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2025-12-31-accounts

European Society of Endocrinology

Company Limited by Guarantee

FINANCIAL STATEMENTS

31 December 2025

Company Registration Number: 05540866

Charity number: 1123492

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 December 2025

CONTENTS PAGE

Reference and administrative details 1 Trustees Annual Report 2

Independent Auditor's report to the Members 25

Statement of Financial Activities (incorporating the income and expenditure account) 30

Balance sheet 31

Statement of cash flows 32

Notes to the financial statements 33

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name European Society of Endocrinology
Charity registration number 1123492
Company registration number 05540866
Registered office Redwood House
Brotherswood Court, Great Park Road
Almondsbury Business Park
Bradley Stoke, Bristol, BS32 4QW
Leadership Team Helen Gregson – Chief Executive Officer
Dirk De Rijdt – Director of Strategic Partnerships
Andrea Davis – Head of Governance, Finance and Office
Vicki Di Guisto – Head of Scientific Programmes
Victoria Withy – Head of Membership, Marketing and
Communications

THE TRUSTEES

The trustees who served the charitable company during the period and up to the date of this report were as follows:

Professor Cynthia Andoniadou Professor Wiebke Arlt Professor Jérôme Bertherat (Resigned on 13 May 2025) Professor Frederic Castinetti (Appointed on 13 May 2025) Professor Philippe Chanson (Resigned on 13 May 2025) Professor Mirjam Christ-Crain (Apointed 13 May 2025) Professor Eleanor Davies Professor Martin Fassnacht (Resigned on 13 May 2025) Professor Gregory Kaltsas Professor Sebastian Neggers Professor Marek Ruchala (Appointed on 13 May 2025) Professor Elena Valassi Professor Maria Chiara Zatelli

Secretary Divinerule Limited
Auditor Moore Kingston Smith LLP
Chartered Accountants
Statutory Auditor
6thFloor, Appold Street, London, EC2A 2AP
Solicitors Royds LLP, London, EC4V 5HF
Investment managers Charles Stanley & Co
Ropemaker Place, Ropemaker Street, London, EC2Y 9LY

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT - YEAR ENDED 31 DECEMBER 2025

The trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2025.

INTRODUCTION

Endocrine disorders are very common, and it is likely that more than three-quarters of the population will need an endocrinologist at some point in their life. Diabetes is a public health issue estimated to affect 422 million people in 2014 worldwide. Type-2 accounts for more than 95% of all patients with diabetes. Between 2000 and 2016, there was a 5% increase in premature mortality from diabetes. In 2019 diabetes was the ninth leading cause of death with an estimated 1.5 million deaths directly caused by diabetes. Obesity - a chronic relapsing endocrine disease - is another public health issue. Obesity and overweight causes more than 1.2 million deaths across the WHO European Region every year, 60% of adults and nearly 33% of children live with overweight or obesity in Europe along with 150,000 new cancer cases each year in Europe are linked to obesity.

One out of six will face problems with fertility at the time they want to start a family. There are more than 80,000 new cases of thyroid cancer each year in Europe, and over 400 rare diseases are related to the endocrine system.

The rarer endocrine conditions are present in every area of endocrinology: adrenal, calcium and bone, pituitary, cancer and others. While each of them affects limited numbers of patients, all together they represent an important group of patients living with their diseases on a chronic basis and representing a heavy personal, family and societal burden

Additionally, the impact of the environment on our health is increasingly a topic of concern: there are over 1,500 chemicals which can interfere with the endocrine system and contribute to the prevalence of endocrine cancers, obesity, diabetes, thyroid disease, osteoporosis and infertility.

ESE’s vision is to shape the future of endocrinology to improve science, knowledge and health, and to have a real impact on healthcare and treatment of patients living with endocrine-related conditions. Our mission is to advance endocrinology. We unite, support and represent our specialty, promoting collaboration and best practice, and enable our community to develop and share the best knowledge in endocrine science and medicine.

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OBJECTIVES AND ACTIVITIES

The European Society of Endocrinology (“the Society” or “ESE”) is a charity and a company limited by guarantee. The charitable objects of ESE are to promote for the public benefit, research, education, and clinical practice in endocrinology by the organisation of conferences, training courses and publications, by raising public awareness, liaison with national and international legislators, and by any other appropriate means. Its members are scientists, physicians, nurses, allied health professionals, patient expert leaders and students with an involvement in endocrinology. The Society’s beneficiaries are its members, students, endocrine patients, and the general public. The trustees have considered the Charity Commission requirement in respect of Public Benefit including “Public Benefit: Running a Charity” (PB2). In their view the charity meets, in full, the criteria to satisfy the test.

The Society provides a range of public benefits aimed at providing educational and research support to these groups and these benefits are detailed in this report and include:

Conferences, training courses and other meetings

The Society runs an annual congress called the European Congress of Endocrinology, which typically attracts around 3500-4000 delegates, comprising basic scientists, clinicians, clinician scientists and nurses from throughout Europe and beyond. At this congress, details of current research and clinical practice are presented, with the aim of improving scientific research, patient care and clinical practice for the public benefit. The abstracts from the congress are available open access as a digital proceedings book. ESE takes full financial responsibility for the congress, and this requires the maintenance of a reserve to support any years in which the meeting may not be successful.

ESE runs regular postgraduate educational courses aimed at both basic scientists and clinicians and clinical update courses aimed at young, mid-career and senior endocrinologists as well as a dedicated annual meeting for early career members. In addition, ESE provides endorsement for other meetings, in collaboration with its partner organisations.

ESE Talks is a live webinar series on the latest endocrine science presented by the leading experts. ESE Talks are held on a particular topic and include presentations and a live question and answer session, where participants can ask questions of the experts on the most pressing issues that face our community. ESE Talks is a free event; the webinars are recorded and placed on the ESE website with open access.

ESE Spotlight on Science is a series of informal online evening masterclass sessions where scientific research topics in endocrinology are discussed. Each session has a focus on a specific topic, presented by a leading expert alongside an accomplished early career researcher and is a great opportunity to discuss different themes with presenters and fellow attendees in a relaxed environment. Sessions are free to attend.

Journal

The Society owns the European Journal of Endocrinology (EJE) , a respected clinical and translational peer-reviewed publication. The journal publishes original research papers, reviews, and case reports within all areas of endocrinology, thus improving public education. This journal is purchased by institutions and individuals around the world and is available in print and electronic formats. The journal has a separate reserve policy, which is detailed later in the report. Free online access to EJE is

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available to all ESE current members.

The abstracts of all papers published are available to all free of charge on the EJE website, as is the full text of articles for which an Open Access license has been selected. There is free online access to everyone for ESE’s clinical guidelines and reviews published in the journal.

In late 2024, the Society launched two new journals: Obesity and Endocrinology (OE) and Environmental Endocrinology (EE).

Obesity and Endocrinology is an inter-disciplinary open access journal for high-quality clinical and translational research and reviews on all aspects of obesity, both in respect to the complexity of obesity as an endocrine disease, and its biology, diagnostics, treatment and relationship with other endocrine and non-endocrine diseases.

Environmental Endocrinology is an interdisciplinary, open-access online journal dedicated to publishing high-quality clinical, translational, and basic research on all aspects of environmental impacts on human and other hormone systems, incorporating the One Health perspective

The Society also co-owns Endocrine Connections , which is an Open Access journal offering authors the highest possible visibility for their work and stimulating cross-discipline collaboration. Endocrine Connections publishes original quality research in all areas of endocrinology, with a focus on papers that have relevance to its related and intersecting disciplines and the wider biomedical community. The journal considers basic, translational, and clinical studies.

