**COMPANY REGISTRATION NUMBER: CE004895 CHARITY REGISTRATION NUMBER: 1162426** 

# **ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Unaudited** 

**Trustees Report and Financial Statements 31 December 2021** 



## **ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Financial Statements** 

## **Year ended 31 December 2021** 

||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the members|**8**|
|Statement of financial activities (including income and||
|expenditure account)|**9**|
|Statement of financial position|**10**|
|Notes to the financial statements|**11**|





**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** 

## **Year ended 31 December 2021** 

## **Reference and administrative details** 

**Registered charity name** 

ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY 

**Charity registration number** 1162426 

**Company registration number** CE004895 

**Principal office and registered** 8 Waldegrave Road **office** Teddington Middlesex TW11 8HT 

**The trustees** 

Professor T Weber, President Dr C McEniery, Vice-President (Appointed 22 October 2021) Professor C Rajkumar, Treasurer Professor P Cunha, Secretary Professor A Hughes, Resigned 22 October 2021) Professor P Boutouyrie, (Resigned 22 October 2021) Dr R M Bruno, Member Dr. T W Hansen, Member (Resigned 22 October 2021) Dr. B Spronck, Member Dr.J Nemcsik, Member (Appointed 22 October 2021) Dr D Terentes-Printzios, Member (Appointed 22 October 2021) Dr. B Hametner, Young Investigator (Resigned 22 October 2021) Dr A Giudici, Young Investigator (Appointed 22 October 2021) 

**Independent Examiner** 

Tim Hardy Shipleys LLP 3 Godalming Business Centre Woolsack Way Godalming Surrey GU7 1XW 

**1** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 December 2021** 

The Trustees present their annual report and financial statements for the ended 31 December 2021. The accounts comply with the Charities Act 2011, the charity's governing documents and the Statement of Recommended Practice - Accounting and Reporting by Charities. 

## **TRUSTEES** 

The Trustees who held office during the year and/or up to the date of signature of the financial statements were as follows: 

**President:** Professor Thomas Weber, Wells, Austria **Vice-President** : Dr Carmel McEniery, Cambridge, UK **Secretary:** Professor Pedro Cunha, Guimarães, Portugal **Treasurer:** Professor Chakravarthi Rajkumar, Brighton, UK 

## **Ordinary Members:** 

Dr. Rosa M Bruno, Pisa, Italy Dr. János Nemcsik, Budapest, Hungary Dr. Bart Spronck, Maastricht,The Netherlands Dr Diimitrios Terentes-Printzios, Athens, Greece 

## **Young Investigator Representative** 

Dr. Allesandro Giudici, Maastricht, The Netherlands 

## **STATEMENT OF DISCLOSURE TO INDEPENDENT EXAMINER** 

So far as the Trustees are aware, there is no relevant information of which the charity's independent examiner is unaware. Additionally, the Trustees have taken all the necessary steps that they ought to have taken in order to make themselves aware of all relevant information and to establish that the Society's independent examiner is aware of that information. 

## **GOVERNING DOCUMENT** 

The Association for Research into Arterial Structure and Physiology was entered into the register of charities on 26th June 2015. The charity is governed by its Constitution. 

If the charity is wound up, the members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. 

## **APPOINTMENT AND RESIGNATION OF TRUSTEES** 

At the first annual general meeting of the members of ARTERY - The Association for Research into Arterial Structure ("ARTERY") all the charity trustees shall retire from office. 

ARTERY has 9 serving Trustees as of 31 December 2021.  Elections took place in 2021 as a number of the Executive had finished their terms of office and the new Executive are listed above. 

**2** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **TRUSTEE INDUCTION AND TRAINING** 

New Trustees are provided with a briefing document on their legal obligations under charity and company law, the content of the Constitution, the decision making processes, future plans and objectives and the recent financial performance of the charity. They are also invited to discuss their responsibilities with the President and Treasurer at any time. 

## **ORGANISATIONAL STRUCTURE** 

The constitution outlines the board of trustee structure and it must consist of at least eight members (President, Vice-president, Treasurer, Secretary and four Ordinary members) and the Young Investigator Chair, the group administers the charity.  The Trustees meet at least once a year and hold monthly telecons to discuss society matters including organization of the annual conference, membership, awards and grants and ongoing society issues. A professional Secretariat is appointed by the Trustees to manage the day-to-day operations of the charity in collaboration with the Trustees to facilitate effective operations.  The Secretariat supports the President who has delegated authority, within terms of delegation approved by the Trustees, for matters including finance, administration, membership and marketing activity. 

