The European Associatlon for Cardio-Thoracic Suryery Annual Report and Consolldatsd Flnanclal Ststements 31 March 2023 Ccthpaw Ltrrdted by Guarantee Regislralon 07401765 (En¥#nd ond W•ks} Charty RegL81rotlon NL 1140274 Contents R•ports Reference and adminislrativa details Report of the Secretary Ggneral Trustees. report Intrcr Buzzacott LLP 130 W¢))d Street London EC2V 60L Bank•Ts Royal Bank of Scotland Drummon¢J House In$igni$ Cash 10 Devon8hlTe Square London EC2M 4AE The European A8sc¢iation for Cardio-Thordck Surgery 2 Referon¢• and admlnistratlve detalls Solicitors Paris Smith LLP 1 London Ro•J Southampton S015 2AE Squire Patton Boggs eo London Wall London EC2M STQ The European Association for CardiovThorxic Surgery 3 Trustees. Report Year to 31 March 2023 Report of the Secretary General The role of Secretary General is accompanied by an enormous sense of responsli ility.. lo ensure that ¢Jur members, inter￿ts remain paramount in all th81 we do.. a responsibilty lo ensu￿ that our educatbnal and Infomiatlon tiutput r8m8lns th8 best In th6 worbj.. and a responsibilty lo continue E4CTS' rde leading the progression and adaptation of our profession. The year Teported on within these pages, Gharts the grThvth and change of EACTS In the pursurt of thes& responsibilities. the Annual Meeting in Milan lrt OdobeT 2022 - with delegate numbers and Indu$lry involvement back to pre-COVID levels- to ourfast expanding Academy ¢)ffering, our world-leading work in clinicai pr¥the guideline¥, our renowned EUrop￿ide databases, pioneering publications and so much more. The economic landscape remaln8 challenglng but thanks to our Pre￿oUS finandal perfonnance, we have been able lo continue to prwdo $OMC8S at évèn grèatw l#vèl$. 11 is my goal, and the shared ambition of all Council members, staff and our wtdet network of volurrteers, lo build on these foundations lo make EACTS even more efficient and impactful. In the year ahead. this will include the adoptlon of EACTS, first five year OTgani8ational strategy., a new brand, ￿siOn, missicfi and Yalue Statements; a modem and a¢￿91ble w&1 site and dwital offering.. and a refreshed 'membership' prcoosition and system. The world of ¢xrd*)thora¢l¢ surgery ￿ntInUeS to adapt and thange to modem needs and technology. From the increasingly important role of the multi4i$¢iplinary heart team, to the development of new diagnostk and treatment technok)gies, and the growlh of minimal Invasive, rob¢)tiG and Al inspired inteNentions. It is our duty, as the kading intefn*ional cardiOthryac￿ membership assoclats"on. to support and lead the88 changes. To continue lo provide our members wlh the educational, netsvorking and inforrnation opporturtilles they need lo ensure wer Improvlng CArtcomes for our patients. sso yers Secr•Vdry Genernl & Trusteo The European Ass¢xiation for C8rdio•ThoracK Surgery 4 Trn$tg0¥' Report Year lo 31 March 2023 Introductkln The Trustees present their anntjal report together vth the financial statements of the European Ass¢xiation for Cardio-Thoracic Surgery fEACTS'I for the year endgd 31 March 2023. The report has boen preparnd in accordance with Part 8 of the Charities Act 2011 and con81ilute8 a directors. rewrt for the purpose of cclnpany ￿giSlation. The financial slatements have been prepared in accordanco Wlth tho accounting poli¢i95 $9t out on p4es 29 10 32 of the attathed financiai slalements and comply with the charitable company's memorandum and articles of aswxiation. the Charities Act 2D11 and Accounting and Reporting by CharilKs.' Statement of Recommènded Practic8 applicable lo charities preparing thelr accounts in a¢¢ordarsce with the Financial Reporting Standard applthble in the United Kingdom and Republ￿ of Ireland IFRS 1021- About EACTS The charitable oty'ects of EACTS are to advance education in the field of cardiac, thorac￿ and vascular interventions and lo promote for the publ¢c beneffit research Into cardiovascular 8n¢J thoracic physiology, pathology and therapy and to ¢orrdate and dksseminale thg Usgful results thereof. 11 pursues these objects through four Gore sul>sp￿1a1ty Domains: Acquirad Cardiac Disease, Congenitsl Heart Disease. Vasojlar Di$easg and ThoracK Disea59. EACTS alms to achleve Its charitablè obiects through Its key areag of activity: The EACTS Annual Meeting The lar9est cardiothoracic mgeting in the worki bringing tQgglher the Cardiotho￿IC community to present and discuss the latest ￿lentil￿ developments across its four Domains. EACTS Educatlon The education programmè includirvJ: Tha EACTS Academy, a comprehen8w8 hig￿UaIty $lruclured curriculum for all levels from twnee through lo experk?nced surgeons and dolivering cour888 coverirg Sp￿1811$1 areas of development and interest and Tha European Board examinalions. To further 8UPPOrt trainees through their career devel¢pm8nl, EACTS oporates the Francis Fontsn Fund grants programme for troinèo p&8mgnts. EACTS Publishing EACTS publishes tsvo Peer-rev￿￿d loumab for the dissemination of hIgh￿Uality researGh: The Eurcpean Journal of Cardi¢>ThoraGic Surg8ry IEJCTSI. Interactwe CardKJ Vascular and Thoracic Surgery Iicvrs). As well as an online textbock of c¥diovthoracic surgery VIde￿baSed tutorials., Tho Multimgdia Manual of Cardi￿Th0raC￿ Surgery IMMCTS). EACTS also produces dinical practice guKlelinos lo support best pra¢tK¢ in tho ffidd. The European A880clat￿n for C8rdi¢>Th0raC￿ Surgery S TrustO05' Rgport Year to 31 March 2023 Th? Quallty Improvoment Programme (QUIP) To facililale continuing improvement of clinical outcomes in adult cardi0thora¢￿ surgery through 8duc8tlon and research Inlllalfves. EACTS operat88 Intemational b8nchmarking databases for aduh ￿rdIaC surgery {theAduh Cardiac Database- ACDI and for patients with mech8nioal circulatcyy support system5 (EURQMACSI. Through data collection. data 8haTing and regular reports. the QUIP 811ows units to assess their perfomiance regular￿ by Identfylng areas of excelleno and areas in need of improvement Int•rnatlonal Partn•rshlp8 EACTS also support8 advocacy of global heatth initiatives in the field of cardiolhoracic surgery through pwtnwship with other relevant ¢ygani$ation$. HQ •nd Subsldlarlos AII EACTS activities are coordinated through the Association's headquarters in Wind50r. The charity currently ha8 four 100% owned subsid¢8ri88 registered in England and Wales.. EACTS Trading c￿ftpary Limited; EACTS Publishing Limited.. The Eurcpean Acadery for Thoraclc and Cardlac Surgery. and Thg EuroFéan School for CardlowThor8clc Surgery Llmrted (which ig domiant). The three active companies separate risk and financial management of different areas of 8CtMty around Events. Education and Publishing. Any surpluses arising in any of these 8ub8idlaries are dlslributed lo the charlty wa Gift Aid. EACTS Publishing Limited ond the Europèan A¢adèmyforThoraclc and Cardiac Surgery Llmited are both in deficsL Both of these entitles undertake largely charitable activities and the105ses arising a￿ gupported ty the parent charity- Further detail$ of the $ub8rdiary undertakings are included In note 17. Public benefit statement In setting the objectwes of EACTS and planning actimties. the Trustees have gNen careful consid8ration to the Charty Commisslon guldance on publlc benefft. EACTS. primary beneficiarie$, including ts mombers. ar8 professionals practicing in the field of cardiothoracic surgery. and the patients that they provide surgical c8re lo are the ultimata benaficiaries of the improvements in knowledge and skilL8 resulting from EACTS actiwlies. Impact and Achievgmonts 2022123 The total number of &4CTS members reached 3,863 by the year end in March 2023. 285 new ind[v￿lua1S joined EACTS during the year bging reported upon. Tr membership numbers have gone down by 174, due lo a drop in industry members, which w88 8nti¢ipatad given the tgmporary incentives offéffjd to IrLdu8ty during the COVtD years. In the yearto the end of March 2023 EACTS achieved thefolbwing toward¥ ts kèy oblectlves: The Europ8an Assoclatlon for Cordi￿ThOraCK Surgery 6 Trustge•' Report Year to 31 March 2023 Impacl and Achlevements 202Z123 (continued) 1. Publlcatlon8 In 2022. as part ofthe Gontinuing rnc4Jornisation of the Association's processes and 51ructure, responsibility forthe E4CTS Clinical Practice Guidelines {CPG) Prcgrammewas assumed by the Publication8 Director. AS a result of this change and tha desire to develop naw InhlalNes within thg publiGations portfdio, the Publ￿￿10n$ team has expanded with the appointment of a Managing Editor, Digital Projects Managgr and Guidelines Programme Manager. The EACTS journals continue to publish the lat881, highquality research wllhln cardiolhoraclc sur9ery from across the gl¢)be. In January 2023, Intera¢tive Cardiova￿ular and Thoracic Surgery was reL9unched as Interdis￿pIlnary Canliovascular and Thorncic Stmyery (ICVTS). wth this relaunch. the aims and sCOP8 h8V8 been refocused to gwe th8 joumal a unique mission. one that alltrus EACTS lo foster Gollaborative relationships across mumi-disciplinary teams. publishing inlerdi5clpSinary research from thoracic and cardiovascular 8urgeon$. clinul cardiobgists and pulmonologisls. anae5theti5ts, nurses, radioiogi$ts, pharynxists, and engineers to drive the development of ¢ardi)thoracic surgery in practice and education a¢ros$ the rdaled fields. The European Journal of card¢￿Th￿ra¢iC Surgery IEJCTS) maintained a high numb8r ot qualty submlssion8 in 2022, with 2.333 new submis3ions and a 29% acceptance rate {219 in 2020 and 29°h in 20211. Thejoumal continued to see high usage rates with over 1.1 million article views and over 600,000 PDF downloads. The journal turnaround limes continue to bg a focus for improvement within the publication development plans. vthh the average number of days from submi5sKJn to first decision increasing lo 40 days13S days in 20211. R8viewer tumaround times rwmained stable at 8 days on average from xceptanc& of invrtation to return of reviewer feedback. ICWS, wnversion to open access in latg2021 conllnued to prove 5U¢Ggssful wlh ￿￿?1 opgn acGess income surpassirwJ budgets by 45% lli 2022. The joumal received 522 new submissions and 195 transfers from EJCTS In 2022. The qualty of submissions remained high with a 46% acceptance rate143% in 20211, as did usage with over 550.000 artiele views and over 330,000 PDF downloads. Turnaround limes remained stable with th8 number of days from submission to firBt deci8ion tsking 37 days on average134 days in 2021} and no change In reviewer turnaround times at 6 days on average from &ceptsnce of Invitation to return of r8viewer fgedback. In tho last 12 months, significant prrtess improvements have been made in the womow of our 8olf-publlshed virtual textbook. The Multimedia Manual of CardiovThoracic Surgery IMMCTSI. to strewnline, automate and impTove both intemaE proces$e$ and the *Jthorf6 publK8hing exper￿nce. In 2022, MMCTS r8caivgd 116 submissions 140% increase) and published 48 surgical lutorkils and 25 case reports. In addition to Pubmed Indexing, Clarivate has wnfirmed Ihal MMCTS has been accepkd for indexing wrthin thoir BIOSIS index and this 1$ in the process of being set up. The European AsscKiation for cardw)vThoraC￿ Surgery 7 Trust80s' Report Year lo 31 March 2023 Impact and Achlevemonts 2022123 {cont(nuedl 1. Publkations (continued) In January 2023 the EACTS wd¢a5t, A Cut Above was launched. Publlshèd monthly, episod85 aim lo keep listeners infomied of the latest research findings and Guideline recommendations; insplre and educate with Intsrview5 from key oplnion loadoTS and residents from the communtty.