DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons IA company limited by guarantee) Annual Report and Consolidated Financial Statements Year ended 31 March 2024 Registered charity number 1172020 Registered company number 10523525 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 CONTENTS Page Tmstees. Annual Report (including administrative details) Independent Auditor's Report 17 Group Statement of Financial Activities 21 Balance Sheets 22 Group Statement of Cashflows 23 Notes forming part of the financial statements 24 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 The Trustees of The European Society of Thoracic Surgeons are pleased lo present their annual report together with the consolidated financial statements of the charity and ils subsidiary for the year ended 31 March 2024 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Structurei govemance and management 1. The goveming document (The Conslitulionl was amended in 2016, approved by the Charity Commission and approved at the General Assembly on the 31 May 2016 . Following extensive complex discussions the Constitution was amended and presented to the members for ratification at the General Assembly at the 30th European Conference on General Thoracic Surgery, The Hague, The Netherlands, June 2022. This was approved 2. Appointed by the Board of Directors 3. Not applicable 4. Training by current Trustees 5. Charity Trustees endorse decisions that are made by the Board of Directors. There are no unilateral decisions made by Trustees without Board of Directors, approval 6. Not applicable 7. ESTS has links with the following international organisalions in cardiolhoracic surgery- Society of Thoracic Surgeons ISTS} American Association for Thoracic Surgery IAATSI Japanese Association for Chest Surgery IJACSI Asian Society for Cardiovas¢ular and Thora¢ic Surgery IASCVTSI Brazilian Society of Thoracic Surgeons ISBCTI Chinese Association of Thoracic Surgery ICATSI European Respiratory Society IERSI European Society for Medical Oncology {ESMOI European Society for Therapeutic Radiology and Oncology IESTROI International Thymic Malignancy Interest Group IITMIGI International Society for Diseases of the Esophagus IISDEI International Association for the Study of Lung Cancer IIASLCI 8. The major risks which have been identified mainly relate lo a nel loss either al the annual meeting of the Society or at any of ils educational meetings. The most robust form of defence for this has been lo 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 lo be signed by two signatories. The￿ is a limit of £1500 on the Society credit card for the Secretary General, £1500 for the Treasurer, £5,000 for the Executive Director and only the Executive Director currently holds a card. Expenditure for Board of Directors meetings and official travel has been capped al É750 for Europeans and É1500 for the International Board of Directors, there is allowance for a maximum of 2500 for travel over 3500 nautical miles. Our contract with our journal owner is being renegotiated as the journal costs are significantly lower being an online only journal since December 2020. This has enabled us to increase our membership, provide a Ihree-lier membership fee stnjcture for lower income countries and this in turn has strengthened our membership base. DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 Objectives and Activities The Charity's objects 1.the objects"} are.. The advancement of education by the study and practice of Thoracic Surgery and related medical subjects. Note This involves the organizalion of European Board Exams in Thoracic Surgery, organizing annual conferences, supporting scientific publications in thoracic surgery and facililaling exchange of teachers and trainees in thoracic surgery. In so doing the Charity will be able to provide advice and support for European authorities on matters concerning thoracic surgery, and coordinate the systematic collection of dats on thoracic surgical activity and outcome. ultimately the Charity exists for the benefit of patients with thoracic surgical diseases. Achigvgmgnts and pgrformancg Within the last year, the Society has successfully= Organised the 31st European Conference on General Thoracic Surgery, in person 4-6 June 2023 in Milan, Italy. There were 1,197 attendees. Travel from some Asian countries was still not permitted due to Covid regulations which affected the registration numbers. The comprehensive program was delivered in person. There were 93 oral abstract presentations, 12 video presentations and 163 posters. Two attendees were awarded with ESTS prizes.. Brompton 200( and Young Investigator Award 2000E. The conlenl was made available on demand lo registered participants three months after the meeting. The 315l European Conference was the 30th Anniversary of ESTS. The Founding Fathers were invi(ed lojoin the meeting lo celebrate and were honoured on stage during the Opening Ceremony. They were congratulated and p￿sented with certificates and medals. Organised the ESTS School of Thoracic SLJrgery Knowledge Track Course, onsite in Prague, Czech Republic, 18-22 March 2024. The course was full with 45 participants wrfch participants from 45 countries. There were 9 onsite faculty and 17 virtual lectures. There were live presentations, live webinars with an international faculty. Organised the practical course on Video Assisted Thoracic Surgery IVATSI on 25-27 OCto￿r 2023 in Hamburg, Germany. The course was full with 23 participants from 23 countries, There were 7 onsite faculty and 2 virtual. Theoretical lectures and practical sessions. The course was aimed at Senior Residents or young attendees with minimal VATS lobeclomy experience. Elhicon supported this course. The practical Advanced Video-Assisted Thoracic Surgery course was held in Copenhagen, Denmark on the 27-28 November 2023. The course included theoretical lectures and live surgery The course was fully booked with 23participanls from 23 countries. The course was aimed al DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 fellows and consultants with VATS lobectomy experience of more than 50 cases seeking to expan their VATS practice. This course was supported by Medtronic. Organised monthly educational webinars from October lo May on aspects of thoracic surgery with online multidisciplinary discussion and debates. Average attendees 400, webinars attended by participants worldwide. The webinars are offered free of charge. Replays are available to members only through the ESTS website. This is lo encourage application for membership. Organised webinars with the Society of Thoracic Surgeons on Robotic Surgery with speakers from both societies. These webinars were offered free of charge. Organised webinars with industry partners which has increased the income. These webinars are offered free of charge but without the opportunity to watch the replay or download. Organised Course on Scientific Medical Communication on the 1-2 November 2023 in Prague, Czech Republic. The course had a lolal of 8 registrations and 4 on site faculty The course is intended lo improve oral and wrillen communication skills in medicine through beller research methodology, written style and performance on stage. Or anised Surve March 2024 Training in General Thoracic Surgery in Europe. Designed to evaluate the current training situation and wmparing it lo a previous evaluation performed in 2010. The aim is lo understand the past and present to pave the way for the future of thoracic surgery. This survey is currently active. 2024. In collaboration with the Society of Thoracic Surgeons ISTSI there is discussion for a survey on the increasing role ofAI technology lo compare American and European perspectives and opinions and how lo address the introduction and regulation of Al lo best safeguard patients. Discussions took place with University Hospital of Basel, Switzedand, to collaborate lo organise the Chest Wall Course in Basel. The organisers in Basel have four years, experience in organising successful courses making available a variety of surgical products for the participants. The previous courses in Hamburg had limited surgical produds available for the course. This would improve the educational conlenl and benefit lo participants. 