The Society also endorses Endocrinology, Diabetes and Metabolism Case Reports (EDMCR), which is an online only, open-access information resource designed to further both medical education and clinical practice by publishing and linking together case reports on common and rare conditions in all areas of clinical endocrinology, diabetes and metabolism. EDMCR is owned by Bioscientifica.

Communications and Marketing

The Society runs an active website (www.ese-hormones.org). The website includes membership information, worldwide events in endocrinology and related areas; information on current grants; an online membership directory (within the Members’ only area called My ESE), which facilitates crossboundary research collaboration and the sharing of good practice in patient care, thus providing public benefit; news stories (for members and non-members) related to endocrinology and related areas.

ESE also has the website ESE On Demand (www.eseondemand.org) which publishes the content from the European Congress of Endocrinology; the content is available to registered delegates for 60 days following the Congress and then free of charge after one year to all ESE members.

The ESE Learning Hub, which hosts a variety of ESE’s events as well as the ESE Library is available online. The ESE Library is a member only resource of educational videos and materials, taken from events ESE has held.

The ESE Media Team handles press enquiries throughout the year, proactively issues press releases on key activities, as well as identifying key research at the annual congress for press publication. This aims to raise the profile of endocrinology with the public. ESE also runs social media via Facebook, X

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

(formerly known as Twitter), Instagram, BlueSky and LinkedIn channels for ESE members and the general public with additional opportunities to find out about its work.

The Society produces a tri-annual magazine, Endocrine Views, which ensures that members are informed about the Society’s latest activities. In addition, EYES News is a tri-annual magazine which is for our Early-Career community. These member magazines are available free online and advertise grants and awards and educational opportunities such as the training courses and congresses, as well as current Society activities and broader information about endocrinology. As an additional supplement, ESE also sends daily, monthly and quarterly emails to the membership and people who have signed up on the website regarding endocrine and ESE news.

Guidelines

ESE develops Clinical Practice Guidelines, either in collaboration with other medical societies or independently, which are aimed at providing recommendations for patient care for specified conditions. The ESE Clinical Committee provides a leading role in the development and production of these guidelines.

On an annual basis ESE aims to produce a new guideline on an identified topic where clear guidance is lacking, revise a previous ESE guideline to ensure guidance remains relevant and up-to-date and develop a joint guideline with a partnering Society. More information is available at https://www.esehormones.org/publications/guidelines/.

Policy and Advocacy

In stating its mission ‘Shaping the Future of Endocrinology’ ESE recognises the important work that needs to be done in shaping a positive environment around endocrinology, endocrine health and disease, and the needs of patients with endocrine disorders, by impacting on European and national health policies. ESE is actively engaged with the European Institutions in the big policy areas like environment (Endocrine Disrupting Chemicals), the care of cancer (EU Cancer Mission), the fight against major diseases that have a high societal impact (obesity) and the work that the European Union is doing to provide more equitable access to experts and treatments for patients with rare disorders (The European Reference Networks) around Europe.

Additionally, and more recently, the Society has started to focus on areas that are critical to the longerterm well-being of endocrinology. This relates to the need to have endocrine science sufficiently funded to find new ways to address the increasing prevalence of endocrine diseases. The project EndoCompass Research Roadmap: Directions for the Future of Endocrine Science, has been a major undertaking to position endocrine science as an area for increased funding at both European and national levels. Also, increasing episodes of medicine shortages as well as issues around the provision of endocrine medicines in humanitarian crisis situations has led the Society to focus in this area, and potentially impact on the understanding for and definition of essential and critical endocrine medicines in the future. ESE has set up internal structures as well as alliances with like-minded societies and organisations to impact on these important issues.

Awards

The Society recognises world-leading scientists and clinicians through the presentation of our prestigious awards, which are given during the annual European Congress of Endocrinology where they are also invited to present one of the plenary lectures. These awards include:

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EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE IN 2025

In 2022, ESE developed its strategic plan for the period 2022-2026. The strategic plan is published on - - the ESE website (https://www.ese hormones.org/about us/) and the major goals are:

We aspire to be visionary, inspiring, engaging and supportive. We are open, transparent and inclusive in everything that we do and work towards diversity across our activities.

Some of the achievements and performance during 2025 are noted below:

Authored by more than 200 clinical and basic science experts and published as supplements to the European Journal of Endocrinology (EJE) and Hormone Research in Paediatrics in October 2025, this roadmap sets out the directions for the future of endocrine science, and how this contributes to better health in Europe.

Initiated and coordinated by ESE and ESPE, the roadmap was developed in partnership with representatives from the European Association for the Study of Diabetes (EASD), the European Association for the Study of Obesity (EASO), the European Thyroid Association

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(ETA), the European Network for the Study of Adrenal Tumors (ENSAT), the European Academy of Andrology (EAA), the European NeuroEndocrine Association (ENEA), the European Calcified Tissue Society (ECTS) and the European NeuroEndocrine Tumor Society (ENETS), the Growth Hormone Research Society (GRS), as well as the European Reference Network for Rare Endocrine Disorders (Endo-ERN). Several Patient Advocacy Groups from the ESE and ESPE networks also provided input.

The communication campaign, which was initiated at the ESPE-ESE Joint Congress in May 2025 and continued with the publication of the Supplement in October 2025, focused on the additional benefits of this project, which included:

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ongoing legislative initiatives (PFAS restriction proposal, REACH revision, cosmetics regulation and others).

ESE has reconfirmed its engagement with the European Medicines Agency: the past-chair of the ESE Clinical Committee will take on the role of ESE’s representative in the EMA Health Care Providers Working Group (HCPWG) while ESE is also represented in the EMA Policy Officers Group (POG).

In other areas of policy work, ESE has continued to develop and work through various partnerships and efforts to present and focus on the endocrine perspective of these areas (obesity, cancer, rare diseases and the environment (mostly EDC related).

The 2025 World Hormone Day (WHD) focus was 1) to raise public awareness of the importance of good hormone health and 2) to improve national political engagement using the banner of #BecauseHormonesMatter.

There was a high level of engagement from ESE’s National Partner Societies, Specialist Partner Societies and Patient Advocacy Group Members, as well as industry partners and international organisations with an interest in endocrinology - with over 120 organisations across 40 countries involved. Materials were translated into 19 languages with content posted online by ECAS National Societies and other Stakeholders in an additional six languages, which were added to the English versions of the materials available on the website in the ‘toolkit’ to help the endocrine community explain the role of hormones and why they matter.

ESE reached an estimated 136m people via social, press and broadcast media and generated 302 news articles.

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ESE has held four webinars since 2022, each attended by 150-200 participants representing patients, their families, and those who care for and treat people with hypoparathyroidism. Each event involved speakers from the clinician and patient community and was translated live into three European languages.

− Adrenal Patient Forum: Following the success of the Hypoparathyroidism Patient Forum, ESE held its second patient forum in the Adrenal field. This second Adrenal patient forum brought an international audience of 140 participants from 44 countries, who heard from a line-up of clinical and patient experts.

To Support our members in education, clinical practice and research

For Ordinary membership, the number of members as at the time of the 2025 AGM was 4810 representing 111 countries (AGM 2024: 4451 representing 118 countries). Through the ESE Affiliated Society Membership, there were 66 members (50 national societies and 16 specialty societies), and there were 10 Associate Partner Society members (at the time of the 2025 AGM).

