8ed th 8ty4ern3nce' A55esSlW the exteTht of comF41an£e wrth the law5 and re8ulatlons consKlered to have a dlrert miteTlal effect on the ftnantial statements the operatnsofthe group through en9uiry and lfvsporth)n,' ReviNn6 Iinancial stitement dts(lowies ond testSnA to sup[1n thxumentlti to assess COM1¥(e wlth appllcaNe law5 and re8ulatlons.' and Performln8 •udh work over the rlsk 01 mana8em¢nt and ¢)verridt of rontrols, in¢ludkn4 testlnq ollournol entrles and other odju51ments for oppropriatene55. evalu4tin8 the l>uyne5s rationak of Signiant tfansaCtkns tymsldé the normal course ol buslne55 and reylewlni accountin8 estlmatesfor Indkawrs of potenial bia 8erau5e ef the inherent limitations ol an audit. there i5 a risk that we wlll rit dete£t all Irre8ularfties. Indtsdln8 those leadln8 rnaterhl mlsstaternent In the flnanclal statements or normplanE whh regvladon. Th15 rlsk Increases the more that compllance wlth ¥ law Dr reaulaikjn is rerM¥ed from the E¥nts and trèns•ctions reflected rn the fin¥ntil stattments. as we wlll be less Ilkely to become aware of Instances of non<ornpliance. The risk is a150 greater reRardln8 Irwularlties rxcurrlw due to fraud r•ther than error, as fraud Involves Intentional concealment, fBery. Collusn. OMISOn or misrepresentstion. A further derIptION ol duf re5paDslbilities for the au¢Jit of the ftnarKiol 5tstements T5 located on the Finantlal Reporting Councll's webslte httF6.'lthw.frc.or&ukPvr-WorlAvdillAwJil-and-a55Uranccl%and¥ds-and-8uldal5nd¥ro$0-£Vlnce-tOr-audI1ors1ALknr$- res$111r4udft LHIMf•au¢lit0r•$P?_mltr11kntfrX. Thi5 deSCriPth fonn5 Part ofouraudrtor's report. Use of ourr•port Thi5 report is made solelyto the CharItab companrfs members. as 8 body. inxcordantewith Chapter 3 of Part 16 olihe Companiè5 Att 2th6 and to the £harhablÈ compart$ trustÈÈs, as a body. In aetordaNtÈ wlth Part 4 of the Charities (Accounts and Reportsl Regulations 2tQ8. Our audlt work has been undertaken $0 ihai we might state to the charitable companvs mernber5 and its trustees ihosÈ rnatiers we are required to st*e to thern in an auditorfs rewi and rbD other purpose. To the hjllest extent permitted by law, we do not ac¢ept or •$$vmÈ respmslblltty to anyoné other thart 1hè charttable compafiy and thÈ tharltable compan¥Ks member5 as • body and the charitsble company's trust@es as 3 body. for our audit wth, for thts report, or for the opinions we have formed. Izots SJ I tL4 Zara FCA (Senior Statutory Audilorl For and on of et5 Audit SeNtes, s¢atutoryAudit(K. Camac Hao. Cams Hall Estate. Fareham, Harnp5hire. P016 BUY Date..26.August.2022
European Sodety For Vascular Surgery Consollded staternent gf finan¢tsl artl¥llles IkKorpQrl an Inrne and expeThJlture account) for the year ended 31 Oe¢ember 2021 Notes Unrestrfcted 2021 Restrbcted fund$ 2021 Total fuThd5 2021 Total funds 2020 Income Chorfftta)le urtlvfrtle5'. SubscrlplSons Industry partnership Courses and meetin85 286.689 289.100 572,720 286.689 289.100 572.720 253.177 232,375 247,534 Othertradin8 activitle5'. Commercial trading operations 419,797 419.797 385,535 Investment income 20 20 Other Income 47 47 Total Income 1,561,573 1.568.373 1,118,632 Exp•ndltur• on Roisingfund5.' Ralsln8 funds 213.485 213,485 234,060 Chorftoble octlvltle5.' Publ5tiOns and apps Course5 and meetln85 Grants 169.697 947.353 37,838 169,697 947.353 37,838 148,635 690,149 37,996 Total *xpendltur• 1.368.373 1,368.373 1.110,840 Net movements In lunds 2,0 200Jh)O 7,792 Funds brouihtforw•rd IJ02,267 1,302,267 1,294,475 Ful$ ¢arrled lorward .S02.267 I02,26? 1.302.267 All amounts relate to contlnuln8 artlvltles. The surplu5 for the year for the purpose5 of the Companies Act 2CX)6 comprises the net movement In lunds less unrealised gains or losses on investments and amounted to C200,(MKI 12020= .7921. Detalled comparztlve Informatlon Is shown In note 20. The notes on pages 14 to 24 form part of these finanual ststements. io