11 is expected lo organise the course on a 50150 share profil or loss. Oespile inf(ial contact with University Hospital of Basel, discussions did not progress. The Director of Education together with the Board of Directors approached a venue in Leuven, Belgium lo arrange the chest wall course in October 2022. This was held on the 4-6 October 2022, a course designed for thoracic surgeons willing to expand their theoretical knowledge as well as their practical skills in the treatment of chest wall disorders. The Course was full with 24 registrations from 12 countries. The course was of interest lo the industry partners who supported the course. Following the success of the first course, the course was held on 27-29 September 2023 in Leuven, Belgium, There were 23 participants, 8 onsite faculty and 14 virtual faculty. DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 The ESTS-ERS course on Lung Cancer was cancelled in 2020. Zurich Swillerland was proposed as a new venue having good facilities al the airport and easy lo reach. The dales have been agreed for 13-15 February 2023. The ESTS-ERS Course on Thoracic Oncology was held in collaboration with the European Respiratory Society, the largest scientific and clinical in respiratory medicine in Europe. The course was aimed at clinicians with a focus on lung cancer diagnosis and treatment to provide an update of the screening, diagnosis and treatment of potentially operable lung cancer. The course was extended lo accommodate 100 participants. Hands-on Workshops were included in the program, sponsored by industry. The feedback from the course was very positive and a profit expected. It is anticipated to repeal this course in 2024 and the timing is being discLJssed. The next ESTS-ERS course will be led by the Society ERS and currently in discussions for the liming and planning. In co-operation with Vienna Medical University the 4th Vienna-ESTS Laryngolracheal Course was arranged for the 5-7 March 2020 and cancelled due lo the Covid-19 pandemic. The course will be reorganised at a future date. The Course was rearranged for the 1-2 March 2023 with maximum attendance. On the final day there was an optional wet lab. The Course attracted 208 participants and an international faculty of 26. This course was arranged on a 50150 share profitlloss and figures awaited from the organisers in Vienna. The course was very successful and provided an income to ESTS of approximately É38,000. A further mulli-society symposium is being arranged with STSIEACTSIESTS in Rio de Janeiro, Brazil on the 13-14 November 2020. Due lo Covid-19 pandemic will be reorganised at a future date. No dale has been arranged yet. This has been arranged for the 17-19 May 2023 and the President Elect gave a presentation. The President was also an invited speaker. Collaboration with the Brazilian Society of Thoracic Surgery is on-going and at the XXIII Congress of the Brazilian Society a special session has been organised between societies STS- ESTS-EACTS-STS. Discussions are continLJing for future collaboration with a meeting of LatAM societies planned for late 2023 or early 2024. Following the discussions, the STSIEACTSIESTSILATAM conference was held in Rio de Janeiro, Brazil on the 1-2 December 2023. International faculty gave lectures and keynote presentations, and the program included original scienttfic oral and poster sessions, technical videos related to procedural expertise, trials and quality outcomes sessions together with interactive panel discussions. This joint societal conference strengthened collaboration and promoted the 32nd European Conference on General Thoracic Surgery being held in Barcelona in May 2024. The ESTS Robotic Academy of Thoracic Surgery was launched in the Hague 2022 and applications opened. The Academy is a one-year education program involving practical training, observerships and six-month fellowships. Eight fellows were selected. The first COLJrse for two days was held in ORSI, Belgium in January 2023 with learning experien￿ aimed at console experience, basic and dissection skills, wet lab. The second two-day course was held on the 5-6 April 2023 at the Medical Training Cenlre, Rouen, France and provided information on new technologies and nolech process for safety and perfomiance. The Fellows have been given DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 access lo the Society of Thoracic Surgeons robotic webinar program. The Fellows and educational courses are supported by Intuitive. Four of the 8 fellows have completed their robotic fellowships, three are in progress and one will start later in the year. A grant application is being made lo Inluilive, lo be submitted by the 31 March 2024, to support the organisation and running of a second Robotic Academy starting in 2025. ESTS is the first Society lo have arranged a curriculum on robotic thoracic surgery and this has involved intensive work. A Library of Videos from the ESTS Textbook has been developed bythe Committee for Learning Affairs and video links uploaded to the website. This is restricted lo members. Co-operation with other societies for joint scientific sessions continues such as with the Society of Thoracic SLJrgeons, American Association of Thoracic Surgery, Japanese Association for Chest SLJrgery, European Respiratory Society, Chinese Association for Thoracic Surgery. Collaboration with the Brazilian Society of Thoracic Surgery is on-going and at the XXIII Congress of the Brazilian Society a special session has been organised between swieties STS- ESTS-EACTS-STS. Discussions are continLJing for future collaboration with a meeting of LatAM societies planned for late 2023 or early 2024. A course on Minimally Invasive Esophageclomy and Anastomosis has been arranged in Istanbul, Turkey on the 18-19 April 2024. The COLJrse is full with 12 participants. The faculty will present lectures and offer a wet lab practical session. This course has been supported by Medtronic. new course on ECMO (Exlracorporeal membrane oxygenalion} a complicated and specialised procedure for patients undergoing lung transplantation will be organised in ZLJrich, Switzerland in December 2024. To further promote the educational events a social media manager has been appointed and has created the ESTS web TV channel where webinars can be replayed, interviews from educational events viewed, announcements of educational events. Discussions have taken place with the Italian Society of Thoracic Surgeons ISICT} to organise a joint scientific meeting, the First ESTS-Ilalian Chapter Meeting, as a local event to promote engagement of national faculty and members lo foster collaboration between the two organisations. A Memorandum of Understanding has been signed with regards to the financial aspects with 50150 share profil or loss. The first meeting will be held in Rome, Italy, 27-29 May 2022. Similar discussions are ongoing with the Society of Cardiolhoracic Surgeons in the UK. DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 The first meeting of the ESTS Italian Chapter was held in Rome, ltsly on the 27-29 May 2022 and was very well allended. The meeting was Chaired by the ESTS President and the President of the ltslian Society together with the ESTS Regent. The topics included aspects of Surgical Treatment of Lung Cancer and Challenges for Daily Practice promoting excellent inleraclivily and discussion. The meeting was very successful and achieved the aim lo enhan collaboration between the two Societies. The meeting was supported by industry. The rinancial balance of the meeting was neutral. As the ESTS annual meeting was held in Milan 2023, the second ESTS-Ilalian Chapter Meeting was planned for 2024. The meeting has been arranged by the Italian Society for May 2024 and will include invited speakers from ESTS. Co-operation with the Sttiety of Thoracic SLJrgeons ISTSI has extended with meetings of both leadership to discLJSS other projects of joint collaboration. In March 2022, STS proposed inviting the ESTS Director of the Database to join the STS Database Committee with a reciprocal agreement for STS to be represented on the ESTS Database Committee. This was accepted as an honour. The aim will be to harmonise the two databases. A new Working Group was agreed on Fil to Perform and will hold their first meeting in Milan 2023. A new Working Group for Nurses and Allied Health Professionals was established in June 2023 following the successful Nurses and Allied Health Professionals symposia held at the annual meetings. In February 2024, the Board of Directors discussed a new membership category for Nurses and Allied Health Professionals, and this was agreed. Legal advice is being sought lo amend the Articles and this will be presented al the General Assembly al the 32nd European Conference on General Thoracic Surgery in Barcelona May 2024. ESTS Women in General Thoracic Surgery Committee {ESTS-WGTSI was approved by the Board of Directors in March 2021 and has continued lo expand with members and organisalion of events. This is a joint effort from female leaders across different countries and cultures lo dedicate, encourage, enable and inspire women to fulfil their surgical career ambitions. The Committee is led by Cecilia Pompili, Hull, UK. The Committee has created a logo which has been approved. The ESTS WGTS has been very active and has obtsined an industry supported grant of 50,000 euros for the ESTS WGTS Academy. The Academy will support female early-careerthoracic surgeons to gain exposure to women thoracic surgeon mentors and have access to dedicated educational reSoUr￿S that have been tailored to the needs expressed in the ESTSIEACTS Gender Bias Survey in terms of leadership, mentorship and research training. The Academy will focus on early career thoracic