The Patient Advocacy Group (PAG) Membership continues to grow, and, at the time of the 2025 AGM, there were 30 PAG members highlighting the importance of the patient voice as an essential partner in ESE’s ambition to provide the best possible care to patients with endocrine diseases.

The number of Corporate Members for 2025 stood at 11, with some movement of different organisations joining and leaving.

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One of the main measures of success of academic journals is the "Impact Factor” (IF), a measure of how often an article is cited by other authors. The latest Impact Factors are below (the previous year in brackets):

The Five-Year Impact factor, which is a longer-term measure of the impact of authors’ research, for the European Journal of Endocrinology was 5.1 (2024 5.7).

The new journals Obesity and Endocrinology (OE) and Environmental Endocrinology (EE), launched in 2025, will receive an IF in due course.

ESE extends its thanks to the authors, reviewers, readers and world-class editors who continue to support the journals.

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In-person events in 2025 included:

There were 21 Online/digital events in 2025 with 5354 people registered across these events and 2345 attending live. These events included:

To reinforce ESE as a leading society which is Sustainable, Trusted and Valued

The focus of 2025 was to embed the significant transition of bringing membership, finance and marketing services in house which was completed at the end of 2024 and refining the processes for delivering all the services now organised and managed directly by the ESE Team.

The ESE Team can be viewed on the website at https://www.ese-hormones.org/about-us/our-team/.

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In 2025, the management and administration of the nomination and award processes was moved to the CRM. Members are now able to track the progress of their application/nomination and committee members or award juries, for example, will be able to review and update applications directly in the system.

The Executive Committee also implemented amendments to the Byelaws, the key ones noted as: Clause 3.3, reducing the amount of time members have to pay their membership fee, from 3 months to 6 weeks; Clause 7.1, additional item was added to state the Society could hold a joint congress with another organisation; and the definitions of the membership criteria for the organisational memberships was updated.

The full documents are available on the ESE website at https://www.esehormones.org/about-us/governance/.

To ensure that there is transparency and upholding of the highest standards of integrity in the organisation of its programmes and the credibility of its published documents, the Conflict of Interest (COI) policy and process was reviewed and updated to ensure that clear guidance and protocols were in place for recognising, disclosing, and managing potential conflicts of interest across a range of affiliations, relationships, and financial engagements.

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FINANCIAL REVIEW

The outcome from 2025 is an operating surplus of €796,391, compared to an original budgeted deficit of €303,828. 2025 was a stable year for the stock markets, with a small increase in investments of €58,282 resulting in a final increase of organizational value of ESE of €854,673 to €6,057,626, including restricted funds (2024: €5,202,953).

The major income streams for ESE were from individual and corporate memberships, corporate sponsorship of activities, from the European Journal of Endocrinology , from the ESE Advocacy Representation Scheme and from the annual congress (in 2025 this was from a gift-aid amount as explained on page 10).

The major items of expenditure were from support of the various activities, including the congress, educational events, grants and awards, policy and advocacy, the member magazines, the support and development of the membership system and the website. In addition, ESE had overheads (which are included within Office and Management costs), of which the most significant item is related to the CRM and LMS system depreciation and annual running costs.

The ESE trustees are aware that at the end of 2025 there are funds which are being held above the reserves policy target. The trustees will consider the optimal use of these funds, with the financial situation being evaluated on an ongoing basis due to the current global uncertainties, particularly in relation to investments, and continuing increase in costs. A proportion of these reserves will gradually be used as the costs of the digital transformation, which included bringing in the new CRM system to manage membership, and integrate all of ESE’s data, and the redevelopment of the ESE website, will be amortised over the next three years.

Going concern statement

The directors have assessed whether the use of going concern is appropriate, i.e., whether there is any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

The directors have made this assessment in respect of a period of one year from the date of approval of the financial statements. In making this assessment the directors have considered carefully the overall economic environment, as set out in ‘2.2 Preparation of the accounts on a going concern basis’. Three-year budgets have been developed with prudent figures for both income and expenditure. In addition, the European Society of Endocrinology holds reserves and has liquid assets in form of investments which are readily available to convert into cash.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

On this basis, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future (12 months after the date of this report) and have, therefore, used the going concern basis in preparing these financial statements.

Principal risks and uncertainties

The trustees are aware that the charity may be exposed to various risks which include financial risks, risks to the Society’s reputation, risk of breaching charitable trust or other legal requirements and risk of professional liability. The trustees have compiled a risk register to ensure measures are put in place to handle these risks. In addition, ESE has insurance in place for professional indemnity (up to £2M aggregate), employer’s liability, and travel for employees.

Risks include:

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Principal funding sources

The European Society of Endocrinology raises its funds mainly through income from its congress, the European Journal of Endocrinology , individual and corporate membership subscriptions and the ESE Advocacy Representative (EARS) Scheme. The Society also receives some pharmaceutical support through receipt of grants for certain activities. Through this revenue ESE supports the objectives outlined on page 3.

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Reserves Policy

The EJE reserve policy is stated below and is ring-fenced for EJE activity only; the reserve policy for the other activities excluding the journal is also detailed below.

− EJE Reserve Policy

The Society shall maintain a designated reserve fund for the purposes of developing and supporting the European Journal of Endocrinology . The reserve fund shall be derived from the investments and annual surpluses of the European Journal of Endocrinology agreed to be made available for this purpose provided that the Society shall have no obligation to add further funds.

The ESE Executive Committee shall use its best endeavours to ensure that the reserve fund equals the aggregate of two years’ revenue share from the publication of the journal based on the last available final statement of the journal after allowing for inflation calculated in accordance with the Retail Price Index as varied from time to time. The assets, liabilities and activities of the European Journal of Endocrinology are held in a designated fund. At each year-end the reserve for this fund is recalculated and adjusted accordingly.

− ESE Reserve Policy excluding EJE

The reserve policy takes into consideration the major financial risks that could face the ESE. These are:

(1) The potential withdrawal of funding from corporate supporters, for whatever reason, e.g., changes in regulations causing restriction on funding. Corporate funding was provided in 2025 for the following activities: overall corporate membership for general support of the Society and its administration; support of meetings such as the Clinical Update meetings and themed meetings (EuroPit); support of the ESE Cushing’s patient registry, ERCUSYN; support of grant funded projects and patient forums; support of awards; support of the Congress; and support of World Hormone Day.

(2) The reduction in size of the ESE annual congress for any reason, e.g., lasting effects from the pandemic reducing delegate numbers; or removal of industry support, which would result in a reduction of income from the annual congress. This would result in a significant potential reduction in overall income to the Society that year, and a smaller reduction in expenditure, resulting in a potential deficit for that year; an Act of God resulting in a major reduction in delegate and company participation in the annual congress, or cancellation.

This reserve policy is designed to allow the ESE to continue running its activities for a two-year period, after which the projects would be re-evaluated depending on the level of success in generating new revenue streams. Allowing for a two-year period of financial difficulty would also help to minimise the risk of compromising the objectives and core activities of ESE. A reduction in the scale of activities has been assumed, but not large-scale cancellation of projects.

− Conclusion

Using calculations based on the summary above, the trustees of ESE consider that the required level of readily useable reserves should be €1.620M for EJE and that there is sufficient currently in reserve to support this. These figures are calculated using the rate of exchange on 31 December 2025. Also using calculations based on the summary above, the Trustees of ESE consider that the reserve for general ESE activity should be €3.042M. The total of the two reserves is €4.662M and

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the current total unrestricted income fund as shown in the audited accounts is €5.949M excluding the restricted funds. There is therefore a surplus above the reserve requirement of €1.287M. The trustees will consider the optimal use of these funds, with the financial situation being evaluated on an ongoing basis due to the current global uncertainties, particularly in relation to investments, and continuing increase in costs.