European Society For Vascular Surgery char smement ot flnandal ace5 Ilncorporatlnl an Income and expendlture ¥countl forthe yearendtd 31 Dc•mber 2021 Notts Unrestrlrted funds 2021 Total funds 1021 Total lunds 2020 funds 2021 Income Choritoble gvivlties.. Subscription5 Industry partnerships Courses and meetlngs 286,689 fIJ.C0 212,718 286.689 253,177 97,821 51,020 212,718 Investment income 202.253 202,253 255.589 Other Income 40 Totsl Incom• 761.71x1 761,700 657,611 Exp•ndlture on Ruisinglunds.. Raising funds S7.257 57,257 49,967 Churitable ortlvities.. Publitatlons Courses and mettln8s Granis 138.330 148,()3 261.180 138,330 148,C4)3 261,180 122,493 158,017 237,950 Total resources •xp•nd•d 604.770 604.770 568A27 Nei movements In funds 156.930 156,930 89,184 Funds brought forward 1,119,619 1,119,619 1,030,435 Funds carrl•d forward 1,276.519 Cl.276.549 ¢A.119.619 All amounts relate to contlnvin8 3ctNtties. The surplus for the year for the purposes of the Companies Art 21J)6 comprlses the movemènt in funds less unrealised 8alns or1055es on investmenls and amounted to (156.930 12020.. (89.1841. Detailed comparatlve Information is shown in note 20. The notes on pages 14 to 24form part of these finanoal statemen li
European Society For VaKular Surgery B•l•nt• shtets •131 Ilecber2oll Company nwnber. 4524120 Z021 Gro zozi a4rrty 2020 ¢knup 2010 Chartty Fl¥ed 4>sets Tan8lble assets Investments io li 3.351 5.517 3,351 5,517 Curr•ntass•ts Debtor5 - due wh1 one year C8$h xt bank and in hand 12 493,755 1.365.307 376,307 L133,280 309,974 1.393.983 191,195 .231,280 1.859,062 1509587 1.703,957 1.422,475 Q•dliors: amounts I411 du• Wlthln Ijne ye•r 13 1360.1461 1233,0401 1407,2071 1302,8581 Net cuThent •55ets 1.498,916 1.276547 1.296,750 1.119,617 lrt as5•ts ¢I.S02267 276yg 1302267 CL119.619 VDrestslctrd fur49 General funds Re5trlrted funds 1502.267 1.276,$49 1302,267 1.119,619 Tot fun UJ02.267 0276.549 IJIK267 L119.619 These financlal statements have been prepared In accordarKe the provl4ons applkable to companles subiètt ta the small £ompanIe ftRlme. The TrustÈes hwe prepared group finandal staiements In accordance *lth Seclk>n 398 of the Companles Art 2006 and 5ertion 138 of the tharlties Act 2011. These financial statemtnts are prepaitd wi attordance wrth the special provlslons ol Part 15 of thè COmleS Aet 2006 relatlng to small CompleS and constitute the anhual accounts requlred by the Companiès Art 2006 and are frjr circulotion tp members ofthe cwtrpany. Appiove(I by ¢he TruMee5 and authorfsed for155ue on 27 June 2022 •)d 98ned on their behalf by.. Plrkki Vlkatm Tre3surer The notes on pays 14 to 24 fo part of the3e financial 5tstements. 12
