Registered number 1100372 European Venous Foundation Trustees, Report and Accounts 31 December 2023
European Venous Foundation Report and accounts Contents Pagfr Legal and administrative information Trustees, Annual Report Statement of Financial AGtiwlies 2to3 Balance sheet Nottrs loiming part ol tha financial statements 7t010
European Venous Foundation L¢gal & Administrative Information Trustèès Professor Andreas Nicos Nicolaides - Chair Or lichael Perrin PFof95sor Armando Mansilha Ms Anne Taft- Secretary Dr Mariannè Vand8ndriessche-Hobbs- Treasurèr Or Arkadiusz Jawien Independent Examlnèr Andrew Georgiades Nichol8s Peiers & Co Limiied 2nd Floor 10.12 Bourfet Close W1W 78R Bankers Barclays Bank Soli¢ilor$ Nicholas & Co Solicil(Irs Ground Floor 10-12 Bourlel Close W1W 7BR ChaTIty Offic8s 37 Rosedenè AvènLJ8 Greenlor Middlesex UB6 9SD Charity registered numbgr 1100372
European Venous Foundation Trustee's Annual Report for thè year ended 31 Decemb$r 2023 The Trustees, rjresenl their report and accounts foi th8 year ended 31 December 2023. The Iruslees have adopted the provision of ihe Slalemenl of Reeommended Practice ISORPI ' Accounting and Reportin9 by Charitios IFRS 1021 in preparin9 the annual report and financial staternent ol the charity. Th& financial statements have b98n prepared in accordance with thè accounting polici85 set out in notes 10 th accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charilies preparing Iheir accounts in accoreanco to the Financial Rerporting Slandare$ 8pplic3ble In the UK and Republic ol Ireland published on 16 July 20141 as amended by Update Bulletin 1 published tsn 2 February 20161. Rèfèrèneè and admiftistration details Charity name European Venous Foundation Registration number- 1100372 Principal address 37 Rosedène Avenue. Greonford. Middlesex, UB8 9SD Trustees The trustees who manage the charity are named on page 1. Stru¢t(Ere, governance and management European Venous Foundation is consliluted by Trust Oeed dated 19 July 2002 as gmended 8 October 2003. The Trust obtained charitable slalus on 28 October 2003 (No. 11003721. The management committee is responsible lor the day to day running of the charity. The trustees shall Initially hold office for the first five yèars 8nd may subsequenlty be reappointed. The body of trustees shall not exceed ten persons and there shall be at le8St five persons. Future trustees shall be nominated or appointed. In respect ol a trustee being appointed to replace a trustee lèaving office. the retiring truslea shall not be entiued lo vote in respèet ol the 8ppointment ol his successor. The Iruslees actively review the major risk which the Charity faces on a regular basis and believe th81 maintaining reserves at the dèsired level. combined with an annual review of the contrts15 over the key financlal sYStes. will provide sufti¢ient resources In ihe event ol adverse conaitions. Thè trusttses have also examined other operational and business risks faced by the Charity and confim) that they have established systems lo mitigate the significant risks. Objective5 and acllvities The charity was formed lor the promotion ol res&8rch Into the causes, èffècts, treatmgnl and management of V8nous disease and lo disseminate the useful results thereof. The charity coniinue to supwrt the annual scientific meetings ol the European VenoLJS Forum, tne annual Hands-on Workshop on Venous Disease, EVF HOW Plus Courses and Updates of International Consensus Statements on both Chronic Venous Disease and Venous Thromboembolism. It continue to support a number of Travelling Fellowships. EVF Prize and EVF Research Grants. The Trustees have promoted the charity Ihrougtt their contacts with the inlefjlion ol using these funds in Ihe future for the furtherance of ils objectives. In the pursuit of the ch8ritable objectives the Iruslees have powers lo permit investments in any clearing bank, trust corporation or stock broking company which is a member of the Stock Exchange.