Designated funds are unrestricted funds that trustees have allocated for specific purposes. Restricted funds refer to money that has been raised for particular activities, is limited to defined uses, or is subject to conditions imposed by donors.

The designated fund is in relation to the development and support of the European Journal of Endocrinology. The restricted funds balance relates to grants received for specific activities (outlined in Note 18, Analysis of Funds , which is on page 45).

PLANS FOR FUTURE PERIODS

ESE will continue to deliver on its 2022-26 strategy in collaboration with its committees, members and all its partners including national and international societies, patient advocacy groups and its corporate members.

2026 is the 20th Anniversary of the European Society of Endocrinology and this year we will be celebrating in a meaningful way to mark time, acknowledge hard work and share the success of ESE with the people who made it all possible - our past and current committee members, members, partners, team and the wider endocrine community.

To Unite and Represent the European endocrine community and be acknowledged as the reference point for endocrine health and science

In 2026, World Hormone Day (WHD) will be held on 24 April. The focus for 2026 is the first year in a three-year plan for a sustained public-facing awareness raising campaign with a focus on ‘Hormones: Understanding the basics (with 2027 focus on ‘Hormones and your heath’ and 2028 ‘Hormones and the world around us). The existing materials will be refreshed and updated, and a suite of new, more targeted resources will be developed to support this public awareness raising aim.

In 2026, ESE together with partner societies will continue its efforts to impact on the legislation related to Chemicals, and on Endocrine Disruptors specifically. The future of the revision of the REACH legislation is unclear and primarily impacted by new geo-political strategies around Europe’s competitiveness, meaning the ability of the industry to compete with other regions possibly resulting is less regulation - and investments in defence. Our outreach will include the members of the European Commission and their cabinets that have a stake in this legislation, as well as Members of European Parliament with a seat in the Environment and Health Committees (ENVI and SANT). We will continue to interact with major NGOs in this area (HEAL, BEUC, EDC Free Europe).

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While the scientific work around the EndoCompass project – the research roadmap for endocrine health – was finalised in October 2025 with its publication as a supplement to the European Journal of Endocrinology (EJE), ESE will continue to work with the findings of the research roadmap to impact the research focus of the European Commission in future research funding programs.

In May 2026, ESE will report on the conclusions of the State of Endocrinology 2025 and develop and provide policy recommendations to address the issues that the endocrine workforce in Europe faces. Challenged with increasing diseases prevalences, diagnostic and treatment complexities and a shortage of workforce, ESE, together with its partner societies and members of the ESE Council of Affiliated Societies (ECAS), will develop a pro-active approach towards its future, by having the voice for endocrinology heard in the debates, both at European and national levels.

Also in 2026, the findings of a survey around the issues of availability of endocrine medications across Europe will be discussed with the different stakeholders involved, and a report, based on the assessment and recommendations originating from this work will be prepared.

Our engagement with the Biomed Alliance will continue to retain our full commitment. This engagement allows us to bring the voice for endocrinology into the many horizontal debates that will have an impact on the healthcare and research of the future (IVDR/MDR, the European health data Space, the Clinical Trial Regulation, the AI act and many more). Our engagement with the European Cancer Organization will be strengthened to reflect the important and growing prevalence of endocrine or endocrine related cancers, as well as the longer-term endocrine sequelae from cancer therapy.

As outlined in the previous section, and following the closure of the ESE Foundation, ESE has established a Public Affairs Committee to steer and coordinate the expanding breadth of our policy and advocacy activities. Chaired by the ESE Past-President, the Committee brings together all key areas of our policy engagement—such as EDCs, research, workforce, and related priorities—alongside the representatives who engage with organisations including the European Medicines Agency and the Biomedical Alliance. From 2026 onwards, the Committee will lead a more coherent and proactive policy agenda, shaping priorities across topics including critical medicines, REACH/EDCs, FP10 research, and workforce issues, while strengthening ESE’s presence in Brussels and supporting initiatives such as World Hormone Day.

To further Advance the science and clinical care of endocrinology

Journals: ESE’s journal portfolio continues to strengthen with the two new (launched at the end of 2024) Open Access journals, Obesity and Endocrinology and Environmental Endocrinology, now fully operational and both journals developing their second volumes. A reinvigorated strategic plan and dedicated marketing focus from both societies on Endocrine Connections (ESE and the UK Society for Endocrinology are co-owners) aims to attract more excellent submissions which will continue into 2026. The European Journal of Endocrinology continues to hold its place in the market, and the strategy and marketing plans are in place to support it in 2026.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

Clinical Guidelines: In 2026, ESE intends to continue the development of joint Clinical Guidelines, with other Specialist Societies. ESE has agreed a collaboration for a joint guideline on the topic of management of weight regain, with the European Association for the Study of Obesity (EASO) as well as continuing the collaboration with the Endocrine Society and ERA. As well as further guidelines, ESE intends to expand the additional materials that are developed. These currently include a detailed patient leaflet developed in collaboration with appropriate patient organisations, which can be translated into numerous European languages with the support from the National Society.

Educational events: In 2026, ESE intends to consistently support and refine the existing and established educational events. It is the ambition to assess each of the different event types to ensure the approach and style of event is successful in achieving its strategic goals.

As the educational calendar is ever growing, the Education Committee and Scientific Programmes Team intend to undertake an analysis and review of key data from the events to ensure they continue to be effective and appropriate. Findings from this review will be taken forward into future educational calendars and the subsequent strategy.

Research and Education programmes: In 2026, it is intended that the educational programme on Rare Bone Calcium and Phosphate disorders will be completed, enduring materials will include a publication, digital materials and e-learning resources. Two new educational programmes are in development for discussion by the Executive Committee on the topics of Growth Hormone, and Parathyroid disorders. The intention is to launch one of these programmes in 2026.

To Support our members in education, clinical practice and research

During 2026, the data and insights gained from a full year (2025) of using the CRM marketing tools and social media monitoring tools will be used to refine and finesse the marketing and communications activities, with a focus on providing relevant and timely content to our members, communities and audiences. The final year’s plans from the membership strategies 2024-2026 for both individual and organisational memberships will be implemented, with a focus on retention and recruitment for individual memberships and a focus on closer working organisational members. We will continue to support and develop our core communities: early career, women, nurses and scientists/researchers with extra emphasis on researchers/scientists with a new dedicated campaign called ‘#ThisIsEndocrinology’ to support and build this group within ESE membership.

To reinforce ESE as a leading society which is Sustainable, Trusted and Valued

ESE is committed to transparency and upholding the highest standards of integrity in the organisation of its programmes and the credibility of its published documents. In 2025, the Conflict of Interest (COI) policy and process was reviewed and updated to ensure that there is clear guidance and protocols in place for recognising, disclosing, and managing potential conflicts of interest across a range of affiliations, relationships, and financial engagements. In 2026, the new policy will be implemented through the activation of a form for collecting the information (through the CRM) and also the activation of the COI Review Group.

In September 2025, an Awards Review Working Group was set up to critically review the ESE awards offering and to consider improvements to increase the number of nominations to make it more representative. The outcome of this review will be implemented in 2026.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Society was incorporated on 18 August 2005 and commenced activities on 1 January 2006. The organisation was registered as a charity on 8 April 2008, and these accounts have therefore been audited as a charitable organisation.