- and encourage d8bale and discu$$ion on key toplc8. Sin¢e ils launch, we have published 3 episodes on a v8riety of topks Including 'The war in Ukr8ine and the Impacts on d8y404ay practice of cardl0th0rac￿ surgery and residenGy', The future of mitr vafve therapy, and an interviewwith a leadlng surgeon, Prof. Friedhelm Beyersdorf. There are many morg exciting lopl¢s and ¥>6aker8 8tiii to come for the remalning eplsode$ Scheduled to publish in 2023. 2. Annual Moetlng 2022 In 2022 theAnnual Meeting was ableto emgrgefrom the constraints ofthe prevlou$ ￿ year8 and wel¢ome b￿k delegates and industy partners In greater numbers lo a revitalised event in Milan, Itaty. Building on the leamlrys of 2021, the hybrld offering was scaled down to enable efforts to be focused on the in-porson efement of the event. The extensivg 4-day programme included the highly attractwe and enhanced Techno-colege Progr￿nMe focusing on innovation and to¢hnologicg1 breakthroughs In the fielJ of cardlovascular and thomcic surgery as wdl s$ int8rvenlional cardic4ogy. An increased number ol parallel $8Èsion6 was on offer and partl¢￿?8nts also took ¥•Jvantage of an increased level of inleractivdy in r￿e$[gned meeting Space and through ¢ollaboralNe octivities provKled vi8 the Annual Meeting App gnd the launch of the EACTS TV Channol streaming 3 days of prime 8denltfi¢ ￿ntent. Delegale attendance w88 back to prfrpandemic leve15 and with 8 totsl of 4.768 regi5tranl8 frcm 99 countrles. 1.682 higher than In 2021. The Technctrcollege day additionally recorded an attendance of 892 d8bgates; 810 registsrtng on the Cardiac strèam and 82 on the Thoraci¢ stream. A total of 127 scientific $e$$ions were hekl over 10 ¢onGurrent s88s￿n r￿M3. 7 surgical trainiry sessions were held offering both junior and $onior suryeons tali ored expert training within an EACTS 'leaming lab, setting. 312 original abslracls from 52 c¢)untries were presented Sh￿￿￿$Ing Y￿￿able new research and 70 exhibitors from 17 countries were represented in an exten8￿e 8xhlbttl￿ allowing attendee8 to keep up to dale with new to market lechnok)gy. sL*a of the art wcducts, innovatlons and developmentg in the c9rdic4hc¢ac￿ mafkeL 17 industy symposia sessions were 8180 pr¢senlod. To ensure Intemational ￿llaboratIOn towards global health goals. EACTS continued to host colleagues other key Intsmational Societies worklng In tha fleld. 3. EACTS Educatlen Programme The EACTS Academy programme continues to adapt to ensure we deliver our contlnulng comitsnent to educalton in Cardioth￿a¢1C surgery. The European Assoclatlon for C8rdi>Tholac￿ Surgery Truste￿, Report Year lo 31 March 2023 Impxt and Achlevements 2022123 IcontinL¢ed) 3. EACTS Education Programmg (Gonlinued) In February 2023 the B4CTS Education Ccfflmitte8 held Its first EduGation Planning meeting. In this m981ing. all current Academy courses werg accessed and found lo have high educational value. Certain educ*ional gaps were id8nlified. and new proposals submitted. The Education Committee hes a strategic plarb in pl&e to fill these gaps overlhe next 3 years. A total of 27 coursgs were held thi5 year in 3 dthferent educational formats. We held 9 courses IIFP8r50n. 13 webinars and 5 ¢ourses were held in a hybrid forn￿1 lin Windsor and available online). These Gourses attracted ovgr 1,000 attendees from 75 drfferent countries. The overall sgtisfaction sccres remain high at 98% and 9Ph said they would recommend the course to ttroir colleagues. 4. The European Bo•ffl of Cardlo-Thoraclc Surgoons IEBCTS) EACTS also administers Tho European Board of CardK>ThOraC￿ Surgeons IEBCTS) whiGh prOv￿e8 examinations lo eertfy approprk9te leveLg of theorth81 kn¢)wlgJge for residents completing their training. 2022 was the first year that the Levg11 IMEBCTS) examination wa8 administered using test cenlres across Europe and the MiddE8 Eas( including London, Berlin, Madiid.1slanbul, ZuTich and Riyadh. 28 new applications for th• Level 1 IMEBCTSI were submitted and a total of 47 examinees (including rer8it5l sat the AdLSrt Cardiac & Congenital examination and 11 sat the TlYJracic Surgery examination. 6 candidates sat the examin*1￿ in both spKialties. 2 ¢andldates passed the Thoracic examination, and 10 eandldates pass￿ the Adull Cardiac & Congenital examination. The Levo12 {FEBCTSI gxarninab'ons took pla¢a in July 2022 in person at EACTS House in Windsor. Thefft was a total of 12 new applications across the three specialties. Including r sits and after some po8tp)nem&nts the final number taking thg exam$ were- Adult Cardiac 12, Thorxic 3 and Congenital 5. The results wore: Adult Cardkqc 12 passed, Thoracic 2 passfjd and cC￿￿en￿al 5 passed. 6. Th• FrnnGl¥ Fontart Fund Followshlp programm• The Francis Fonlan Fund for Education offgrs EACTS members an unrivalled. unlque and excthng opportunty lo advance their surgul &Jucation and bam from very best card10thorac￿ surgeons in th8 wodd in some of the most prestigious institutions. The Fellows are then ablg to lake their experience and knowledge and implement It direcUy In Ihelr home in8tilutions, where they can share new skills with their peers. The breadth of Fellowship programm88 avaiLgblg fosltrrs professional developm￿t throughcut many areas of card10thorac￿ edu¢ation and the intgrnalional reach St￿ngthen$ the global cardiothorac communty through increased skllls and knowledge share and learning. The Europ8an Association for Cardio-Thorack Surgery 9 Trustees, Report Year to 31 March 2023 Impact and Achl8vèm•nts 2022123 (continued) S. The Francis Fontsn Fund Fellovtshlp programmo (Con￿nued) As al 31 March 23. there 8re 14 Fellowship Scheme$ in total.. Advanced Postoperatrve Care Aortic Root and Vafve Repair AITial FibrillaI￿n The TSF I FFF International Fellowship. The TSF I FFF I LACES International Fellcrt48hip Quality and Outcome8 at MSTCVS MICS CABG OPCAB OPCAB- EXt￿ded Robotic Surgery- Cardlac UCL Masters.. Clin￿1 Trials and Stati8ti VATS Ukrainian Support Fwe new Fellowships were added to the Francis Fontan Fund Felknvshlp Programme Ihls year, namely OPCAB*xiended. Robotic Surgerylardlac, UCL Masters.. Clinul Trials and StatistScs, VATS and the Ukr8ini•n Supwrt Fell¢M5hip. The Fellowship scheme has been runnlng $in¢e 2018, and recruitment for the 2022-23 Fellowships started I￿ 1 Juty 2022. We recerved a tot81 of 2C6 applications. which 18 a big increase from the 2021 application period where we had a total of 42 applicatlons. 14 Fellowship Programmes are running in 2022-23 and 30 Fellows will have canied out their Fe1k￿8hlp by December 2023. 6. Qualty Improvomenl Progrnmmo Aimlng to integrate quglty monttoring and improvement into daity practice arKI lo improve outcomes for pa15ents, EACTS continue8 to develop it8 tsvo database registries, the Aduft Cardiac Database {ACDI and the European rEgislry for pattents wilh m8¢hanrcd circulatory support {EUROMACS). Thg Qualty Improvement Programme lemporarity dfvxtivaled the Adult Cardiac Database {ACD) in 2022 after the lemiinalion of the contract with the previous database host. EACTS 18 conductin9 a lender prcKes$ to Source an independent sor￿￿re supplier th the right credentials and rApabilitie$ a$ well a5 ISO compliant, who can supwt EACTS in the Creation of a new aNI Improv￿ database envtronment. EACTS alms to ¢ommence the ACD Tedevelopment project in 2023 and launch the INe registry for hospitals in 2024. The EUROMACS Registy offers the tools lo collect clinical procedural updates as w¢1 as scientific datafor patients receiving mechanical circulatory 81JPPOrt (MCSI. March 2022-March 2023 activitie8 were concentrated on the consolidation of data frcffl parkncipating centres through the aclualr2ation ot follow-up and bnnging the total of registered inplanlatlons from 6,100 to 7,650 {+25%). R8port5With respedto the Status of 8dull aswdl as paediatric patients in EUROMACS were submitted lo the EJCTS. Studies with data from EUROMACS were published in the EJCTS as well as in other peer reviewed joumals. The European Association ft)r C8tdio•Th0r8C￿ Surgory 10 TN$t•H' Report Year to 31 IAarch 2023 Impact and Achiwemonts 2022123 (continued) 7. Governance and Management Rwlow E4CTS aspires to the highest possiblo Standards in all actNiti88 and outputs, including ts govemance and management PrO￿SseS. To this end the EACTS Councll continues lo Improve the management and governance processes ol th8 Association aThJ to educate and support both 9xlsting and nthv Council members in the fulfilmenl of their important duties. In October 2022, Patrick Myers was appointed as S￿rgIary General for a 3-year lemi 2022- 2025 and Patrick Perier slepFed into hi8 Toie of President for 2022-2023. EACTS witnessed an wnportant historical moment for the organisalion with Franca Melfi, leading robotic thoracic surgeon from Slaty, appointed as Ihg Vi¢0 Prestdent and first woman lo lake office as VP in the hk810ry of EACTS. Thg As8ociation also wekomed Filp Casselman a$ A¢quired Cardi Domain Chair and Nabil Hussèin as ResKlenl Repiesentative. New Conynittees havo been 