| CONTENTS | Page | |||
|---|---|---|---|---|
| Trustees' Annual |
Report (including | administrative | details) | |
| Independent Auditor's Report |
16 | |||
| Group Statement | of Financial Activities | 20 | ||
| Balance Sheets | 21 | |||
| Group Statement | ofCashflows | 22 | ||
| Notes forming part ofthe financial |
statements | 23 |
| Charity registration | Charity registration | Charity registration | number | 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 | ||||||
| EX27XE | ||||||
| Executive | director | Mrs SHesford | ||||
| Address | PO Box159 | |||||
| Exeter | ||||||
| EX25SH | ||||||
| Bankers | Royal Bank | ofScotland (RBS) | ||||
| Drummond | House | |||||
| 1 Redheughs | Avenue | |||||
| Edinburgh | ||||||
| EH12 9JN | ||||||
| Statutory | auditor | PKF Francis | Clark | |||
| Centenary House |
||||||
| Peninsula Park |
||||||
| Rydon Lane | ||||||
| Exeter | ||||||
| EX27XE |
| Year | ||||||
|---|---|---|---|---|---|---|
| ended 31 | Year ended | |||||
| Unrestricted | Restricted | March | 31March | |||
| Funds | Funds | 2022 | 2021 | |||
| Income | Note | |||||
| Donations and legacies | ||||||
| Donations and sponsorship |
308,000 | 308,000 | 121,720 | |||
| Charitable activities |
||||||
| Membership fees |
278,029 | 278,029 | 270,603 | |||
| Registration fees |
73,299 | 73,299 | 75,480 | |||
| Teaching school fees | 51,325 | 51,325 | 3,500 | |||
| ESMO ELCC profit share 8'" International Thoracic Oncology |
96,174 | 96,174 | 40,380 | |||
| Symposium profit share |
3,157 | 3,157 | ||||
| Other trading activities | ||||||
| Website advertising | 6,500 | 6,500 | ||||
| ESTStextbook | 215 | |||||
| Income from Investments | ||||||
| Interest receivable | 33 | 33 | 108 | |||
| Exchange rate gains/(losses) | (110) | (110) | 15,860 | |||
| Total Income | 508,407 | 308,000 | 816,407 | 527,866 | ||
| Expenditure on |
||||||
| Raising Funds | 10 | 206 | 206 | 264 | ||
| Charitable activities |
11 | 141,204 | 308,000 | 449,204 | 461,824 | |
| Total expenditure | 141,410 | 308,000 | 449,410 | 462,088 | ||
| Net income and net movement | offunds | |||||
| for the period | 366,997 | 366,997 | 65,778 | |||
| Reconciliation offunds |
||||||
| Total funds brought forward |
1,138,969 | 12,165 | 1,151,134 | 1,085,356 | ||
| Total funds carried forward | 1,505,966 | 12,165 | 1,518,131 | 1,151,134 |
| 31 March 2022 | 31 March 2022 | 31 March | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||||||
| Note | |||||||||
| Fixed assets | |||||||||
| Tangible assets Investments |
15 16 |
2,208 | 2,208 100 |
2,870 | 2,870 100 |
||||
| 2,208 | 2,308 | 2,870 | 2,970 | ||||||
| Current assets | |||||||||
| Stocks | 17 | 1,212 | 1,212 | 1,496 | 1,496 | ||||
| Debtors | 18 | 485,134 | 643,384 | 256,824 | 415,074 | ||||
| Cash at bank | and | in | hand | 19 | 2,281,433 | 2,056,888 | 1,312,587 | 1,087,994 | |
| Total Current Assets | 2,767,779 | 2,701,484 | 1,570,907 | 1,504,564 | |||||
| Liabilities | |||||||||
| Creditors: amounts | falling | ||||||||
| due within one year | 20 | (1,251,856) | (1,185,613) | (422,643) | (356,400) | ||||
| Net current | assets | 1,515,923 | 1,515,871 | 1,148,264 | 1,148,164 | ||||
| Total assets | less | current | liabilities | 1,518,131 | 1,518,179 | 1,151,134 | 1,151,134 | ||
| Net assets | 1,518,131 | 1,518,179 | 1,151,134 | 1,151,134 | |||||
| Funds | |||||||||
| Restricted income |
funds | 21 | 12,165 | 12,165 | 12,165 | 12,165 | |||
| Unrestricted | funds | 1,505,966 | 1,506,014 | 1,138,969 | 1,138,969 | ||||