Individuals, national and specialist endocrine societies (in Europe and in countries bordering the Mediterranean Sea), as well as pan-European specialist societies, patient advocacy groups and companies with a focus on endocrinology can be members. The Society values its links with the national endocrine societies and specialist societies that are members, these members have voting rights, alongside the individual members. Individual membership is open to members of a national medical or scientific society in endocrinology or a related subject. Companies do not have voting rights. In addition, national specialist endocrine societies within Europe and national and international endocrine societies outside of Europe can be members as part of the Associate Partner Society membership scheme.

The Society is governed by the Executive Committee which comprises not less than ten or more than fifteen members and can include up to three ex-officio members. Ex-officio members have no vote and are not directors of the Society. There are currently three ex-officio members, and they represent endocrine nurses, the ESE Council of Affiliated Societies (ECAS) and the ESE Young Endocrinologists and Scientists (EYES). The Executive Officers Board, made up of the ESE Officers (President, PresidentElect, Treasurer and Secretary) together with members of the Leadership Team (Chief Executive Officer and Director of Strategic Partnerships), meet on a regular basis to ensure the effective management of the Society.

All applications for individual membership are formally approved by the ESE Executive Committee. There is also an Honorary membership category, for people deemed to have achieved a special distinction in endocrinology or who have performed outstanding service to the Society. These are nominated through and approved by the Executive Committee.

The Society had twelve committees in total and an open process for nominations for these was introduced in 2023. The committees report to the Executive Committee through their chairs. The committee chairs are appointed by the Executive Committee. Each committee has a remit which has been approved by the Executive Committee. The committees are:

ESE Young
Clinical Committee Congress
Committee		 Education
Committee		 Endocrinologists
and Scientists		 Finance Committee Industry
Partnership Board
Committee (EYES)*
Membership
Committee		 Nominations
Committee		 Nurses
Committee*		 Publishing and
Communications
Committee		 Rare Disease
Committee		 Science Committee

In addition to the Committees, the Patient Advocacy Group (PAG) Board was established in 2023. Several working groups have been formed over 2023-2024 to guide the work in projects like EndoCompass, the Endocrine Drug Survey and the State of Endocrinology 2025.

*The chair is nominated through their Committee and ratified by the Executive Committee. The Chair is an ex-officio member of the Executive Committee.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

The ESE Council of Affiliated Societies (ECAS) provides a collaborative network to enhance the visibility of endocrine research, development and education across Europe. ECAS membership comprises the national endocrine societies, represented at ECAS meetings typically through their President or Secretary. An ECAS representative is nominated and voted for by the ECAS members and is an exofficio member of the Executive Committee. This representative is responsible for liaising with the ESE Office on ECAS activities and meetings.

ESE participates in activities organised through the European Medicines Agency (EMA) and through this the Society is required to publish its funding from pharma and non-pharma sources. This information is available on the ESE website. In addition, and as a member of the Alliance for Biomedical Research in Europe (Biomed Alliance), ESE adheres to the Biomed Alliance Code of Conduct. ESE is a member of the European Cancer Organisation (since 2021) and recently joined the AC Forum. Being a part of these networks helps to ensure that the Society’s operating policies are transparent.

Recruitment and appointment of new trustees

Any Ordinary Member may nominate one other Ordinary Member for vacant Executive Committee positions. There are four Officers on the Executive Committee, namely the President, President-Elect, Secretary and Treasurer. Executive Committee members serve a four-year term, but the Treasurer's and Secretary's positions can be extended for up to two years subject to approval of the General Council. The President-Elect position is for two years and then President for a further two years.

New trustees are provided with an online induction manual which contains information, such as, previous meeting minutes, relevant policies, strategic plans and day to day information.

The ESE Committees are supported by the ESE Office in the development of activities and budget preparation (where needed). Proposals are then directed through the Executive Officers Board and then to the Executive Committee for final approval. Where needed, proposals are taken to the General Council for approval. For budget and additional expenditure outside of an approved budget, the CEO and Treasurer have defined financial sign-off limits.

The CEO remuneration is agreed through the Finance Committee and the other staff remuneration is agreed through the CEO and then through the budget process, which is approved by the trustees. Any changes to salary on an annual basis are made in reference to the Retail Price Index (RPI).

Policies

ESE has a range of policies which are available on the website (https://www.ese-hormones.org/aboutus/governance/our-policies/ ) and include:

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

Related Parties

None of our trustees receive remuneration or other benefits from their work with the charity. During the year trustees received reimbursed expenses from fulfilling their duty.

During the year ESE charged a total of €88,172 to JointEndo Ltd for costs paid upfront by ESE (including salary allocation) in relation to the ESPE/ESE Joint Congress. In addition, expenditure items totalling €97,615 were recharged to ESE (for meeting rooms, hotel, travel etc) also in relation to the ESPE/ESE Joint Congress. ESE’s gift aid donation from Joint Endo is €1.15m for the 2025 financial year. At year end a balance of €0 was owed to ESE.

Members Liability

The company is limited by guarantee and, as such, does not have a share capital. In the event of winding up, each member has guaranteed to contribute to a maximum of €10 to meet the liabilities of the company.

POLITICAL DONATIONS

There were no donations made within the period or the prior year.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (CONTINUED)

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees (who are also the directors of the European Society for Endocrinology for the purposes of company law) are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charitable company at any time and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence take all reasonable steps for the prevention and detection of fraud and any other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006.

STATEMENT AS TO DISCLOSURE TO OUR AUDITOR

In so far as the trustees are aware at the time of approving our trustees’ annual report:

This report has been prepared in accordance with the Statement of Recommended Practice:

Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

This report was approved by the board of directors and trustees on 22 April 2026 and signed on its behalf by:

Professor W Arlt President

Professor S Neggers Treasurer

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPEAN SOCIETY OF ENDOCRINOLOGY YEAR ENDED 31 DECEMBER 2025

Opinion

We have audited the financial statements of European Society of Endocrinology (‘the company’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF EUROPEAN SOCIETY OF ENDOCRINOLOGY YEAR ENDED 31 DECEMBER 2025

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF EUROPEAN SOCIETY OF ENDOCRINOLOGY

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 25 - 26, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF EUROPEAN SOCIETY OF ENDOCRINOLOGY

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF EUROPEAN SOCIETY OF ENDOCRINOLOGY

or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 23 April 2026

6th Floor Appold Street London EC2A 2AP

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2025

EAR ENDED 31 DECEMBER 2025
Unrestricted Restricted Total Funds Total
Funds Funds 2025 Funds
2024
Note € € € €
INCOME AND ENDOWMENTS
FROM:
Charitable activities 6 1,904,914 - 1,904,914 4,280,025
Other trading activities 4 1,462,391 156,466 1,618,857 378,843
Investments 5 66,087 - 66,087 79,755
────── ────── ────── ──────
TOTAL INCOME 3,433,392 156,466 3,589,858 4,738,623
────── ────── ────── ──────
EXPENDITURE ON:
Raising funds 7 56,430 - 56,430 26,947
Publicity and awareness 8 31,362 - 31,362 103,542
Charitable activities 9 2,617,799 87,876 2,705,675 4,694,621
────── ────── ────── ──────
TOTAL EXPENDITURE 2,705,591 87,876 2,793,467 4,825,110
────── ────── ────── ──────
NET (EXPENDITURE)/INCOME BEFORE 727,801 68,590 796,391 (86,487)
INVESTMENT GAINS/(LOSSES)
Gains on investment assets 15 58,282 - 58,282 386,167
────── ────── ────── ──────
NET (EXPENDITURE)/INCOME FOR 11 786,083 68,590 854,673 299,680
THE YEAR
────── ────── ────── ──────
INTERFUND TRANSFER 19 - - - -
────── ────── ────── ──────
NET MOVEMENT IN FUNDS FOR THE 786,083 68,590 854,673 299,680
YEAR
RECONCILIATION OF FUNDS
Total funds brought forward 5,162,990 39,963 5,202,953 4,903,273
────── ────── ────── ──────
TOTAL FUNDS CARRIED FORWARD 5,949,073 108,553 6,057,626 5,202,953
══════ ══════ ══════ ══════