8Stabli5hgd, including tho Alltd Heanh Professlonals Committee. led by Dr Richard Van Valen. and the QUIP Committ88, chaired by Dr Edgar DaeleT', and tosk forGes ¢onlinue lo $upport the activities of the Assock*ion via t￿ Acquwed, Vascular and Thoracic Domains. EACTS has further advan¢ed the selFwnomlnatitin process for domain. task force. and committee member8hip, opening up vaGancio8 and prowding on opportunity for EACTS member8 to apply to availablo roles on these highly actNe and dynamic workiThJ groups. Thg improved prttess proM¢Jes a pLatfom for members lo submk their application. which in tum 18 reviewed by the relevant Chaiils) of the task force, domain, and SeGrelary General. Carelul con¥ideralion 18 taken, revipwing skills and experierKe, brewjlh of geographic representation in Europe and globalty. diversty, and enhan¢ing opportunittes for residents to contribute. Thig platfomi has prov8n succ888ful. 8. Future Plans Publl¢atlon$. The publtcations and CIMiul Practi¢e Guidelines team will continu8 to fr£us on pro￿$ improvements in the ygar ahead to ensuro that wthftows arg robL￿t and eff￿lent. This will alk)w us to support the delivery of the &year pLgn for the slralegiG development of the pubbcation's portfoltr? and guidelines progranrrk. We have an ambf(Iou5 CPG pipgling, with 22 projacts currgntty undenvay. In addition to focusing on ensuring the continued success of both the relaunch of the ICWS mission and the nE•V podcast series, wlth content planning meetin9s lo develop the 2024 ep5sode Schedule, wo will also 8xplor8 olhgr now initiatives such as pot9ntial naw launch journals and webinar series related to the latest research and guiddines published in the EACTS loumals. Th• EACTS Annual Mo•ting. We will deliver another workl-leading Annual MeelirYJ'. ontinuing our innovation in programming aTrJ expanding on key successfvl themes. The them9 of the 2023 m991ing, to be h9PJ in Vienna, Austria. is'Raising The Barf. We will gather our members and industry partneis In￿r$On to rai5ethe bar in orderto innovate. discover and educats, effeGtivety 5UPForting our global community and ultimate Improve cardiothoracK surgery to achieve better palSent outcomes. Those unablo to attend due io heatth c* travel restrictions will be encouraged to participate by tuning in online to the EACTS rv Channel and by taking advantage of our video on demand library. Froe regk8tration will once again bg offered to our Ukrainian based membwswho are able to attend in*erson or via the EACTS TV Channel. The Europ88n Association for CardioThThoraC￿ Surgery 11 Tru8to0•' Report Yearto 31 March 2023 Impact and Achlgvom•nts 2022123 (wntinuedl 8. Future Plans {continu8dl The EACTS Educatlon Programme. The EACTS Acaderny vAtI continue to increasethe number of remote leaming oPp￿tUn(Cle$, a6 remainlng accessible lo ¢Jurglt)b81 members and Golleagues18 Imperatfve. The rw webinars ￿11 ensure education coverfng a wider breadth of our specialty is available to ell of our member8. Wrth over 35 courses, webinars and meetings planned the next year. th8 EACTS Academy continues ils commllment to education In thè eardiothorncic community. Thg European Board of Cardlo-Thoraclc Suryery IEBCTS). Examlnallons are In the process of momng their question bank from Ripley Systems to Surp955 which will mean a 'one-Stop $hop' in temis of question authcring and exam deliverance. The Surpa58 System is more User FrIend￿f0rall users-question 7Miters, standard Setters. and exam org8ni8er8. Thè Lev811 exams wll b¢ held vi September 2023, again in test Cgntres across Europe. The Level 2 exams wlll be held in November 2023 at EACTS House in Wnd80r. A new sub-speclalty examlrwtion is being introduced 'Crftkal Care for the Cardiovascular Surgeon,. A syll8bus has beèn produced and newexaminatlon questlons wrillèn and it is hcped to hold both a Level 1 and Level 2 examination in December 2023. It 1$ expecled that candldales should have successfully completed the Level 1 exam in Adutt Cardia¢ & Congenital Surgery befor6 applying for thi8 new sub-speci8tty. The Francls Font•n Fund Fellowshlp Programm•. The Programme wll continue to offer unrrvalled opportunitie$ for EACTS members to athian¢e their surgical education and leam from wortd-renown¢d surgeons at some of tha most pr08tigiou8 Institut￿n8 globalty. In 2023124 the Fellowship Programme will f￿uS particulaty on ensudng there ts access lo training across the full bre&Jth of leadership, research. and education in all of the Association's key areas of focus. The Quallty Improvement Programme. EACTS will contlnue to wotk ck)sety with the QUIP CcAnmitteo and Adult Cardiac Databgse task force to redevelop and publish the new improved EACTS Surgical Database as Europg's leading 'Registry of regi$tries'. EACTS aims to launch the Reglstry in 2024, to ensure the continued partleipalion Lrf hospriat members and supporting them in submlttlng data and accessing the ti)ol for benchmarking purposes and reports. EACTS looks forward to welccming new hospitals and national socletles to the EACTS Datab88e communty. Structur•. govemanGg and management The European A8so¢latton for Card*>Thcrnclc Surgery Is a charitsble Company limited by guarantee and a registsred charfty govemed by its Memorandum and Athle8 of A8soc6allon (charity number 1140274., company nurnbgr 07401765). Thg European Association for Cardb-ThoraeK Surgery 12 Trustegs. RgPOrt Yearto 31 MarGh 2023 Structurni governanco and managoment Icontinuod) Trustfjos andlnductlon The Council are T￿￿tee3 of the Charity (a5 listed in the Articles of Assockqtionl for tho putp)ses of the Charities Act 2011 and are company diraetors for the purposes of th8 Companies Ad. The business of EACTS Is conducled by the Council under the leadership of the Secretary Goneral. In any matters conceming interpretation of the rulos. the decision shall rest with the Trustees, who will also decide any matters c¥>ncerning the Association which are not covered by the rules. Thefull rules forlhe appoinlm8nt of Tnjstees. and theirobligalions. are contain8d ithin the Memorandum & Arti¢le8 of Association. Member8 are enlitkd to beccthe Tn￿te85 after being recommended by thg NominalvJns Commiitee. As part of their induction process, Trusloes spend timfj with the Secretary Gon&ral and Chief Executivfy and attend a mg9liThJ at the Hetd OffKe in Windsor lor via video conference). with thg chance to meet key staff membors. They are prowded wrth job descriptions. annual reports, minutes of pr8vious meetings and provided acc￿$ to Inf0m￿tiC￿ about tho history of EACTS and rofgrence to the Charity Commisslon Information on effectrve goveman¢e. The Trusteas seNing during the year and Ihelr positions held at the financial year end wora as follow¥- Appolnt•d to now R￿19n#d from po¥¢ Post Trugt•0 Rol• El•ct*J by Mom￿r$.. Patrick Myers 07110fd022 Patr￿k My•rs 1&110r2021 Patrf¢k Pgrior 07110r2022 Palrid( Pgri¢r 15110r2021 FraK8 Mdfi 07110r2022 Frledhelrn Beyersdorf 0711012022 Frledhelm Beyelsdorf 1511012021 Matthias S*pe 0911012020 Math Whltsllng oeio512tr21 Joséph Bavaria 1010212023 Joseph Bavarkg 1511012021 Hendrlk Jan Ankersmit 1511012021 J. Rafad sadabg 0711012022 J. Rafael sadabo 1511012021 Fllip Cas6elman 0711¢Y2022 JOrg&n H￿r 1511012021 A Zlantsra RKhard MiSton Hazekamp Konstsntinos Tsagaki$ 09110r2020 Nabil Hussoln 07111YW22 Sgcr8tary G8neral Setrètary Go￿ra1 Elect President Vico Presidgnt Prnsidenl Past Prgsldant Prtsidènt 0711012022 0711012022 0711012022 Editor-in-Chi&l Tr8asuTer Intèrim Treasurer Intsmallonal C￿n¢￿￿r Cgunullor Education Chalr Secrntary General Acquir￿ Cardiac D￿1n Chpir Con9enital Oi88as& Domain Chair Re$￿ent Repro$￿ative Thoracic Disea89 Dcffi•4) Chair Pa¥t President Vascular Disea69 Regidgnt R8pMs•ntali%e 1010212023 0711012022 0711012022 15110f2021 07110r2022 Tho Europgan A¥s￿latiOn for Cardl￿ThOr8Cic Surgery 13 Trustew, Rgport Year lo 31 March 2023 Stwcturei govèmance and management {continuadl Commlttee& DomaiTns and Task Forces Thework ofthe Council is supwrt8d by a nuffA)erof¢ommittees and task forc£8. EACTS has 4 Domains which rep￿Se￿tthe principal areas of dlnical actNty.' the Chairs of these important Domwns are Council n￿MberS (Truslee$l. The Domalns manage key activitioa acros8 the As8ociati¢)n and oversee mostta$kforces, which are set up to support the plethora of aclivrti9S from the Sclentiff¢ Programme at the Annual Meeting to Academy C¢)urses and webinars, Guideline projects, fallowships and other activities whSch may be e8tsbli5hed and delegated by Council. As at March 2023, EACTS has 4 Domains, 8 8ctSve 0rganls8tic￿al committees. 2 standing committees and 17 task forces Th0w￿ Surgery 14 Truste￿, RgPQrt Year lo 31 March 2023 StNct14fO1 governance and managgm•nt Icontinuedl Updates In Alarch 2022- March 2023 (a￿tInued) Committ88s {continu8d) Dom•ln Ta8k For¢•$ Commltto•9 A¢quired Cordkqc Disease IA) CoJYJenital Heart 1¢) Thoradc Diseose IT) Vascular Dssease (W) Adu￿ Gardlac Databas0 IQUIP) Alllgd Ho41th Profassionals Aoitc Dissecb'on Aorti¢Vafve Including AV Repair IA) Aujuirod Robjl'c Surggry IA) Clini￿1 Practlca Guidelin Educabon EUROMACS Flnanc• And Oporallom l•tsndingl Aviation M¥didno and cardi￿ Sur98ry Francis Fontan Fund F¢llohb8hlps Quallty Improv•m•nt PKogrnmm• IQUIPI Re8idents Nomlnatlons Islanding) Womèn in cordi￿Th0(% Surgery IA) Certrbral Y￿￿ra[ Protection (Vl ConngctlvaTkSS￿ Dkiea89 (V) Coronary (Al EThJovagcular AortK R$poir (VJ Heart Falure (Al New Technology IA} Solltary Pulmonary Nodul•¥ Thowaclc Robotlc Suryory ITI TranscatheterTgchniques IA) Translational Re8ear¢h aTrJ Surgi¢&l scie￿ (Al The above group$ are the backbone of the organi$ation and play an important rob in thg EACTS mls81on. 18ad8r8hip, and aGtivitie& EACTS is continuousty updatin9 and monrtoring govemanc8 processes oflhe above group¥ lo better reflect the Iransparen¢y and impartiality with which EACTS govems. Opportunities tojoin Domains. Committees and T85k Force8 are open io all EACTS membership. Members are sg19¢ted a sall-nominalion prc¢ess. bas• on the relevanl skill sel, experience andlor requirements lor th8 specific group's purposg. In some cases {e.g. for Committee Chair rolel, intervlews may be held by an EACTS Panel. The s8IKted candidates will require approval from the Secretary General and prop058d at quarter￿ Council meetings. Thg now nomination procgss forthe domain8 and task foTces was su¢¢&ssfulty piloted in the 2022 year and achieved Its aim to engage wrth member8, rgcruil new ski118 and experti$¢. and ensure a fair and transparent sele¢lion process. K•y managementporsonnel andstaffing At the end of March 2023. EACTS employed a total of 17 employe9s in the ￿nd$or office, four of whom work part time, lo support the delivery of the organisation's objoclwgs. During the year, six naw staff members were employed, including the A88ociation'¥ first fLS tlme Chlef Executive. The A$s￿latIon considers its kay management personnel to compri59 ts Trusl88s'. including Executive Committgo {thg Officeis of the Assock*ionl, the Secretary General. and the Chief Executive. The EuroFean Ass(￿latIOn for CardiovTlYJracic Surgery 15 Trusteos. Report Year to 31 March 2023 Structures g¢)v•manc• and management (continued) Remuneratlon pollcy The Trustèes do not ￿eNe any rwnuner*ion for their Se￿i￿e$ a$ Trn$tee$. EACTS ￿V employee pay annualty. The organisation considers an award to reflect infialion (considering national guidance for inflation and average eaming8 forth8 preceding year). The Council also reviews pay for the Chief Executive on behalf of the Trustees, and the Chief Executive oversees this proce$$ ts the staff team. During the year, a comprehensive perfonnance review, obl￿tIVe setting and appralsal pioce88 was introduced for all staff, Includlng the Chlef Executive. This slep, an important P8rt of the modernization programme for the Association, will support the delwery of key strategic obje¢tive$ and will, over time, be extended to an appraisal process for key trustees and Council officer8. Rlsk assessment The Board of Trustees maint8lns 8 rlsk assessment system whlch uses a numerfeal 85ses$mentof risk, based on likely impoct on the Ixgani8ation'sabilTtyto thrive, and likelihrA)d. An accompanying management commentary details the steps taken lor to be taken} to 8meliorate the risk and a resurtlng 'adlu8ted rlsk score, Is recorded. Th8 Tru8tees can confirn Ihèrefora that thé risks to which tha Agsoclation is èxposad have been revwed and actions are in place lo mitigate those risks. Current risks of greatest concern include.. Annual Meetlng: Problem wllh Venue or 'a¢t of Ik)d' Impacts event. There is littlg the Associallon can do lo amdictste the potential impact of elther an intemational {e.g. the 2020 global COVID-19 Pandern￿), national le.g. Ihe Eyjafjallaiokull volc9no eruption that impacted European air travel) or I￿81 evenL However, venues for tho Annual Meeting are aws ch088n with surety and a proven track record in hosts'ng similar events in mind, and comprehenswe event insurarte FS always in place to ameliorate the impact of any late stage, una¥￿￿¥ble cancellation. Publlcatlon$: Open access and the changes In fundlng mandatgs around OA impact on th? man•gement and succeys of our Journals. For EJCTS we currenlty meet m051 funding mandates around OA through 'Read and PublL8h' agre8ment8 %￿h our Publisher, Oxford University Press. IC￿s is compliant wth all mandate5 as a fvlty open access joumal. We will also trK>Jel future conv•rsion of EJCTS lo a fully open oGce$s model. Publl¢atlons: Publishlng ethical tssues (including plagiarism, author di*puteg, fraudulont data 8tcl. Statistical reviews are provided for all original research by a team of statistical reviowers Dn the joumals edttorial boards. Wg al¥0 have an agreement in place wth the UCL to Support t)n meta-analysis where concern8 are rais&d on speC[￿r papers. Our Publisher also provtdes plagiarism checking 80fv8re for fiagged papers. OfflGe & GovernanGg: Offi¢e - Cybèrsecuiity and fT. Doherty Associate5, the Assrxi8tion's fvll semce IT support prwder. oversees and regularly tests EACTS. IT security i88ues. AJI 8ppropriate measures are in place indLEdlng mulli-factor 8LrthentK*tion and the full Microsoft security land$cap8. The European As$ociation for Cardl￿ThOr8elc Suryory 16 Trust••s' R•port Year to 31 March 2023 Flnancial rnvlew Fln8nclJlposltlon The Statement of financAal xtNilies on pag8 26 surnmarises ￿cOme and expenditure for the year f￿ the charty and its subsidiaries. The balance sheeL which shows the position of fhe char5table company at the year end and which the Trustees consider lo be strong, is on page 27. Thg Trustees consider th9 IBvg1 of current r9serv9S Qt Q1m is sufficignt lo moet fuiure commitments. The organisation continues to hold high levels of reserves due to high-risk income stream8 and In order to provide for suslainable future funding. Results for the year The A580cialion ha8 enjoyed another good financial yearwith incom8 continuing to growyear on year (É5,723,976 in 2022r23 compared lo ￿,118,1￿ in the pwous year- an increase of 39%). With more actimty. expenditure Inevitabiy in¢rea$ed {fram E4.358.398 in 2021r22 to ,540,423 in thi¥ year under report}. Overall, the charity generated a m(xl8sl deficit it8 actNiligs of E816,44712021r22-Q40.236). We continue In our drive to addres$ the major ￿$t ¢entw within the Asso¢iation. After addressing our Publcalion actmty in 2022. costs have 8ignrficantty reduced while income ha8 almost doubled1fft3,796 compared to É416.579 in 2021r20221. This xtivty is now returning proff(. We contlnue to locus on our educational adivittes. Due lo demand l)oth in-person and virtual. Xjurses are inGreasing however there is tvJhter cost control in place which will lead to posilNe resuR$ in future yearG. The Annual Meeting rontinugs to makp a profit (E1.361.284 compared to a profil ofW2,W in 202112022) thank$ to in¢r8asing attendarKe. R•serves pollcy Our reserves policy18 to mwntain $uffi¢ient cash reserves to Gover the running G￿t3 of Ihe A$s￿l3￿0￿- including all eduGational activity, membership seryices, publicattons, QUIP and Annual Meeting activ((￿S for up to tsvo years, assuming no income is achieved. This is currenlty the equlvalent of approximately £10.000.QOQ. TfEse funds will be kept in short to medium tem). 0¢¢g$siblg inveslmerrt$ and Gash deposits. As at 31 March 2023 free re8erv88 totall&J é19.683.107 {2022: QO.447.020). Truv•tees note that reseNes exceed the mininum required ]evg1 aTrJ have agreed an investmont stralwjy to utillse current free reserves In pursuf( of the As$¢ciation's charitable objective$. Furtherdelails are included wrf(hin the Investment policy Section below. lnvestn￿ntP0J1ey The investmont assets of EACTS arg managed In accordanc8 wSth the power8 Outlinad In the Trust99 Act 2000. Investment aims and b'ectNes EACTS Council has w￿ldered carefvlty how best to ulilise current free reserv¢$ in pursuit of our charil8bie objects. To Ihks end. Council has detemlned to establish a designatodl l As a designated fund, 'inveslment' may be undesignaled at any time by Trustee$ to meet the financial needs. or lo be deployed to other priorilias, ay rBquirod. Thg European Association for Cardi¥ThoracK Sur9ery 17 TThsteeg' Roport Year to 31 March 2023 Financial r8vlew Icontinuedl Invèslmentpollcy (continued) Investment alms and ob'tttlves ontinued 'Innovatign Inve8tmenf of £10,000,000 lo be invested in a long-temi fund {wfÉh Saragins LLPI. Income from thi$ investment will be 'designated' on receipl by the charity, into "Research and InnovatK)n Fund. wthin EACTS, accounts. At the end of each year, rf the ¢apital growth of the fund exceed# a net totai of more than 4%, then up lo 2% of the new capital value may also be transferred by Trustees into the"Research & innovation Fund.. It is our intention that the total capital vlue w￿1 not fall below the starting value of the inve8tsnent 81 the beginnlng of thal year. This designated fund may be used. at Ihg discretion of Council, 10 8UPPOrt the A88cciation'8 emerging agenda in research 8nd innovation, whl¢h is a key component of the Assc¢iation'$ emerglng fiwear strategy. In addition to thls investrnen( other reserves will be retaingd to meet thg Ass¢xiation' reserves pofiw. Investment s read EACTS wll tharefore maintain three br(Hd cashnnvestment tranche8. These are,. 1. The Innovation Investment- lon*temi reserveswhich are not requiredforthe running of, or the reserves policy of. the As8OCi8tion. These funds wll be placed in long lemi, less accessible investment funds so as to preserve the capilal value ahead of Inftation. The long-tsmi return objective 15 CPI +4%. 2. MediunFtemi reserves- the8e are fun¢J$ that may be required by the Association in 1840 months. These funds WTII be invested in cash deposits 8Jbeit likely with longer lem)8 and higher interest r&tum5. 3. Short4erm reserves - these are fvnds required In 12-18 months. representing the A880ciation'¥ short-tem) cash needs. Th8se funds will be invèsted in readi realisable and ltrw-risk assets {e.g. cash, certrfic*es of dep05il, IiquKlity funds) including th8 charity's daY-t￿daY checklng a¢￿Unt The key risk to tha lOn￿eM1 reserves is inflation, and the longer-tenn and rnÉdlum-lemi assets should be inv8St&J to mitigate this risk. accepting th* th? portfolio may gxperignce apitsl volatility to achieve this. The investment objecuve for the Innovallon Investsnent should be achieved by investing In a range of diversffied a88et$. IrKkKling equities. bond¥, prop￿, cash, and 8ltemative investments. The short-lerm reserve5 are held to prowde financial securty, and may be required ot short notice. As such. capit81 volatility cannot be tolerated and invesknenl of these asset$ should be focused on minimi5ing thls. The European A8soclatlon for cardl￿Th￿ra¢ic Suryery 18 Trusto08' R•port Yftar lo 31 March 2023 Flnanclal rgvlew (continuodl Investmentpollcy (¢onllnu8d) Risk conti Additionally, EACTS will seek to utilise a range of goc4J quality banks and investm8nt inslttution3 in order lo '$pread' the Ass¢xiation's assets a¢ross a rang8 of hdders in order lo rninimise risk should any one or more of thos8 inslf(utions tsce collapse {this includes utilising cash management platf0m￿. such as InsKJnis}. Eth￿al Po The invoslmenls Should be managed in a resp¢)nsibl8 manngr. with environmental, 50Ckql and govemance (ESG} i$8ues Incorpoiated in the invostm8nt proces$. Inv05trnenls in conyanies with a materlal level of exposure to the below Should bg avoided: Alcoh Amiamenl$ Gambling Tobacco. M n ement ra ortin monitorin The Charity has appointed