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2021-03-31-accounts

European Society of Thoracic Surgeons (A company limited by guarantee)

Annual Report and Consolidated Financial Statements

Year ended 31 March 2021

Registered charity number 1172020

Registered company number 10523525

CONTENTS Page
Trustees’ Annual Report (including administrative details) 2
Independent Auditor’s Report 12
Group Statement of Financial Activities 15
Balance Sheets 16
Group Statement of Cashflows
 17
Notes forming part of the financial statements 18

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European Society of Thoracic Surgeons Year ended 31 March 2021

The Trustees of The European Society of Thoracic Surgeons are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Companies Act, the Charities Act 2011, the Memorandum and Articles of Association, and 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 (FRS102).

Objectives and Activities

The charity’s primary objective is the advancement of education by the study and practice of Thoracic Surgery and related medical subjects.

This involves the organisation of European Board exams in Thoracic Surgery, organising annual conferences, supporting scientific publications of thoracic surgery and facilitating exchange of teachers and trainees in thoracic surgery. In doing so, the Charity will be able to provide advice and support for European authorities on matters concerning thoracic surgery and coordinate the systematic collection of data on thoracic surgical activity and outcome. Ultimately, the charity exists for the benefit of patients with thoracic surgical diseases.

The Trustees confirm that they have taken into account the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.

Achievements and performance

Within the last year, the Society has successfully:

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European Society of Thoracic Surgeons Year ended 31 March 2021

Organised Surveys:

ESTS Survey on Surgical Treatment of Colorectal Pulmonary Metastases to analyse the current practice amongst members on lymph node evaluation for colorectal pulmonary metastases. The survey is planned for launch in May 2021.

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European Society of Thoracic Surgeons Year ended 31 March 2021

A working group on structure of thoracic surgery units has been created with the aim to develop guidelines on structural, procedural, professional characteristics of general thoracic surgery units across Europe with a particular focus on training of surgeons, quality monitoring, and patient management. The working group has published its results in May 2014 (Brunelli A et al. Eur J Cardiothorac Surg 2014; 45:779-786).

The ESTS-STS working group on standardisation of nomenclature and definition in thoracic surgery is a joint project aimed at producing internationally recognised standardised definitions of risk factors and outcomes in pulmonary surgery. The working group has finalised a document that has been published in January 2015. The ESTS-STS joint database working group is continuing his collaboration and has produced another document summarizing the variation in practice of lung cancer surgery between USA and Europe. The final document has been published in June 2016.

In addition, further collaboration has led to the creation of an Intercontinental Data Transfer Agreement which is unprecedented in our specialty and will allow future analyses on the merged data from the respective databases of the two Organisations.

The working group on Thymic Malignancies headed previously by Enrico Ruffini and now by Bernhard Moser has collected retrospective data from ESTS members. Results from the analyses of this group of patients were presented in invited lectures during the 2014 annual meeting. The group published a paper in J Thorac Oncol; 2011;6:614-21. Several other papers were then publishe in the following years (Ruffini E et al. Eur J Cardiothorac Surg. 2014 Sep;46 (3):361-8, Filosso PL, et al. Outcome of primary neuroendocrine tumors of the thymus: a joint analysis of the International Thymic Malignancy Interest Group and the European Society of Thoracic Surgeons databases. J Thorac Cardiovasc Surg. 2015 Jan;149(1):103-9 Ruffini E, et al. Report from the European Society of Thoracic Surgeons prospective thymic database 2017: a powerful resource for a collaborative global effort to manage thymic tumours. Eur J Cardiothorac Surg. 2019 Apr 1;55(4):601-609 Ruffini E, et al. The European Society of Thoracic Surgeons (ESTS) thymic database. J Thorac Dis. 2018 Oct;10(Suppl 29):S3516-S3520 Moser B, et al. Surgical therapy of thymic tumours with pleural involvement: an ESTS Thymic Working Group Project. Eur J Cardiothorac Surg. 2017 Aug 1;52(2):346-355 Leuzzi G, et al. Multimodality therapy for locally advanced thymomas: A propensity score-matched cohort study from the European Society of Thoracic Surgeons Database. J Thorac Cardiovasc Surg. 2016 Jan;151(1):47-57).

The working group on Neuroendocrine Tumours was presented in Copenhagen during the 2014 annual meeting. The working group has produced several publications that have been published in 2015 Filosso PL, et al. Multidisciplinary management of advanced lung neuroendocrine tumors. J Thorac Dis.

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2015 Apr;7(Suppl 2):S163-71. Filosso PL, et al. Prognostic model of survival for typical bronchial carcinoid tumours: analysis of 1109 patients on behalf of the European Association of Thoracic Surgeons (ESTS) Neuroendocrine Tumours Working Group. Eur J Cardiothorac Surg. 2015 Sep;48(3):441-7; Filosso PL, et al. Clinical management of atypical carcinoid and large-cell neuroendocrine carcinoma: a multicentre study on behalf of the European Association of Thoracic Surgeons (ESTS) Neuroendocrine Tumours of the Lung Working Group†. Eur J Cardiothorac Surg. 2015 Jul;48(1):55-64. Filosso PL, et al. Outcome of primary neuroendocrine tumors of the thymus: a joint analysis of the International Thymic Malignancy Interest Group and the European Society of Thoracic Surgeons databases. J Thorac Cardiovasc Surg. 2015 Jan;149(1):103-9.e2.