Advisory Board consists of the last three Presidents, and they retire by rotation every two years when the current retiring President steps in.  Their role is to advise the Executive Board, they are also advised on the activities of the Trustees and their input is encouraged. 

## **PUBLIC BENEFIT** 

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. 

## **RISK MANAGEMENT** 

The Trustees have a risk management strategy which comprises: 

Regular reviews of the risks that the society faces. 

The establishment of systems and procedures to mitigate risks identified. 

The implementation of procedures designed to minimize any potential impact on the charity should those risks identified actually materialize. 

A key element in the management of financial risk is the setting of a reserves policy and the regular review of this policy by the Trustees. The Trustees are currently satisfied that the Trust is sufficiently funded for the foreseeable future and will keep this position under regular review. 

Like many other organisations, the Society’s activities have been affected by the ongoing global Coronovirus pandemic, Covid-19.  It was decided to hold a in person meeting with restricted attendance for speakers and Executives, which was held as a hybrid conference in Paris. The Society also continued to support the Cartesian study global research project that it created in 2020 during the Covid pandemic. 

## **OBJECTIVES AND PRINCIPAL ACTIVITIES** 

To promote the advancement of education and knowledge in the subjects of pathophysiology, pharmacology, epidemiology, detection, investigation and treatment of arterial structure and function, and its dissemination. 

**3** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **The Trustees have met this objective by:** 

- Holding an annual scientific meeting as a forum for discussion and publishing abstracts of research presented. 

- Contributing to the delivery of an international conference every year on the subjects of arterial structure and function. 

- Providing bursaries and grants to support the attendance of investigators at the ARTERY annual scientific meeting. 

- To advance health by the promotion of knowledge of information concerning the pathophysiology, pharmacology, epidemiology, detection, investigation and treatment of arterial structure and function. 

## **The Trustees have met this objective by:** 

- Publishing peer reviewed work in our international journal "ARTERY RESEARCH". 

- Collaborating with other relevant international societies to disseminate information and education. 

## **PROFESSIONAL COLLABORATIONS** 

The Society organizes an annual scientific meeting with joint sessions from North American ARTERY, Latin American ARTERY (LATAM) and Pulse of Asia. 15 virtual registration bursaries were offered to Young Investigators at the Artery Sister society LATAM. 

ARTERY work closely with the young investigator organisation, VasAgeNet, and jointly held a ‘Vascular Ageing Day’ on 16 June to encourage people to do an activity to promote the benefits of activity for healthy arteries. 

## **ACHIEVEMENTS AND PERFORMANCE IN 2021** 

## **WEBSITE, E-COMMUNICATIONS AND SOCIAL MEDIA** 

ARTERY's communication activities continue to go from strength to strength with the ongoing success of the website and continued use of e-communications and social media including Facebook, Twitter and Instagram. 

The ARTERY website continues to be an excellent form of information and members are encouraged to send items of news and information to help populate the webpage. The Executive Committee continue to use a communications strategy maximizing the use of e-bulletins and social media accounts to engage our membership and all stakeholders. The Young Investigators are also actively using Twitter and key dates and deadlines are also communicated through the account.  The Secretariat supports the day-to-day administration of the Society, supporting ARTERY members, and the Committee resulting in more effective communications. 

**4** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **MEMBERSHIP NUMBERS** 

At the end of 2021, the Society had a total of 216 paid members which was an increase from 2021, which is encouraging after the slight decrease in numbers during the pandemic. The Society continues to encourage members to recommend colleagues to join the society, especially in countries where membership representation is low. Proactive communication with members and a more active social media presence has helped members to engage more actively with the Society. The Secretariat continue to manage membership campaigns and follow up on late payments. 

The society continues to promote the Young Investigators group and support their ongoing research and professional development. During the 2021 conference, the society held a young investigator award session, a virtual poster award and offered two research grants. 

## **COVID-19 RESEARCH STUDY UPDATE** 

The clinical manifestations of coronavirus disease of 2019 (COVID-19) as caused by SARS-CoV-2 are dominated by respiratory symptoms, the cardiovascular system is heavily affected at multiple levels. 

To gain insight into the long-term vascular consequences of COVID-19, high-quality data collection is needed, with follow-up studies amongst the survivors of acute infection. The fragmented evidence available in the first months on the pandemic indicated that a bidirectional relationship between cardiovascular disease and COVID-19 was present: on one hand, COVID-19 leads to cardiometabolic alterations and accelerated vascular ageing, on the other hand, COVID-19 outcome is worse in patients with pre-existing cardiometabolic disease. Obtaining an accurate vascular phenotyping in the largest number possible of individuals is needed in order to identify early predictors of CV events in individuals infected by SARS-CoV-2 and orient toward the best preventive strategy. 