a profe88ional investment management firm to manage tho assets on a d18cretionary ba$i$. In line with this Investment poliw. The Charity has nominated a list of aLrthorised signatories, which ar& r8quired lo approve Instructions to the Investment manager. The manager will provlde Ihe folk)wing Information on a quart8rty basis.. valuation of Investments, Iransxtion report, cash reconciliation, perf0mlan￿ anaty8k8 and commentary. The Finance & Operations Committee IF&OCI have responsibilty for advising Council (Board of Trustees) on inve8tmenl strategy and for monrtoring the investment assets. The F&OC will ￿vIeW the information provided by thg irwe8tment manager at each quartedy meeting. Performance of thfj long temi reserves wil be measured again8t inflalion end 4regd marf(et indices. The retum of the short terni rgs¢Nes y￿11 be monitored again$1 benchmath cash rates. Fundralslng statem•nt EACTS does not engage In publi¢ fundralsing and does nol use prof9$S￿nal fvndraisers or C(￿M9rclal part¢cipators. It neverth91e$s observes relevant fundraisiry regulations and codgs. During the year there was no non-complian¢e wlth these regulatH)ns and codes and no ¢omplaints ware received around fundraisin9 practice. The European Association for Cardi￿ThI￿aC￿ Surgery 19 Tru¥t••s' Report Year to 31 March 2023 FlnanGlal rovlew <1)￿1[nUed> Volunteers EACTS reli88 ¢Jn and 18 extremety grateful for the support of group6 of mwnbers who ¢ommlt thoir time volunlarity arrfl without remuneralon lo support the work of committees and task forces in pursuit of the organisation's objects. Votvnleers 5UPPOrt all areas of IheAssociath?n's work., creating and reviewing educaliond content and courses, supporting the Journal's Editorial pro¢ess and delsvering the hyhest qualty Annual Meeting programmo. Relatedparty transaetlons Related party transactions are disdosed under n¢)to 16. Statement of Trustees, responslbllttles The Trustees {who are also direGtors of thè European A880clallon for CardltrThoraclc Surgery for the purposes of company law) are rgswnsibl8 for prgparing thè Trustees, report and flnanclal 8tatements in accordance wth applicable law and United lfjngdom Accounting standards (United Kingdom Gengralty kncepted Accounting Pradire). Company law requires the TTUStees to P￿Pare finanelal slatements for each flnanclal year which give a true and fair view of the stale of affairs of the charity and of the incc¢ne and eXP6ndtture of the charity forthat period. In preparing these financial statem¢nts, the Trustees 8re wuired to: $8lect 8ultable accountirs polKies and then apply them con$istentty- obseNethe methods and principtes in Accwnting and Reporting by Charities." Ststement of Recommended Pra¢tlca appllcabla to charttie8 preparing their 8ccounts in accordance vAlh the Flnancial Reporting Standard applicabl8 to the United Kingdom and Republic of Ireland (FRS 102). make Judgements and esumates that 8Te reasonable and prudent; stale whether applicable United Kingdom Accounting Standards have been followed, subject to any material deportures disdosa and explalned In the financial statemorts-, and prepare the financlal 8tatement8 on the going concern basi8 unless it is inappropriatè to presume that the charlty will continue in operation. The Trustees are respDn5ible fcf keeping proper accounting record8 that disclose with rea$onable accuracy at any time the flnancial position of the charty and enable them to ensure that the financial statements ccmpty with the Companies Act 2006. They afe also responsiblg for safeguarding the 88sets of the chartty and hence for taking reasonabte steps fcf prevention and detection of fraud and othar irrègularltie8. Each of the TnJ8tee8 confirms that.. so far as the Trustee 18 aware, there is no relavant audlt Infomiatlon of Ihech¥iVs auditor is unaware- and the Trustee has taken all the 8tty8 that he18he ought to have taken as a TruBte8 in Lvder to mthe himsefflherself aware of any relevant audit information and to establish Ihat the chaiity's auditor is awAre of that Inf0mw￿on. The European Association for CardltrThorxic Suryery 20 Tru8to0¥' Raport Ygar 19 31 March 2023 Slatsment of Trusteg5' responsibllttlgs Icontinuedl Thls confim)alion is given and ShoU￿j be Inleipreted In accordance wlth the provisions of $418 ofthe compan￿ Act 2(*X. The Tfuslees are responsible for the maintenance and integrity of corporate and financial infomalion included on the charty'8 website. Legislation In the Unrted Kingdom governing the preparatp)n and dissemination of financial slalemenls may differ from begislation in other jurisdictions. Avproved by the Trustees and signed on their behalf by.. P Myers Trustee Approved by the Trustfjg .10. Z025 The European Association for Cardio•Thorxk Surgary 21 Independgnt audltsrf8 raport 31 MarGh 2023 Indep•nd8nt •udltoVs report to the TrustO08 and members of The European AgsoGlat(on for Cardlo-Thoraeic Suryery Oplnlon We have audited the financial staternents of Tho European A8srKiatlon for Cardio-Thoraclc Surgery I'the parent charity'l and Its 8ubsidiarEs {together known a8.the group'l for the year ended 31 March 2023 whlch comprise the consolidated statement of financi￿ activitie5, the balance sheets. the consolidated statement of cash flows and notes lo the financial statements, Inc￿dIng a summary of slgnrficant aeeounting poliae8. The financial reporting framework that has been applied in their pieparalion Is appllcable law and United lfjngdom Accounting Standards, including Financial Reporting Standard 102 'Thg Financial Reporting standard applicabfe in the UK and Repubfic of Ireland. (United lfjngdom Goneralty Accepted Accounting PractTC8). In our opinion. the financlal sLitements'. gNe a true and fair view of the state of the group's and of the parent charity's affairs as al 31 March 2023 and of the group's income and expenditur6 far th& year then ended., have been properly prepar￿ in accordance with Unfted Kngdom GeneraLly Accepted Accountfng Pra¢tiGe: and • have been prepared in accordance with the requirements ofthe Companie$ Art 20C6. 8asls for oplnlon We Conduct￿ our audit in ac¢¢xdanGe wilh Intemational Standard8 on Audthng IUKI {ISA8 UK)) and applicable law. Our responsibil￿0$ undw those standards are fvrther described in th8 Auditorfs responsibilitles for the audit of the financial statements section of our report. We are independent of the group in accordance the ethical requirements th81 are relevant to our audit of the flnancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other 6thtcal respon8ibililie8 in accordarte wtth these requirements. We bel¢eve that the audit a￿￿8nce we have obtanod is sufficient and apprq)riate lo prwde a basis for OUT opinion. Conclusions rnlatlng to going COn￿rn In audrting the financial stataments. we have Goncluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfcmied. we have not identified any material uncertainlie$ relating lo events or condltlons that. Indlvidually or collectivety, may cast signrfi¢ant doubl on the company's ability lo contlnue as a going concern for 8 period of at least N¥elve months from when the fin8neA81 ¥t8tements are authorised for Issue. Our responsibilities and the responsibifities of the Trustees with respect to going concem are descrfbed In the relevant section8 of this report. The Europeen A8s¢xiation for Cardio•Thorack Surgery 22 Indppondont audltoes rnport 31 March 2023 oth•r informatlon The Trustees are responsible for thg clher information. The other information compiisès the information included in th8 Trustees. rewrt othèr than the financial stslements and our auditor's report thereon. Our opinion on th8 financial stslements does not cover the other informal*)n and. except to the exlgnt olhemitse explicitly stated in our repo¢ we do nc express any fonn of assurance conclusion there￿. In ¢onnectlon with our audit of th8 financial statements, our respon8t¢ility is to read the other information and. In doing so, considor whethw the other information is m81erialty inconsistent th the financial statements or our knowledge obtained in the audit OT Othemlse appears to be malerialty misstated. If we identify 8uch material inconsislenGies or appargnl material Mlsstal￿ents. we are required to (leternine whether there is a material mis81atement in the financial stataments or a material misstatement of th8 other information. ff, based on the work we haveperfomed, weconclude Ihatther& is a matsrial misstatement ofthis other information, we are required to report that fact. We have nothing to rewrt in this regard. Oplnlons on other mattors proscrib•d by the Companies Act 2006 In our opinlon, based on the work undertaken In the course of the oudit.. • the infom)alvJn gNen in the Trustges, rgport. whKh 1$ a]so the direcfys, report for the purposes of compary law, for the financial ygar for whteh the financial statement$ are prepared is consbstenl with the finan¢bal sta1￿￿ntS.. and • the Trustees, report, which i5 also the direGtors' rewt for the purpos85 of company law, has been prepar8d in accordance w#h apPl￿b]e lègal requirements. Matters on whlch we aro r¢qulred to report by excoptlon In the light of the kno￿edge and understanding of the group and th8 parent charity and its enwronmgnt obtainad in the course ofthe audit, we have not identif￿d Materi￿ misstatements in the Trustees, repcft. We havo nothlng lo report in resped of the following matters in r8L*ion to which the Compani8s Act 2006 requires us to Teport to you rf. in our cpinion.. • adequatg accountlNJ racord8 have not been kept by the ¢harilable parent company" or • the charitable parenl ¢ompany financial statements aro not in agreement wth the a¢¢ounling record8 and returns., or • certain disclosurfjs of Trustees, remuneration specified by Iw are not made. or • we have not recewed all the Informalbn and expknations we require for our audit., or • the Trustees were not gnlilled to preparo the financlal stalemenls in accordanc8 with the Small companies regime and take advantage of the small companies. exemptions In preparing the Tru51ee8' report and ftom the requirement to prepare a Strategic rgport. The Europoan Association for cardK￿ThoraC￿ Surgery 23 Independent audltotrs roport 31 March 2023 Re*ponslbllltles of Tru8t•es As explained more fulty in the