A new Working Group on Uniportal VATS was agreed during the ESTS annual meeting in Innsbruck 2017. The Working Group continues.

The first meeting of the new Working Group on Transplantation was held during the annual meeting in Innsbruck 2017.The Working Group continues.

The formation of a new Working Group on Tuberculosis and Lung Infections of Surgical Interest was discussed during the ESTS meeting in Dublin 2019 and members invited to apply to join the Working Group. The Working Group continues.

A new Committee, ESTS Women in General Thoracic Surgery Committee was approved by the Board of Directors in March 2021. This is a joint effort from female leaders across different countries and cultures to dedicate, encourage, enable and inspire women to fulfil their surgical career ambitions. The Committee is led by Cecilia Pompili, Leeds, UK. The Committee has created a logo which has been approved.

Together with the American Association of Thoracic Surgery, Guidelines have been developed for the Prevention of Postoperative Venothromboembolic (VTE) events in thoracic surgery and will be published. The VTE Guidelines will be presented at the 29[th] European Conference on General Thoracic Surgery, Virtual Meeting, 20-22 June 2021. Yaron Shargall from McMaster University, Canada will present.

The Society has prepared a Textbook on Thoracic Surgery chaired and organised by Dr Jaroslaw Kuzdzal. The first volume of the textbook was launched at the annual meeting in 2014 in Copenhagen. The second volume of the textbook was available by the time of the annual meeting in Lisbon, May 2015. Discussion has taken place to continue with a second edition of the textbook. A new editor has been appointed to source sub editors and a publishing company. The Textbook of Thoracic Surgery is sold out. It was agreed that no further copies of the first edition would be made available. Discussions are on hold for the second edition of the textbook.

The Society has continued to work together with the European Society for Medical Oncology and the European Society for Therapeutic Radiology and Oncology to prepare the European Lung Cancer Conference (ELCC) held in Geneva, Switzerland. The 8[th] meeting of ELCC was held 25-27 March 2021. Due to Covid-19 this meeting was held virtually. ESTS was present with member speakers and a virtual booth. The future ELCC meeting is announced as 30 March – 2 April 2022.

The Society continued to implement and use the second version of its online database, which is informing risk modelling in lung resection and beginning to provide a standard across Europe for data collection in thoracic surgery. The database is educating trainees in the importance of risk stratification and audit. A contract with a professional company Dendrite has been signed for support in collecting data. The Database Committee has produced a “Silver Book” publishing data from all European Thoracic Surgical Units participating in ESTS database. The Silver book is available online to all ESTS members through the ESTS website. The Database Report is presented during the Annual Meeting.

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The Society continued to develop an online Directory, which summarises information on thoracic surgery across European countries which will facilitate the improvement of training of thoracic surgeons. It is planned to use this resource to advertise training opportunities and training exchanges between trainees in different countries of Europe.

The Society continued with a three-tier membership fee such that low income countries surgeons will have access to low cost, high quality international meetings and will receive the Society’s journal. The same financial advantages were installed for members from low-middle income countries attending the annual conference (reduced rates for postgraduate course and annual meeting).

ESTS does not give out any grants at the moment. The ESTS Committee for Research and Education (ESTS-CRE) was created to start collecting voluntary contributions by the members as of January 2011. Donations have been received and the application for research and educational grants will open when sufficient donations have been made.

Social parts of the Societies’ activities are paid for as far as possible by individuals themselves. A complimentary Dinner held each year for the Board of Directors and guests to thank them for the work they have done through the year. As the annual meeting was virtual there was no dinner in 2020. We do not judge the social activities a material part of charitable activities.

The Society does not use volunteers to undertake charitable or income generating activities.

Factors which are relevant to the achievement of the Society’s objective:

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Financial review

Total income for the year was €487,486 (2020: €1,422,635) a decrease on the prior period. Total expenditure decreased from €1,220,298 to €462,088 giving rise to an operating surplus of €25,398 (2020: €202,337).

The charity continued for the 2020/21 financial period to obtain income mainly through sponsorship, donations, the Annual conference and membership fees.

For the last financial period the main expense was the provision of the Virtual Congress on General Thoracic Surgery, with additional expenses incurred from the private Conference Organisers.

The work of the Trustees has remained voluntary, with reimbursement only for travel expenses (Note 13) There was no Trustee travel expenses this year due to travel restrictions.

The Society’s employee base has remained the same during the last year.

This continues to be a large financial and administrative risk for the Society as one member is paid prime hourly rates and in case she has to leave for any reasons the office will remain vacant with no support.

The educational activities have continued to be organised by Torres Pardo, PCO. The new website and membership management system was launched on 16 December 2020. This has a cost saving of no postal mailing of membership invoices to members.

The trading subsidiary (ESTS Trading Company Ltd) has again remained virtually dormant during 2020/21.