| Total funds | 1,158,131 | 1,518,179 | 1,151,134 | 1,151,134 |
| Group | Group | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Note | |||||||
| Cash used in operating activities |
25 | 968,923 | 116,614 | ||||
| Cashflows from investing |
activities | ||||||
| Interest income | 33 | 108 | |||||
| Purchase oftangible fixed assets |
|||||||
| Cash provided by (used in) investing |
activities | 33 | 108 | ||||
| Change in cash and cash |
equivalents | in the | year | 968,956 | 116,722 | ||
| Cash and cash equivalents | at the | beginning | ofyear | 1,312,587 | 1,180,005 | ||
| Change in cash and cash |
equivalents | due to | |||||
| exchange rate movement | (110) | 15,860 | |||||
| Total cash and cash equivalents | at the end ofyear | 2,281,433 | 1,312,587 |
| Year ended | Year ended | |
|---|---|---|
| 31 March | 31March | |
| 2022 | 2021 | |
| Sponsorship ESTSCommittee for research and education |
1,000 | 1,000 220 |
| Grillo Prize | 500 | |
| Medtronic Sponsorship (formerly Covidien) —Virtual Congress 2020 |
29,000 | |
| Medtronic Sponsorship (formerly Covidien) —Virtual Congress 2021 |
50,000 | |
| Medtronic Sponsorship (formerly Covidien) —Robotic Database support Medela Sponsorship —Virtual Congress 2020 |
15,000 | 25,000 |
| Medela Sponsorship —Virtual Congress 2021 Johnson &Johnson —Virtual Congress 2020 |
25,000 | 25,000 |
| Johnson &Johnson —Virtual Congress 2021 |
25,000 | |
| Johnson &Johnson —Satellite industry Webinar 2020 |
8,000 | |
| Astrazeneca —Virtual Congress 2020 | 15,000 | |
| Astrazeneca —Virtual Congress 2021 |
50,000 | |
| Intuitive Surgical —Virtual Congress 2020 |
8,000 | |
| Intuitive Surgical —Virtual Congress 2021 |
19,500 | |
| Roche —Virtual Congress 2021 | 25,000 | |
| Eziburg Global Trading —Virtual Congress 2021 | 50,000 | |
| Bristol Myers Squibb —Virtual Congress 2021 | 15,000 | |
| Stryker Pacific —Virtual Congress 2021 Baxter Healthcare —VATS webinar series 2021 |
12,500 20,000 |
10,000 |
| 308,000 | 121,720 |
| Year ended | Year ended | |
|---|---|---|
| 31 March | 31March | |
| 2022 | 2021 | |
| Virtual Congress 2020 | 69,880 | |
| Virtual Congress 2021 | 73,299 | |
| Ljubljana 2018 | 5,600 | |
| 73,299 | 75,480 |
| Year ended | Year ended | ||
|---|---|---|---|
| 31 March | 31March | ||
| 2022 | 2021 | ||
| Knowledge | Track —May 2021 - Virtual | 10,650 | |
| Knowledge | Track —March 2022 —Prague | 22,675 | |
| Institutional | accreditation | 18,000 | |
| Webinar Services VATS —March 2021 | 3,500 | ||
| 51,325 | 3,500 |
| Inco | me from | Investments | ||||
|---|---|---|---|---|---|---|
| Year | ended | Year | ended | |||
| 31 | March | 31 | March | |||
| 2022 | 2021 | |||||
| Bank | interest | receivable | 33 | 108 |
| Exchange rate | gain/(loss) | ||
|---|---|---|---|
| Year ended | Year ended | ||
| 31 March | 31March | ||
| 2022 | 2021 | ||
| Gains/(losses) | on foreign currency | (110) | 15,860 |
| (110) | 15,860 |
| Expenditure | on raising funds | ||
|---|---|---|---|
| Year ended | Year ended | ||
| 31 March | 31March | ||
| 2022 | 2021 | ||
| Membership | ties | 206 | 264 |
| ESTStextbook | |||
| 206 | 264 |
| Expenditure on charitable acti |
viti | es | ||||
|---|---|---|---|---|---|---|
| Year ended | Year ended | |||||
| 31March | 31March | |||||
| 2022 | 2021 | |||||
| Conference facilities |
||||||
| Membership costs |
3,839 | 4,310 | ||||
| ERS membership fees |
3,150 | 2,250 | ||||
| Journal of Cardio Thoracic Surgery | 17,160 | 66,270 | ||||
| Grillo Prize | ||||||