Tru8te88' responsibilities statement, IheTru$tees (who are also the directors ofthe Gharitable company for the purposes of company lawl are responsible for the preparation ofthe finan¢lal $tatemenls and for belng satlsfied Ihatthey give a true and fair viaw, and for s￿h intemal control as the Trustees detemine is necessary to enable the preparation of finan¢ial statements that are free from material miSststeff￿t, vthelher du& to fraud or error. In preparlng the financlal statements, the TNste8s ar6 rasponsible for assesslng the group's and the parent eharfty's abil￿ to continue as a going concern, disclosing, as appli¢abte, matters related to going concem 8nd using the going concern basis of accounting un￿sS the Trustees either intend to liquidate the group cr the parent GhBrity or to cea88 operatlon8. or have no realistic alternative but to do ￿. Audltor's r￿p0￿[bIlItIeS for th& audlt of the flnanclal 8tatemonts Our objectives are to oblain reasonable assuTance aboutwhelher the financial statements as a whole are free from material m￿￿tateMent, wthether due to fraud or error. and 10 188ue an auditorfs reportthat includes our oplnlon. Reasonable assurance Is e hbJh level of assurance, bul is not a guarantee that an audrt conduded in a¢¢ordancewith ISAS {UKI Y￿11 always detect a materfal mi88tstementwhgn it exi8ts. Misstatements cgn arise from fraud or error and are consldered material rf. individualty or in the aggregate, they could reasonabty ￿ exp8Ct6d lo inffluence the econcfflic d￿ls1on$ of users tsken on the basis of these financialstalements. Irregularities. induding fraud, ore Instances of nonwcornpliance with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above. to delect materi mi¥¥tatemenls in respect of irregul8riti8$, including fr#L￿. Th8 è>tsnt to which our prc¢edure8 are ¢apable of detecting Irreguladlle8. including tra￿1 IB detailed below. Our approach to Identfying and assessing thg risks of materi4 misstatement in respect of irregularitles. Includlng fraud and nOr￿compliance with laws ond regul8llon8. wa8 as folh)ws'. • the engagement partner ensured that the engagemont ¢ollectivdy had the gppropriate competence, capabllttles and skills to identify or recognise nor￿COmpr1#n¢e vith 8ppltc*)le laws and regulati￿S., and • wa obtain8d an understanding of the legal and regulatory framff•Yorks that aro appliGable to the charity and determined tha th& most signrficanl framw￿lks which are dlrecty relevant to specffic assertions in the finanGial 5tstement8 ar& those Ihot relate lo the reporting framework Istalemelll of R&ommended Praclicg., Accounting and Reporting by CharIt￿3 preparsng Iheirac¢ounts in accordance wf(h the Finan￿81 Repcrfting Standard ¥pplicablg in the United Kingdom and Republtc of Irèland {FRS 102) and the Compante8 Act 2006) and those that relate to data protedion (Generd Data Protection Regulalionl. Wg 8SS8ssed the 3usceptibll￿Y of the chartvs financlal statemen18 to material misstslemenl, including obtaining an understanding of how fraud might occur, by.. * making 8nquirie5 of m8na9ement as to their knowledge of actual. suspected and alleged fraud. and )nsideiing the intgrnal contro15 in place to mitigate risks of fraud and noTrcomplignce laws and regULqt￿ns. Tho European Association for Cardl￿Th¢r9Ck Surgery 24 Indopondgnt audltorfs report 31 Mar¢h 2023 Ayditoes r•sponSlbilitl￿ for th• audit of th• financial Statements l¢onlinued) To addre88 the risk of fraud through management bia8 and overrM18 of contro18. we: + porfoimed anatyti¢al proGgdures lo idenlfy any unusual or unexpeded relatir)nships.' • t&stsd journal entries to ￿￿enIty unusual transactions. In response io the risk of irregularities and non-compfiance wlh laws and regulation8. we designed piocedures which Incl￿Jed, bul were not limited to: • ￿diThj the minutes of meetings ofthose charged with governance.. and • enquiring of management as to actual and potontlal litlgation and cLaim8. There are inherent limitations in our audit procedure8 described above. The m¢re removed that laws and regulations are from financi?1 Iransaclions, the less likely il is that we would become awaro of nonw¢omplianc8. Audiiing standards also limit the audrt procedures required lo identify non-compliance wlh laws and regulations lo er￿UIry of Trustees and other management and the inspecttin of regulatory and lègal corr95pondgnce, rf any. Material missLiternÉnts that arise due to fraud Can be harder to del￿t than those that arise from error a8 they may invofve deliberate concealment or collusMIn. A further dgsGription of our respon5ibilitles for the audit of the financial statements is Iccated on the Financial ReportlNJ Couneifs web$i18 at www.frc.org.ukJauditorsresponsibilitie$. This desGription forms part of our auditorf8 report. Use of our report This report 18 made solely to the charitable ¢ompary's members, as a body, in accordance th Chapler 3 of Part 16 of the Companies Act 2006. Our audil work has ken undertaken 80 th* we might state to the charitable company's memb8r5 Ih05e matters that we are required lo state to them in gn audilorfs report and for no other purp¢)se. To the ftjltesl extent pemitiied by law, we do not accept or assume responsibility to anyone 0th8r than th charitabla company and the charitable company's m8rnbers as a body, for our audit work. for this report, orfor the opinion5 we have formed. Katharine Patel (Senior Statutory Audilor) For and on behalf of B￿aCOtt LLP 130 Wood Street London EC2V 6DL Buzzacott LLP is eligible lo xl as an auditor in temis of section 1212 of thg Compani88 Act 2006. 07 November 2023 Tho Europoan Association for CardiovThora¢i¢ Surgery 25 Consolidated sL*ement of flnanclal actlvltles {Includlng Income and •xpendlture account) Yaar to 31 March 2023 Totsl funds 2023 TrA81 ftjndi restrtcted Reslthd fiJThJs fund• nd• Ncrte¥ trb¢omèYYom.' Cwlable 624809 825,W9 725.413 36.eoo 500 725,413 36,WO 800 . Corporate arKI partnershlp 29.1 11210 41.780 Olhor tr*Ylng actlthes . Annual Cc￿reTence . Publcatlons aThJ loum . EdLKaOono1 aclMtb$ 46B1.101 723.796 600,1fj4 1S1.381 1681.201 2.484240 n3.796 418.579 6QO.154 281.047 1S.SOO 158.082 4n3.978 4.118.182 2,484.240 416,579 281,047 15.500 158.OB3 4.118.182 Foreign exr*we galn Totsl 4711.896 11280 Exwdlturn on: TradiThJ acmes . Amual Confve￿e 4319,961 194908 842,604 871,933 297,730 3 6￿11,143 2.319.968 1.841.27e 194908 810.088 842.004 442,806 2,884213 1.2M228 297,730 ,040.423 4.3￿3￿8 1.841.276 816.088 H2AI6 1,258,228 . Educatlonal C￿labb acti Fore￿￿ •xcWe10sS Tot•1 expendltuvt 11180 4,358.398 Net•xp•ndltur•for th•y•w •nd movem•ntln fur 5 181Wn 1410.447) (240,2361 1240296) R¢¢on¢lllaUon of fund•: Totl thjnd balances fowrd at 1 Aprfl Totsl l￿d balanc•8 carrf•d fomrd It 31 M8r¢h 13 21.852,328 21.851321 22,OW2,564 22,092.56¢ 21.035,8B1 21.lJ4881 21.852.328 21,852.328 All of the group and chaiity's activitie3 derived from continuing operations durlng the above finandal perlods. All recognised gains or losse8 are included In the 8bovg statement of ffn*ntial activrties. The European Associatian for Card[￿ThOr•¢￿ Surgery 26 Balance sheets 31 March 2023 Group 2023 Grow> 2022 Charlty 2023 Charity 2022 Not•s Flx•d *ss•ts: Intangib18 fix8d 0$59ts Tangibl8 fixed assets Invastmants Total Ilx•d •u•ts 25,013 1.3￿.295 1.348A42 9 1,362.7T4 10 1.375.213 1.362.774 1,405.308 1.34BM45 1.375,216 Curr•nt a88•ts: DebtDrs Cash at bank and In hand Tothl ¢urr•nt ats••ts 779,217 968,845 410.041 1,670266 20.236,093 20.933,232 19.141.867 19,3TO,883 21.015,310 21,gw,077 19.667AO8 20.941.149 LIabllS￿￿. Cr8ditors.' ?rnounts tsllirg dug wlthin one year Ngt curront aB8èts 12 {1,332.203) {1,4S3,0571 1468,149) 1655.8231 19,683,107 20.447.w20 19,089269 20,285,326 Total n•ta•••ts 21,035.881 21,&S2,328 20,437,704 21,e60,$42 Th• fund• ol th? ¢har]ty: Unrestricted lur 13 21.036,881 21.852.328 20.437,704 21,680,542 21.036,881 21,e52,328 20.437,704 21.660,542 Signed on behalf of the TN8lees by.. P Myers The European Associalfr?n for CardiepThoracic Suigery, Company Limited by Guarantee Company Registration Number 07401765 (Eng￿nd and Wale81 Approvad by the Trustees on.. Th& European Association for Cardio-Th¢ya¢ic Surgery 27 Consolidated 8tstement of cash flowg Yearto 31 March 2023 1023 2022 Cash flow# from operatlng actlvllle8: Net cash US￿ In operating activiUe$ A {7918861 131Y2.0181 C•$h from Inve8tlng #etMV#: Investrnent In¢)Jrne Purthase 0ftangi￿a fixed ass¢ts Net u•h provld•d by lu••d In) InV￿tIng actmtj 151.386 {53,6401 97.746 15.500 155,972} {40,472} Change In ¢a•h •nd ¢￿h •qulv•lent• In th• ywr 1897,1391 1342,4goi C￿h and co•h •qthio1onts It 1 Ap B 20.933,232 21,275,722 Ca•h and e*•h equlvalents at 31 March B 20.236,093 20.933,232 N¢)t￿ to th• 8latsm•nt of ¢A•h Ilow• for th• y•arto 31 March 2023: A R•eon¢lll#tlon of net mov•m•nt In fund* to n•t cash u8ed In •per¥tlng actlvltl•% 2023 2022 Net mov*ment In lund8 la• p•rthe atatgment of Ilnanelal a¢tlvltlg•1 {818,447) {240,236) Adlusthients for: DeprÈaation charge AM￿tiSatiOn tharg Inv88trnent income Decrease lincrea$o) in d?btrJ (Decrease) increas& in crèJitar# Nat ¢••h u••d In operAllng •¢Vvlti•• 81,170 48,272 26.013 86,700 (151.3861 115,5001 187.62 1232,0241 1120,8631 70.770 94,8851 1302.0181 B An•lytsl• of ¢a•h •nd cigh •qulval•nts 2023 2022 Cash at bank and in hand rotsl Cash and ¢o•h equlv•l•nts 20.236.093 20,933.232 20,236,09J 20,933.232 Ana￿1¥ of eh#nge• In n•td•bt At31 March 2023 At 1 Aprd 2022 Cash Cash at bank and In hand Total 20,933,232 20,933,232 1897.1391 20,236,093 1897.1391 29,236,093 Tho European Association for C8rdio-ThoraGiG Surgery 28 Principal Accountlng Poll¢lo8 31 March 2023 The principal a¢Munling policies adopted, judg9mBnts and key sources of estimation Ur￿rtalnfy in the preparation of the financial statements are laid OLrt bel¢)w. Ba¥ls of prèparation These financial ¥t8lements have been prepared for the year lo 31 March 2023 and ar8 presented in euros and are rourKled to the nearest euro. The financial slalements have been prepared under Ihe hi8torKal Gost convention wilh items recogni¥ed at ¢osl or transaction valug unEess otherwise Staled in the relevant accounting policies bel￿ or thg notes lo these financial statements. The financial statements have been prepared in accordance with AccounlirvJ and Reporting by Charities-. Statement of Recommended Practice applkable to charities preparing their r#)ancial statements in accordance with the Financial Reportin9 Standard applicablo in the United Kingdom and Republi¢ of Ireland {Charities SORP FRS 1021, the Financial Reportlng Standard applicable in the UK and Republi¢ of Irèiand IFRS 102) and the Companies Act The charity con$titule8 a public benefft entty a8 defined by FRS 102. 