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2023-12-31-accounts

Docusign Envelope ID: C24FCEA3-1030-4DC8-8AEE-5A2EF6DB7102

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 2023

Docusign Envelope ID: C24FCEA3-1030-4DC8-8AEE-5A2EF6DB7102

ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Financial Statements

Year ended 31 December 2023

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the members 10
Statement of financial activities (including income and
expenditure account) 11
Balance Sheet 12
Notes to the financial statements 13

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

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

Year ended 31 December 2023

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

Dr C McEniery, President (Appointed 06 October 2023) Professor P Cunha, Vice-President Dr. B Spronck, Treasurer Dr R M Bruno, Secretary Dr.J Nemcsik, Member Dr. E Bianchini, Member (Appointed 06 October 2023) Dr. C Neutel (Appointed 06 October 2023) Dr. C Mayer (Appointed 06 October 2023) Dr. V Regnault (Appointed 06 October 2023)

Independent Examiner

Tim Hardy Moore Kingston Smith LLP 5 Godalming Business Centre Woolsack Way Godalming Surrey GU7 1XW

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

The Trustees present their annual report and financial statements for the ended 31 December 2023. 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, Wels, Austria (2021 – 2023) President: Dr Carmel McEniery, Cambridge, UK – (2023 – 2025) Vice President (2021-2023) Vice-President: Professor Pedro Cunha, Guimarães, Portugal (2023 – 2025) Secretary (2021 – 2023) Secretary: Dr. Rosa M Bruno, Pisa, Italy (2023 – 2025) Treasurer: Professor Chakravarthi Rajkumar, Brighton, UK (2022) Treasurer: Professor Alun Hughes, London, UK (2023) Treasurer: Dr. Bart Spronck, Maastricht, Netherlands (2023 – 2025) Ordinary Member (2021 – 2023)

Ordinary Members: Dr. Elisabetta Bianchini, Pisa, Italy (2023 – 2025) Dr. Rosa M Bruno, Pisa, Italy (2021 – 2023) Dr. Christopher Mayer, Vienna, Austria (2023 – 2025) Dr. János Nemcsik, Budapest, Hungary (2021 – 2025) Dr Veronique Regnault, Nancy, France (2023 – 2025) Dr. Bart Spronck, Maastricht, Netherlands (2021 – 2023)

Young Investigator Representative Dr. Allesandro Giudici, Maastricht, Netherlands (2021 -2023)

Dr. Cédric Neutel, Antwerp, Belgium (2023 – 2025)

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 2023.

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

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 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 about 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 aim is to establish and maintain sufficient reserves to enable the continuance of activities at current levels in the event of financial difficulties, such as might arise from significant reduction in sponsorship or conference revenue, by maintaining reserves to meet at least one year’s running costs, including all overheads. The Trustees are currently satisfied that the Trust is sufficiently funded for the foreseeable future and will keep this position under regular review.

At year end there were £106,721 (2022: £153,364) in unrestricted funds and £31,384 (2022: £34,742) in restricted funds.

The Society held its annual meeting in October in Bonn, Germany which was well attended.

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

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.

The Trustees have met this objective by:

PROFESSIONAL COLLABORATIONS

The Society organizes an annual scientific meeting with joint sessions from North American ARTERY, Latin American ARTERY (LATAM) and Pulse of Asia, with virtual and in-person speakers for this session.

ARTERY works closely with the young investigator organisation, VascAgeNet, and held a roundtable session with them at its’ annual conference as well other related meetings to encourage people to do an activity to promote the benefits of activity for healthy arteries.

In 2024 the two societies will be merging, due to the ending of the COST funding to VascAgeNet. To help this implementation working group leaders from VascAgeNet will be co-opted as non-voting members to the ARTERY Executive. Going forward a full election process, in line with the ARTERY Society process will be implemented. An introductory membership fee for new ARTERY members who are VascAgeNet members will be continued and it is planned that the work of both societies will continue under the ARTERY Society umbrella.

ACHIEVEMENTS AND PERFORMANCE IN 2023

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

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

the day-to-day administration of the Society, supporting ARTERY members, and the Committee resulting in more effective communications.

MEMBERSHIP NUMBERS

At the end of 2023, the Society had a total of 180 member, 108 full members, 7 honorary who do not pay a membership fee, and 65 Student members. In 2023 a small administrative fee was introduced for student members (who were previously free) this may affect the number of student members in further years. 31 members did not renew.