Prize awards for the Virtual Conference October 2020 totalled 4000 euros Reserves Policy

The Charity held reserves of €1,151,134 at the year-end of which €12,165 was restricted.

The trustees have reviewed the charity’s need to hold reserves and consider that it is appropriate to hold six months charitable expenditure in unrestricted reserves. Based upon the March 2020 financial statements this equates to €610,149, unrestricted funds are currently at €1,138,069, approximately 10 months expenditure.

Principal Risks and Uncertainties

The major risks which have been identified mainly relate to a net loss either at the annual meeting of the Society or at any of its educational meetings. The most robust form of defence for this has been to seek sponsorship by appropriate industry and this indeed is reflected in the accounts for the Society. Financial security has been considered such that all cheques need to be signed by two signatories. Online transactions are checked by Trustee Kostas Papagiannopoulos. There is a limit of £1500 on the Society credit card for the Secretary General, £1500 for the Treasurer, £8000 for the Executive Director and only these persons hold cards. Expenditure for Board of Directors meetings and official travel has been capped at €500 for Europeans and €2000 for the International Board of Directors. Our contract with our journal publisher has been renegotiated to make our major expense (journal printing and distribution) substantially less per capita. This has enabled us to increase our membership, provide a three tier membership fee structure for lower income countries and this in turn has strengthened our membership base.

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The contract with the official Journal hasn’t been signed yet.

Subsequent to Brexit taking effect on the 1st January 2021, we did not experience any impact or problem with the delivery of charitable activities. The Society will continue to provide high quality scientific education, training and credentialing of thoracic surgeons. The Board of Directors will review the situation periodically to plan any adjustment that may become necessary and will seek advice accordingly.

Plans for future periods

Organise the 29th European Conference on General Thoracic Surgery – Virtual Meeting, 20-22 June 2021 Due to the pandemic Covid-19 the decision was made that the next physical meeting would be postponed until 2022 and is planned to be held in The Hague, The Netherlands.

Due to the pandemic of Covid-19 on site educational events were postponed. Educational webinars continued on a monthly basis. With the support of Baxter a series of six webinars on a specialist subject were held from March to May 2021.

Re negotiate a new contract for the official Journal of the Society.

From October 2020, the European Journal of Cardiothoracic Surgery became online only. This has reduced the cost of the journal.

Re-structure administration (Membership management system renewed, support for officers) Re-visit employee contracts (transition from charity into a charity by incorporation).

Committee for ESTS Women in General Thoracic Surgery was created and continues to be active

Webinars with support of industry to be organised

Decision made by Board of Directors for the ESTS 29th European Conference, June 2021, to be held as Virtual Congress. Organisation of a virtual congress provides cost savings in terms of venue, speaker travel reimbursements, social events but the sponsorship from industry is reduced. Registration fees are reduced compared to a physical meeting.

Due to the pandemic of Covid-19, the 29th European Conference on General Thoracic Surgery scheduled to be held in the Hague, was rescheduled as a virtual meeting for June 2021. This followed discussion by the Trustees, Directors and Program Committee taking a balanced decision considering multiple factors, and most importantly the health and safety of the members, delegates and industry partners. In February 2021, the venue of the Hague 2021 was postponed until 2022. The decision to cancel the Hague physical conference was made in December due to the ongoing restrictions of the Covid-19 pandemic.

With the health and safety of participants being the utmost priority on site educational activities were postponed due to Covid-19.

A new Thoracic Oncology course is planned in virtual format for November 2021.

It is planned to resume some on-site educational activities in 2022. Provisional dates have been arranged for an ESTS-ERS Course to be held in Hamburg, Germany, 23-25 February 2022

Structure, governance and management

The Charity was incorporated on 13 December 2016 and was approved Charity status by the Charities Commission on 13 March 2017. The Constitution is under review to amend when a face to face physical

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European Society of Thoracic Surgeons

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meeting becomes possible due to the complexity of discussions. It is anticipated for presentation to the members for ratification at the General Assembly at the 30th European Conference on General Thoracic Surgery, The Hague, The Netherlands, 2022.

The charity is controlled by its Board of Trustees who are named on page 10, and the day to day management of the organisation is carried out by its Executive Director, Mrs Sue Hesford. The charity is administered and managed in accordance with the constitution by the members of the Executive Committee. The Trustees endorse decisions which are made by the Council. There are no unilateral decisions made by the Trustees without Council’s approval.

The charity has a wholly owned, non-charitable subsidiary, ESTS Trading Company Limited. These accounts present information about the company and about the group.

ESTS has links with the following international organisations in cardiothoracic surgery:

Co-operation is mainly in terms of reciprocal invitations to each society’s meetings but there are no formal financial or organisational ties.

Recruitment and Appointment of Trustees

There are no changes to the trustee body. The Charity has appointed as Trustees active members who can offer guidance and skills at a voluntary level. It is anticipated that one Trustee will resign next year and will be replaced by one more person.

Induction and Training of Trustees

New trustees are familiarised with the workings of the charity and their legal obligations under charity law. Trustees are encouraged to attend appropriate external courses and training events where these facilitate the undertaking of their role.