ARTERY developed the CARTESIAN research project to evaluate: whether an accelerated vascular ageing is associated with COVID-19 and whether vascular ageing is further accelerated as a function of COVID-19 severity and of pre-existing cardiometabolic disease and background treatments; whether psychosocial factors play a role in COVID-19-induced accelerated vascular ageing process. 

The primary aim of the project is to study the medium- and long-term effects (3-6 months and 1 year) of SARS-CoV-2 infection on arterial stiffness and central haemodynamics.  This is a longitudinal, multicentre study. The study will recruit individuals with recently confirmed infection by SARS-Cov-2, who will undergo 2 visits, 3-6 months and 1 year after COVID-19 diagnosis. During the visit, assessment of carotid-femoral PWV and central haemodynamics will be performed. Ancillary studies will explore additional biomarkers of accelerated vascular ageing (carotid geometry and stiffness, endothelial function, 24-h central blood pressure, small ARTERY remodelling). Standard-operating procedure was provided to all centres.  Moreover, a long-term (5 and 10-year) clinical follow-up will be planned, to evaluate the risk of CV events related to arterial stiffness and central haemodynamics in COVID-19 survivors.  Data collection is centralised on an central electronic REDCap database, hosted by INSERM U970 (Paris, France).   Disease-related information will be collected according to the standards of the WHO-ISARIC initiative for the patients who had been hospitalized for COVID-19 (https://ncov.medsci.ox.ac.uk.) 

The study was supported by a grant from the ARTERY Society, covering administrative expenses for the initiation of the study (e.g., fees for submission to the ethical committee) for participating centres. Where the number of centres willing to participate exceeded the allocated budget, priority was given to centres with the greatest recruitment capacity. The study has 52 centres participating (including nonfunded centres) in 25 countries worldwide.  A preliminary report of the research project was presented to delegates participating in the Artery 2021 annual conference and the early results were published in Artery Research. 

**5** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **ARTERY JOURNAL** 

The Society encourages members to support their journal by submitting articles and reviews on a regular basis. The Society continued to work closely with the publishers Atlantis Publishing throughout 2021 to support the journal, encouraging members to submit papers to it via the newsletters and website.   Atlantis Publishing was taken over by Springer Publishing in late 2021 and a new agreement with Springer came into effect from 1 January 2022. 

## **EDUCATION AND AWARENESS RAISING** 

ARTERY's annual scientific meeting was held in October in Paris as a hybrid meeting, a slightly shorter programme designed to support Early Career Researchers.  The programme included several invited speakers, oral and poster presentations – chosen from abstracts submitted for the annual conference. The conference has a total of 181 virtual and in person delegates from 35 countries. 

The next meeting will be in Nancy, France, in October 2022 and wil be organised as a physical meeting. 

## **ACADEMIC BURSARIES** 

ARTERY has continued to be effective in the implementation of an expanded repertoire of charitable activities. In 2021 ARTERY awarded seven bursaries to oral presenters to attend the Paris meeting. 

## **GOING CONCERN** 

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. 

## **TRUSTEES' RESPONSIBILITIES STATEMENT** 

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply 

**6** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 December 2021** 

with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

The trustees' annual report was approved on 5/11/2022 trustees by: 

and signed on behalf of the board of 


Professor T Weber, President Trustee 

**7** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Independent Examiner’s Report to the Members of ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Year ended 31 December 2021** 

## **Independent Examiner's Report to the Trustees for the year ended 31st December 2021** 

I report to the Trustees on my examination of the accounts of Artery for the year ended 31st December 2021 which are set out on pages 9 to 20 

## **Responsibilities and basis of report** 

As the charity's trustees you are responsible for the preparation of accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). 