surgeons wishing to acqLJire surgical skills by a mixed schedule of in-person networf(ing, live webinars and observership on participation in a structured gender-balanced Academy. DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 The Committee for Women in General Thoracic Surgery encourages and inspires women to fulfil their surgical career ambitions. The Committee organised an Academy course at the Copenhagen Academy for Medical Education and Simulation on the 1-2 December 2022. A series of webinars was arranged in 202212023 specifically for the Fellows. The Fellows have been offered complimentary registration lo the ESTS Milan 2023 annual Conferen￿ to supp)rt their education. The Fellows are supported by a grant from industry. The 2024 Women in Thoracic SLJrgery Academy selected 8 international fellows who are currently rolaling on two-day COLJrses at Bart's Hospital London and Rigshospitalet Copenhagen for clinical immersion. The final academy course will be held with all 8 fellows in Zurich, Switzerland on the 18- 19 April 2024, Clinical Immersion.. surgery for advanced lung disease wf(h lectures and live surgery. Together with CTSNel, the Women in General Thoracic Surgery Committee has arranged a series of three wehinars on topics of Gender Representation of Cardiothoracic Surgery around the World. Women as Leaders.. how lo gel there and in April 2024 Fighting inequ(ties in cardiothoracic surgery. These webinars have been made available on CTSnel lo view on demand. The Women in General Thoracic Surgery are submilling grant applications to industry for further support. The Board of Directors has agreed a request from the Women in General Thoracic Surgery Committee to form a South Asian chapter to increase the representation of colleagues from these countries. The aim is to engage more surgeons from this area where women representation is rare and surgical needs are different. Currently South Asian surgeon do not have a dedicated thoracic surgery society and therefore ESTS would be an important international affiliation. The Society has continued to work together with the European Soaety for Medical Oncology and the European Society for Therapeutic Radiology and Oncology lo prepare the European Lung Cancer Conference IELCCI held in Prague, Czech Republic, 30 March 2 April 2022 Due to the challenging situation in Prague with ongoing arrival of refugees from Ukraine, il was logistically impossible lo run the event as the centre was functioning as a refugee-assistsnce ￿ntre and therefore the meeting was held as a virtual congress only. The ELCC was held in Copenhagen on the 28 March lo 1 April 2023. Due to contractual clauses, it was only y)ssible for ESTS lo be a partner at the meeting with onsite visibility and presence. There was no financial agreement for this course bul discLJssions are continuing to collaborate with future multidisciplinary events. It is planned lo hold a leadership meeting between ESTS and ESMO dLJring the next ELJropean Lung Cancer Conference being held on the 20-23 March 2024 for future discussions. ESTS was successful in obtaining grants from Astra Zeneca pharma. The grants will support educational observershipslfellowships, database projects, webinars, work lo prepare guidelines, clinical trial platform. Applications for ObservershipslFellowships closed in March and the Board of Directors are reviewing. Discussions are in progress regarding the grants. The successful candidate for the 12 months Fellowship started at Sl Bartholomew's Hospital in London, UK at the beginning of February. For the one-year observership it was decided lo offer lo two candidates for six months each and one Participant started al Sl Bartholomew's Hospital London, UK on the 9 January 2023 and the second will go lo Zurich University Hospital in October 2023. The candidate who completed the observership presented a report at the 31 $1 European Conference on General Thoracic Surgery held in Milan June 2023. The Fellow who completed al Sl Bartholomew's Hospital will present a report on his fellowship al the Biology Club session at the 32nd European conferen￿ on General Thoracic Surgery in Barcelona in May 2024. With the financial support of Astra Zeneca, an ESTS Clinical Trial Platform has been established, named as TEST Platform.. Thoracic European Surgical Trials. Members have been contacted to apply as DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 clinical trial sf(es according lo specific eligibility requirements and there are more than 20 sites. A project trial manager has been appointed in Zurich, Switzerland to co-ordinate. The TEST platform is a facilitator lo connect Pls lo the sites and is not a ftjnding platform. It will provide methodological and educational support lo siles wishing lo participate to selected trials. In addition, it will advise sponsors on which European sites lo be included in multicenlre trials. There are discussions with the American Association for Thoracic Surgery to collaborate with their clinical trial plafform. The Society continued lo 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 slraltfication 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. The Board of Directors is discussing a call for database companies who have more sophisticated procedures lo provide analyses. The Society continued to develop an online Directory, which summarises information on thoracic surgery across European countries which will facililale the improvement of training of thoracic surgeons. 11 is planned lo use this resource to advertise training opportunities and training exchanges between trainees in different countries of Europe. The Society continued with a three-lier membership fee such that low-income countries surgeons will have access to low cost, high quality international meetings and will receive the Society's joumal. The same financial advantages were installed for members from low-middle income countries attending the annual conference (reduced rates for postgraduate course and annual meelingl. The membership fees have been reviewed by the Board of Directors and will be presented lo the members at the General Assembly in Barcelona 2024 with the information that membership fees will increased from January 2025. There has been no increase in membership fees for many years. ESTS does not give out any grants at the moment. The ESTS Committee for Research and Education IESTS-CREI 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. There is a complimentary Dinner held each year for the Board of Directors and guests lo thank them for the work they have done through the year.. We do noljudge the social activities 8 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.. Within ESTS control - wherever possible we have tried to establish and grow links to other societies. This has mainly been through invitation of officers to our meetings. We have also managed lo widen our membership lo surgeons in lower income countries in Europe who previously could not afford to pay membership to any European society. A new membership management system was introduced in December 2020 streamlining the application process. DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 Wilhoul ESTS control General close partnership with the European Association for Cardiolhoracic Surgery IEACTSI has ceased since 2006. Joint activities no longer take place. We are therefore continuing lo concentrate on providing outstanding education for thoracic surgery in Europe from our own Society. Further discussions have continued and EACTS has proposed to prepare a draft Memorandum of Understanding for review and discussion by the Board of Directors. Discussions have continued last year with an online discussion the 3 March 2023 with the leadership of both societies. Several inilialives were discussed with a proposal by EACTS lo join and form a European School of Robotics. 