| Prizes and awards | 4,000 | 4,000 | ||||
| Travelling fellowships |
||||||
| Ethicon China fellowship | ||||||
| Membership fees not collected |
44,135 | 38,010 | ||||
| Conference facilities - Council meetings | 2,114 | 4,167 | ||||
| Website expenses | 14,354 | 34,497 | ||||
| Directors travel expenses | 105 | |||||
| Other committee travel expenses |
3,718 | 159 | ||||
| Teaching school costs —Prague | March | (4,194) | ||||
| Teaching school costs - ERS on | thoracic | oncology | Hamburg | 1,067 | ||
| Teaching school costs —MIEAC | course Istanbul | 3,288 | ||||
| Teaching school costs —VATS lobectomy | Hamburg | 148 | ||||
| Teaching school costs —Knowledge | Track —May 2021 —Virtual | 175 | ||||
| Teaching school costs —Knowledge | Track —March | 2022 —Prague | 1,344 | |||
| ESTSwebinar | 3,392 | 6,074 | ||||
| Conference organiser costs |
152,623 | 122,097 | ||||
| Dendrite database | 44,225 | 39,475 | ||||
| Teaching school costs - other | 8,345 | 8,419 | ||||
| Salaries | 97,285 | 84,521 | ||||
| Office costs | 28,137 | 26,151 | ||||
| CME accreditation costs |
||||||
| Bookkeeping costs | 5,440 | 3,780 | ||||
| Depreciation | 662 | 869 | ||||
| Governance costs:- |
||||||
| Audit and accountancy | costs | 14,960 | 16,115 | |||
| Other | 41 | 351 | ||||
| 449,204 | 461,824 |
| This is stated after charging: | This is stated after charging: | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Depreciation | 662 | 869 | |
| Auditor's | remuneration: | ||
| Audit ofthe financial statements | 8,300 | 7,800 | |
| Other services | 6,660 | 8,666 |
| otal staff costs were as follows: | ||
|---|---|---|
| Year ended | Year ended | |
| 31March | 31March | |
| 2022 | 2021 | |
| Wages and salaries Social security costs Pension contributions |
85,617 10,147 1,521 |
74,297 8,754 1,470 |
| 97,285 | 84,521 |
| The average number of employees during the |
period, calculated on the basis ofhea |
dcount, w |
as as f | ollows: |
|---|---|---|---|---|
| Year | ended | Year | ended | |
| 31 | March | 31 | March | |
| 2022 | 2021 | |||
| No. | No. | |||
| Administration | 1 | 1 |
| 15. Tangible fix | ed assets —group and charity | |||
|---|---|---|---|---|
| Computer | Office | |||
| Equipment | Equipment | Total | ||
| Cost | ||||
| At 31 March 2021 | 24,641 | 3,361 | 28,002 | |
| Additions | ||||
| At 31 March 2022 | 24,641 | 3,361 | 28,002 | |
| Depreciation | ||||
| At 31 March 2021 | 22,331 | 2,801 | 25,132 | |
| Charge for the year | 578 | 84 | 662 | |
| At March 2022 | 22,909 | 2,885 | 25,794 | |
| Net book values | ||||
| At 31 March 2022 | 1732 | 476 | 2,208 | |
| At 31 March 2021 | 2,310 | 560 | 2,870 | |
| 16. Investments | - Charity | |||
| 2022 | 2021 | |||
| Cost at 31 March | 2021 and 31 March 2022 | 100 | 100 | |
| Net book value | at 31 March 2022 | 100 | 100 |
| 16. Investments | —Charity (continued) | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Summary profit |
and loss account for year ended 31December | |||
| Turnover | ||||
| Cost ofsales and | administrative expenses |
(798) | (819) | |
| Operating loss |
(798) | (819) | ||
| The assets and Current assets |
liabilities ofthe subsidiary | were: | 224,545 | 224,593 |
| Creditors: amounts falling due within one year |
(238,567) | (237,817) | ||
| Total assets less | current liabilities |
(14,022) | (13,224) | |
| Aggregate share |
capital and reserves | (14,022) | (13,224) |
| Group | Charity | Group | Charity | |||
|---|---|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | |||