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent Examiner's Statement** 

I have completed by examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


7/11/2022 

Tim Hardy FCA Shipleys LLP Chartered Accountants 5 Godalming Business Centre Woolpack Way Godalming Surrey GU7 1XW 

**8** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 31 December 2021** 

||||**2021**||2020|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Charitable activities|**2**|131,726|–|131,726|125,441|
|Investment income|**3**|1|–|1|6|
|||-----------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total income**||131,727|–|131,727|125,447|
|||=======================|================================|================================|================================|
|**Expenditure**||||||
|Expenditure on charitable activities|**4,5**|138,892|6,891|145,783|136,184|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||138,892|6,891|145,783|136,184|
|||================================|================================|================================|================================|
|Other gains/(loses)|**6**|(12,488)|(3,663)|(16,151)|11,887|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Net income/(expenditure) and net**||||||
|**movement in funds**||(19,653)|(10,554)|(30,207)|1,150|
|||================================|================================|================================|================================|
|**Reconciliation of funds**||||||
|Total funds brought forward||162,676|93,310|255,986|254,836|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||143,023|82,756|225,779|255,986|
|||================================|================================|================================|================================|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 11 to 20 form part of these financial statements.** 

**9** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Statement of Financial Position** 

## **31 December 2021** 

|||**2021**|2020|
|---|---|---|---|
||**Note**|**£**|£|
|**Current assets**||||
|Debtors|**9**|126,219|127,984|
|Cash at bank and in hand||146,150|160,988|
|||--------------------------------|--------------------------------|
|||272,369|288,972|
|**Creditors: amounts falling due within one year**|**10**|45,529|31,925|
|||--------------------------------|--------------------------------|
|**Net current assets**||226,840|257,047|
|||--------------------------------|--------------------------------|
|**Total assets less current liabilities**||226,840|257,047|
|**Creditors: amounts falling due after more than one year**|**11**|1,061|1,061|
|||--------------------------------|--------------------------------|
|**Net assets**||225,779|255,986|
|||================================|================================|
|**Funds of the charity**||||
|Restricted funds||82,756|93,310|
|Unrestricted funds||143,023|162,676|
|||--------------------------------|--------------------------------|
|**Total charity funds**|**12**|225,779|255,986|
|||================================|================================|



These financial statements were approved by the board of trustees and authorised for issue on 5/11/2022 , and are signed on behalf of the board by: 


Professor T Weber, President Trustee 

**The notes on pages 11 to 20 form part of these financial statements.** 

**10** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** 

## **Year ended 31 December 2021** 

## **1. Accounting Polices** 

## **General information** 

The charity is a Charitable Incorporated Organisation, registered in England and Wales. The address of the registered office is 8 Waldegrave Road, Teddington, Middlesex, TW11 8HT. 

## **1.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) (Second Edition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Artery - The Association for Research Into Arterial Structure and Physiology meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **1.2 Income** 

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

## **Deferred Income** 

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. 

## **1.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

**11** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **1. Accounting policies** _**(continued)**_ 

## **1.4 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **1.5 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.6 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **1.7 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

## **1.8 Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **1.9 Foreign currencies** 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. 

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. 

Exchange gains and losses are recognised in the Statement of financial activities. 

**12** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **1. Accounting policies** _**(continued)**_ 

## **1.10 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **1.11 Going Concern** 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. This going concern basis has been reached due to the charity having sufficient net assets to cover all grants and expenditure for the following 12 months. 

**13** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **2. Charitable activities** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2021**|
||£|£|**£**|
|Income from charitable activities - Conferences|122,055|–|122,055|
|Income from charitable activities - Publications|4,531|–|4,531|
|Income from charitable activities - Other|5,140|–|5,140|
||-----------------------|--------------------------------|-----------------------|
||131,726|–|131,726|
||=======================|================================|================================|



Income received from Grants in the year totalled £109,265 (2020: £121,839). 

||Unrestricted|Restricted|Total Funds|
|---|---|---|---|
||Funds|Funds|2020|
||£|£|£|
|Income from charitable activities - Conferences|(2,020)|22,563|20,543|
|Income from charitable activities - Publications|349|–|349|
|Income from charitable activities - Other|5,273|99,276|104,549|
||--------------------------------|---------------------------|--------------------------------|
||3,602|121,839|125,441|
||================================|===========================|================================|



## **3. Investment income** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2021**|Funds|2020|
||£|**£**|£|£|
|Investment income – bank interest|1|1|6|6|
||==============|==============|==============|==============|