The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 33 to 46 form part of these financial statements.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

BALANCE SHEET As at 31 DECEMBER 2025

Note
FIXED ASSETS
Intangibles
13
Tangibles
14
Investments
15
CURRENT ASSETS
Debtors
16
Cash at bank
CREDITORS: Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Restricted income funds
19
Unrestricted income funds
19
Designated income funds
19
TOTAL FUNDS		 2025
€
371,554
5,811
3,713,682
2,268,222
563,696
2,831,918
(865,340)
1,966,578
6,057,626
6,057,626
108,553
4,172,095
1,776,977
6,057,626		 2024
€
470,014
8,049
3,617,939
677,397
952,319
1,629,716
(522,766)
1,106,950
5,202,952
5,202,952
39,963
3,433,611
1,729,378
5,202,952

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the members of the committee on 22 April 2026 and are signed on their behalf by:

Professor W Arlt President

Professor S Neggers Treasurer

Company Registration Number: 05540866

The notes on pages 33 to 46 form part of these financial statements. EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2025

ATEMENT OF CASH FLOWS
AR ENDED 31 DECEMBER 2025
2025 2024
€ €
Cash flows from operating activities (394,557) (249,181)
Cash flows from investing activities
Investment income 66,087 79,755
Purchase of investments (231,577) (755,752)
Proceeds of sale of investments 195,070 1,040,092
Purchase of tangible assets (2,653) (2,115)
Purchase of intangible assets (20,039) (37,224)
Net cash (used in)/received in investing activities 6,888 324,756
Change in cash in the year (387,669) 75,572
Cash and cash equivalents at the beginning of the year 1,089,874 1,014,302
Cash and cash equivalents at the end of the year 702,205 1,089,874
══════ ══════
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOWS FROM OPERATING ACTIVITIES
2025 2024
€ €
Net (expenditure)/income for the period 854,673 299,680
Investment income (66,087) (79,755)
(Gains)/Losses on investments (58,282) (386,167)
(Increase)/Decrease in debtors (1,590,825) 659,362
(Decrease)/Increase in creditors 342,574 (858,072)
Depreciation of tangible assets 4,892 5,563
Amortisation of intangible fixed assets 118,498 110,205
─────── ───────
Net cash provided by/(used in) operating activities (394,557) (249,184)
═════ ═════
Analysis of cash and cash equivalents
Cash in hand 563,696 952,320
Cash held in investments 138,510 155,360
─────── ───────
702,205 1,089,874
══════ ══════

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

1. CHARITABLE COMPANY INFORMATION

The European Society of Endocrinology is a private limited charitable company limited by guarantee by not having any share capital incorporated and domiciled in England and Wales. The registered office is Redwood House, Brotherswood Court, Great Park Road, Almondsbury Business Park, Bradley Stoke, Bristol, BS32 4QW.

2. ACCOUNTING POLICIES

2.1 Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets investments, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2015), the Charities Act 2011 and the Companies Act 2006. The company constitutes a public benefit entity as defined by FRS 102.

Joint venture:

ESE holds a 50% interest in JointEndo Limited, a jointly controlled entity. The investment is being accounted for at cost, in line with a policy choice available within FRS 102 and is included in the financial statements at €60, being the initial share subscription.

The joint venture is not consolidated in these financial statements.

During the year, JointEndo Limited generated a surplus and in accordance with the shareholder agreement, has declared a Gift Aid distribution. ESE’s share of €1.15m has been recognised in the Statement of Financial Activities as income from other trading activities.

The financial statements are prepared in Euros which is the functional currency of the charitable company and rounded to the nearest €1.

2.2 Preparation of the accounts on a going concern basis

Having assessed the charitable company’s financial position and plans for the foreseeable future the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis and there are no material uncertainties.

As at 1 April 2026 the value of the long-term investment portfolio held with Charles Stanley is €3,645,140. This compared to a value of €3,713,682 as at 31 December 2025. At the present time there is no requirement to draw down on the investments; however, the trustees are aware of the uncertainty of the market as a financial risk factor. The situation will be reviewed on a regular basis by the Finance Committee.

Taking into account all of the above, therefore, in the assessment of the charitable company’s financial position and plans for the foreseeable future, the trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis and there are no material uncertainties.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

2.3 Incoming resources

All income is recognised once the charity has entitlement to the funds, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations and grants are accounted for on a receivable basis, where the receipt is probable and can be measured reliably. Where conditions are attached to a grant, the income is recognised when the charity becomes unconditionally entitled to the income.

Publications income, sponsorships, membership subscriptions and investment income are accounted for accounted for in the period which they relate on an accruals basis. Income received in advance of an event/specified service is deferred until the criteria for recognition income outlined above is met.

2.4 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs are allocated or apportioned to the applicable expenditure headings.

Support costs represent the indirect costs incurred in providing support for all activities of the charity. Irrecoverable VAT has also been included as a support cost. These have been allocated on the basis of the direct costs of the relevant activity.

Expenditure is charged as a cost net of VAT against the activity for which the expenditure was incurred.

2.5 Employee Benefits

The cost of short-term employee benefits is recognised as a liability and an expense. The cost of any material unused holiday entitlement is recognised in the period in which the employees’ services are received. Termination benefits are recognised as an expense when the charity is demonstrably committed to terminate the employment or to provide termination benefits.

2.6 Pensions

The company operates a defined contribution plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. The assets of the scheme are held separately from those of the charity in a separately administered fund.

The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

2.7 Foreign currencies

The company’s functional currency and presentational currency is the Euro.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transaction. At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Activities.

2.8 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market value. Gains and losses arising on disposals and revaluation throughout the year are included in the Statement of Financial Activities.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2.9 Intangible Assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Residual values and useful economic lives are reviewed at each reporting period and adjusted as necessary taking account of any permanent impairment.

2.10 Tangible Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Residual values and useful economic lives are reviewed at each reporting period and adjusted as necessary taking account of any permanent impairment.

2.11 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The charity enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including trade and other debtors and trade and other creditors.

2.12 Cash at bank

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

2.13 Fund accounting

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are monies raised for, or their use restricted to specific purposes, or funding contributions subject to donor-imposed conditions.