European society For VaKular Surgery Consolidat•d statement of ush flows for th• ¥•arended 310è£ember 2021 2021 2020 Net ¢ash louffiowllinflow fvorn operatiry actikn {belowl {26A591 74.379 Cashflowslmm InstnI 4Trtivit Investment Income reteived Purchase of furniture and equipment 20 11,8371 N•t cash flow from Investlni arthrftles 11,8171 Cashllowsyromjlnonclnq artlvttles IDecre•selllncrease In ush •nd cash equl¥•lents In Ihe ye•r 128.6761 74,386 Cash ar)d cash Èqulvalents brs)ught forward 1,393,983 1,319,597 Cash and cash egulval•nts urrf•d fonw•rd IJ65,307 lJ93.983 R•¢ontlllatlon af surplus to nei cash Inflow from 0tIn8 artlvltles Surplus lor the year 2C¥),OC#) 7,792 Adjustments ta reconclle SU1 the to net cashllowfrom opefQtlnq artlvttles Ilncreaselldecrease In debtors 1183,7811 IDecreas*l In creditors 147.0611 Depreclatlon of tangible flxed assets 4.003 Investment Income recelvable 1201 124,706 161,8881 3,776 171 Net cash loyffl¢wlllnftow from 0rat1 artl¥ltl•s 126,8591 74.379 Analysls ol chanzes In n•t d•bt Cash at l January Cash flows 1,393.983 128,6761 1,319,597 74.386 Cash * 31 Dècèmber 1.365.307 1,393.983 There were no overdrafts, cash equivalents or borrowines in ef(herthe current ortomparative years. 13
European Society For Vascular Surgery Ngtes tothefinaTrdal staternents for the ¥e•r eJKled 31 Decernber 2021 Atcountin8 Oldes The prlncipal attountlng properties adopted. jud8ements and key Sources of estirnatlon uncertainty In the preparation of the flnantlal statemÈnts are as folk)ws'. 8osls oAaccounting The financial staternents have been prepared under the historical cost conventlon. wlth the exceptlon of investments. which are included at market value. The firbancial statements have been prepared In atcordance with the Financial Reportln8 Standaid appllcable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the LIK and Republk of Ireland IFRS 1021 and the requlrements of the Companle5 Act 2006. The charity ext5 a5 an entity for the publlc benefft and Is considered by the Trustees to be golng concern. The functlonal cuirency of the tharity is the Euio. Groupflnonclalstatements These flnanclal sratements conso15date the results of thè charity and Its wholly owned subsidiaries, European Vascular Surgery Journals Limited. European Vascular Sur8ery Tradin8 Umlted IEVSTLI. and SASU ESVS France. which is who11yWned subsidiary of EVSTL, on a15ne by line ba515. Inconte recognitlon Items of Income are recognlsed and included In the a¢¢ounts whèn all of the ft>llowlng crlterla are rnet.. o The charity or it5 Subsidiaries have entitlement to the funds: o Any perfomionce condf(lons attached to the Irems of Income have bÈ*n met or are fully wlthin the control of ihe charity 01 Its subsidiaries; Receipt of the income is considered Probab,. o The amount can be measured reliab. Investment Income Is included when rttelvable and the amount can bè measured rellably by the charlty. The charlty benefits from a contribution made by woluntèers, prlntipally mernber5 of Coun¢ll, who are not remunerated for thelr tlme. The value of 5CeS wovlded by volunteers Is not Intorporated Into these flnandal statements. Income is deferred when ihe donor attaches conditions outside the charity's own control or specifies that the resoufce5 are to be used in a future accounting period. In addltion fvture years, membershlps or course fèès are deferred untll the year to whlch they relate Is reached. Expenditure Expenditure 15 recoBnised once there is a legal or con5trurtfve obligation to make a payment to a thlrd party, It Is probabty that settlement wlll be required and the amourrt of the obligation can be measured