8asl8 of consolldatlon Thg statemènt of financial actiwties and the balance sheet con801idate the os¥ets, liabililles. income and expenditure of the charity and ts wholly owned subsidiaries: EACTS Trading Company Limited, EACTS Publishing Limited and European Acadgmy for Thorac￿ and Cardiac Surgery Limf(ed. The results of the subsidlary undertakings are consofidaled on a line-by-line basi8. No separate stat9mgnt of financial adNities has been presented for tho charty alone as permitted by Sgction 408 of the Companles Act20(￿. The charty made g k)s$ ofé1.222,838 {2022-Q19.2281 during the year. Crltlcal accountlng ostlmates •nd areas of judgement Preparation of the financkgl stslements requlres the Truslees and managemenl lo mak8 sunifiGanl judJem6nts and estimatas. The items in Ihe financial thtemenls wher& these judgements and estimates have been made includ8: • estimating the useful economic life of tangible and Intangible fixed a5se15 for the purposes of detemining a depTgciation and amortisation rate.. • estimating the all¢Xatlon of staff and support costs to activities: • estimating valu6 of the bad debt pro￿$kIn,. and estimating fiJture cashllows for tho pu￿09& of a8sessin9 going concern. Tho European Asscdallon for Cardi¢>Thora¢i¢ surg￿ 29 Principal Accounting Poli¢ie$ 31 March 2023 Assessment of golng concorn The Trustees have as¥essed whether the use of the going conc8Tn as$umptlon appropriate in prepariw thes0 finan¢io1 slatemenls. The Trustees have mgde this a¥sessment in respect to a period of one year from the d*e of approval of these financial statements. havo ¢M¢luded that there are no material uncertainties related to events or conditKins that may cast $ignrficant dcyjbt on the 8bilty of the charfty lo continue as going concem. The Trusleeg are of the opinion that the group and the charity wll have sufficient res¢)urce¥ to meet its liabllittes a8 they fall due. The most signfic8nt areas of judgement that affect items In Ihe finan¢lal statements are detailed above. Frcm March 2023, the actmties ofEACTS have continued to grow. The inThpeTson education oursgs have increayed in tems of both attendee numbor8 t￿d the number of events. EACTS has kept some of the Courses in vlrtual format du8 to demand, but the majorty of the wurses are ncfjv. once again, in person. Tho 2023 Annual Meeting is recovering after Covid and we see our attendanee number8 recover year on year aRhough we are not at p cO￿d level yet. The A$s￿latIon'S Te5erves level ￿nt[nUeS to cller reassurance th* we can continue our bv8ine8s long-lemi despite the global econcvnic uncertatnties. In¢ome recognltlon Inccrfne is recognised in the pe￿￿ in which the group and the charity has entrtlement lo the Income. the amount of income can be measured reliabty and It is probable that Ihe income will be recewed. Incc*ne ¢omprlses subscriptions, meetin9 registraion fees, in¢¢)me from cther trading activlties and intere8t r￿e￿ble. Subscription Inccffle is accounted for in the period it 1$ weivable. The Inccm& arising from meetings is rewnised on 8 recervable basis. In￿me Is deferred onty when the charity has to futfil conditions befoo becomlng enliU8d to it or where the donor or funder has specifiad that the income 1$ to be expended in a futuro accounting period. Interest on fijnds held on deposil is inGluded when recelvable and the amount Gan bo measured reliably by the group aTrd the charity; this 18 normally upon notffKation of tha interest paid or payable by the bank. Income In relatlon to d18tri)utions re¢eNed under G￿( Ald are recognTsed at the time of th8 distribution. Expendlture rncognltlon Liabilities are recognised as expenditure as sc¥)n as there Is a legal or conslrudive oblwJation committing the group and the charity to make a payment to a third party, 11 Is probable that a transf8r of èconomk benefits will be required in $ettlement and the am¢unt of the obllgation can be measured reliably. AJI expenditure18 accounted ft)r on an accrua18 b8818 and 18 Stated inclusNo d irrecoverable VAT. Expenditure ¢ompr18es direct costs and support ¢ost8. All expenses, including supp￿* costs, are alk)cated or app)rtioned to the appllcable expenditur8 headings. Th6 cla83ification befvmen activfti8818 a8 folbows.. The European Associ*lon for Card￿Thor&iC Surgery 30 Prln¢lpal Accountlng Pollcl•s 31 March 2023 Expondiluro recognltlon lcontinuedl • Expenditure on rai8ing fvnds Nthlch includes all expenditure associated with raising funds for the gioup arKI Ihe charty. and those Incurred in trading aGlivities thal rase lund$. Expenditure on d)aritable activities includes all costs associated with frjrthering the charltable purposes of the group and the charity through the provision of ts charitable actwitios. Such ￿sts indude dIr￿t and Support costs, including governance costs. Allocatlon of support and govèmance costs Support costs represent indirect charilable expenditure. In order to ¢arry out the primary purposes of the group and the charity it 18 necessary to provide support in the fomi of personnel development. ffinancral procgdures, provision of office 8eJvti$ and equipment and a suitable working onvironmenl. Governance costs comprise the cos18 involving the public accountabilty of the charty (including aLKlit costs) and costs in ffjsp¢¢t to ts compliance with regulation and good practice. Support costs and govemance co818 are apportioned on a basi8 ¢onsislenl with the use of resources. Central staff costs are allocalèd on tho basis of time spent. and dep￿lation charges allocated on the portion of the as$9t'S Use. Intsngibl• Ilxgd assots Intangibla assats costing E1,000 or more ar? capitalised when future economiG bengfts a probable and tha cost of value or the asset can be measured reliably. Intangknlg assets ara Initialiy reeognisgd al wsl and are 8ub8equ8ntty measurod al cost net of amort15ation and any provision of impaimienl. Amortwti¢)n is provided for at rates calculated to wrfie off the cost of th8 assgt, b$8 ts residual value. over its ¢xpgCted usolul lrfe on the following ba$k8- Rights to the European Joumal of CardiouThoracic Surgery 10% straight ling Tanglblo flxed ass•ts All assets co8llng more than É1,000 and with an 8XPerted useful lrfe &xceeding ong yeaf are capitalised. A revsew for impai￿ent of a fixed asset is Garried oth rf event8 or changes in c1￿umStanceS indicate that the Garrying valug of any fixed a88et may Mt be recoverable. Shortfalls betsyeen the carrying value and recoverabl8 amounts are recognised a¥ Impairments through the statement of financlal a¢livitie8. All tangibh fJx8d assets are capitalised and depreciated al rates cakul•led in oTd&rto write off the cost less re8ldual value over their estimated useful Irves.. Lon9 leasahold property Fixtures ?￿d fitbng Office equipment Computer equipm&nl 2% straK4ht Ilne 25% 81ralght Ilne 33% slralght line 33% slraight line The Europ8an Ass￿￿￿1￿)N for Cardi&ThoracK Surgery 31 Prlnclpal Accountlng Pollcles 31 March 2023 Investrn•nts Inveslments In subskllary undertakings are included at Cost wlth p￿S1on being made for any p8rrnangnl diminut1(￿ in value. Fund accountlng R8slrthd funds comprise monies ralsed for, or their use is restricted to, 8 spacrfic purpose, or cor)tAbutlons subject to donor imposed condltlon$. General fiJnd8 represent those monies whKh arg freety available for application towards achieving 8ry charftabla purpose that falls ￿thin th8 charity'8 charitable oblectwes. Designated fund5 represent monies which the Trustees have set aside for a speclfic purpose. Debtorn Debtor8 are recogrtlsed attheir Settlement amoun( less any provisi¢)n for no￿reCoverabl7rty. PrePa￿entS are valued at the amount prepaid. They have been di8counled to the pre8ent value of the future cash receipt where such discounting is material. Cash at bank and In hand Cash at bank and in hand rtpresents 8uch accounts aThJ in8lruments that are available on demand or have a maturty of less than three months from the dale of acquisitson. Credltors and provl8lon8 Creditors and prov[S￿n$ are recognlsed when there 18 an obllgatlon at the balance sheet date as a result of a past ovenl, it is probable that a transfer of aconomic benofit wl1 I be required in settlemenl, and the amount of the setttemenl can be eslimatod reliably. Credltors and provisiong are r￿ognIsed at the amount the group and the charity anliupates il wll pay lo settle the debt. They have been discounted to Ihe present value of the fulufft cash paYrn￿t where such discounllng Is material. Penslon costs The group and the charity operate¥ g defined contribution schame on behalf of its employees. The a8$ets are hdd in separatety administered funds. Contribution8 are charged lo tha ¥t*emgnt of financial actmties in the year in whi¢h they fall due. Flnanclal Instruments The charity On￿ hokls basi¢ finan¢ial in3lruments a5 defined in FRS102. The ffnandal asset8 and financtal Ilabllities of the charfty and their measurement b8sis arn a8 follows.. Financial assets - other debl¢Ks are ba5iG financial instruments and are debt Instrumenls measured at amortlsed cost. Prepayments are not financial instruments. Cash at bank- classlffed as a baslc ftnanclal instrument and 18 mea8ure¢J at face value. Financial liabilities accruals and clher creditors are financlal Instruments, and are measured at amortised cost. The European Asso¢iation for Cardl￿ThOr3Cic Surgery 32 Notes to the flnanclal statements 31 March 2023 I Investment Income 2023 Toldl Unmthded rKh funth Restrkled Total fund• thd Intere8t 151A 151.38 15.500 15,500 2 Charftablo and oth•r ￿dIng incom• 2023 Total Uroe•lrfct•d fvnd¥ lurKJs 2022 Unm•trlGl•d Rg•trlGtgd lund& lund¥ R•slrfcted Jr￿$ . Members￿&C￿plQnI . Corporat8 and paTlnorshTp 824609 62S.609 725,413 725,413 39,800 29.100 11280 41.780 othor tradln9 •¢tlvhh . Annual MnferenGe . Pubfi¢abon$ Bnd ltrjmal . Ed￿alO￿al actiWIIès 4101.251 723.796 $00.184 5,$60.310 1881.251 723.796 500,1S4 4571890 