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← European Society Of Thoracic Surgeons

2025-03-31-accounts

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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

Annual Report and Consolidated Financial Statements

Year ended 31 March 2025

Registered charity number 1172020

Registered company number 10523525

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

CONTENTS Page
Trustees’ Annual Report (including administrative details) 1
Independent Auditor’s Report 13
Group Statement of Financial Activities 17
Balance Sheets 18
Group Statement of Cashflows
 19
Notes forming part of the financial statements 20

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

The Trustees of The European Society of Thoracic Surgeons are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Companies Act, the Charities Act 2011, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Structure, governance and management

  1. The current governing document (The Constitution) was amended in 2024 at the General Assembly on 27 May 2024. Appropriate submissions were sent to the Charity Commission.

  2. Following extensive discussions, the Constitution was amended and presented to the members for ratification at the General Assembly at the 30[th] European Conference on General Thoracic Surgery, The Hague, The Netherlands, June 2022. This was approved.

  3. 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.

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Objectives and Activities

The Charity's objects ("the objects") are:

The advancement of education by the study and practice of Thoracic Surgery and related medical subjects.

Note

This involves the organization of European Board Exams in Thoracic Surgery, organizing annual conferences, supporting scientific publications in thoracic surgery and facilitating 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 data on thoracic surgical activity and outcome. Ultimately the Charity exists for the benefit of patients with thoracic surgical diseases.

Achievements and performance

Within the last year, the Society has successfully:

Annual Meeting

Education Courses

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Webinars

Organised Surveys released:

A Robust Survey policy was prepared by Marcin Ostrowski (Survey Coordinator, Learning Affairs Committee). This will provide structure, guidance and consistency to the many survey requests received by ESTS. The Learning Affairs Committee approved the policy and this is now in action.

New Executive Director

On 8[th] May 2024 Daniel Snowdon joined ESTS as Executive Director, succeeding Susan Hesford as Executive Director following over 20 years of service.

From January 2025, a full-time staff member was appointed on a contractual basis from Kenes. Zlatka Mitreva will be in post as Membership and Projects Administrator until 31 December 2025. A decision on contract renewal will be taken in September 2025.

New Permanent Congress Organiser (PCO)

Kenes International were chosen to replace VECI as the PCO for ESTS annual meetings. This followed a thorough bidding and review exercise for prospective PCOs. Kenes signed an initial 3-year contract and will organise ESTS meetings in Budapest (2025), Athens (2026) and Zurich (2027). The society supported the onboarding of Kenes throughout 2024 to ensure a successful and smooth transition.

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Following a review of prices and offers the Board agreed for Torres Pardo to continue managing the ESTS School education courses for one more year. The contract will be considered again for 20252026.

Robotic Academy

ESTS is the first Society to have arranged a curriculum on robotic thoracic surgery.

- ESTS Women in General Thoracic Surgery Committee (ESTS WGTS)

ESTS Women in General Thoracic Surgery Committee (ESTS-WGTS) was approved by the Board of Directors in March 2021 and has continued to expand with growth in members and organisation of events. This is a joint effort from female leaders across different countries and cultures to dedicate, encourage, enable and inspire women to fulfil their surgical career ambitions. The Committee is led by Cecilia Pompili, Hull, UK.

The ESTS WGTS has been very active and has obtained a Medtronic grant of €35,000 to run the third WGTS fellowship. The Academy will support female early-career thoracic surgeons to gain exposure to women thoracic surgeon mentors and have access to dedicated educational resources that have been tailored to the needs expressed in the ESTS/EACTS Gender Bias Survey in terms of leadership, mentorship and research training. The Academy will focus on early career thoracic surgeons wishing to acquire surgical skills by a mixed schedule of in-person networking, live webinars and observership on participation in a structured gender-balanced Academy.