rellably. Expenditure is classified under the following actiwy headin8S'. o Costs of raising funds comprise the costs of commerclal tradin8 and administerln8 the membership function- o Expenditure on charilable activities includes Ihe costs of publications, etyjrses, 8rants, Masterd@ss, Translational Meetin¥ and the Arnnual Conference. Irrect7ven7ble Volue Added Tox All resources expended are classified under activity headings that a88re8ate all costs lated to the cateAOry. Irreeoverable VAT Is thar8ed a8ainst the category of resource5 expended for whlch it was Incurred. support costs Support COSIS are derived from those funclion5. which assist the work of the charfty but ijo rM)t directly undertake charitable artivitie5. Support costs include office costs. finance, personnel, payroll and governanee costs which support the charlvs aulvltles. These costs have been alloeated between tost of raislne fvnds ané expenditsjre on Charble actiwtles as set out In note 9. 14
European Sodety For Vascular Surgery Notes to the financlal statementsforihe year ended 310ttember 2021 Icontlnuedl I kcountlng pollcles I4) Tonglblefved a55ets Tangible fixed assets are 5tsted at cost le55 deprecation. Assets with a cost of less than Cl.000 are not capitallsed. Depreciatlon Is provltled at the rate of 25% or 33% per annum on cost In order to write off flxed assets over thelr estimated useful lives. Foreign currencv Foreign currency transartlons are translated Into Euros at the rates ruling when the¥ occur. Forei currency monetary assets and liabililies are translated at the rates rulin8 at the balanee Sheet dates. Any differences are tsken to the Staiement of Finantial Artivltits. Investments Listed investments are valued in the balance shtet at their mid-market value at the balance sheet date. Inve51ment5 in subsidiaries are valued al cost. The Statement of Financial Activitles includes the net gains and losses arisln8 on revaluatlon and dlsposals throughout the year. Invesiment management costs are charged as expendlture as thev are incurred. Debtors Debtors are recognlsed at the settlement amount due after any trzde d15count offered. Prtpayment5 are valued at Ihe amount prepaid after takln8 accouni of any trade dlscounts due. Cash atbonk undln hond Cash at bank and In hand Includes cash and short-temi hl8hly Ilquld Investmènts a short maturlty of three rnonths or less from the date of acquLsltlon or openlng of the account. Credltors ondpfovtslons Creditors and provlslons are recognlsed when the charlty has a present obllgatlon resultln8 from a past Èvent that will probalAy re5utt In a iransfer ot funds to a thlrd party and the amount due to settlè the obli£atlon can be measvred or esilmated reliably. Crèditors and pro$10n5 are normally letnISed at thelr settlement amount after allowing for any trade discounts due. Operatlng leose5 Rentals applScable to operatlng leases arè d)ar¢ed to the Statemèni ol Flnantial Activitles over the period to which the cost relates. Funds Unrestricted funds cornprise those funds. which the trustees are free to use for any purpose In fvrtherance of the charitable objects. Annuol Confrfence All revenue5 and expenses a5XKiated with the Sotbetvs Annual Conference are IrKluded wiihln the Consolidated 5tstement of Finanual Actsvltie5 as IncominB resources and Resources expended even when an agent working on behalf of the Society Incvrs them. Thls treatment Is adopted because the Societ$ subsldlary Is uhlmatèlv responsible for any deficit which arises from, and retaln5 any surplus 8enerated by, the Annual Conference. 15