Setting the pay of the key management

The Trustees consider the key management of the charity to be the trustees and the executive director. The Trustees are not remunerated and the executive directors pay is determined by a contract with additional hours measured on a monthly basis.

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Reference and administrative details

Charity registration number 1172020
Company registration number 10523525
Trustees Kostas Papagiannopoulos
Alessandro Brunelli
Prof Jaroslaw Kuzdzal
Isabelle Schmitt-Opitz
Registered Address Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE
Executive director Mrs S Hesford
Address PO Box 159
Exeter
EX2 5SH
Bankers Royal Bank of Scotland (RBS)
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN
Statutory auditor PKF Francis Clark
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

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Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also directors of European Society of Thoracic Surgeons for the purposes of company law) are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each period which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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 Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

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

This report was approved by the trustees on 14 June 2021.

Signed on behalf of the trustees

I Opitz Trustee

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European Society of Thoracic Surgeons Year ended 31 March 2021

Opinion

We have audited the financial statements of European Society of Thoarcic Surgeons (the “Charity”) for the year ended 31 March 2021 which comprise Group Statement of Financial Activities, Group and Parent Company Balance Sheets, Group Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we

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European Society of Thoracic Surgeons Year ended 31 March 2021

identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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European Society of Thoracic Surgeons Year ended 31 March 2021

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 11, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Our responsibilities for the audit of the financial statements

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

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

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity and the sector in which it operates. The key laws and regulations we identified were Charities Act, regulations in relation to data protection (GDPR), and health and safety.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, relevant tax and pensions laws.

We discussed with management how compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the charity complies with laws and regulations and deals with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the charity’s ability to continue operating and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following: -

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As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.

We evaluated the risk of fraud through management override including that arising from management incentives. The key risks we identified were management bias in accounting judgements and estimates.

In response to the identified risk, as part of our audit work we:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our Report

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

NEIL HITCHINGS (Senior Statutory Auditor) For and on behalf of PKF Francis Clark Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE

21 October 2021

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European Society of Thoracic Surgeons

Group Statement of Financial Activities (including the Income and expenditure account)

Year ended 31 March 2021

Year
ended 31 Year ended
Unrestricted Restricted March 31 March
Funds Funds 2021 2020
Income Note € € € €
Donations and legacies
Donations and sponsorship 3 - 121,720 121,720 423,296
Donation – transfer of net assets - - - -
Charitable activities
Membership fees 4 270,603 - 270,603 268,646
Registration fees 5 75,480 - 75,480 619,006
Teaching school fees 6 3,500 - 3,500 58,410
ESMO ELCC profit share 40,380 - 40,380 30,595
Other trading activities 7
Website advertising - - - 7,500
ESTS textbook 215 - 215 22,824
Income from Investments
Interest receivable 8 108 - 108 472
Exchange rate gains/(losses) 9 15,860 - 15,860 (8,114)
––––—— ––––—— ––––—— ––––——
Total Income 406,146 121,720 527,866 1,422,635
══════ ══════ ══════ ══════
Expenditure on
Raising Funds 10 264 - 264 24,461
Charitable activities 11 340,324 121,500 461,824 1,195,837
––––—— ––––—— ––––—— ––––——
Total expenditure 340,588 121,500 462,088 1,220,298
––––—— ––––—— ––––—— ––––——
Net income and net movement of funds
for the period 65,558 220 65,778 202,337
Reconciliation of funds
Total funds brought forward 1,073,411 11,945 1,085,356 883,019
––––—— ––––—— ––––—— ––––——
Total funds carried forward 1,138,969 12,165 1,151,134 1,085,356
══════ ══════ ══════ ══════

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

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Balance sheet

As at 31 March 2021

31 March 2021 31 March 2021 31 March 2020 31 March 2020
Group Charity Group Charity
Note € € € €
Fixed assets
Tangible assets 15 2,870 2,870 3,739 3,739
Investments 16 - 100 - 100
––––—— ––––—— ––––—— ––––——
2,870 2,970 3,739 3,839
Current assets
Stocks 17 1,496 1,496 1,225 1,225
Debtors 18 256,824 415,074 415,398 573,717
Cash at bank and in hand 19 1,312,587 1,087,994 1,180,005 955,343
––––—— ––––—— ––––—— ––––——
Total Current Assets 1,570,907 1,504,564 1,596,628 1,530,285
Liabilities
Creditors: amounts falling
due within one year 20 (422,643) (356,400) (515,011) (448,768)
––––—— ––––—— ––––—— ––––——
Net current assets 1,148,264 1,148,164 1,081,617 1,081,517
––––—— ––––—— ––––—— ––––——
Total assets less current liabilities 1,151,134 1,151,134 1,085,356 1,085,356
––––—— ––––—— ––––—— ––––——
Net assets 1,151,134 1,151,134 1,085,356 1,085,356
══════ ══════ ══════ ══════
Funds
Restricted income funds 21 12,165 12,165 11,945 11,945
Unrestricted funds 1,138,969 1,138,969 1,073,411 1,073,411
––––—— ––––—— ––––—— ––––——
Total funds 1,151,134 1,151,134 1,085,356 1,085,356
══════ ══════ ══════ ══════

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

These financial statements were approved and signed by the board of trustees on 14 June 2021.