The Committee for Women in General Thoracic Surgery encourages and inspires women to fulfil their surgical career ambitions. 8 fellows were chosen from nearly 50 applications. The fellows attended clinical immersion courses in Copenhagen, Sao Paolo (organised by the Brazilian women’s society), Milan, and Zurich. All fellows were present for the final course in Zurich. Fellows were also invited to ESTS 2025, Budapest for further education and networking benefits.

A series of 3 webinars were held over January – March 2025 in partnership with the International Association for the Study of Lung Cancer (IASLC).

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. Work is underway to create this group. The aim is to engage more surgeons from this area where women

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

representation is rare and surgical needs are different. Currently South Asian surgeons do not have a dedicated thoracic surgery society and therefore ESTS would be an important international affiliation.

With the financial support of AstraZeneca, a Clinical Research Fellowship was offered to a single female applicant. The candidate will develop a research project based on the ESTS Database on lung cancer (preferably on gender or diversity topics), guided by a mentor in a chosen ESTS accredited institution. The candidate will be involved in the lung cancer care program of this institution as a clinical fellow for 6 months, and will be supported by a €15,000 Grant. A candidate from Italy was chosen. The fellow will undertake her fellowship at Klinikum Ernst von Bergmann, Germany from August 2025 – January 2026.

ESTS has been successful in obtaining a large grant from AstraZeneca pharma. The grant will support the TEST Clinical Trial Platform. The ESTS Clinical Trial Platform has been established, named as TEST Platform: Thoracic European Surgical Trials. Members have been contacted to apply as clinical trial sites according to 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 to connect PIs to the sites and is not a funding platform. It will provide methodological and educational support to sites wishing to participate to selected trials. In addition, it will advise sponsors on which European sites to be included in multicentre trials.

The Society continued to implement and use the second version of its online database, which is informing risk modelling in lung resection and beginning to provide a standard across Europe for data collection in thoracic surgery. The database is educating trainees in the importance of risk stratification and audit. A contract with a professional company Dendrite has been signed for support in collecting data. The Database Committee has produced an annual “Silver Book” report which publishes data from all European Thoracic Surgical Units participating in the 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 Society continued with a three-tier membership fee such that low-income countries surgeons will have access to low cost, high quality international meetings and will receive the Society’s online journal. The same financial advantages were installed for members from low-middle income countries attending the annual conference (reduced rates for postgraduate course and annual meeting). The membership fees have been reviewed by the Board of Directors and were presented to 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. A new membership rate for Nurses and Allied Health members was introduced. Trainee year eligibility was increased from 5 to 8 years following internal review. This was agreed to be a fairer limit given ESTS’s broad membership.

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 to thank them for the work they have done through the year. ESTS does not judge the social activities a material part of charitable activities.

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

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

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

previously could not afford to pay membership to any European society. A new membership management system was introduced in December 2020 streamlining the application and management process.

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Financial review

Total income for the year was €2,202,126, an increase on the prior year of €157,758. Total expenditure decreased from €1,764,590 to €1,702,117 giving rise to an operating surplus of €500,009.

The charity continued for the 2024/2025 financial period to obtain income mainly through sponsorship, donations, the Annual conference and membership fees.

The contract with VECI, PCO, ended in Barcelona 2024. Following a tender exercise the Trustees have agreed that Kenes International will act as new PCO and will organise the 2025, 2026 and 2027 Annual Meetings. Kenes International have a global presence and are very accomplished in organising medical events.

The work of the Trustees has remained voluntary, with The Trustees and Board of Directors meeting six times a year to discuss and agree society business: three times in person and three times virtually. The Board will consider a renewal of the ESTS Strategic Plan and set a date to meet accordingly.

For the last financial period the main expense was the provision of the 32[nd] European Conference on General Thoracic Surgery held in Barcelona, Spain with additional expenses incurred by the private Conference Organisers. Under the new contract with Kenes a major change will be sponsorship income being received and held by Kenes. This was deemed appropriate and aligns with Kenes’ processes and skills. Kenes will maintain an overall meeting budget with ESTS due surplus funds following review of the final budget four months after the conference ends.