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

4. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted Unrestricted Restricted Total Funds Unrestricted Unrestricted
Restricted
Total Funds
Funds Funds 2025 Funds Funds
2024
€ € € € €
€
Sponsorships
and grants 312,391 156,466 468,857 241,343 137,500 378,843
Gift Aid from
Joint Venture 1,150,000 - 1,150,000 - -
-
═════ ═════ ═════ ═════ ═════ ═════
5. INVESTMENT INCOME
Unrestricted
Total Funds		 Total Funds
Funds 2025 2024
€ € €
Income from non-UK listed investments 66,087 66,087 79,755
═════ ═════ ═════
6. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Total Funds Total Funds
Funds 2025 2024
€ € €
Congress income - - 2,635,096
Publications income 1,039,480 1,039,480 883,219
Membership subscriptions (including Corporate
members) 729,838 729,838
 701,434
Rebates and commissions 469 469 4,844
Annual Meetings and Events 135,127 135,127 55,432
──────── ──────── ─────────
1,904,914 1,904,914 4,280,025
══════ ══════ ══════
All funds received in 2025 were unrestricted.
6(a). ANALYSIS OF INCOME BY GEOGRAPHY
2025 2024
€ €
UK 287,189 390,171
Europe 1,866,726
1,202,825
Rest of the World 1,435,943
2,656,351
──────── ────────
Total Incoming Resources 3,589,858
4,738,623
══════
══════

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

7. RAISING FUNDS

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Total|Total| |Support| |Direct|[Support ]|Funds|Direct|Funds| |costs|costs| |2025|2024| |€|€|€|€|€|€| |Investment manager| |25,795|-|25,795|26,947|-|26,947| |fees| |Joint Venture costs| |30,635|30,635|-|-|-| |(Joint Endo Limited)| |═════|═════|═════|═════|═════|═════|

----- End of picture text -----

8. PUBLICITY AND AWARENESS

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Direct|Total|Direct|Total| |Support|Support| |charitable|Funds|charitable|Funds| |costs|costs| |activities|2025|activities|2024| |€|€|€|€|€|€| |Communications,| |31,362|-|31,362|103,542|-|103,542| |Media and Publicity| |═════|═════|═════|═════|═════|═════|

----- End of picture text -----

9. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE

----- Start of picture text -----
|||||| |---|---|---|---|---| |Direct|Support costs|Total Funds| |charitable|2025| |activities| |€|€|€| |Congress costs|2,933|-|2,933| |Grants, awards and sponsorship|9(b)|177,114|-|177,114| |Membership|50,466|23,149|73,614| |Newsletter|23,589|-|23,589| |Annual meetings & events|300,090|-|300,090| |Publications costs|70,828|-|70,828| |Clinical & Scientific Activities|176,252|751|177,003| |Staff costs|12|-|1,025,184|1,025,184| |ESE Foundation debtor write-off|-|59,335|59,335| |Donation|9(a)|-|-|-| |Foreign exchange (gain) / losses|-|7,115|7,115| |Governance costs|10|-|788,870|788,870| |─────────|─────────|─────────| |801,271|1,904,404|2,705,675|

----- End of picture text -----

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

Direct Support costs Total Funds
charitable 2024
activities
€ € €
Congress and meetings costs 2,339,416 - 2,339,416
Grants, awards & sponsorships 9(b) 177,899 - 177,899
Membership 87,136 15,071 102,208
Newsletter 20,944 - 20,944
Annual meetings & events 257,015 - 257,015
Publications costs 4,100 - 4,100
Clinical and scientific activities 237,330 - 237,330
Staff costs 12 - 769,039 769,039
Donations 9(a) 27,889 - 27,889
FX losses - 1,344 1,344
Governance costs 10 - 757,437 757,437
───────── ───────── ─────────
3,151,730 1,542,891 4,694,621

9. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE (CONTINUED)

9(a) Donation:

In 2025, ESE did not hold its own ECE congress and instead a joint congress was held with ESPE (in Copenhagen, Denmark (as JointEndo Limited). The arrangements for the joint congress were different to a typical ECE congress. (2024: €27,889).

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

9(b) Grants, awards and sponsorships :

9(b) Grants, awards and sponsorships:
2025 2024
€ €
Prizes, grants and awards 295 -
Geoffrey Harris Award 3,063 11,744
ESE Young Investigator Awards 12,000 12,493
EJE Award 2,824 7,590
ESE Meeting grants 95,455 93,096
Poster Awards - 2,532
ESE Small Meeting grants - (2,500)
Science Grant 642 1,100
Basic Science Meeting Grants 10,000 8,291
Short Term Fellowship - (2,500)
European Hormone Medal 2,775 6,711
Honorary and Special recognition Awards 8,810 6,814
Clinical Endocrinology Award 2,693 5,146
Jens Christiansen Award 5,005 12,871
Patient Advocacy Meeting Grant 7,800 5,600
Endocrine Nurse Award 2,714 2,104
Transatlantic Alliance Award - 6,807
Clinical Observership Programme (COP) 3,000 -
Research Observership Programme (ROP) 8,000 -
Advanced Research Observership Program 3,000 -
Exam Registration 10,625 -
ERCUSYN Meeting Grant (1,588) -
────── ──────
177,114 177,899
════ ════

10. GOVERNANCE COSTS

GOVERNANCE COSTS
Unrestricted
Total Funds		 Total Funds 2024
Funds 2025
€ € €
Audit fees 29,542 29,542 21,767
Legal and professional fees 114,662 114,662 78,854
Costs of trustees' meetings 77,272 77,272 118,188
Office and management 310,454 310,454 292,181
Policy and advocacy 256,940 256,940 246,447
────── ────── ──────
788,870 788,870 757,437
═════ ═════ ═════

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

11. NET (OUTGOING)/INCOMING RESOURCES FOR THE YEAR

This is stated after charging/(crediting):

2025 2024
€ €
Auditor’s fees: current year 29,542 21,767
Foreign exchange gains/(losses) 7,115 1,344
════ ════

12. STAFF COSTS AND EMOLUMENTS PARTICULARS OF EMPLOYEES

Number of employees

The average monthly number of employees during the year was:

Staff members
Employment costs
Wages and salaries
Social security costs
Other pension costs
Total		 2025
2024
Number
Number
15
15
2025
2024
€
€
864,209
840,351
109,026
104,706
51,949
46,119
1,025,184
991,176

During the year, employment costs have been allocated as following:

There were four employees earning an annual salary of over €70,000 in the current period and they fall within the following banding. Four employees earned over €70,000 in the 2025 financial year.

Banding 2025 2024
€70,001 – €80,000 - 2
€80,001 – €90,000 2 1
€90,001 – €100,000 1 -
€130,001 – €140,000 - 1
€140,001 – €150,000 1 -

Pension costs relating to higher paid employees totalled €27,773 in 2025 (2024: €26,247).

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

Key management personnel

The key management personnel of the charity comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were €174,513 (2024: €160,643). All pension costs are classified as unrestricted expenditure. The charity also uses consultancy services to support business development and clinical projects.

Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year or previous accounting period.

ESE had 13 trustees during the period. ESE makes every attempt to minimise the costs of the Executive Committee and Committee meetings by holding in-person meetings alongside the annual congress where the trustees are already present. Other meetings are held via video conference, and, in addition, ESE Committees carry out their businesses where possible by email or phone. In 2025 the trustees’ expenses wholly attributable to committee business was €5,104 (2024: €5,378). The number of trustees who had expenses reimbursed, including those who resigned in the year, was 10 (2024: 10).

ESE paid a premium of €8,989 (2024: €8,376) to its insurers for trustees indemnity insurance.

13. INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Website
Development
and CRM
system Total
Cost € €
At 1 Jan 2025
Additions in year 657,175 657,175
20,039 20,039
─────── ───────
At 31 Dec 2025 677,213 677,213
═════ ═════
Amortisation
At 1 Jan 2025 187,161 187,161
Charge for the year 118,498 118,498
─────── ───────
At 31 Dec 2025 305,659 305,659
═════ ═════
Net Book Value 371,554 371,554
At 31 Dec 2025 ═════ ═════
At 1 Jan 2025 470,014 470,014

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

14. TANGIBLE FIXED ASSETS

Computer
Equipment		 Computer
Equipment		 Total
Cost € €
At 1 Jan 2025 23,617 23,617
Additions 2,653 2,653
─────── ───────
At 31 Dec 2025 26,271 26,271
═════ ═════
Depreciation
At 1 Jan 2025 15,568 15,568
Charge for the year 4,892 4,892
─────── ───────
At 31 Dec 2025 20,460 20,460
═════ ═════
Net Book Value
At 31 Dec 2025 5,811 5,811
═════ ═════
At 1 Jan 2025 8,050 8,050
═════ ═════
15. INVESTMENTS
2025 2024
€ €
Market value at 1 January 2025 3,480,382 3,378,555
Additions at cost 231,577 755,752
Disposal proceeds (195,070) (1,040,092)
Realised gain/(loss) on disposal 10,313 (8,057)
Unrealised gain/(loss) on revaluation 47,969 394,224
──────── ────────
Market value at 31 December 2025 3,575,171 3,480,382
Add cash held in investments 138,510 137,557
──────── ────────
Investments total at 31 December 2025 3,713,682 3,617,939
══════ ══════
Historical cost 2,926,105 2,856,787

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

15. INVESTMENTS (CONTINUED)

Analysis of investments at 31 December 2025 between funds

Total Funds Total Funds
2025 2024
€ €
Listed investments
UK Quoted Shares 912,395 939,151
Non-UK Quoted Shares 2,663,364 2,542,485
Cash Balances 137,923 136,303
───────── ─────────
3,713,682 3,617,939
══════ ══════

No investments make up more than 5% of the total holding at 31 December 2025 or at 31 December 2024.

16. DEBTORS

DEBTORS
2025 2024
€ €
Trade debtors 180,008 131,769
Bad debt provision (ESE Foundation) (59,335) -
Other debtors 62,739 248,975
Prepayments 1,969,331 174,735
VAT 115,479 121,918
──────── ────────
2,268,222 677,397
══════ ══════

Prepayments comprise €1.15m of accrued Gift Aid receipt from JointEndo Ltd.

17. CREDITORS: Amounts falling due within one year

2025 2024
€ €
Trade creditors 111,799 147,942
Other creditors 187,126 133,953
Deferred income 566,355 240,833
Tax and Social Security 60 38
──────── ────────
865,340 522,766

Deferred income comprises amounts received in advance in respect of 2026 events: €260,265 (2024: €11,896), Corporate Sponsorship and Grants: €108,551 (2024: €64,962), Corporate Membership: €36,000 (2024: €0) and Membership Fees: €161,539 (2024: €163,975).

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

18. ANALYSIS OF FUNDS

Balance at
1 January
2025
Incoming
resources		 Outgoing
resources		 Gains and
(losses)		 Interfund
transfer		 Balance at
31 December
2025
Restricted funds € € € € € €
Parat Workshop - 25,000 (25000) - -
Hypoparathyroidism
Patient Forum		 - 35,000 (24,937) - 10,063
ESE Talks: Rare
Disease		 - 10,273 (10,273) - -
Emergency Cards for
Hypoparathyroidism		 5,261 - (4,976) - 285
Rare Bone Disorder
Project		 27,573 52,500 (12,155) - 67,918
Jens Christiansen
Award		 7,129 20,000 (9,376) - 17,753
Patient Leaflets -
Hypoparathyroidism		 - 13,693 (1,159) - 12,534
Unrestricted fund 3,433,611 3,433,392 (2,705,591) (109,723) - 4,329,417
Designated fund 1,729,378 - - 168,005 - 1,619,655
───────── ───────── ───────── ────── ─────── ─────────
5,202,953 3,589,858 (2,793,467) 58,282 - 6,057,626
══════ ══════ ══════ ════ ═════ ══════

Patient Leaflets - Hypoparathyroidism: The grant from Alexion and Ascendis is to support the creation of patient leaflets that complement the publication of the ESE Clinical Guideline on Treatment of Chronic Hypoparathyroidism in Adults.

EUROPEAN SOCIETY OF ENDOCRINOLOGY COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Intangible|Tangible|Net current|Long term| |Fixed assets|Fixed Assets|assets/|Creditors| |Investments|(liabilities)|Total| |€|€|€|€|€|€| |Restricted fund|-|-|-|108,553|-|108,553| |Unrestricted fund|371,554|5,811|2,094,026|1,858,025|-|4,329,417| |Designated fund|-|-|1,619,655|-|-|1,619,655| |────────|────────|─────────|─────────|─────────|─────────| |Total Funds|371,554|5,811|3,713,682|1,966,578|-|6,057,626| |══════|══════|══════|═══════|═══════|═══════|

----- End of picture text -----

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Intangible|Tangible|Net current|Long term| |Fixed assets|Fixed Assets|assets/|Creditors| |Investments|(liabilities)|Total| |€|€|€|€|€|€| |Restricted fund|-|-|-|39,963|39,963| |Unrestricted fund|470,014|8,049|1,888,561|1,066,987|3,433,611| |Designated fund|1,729,378|1,729,378| |────────|────────|─────────|─────────|─────────|─────────| |Total Funds|470,015|8,049|3,617,939|1,106,950|-|5,202,953| |══════|══════|══════|═══════|═══════|═══════|

----- End of picture text -----

20. RELATED PARTY TRANSACTIONS

During the year the European Society of Endocrinology paid costs of €6,947 in relation to the ESE Foundation (2024: €18,941). This was included within debtors at the year end. The ESE Foundation’s Board of Directors include the current Chair, Treasurer and Chief Executive of the European Society of Endocrinology.

21. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and, as such, does not have a share capital. In the event of winding up, each member has guaranteed to contribute to a maximum of €10 to meet the liabilities of the company.

The following pages do not form part of the financial statements

European Society of Endocrinology Company Limited by Guarantee. Detailed income and expenditure account. Year ended 31 December 2025

Detailed income and expenditure account.
Year ended 31 December 2025
Year to Year to
31-Dec-25 31-Dec-24
Income € €
Sponsorships and grants 468,857 378,843
Gift Aid from Joint Venture 1,150,000 -
Congress income - 2,635,096
Annual Meetings and Events 135,127 55,432
Publications income 1,039,480 883,219
Membership subscriptions (including corporate) 729,838 701,434
Rebates and commissions 469 4,844
Investment income 66,087 79,755
────── ──────
3,589,858 4,738,623
Direct costs
Grants (see Note 9b on page 40 for detail) 136,934 97,487
Awards (see Note 9b on page 40 for detail) 40,179 80,412
Congress costs 2,933 2,367,305
Clinical & Scientific Activities 177,003 237,330
Membership 73,614 102,208
Annual Meetings & Events 300,090 257,015
Communications, Media and Publicity 31,362 103,542
Newsletter 23,589 20,944
Publications costs 70,828 4,100
────── ──────
856,532 3,270,343
Gross surplus 2,733,326
1,468,280
Overheads
Staff costs 1,025,184 769,039
Foreign exchange (gain) / losses 7,115 1,344
Audit and other accountancy services 29,542 21,767
Legal and professional fees 114,662 78,854
Costs of trustees' meetings 77,272 118,188
Office and Management 310,454 292,181
Policy and Advocacy 256,940 246,447
Joint Venture costs 30,635 -
ESE Foundation debtor write-off 59,335 -
Investment Manager Fees 25,795 26,947
────── ──────
1,936,935 1,554,767
Operating surplus/(loss) 796,391 (86,487)
Other Investment (losses)/gains 58,282 386,167
(Deficit)/surplus on ordinary activities 854,673 299,680