| Goods | for | resale | 1,212 | 1,212 | 1,496 | 1,496 |
| 1,212 | 1,212 | 1,496 | 1,496 |
| 8. Debtors | |||||
|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||
| 2022 | 2022 | 2021 | 2021 | ||
| Trade debtors | 185,449 | 185,449 | 178,738 | 178,738 | |
| Amounts due Prepayments |
from subsidiary 6accrued income |
299,685 | 158,250 299,685 |
78,086 | 158,250 78,086 |
| 485,134 | 643,384 | 256,824 | 415,074 |
| 9. Cash at Bank | |||||
|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||
| 2022 | 2022 | 2021 | 2021 | ||
| Euro current account | 1,567,358 | 1,567,358 | 671,767 | 671,767 | |
| Euro current account —trading | subsidiary | 224,545 | 224,593 | ||
| Bank deposit account | 89,540 | 89,540 | 71,349 | 71,349 | |
| Sterling current account | 399,990 | 399,990 | 344,878 | 344,878 | |
| 2,281,433 | 2,056,888 | 1,312,587 | 1,087,994 |
| Group | Charity | Group | Charity | ||
|---|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | ||
| Trade creditors | 20,049 | 19,942 | 21,465 | 21,358 | |
| Other creditors | 46,537 | 46,537 | 44,414 | 44,414 | |
| Membership fees in advance |
201,667 | 201,667 | 199,306 | 199,306 | |
| Accruals | 29,777 | 29,777 | 33,572 | 33,572 | |
| Other deferred | income | 953,826 | 887,690 | 123,886 | 57,750 |
| 1,251,856 | 1,185,613 | 422,643 | 356,400 |
| 1. Restricted fun | ds | |||||
|---|---|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Balance at 31 | |||
| 1 April 2021 | resources | resources | Transfers | March 2022 | ||
| Restricted funds | ||||||
| ESTSCommittee | for | |||||
| research and education |
12,165 | 12,165 | ||||
| Medtronic (Covidien) |
65,000 | (65,000) | ||||
| Grillo Prize | ||||||
| Prizes and awards | 1,000 | (1,000) | ||||
| Medela | 25,000 | (25,000) | ||||
| Johnson 5Johnson | 25,000 | (25,000) | ||||
| Astrazeneca | 50,000 | (50,000) | ||||
| Intuitive Surgical |
19,500 | (19,500) | ||||
| Roche | 25,000 | (25,000) | ||||
| Eziburg Global Trading | 50,000 | (50,000) | ||||
| Bristol Myers Squibb | 15,000 | (15,000) | ||||
| Stryker Pacific | 12,500 | (12,500) | ||||
| Baxter Healthcare | 20,000 | (20,000) | ||||
| Total | 12,165 | 308,000 | (308,000) | 12,165 |
| Balance at | Incoming | Outgoing | Balance at 31 | ||||
|---|---|---|---|---|---|---|---|
| 1 April 2020 | resources | resources | Transfers | March 2021 | |||
| Restricted | funds | ||||||
| ESTSCommittee | 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 8 | Johnson | 33,000 | (33,000) | ||||
| MedXpert | 15,000 | (15,000) | |||||
| Astrazeneca | 8,000 | (8,000) | |||||
| Philips Medical Systems | 10,000 | (10,000) | |||||
| Total | 11,945 | 121,720 | 121,500 | 12,165 |
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | |||
| Tangible fixed assets | 2,208 | 2,208 | ||
| Cash at bank and | in hand | 2,269,268 | 12,165 | 2,281,433 |
| Other net current | liabilities | (765,510) | (765,510) | |
| 1,505,966 | 12,165 | 1,518,131 |
| 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 |
| Group 2022 | Group 2021 | ||||
|---|---|---|---|---|---|
| Net income/(expenditure) | for the | period | 366,997 | 65,778 | |
| Adjustments: | |||||
| Depreciation charge |
662 | 869 | |||
| Interest received | (33) | (108) | |||
| Exchange rate (gains)/losses | 110 | (15,860) | |||
| Decrease /(increase) | in | stock | 284 | (271) | |
| (Increase) / decrease |
in | debtors | (228,310) | 158,574 | |
| Increase /(decrease) | in | creditors | 829,213 | (92,368) | |
| Net cash provided by operating |
activities | 968,923 | 116,614 |