Following a call to host annual meetings, applications are reviewed by the Board of Directors and the PCO. Together with the PCO, site visits are arranged to prospective future annual meeting venues. Athens, Greece has been confirmed for 2026, Budapest, Hungary for 2025, Zurich, Switzerland for 2027 and Helsinki, Finland for 2028. The Board aim to agree venues and host cities four years in advance in order to attain the best possible chance of negotiating rates and securing optimal meeting dates.

The work of the Trustees has remained voluntary, with reimbursement only for travel expenses. The Society’s employee base has increased from 1 to 2 staff during the accounting period.

The educational activities have continued to be organised by Torres Pardo. A tender exercise was held with the decision being to continue with Torres Pardo for at least one more year.

The trading subsidiary (ESTS Trading Company Ltd) has again remained virtually dormant during 2024/25. The Directors of the Trading Company had requested, and Trustees agreed, to 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.

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Reserves Policy

The Charity held reserves of €2,656,583 at the year-end of which €12,165 was restricted.

The trustees have reviewed the charity’s need to hold reserves and consider that it is appropriate to hold six months charitable expenditure in unrestricted reserves. Based upon the March 2025 financial statements this equates to €439,333, unrestricted funds are currently at €2,656,583. Reserves are held to permit ongoing expenses with Fellowship payments for the Astra Zeneca Observership/Fellowships, Robotic Fellowships and Biology Club Fellow, the Clinical Trial Co-ordinator and Database management. Reserves are held for payments to Torres Pardo and for the outstanding balances of educational events.

.

Principal Risks and Uncertainties

The major risks which have been identified mainly relate to a net loss either at the annual meeting of the Society or at any of its educational meetings. The most robust form of defence for this has been to seek sponsorship by appropriate industry and this is reflected in the accounts for the Society. Financial security has been considered such that all cheques need to be signed by two signatories. There is a limit of £5,000 on the society credit card 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 at €750 for Europeans and €1500 for the International Board Director. There is allowance for a maximum of €2500 for travel over 3500 nautical miles. The robust financial position of ESTS has allowed the society to increase our membership numbers, provide a three-tier membership fee structure to facilitate membership from lower income countries, and to offer educational course benefits to the membership.

The Society is reliant on the Executive Director’s knowledge and expertise to manage many aspects of the society’s business. This represents a risk and measures are underway to ensure transfer of knowledge and business continuation should the Executive Director be incapacitated for any reason. Guidelines and processes are being prepared, and a second staff member in now in post and able to process membership functions and support the numerous administrative functions of the society.

The Society will continue to provide high quality scientific education, training and credentialing of thoracic surgeons. The Board of Directors will review the situation periodically to plan any adjustment that may become necessary and will seek advice accordingly.

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Plans for future periods

Organise the 34[th] European Conference on General Thoracic Surgery, Athens, Greece, 7 – 9 June 2026.

Appoint and support the onboarding of the Secretary General-Elect.

Review and evolve the scientific program of the annual meeting.

Further establish work practices and processes with the Executive Director and new PCO in second year of service.

Continue to prepare guidelines and standard operating procedures for core activities to ensure consistency and quality, e.g. education courses, working groups.

The Board will consider if a strategic review weekend is necessary to ensure the society has valid objectives for the near and medium future.

Review and act on options to enhance the overall Database management and reporting infrastructure.

Streamline the process for organising and reporting on ESTS School Education Courses. Run at least 8 high quality on-site courses. Agree the contract for the ongoing management of the courses.

To review ESTS video content on the website. Remove old/redundant content, add new videos, and improve the sign-posting and access for members to society video content.

Discuss improvements to the ESTS website with the web management company.

Continue the regular programme of ESTS webinars with at least 8 webinars planned from Sept 2025 – May 2026.