European Venou5 Foundation Trustee's Annual Report for the year 8nd8d 31 December 2023 AchlÈvements and p&rfom)ance During the year the charity has conlinued lo support the annual sclenltfic meetings of the European Venous Forum, Travelling Fellowships, Research Grants and the annual Hands-on Workshop on Venous Disease. The Trustees have promoted the charity through their contacts with the Intention of using thesè funds in the future for the furtherance of its objectives. Flnan¢lal Revlew 11 is the policy of the charity lo maintain unrestri¢tod funds al a reasonable level lo provide sufliGienl funds lo cover management 8nd administration support ¢osls lo continue Ihe educational aoiivities. At the balanee sheet date the untBslrict8d funds of £6TO.612 are r81alively healltty 8nd 8t 8 level above that would be expected in the future due to the charity's modest cash flow position. The free reseNe Is the same amount. This report was approved by the board of trustees on A Nlcolaldos Trustee
European Venous Foundatlon Independent Examlner's Rgport to the Trustees of Europgan Venous Foundatlon I report on the accounts of the Trust for the year ended 31 December 2023. which 8re sel ovl on pages 5 10 10. Respe¢tlve rosponsibFlities of Iruslees and examlner The charitys trustees are responsible lor the preparation of the accounts. The charity's trustees consider that an aucsil Is not required lor this year under section 144121 ol the Charitr'es Act 2011 Ilhe 20rf 1 Acll and thet an independeni examination Is needed. 11 is my responsibility lo.. examine the 2ccounls LJrFder section 145 of the 2011 Act, lo follow the procedures laid down in the general Directions giv8n by the Charity ComMissn (Jnder section 14515llbl ol the 2011 Act, and lo slate whether particular matters have come to my atlerilion. Basi$ of Independent examlnèr's report My examination was carried out in accordance with general Directions given by the Charity Commission. An exaFllination includes a review ol the accounting records kept by the charity and comparison of thé accounts presented with those records. It also includes ¢onsideralion of any unusual items or dlsclosures in the accounls. ancl seeking gxplanaiions from the trustees concarning any su¢h mallers. The procgdures undartaken do not provide all the evidence th81 would be iequired iii ali audit, arid ¢c>nsFJouenlly no opinioii is given as to whelher tl)e a¢eounls present a 'true and lair, view and th8 report is limited to those matters set out in the statement below. Independ•nt •xaminèr'5 Statemgnt In connec:ion wlh my examin81ion. no matter has come lo my attention". l. which givès m8 r&ason8ble cause lo believe that in. any material resp&cl, the requirements-. to keep accounting records in accordance with se¢ii(>n 130 of the 2011 Act.. and to prepare accounts which accord with the accounting rèttords and comply with the accounting requirements ol the 2011 Act have not been mel., or 2. to which. In my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reachfyd. MrAndrèw Georgiades FCCA Ni¢holas Peters & Co Limited Independent Examiner 2nd Floor 10-12 Bourlet Clos¥ London W1W 78R Dat8..
European Venous Foundation Statement of Financial Activities for the year ended 31 December 2023 Unrastrietèd Funds 2023 Unrestrlcted Funds 2022 Notes Income Oonalions Interest receivable Total income 44,793 296 45.089 40.187 40,187 Exp?nditure on.. Other expenditure Expenaiiure Ori ¢haritable activities Total 7,381 14,184 21,565 15,4611 18,+i54 13,193 10 Ng1 Incomo 23,524 26,994 Transfers been funds Net movements In funds 23,524 26,994 Total funds brought forward 787,088 760.094 Total funds carrled loard 810,612 787,088 The net movemont in funds referd to above is the net incorning resources as defined in the Statement of Recommended Practice for Accounting and Reporting issutsd by the Charfty Cornmissior) for England & Wales and is reconciled to the total funds as shown in the Balance Sheet on page 6 ag required by the said ststernent. Thè $talement of financial activities includes all gains and losses In the year. All incoming rosourcas and rasourcgs expended derive from continuing activltl&s.