I Opitz Trustee Registered company number 10523525

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Group Statement of Cashflows

Year ended 31 March 2021

Group Group
2021 2020
Note € €
Cash used in operating activities 25 116,614 106,167
––––—— ––––——
Cashflows from investing activities
Interest income 108 472
Purchase of tangible fixed assets - (1,224)
––––—— ––––——
Cash provided by (used in) investing activities 108 (752)
––––—— ––––——
Change in cash and cash equivalents in the year 116,722 105,415
––––—— ––––——
Cash and cash equivalents at the beginning of year 1,180,005 1,082,704
––––—— ––––——
Change in cash and cash equivalents due to
exchange rate movement 15,860 (8,114)
Total cash and cash equivalents at the end of year 1,312,587 1,180,005
══════ ══════

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European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2021

1 General Information

European Society of Thoracic Surgeons is a company limited by guarantee and therefore has no share capital. The members of the company are the trustees who are also ordinary members. In the event of the charity being wound up, the liability in respect of the guarantee is limited to €1 per member of the charity.

The Charity was incorporated in England and Wales and details of the registered office can be found in the reference and administration section of the trustees’ report.

2 Accounting policies

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of accounting

The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

European Society of Thoracic Surgeons 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 note(s).

The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern. Covid 19 continues to impact on the delivery of face to face events but plans for the Hague 2022 are in place. The Trustees have reviewed this impact and do not consider this to cause an uncertainty over trading for the next 12 months due to the sufficient unrestricted funds available at 31 March 2021.

The functional and presentational currency of The European Society of Thoracic Surgeons is considered to be Euros as that is the currency of the primary economic environment in which the charity operates.

18

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

2 Accounting policies (continued)

(b) Group accounts

These financial statements consolidate the results of the charity and its wholly owned subsidiary, ESTS Trading Company Limited, on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

(c) Funds structure

Restricted funds account for those situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.

Unrestricted funds comprise accumulated surpluses and deficits on general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

(d) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity, including project management.

(e) Tangible fixed assets and depreciation

Tangible fixed assets are capitalised, and are stated at cost. For assets brought into use at the balance sheet date, depreciation is calculated to write off cost over their expected useful lives as follows:

Office Equipment 15% reducing balance Computer Equipment 25% reducing balance

(f) Investments

Fixed asset investments are stated at cost less any provision for permanent diminution in value.

19

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2021

2 Accounting policies (continued)

(g) Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost represents the purchase price. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

(h) Income

All income is included in the Statement of Financial Resources (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

(i) Pension costs

The charity operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities (SOFA).

(j) Foreign Currency Transactions and Balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

20

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2021

2 Accounting policies (continued)

(k) Critical accounting judgements and key areas of estimate uncertainty

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

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

The trustees do not consider there to be any critical judgements or estimates.

(l) Financial Instruments

Financial assets and liabilities are recognised/(derecognised) when the charity becomes/(ceases to become) party to the contractual provisions of the instrument. The charity holds the following financial assets and liabilities:

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment (doubtful debts) are recognised in the Statement of Financial Activities.

(m) Financial Performance of the charity and transfer of assets

The Charity incorporated on 13 December 2016 and was approved Charity status by the Charities Commission on 13 March 2017. Following this approval from the charities commission the assets of the charity no. 1094888 were transferred to the new registered Charitable Company no. 1172020 on 1 April 2017 and are reflected as a donation in the Statement of Financial Activity.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary ESTS Trading Company Limited on a line - by - line basis.

21

Year ended 31 March 2021

European Society of Thoracic Surgeons Notes and Accounting Policies

3. Donations and sponsorship

Year ended Year ended
31 March 31 March
2021 2020
€ €
Sponsorship 1,000 5,000
ESTS Committee for research and education 220 -
Grillo Prize 500 500
Medtronic Sponsorship (formerly Covidien) – Virtual Congress 2020 29,000 176,602
Medela Sponsorship – Virtual Congress 2020 25,000 47,000
Ethicon Sponsorship - 24,500
Johnson & Johnson – Virtual Congress 2020 25,000 -
Johnson & Johnson – Satellite Industry Webinar 2020 8,000 -
Johnson & Johnson Sponsorship – medical writing course - 4,478
Johnson & Johnson Sponsorship – Antalya in Prague course (March - (1,665)
2018)
Johnson & Johnson Sponsorship – chest wall course - 3,451
Johnson & Johnson Sponsorship – Dublin 2019 - 105,146
Johnson & Johnson – VATS lobectomy course - 3,961
MedXpert – Dublin 2019 - 9,500
Astrazeneca – Dublin 2019 - 24,823
Astrazeneca – Virtual Congress 2020 15,000 -
Philips Medical Systems – Dublin 2019 - 20,000
Intuitive Surgical – Virtual Congress 2020 8,000 -
Baxter Healthcare – VATS webinar series 2021 10,000 -
––––—— ––––——
121,720 423,296
══════ ══════

The income from donations and sponsorship was €121,720 (2020: €423,296) of which €nil was unrestricted (2020: €nil) and €121,700 was restricted (2020: €423,296).