11 was agreed the two task forces would wort together planning preparation in 2024 for Board approval with the intention lo launch in 2025. No formal agreement or Mou. There have been further discussions in 2024 and these are ongoing. The contract with Elsevier, the publisher of our official journal ended in 2011. Negotiations with EACTS as new owner of the lille took pla￿ in the year 2011 to continue with European Journal for Cardiothoracic Surgery as our official joumal. October 2020 the European Journal of Cardiolhoracic Surgery became an online version only reducing the cost of thejournal lo ESTS. EACTS confirmed the cost lo ESTS. The Trustees discussed the financial distress for members from Ukraine in view of the conflict there with the pending discussion lo waive outstanding membership fees. 11 was agreed lo waive membership fees in 2023 and 2024 and the members from Ukraine were informed. A Strategic Planning Meeting was held in November 2023 with the Trustees and Board of Directors lo plan for the next several years. Discussions included the call for a new Professional Conference Organiser for the organisalion of the annual meeting 2025-2027. Applications have been re￿iVed and will be interviewed in May 2024 in Barcelona. Torres Pardo, organiser of the educational events had requested a significant increase in administrative fees, discussed and negotiated a more appropriate increase. The Directors discussed the appointment of a new Executive Director and the recruitment is ongoing with interviews in April 2024. Tasks will include overseeing the recruitment, management, and development of staff members lo ensure that the Society has the resources and expertise required to achieve its objectives. Financial review Total income for the year was É2,044,368 , an increase on the prior year of É203,373. Total expenditure increased from É1,482,330 10 É1,764,590 giving rise to an operating surplus of É279,778. The charity continued for the 202312024 financial period to obtain income mainly through sponsorship, donations, the AnnLJal Conferen￿ and membership fees. On 23 September 2023, Trustee Jaroslaw Kuzdzal resigned and at the Board of Directors meeting on the 24 September 2023, Servel Bolukbas, Treasurer, was appointed as Trustee. The contract with VECI, PCO, ended in Milan 2023. The Trustees have agreed that VECI will organise the 32nd European Conference on General Thoracic Surgery in Barcelona, Spain, 26-28 May 2024. VECI is based in Barcelona, will have good knowledge and contacts of benefit to the Society. The work of the Trustees has remained voluntary, with The Trustees and Board of Directors recognising the need for a Strategic Planning meeting for review and streamlining of the financial aspects, 10 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 educational courses, organisation of annual meeting with a PCO, day-to-day organisation of the Society and this was arranged for November 2023 with all Directors. For the last financial period the main expense was the provision of the 31 st European Conference on General Thoracic Surgery held in Milan, ltsly.wilh additional expenses incurred from the private Conference Organisers. Following a call lo host annual meetings, the applications were reviewed by the Board of Directors and VECI. Together with VECI, site visits were arranged to prospective future annual meeting venues. Budapest. Hungary has been confirmed for 2025 and Zurich, Switzerland for 2027. Athens, Greece already agreed for 2026. Negotiating venues and rates well in advance is of financial benefit. The work of the Trustees has remained voluntary, with reimbursement only for travel expenses. The Society's employee base has remained the same during the last year. Having one employee continues lo be a large financial and administrative risk for the Society, as should the employee depart for any reason, or in the case of illnesslinjury, the office will remain vacant with no support. The Trustees and Directors have continued to discuss this each year and during the Strategic Planning meeting organised in November 2023. The Directors discussed the appointment of a new Executive Director and the recruilmenl is ongoing with interviews in April 2024. Tasks will include overseeing the recruilmenl, management, and development of staff members lo ensure that the Society has the resources and expertise required to achieve its objectives. The educational adivities have continued lo be organised by Torres Pardo. This will be reviewed after the appointment of the new Executive Director and staff team with the aim that the educational events may be organised by ESTS after the contract with Torres Pardo expires. The trading subsidiary IESTS Trading Company Ltd) has again remained virtually dormant during 2023124. In February 2024, the Board of Directors and Trustees discussed the Trading Company. The Directors of the Trading Company had requested and Trustees agreed lo close the Trading Company. The process to transfer the funds to the Charity is in progress and this will then be followed by the submission of the required documents to companies house. Rgsgrve¥ Policy The Charity held reserves of É2,067,911 at the year-end of which É12,165 was restricted. The trustees have reviewed the charity s need to hold reserves and consider that it is appropriate lo hold six months charitable expenditure in unrestricted reserves. Based upon the March 2024 financial statements this equates to É882,237, unrestricted funds are currently al É2,055,746. Reserves are held to permit ongoing expenses wi(h Fellowship payments for the Astra Zeneca ObservershiplFellowships, Robotic Fellowships and Biology Club Fellow, forthcoming appointment of a Clinical Trial Co-ordinator and a Database manager. Reserves are held for payments lo Torres Pardo, for the outstanding balan￿S of educational events. DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 Principal Risks and Uncertainties The major risks which have been identified mainly relate lo a net loss either al the annual meeting of the Society or at any of its educational meetings. The most robust form of defence for this has been lo 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 lo be signed by two signatories. Online transactions are checked by Trustee Servet Bolukbas. There is a limit of £1500 on the Society credit card for the Secretary General, £1500 for the TreasLJrer, £5000 for the Executive Director and only the Executive Director currently holds a card. Expenditure for Board of Directors meetings and official travel has been capped al É750 for Europeans and É2000 for the International Board of Directors. Our contract with our journal publisher has been renegotiated lo make our major expense O"ournal printing and dislribulionl subslanlially less per capita. This has enabled us lo increase our membership, provide a three tier membership fee structure for lower income countries and this in turn has strengthened our membership base. The contract with the official Joumal hasn't been signed yet. The Society will continue lo 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 perlods Organise the 32nd European Conference on General Thoracic Surgery, Barcelona, Spain, 26 - 28 May 2024. Committee for ESTS Women in General Thoracic Surgery was created and continues lo be active. Industry support was obtained to offer opportunity of a fellowship for 35,000 euros. A second round of the Academy for 8 Fellows will be run over 202412025. A call for applicants will be made in Sept 2024. Webinars with support of industry to be organised - discussions are wntinuing. Webinars are planned for 202412025 with discLJssions ongoing for a new ESTS industry webinar policy. The regular programme of ESTS webinars will continue with at least 8 webinars planned from Sept 2024 - Apr 2025. Discussions with Intuitive have been successful in confirming funding for Round 2 of the Robotic Fellowship progamme. This will take place during 2025. A call for applications will open in Oct 2024. The work and projects of the Clinical Trial Plafform will continue to expand with results analysed and shared accordingly. The CTP Coordinator is in FX)St Jean-marc Hoffman. 12 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 Decision made by Board of Directors for the ESTS 33rd European Conference, 25-27 May 2025 in Budapest, Hungary. Ferenc Renyi-vamos is LOC Chair. To support the onboarding and transition of the newly appointed Executive Director {Daniel Snowdon, May 20241 and Permanent Congress Organiser {Kenes Group, July 20241. 8 education courses will be run from Sept 2024 to Apr 2025. A tender for contracts to manage the educational work in organising these courses will be run with the current contract with Torres Pardo due to end on 31 Dec 2024. Future Annual Meelin 32nd European Conference on General Thoracic Surgery, Barcelona, Spain, 26 - 28 May 2024 33rd European Conference on General Thoracic Surgery, Budapest, 25- 27 May 2025 34th European Conference on General Thoracic Surgery, Athens, 2 - 9 June 2026 35th European Conference on General Thoracic Surgery, Zurich, 30 May- 1 June 2027 For 2026, following submission of an application, a sile visit was made lo Athens, Greece in January 2023 with the Director of the Annual Meeting, Executive Director and the PCO. On reviewing the venue contract and advice from the PCO, the contract is confirmed. Future ESTS Educational Events.. Chest Wall Course in Collaboration with Chest Wall International Group,Leuven, Belgium, 25-27 September 2024 Ultrasound in Thoracic Surgery IUSITSI Course, Leicesler, England. 7-8 Nov 2024. First time running this course Course on Scientific Medical Communication, Prague, Czech Republic, 20-21 November 2024 Isubsequenlly cancelled due lo low regislralionsl Basic Adult ECMO Course and Simulation for Thoracic Surgeons, Zurich, Switzerfand, 12-13 Dec 2024 VATS Lobectomy Advanced Course, Copenhagen, Denmark, early 2025 VATS Lobectomy Basic-lntemiediale Course, Milan, Italy, 18-20 February 2025 Knowledge Track Course, Prague, Czech Republic, March 2024 Course on Minimally Invasive Esophagectomy, Istanbul, Turkey, 7-8 April 2024 Structure. governance and management The Charity was incorporated on 13 December 2016 and was approved Charty status by the Charities Commission on 13 March 2017. The Constitution is under review to amend when a face to face physical meeting becomes possible due lo the complexity of discussions. During 2021-2022 discussions were ongoing and for the changes for approval was presented 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 15, and the day to day management of the organisation is carried out by r(s 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. 