2.484240 416,579 281.047 3,944.579 2,484.240 416.679 261.047 3,944.579 12.289 3 Total oxpendlture l¢xation of 8UPPOrt costs to charitab19 gcaiviugs: 2023 Totsl fund¥ 2022 Total Dlr•ct co*t8 Support cogt8 Dkect Swjrt ¢osts Ch*vltsbh aclhTItI•A 171.081 2,¢06,132 II84213 504.2 753.959 1.259,2Z8 Tr•dlry 4CtI¥lll￿. . Annual confeience . PublcoliM¥ aTrJ journals . EduGaOonal *Jivlttes 1,669.Sll 394131 772.5e1 ),383 1311968 1,408,894 119B.2231 1949 659,029 70.023 841604 417,707 432,3B2 1.841.278 157,069 816.086 25,099 442,8 FN•bn oxchap4• 297.730 3,n4,378 2.106.045 e.S40,423 2,989,899 1,368,499 4,358.398 Support costs are appOrt￿ned on a basis con$i8tent with the use of re6tyJrces. The Europgan A¥socialion for card￿-ThDraC￿ SLtrgery 33 Notes to tho financial statements 31 March 2023 3 Total expondlture (continued) Support costs ccfflpromise the followry: 2023 Total 2022 Total staff ts)Sts Inots 71 Othèr staff related ojsts Ctyjnol expenses 627,049 76,664 147,863 109,774 81,170 26.013 41,300 353,7C6 53,649 7.158 42.181 48,272 66.700 98,367 D•prnaation {nots 91 AmortB4tion {nots 81 Premises E i! EBTCS ￿lts Mathetwig Sofh¥are developmwrt cor￿ultSncY Governanc4 costs (note 41 Bank chorge$ Bad debtexpense s￿r￿ry e￿e￿9¥ Forèign 8xd)ange10gs 52,748 211,451 111,787 448,603 146,019 67.094 461,900 17,416 151,635 84,738 348,191 74,378 49,715 127.9C6) 323 297,730 2.806,045 1.3e8,499 4 Govemance cost• 2023 T*)t•l Unresbtrted Reslrb nds fiJnd8 2tr22 Tclal UnY••tri¢t•d R••trf¢tod funda lundi Leg41 È¢$ ItaTrJ 8CCfOJrtqnvy l•eu 1Q9,149 38,870 146,019 109.149 J6.870 146.019 17.877 56,499 74.376 17,871 66.499 74.376 5 Net Incomollexpendlturel This is stsled after char9ing'. 2023 Totsl 2022 Total Staff L))sts In¢)t• n Depredation of laTrJit49 fix￿ as￿$.. . I)Wn￿ by tha charftable group Inole 91 AmortY6ation Dr intsngible fix•d assets Inote 8) Aurfitors. remuneraljon.. . A￿￿(¢ seivice8-atrr8nt year . A￿jr¢ S￿¢88- wtor year . Non Budit 910,336 919,707 81,170 25,013 48,272 66,7Th) 30,223 6,647 S,09£ 27,857 227 28.244 The European AssOck￿lOn for Cardw>TTrh)racic Surgery 34 Notes to the flnanclal statements 31 March 2023 6 Truste￿. rnrnunoration During the year. no Tru8tee8 received any remuneration or any benefits in kind {2022- none). During the yoar gndgd 31 March 2023, EACTS r8imburs8d the employing Iru$t of the Secretary General for his time, amounting lo Énil. {2022- £41,480). Durlng the year. 14 Trustees rttelved relmbur88mnt of travel expen8e8 of ￿3.283 {2022- 1,565 to four Irustg9s1. 7 Staff costs and remuneration of key management perwnnel 2023 Total 2022 Total Woges ond $￿ar￿$ Wago5 and of8taff employed by extemal o￿anIsatIOnS Soci81 sècunty Othar Pan￿On cx)sts 789,353 606,491 249.087 49.353 14.796 919,707 92,034 28,949 910,336 Total staff costs have been 8liocated to direct staff costs and support costs based on an ostimate of time spent in each area. These ar8 allocated as folknvs: 2023 Total 21r22 Total Direct 3taff costs Support costs {note 3) 383.287 527,049 910,336 56S,001 353.706 919.707 The average number of persons emptyed by the group durirYJ the year was as follows.. 2023 Total No. 2022 Total No. Administration $t3ff 0￿ra￿onal $tsff Other staff membeTr employed by externd organlsatvJn5 15 13 Number of amployee8 (excluding those employed by exiemal Organisat￿5> Ythose total emoluments fall within the following ranges fc* the year. 2023 Total 2022 Totsl No. Eeo,001-ETO,QJO 70,OQ1- É80,000 80,¢)01- É90,IxIo 9),OQ1- £100,OC4) Pension contribuli)ns for these wmploye68 were É10,268 {2022: £4,761). The European Association for card￿Thor8¢iC Surgery 35 Notes to the finan¢ial statements 31 March 2023 7 Staff costs and remuneratlon of key management personnel (continued) The key managemenl personnel of the charity in charge of directing, and ￿ntrOllIng, running and operating the charity on a day to day basis comprfse the Trustees. the CEO. the Events DIr￿tOr and Publishing Director. The lolal ern￿oYment costs {Inc￿ding employers, national insurance and pension contribul¢onsl of the key management personnel for tho year wa8 354,65312022: Q09,993). 8 Intsnglbl• flxed assets Jc*Jmal Totsl Group Cost At 1 April 2022 and 31 Marth 2023 867,L 067,000 Amortlsatlgn At 1 2022 Ch8rge for the ye8r At 31 March 2023 641,987 25,013 867.1)JO 641,987 25,013 667,000 C•rrylng amount At 31 Marth 2023 At 31 Marth 2022 25,013 25,013 9 Tangible fixed aBsets Lory leasehold propety Fixturas & th'ngs Offic$ 8qUiFxngnl Comput uiprnent Totsl Group At 1 ￿ri12022 Addition8 At 31 Marc* 2023 1.593,818 17,739 1.611,555 102,M4 18.611 14,693 33,304 296,395 21.214 317.609 2.011A88 53,646 2.065.032 102,584 Dgprnclatlon At 1 Aoril 2022 Charge for the year At 31 March 2023 319,364 22,880 342,244 97,133 5,431 102,564 15,063 4,787 19,850 199,531 48,072 247,flJ3 631.091 81,170 712.261 Net book value At 31 Marth 2023 At31 Marth 2022 1.289,311 1.274,452 13.4S4 3,548 70.008 1.362.771 98,864 1,380,29S 5,431 The European As$o¢iation for Cardb>Thor8cic Suryery 38 Notss to the financlal ststements 31 March 2023 9 Tanglbl• flx•d assets Icontinueil) Long lèasehokl F￿re$ & propèty fittings Office Computw equprnent equipment Charlty Cost Al 1 April 2022 AthJIt1￿8 At 31 Mard) 2023 1,593,816 17,739 1,611,555 101,928 13,220 14,693 27,913 240,603 1,949*67 18,109 48141 256,712 1,998.108 101,928 Dgpreclallon At 1 April 2022 Chargo for the year Al 31 March 2023 31P.384 .527 5.401 101,928 148,519 42,516 191,035 074JS4 78,312 649.666 4.S15 14,459 342,244 Net book valu• AI 31 IAor¢h 2023 Al 31 Mard) 2022 1.289.311 1,274,452 13,454 3.278 65,877 1,348,442 92,084 1,375,213 5,401 10 Flxed a$$et investments 2023 Total 2022 Total Charfty: hwo•tsn•nt In group undortAk5n MaTk¢tvalug Al 1 April 2022 31 Mard12023 I the fixed assel investments ar8 hold wthii tho UK. Forfurther dgtail$, pba8e $90 nots17. 11 Debtors Group 2023 Group 2022 Ch•rhy 2023 Charity 2022 Trade debtors Arnounts (wgd by group undprtakir95 VAT recoverable Olhardèbtors Prepayments accru8d Inc¥J 111,204 733,116 851.300 709.707 209,259 137.336 179.926 SO.571 183,158 966,845 668,IM3 779,217 98.279 415.541 1,570,288 12 Crndltoys: Amounts falllng due within ona yèar Group 2023 Group 2022 Charhy 2023 Chanty 2W22 Trade Gredito Oth•r taxabon and social SO￿rity othor creditors A¢cftHl$ and dgfeThod incomo 289.167 82.n4 78.235 882.008 1,332.194 123.243 102,388 329.278 898.148 1,453,057 84.072 142,702 883 403.194 468.149 e51 512,470 655,823 The European A$So￿allOn for Cardic*Thoracic Surgery 37 Notes to the Ilnanclal ststements 31 March 2023 12 Cr•dltors: Amounts falllng du• wlthln on• y•8r (Continu￿} Inctuded wrth creditors is deferred income relaling to members 3ubscrptions received in advance and fthure meetings and publications as sel out behx.. 2023 Totsl 2022 Totsl Defèrrèd inojmè at 1 Apdl Resour￿ deferred in year Arnounts released in year tleferred income at 31 March 685.560 584.597 696.371 565.550 1565.550} 1584,5971 696,371 585.$50 13 8tatement of funds Balance at I￿ri1 2022 Balane• at 31 ￿rth 2023 Incorne Expendriure Oroup: 2023 UnrFstricted fvnd¥ Gonoral funds 21.852.328 5.711,696 {6,528.1431 21,035181 R•slrlct•d lund¥ Total lunds 12,280 112,280} 5,723,976 16,540.423} 21,030,881 21.852.328 841oncè 8t 1 April 2022 Balanco at 31 March 2023 Income E¥peThI￿r Chority: 2023 Unrnstrl¢t•d fvnd• G¢nernl fvnds 21,eeo,542 568,427 11.791,265} 20.437.704 Re%trl¢t•d fund• Total lund$ 12,280 112,2801 580.707 (1.803,5451 20,437,704 21.660,542 Balance at Balance Ot 31 March 2022 2021 Inconjg Expenthlu Gmup.. 2022 UnTrstrcled funds General fI￿d$ 22.092,564 4,118,162 {4,358.398) 21,852,328 R•strlct8dfunds Tolalfijnds 22.&32,564 4,118,162 (4,358.398) 21,852.328 Balance al l April 2Q21 801gncg 8t 31 Alarth 2022 Inm Expennship between the Univ8r8ity 8nd EACTS has 8ince ended and in the current year no paymfjnt was made. Tho European Asso¢i*ion for Cardb>ThorxK Surg&ry 39 Not95 to thg Ilnancial stsl•m•nts 31 March 2023 16 Rd•t•d party tr•nsactions (continued Also in the prior year, Q24,641 was paid by EACTS to the UnNersty Hospitals Blmilngham NHS Foundation Trust in respect of services provided, over a number of years, in the hosting of and support for the EACTS Adult Cardigc Database. Professor Domenlco Pagano was, at the lime, both an employee ofthe NHS Foundal*)n concwn8d and a Trustee of EACTS. This relationship with the hospital has since concluded and in the current year no payment was made and Professor Pagano slopped being a Trustee of EACTS hence, no related party tfan88th.on needs to be recorded. 17 Subsldiari•s EACTS Trndlng Company Llm5tgd Company registration number Ba618 of ¢ontr¢l Equty shoreholding % 03987972 Equty SharehokJiThJ and momber 100% Totsl awts 98 At 31 Marekn 2023 Total liabilths a8 at 31 March 2023 Total a$ at 31 March 2023 7,039,504 1453.3811 6,586,123 Turnovar fortho yèar end•fl 31 March 2023 Expenditu￿ foTthe yearended 31 March 2023 Ptofit for lh8 year et¥Je¢J 31 March 2023 3,682,285 12,866.5191 816,593 EACTS PUbl￿bIrt9 Llmlt•d Company regi8trth.on number B8sr& gf cgntrol Equty shareholding % 0639679J Equty Sharehohjirg ond mernber 100% Totsl 8S8ets as at 31 March 2￿23 Totsl liabilities as at 31 Marth 2023 Totsl 8quity as at 31 Morch 2023 372,942 13,679.5161 13.306.574) Tumover forthe year eThJed 31 MBr¢h 2023 Eynditurè lortha 8nfl8d 31 M8rc* 2023 Proffit forthe year endèd 31 March 2023 723,796 1195,9091 527.887 EurO￿an A￿demY forThor•¢l¢ •nd C•rdl•¢ Suryery Umlt•d Company raglstraion number B￿3 ol control 05047175 VoOro rights Totsl assets a8 at 31 Marth 2023 Total liabi1th66 &8 at 31 March 2￿23 Totsl ¥$ at 31 March 2023 285,318 12,966,680) 12,681,362) Tumoverfor thè yearended 31 Plarch 2023 ExpeTrJiture for ihe year ended 31 Marth 2023 Lo88 for th8 year èndèd 31 Mèrch 2023 5CQ.154 (842,6181 1342,4641 The Europgan As¥oGithn for card￿-ThOraCIC Surgery 40 Not•9 to th• flnantlal slatsm8nts 31 March 2023 17 subsidiari￿ (continued) EurDpoan School for C¥rdlo.Thornclc Surggry Umlt•d Company registration number Bbsis of control Equity sharehtsbjiry % 04795997 Equty shawholdlng and mtrnbèr 100% Total assgts 08 at 30 June 2023 Total eqlity as at 30 Jun8 2023 Tradirg $tatu$ Domiant 18 Capllal commltment* At the year and. th6 charity was comm*ted lo eapttal expandituffj totslling Q6.168 12022.. nil). The European Assctiation frjr Cardk>Thora¢ic Surggry 41