Submit a grant to Medtronic for a 4[th] round of the WGTS Academy.

The work and projects of the Clinical Trial Platform will continue to expand with results analysed and shared accordingly. The CTP Coordinator remains in post - Jean-Marc Hoffman.

Future Annual Meetings:

34th European Conference on General Thoracic Surgery, Athens, 7 - 9 June 2026 35th European Conference on General Thoracic Surgery, Zurich, 30 May – 1 June 2027 36th European Conference on General Thoracic Surgery, Helsinki, 28 – 30 May 2028

Future ESTS Educational Events:

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Structure, governance and management

The Charity was incorporated on 13 December 2016 and was approved Charity status by the Charities Commission on 13 March 2017.

The charity is controlled by its Board of Trustees, and the day to day management of the organisation is carried out by its Executive Director, Mr Daniel Snowdon. The charity is administered and managed in accordance with the constitution by the members of the Executive Committee. The Trustees endorse decisions which are made by the Council. There are no unilateral decisions made by the Trustees without Council’s approval.

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

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

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

Recruitment and Appointment of Trustees

The Charity has appointed as Trustees active members who can offer guidance and skills at a voluntary level.

Induction and Training of Trustees

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

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Setting the pay of the key management

The Trustees consider the key management of the charity to be the trustees and the executive director. The Trustees are not remunerated and the executive directors pay is determined by a contract and a discretionary annual bonus.

Reference and administrative details

Charity registration number 1172020 Company registration number 10523525 Trustees Servet Bölükbas (appointed 27/5/2024) Hasan Batirel (appointed 27/5/2024) Xavier Benoit D’Journo (appointed 9/11/2025) Clemens Aigner (appointed 26/5/2025) Cecilia Pompili (appointed 26/5/025) Raul Embun (appointed 26/5/2025) Alessandro Bertani (appointed 27/5/2024) Jozsef Furak Brendon Stiles Katrin Welcker Nuria Novoa Rene Petersen Pierre-Emmanuel Falcoz Isabelle Schmitt-Opitz (resigned 26/5/2025) Kostas Papagiannopoulos (resigned 7/6/2024) Alessandro Brunelli (resigned 11/7/2024) Registered Address Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Executive director Daniel Snowdon (appointed 8 May 2024) Susan Hesford (resigned 29 May 2024) Address PO Box 1249 Bristol BS48 9EA Bankers Royal Bank of Scotland (RBS) Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Statutory auditor PKF Francis Clark Centenary House Rydon Lane Exeter EX2 7XE

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

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 2025

Trustees’ responsibilities in relation to the financial statements

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

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Statement as to disclosure to our auditors

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

This report was approved by the trustees on 17 December 2025.

Signed on behalf of the trustees

F6538C591FF4478... 73B751A859114FA... H Batirel S Bolukbas Trustee Treasurer

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

Year ended 31 March 2025

European Society of Thoracic Surgeons

Independent Auditor’s Report to the Trustees

Opinion

We have audited the financial statements of European Society of Thoarcic Surgeons (the “Charity”) for the year ended 31 March 2025 which comprise Group Statement of Financial Activities, Group and Parent Company Balance Sheets, Group Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Independent Auditor’s Report to the Trustees

Year ended 31 March 2025

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Independent Auditor’s Report to the Trustees

Year ended 31 March 2025

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 12, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Our responsibilities for the audit of the financial statements

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

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

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

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

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

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

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

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Independent Auditor’s Report to the Trustees

Year ended 31 March 2025

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

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

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

Use of our Report

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

FitSigned999771DCB5C24BA...bitchingsby:

………………………. NEIL HITCHINGS (Senior Statutory Auditor) PKF Francis Clark Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE

18 December 2025

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

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

Year ended 31 March 2025

Year
ended 31 Year ended
Unrestricted Restricted March 31 March
Funds Funds 2025 2024
Income Note € € € €
Donations and legacies
Donations and sponsorship 3 - 823,450 823,450 950,665
Charitable activities
Membership fees 4 342,169 - 342,169 306,603
Registration fees 5 828,075 - 828,075 553,888
Teaching school fees 6 102,342 - 102,342 124,265
ESMO ELCC profit share 82,842 - 82,842 88,663
Other trading activities 7
Website advertising 12,200 - 12,200 3,000
Income from Investments
Interest receivable 8 5,152 - 5,152 5,346
Exchange rate gains 9 5,896 - 5,896 11,938
––––—— ––––—— ––––—— ––––——
Total Income 1,378,676 823,450 2,202,126 2,044,368
══════ ══════ ══════ ══════
Expenditure on
Raising Funds 10 2,242 - 2,242 115
Charitable activities 11 876,425 823,450 1,699,875 1,764,475
––––—— ––––—— ––––—— ––––——
Total expenditure 878,667 823,450 1,702,117 1,764,590
––––—— ––––—— ––––—— ––––——
Net income and net movement of funds
for the period 500,009 - 500,009 279,778
Reconciliation of funds
Total funds brought forward 2,144,409 12,165 2,156,574 1,876,796
––––—— ––––—— ––––—— ––––——
Total funds carried forward 2,644,418 12,165 2,656,583 2,156,574
══════ ══════ ══════ ══════

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

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Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Balance sheet

As at 31 March 2025

31 March 2025 31 March 2025 31 March 2024 31 March 2024
Group Charity Group Charity
Note € € € €
Fixed assets
Tangible assets 15 1,844 1,844 1,318 1,318
Investments 16 - 100 - 100
––––—— ––––—— ––––—— ––––——
1,844 1,944 1,318 1,418
Current assets
Stocks 17 268 268 696 696
Debtors 18 1,034,815 1,259,260 961,429 1,185,874
Cash at bank and in hand 19 3,856,996 3,634,516 3,045,227 2,820,808
––––—— ––––—— ––––—— ––––——
Total Current Assets 4,892,079 4,894,044 4,007,352 4,007,378
Liabilities
Creditors: amounts falling
due within one year 20 (2,237,340) (2,237,340) (1,852,096) (1,852,096)
––––—— ––––—— ––––—— ––––——
Net current assets 2,654,739 2,656,704 2,155,256 2,155,282
––––—— ––––—— ––––—— ––––——
Total assets less current liabilities 2,656,583 2,658,648 2,156,574 2,156,700
––––—— ––––—— ––––—— ––––——
Net assets 2,656,583 2,658,648 2,156,574 2,156,700
══════ ══════ ══════ ══════
Funds
Restricted income funds 21 12,165 12,165 12,165 12,165
Unrestricted funds 2,644,418 2,646,483 2,144,409 2,144,535
––––—— ––––—— ––––—— ––––——
Total funds 2,656,583 2,658,648 2,156,574 2,156,700
══════ ══════ ══════ ══════

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. The profit of the Charity for the year ended 31 March 2025 was €501,948.

These financial statements were approved and signed by the board of trustees on 17 December 2025.

………………………….. F6538C591FF4478... . ………………………….. 73B751A859114FA... H Batirel S Bolukbas Trustee Treasurer Registered company number 10523525

18

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Group Statement of Cashflows

Year ended 31 March 2025

Group Group
2025 2024
Note € €
Cash used in operating activities 25 801,817 182,704
––––—— ––––——
Cashflows from investing activities
Interest income 5,152 5,346
Purchase of tangible fixed assets (1,096) -
––––—— ––––——
Cash provided by (used in) investing activities 4,056 5,346
––––—— ––––——
Change in cash and cash equivalents in the year 805,873 188,050
––––—— ––––——
Cash and cash equivalents at the beginning of year 3,045,227 2,845,239
––––—— ––––——
Change in cash and cash equivalents due to
exchange rate movement 5,896 11,938
Total cash and cash equivalents at the end of year 3,856,996 3,045,227
══════ ══════

19

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

1 General Information

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

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

2 Accounting policies

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

(a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

European Society of Thoracic Surgeons meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern.