European Society For Vascular Surgery Plotes to the financial statements forthe year ended 31 December 2021 lcontlnued) Courses and conferences 1021 1020 Group Income- unre5trirted Annual Conference. Sprlng Meetin8 & Masterrl@ Courses and weblnars 363,034 209.686 196,514 42,620 572.720 239,134 RestrKttdAundincome-Annual Conferènce Grants Total Income 572.720 2d7,534 Expenditure- unrestricted Annual Conference, Sprin8 Meetlng & Mastercl@ss Coursès Webinars & e-llbrarv Support Costs Inote 91 437,915 22,716 35,869 450.853 272,476 47.886 29.532 331.855 947,353 681,749 8,40) Re5trirtedfundexpenditure- Annual Conference GTrnts Total expenditure 947,353 690,149 Net C05t of courses and conferences 374,633 442,615 Chtsilty Income- unre5trkted Courses and webinars Annual Conference. Sprlng Meetln8 & Masterclass 209,686 3,032 42,620 212,718 42,620 RestrktedJund In¢ome- Annual Conferente Grants Total income 212.718 51.020 Expenditure- unrestricted Annual Conference. Sprin8 Meetin8 & Masterclass Cour5e5 Webinars & e-library Support Costs InDte 91 22.716 35,869 89.418 47.886 29,532 72,199 148,C*J3 149,617 8,400 Restrlttedlundexpendlture- Annual Conference Grants 7otal expenditure 148,CQ3 158,017 Net income from (cost on courses and conterence5 64,715 1106,9971 16
European Society For Vascular Surgery Notes to the financlal statements forthe year ended 31 Decernber 2021 Icontlnued) Investment Income 2021 2020 6roup Income frorn listed investments bonk interest 20 Choilty ESVS Conferences Limited- Gift Aid Donaiion Income from Ilsted Investments and bank Interest 202.233 20 255,589 Q02,253 255,589 Ratslni funds 2021 2020 Group Membershlp management Sete$ Support costs Inoie 91 Marketing & 8u5ine55 Develgpment Costs ol 8eneratln8 Income ftom subsidiarles 4,000 39,983 17,268 172,809 54,320 16,484 137.681 213,485 234,060 Chorlty Membershlp management sefvices Marketln8 & Buslness Oevelopmènt Support Costs (note 91 24,IK 17,268 8,699 16.484 10,773 57.257 49.967 PubllcatlonJ-8roup and ch•rSty 2021 2020 Expenditure- chorlty louinal sub5CriPtion £osts Guldelines Vascunet Support costs (note 91 113.063 11.880 108,085 10.(K13 56 4,349 5,387 Total expendlture- chadty 138,330 122,493 Expendlture- 9roup Addltional support Costs Inote 91 Guideline App 21,773 9.594 15,642 10.500 Total expenditure-group 169,697 É148,635 17
European Soclety For Vascular Surgery Notes to ihÈ financial statÈfflents for the year ended 31 December 2021 Icontlnuedl 6 Net movement In lunds 2021 2020 The net movement in fvnds for theyear is stated after charging.. Audltors. remuneratlon - for servlces as audltors- 8roup and tharity Depreciation- group onty 13,283 4,003 10,893 3,776 Grants 2021 2020 Group und charlty Educatlonal travel grants and Annual Meetln8 Grants All¢xated support costs (note 91 26,975 10,864 30,C 7,996 Totsl for Group (37,839 37,996 Churlty Subvention to European Vascular Sur8eryTradin8 Limited Reductlon In allocated Sup[ costs compared wlth Group Inote 91 232,050 18,7091 206,210 16,2561 Total lor Charlty 261,180 237,950 Grants were payable to ten12020= ten) indiwduals. One Brant for whkh a commitment had prevlously been made was returned the Char oft account of the Cad.19 pandemlc. Eryloy•e costs 2021 2020 Group Wages, salarie5 