13 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 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 cardiolhoraryc surgery.. Society of Thoracic Surgeons {STSI American Association for Thoracic Surgery IAATSI Japanese Association for Chest Surgery IJACSI Asian Society for Cardiovascular and Thoracic Surgery {ASCVTSI Brazilian Society of Thoracic Surgeons ISBCTI Canadian Association of Thoracic Surgeons {CATSI Chinese Association of Thoracic Surgery ICATSI European Respiratory Society IERSI European Society for Medical Oncology IESMO) European Society for Therapeutic Radiology and Oncology IESTROI International Thymic Malignancy Interest Group IITMIG International Society for Diseases of the Esophagus IISDEI International Association for the Study of Lung Cancer IIASLCI Co-operation is mainly in terms of reciprocal invitations to each society s meetings but there are no formal financial or organisational lies. Recruitment and Appointment of Trustees There are no changes lo the trustee body. The Charity has appointed as Trustees active members who can offer guidance and skills al a voluntary level. It is anticipated that one Trustee will resign next year and will be replaced by one more person. Inductlon and Tralnlng of Trustees New Iruslees are familiarised with the workings of the charity and their legal obligations under charity law. Trustees are encouraged lo attend appropriate external courses and training events where these facilitate the undertaking of their role. Setting the pay ofthe key management The Truslees consider the key management of the charity lo be the trustees and the executive director. The Trustees are not remunerated and the executive directors pay is determined by a contract with overtime measured on a monthly basis. 14 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 Reference and administrative details Charity registration number Company registration number 1172020 10523525 Trustees Koslas Papagiannopoulos Alessandro Brunelli Prof Jaroslaw Kuzdzal Iresigned 23 September 20231 Isabelle Schmitt-opitz Servel Bolukbas lappoinled 24 September 20231 Registered Address Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Executive director Mrs S Hesford Address PO Box 159 Exeter EX2 SSH Bankers Royal Bank of Scotland {RBSI Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Slatulory auditor PKF Francis Clarf( Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE 15 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Trustees, Annual Report (incorporating the Directors, Report for the purposes of s.415 Companies Act 2006) Year ended 31 March 2024 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 lawl are responsible for preparing a Trustees. Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practi¢el. Company law requires the charity trustees lo prepare financial statements for each period which give a true and fair view ofthe stale of affairs of the charitable company and the group and of the incoming resour￿$ and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., and prepare the financial statements on the 'going concern, basis unless il is inappropriate to presume that the charitable company will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. The Iruslees are also responsible for safeguarding the assets of the charity and the group and hen￿ 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 olherjurisdiclions. Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our Iruslees, annual report.. There is no relevant audit information, of which the charitsble company's auditor is unaware., and The Iruslees have taken all steps that they ought to have tsken to make them aware of any relevant audit information and lo estsblish that the auditor is aware of that information. 06. Dezember 2024 This report was approved by the Iruslees on 2024. Signed on behalf of the trustees Slgnkrtyon.. DocuS*Md by.. IsotsLILL fy&* IC8C3A647A 7387514859114F S Bolukbas Treasurer Trustee 16 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Independent Auditor's Report to the Trustees Year ended 31 March 2024 Oplnlon We have audited the financial statements of European Sctiety of Thoarcic Surgeons Ilhe °Charily'l for the year ended 31 March 2024 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 applicsble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel, including Financial Reporting Standard 102.. The Financial ReFX)rting Standard applicable in the UK and Republic of Ireland. In our opinion, the financial stalemenls.. give a true and fair view of the slate of the group s and charity s affairs as at 31 March 2024 and of its income and expenditure for the period then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI {ISAs IUKI) and applicable law. Our responsibilities under those standards a￿ 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 lo our audr( of the financial slalemenls 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 slalemenls, we have concluded that the directors, use of the going concem 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 con￿r￿ for a period of al 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 con￿rn are described in the relevant sections of this report. Other infomiation 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 stslemenls does not Cover the other informats'on and, except lo the extent olhetwise explicitly staled in our ￿pOrt, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibilty 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 identify such material inconsistencies or apparent material misstatements, we are required to determine 17 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Independent Auditor's Report to the Trustees Year ended 31 March 2024 whether there is a material misslalement in the financial statements or a material misstalemenl 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 lo 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.. the information given in the trLJStees' report, (which includes the directors, report prepared for the purposes of company law} for the financial period for which the financial statements are prepared is Consistent with the finanaal statements., and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the Charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not obtained all the information and explanations necessary for the purposes of our audit 18 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Independent Auditor's Report to the Trustees Year ended 31 March 2024 Responsibilities of the trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 16, the Iruslees (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 8 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 misslalement, whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the Charity's ability to continue as a going cOn￿M, disclosing, as applicable, matters related to going concern and using the going con￿rn basis of accounting unless the trustees ef(her intend to liquidate the Charity or to ￿ase operations, or have no realistic alternative but lo do so. Our responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an aLJditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when it exists. Misslatemenls can arise from fraud or error and are considered material if, indThiidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalemenls. 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 exlenl lo 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 il operates. The key laws and regulations we identrfied were Charities Act, regulations in relation lo data protection IGDPR}, and health and safely. 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 lo continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to idenlrfy non-compliance with such laws and regulations. Our procedures involved the following.. Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial slatemenls; Reviewing legal and professional costs lo identify any possible non Complian￿ or legal costs in respect of non compliance., Reviewing Trustees meeting minutes., Reviewing any health and safety incidents that have been reported under the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 20131"RIDDOR"I during the period. DoGusign Envelope ID". 