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

20

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

2 Accounting policies (continued)

(b) Group accounts

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

(c) Funds structure

Restricted funds account for those situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose. Unrestricted funds comprise accumulated surpluses and deficits on general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

(d) Expenditure

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

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

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

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

(e) Tangible fixed assets and depreciation

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

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

(f) Investments

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

21

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

2 Accounting policies (continued)

(g) Stocks

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

(h) Income

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

(i) Pension costs

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

(j) Foreign Currency Transactions and Balances

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

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

22

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

2 Accounting policies (continued)

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

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

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

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

(l) Financial Instruments

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

Short term debtors and creditors

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

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

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

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

23

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2025

3. Donations and sponsorship

Year ended Year ended
31 March 31 March
2025 2024
€ €
Sponsorship 6,500 5,000
Grillo Prize 500 500
Medtronic Sponsorship – Congress 2023, Milan - 136,700
Medtronic Sponsorship – Congress 2024, Barcelona 117,000 -
Medtronic Sponsorship – Esophageal course, Istanbul Apr 2024 17,988 -
Medtronic Sponsorship – Womens Academy 2025 13,475 -
Medtronic Sponsorship – VATS Advanced, Nov 2023 - 21,500
Medtronic Sponsorship – Women in Thoracic Sugery Websinar, Jun 2023 - 9,298
Medela Sponsorship – Congress 2023, Milan - 38,480
Medela Sponsorship – Congress 2024, Barcelaona 40,350 -
Medela Sponsorship – Webinar - 5,300
Johnson & Johnson – Congress 2023, Milan - 67,040
Johnson & Johnson – Congress 2024, Barcelona 62,700 -
Astrazeneca – Congress 2023, Milan - 110,140
Astrazeneca – Congress 2024, Barcelona 70,000 -
Astrazeneca – ESTS datebase CPS Validation Project 15,273 -
Astrazeneca – ESTS clinical trial platform 47,461 -
Astrazeneca – webinar program - 30,000
Astrazeneca – ESTS Biology Club Fellowship - 45,000
Astrazeneca – ESTS Training Observership Fellowship - 15,000
Intuitive Surgical – Congres 2023, Milan - 62,320
Intuitive Surgical – Congress 2024, Barcelona 70,000 -
Intuitive Foundation – Robotic Academy Fellowships 63,334 123,157
Roche – Congess 2023, Milan - 38,000
Roche – Congress 2024, Barcelona 47,155 -
Merck Sharpe & Dohme LLC – Congree 2023, Milan - 62,600
Merch Sharpe & Dohme LLC – Congress 2024, Barcelona 69,600 -
Den Haag – Congress 2022 subvention (705) -
Atricure – Congress 2023, Milan - 22,000
Atricure – Congress 2024, Barcelona 23,550 -
Atricure – Thoracic Oncology, Feb 2023 - -
DePuy Synthes – Congress 2023, Milan - 5,000
Ezisurg Medical – Congress 2024, Barcelona 42,025 -
Bristol Myers Squibb – Congress 2024, Barcelona 38,550 36,000
Bristol Myers Squibb – Satellite Symposium 7,500 -
ROC – Open Access course, Jan 2025 1,194 -

24

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2025

Bluesail Surgical – Congress 2023, Milan - 22,000
CMR Surgical – Congress 2023, Milan - 58,350
CMR Surgical – Congress 2024, Barcelona 70,000 -
Redax SPA – Congress 2023, Milan - 22,280
University of Colorado – Thoracic Infections Database - 15,000
––––—— ––––——
823,450 950,665
══════ ══════

The income from donations and sponsorship was €823,450 (2024: €950,665) of which €nil was unrestricted (2024: €nil) and €823,450 was restricted (2024: €950,665).