**14** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **4. Expenditure on charitable activities by fund type** 

|||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|
|||Funds|Funds|**2021**|
|||£|£|**£**|
||Conferences|58,138|–|58,138|
||Bursaries|2,663|–|2,663|
||Publications|33,685|–|33,685|
||Other||6,891|6,891|
||Support costs|44,406|–|44,406|
|||--------------------------------|---------------------------|--------------------------------|
|||138,892|6,891|145,783|
|||================================|===========================|================================|
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2020**|
|||£|£|£|
||Conferences|22,877|22,563|45,440|
||Bursaries|–|–|–|
||Publications|54,104|–|54,104|
||Other|–|12,591|12,591|
||Support costs|24,049|–|24,049|
|||--------------------------------|---------------------------|--------------------------------|
|||101,030|35,154|136,184|
|||================================|=======================|================================|
|**5.**|**Expenditure on charitable activities by activity type**||||
|||Activities|Support|**Total**|
|||undertaken|costs|**funds**|
|||directly||**2021**|
|||£|£|**£**|
|Conferences||58,138|8,993|67,131|
|Bursaries||2,663|–|2,663|
|Publications||33,685|–|33,685|
|Other||6,891|35,413|42,304|
|||--------------------------------|---------------------------|--------------------------------|
|||101,377|44,406|145,783|
|||================================|===========================|================================|



**15** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **5. Expenditure on charitable activities by activity type - continued** 

||Activities|Support|**Total**|
|---|---|---|---|
||undertaken|costs|**funds 2020**|
||directly|||
||£|£|**£**|
|Conferences|45,440|9,683|55,123|
|Bursaries|–|–|–|
|Publications|54,104|683|54,787|
|Other|12,591|13,683|26,274|
||--------------------------------|---------------------------|--------------------------------|
||112,135|24,049|136,184|
||================================|===========================|================================|



## **5.1 Analysis of direct costs** 

||Conferences|Bursaries|Publications|Other|**Total**|
|---|---|---|---|---|---|
||2021|2021|2021|2021|**2021**|
||£|£|£|£|**£**|
|Venue and Catering costs|49,140|–|–|–|49,140|
|Travel and accommodation|5,167|–|–|–|5,167|
|Advertising and PR|465|–|–|–|465|
|Other event costs|253|–|–|<br>–|253|
|Website and software|2,730|–|–|<br>–|2,730|
|Bursaries|–|2,663|–|–|2,663|
|Bank and credit card charges|383|–|–|–|383|
|Artery Journal|–|–|33,685|–|33,685|
|Cartesian Project Grants||||6,891|6,891|
||---------------------------|---------------------------|----------------------------|---------------------------|---------------------------|
||58,138|2,663|33,685|<br>6,891|<br>101,377|
||===========================|===========================|============================|===========================|===========================|
|||Conferences|Publications|Other|**Total  2020**|
|||2020|2020|2020||
|||£|£|£|**£**|
|Venue and Catering costs||41,253|–|–|41,253|
|Travel and accommodation||–|–|–|–|
|Advertising and PR||1,774|–|–|1,774|
|Other event costs||1,360|–|–|1,360|
|Website and software||1,008|–|–|1,008|
|Bursaries||–|–|–|–|
|Bank and credit card charges||45|–|–|45|
|Artery Journal||–|54,104|–|54,104|
|Cartesian Project Grants||–|–|12,591|12,591|
|||---------------------------|----------------------------|---------------------------|---------------------------|
|||45,440|54,104|12,591|112,135|



**16** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **5.2 Analysis of support costs** 

||Conferences|Publications|Other|**Total**|
|---|---|---|---|---|
||2021|2021|2021|**2021**|
||£|£|£|**£**|
|Travel and accommodation|–|–|–|–|
|Bank and credit card charges|2,419|–|–|2,419|
|General expenses|590|–|5,249|5,839|
|Management fees|–|–|30,164|30,164|
|Legal and professional fees|4,620|–|–|4,620|
|Currency gains/losses|1,364|–|–|1,364|
||---------------------------|--------------|---------------------------|---------------------------|
||8,993|–|35,413|44,406|
||===========================|==============|===========================|===========================|



Included in support costs are governance cost of £4,620 (2020 £4,150) for independent Examination Fees. 

||Conferences|Publications|Other|**Total**|
|---|---|---|---|---|
||2020|2020|2020|**2020**|
||£|£|£|**£**|
|Travel and accommodation|6,923|–|–|6,923|
|Bank and credit card charges|2,083|–|–|2,083|
|General expenses|(664)|–|1,169|505|
|Management fees|–|–|12,514|12,514|
|Legal and professional fees|2,504|683|–|3,187|
|Currency gains/losses|(1,163)|–|–|(1,163)|
||---------------------------|--------------|---------------------------|---------------------------|
||9,683|683|13,683|24,049|
||===========================|============================|===========================|===========================|



## **6. Other gains/losses** 

|Unrestricted|Restricted|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
|Funds|Funds|**Funds**|Funds|Funds|Funds|
|2021|2021|**2021**|2020|2020|2020|
|£||**£**||£|£|
|e||||||
|(12,488)|(3,663)|(16,151)|13,214|(1,327)|11,887|
|===========================|===========================|===========================|===========================|===========================|===========================|



Foreign exchange gain/(loss) 

## **7. Staff costs** 

There were no employees during the year. 