3BDE7848-858F-414B-B762-4C128988A234 European Society of Thoracic Surgeons Independent Auditor's Report to the Trustees Year ended 31 March 2024 Discussions with the GDPR officer to confirm that there were no reportable breaches 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 resFX)nse lo the identified risk, as part of our audit work we.. Confirmed on a sample basis that expenditure was properly authorised and made in accordan with the terms of the relevant fund., Used data analytics lo test journal entries throughout the year, for appropriateness- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making estimates. Because of the inherent limitations of an audit, there is a risk that we will not delect 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 lo become aware of instances of non-compliance. The risk of not detecting a material misstalemenl due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our Report This report is made solely lo the Charity's members, as a body, in 8ccordance 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 mallers we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent pemilled 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. 1111212024 NEIL HITCHINGS {Senior Statutory Audilorl For and on behalf of PKF Francis Clark Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE 2024 20 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Group Statement of Financial Activities (including the Income and expenditure account) Year ended 31 March 2024 Year ended 31 Year ended March 31 March 2024 2023 Unrestricted Restricted Funds Funds Income Donations and legacies Donations and sponsorship Charitable activities Membership fees Registration fees Teaching school fees ESMO ELCC profil share MUO Aitway profil share Ivienna - March 2023} Other trading activities Website advertising ESTS textbook Income from Investments Interest receivable Exchange rate gainslllossesl Note 950,665 950.665 877,393 306,603 553,888 124,265 88,663 306.603 553.888 124.265 88.663 286,925 402,480 245,660 38,038 3,000 3.000 5,500 5,346 11,938 5,346 11.938 1,619 116,620} Totsl Income 1,093,703 950,665 2,044,368 1,840,995 Expenditure on Raising Funds Charitable activities 10 115 813,810 115 950,665 1.764.475 599 1,481.731 Total expenditure 813.925 950.665 1,764,590 1,482,330 Net income and net movement of funds for the period 279.778 279.778 358,665 Reconclllatlon of funds Total funds brought forward 1,864,631 12,165 1,876,796 1,518,131 Total funds carried forward 2,144,409 12.165 2,156.574 1,876,796 The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. 21 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Balance sheet As at 31 March 2024 31 March 2024 Group Charlty 31 March 2023 Group Charlty Note Flxed assets Tangible assets Investments 15 16 1,318 1.318 100 1,704 1,704 100 1,318 1.418 1,704 1,804 Current assets Stocks Debtors Cash at bank and in hand 696 961,429 3,045,227 696 1,185.874 2,820.808 615 605,140 2,845,239 615 829,585 2,620,770 18 Total Current Assets 4,007,352 4,007.378 3,450,994 3,450,970 Liabilities Creditors.. amounts falling due within one year 20 {1.852,0961 11,852,096) (1,575,9021 11,575,902) Net current assets 2,155,256 2,155.256 1,875,092 1,875,068 Total assets less Current liabilities 2,156,574 2,156.700 1,876,796 1,876,872 Net assets 2,156,574 2,156.700 1,876,796 1,876,872 Funds Restricted income funds Unreslricled funds 21 12,165 2.144,409 12.165 2,144.535 12,165 1,864,631 12,165 1,864,707 Total funds 2.156,574 2,156.700 1,876,796 1,876,872 The Iruslees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charilies Act 2011. The net profil of the charity for the period was The profrt of the Charity for the year ended 31 March 2024 was É191,165 06. Dezember 2024 2024. These financial statements were approved and signed by the board of trustees on 8*knrtvoTr.' l Opitz Trustee S Bolukbas Treasurer DocuShjn￿ ty. D61771C8C3A647A. 738751Ae59114FA Registered company number 10523525 22 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Group Statement of Cashflows Year ended 31 March 2024 Group 2024 Group 2023 Note 25 Cash used in operating activities 182,704 578,807 Ca¥hflow¥ from investing activities Interest income Purchase of tangible fixed assets 5,346 1,619 Cash provided by (used in) investing activities 5,346 1,619 Change in cash and Cash equivalents in the year 188,050 580,426 Cash and cash equivalents at the beginning ofyear 2.845,239 2,281,433 Change In cash and cash equlvalents due to exchange rate movement 11,938 116,6201 Total cash and cash equlvalents at the end of year 3.045,227 2,845,239 23 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 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 Iruslees who are also ordinary members. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo é1 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 Iruslees, report. Accounting policies The principle accounting policies adopted, judgements and key SoUr￿S of estimation uncertainty in the preparation of the financial statements are as follows.. (al 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 IFRS 102}- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 al historical cost or trans8Ction value unless otherwise slated in the relevant accounting policy notels). The financial statements have been prepared on a going concern basis and the Trustees are not awa￿ of any material uncertainties that would cast doubl on the charity's ability lo continue as a going concern. The functional and presentational currency of The European Society of Thoracic Surgeons is considered lo be Euros as that is the currency of the primary economic environment in which the charity operates. 24 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Accounting policies Icontinuedl (bl Group accounts These financial slalements 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. (cl Funds structure Reslricled funds account for those situations where a donor requires that a donation musl be spent on a particular purpose or where funds have been raised for a specrfic purpose. Unrestri¢ted funds comprise awumulaled surpluses and deficits on general funds which are available for use at the discretion of the trustees in furtheran￿ of the general objectives of the charity. (dl 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 lo activities on a basis consislenl with the use of resources. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It in¢ludes both costs which can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Governance costs include those incurred in the governance of the charity and ils assets and are primarily associated with constilulional and statutory requirements. Support costs are those costs incurred directly in support of expenditure on the objects of the charity, including project management. (el Tangible fixed assets and depreciation Tangible fixed assets are capilalised, and are stated al cost. For assets brought into use al the balan￿ sheet date, depreciation is calculated to write off cost over their expected useful lives as follows.. Office Equipment Computer Equipment 15 /0 reducing balan 25 /0 reducing balan (l) Invgstmonts Fixed asset investments are staled at cost less any provision for permanent diminution in value. 25 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Accounting policies {continuedl (gl Stocks Stocks are slated al 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 eslimaled selling price in the ordinary course of business less the estimated costs necessary to make the sale. (h) Income All income is induded in the Statement of Financial Resources ISOFAI when the charity is legally entitled lo the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income.. Donations and legacies are received by way of grants, donations and gifts and are included in full in the Statement of Financial Aclivilies, when re￿1Vable. Grants where entillemenl is not conditional on the delivery of specific performance by the charity are recognised when the charity is entitled lo the grant. Charitable activities include.. Membership which is recognised on a straight-line basis across the membership period conferen￿ registration fees are recognised in the period in which the event is held Teaching school fees are recognised in the period in which the event is held ESMO ELCC profil share is recognised in the period in which the event is held Where income is re￿iVed in advance of the income recognf(ion point it is deferred and when it is received after the event it is awrued as required. Other trading activities includes website advertising and ESTS textbook income. Website advertising income is recognised in the period in which the advertising takes place and ESTS textbook income is recognised when the textbook is despatched. Income from investments includes bank interest receivable and exchange rate gainslllosses). Bank interest is included in full in the Statement of Financial Aclivilies, when receivable. (il Ponsion 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 Aelivilies ISOFAI. til Foreign Currency Transactions and Balances Transactions in foreBJn currencies are inrfcially recorded at the functional currency rale prevailing al 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 dale. Non-monetary items carried al fair value that are denominated in foreign currencies are relranslaled at the rates prevailing on the initial transaction date. Non-monelary r(ems measured in temis of historical cost in a foreign currency are not retranslated. 