and honorarla Sotial sectsrlty costs Pension conlribution5 415,130 92.448 20,138 329.8 64,021 14.276 Total 527,716 407.305 Chorfty Wa8es, salarles and honorarla 7.875 The average number ol employees durin8 the year was 2612020: 261 for the Group and three12020.. three) for the Charity. One efnployee 12020.. onel within the 8roup Inot wr(hin the charltyl received remuneratlon of more than 70,OTrJ. One Trurtee received an honorarlum amounting to (12.OCl2O20.. one reteivÈd C12,IX)01. Permlssion lor these payments to be madè has previously been obtained from the Charity Commission. The payment refiert5 the tlme spent by the Secretary in undertakin8 work on the So¢iety'S behalf. Another Trustee recelved an honorarlum arnounting to l12,(KM)12020: C12.C(K)l in respect of tlme spent Ilaising with wtential 5pollsofS industry partneTS and not for work as a Trustee. whlch Is undertaken vuluntarily. These amounts are not induded wlthln the fiRures shown above. Slx12020.. ninel Trustees receiveé reimbursement of èxpenses for travel Of hono¥arla for presenting courses amountln8 to É3,475 12020.. (4.5621. One Trustee received an honorarium amounting to É22.000 12020.. 22,1XX)l and another Trustee received an honorarlum of C8,LhXI12020= (8,cl from one of the Societ¢s subsidiaries In conneuion wlth roles undertaken In connertion with work for the Society's Journals in addition tc their being Trustees of the Charity.
European Society For Vascular Surgery Notès to thè IlnarKlal statements for the year ended 31 Dernber 2021 Icontlnuedl Support costs 2021 2020 Charity Travel costs oirice costs including website Employee cosis Audit and accountancy Bank char8es, le8al lees and insurance Exchange rate difference5 22.447 19.410 21.000 33.283 10,557 1.036 18.770 4,272 18,875 30,893 5A57 8,720 Toial lor Charfty 107,733 6.987 Addltlonol Gioup support costs Office costs including website Employte costs Audlt and accountancy Bank char8es, gaI fees and Insurance Corporatlon tax (Frantel Depreclatlon 22,120 401.206 7,210 925 23,692 278,292 5,894 1.184 4,C¥)3 3,776 Total for Gfoup 543,197 399,825 Support cosis have been apportioned a8alnst the aclrvities of the tharity in accordance wlth estimated management time Spent on each artivity as shown bebw.. 2021 2020 6ioup Rai51ng funds (note 41 Publlcatlons (notè 51 Grants Inote 71 Courses and confeientÈs Inoie 21 54,320 27,160 10,864 450.853 39.983 19,991 7.996 331,855 543,197 399,825 Chorlty Raisin8 lunds (note 41 Publlcations Inote 51 Grants Inote 71 Courses and tonfèrences (note 21 10.773 5,387 2.155 89,418 8.699 4,349 1,740 72,199 107,733 86.987 19
European Sodety For Vascular Surgery Notesto the finandol stst•m•nts forthe year •Nled 31 D4c•mber 2021 Icontlnuedl 10 Tangible fixed assets-zToup Offke ewlpment Cost At l January Addlt5ons 14,621 1.837 At 31 December 2021 16,458 Depreclation Ai i January 2021 Provided in year 9.104 4,003 At 31 Oétembèr 2021 13.107 Net Book Vulue At 31 December 2021 3.351 At 31 Dernber 2020 5,517 11 InTK5tments- Charlty In¥estm•nt In Subsldlarle$ Cost At l January and 31 December 2021 £2 Hi5torl¢ 5t al 31 Drfember 2021 was (212020.. al. The Investment in subsidlaries represents the wholè of thè Issued share capltal of Europèan Vascular Surgery Journa15 Llmlteij and European Vascular Surgery Tradln8 Limlted, both Companies re8lStered in England and Wales. 12 Debt 2021 2020 6roup Other debtor5 93,7S5 309,974 ChOTity Other debtors Due from subsidiary tompaniès (note 171 24,573 351,734 70.936 120.259 376.307 191,195 20