In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements.

4. Membership fees

The income from membership fees was €270,603 (2020: €268,646) of which €270,603 was unrestricted (2020: €268,646) and €nil was restricted (2020: €nil).

22

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

5. Registration fees

Year ended Year ended
31 March 31 March
2021 2020
€ €
Virtual Congress 2020 69,880 -
Dublin 2019 - 619,006
Ljubljana 2018 5,600 -
––––—— ––––——
75,480 619,006
══════ ══════

The income from registration fees was €75,480 (2020: €619,006) of which €75,480 was unrestricted (2020: €619,006) and €nil was restricted (2020: €nil).

6. Teaching School Fees

Year ended Year ended
31 March 31 March
2021 2020
€ €
Antalya in Prague - 2,300
Institutional quality re-certification - 10,500
Medical writing course Hamburg - 6,500
Chest wall surgery course Hamburg - 11,200
ERS on thoracic oncology course Hamburg - 785
Terrorism and disaster management Strasbourg - 25
VATS lobectomy course Hamburg - 9,300
VATS advanced course Copenhagen - 17,800
Webinar Services VATS – March 2021 3,500 -
––––—— ––––——
3,500 58,410
══════ ══════

The income from teaching school fees was €3,500 (2020: €54,810) of which €3,500 was unrestricted (2020: €58,410) and €nil restricted (2020: €nil).

7. Income from trading activities

The income from trading activities was €215 (2020: €30,324) of which €215 was unrestricted (2020: €30,324) and €nil was restricted (2020: €nil).

23

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

8. Income from Investments

Income from Investments
Year ended Year ended
31 March 31 March
2021 2020
€ €
Bank interest receivable 108 472
══════ ══════

The income from investments was €108 (2020: €472) of which €108 was unrestricted (2020: €472) and €nil was restricted (2020: €nil).

9. Exchange rate gain/(loss)

Exchange rate gain/(loss)
Year ended Year ended
31 March 31 March
2021 2020
€ €
Gains/(losses) on foreign currency 15,860 (8,114)
––––—— ––––——
15,860 (8,114)
══════ ══════

The income from investments in regards to exchange rate realised gains/(losses) was €15,860 (2020: (€8,114)) of which €15,860 was unrestricted (2020: (€8,114)) and €nil was restricted (2020: €nil).

10. Expenditure on raising funds

Expenditure on raising funds
Year ended
Year ended
31 March
31 March
2021
2020
€
€
Membership ties 264
148
ESTS textbook -
24,313
––––—— ––––——
264
24,461
══════
══════

The expenditure on raising funds was €264 (2020: €24,461) of which €264 was unrestricted (2020: €24,461) and €nil was restricted (2020: €nil).

24

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

11. Expenditure on charitable activities

Year ended Year ended
31 March 31 March
2021 2020
€ €
Conference facilities - 566,382
Membership costs 4,310 4,081
ERS membership fees 2,250 -
Journal of Cardio Thoracic Surgery 66,270 88,632
Grillo Prize - 1,000
Prizes and awards 4,000 11,533
Travelling fellowships - -
Ethicon China fellowship - 7,857
Membership fees not collected 38,010 38,920
Conference facilities - Council meetings 4,167 4,711
Website expenses 34,497 18,125
Directors travel expenses - 2,916
Other committee travel expenses 159 31,086
Teaching school costs - Elancourt in Copenhagen - -
Teaching school costs – Prague March (4,194) 22,267
Teaching school costs - Medical writing course Hamburg - 3,683
Teaching school costs - International leadership & management - 632
Teaching school costs - Chest wall surgery - 16,021
Teaching school costs - ERS on thoracic oncology Hamburg 1,067 (3,302)
Teaching school costs – MIEAC course Istanbul 3,288 (742)
Teaching school costs – VATS lobectomy Hamburg 148 2,029
Teaching school costs – VATS advanced Copenhagen - 16,063
ESTS webinar 6,074 6,222
VTE Guidelines 17,050
Conference organiser costs 122,097 137,360
Dendrite database 37,645 44,946
Teaching school costs - other 8,419 1,399
Salaries 84,521 101,303
Office costs 26,151 31,420
CME accreditation costs 1,830 -
Bookkeeping costs 3,780 4,404
Depreciation 869 1,142
Governance costs:-
Audit and accountancy costs 16,115 18,656
Other 351 41
––––—— ––––——
461,824 1,195,837
══════ ══════

The expenditure from charitable activities was €461,824 (2020: €1,195,837) of which €340,324 was unrestricted (2020: €772,541) and €121,500 was restricted (2020: €423,296).

25

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

12. Net income/ (expenditure) for the period

This is stated after charging:

2021 2020
€ €
Depreciation 869 1,142
Auditor’s remuneration:
- Audit of the financial statements 7,800 16,060
- Other services 8,666 2,637

13. Staff costs and emoluments

Total staff costs were as follows:

otal staff costs were as follows:
Year ended Year ended
31 March 31 March
2021 2020
€ €
Wages and salaries 74,297 88,707
Social security costs 8,754 11,082
Pension contributions 1,470 1,514
––––—— ––––——
84,521 101,303
══════ ══════

Pension contributions for the year not yet remitted to pension providers by the end of the year amounted to €295 (2020: €305).