In previous years bursaries were offered to members, however in 2023 they were not offered. 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 2023 conference, the society held a young investigator award session, poster awards and offered three research exchange grants as well as joint sessions with VascAgeNet.

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, however, the cardiovascular system is heavily affected at multiple levels.

The CARTESIAN study, as supported by a grant from the ARTERY Society, investigated the effects of the virus on arterial properties in a multinational observational design. The ARTERY society covered 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 40 centres participating (including non-funded centres) in 20 countries in 2 continents and recruited over 2,000 patients. The first paper was written and circulated to co-authors and will be submitted to a high-impact journal

ARTERY JOURNAL

The Society encourages members to support their journal by submitting articles and reviews on a regular basis. The Society continued to support the journal, encouraging members to submit papers to it via the newsletters and website.

At the AGM in October, Professor Pedro Cunha was appointed Editor-in-Chief of the ARTERY Journal,.

EDUCATION AND AWARENESS RAISING

The Position Paper: ARTERY Society Recommendations for the use of Pulse wave Velocity in Clinical Practice has been started with a kick-off meeting in Linz, Austria in 2022, which was attended by 13 experts in the field. Throughout 2023, further additions and refinements took place.

A second important position paper, 2024 Recommendations for Validation of Noninvasive Arterial Pulse Wave Velocity Measurement Devices, was also prepared in cooperation with several sister societies and international experts and has been already published in “Hypertension” in 2024.

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

ARTERY's 2023 annual scientific meeting was held 5 – 7 October in October in Bonn, Germany. The programme included invited speakers, 26 oral and 48 poster presentations – chosen from abstracts submitted for the annual conference. The conference was held jointly and supported by DeGAG and VascAgeNet, and attracted 148 attended (of which were 132 delegates) and seven exhibitors.

ACADEMIC BURSARIES

ARTERY has continued to be effective in the implementation of an expanded repertoire of charitable activities. In 2023, ARTERY awarded two international bursaries to sister society members from North American Association (NAA) and LATAM to facilitate the attending of the annual meeting for young colleagues from these societies.

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.

The Society was advised that their main supporter, Servier, will be unable to continue supporting the Society from 2023. This was not unexpected, and the society still has sufficient equity. As the Executive Committee were aware of they had already started taking actions to make the annual meeting, which is the major financial effort, sustainable. This is also true for other running costs of the society, which have been cut substantially due to a new contract with Conference Collective (all EC members agreed in an online voting in Feb 2023).

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:

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 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.

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

The trustees' annual report was approved on 5/9/2025 trustees by:

and signed on behalf of the board of

Dr Carmel McEniery, President Trustee

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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 2023

Independent Examiner's Report to the Trustees for the year ended 31st December 2023

I report to the Trustees on my examination of the accounts of Artery for the year ended 31st December 2023 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.

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

8/9/2025

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December 2023

2023 2022
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Charitable activities 2 98,355 – 98,355 163,140
Investment income 3 29 – 29 6
----------------------- -------------------------------- -------------------------------- --------------------------------
Total income 98,384 – 98,384 163,146
======================= ================================ ================================ ================================
Expenditure
Expenditure on charitable activities 4,5 140,739 2,757 143,496 208,083
-------------------------------- -------------------------------- -------------------------------- --------------------------------
Total expenditure 140,739 2,757 143,496 208,083
================================ ================================ ================================ ================================
Other gains/(loses) 6 (4,288) (601) (4,889) 7,264
-------------------------------- -------------------------------- -------------------------------- --------------------------------
Net income/(expenditure) and net
movement in funds (46,643) (3,358) (50,001) (37,673)
================================ ================================ ================================ ================================
Reconciliation of funds
Total funds brought forward 153,364 34,742 188,106 225,779
-------------------------------- -------------------------------- -------------------------------- --------------------------------
Total funds carried forward 106,721 31,384 138,105 188,106
================================ ================================ ================================ ================================

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.

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Balance Sheet

31 December 2023

2023 2022
Note £ £
Current assets
Debtors 9 9,757 12,426
Cash at bank and in hand 198,102 226,826
-------------------------------- --------------------------------
207,859 239,252
Creditors: amounts falling due within one year 10 68,692 49,338
-------------------------------- --------------------------------
Net current assets 139,167 189,914
-------------------------------- --------------------------------
Total assets less current liabilities 139,167 189,914
Creditors: amounts falling due after more than one year 11 1,062 1,808
-------------------------------- --------------------------------
Net assets 138,105 188,106
================================ ================================
Funds of the charity
Restricted funds 31,384 34,742
Unrestricted funds 106,721 153,364
-------------------------------- --------------------------------
Total charity funds 12 138,105 188,106
================================ ================================

These financial statements were approved by the board of trustees and authorised for issue on 5/9/2025 , and are signed on behalf of the board by:

Dr Carmel McEniery, President Trustee

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

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements

Year ended 31 December 2023

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.