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

4. Membership fees

The income from membership fees was €342,169 (2024: €306,603) of which €342,169 was unrestricted (2024: €306,603) and €nil was restricted (2024: €nil).

25

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2025

5. Registration fees

Year ended Year ended
31 March 31 March
2025 2024
€ €
Congress 2024 – Barcelona 828,075 -
Congress 2023 – Milan - 553,888
––––—— ––––——
828,075 553,888
══════ ══════

The income from registration fees was €828,075 (2024: €553,888) of which €828,075 was unrestricted (2024: €553,888) and €nil was restricted (2024: €nil).

6. Teaching School Fees

Year ended Year ended
31 March 31 March
2025 2024
€ €
Chest Wall Surgery – September 2023 – Leuven - 45,232
Chest Wall Surgery – September 2024 – Leuven 42,900 -
Medical Writing – November 2023 – Prague - 4,840
VATS Basic – October 2023 – Hamburg - 16,610
VATS Basic – February 2025 – Milan 12,300 -
VATS Advanced – November 2023 – Copenhagen 507 18,370
EAC – April 2024 – Istanbul 10,010 -
Knowledge Track – March 2024 – Prague - 36,153
ECMO – December 2024 – Zurich 19,000 -
USITS – November 20254 – Leicester 4,500 -
Open Access – January 2025 13,185 -
Institutional accreditation (60) 3,060
––––—— ––––——
102,342 124,265
══════ ══════

The income from teaching school fees was €102,342 (2024: €124,265) of which €102,342 was unrestricted (2024: €124,265) and €nil restricted (2024: €nil).

7. Income from trading activities

The income from trading activities was €12,200 (2024: €3,000) of which €12,200 was unrestricted (2024: €3,000) and €nil was restricted (2024: €nil).

26

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2025

8. Income from Investments

Bank interest receivable

Year ended Year ended
31 March 31 March
2025 2024
€ €
5,152 5,346
══════ ══════

The income from investments was €5,152 (2024: €5,346) of which €5,152 was unrestricted (2024: €5,346) and €nil was restricted (2024: €nil).

9. Exchange rate gain

Exchange rate gain
Year ended Year ended
31 March 31 March
2025 2024
€ €
Gains on foreign currency 5,896 11,938
––––—— ––––——
5,896 11,938
══════ ══════

All represents unrestricted gains / losses (2024: unrestricted).

10. Expenditure on raising funds

Expenditure on raising funds
Year ended
Year ended
31 March
31 March
2025
2024
€
€
Membership ties/other 2,242
115
––––—— ––––——
2,242
115
══════
══════

The expenditure on raising funds was €2,242 (2024: €65) of which €2,242 was unrestricted (2024: €115) and €nil was restricted (2024: €nil).