The average number of employees during the period, calculated on the basis of headcount, was as follows:

Year ended Year ended
31 March 31 March
2021 2020
No. No.
Administration 1 1
––––—— ––––——
1 1
══════ ══════

No employees received emoluments of €100,000 - €110,000 (2020: One employee received emoluments of €100,000- €110,000). In 2021, no trustees received reimbursed travel expenses for attending meetings amounting to €nil (2020: €2,916).

The trustees and the executive director are considered to be the key management of the charity. The trustees are not remunerated. The executive director received remuneration of €84,521 (2020: €101,303) during the period, these costs include national insurance and pension contributions.

26

Year ended 31 March 2021

European Society of Thoracic Surgeons Notes and Accounting Policies

14. Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15. Tangible fixed assets – group and charity

15. Tangible fixed assets – group and charity
Computer Office
Equipment Equipment Total
Cost € € €
At 31 March 2020 24,641 3,361 28,002
Additions - - -
––––—— ––––—— ––––——
At 31 March 2021 24,641 3,361 28,002
══════ ══════ ══════
Depreciation
At 31 March 2020 21,561 2,702 24,263
Charge for the year 770 99 869
––––—— ––––—— ––––——
At March 2021 22,331 2,801 25,132
══════ ══════ ══════
Net book values
At 31 March 2021 2,310 560 2,870
══════ ══════ ══════
At 31 March 2020 3,080 659 3,739
══════ ══════ ══════
16. Investments - Charity
2021 2020
€ €
Transfer at 1 April 2020 100 100
––––––– –––––––
Net book value at 31 March 2021 100 100
======= =======

The company owns the entire issued share capital of ESTS Trading Limited.

Commercial trading operations and investment in trading subsidiary

The wholly-owned trading subsidiary, ESTS Trading Company Limited, company registered number 6779006, which is incorporated in the United Kingdom, gift aids its taxable profit to the charity.

The registered office for the subsidiary is: Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE.

ESTS Trading Company Limited administers a travel fellowship.

The charity owns the entire issued share capital of 100 ordinary shares of €1 each.

27

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2021

16. Investments – Charity (continued)

16. Investments – Charity (continued)
2021 2020
€ €
Summary profit and loss account for year ended 31 December
Turnover - -
Cost of sales and administrative expenses (819) (820)
––––––– –––––––
Operating loss (819) (820)
––––––– –––––––
The assets and liabilities of the subsidiary were:
Current assets 224,593 224,662
Creditors: amounts falling due within one year (237,817) (237,067)
––––––– –––––––
Total assets less current liabilities (13,224) (12,405)
––––––– –––––––
Aggregate share capital and reserves (13,224) (12,405)
======= =======

17. Stocks

Group Charity Group Charity
2021 2021 2020 2020
€ € € €
Goods for resale 1,496 1,496 1,225 1,225
––––—— ––––—— ––––—— ––––——
1,496 1,496 1,225 1,225
══════ ══════ ══════ ══════
8. Debtors
Group Charity Group Charity
2021 2021 2020 2020
€ € € €
Trade debtors 178,738 178,738 346,599 346,599
Amounts due from subsidiary - 158,250 - 158,319
Prepayments & accrued income 78,086 78,086 68,799 68,799
––––—— ––––—— ––––—— ––––——
256,824 415,074 415,398 573,717
══════ ══════ ══════ ══════

18. Debtors

28

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

19. Cash at Bank

9. Cash at Bank
Group Charity Group Charity
2021 2021 2020 2020
€ € € €
Euro current account 671,767 671,767 633,067 633,067
Euro current account – trading subsidiary 224,593 - 224,662 -
Bank deposit account 71,349 71,349 52,860 52,860
Sterling current account 344,878 344,878 269,416 269,416
––––—— ––––—— ––––—— ––––——
1,312,587 1,087,994 1,180,005 955,343
══════ ══════ ══════ ══════

----- Start of picture text -----
|| |---| |20. Creditors: amounts falling due within one year|

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

Group Charity Group Charity
2021 2021 2020 2020
€ € € €
Trade creditors 21,465 21,358 31,866 31,759
Other creditors 44,414 44,414 - -
Membership fees in advance 199,306 199,306 201,004 201,004
Accruals 33,572 33,572 79,170 79,170
Other deferred income 123,886 57,750 202,971 136,835
––––—— ––––—— ––––—— ––––——
422,643 356,400 515,011 448,768
══════ ══════ ══════ ══════

Deferred income comprises sponsorship funds and membership fees that relates to future periods which has been received in advance:

ceived in advance:
€
Balance as at 1 April 2020 202,971
Amount released to income earned from charitable activities (136,835)
Amount deferred in period 57,750
–––––––
Balance as at 31 March 2021 123,886
–––––––