European Society For Vascular Surgery Notes to the Ilnanclal 5taternents forthe ye3r eTrded 31 December 2021 Icontlnuedl 13 Credltors: amounts fairing due wlthln one year 2021 2020 Group Trade creditors Corporatlon tsx Other taxatlon and s13[ Security Accruals and deferred inwme 15,179 35,107 325.039 39.830 352.198 360,146 (407,207 Chuilty Trade creditors Accruals and deferred 5ncorne Amounts owed to subsidlarles 10.592 185.389 106,B77 204,541 28.499 233,040 302,858 14 D•f•rr•d Incom•- group •nd (harfty 2021 2020 Balance at l January Amounts released to Incornlng resourtes Amounts deferred in the year 15.963 115,9631 21,901 47,965 147,9651 15,963 Balance at 31 December 21.901 15,963 Deferred incorne relates to membership and course fees received for future years. IS Exce rnte The accounts have been prepared u51ng the Euro currency. The Yearnd rate of exchange used was Cl.1921051£ 12020.. £1.1085V£i. 16 Contr[fi8 party The Soclety Is Controlled by Its Trustees. who are appointed by predureS explained In the Trustees, report. 17 Relatéd party iransa¢tlons Durlng the year ihe charlry te1Ved Income under gfft ald of rhe tradlng PToffts from European Vascular Surgery Journals Limited amounling to (202,233 12020- Q55.5891. During the year the tharlty made a subvention of 232,05012020.. (206.2101 to European Vascular Surgery Tradin£ Limited. At 31" December the tharity owed É28.499 by 12020: É89.259 was owed tol Euiopean Vascular Sur8ery Joumals Llmtted and was owed <351.734 by12020.. 106.877 awèd tol European Vascular Surgery Tradlng Llmtted. In addrtlon, European Vascular Surgery Trading lImed was owed Énil 12020.. É5,0(Xll by SASU ESVS France and the tharity was owed Énil 12020.. É31,0001 bv European Vascular Surgery Trnding Limtted. During the year European Vascular Surgery Trading Limited was invoiced (366,50012020.. U70,OCKJI and the charity wa5 rnvoiced É25.iJKI (plu5 irrecoverable VATI12020.. £20.0001 by SASU ESVS France in respect of administration services. There were no other transactions with related partles durin8 ihe year and no other outstanding balances with related parties at 31 Detember 2021 or 2020. 21
European Society For Vascular Surgèry Notes to the financlal statements forthe yearended 31 Dttember 2021 Icontlnu•d) 18 Operaling lease commltrnents At 31 December 2021. the tharity had no comrnitrnents under non-cancellable operatin8 leases12020'. none). 19 Net income from tr4din8 Ortivlliesof subsldlarEes The Charity has two directly owned subsidiaries. European Vascular Sur8ery Joumals rnited and European Vascular Sur8ery Trading Limiied, both of which are intorporèted in En8land and Wale5. European Vascular Sur8ery Tradin8 Limited has one whdly owned subsidiary. SASU ESVS France. which is incorporated In France. European VosculorStsrgeryJournols Ilmlted Its principal activity is the management ol the &xietVs Journals. A summary of the sub51dlarfs tradin8 results 5s shown below. The tompan¢$ attounts are exempt from statutory audit and have been flled with the Reglstrar of Companies. 