European Venous Foundation Balance Sheet as at 31 December 2023 Notes 2023 2022 Current aSSels Dabtors Cash at bank and in hand 11 149.107 663.065 812.172 150.606 638,042 788,648 Ci&dllors.' amounts falllng duo within one year 12 11,560 1,560 Net curr$nl assets 810,612 787,088 Nèt a55ets 810,812 787,088 Funds.. Unrestricted funds 810,612 787,088 Tolal funds 810,612 787,088 The financial statements were approved and aulhorised for issue by the Board on SigneiJ on Denalf of the board ol trustees. A Nicolaides Trustèe
European Venous Foundatlon Notes to the Accounts for the year ended 31 December 2023 1.1 Basis of accounting The charity cDnslilules 8 public benefit entity as defined by FRS 102. The financial slalements have been prepaied In accofdance with Accouniillg an(J F¢epofling by Gharilies.. Slalemeni ol R¢¢ommended Practice applicable lo charities preparing thelr a¢¢ounls in accordance with the Financial Rèporting Standard applicable In the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 las updatod through Update Bulletin 1 published on 2 February 20161. The address of the registered office is glven in the charity information on page 101 these financial stSl8mgnts. The naiure of the charills operations and principal aotivilies are as sel out in the Trustees. annual report on page 2 of these financial statements. The financial statements are prepared on a going concern basis under the historical cost convèntion. modified to inclLJda certain items al fair value. The financial staiefflents are presenlecl in sterling which is the functional currency of the charity and are not rounded. The significant accounting policies applied in Ihe preparation of these lin8nci81 statements are sel oul below. These policies have been consistently applied lo 811 years presented unless otherwise staled. Thè charily adopled SORP IFRS 1021 in the current year and an explanation of how Iransitiorn to SORP IFRO i u21 has affected the rerM)rted financial POSiEion and performance is given in note 1.2 R8cognition of In¢omlng resources Thes8 are included in the Slalement of Financial Activities ISOFAI when.. th& ¢narity becomes entitled to the resources., the Irusiees are virtually certain they will receive the resources". 8nd tho monetary value can be measured with sufficient reliability. For donations lo b& recognised the charity i¥ill have been notliied of the arnounls and the settlement date in writing. 11 there are conditions atla¢hed lo the donaliofi and this requires a level ol performance before enlitlemenl can be obtainéd then incomè is d8ferrod until those ¢onditions are fully met or the fulfilmenl ol those conditions is within the control ol the charity and it Is probable Ihat Iley iv511 be fulfilled. Donated lacililies and donat8d professional SeiceS are recognised in income at thoir fair value w,n their econDmic benefit is probable, il can be measured reliably and the charily has conlrol over Ihe item. Fair value is determined on the basis ol the value of the gift to the charity. For ex2fftple the amount the charity would be willing lo pay in the open market for such facilities and services. A corrasponding amount is recognised in expenditure. 1.3 Donations and Membership Donations and memberships are only included in the SOFA when the cherily has unconditional entitlemeni to the resources. 1.4 Liabillty re¢ognitffon All expendilLJre is accounted lor on an accru815 basis and has been classili6d undèr headin9S that aggre9aie all Gosls ielaled lo the category. Expenditure is fecognised where there is a legal or constmclivè obligation lo make payments to third parties. Il is probable that th8 s8tllèmenl will be reouired and the amount of the obligation can be fneasured reli3bly.