26 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Accounting policies lcontinuedl (kl Crltlcal accountlng Judgements and key areas of estlmate uncertalnty 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 lo be relevant. Actual results may differ from these estimates. The eslimales 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. (11 Financial Instruments Financial assets and liabilities are recognisedllderecognisedl when the charity becomesllceases to becomel party to the contractual provisions of the instrument. The charity holds the following financial assets and liabilities.. Short tem) debtors and creditors Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment (doubtful deblsl are recognised in the Statement of Financial Aclivilies. (m) Flnanclal Performance of the charlty and transfer of assets The Charity incorporated on 13 De￿mber 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 lo the new registered Charitsble Company no. 1172020 on 1 April 2017 and are reflected as a donation in the Statement of Financial Activity. These financial slalements consolidate the results of the charity and its wholly-owned subsidiary ESTS Trading Company Limited on a line - by- line basis. 27 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 3. Donations and sponsorship Year ended Year ended 31 March 31 March 2024 2023 Sponsorship Grillo Prize Medtronic Sponsorship- Congress 2023, Milan Medtronic Sponsorship (formerly Covidienl - Congress 2022, The Hague Medtronic Sponsorship- VATS Advanced, Nov 2023 Medtronic Sponsorship- VATS Lobectomy Advanced, Nov 2022 Medtronic Sponsorship- Esophageal course, Dec 2022 Medtronic Sponsorship- Women in Thoracic Sugery Websinar, Jun 2023 Medtronic Swnsorship- Women in Thoraci¢ Surgery, Dec 2022 Medtronic Sponsorship- Thoracic Oncology, Feb 2023 Medela Sponsorship- Congress 2023, Milan Medela Sponsorship- Congress 2022, The Hague Medela Sponsorship- Webinar Johnson & Johnson - Congress 2023, Milan Johnson & Johnson- Congress 2022, The Hague Astrazeneca - Congress 2023, Milan Astrazeneca- Congress 2022, The Hague Astrazeneca - webinar program Astrazeneca - Thoracic Oncology, Feb 2023 Astrazeneca - ESTS Biology Club Fellowship Astrazeneca - ESTS Training Observership Fellowship Inluilive Surgical - Congres 2023, Milan Inluilive Surgical - Congress 2022, The Hague Inluilive Foundation Robotic Academy Fellowships Roche - Congess 2023, Milan Roche- Congress 2022, The Hague Roche - Thoracic Oncology, Feb 2023 Merck Sharpe & Dohme LLC- Congree 2023, Milan Merch Sharpe & Dohme LLC- Congress 2022, The Hague Fengh Medical- Congress 2022, The Hague Den Haag- Congress 2022, The Hague Alricure- Congress 2023, Milan Alricure- Congress 2022, The Hague AlricLJre- Thoracic Oncology, Feb 2023 DePuy Synlhes- Congress 2023, Milan DePuy Synlhes- Chest Wall couse, Oct 2022 Siemens Healthineers - Thoracic Oncology, Feb 2023 Merck Sharpe & Dohme LLC-Thoracic Oncology, Feb 2023 Bristol Myers Squibb - Congress 2023, Milan 5.000 500 136.700 71,243 121,000 21.500 18,000 7,520 9.298 50,000 30,000 38,480 53,000 5,300 67.040 72,000 110.140 100,000 30.000 30,000 15,000 15,000 45.000 15.000 62.320 45,900 32,330 123.157 38.000 62,500 20,000 62.600 34,500 19,900 31,500 22.000 20,000 5,000 5.000 5,000 6,000 6,000 36.000 28 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Bristol Myers Squibb - Thoracic Oncology. Feb 2023 Bluesail Surgical Conress 2023, Mi18n CMR Surgical - Congress 2023, Milan Redax SPA- Congress 2023, Mi18n University of Colorado- Thoracic Infections Database 6,000 22.000 58.350 22.280 15.000 950.665 877,393 The income from donations and sponsorship was £950,665 12023.. É877,3931 of which Énil was unreslricled 12023= E66,2431 and E950,665 was reslricled12023.' f811,1501. In accordance with FRS 102 and the Charities SORP {FRS 102}, the economic contribution of general volunteers is not recognised in the financial stalemenls. 4. Mgmborship fggs The income from membership fees was É306,603 (2023.. É286,9251 of which É306,603 was unrestricted 12023.. É286,9251 and Énil was reslricled12023.. Énill. 29 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 5. Registration fees Year ended 31 March 2024 Year ended 31 March 2023 Virtual Congress 2022 Virtual Congress 2023 402,480 553,888 553,888 402,480 The income from registration fees was £553,88812023.' £402,480) of which É553,888 was unreslricled 12023.. E402,4801 and Enil was restricted {2023.' Enill. 6. Teaching School Fees Year gnded 31 March 2024 Ygar gndgd 31 March 2023 Chest Wall Surgery- September 2023- Leuven Chest Wall Surgery- October 2022 - Leuven Medical Writing- November 2023- Prague Medical Writing- November 2022 - Prague VATS Basic- October 2023- Hamburg VATS Advanced - November 2023 - Copenhagen VATS- November 2022- Copenhagen Esophageal Course- December 2022 - Istanbul Thoracic Oncology - February 2023 - Zurich Knowledge Track- March 2024 - Prague Knowledge Track- March 2023 - Prague Knowledge Track- March 2022 - Prague Institutional accreditation 45,232 54,300 4,840 11,250 16,610 18,370 22,500 8,700 123,505 36,153 31,405 {6,0001 3,060 124,265 245,660 The income from teaching school fees was E124,26512023.' e45,6601 of which E124,265 was unrestricted 12023.. É245,6601 and Enil restrided12023.' fnill. Income from trading activities The income from trading activities was É3,000 {2023.. É5,500) of which É3,000 was unrestricted12023: 4,5001 and Énil was restri¢ted12023.' Énill. 30 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Income from Investments Year ended 31 March 2024 Year ended 31 March 2023 Bank interest receivable 5,346 1,619 The income from investments was é5,34612023'. É1,6191 of which É5,346 was unreslricled12023'. É1,6191 and Enil was reslricled12023'. Enill. Exchange rate gainllloss) Year ended 31 March 2024 Year ended 31 March 2023 Losses on foreign currency 111,938) 116,6201 111,938) 116,6201 Al represents unrestricted gains I losses12023'. unreslrictedl. 10. Expenditure on raising funds Year ended 31 March 2024 Year ended 31 March 2023 Membership ties ESTS textbook 65 599 65 599 The expenditure on raising funds was É6512023.' É5991 of which É65 was unrestricted12023- É5991 and Énil was restricted12023'. Énill. 31 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 11. Expenditure on charitable activities Year ended 31 March 2024 Year ended 31 March 2023 Conference facilities Membership costs ERS membership fees Journal of Cardio Thoracic Surgery Grillo Prize Prizes and awards Astrazeneca Biology Club Fellowship Astrazeneca Training Observership Fellowship Membership fees not collected Conference facilities- Council meetings Website expenses Directors travel expenses Other committee travel expenses MUO Airways - March 2023 - Vienna- travel costs ESTSIERS Task Force Meeting Amsterdam ESTSIEACTS GGO Guidelines Meeting Amsterdam Teaching school costs- Chest Wall - September 2023- Leuven Teaching school costs- Chest Wall - October 2022 - Leuven Teaching school costs- Medical Writing - November 2023- Prague Teaching school costs - Medical Writing - November 2022- Prague Teaching school costs- VATS Basic- October 2023 - Hamburg Teaching school costs- VATS- November 2023- Copenhagen Teaching school costs- VATS- November 2022- Copenhagen Teaching school costs - Women in Thoracic Surgery Teaching school costs - Vvomen in Thoracic Surgery- December 2022 Teaching school costs - Esophageal - December 2022- Istanbul Teaching school costs - Robotic School - April 2023- Rouen Teaching school costs - Robotic School - January 2023- Belgium Teaching school costs- Thoracic Oncology- February 2023 - Zurich Teaching school costs- Knowledge Track- March 2024 - Prague Teaching school costs- Knowledge Track- March 2023- Prague Teaching school costs- Knowledge Track- March 2022 - Prague ESTS webinar Inluilive Robotic Fellowship Statement on Pleural Infection in Adults ERSIESTS Clinical Practice Guidelines Task For ERS Guidelines Spontaneous Pneumothorax Conference organiser costs Dendrite database Teaching school costs- other Salaries Recruitment costs 637,683 4,297 5,760 21,120 1,000 11,000 45,000 15,000 34,005 504 14,784 19,266 28,485 548,336 3,558 4,770 20,475 1,000 9,000 15,000 15,000 37,110 505 14,281 3,684 19,759 925 2,989 1,641 51,956 44,648 11,179 12,894 25,664 21,925 22,963 12,473 14,131 6,647 16,574 32,451 172,778 170,423 34,191 33,319 40,445 33,016 4,516 6,509 110,119 4,135 8,000 1,950 180,394 39,256 1,188 122,403 32,745 157,152 36,287 16,193 116,224 32 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Office costs Bookkeeping costs Depreciation Governance costs'._ Audit and accountancy costs Other 33,229 8,378 386 10,929 1,381 34,882 8,675 504 13,352 3,805 1.764.475 1,481,731 The expenditure from charitable adivities was E1,764,47512023.' E1,481,7791 of which E813,810 was unreslricled 12023= É670,6291 and £950,665 was restricted12023'. £811,150). 