2021 2010 Profit ondloss occount Turnover Administrative expenses Gift aid payrnent lo European Society lor Vascular Surgery 419,798 1147,2751 1202,2331 385,542 1183,3Q9 1255,5891 Profitlllossl reportèd by subsidiary 70,290 153,3461 The rtet assets of the subsldiary at 31 December 2021 were (274.92812020.. (204.6381. The charlty owns the whole of it5 5ubsidiary'5 share capital. Europeun Vosculor Trodinq Limited Its prtnclpal activlty is the orEanisation of conferences as requlred by the chaty. A summary of the subsldlarfs tradlng résults Is shown below. The tompanlls atcounts art exèmpt from statutory audlt and have been filed with the Registrar of Companie5. 2021 20ZO Profit ond1055 occount Turnover Subvention Irorn European Society lorvascular Sur8ery Adrninlstratlve expenses 589.103 232.050 1821.1531 337,068 206.210 1543,2781 Profit retsined in subsidiary The net assets of the subsldlary at 31 Derntser 2021 were Él 12020: Éll. The charity owns the whole of Its subsidiarf5 share capital. SASU ESVS Fronce Its principal artivity 15 the prowsion of administration 5eMces. A 5urnmary of the subsidiarfs trading results Is shown below. The companvs accounts have en audited and have been filed with the appropriate authorlty In France. 22
European Society For Vascular Surgery Notes to the flnanclal statements forthe year ended 31 December 2021 Icofttlnued) 19 Nèt Incorne from tradln8 *rtlvltlés of subsldbarles Icontlnued) SA5U ESVS Fronce (¢ontitrJued) Z021 zoio Profit ond loss occount Turnover Adminlstrative expenses Corporation Tax Dividend paid to European Vascular Sur8eryTradln8 L6mlted 391,506 1418.7261 290.000 1312.0361 16,0001 ILossl/proflt retalned In sub51dlary 127,2201 128,0361 The net Ilabilities of the subsidiary at 310ecember 2021 were (49,20912020.. (21,9891. European Vascular Surgery Trading Limited owns the whole of the 5ub5idiarfs share capital. 20 Cornyratlye 5Thform•tlon- Consolldatedstatemeni ofjlnanclalortlvlrfeslor the ye¢7rended31 Dernber2o2o Vnrestrfcted funds 2020 AtrIcted fund5 2020 Total funds 2020 Incom• Charitoble octNitles.' 5ub5crlptlons Industry partner5hlp Courses and rneeiln8S Other tmding octivitles.. Commercial trodlnB operallon5 Investment Income her Income 253,177 232.375 239,134 253,177 232.375 247,532 385,535 385.535 Total Income iio, 1.118.632 Expendlture Rolsirtofvnds.. Ralsing funds 234,060 234,060 Churituble ortivftles.. Publications and apps Courses and meetln85 Grants 148,635 681.749 37.996 148,635 690.149 37,996 Total expendltur• 1,102,440 1.110.840 N•t rnovements In fvnds 7,792 7,792 Funds brnu8hi lorward 1,294,475 1.294.47S Funds tarrfed lorward 1302.267 1302.267 23
European Society For Vascular Surgery Notes to the flnarKlal statements forthe yearended 31 December 2021 Icontlnuedl 20 Compar•tlve infomiatlon l¢onllnued)- ChoritystotsmentoAJ7nunwl ortwitiesfor the yeor to 31 De¢emlKr2020 Unrestrkted fund5 2020 Restrlrt•d funds 2020 Total funds 2020 Income Chorltoble artlvltles.. Subscriptions 1ndLry partnerships Courses and meeting5 253.177 97,821 42.620 253.177 97,821 51,020 8.400 Inves¢rnent income Other Income 255,589 255,589 Totsl In¢ome 649.211 657,6LI E¥pendltsre on Roi5ingfunds.' Ralsln8 funds 49,967 49,967 ClrItble ortlvltles.- Publlcatlons Courses and meetin85 Grants 122,493 149.617 237.950 122,493 158,017 237,950 TO1 resourrAs empended 560,027 568,437 Net movements in fund5 89.184 89,184 Funds brought forward 1,030.435 1,030,435 Fund$ ¢arrléd lonmard 1,119h19 1,119.619 21 General Inlorniatlon The entlty is a charitae company limited by guarantee Incorporated In England and Wales. The address of Its reglstered offlce Is 18 Saxon Way. Romsey. S0515PT. 24