European Venous Foundation Notes to the Accounts for the year ended 31 December 2023 1.5 Taxation As 2 registered charity, the organisalion is exempl from income and corporation lax lo the exlenl Ihai Ils income ana gains are applicable lo cttarilable purpose5 only. Value Adde(J Tax Is not rocoverable by the charity. and is therefore included in the relevant costs in the SOFA. 1.6 Management and administration expenditure Svpport costs are those that assist the work of the charity bul do not directly represent ch8rilable activities ano include office costs. governance costs. admin15tr3tive payroll costs. fhey are incurréd direcdy in support ol axpènditure on the objects ol the charity alld include project manag8m8nl carried out al Haadqu8rt81s. Where support costs cannot bg directly allributed to particular headings they have béan 3110¢81ed io cost ol raising funds and expenditure on cl)driiabl¥ dLlivilieb 011 a b¢J55S Lorisibleiil with LJS8 ol the rebouFLeb. Prei)Iises overneadb Iiave been allocated on an Insert dstail basis and other overheads have been allocated on an insert detail basi6. Debtors and ¢dItOrS receivable /payablo within one year Debtors and creditors with no staled interest rate and recèiv8b18 Qr payable withln one yèar are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.8 Golng ooncern The financial sialemenls h8ve been prepafed on a going ¢oD.Gern basis as the Iruslees believe that no material uncertainlies exist. Tha Iruslees have considered the level ol ILJnds held ancl the expected level of income and expenditure for 12 months from authorising these financial stat8rDents taking into considèration thé impaol of COVID-19. The budgètéd incomè and expènditure Is sufficisnl with the level ol reseN88 lor the charity to b8 able lo continue as a going con¢grn. Judgements and key sources of estlmation uncertainty No judgements (apart from those involving eslimatesl h8ve been made in the process ol applying the above accounting policies that h8ve had thè most signific8nl effect on amounts recognised in the financial stalemenls. No key assumptions concerning the future and olhef key sources ol estimation unCertaTrty al the reporting date that have a significant risk of causing a material adjustment to the Carrn9 arnounls ol assels 8lld liabilities within the next financial year. Loan included in other debtors (see note 111 Foreign Gurrencies Transactions in foreign currencies are recorded at the rate ruling at the date ol the transaciion. orielafy assels and liabilities denominated in foreign currencie8 are translated al the rale ol exchange rullng using the average yearly rate. All differences are taken to the SOFA.
European Venous Foundatlon Note5 to the Account$ for the year gnded 31 December 2023 Structure of funds The charity maintains a general uDreslricled fund which preSentS funds available lo spend on activities thai further any of the purposes ol the charity. The designated funds are unreslricled funds of the charity which the trustees have decided at their discretion to set aside lo use for 8 specific purpose. The funds may be held in order to finance both working capital and capital investment. Reslficled funtls have bèen provided lo the Charity for particular purposes, and it is the policy ol the board of Iruslees lo CarefllY the monitor the application of those funds in a¢¢ordance Krilh the 1gSlrictions pla¢ed upon them. On completion ol any restriclod projecl funds, any lunds not used are translgrred lo unrestricted funds lor the use on the charlvs general objects. Any other proposed transfer between funds would be considered on the particular circumstances. Coneessionary loan ConGessionary loans include those p8yable a third party whieh ar8 interest free or below markèt interest rates 8nd are made lo advallce charitable purposes. Al loans are repayable Dn demand within one year. the loan is measured at cost. less impairment. Where the loan is repayable more than one year. the loan is ini11811y rne8sured 8t fair value and suDsequenily measured al arnortised cost using the effective interest rale method, less impairmenL Donations 2023 2022 Corporate donation 44.793 44.793 40,187 40.187 Trustee's and koy managèment Pgrsonnel romun?ration and expenses Tne Irusiees neilner received nor waived any remuneration during the year 12022.. £Nill. The trustees are the key managemenl personnel. There are no other staff costs. Independent examiner remun&ration The independent tsxaminers remuneration amounts lo an independent examination fee of £1,560 12022.. £1,S601. No other serrfices are providod.
European Venous Foundatlon Notes lo the Accounts for the year gnded 31 Deeèmber 2023 Other expandllurè 2023 2022 Bank charges Foreign exchango gainlloss Insurance Accounian¢y 15 4,978 828 1,560 7,381 30 17,2831 202 1,590 10 Expenditure on charltablè activities 2023 2022 Sponsorship giants and prizes 14,184 14,184 18,654 18.654 11 Debtors 2023 2022 Otn8r debtors and prepayments 149,1Q7 150.605 12 Creditors.. amounts fall*ng due within onè yaar 2023 2022 Other creditors and accruals 1.560 1,560 1,560 1,560 13 Unrastrletod funds 2023 2022 Geiieral 713,312 97,300 810,612 662.794 97,300 760,094 Designated 13 Transactions with trustees Included in other debtors is the am¢)unl of £148,440 which is a loan made to European Venous Forum Ltd. a company which some of the trustoes are the directors.