12. Ngt incomgl lexpgnditurg) for the poriod This is slated after charging.. 2024 2023 Depreciation Auditor's remuneration.. Audit of the financial statements Other services 386 504 9,975 954 9,130 4,222 13. Staff costs and emoluments Total staff costs were as follows.. Year ended 31 March 2024 Year ended 31 March 2023 Wages and salaries Social security costs Pension contributions 107.706 13.166 1.531 101,546 13,146 1,532 122.403 116,224 Pension contributions for the year not yel remilled lo pension providers by the end of the year amounted lo 300 {2023= £428). 33 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 The average number of employees during the period, calculated on the basis of headcount, was as follows.. Year ended 31 March 2024 No. Year ended 31 March 2023 No. Adminislralion One employee re￿iVed emoluments of E90,000- £110,00012023.' One employee re￿iVed emoluments of 90,000- £100.0001. In 2023, len Iruslees received reimbursed travel expenses for allending meetings amounting to É19,266 12023.. E3,6841. The trustees and the executive director are considered lo be the key management of the Charity. The trustees are not remunerated. The executive director received remuneration ofÉ122,40312023.. É116,224} during the period, these costs include national insurance and pension contributions. 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 Computer Equipment Offlce Equlpment Total Cost Al 31 March 2023 Additions 24,641 3,361 28,002 At 31 March 2024 24,641 3,361 28,002 Depreciation Al 31 March 2023 Charge for the year 23,342 325 2,956 61 26,298 386 At March 2024 23,667 3,017 26,684 Net book values At 31 March 2024 974 1,318 At 31 March 2023 1.299 405 1,704 34 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 16. Investments - Charity 2024 2023 Cost al 31 March 2023 and 31 March 2024 100 100 Net book value at 31 March 2024 100 100 16. Investments- Charlty 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 profil lo 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 É1 each. 2024 2023 Summary profit and loss account for year ended 31 December Tumover Cost of sales and administrative expenses 1800) 18261 Operating loss 1800) 18261 The assets and Ilabllltles of the subsldlary were: Current assets Creditors.. amounts falling due within one year 224,419 1240.067) 224,469 1239,3171 Total assets less current liabilities 115.648) 114,8481 Aggregate share capital and reserves 115,648) 114,8481 35 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 17. Stocks Group 2024 Charlty 2024 Group 2023 Charlty 2023 Goods for resale 696 696 615 615 696 696 615 615 18. Debtors Group 2024 Charity 2024 Group 2023 Charity 2023 Trade debtors Amounts due from subsidiary Prepayments & accrued income 686,931 686,883 224,493 274,498 391,381 391,333 224,493 213,759 274,498 213,759 961,429 1.185,874 605,140 829,585 19. Cash at Bank Group 2024 Charity 2024 Group 2023 Charity 2023 Euro current account Euro current account- trading subsidiary Sterling current account Bank deposit account 2.293,218 224,419 42,571 485,019 2.293,218 2,116,057 224,469 106,768 397,945 2,116,057 42,571 485,019 106,768 397,945 3.045.227 2,820,808 2,845,239 2,620,770 36 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 20. Creditors- amounts falling due within one year Group 2024 Charity 2024 Group 2023 Charity 2023 Trade creditors other creditors Membership fees in advance Accruals other deferred income 27,776 271,947 228,090 30,802 1.293,481 27,776 271,947 228,090 30,802 1.293,481 21,683 97,836 212,302 53,476 1,190,605 21,683 97,836 212,302 53,476 1,190,605 1.852.096 1.852,096 1,575,902 1,575,902 Deferred income comprises sponsorship funds and membership fees that relates lo future periods which has been received in advance.. Balance as at 1 April 2023 Amount released to income earned from charitable actThiities Amount deferred in period 1.190,605 11,190,605) 1.293,481 Balance as at 31 March 2024 1.293,481 37 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 21. Restricted funds Balance at 1 Aprll 2023 Incoming resources Outgoing resources Transfers Balance at 31 March 2024 Restrlcted funds ESTS Committee for research and education Medtronic Icovidienl Grillo Prize Prizes and awards Medela Johnson & Johnson Astrazeneca Intuitive Surgical Roche Merck Sharpe & Dohme LLC Atricure DuPuy Synthes Bristol Myers Squibb Bluesail Surgical CMR Surgical Redax SPA University of Colorado 12,165 12,165 167,498 500 5,000 43,780 67,040 323,297 62,320 38,000 62,600 22,000 5,000 36,000 22,000 58,350 22,280 15,000 1167,4981 15001 {5,0001 143,7801 167,0401 1323,2971 162,3201 138,0001 162,6001 122,0001 15,0001 136,0001 122,0001 158,3501 122,2801 115,0001 Total 12.165 950,665 1950.665) 12,165 ESTS Committee for research and education ESTS has requested voluntsry donstions 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. 38 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 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 É1,000. Prlzes and awards Donations made lo the charity specrfying distribution at the annual conference as prizes and awards. Medela Sponsorship for the annual conference. Johnson & Johnson Johnson & Johnson provided educational grants lo administer and provide courses for thoracic surgeons on medical writing. Astrazeneca Sponsorship for the annual conferen￿. Intuitivg Surgical Sponsorship for the annual conferen￿. Roche Sponsorship for the annual conference. Bristol Myers Squibb Sponsorship for the annual conferen￿. 39 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 22. Restricted funds - prior year comparative Balance at 1 Aprll 2022 Incoming resources Outgoing resources Transfers Balance at 31 March 2023 Restrlcted funds ESTS Committee for research and education Medtronic Icovidienl Grillo Prize Prizes and awards Medela Johnson & Johnson Astrazeneca Intuitive Surgical Roche MSD Fengh Medical Den Haag Atricure DuPuy Synthes Siemens Healthineers Merck Sharpe & Dohme LLC Bristol Myers Squibb 12,165 12,165 226,520 1226,5201 5,000 53,000 72,000 160,000 78,230 82,500 34,500 19,900 31,500 25,000 5,000 6,000 6,000 6,000 {5,000 153,0001 172,0001 1160,0001 178,2301 182,5001 134,5001 119,9001 131,5001 125,0001 15,0001 16,0001 (6,0001 16,0001 Total 12.165 811,150 1811.150) 12,165 ESTS Commlttee for research and education ESTS has requested voluntsry donations from members for the purpose of supplying grants lo promote research, scientific and educational activities. The application for grants will open when ESTS has sufficient donations with the aim of supporting ￿hOLarships. 40 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 Medtronic Icovidienl This fund represents sponsorship of the annual conference, including sponsorship of the postgraduate scientific sessions within the conference Grlllo Prlze 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 lolal prize of £1,000. Prizes and awards Donations made lo the charity specifying distribution at the annual Conferen￿ as prizes and awards. Medela Sponsorship for the annual conferen￿. Johnson & Johnson Johnson & Johnson provided educational grants to administer and provide courses for thoracic surgeons on medical writing. Astrazeneca Sponsorship for the annual conferen￿. Intultlve Surglcal Sponsorship for the annual conferen￿. Roche Sponsorship for the annual conference. Eziburg Global Trading Sponsorship for the annual conferen￿. Bristol Myers Squibb Sponsorship for the annual conferen￿. Stryker Pacific Sponsorship for the annual conferen￿. Baxter Healthcare Sponsorship for series of six educational webinars organised by the Committee for Leaming Affairs. 41 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 23. Analysis of group net assets between funds Unrestricted Funds Restricted Total Funds Funds Tangible fixed assets Cash at bank and in hand Other nel current liabilities 1,318 3,033,062 1889,9711 1,318 3,045,227 1889,971) 12,165 2,144,409 12,165 2,156,574 24. Analysis of group net assets between funds - prior year comparative Unrestricted Funds Restricted Total Funds Funds Tangible fixed assets Cash at bank and in hand Other nel current liabilities 1,704 2,833,074 1970,1471 1,704 2,845,239 1970,1471 12,165 1,864,631 12,165 1,876,796 42 DoGusign Envelope ID". 3BDE7848-858F414B-B762-4C128988A234 European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2024 25. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net incomellexpendilurel for the period Adjustments: Depreciation charge Interest received Exchange rate Igainslllosses Decrease I lincreasel in stock Ilncrease} I decrease in debtors Increase l {decreasel in creditors 279.778 358,665 386 15.3461 {11,9381 (811 1356,2891 276.194 504 {1,6191 16,620 597 1120,0061 324,046 Net cash provided by operating activities 182.704 578,807 26. Rglatgd Party Transactions There were no transactions with related parties in the year that require disclosure. 43