## **8. Trustee remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2020 - £Nil). During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £Nil). 

**17** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **9. Debtors** 

|**Debtors**|||
|---|---|---|
||**2021**|2020|
||**£**|£|
|Trade debtors|109,796|121,043|
|Prepayments and accrued income|14,680|5,233|
|Other debtors|1,743|1,708|
||--------------------------------|---------------------------|
||126,219|127,984|
||================================|===========================|
|**Creditors:** **amounts falling due within one year**|||
||**2021**|2020|
||**£**|£|
|Trade creditors|33,630|24,646|
|Accruals and deferred income|11,899|7,279|
||---------------------------|---------------------------|
||45,529|31,925|
||===========================|===========================|
|**Creditors:** **amounts falling due after more than one year**|||
||**2021**|2020|
||**£**|£|
|Accruals and deferred income|1,061|1,061|
||=======================|=======================|



## **10. Creditors: amounts falling due within one year** 

## **11. Creditors: amounts falling due after more than one year** 

## **12. Analysis of charitable funds** 

## **Unrestricted funds** 

||At|1 January|Income|Expenditure|Gains and|**At 31**|
|---|---|---|---|---|---|---|
|||2020|||losses|**December**|
|||||||**2021**|
|||£|£|£|£|£|
|General funds||162,676|131,727|(138,892)|(12,488)|143,023|
|||================================|=======================|================================|===========================|================================|
|||||||At 31|
||At 1 January||||Gains and|December|
|||2019|Income|Expenditure|losses|2020|
|||£|£|£|£|£|
|General funds||246,884|3,608|(101,030)|13,214|162,676|
|||================================|================================|================================|===========================|================================|



**18** 



**ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **12. Analysis of charitable funds - continued** 

## **Restricted funds** 

|**Restricted funds**||||||
|---|---|---|---|---|---|
||||||**At 31**|
||At 1 January|||Gains and|**December**|
||2021|Income|Expenditure|losses|**2021**|
||£|£|£|£|£|
|LATAM Meeting Grant||||||
|Fund|7,952|–|–|–|7,952|
|Cartesian Study Fund|85,358|–|(6,891)|(3,663)|74,804|
||-------------------------------|-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|Total Restricted Funds|93,310|–|(6,891)|(3,663)|82,756|
||=======================|================================|===========================|=============================|================================|
||||||**At 31**|
||At 1 January|||Gains and|**December**|
||2020|Income|Expenditure|losses|**2020**|
||£|£|£|£|£|
|LATAM Meeting Grant||||||
|Fund|7,952|–|–|–|7,952|
|Cartesian Study Fund|–|121,839|(35,154)|(1,327)|85,358|
||-------------------------------|-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|Total Restricted Funds|7,952|121,839|(35,154)|(1,327)|93,310|



LATAM Meeting Grant Fund - This reserve represents a grant given to Artery to pay the travel grants for young investigators travelling to the LATAM meeting. The remainder of this funding must be used solely to support young investigators to attend Artery meetings in Europe. 

Cartesian Study Fund - This reserve represents a grant given to Artery to support a wide research program in the vascular consequences of COVID infection as well as support the 2020 Virtual Conference. 

## **13. Analysis of net assets funds** 

|**13.** **Analysis of net assets funds**||||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2021|2021|2021|
||£|£|£|
|Current Assets|189,613|82,756|272,369|
|Creditors due within one year|(45,529)|–|(45,529)|
|Creditors due after one year|(1,061)|–|(1,061)|
||-------------------------------|-------------------------------|-------------------------------|
|Total|143,023|82,756|225,779|
||================================|===========================|=====================================|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2020|2020|2020|
||£|£|£|
|Current Assets|195,662|93,310|288,972|
|Creditors due within one year|(31,925)|–|(31,925)|
|Creditors due after one year|(1,061)|–|(1,061)|
||-------------------------------|-------------------------------|-------------------------------|
|Total|162,676|93,310|255,986|
||================================|===========================|=====================================|



**19** 



# **ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2021** 

## **14. Related Party Transactions** 

There were no transactions in the current or prior period with related parties. 

**20**