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements (continued)

Year ended 31 December 2023

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.

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Notes to the Financial Statements (continued)

Year ended 31 December 2023

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.

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Notes to the Financial Statements (continued)

Year ended 31 December 2023

2. Charitable activities

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Income from charitable activities - Conferences 63,002 – 63,002
Income from charitable activities - Publications 20,426 – 20,426
Income from charitable activities - Other 14,927 – 14,927
----------------------- -------------------------------- -----------------------
98,355 – 98,355
======================= ================================ ================================
ncome received from Grants in the year totalled £nil (2022: £114,050).
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Income from charitable activities - Conferences 152,873 – 152,873
Income from charitable activities - Publications 171 – 171
Income from charitable activities - Other 10,096 – 10,096
----------------------- -------------------------------- -----------------------
163,140 – 163,140
================================ =========================== ================================
nvestment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Investment income – bank interest 29 29 6 6
============== ============== ============== ==============

Income received from Grants in the year totalled £nil (2022: £114,050).

3. Investment income

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Notes to the Financial Statements (continued)

Year ended 31 December 2023

4. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Conferences 109,308 – 109,308
Bursaries 1,326 2,351 3,677
Publications 4,000 – 4,000
Other - –
Support costs 26,105 406 26,511
-------------------------------- --------------------------- --------------------------------
140,739 2,757 143,496
================================ =========================== ================================
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Conferences 105,271 – 105,271
Bursaries 4,632 – 4,632
Publications 4,000 – 4,000
Other - 42,479 42,479
Support costs 43,193 8,508 51,701
-------------------------------- --------------------------- --------------------------------
157,096 50,987 208,083
================================ ======================= ================================
. Expenditure on charitable activities by activity type
Activities Support Total funds
undertaken costs 2023
directly
£ £ £
Conferences 109,308 1,549 110,857
Bursaries 3,677 – 3,677
Publications 4,000 – 4,000
Other - 24,962 24,962
-------------------------------- --------------------------- --------------------------------
116,985 26,511 143,496
================================ =========================== ================================

5. Expenditure on charitable activities by activity type

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ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements (continued)

Year ended 31 December 2023

5. Expenditure on charitable activities by activity type - continued

Activities Support Total
undertaken costs funds 2022
directly
£ £ £
Conferences 105,271 4,346 109,617
Bursaries 4,632 – 4,632
Publications 4,000 –
4,000
Other - 47,355 89,834
-------------------------------- --------------------------- --------------------------------
156,382 51,701 208,083
================================ =========================== ================================

5.1 Analysis of direct costs

Conferences Bursaries Publications Other Total
2023 2023 2023 2023 2023
£ £ £ £ £
Venue and Catering costs 95,994 – – – 95,994
Travel and accommodation 1,653 – – – 1,653
Advertising and PR 1,301 – – – 1,301
Other event costs 10,360 – – – 10,360
Bursaries – 3,677 – – 3,677
Artery Journal – – 4,000 – 4,000
--------------------------- --------------------------- ---------------------------- --------------------------- ---------------------------
109,308 3,677 4,000 - 116,985
=========================== =========================== ============================ =========================== ===========================
Conferences Bursaries Publications Other Total
2022 2022 2022 2022 2022
£ £ £ £ £
Venue and Catering costs 76,880 – – – 76,880
Travel and accommodation 7,001 – – – 7,001
Advertising and PR 4,700 – – – 4,700
Other event costs 10,236 – – – 10,236
Website and software 5,988 – – – 5,988
Bursaries – 4,632 – – 4,632
Bank and credit card charges 466 – – – 466
Artery Journal – – 4,000 – 4,000
Cartesian Project Grants - - - 42,479 42,479
--------------------------- --------------------------- ---------------------------- --------------------------- ---------------------------
105,271 4,632 4,000 42,479 156,382
=========================== =========================== ============================ =========================== ===========================

16

Docusign Envelope ID: C24FCEA3-1030-4DC8-8AEE-5A2EF6DB7102

ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements (continued)

Year ended 31 December 2023

5.2 Analysis of support costs

Conferences Publications Other Total
2023 2023 2023 2023
£ £ £ £
Travel and accommodation – – 5,421 5,421
Bank and credit card charges 1,549 – – 1,549
General expenses - – 2,616 2,616
Management fees – – 10,425 10,425
Legal and professional fees – – 6,500 6,500
--------------------------- -------------- --------------------------- ---------------------------
1,549 – 24,962 26,511
=========================== ============== =========================== ===========================

Included in support costs are governance cost of £6,500 (2022 £5,944) for independent Examination Fees.