29

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2021

21. Restricted funds

1. Restricted funds
Balance at Incoming Outgoing Balance at 31
1 April 2020 resources resources Transfers March 2021
€ € € € €
Restricted funds
ESTS Committee for
research and education 11,945 220 - - 12,165
Medtronic (Covidien) - 29,000 (29,000) - -
Grillo Prize - 500 (500) - -
Prizes and awards - 1,000 (1,000) - -
Ethicon - - - - -
Medela Annual Meeting - 25,000 (25,000) - -
Johnson & Johnson - 33,000 (33,000) - -
Astrazeneca - 15,000 (15,000) - -
Intuitive Surgical - 8,000 (8,000) - -
Baxter Healthcare - 10,000 (10,000) - -
––––—— ––––—— ––––—— ––––—— ––––——
Total 11,945 121,720 121,500 - 12,165
══════ ══════ ══════ ══════ ══════

ESTS Committee for research and education

ESTS has requested voluntary donations from members for the purpose of supplying grants to promote research, scientific and educational activities. The application for grants will open when ESTS has sufficient donations with the aim of supporting scholarships.

Medtronic (Covidien)

This fund represents sponsorship of the annual conference, including sponsorship of the postgraduate scientific sessions within the conference.

Grillo Prize

The Grillo prize is given at the annual meeting and is donated by Massachusetts General Hospital; they donate €500 each year. ESTS contributes €500, giving a total prize of €1,000.

Prizes and awards

Donations made to the charity specifying distribution at the annual conference as prizes and awards.

Ethicon

Sponsorship for the annual conference.

Medela

Sponsorship for the annual conference.

Johnson & Johnson

Johnson & Johnson provided educational grants to administer and provide courses for thoracic surgeons on medical writing.

30

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

Astrazeneca

Sponsorship for the annual conference.

22. Restricted funds – prior year comparative

Balance at Incoming Outgoing Balance at 31
1 April 2019 resources resources Transfers March 2020
€ € € € €
Restricted funds
ESTS Committee for
research and education 11,945 - - - 11,945
Medtronic (Covidien) - 176,602 (176,602) - -
Grillo Prize - 500 (500) - -
Prizes and awards - 5,000 (5,000) - -
Ethicon - 24,500 (24,500) - -
Medela Annual Meeting - 47,000 (47,000) - -
Johnson & Johnson - 115,371 (115,371) - -
MedXpert 9,500 (9,500) - -
Astrazeneca 24,823 (24,823) - -
Philips Medical Systems 20,000 (20,000) - -
––––—— ––––—— ––––—— ––––—— ––––——
Total 11,945 423,296 (423,296) - 11,945
══════ ══════ ══════ ══════ ══════

ESTS Committee for research and education

ESTS has requested voluntary donations from members for the purpose of supplying grants to promote research, scientific and educational activities. The application for grants will open when ESTS has sufficient donations with the aim of supporting scholarships.

Medtronic (Covidien)

This fund represents sponsorship of the annual conference, including sponsorship of the postgraduate scientific sessions within the conference.

Grillo Prize

The Grillo prize is given at the annual meeting and is donated by Massachusetts General Hospital; they donate €500 each year. ESTS contributes €500, giving a total prize of €1,000.

Prizes and awards

Donations made to the charity specifying distribution at the annual conference as prizes and awards.

Ethicon

Sponsorship for the annual conference.

Medela

Sponsorship for the annual conference.

31

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2021

Johnson & Johnson

Johnson & Johnson provided educational grants to administer and provide courses for thoracic surgeons on medical writing.

MedXpert

Sponsorship for the annual conference.

23. Analysis of group net assets between funds

Unrestricted Restricted Total Funds
Funds Funds
€ € €
Tangible fixed assets 2,870 - 2,870
Cash at bank and in hand 1,300,422 12,165 1,312,587
Other net current liabilities (164,323) - (164,323)
––––—— ––––—— ––––——
1,138,969 12,165 1,151,134
══════ ══════ ══════
Analysis of group net assets between funds - prior year comparative
Unrestricted Restricted Total Funds
Funds Funds
€ € €
Tangible fixed assets 3,739 - 3,739
Cash at bank and in hand 1,168,060 11,945 1,180,005
Other net current liabilities (98,388) - (98,388)
––––—— ––––—— ––––——
1,073,411 11,945 1,085,356
══════ ══════ ══════

24. Analysis of group net assets between funds - prior year comparative

32

Year ended 31 March 2021

European Society of Thoracic Surgeons Notes and Accounting Policies

25. Reconciliation of net movement in funds to net cash flow from operating activities

Group 2021 Group 2020
€ €
Net income/(expenditure) for the period 65,778 202,337
Adjustments:
Depreciation charge 869 1,142
Interest received (108) (472)
Exchange rate (gains)/losses (15,860) 8,114
Decrease / (increase) in stock (271) 358
(Increase) / decrease in debtors 158,574 92,986
Increase / (decrease) in creditors (92,368) (198,298)
––––—— ––––——
Net cash provided by (used in) operating activities 116,614 106,167
══════ ══════

26. Related Party Transactions

Medycyna Praktyczna S.K.

(Company co-owned by a trustee)

During the period European Society of Thoracic Surgeons purchased ESTS textbooks from Medycyna Prakrtyczna totalling €nil (2020: €24,313). The balance due to Medycyna Practyczna at the period end was €nil (2020: €nil).

33