Conferences Publications Other Total
2022 2022 2022 2022
£ £ £ £
Travel and accommodation – – 14,990 14,990
Bank and credit card charges 1,741 – – 1,741
General expenses 2,605 – 11,458 14,063
Management fees – – 13,380 13,380
Legal and professional fees - – 7,527 7,527
Currency gains/losses - – – -
--------------------------- -------------- --------------------------- ---------------------------
4,346 – 47,355 51,701
=========================== ============================ =========================== ===========================

6. Other gains/losses

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2023 2023 2023 2022 2022 2022
£ £ £ £
e
(4,288) (601) (4,889) 4,291 2,973 7,264
=========================== =========================== =========================== =========================== =========================== ===========================

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 (2022 - £Nil). During the year Trustee expenses of £406 (2022 - £3,955) have been reimbursed.

17

Docusign Envelope ID: C24FCEA3-1030-4DC8-8AEE-5A2EF6DB7102

ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements (continued)

Year ended 31 December 2023

9. Debtors

Debtors
2023 2022
£ £
Trade debtors 9,071 7,280
Prepayments and accrued income - 4,459
Other debtors 686 687
-------------------------------- --------------------------------
9,757 12,426
================================ ===========================
Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 43,052 19,056
Accruals and deferred income 25,640 30,229
Other Creditors - 53
--------------------------- ---------------------------
68,692 49,338
=========================== ===========================
Creditors: amounts falling due after more than one year
2023 2022
£ £
Accruals and deferred income 1,062 1,808
======================= =======================

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 Income Expenditure Gains and At 31
1 January losses December
2023 2023
£ £ £ £ £
General funds 153,364 98,384 (140,739) (4,288) 106,721
================================ ======================= ================================ =========================== ================================
At 1 January Income Expenditure Gains and At 31
2022 losses December
2022
£ £ £ £ £
General funds 143,023 163,146 (157,096) 4,291 153,364
================================ ================================ ================================ =========================== ================================

18

Docusign Envelope ID: C24FCEA3-1030-4DC8-8AEE-5A2EF6DB7102

ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements (continued)

Year ended 31 December 2023

12. Analysis of charitable funds - continued

Restricted funds

Restricted funds
At 31
At 1 January Gains and December
2023 Income Expenditure losses 2023
£ £ £ £ £
LATAM Meeting Grant
Fund 7,952 – (2,351) – 5,601
Cartesian Study Fund 26,790 – (406) (601) 25,783
------------------------------- ------------------------------- ------------------------------- ------------------------------- -------------------------------
Total Restricted Funds 34,742 – (2,757) (601) 31,384
======================= ================================ =========================== ============================= ================================
At 31
At 1 January Gains and December
2022 Income Expenditure losses 2022
£ £ £ £ £
LATAM Meeting Grant
Fund 7,952 – – – 7,952
Cartesian Study Fund 74,804 – (50,987) 2,973 26,790
------------------------------- ------------------------------- ------------------------------- ------------------------------- -------------------------------
Total Restricted Funds 82,756 – (50,987) 2,973 34,742
======================= ================================ =========================== ============================= ================================

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

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Current Assets 176,475 31,384 207,859
Creditors due within one year (68,692) - (68,692)
Creditors due after one year (1,062) – (1,062)
------------------------------- ------------------------------- -------------------------------
Total 106,721 31,384 138,105
================================ =========================== =====================================
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Current Assets 182,774 56,478 239,252
Creditors due within one year (27,602) (21,736) (49,338)
Creditors due after one year (1,808) – (1,808)
------------------------------- ------------------------------- -------------------------------
Total 153,364 34,742 188,106
================================ =========================== =====================================

19

Docusign Envelope ID: C24FCEA3-1030-4DC8-8AEE-5A2EF6DB7102

ARTERY - THE ASSOCIATION FOR RESEARCH INTO ARTERIAL STRUCTURE AND PHYSIOLOGY

Notes to the Financial Statements (continued)

Year ended 31 December 2023

14. Related Party Transactions

There were no transactions in the current or prior period with related parties except as disclosed in note 8.

20