27

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2025

11. Expenditure on charitable activities

Expenditure on charitable activities
Year ended Year ended
31 March 31 March
2025 2024
€ €
Conference facilities 692,572 637,683
Membership costs 3,948 4,297
ERS membership fees 6,840 5,760
Journal of Cardio Thoracic Surgery 23,310 21,120
Grillo Prize 1,000 1,000
Prizes and awards 11,000 11,000
Astrazeneca Biology Club Fellowship 16,000 45,000
Astrazeneca Training Observership Fellowship - 15,000
Membership fees not collected 42,425 34,005
Conference facilities - Council meetings 514 504
Website expenses 14,999 14,784
Directors travel expenses 8,980 19,266
Other committee travel expenses 17,188 28,485
Teaching school costs – Chest Wall – September 2023 – Leuven 24,208 51,956
Teaching school costs – Chest Wall – September 2024 – Leuven 67,168 -
Teaching school costs – Medical Writing – November 2023 – Prague - 11,179
Teaching school costs – Medical Writing – November 2024 – cancelled 17 -
Teaching school costs – VATS Basic – October 2023 – Hamburg - 25,664
Teaching school costs – VATS Basic – February 2025 – Milan 35,310 -
Teaching school costs – VATS – November 2023 – Copenhagen - 21,925
Teaching school costs – Women in Thoracic Surgery 33,453 12,473
Teaching school costs – EAC – April 2024 – Istanbul 15,685 -
Teaching school costs – Robotic School – April 2023 – Rouen - 16,574
Teaching school costs – Thoracic Oncology – February 2023 – Zurich - 170,423
Teaching school costs – Knowledge Track – March 2024 – Prague 45,967 34,191
Teaching school costs – Knowledge Track – March 2023 – Prague - 33,319
Teaching school costs – USITS – November 2024 – Leicester 3,094 -
Teaching school costs – ECMO – December 2024 – Zurich 1,715 -
Teaching school costs – Open Access – January 2025 7,358 -
Teaching school costs – KTC Virtual May 2021 10,475 -
Teaching school costs – VATS VW 2021 2,099 -
Teaching school costs – ERS Zurich February 2023 5 -
Teaching school costs – ESTS School 2023 4,336 -
Teaching school costs – Other (133,207) -
Torres Pardo secretariat fees 27,830 -
ESTS webinar 1,788 6,509
Intuitive Robotic Fellowship 63,334 110,119
French Society – database manager 25,000 -
Database CPS Validation Project 15,273 -
Clinical trial co-ordinator – Zurich 47,461 -
ERS Guidelines Spontaneous Pneumothorax - 1,950
Conference organiser costs 221,520 180,394
Dendrite database 52,310 39,256

28

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2025

Teaching school costs – other 699 1,188
Salaries 212,942 122,403
Recruitment costs 3,600 32,745
Office costs 34,363 33,229
Bookkeeping costs 8,262 8,378
Depreciation 570 386
Governance costs:- Audit and accountancy costs 25,707 10,929
Other 2,757 1,381
––––—— ––––——
1,699,875 1,764,475
══════ ══════

The expenditure from charitable activities was €1,699,875 (2023: €1,764,475) of which €876,425 was unrestricted (2024: €813,810) and €823,450 was restricted (2024: €950,665).

12.Net income/ (expenditure) for the period

This is stated after charging:

2025 2024
€ €
Depreciation 570 386
Auditor’s remuneration:
- Audit of the financial statements 14,420 11,970
- Other services 1,000 1,145

13. Staff costs and emoluments

Total staff costs were as follows:

otal staff costs were as follows:
Year ended Year ended
31 March 31 March
2025 2024
€ €
Wages and salaries 185,472 107,706
Social security costs 23,766 13,166
Pension contributions 3,704 1,531
––––—— ––––——
212,942 122,403
══════ ══════

Pension contributions for the year not yet remitted to pension providers by the end of the year amounted to €618 (2024: €300).

29

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Notes and Accounting Policies Year ended 31 March 2025

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

Year ended Year ended
31 March 31 March
2025 2024
No. No.
Administration 2 1
––––—— ––––——
2 1
══════ ══════

One employee received emoluments of €80,000-€90,000 and one employee received emoluments of €100,000-€110,000 (2024: One employee received emoluments of €90,000- €110,000).

In 2025, nine trustees received reimbursed travel expenses for attending meetings amounting to €25,119 (2024: ten trustees received €19,266).

The trustees and the executive director are considered to be the key management of the charity. The trustees are not remunerated. The executive directors during the year received remuneration of €212,942 (2024: €122,403) 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 Office
Equipment Equipment Total
Cost € € €
At 31 March 2024 24,641 3,361 28,002
Additions 1,096 - 1,096
––––—— ––––—— ––––——
At 31 March 2025 25,737 3,361 29,098
══════ ══════ ══════
Depreciation
At 31 March 2024 23,667 3,017 26,684
Charge for the year 518 52 570
––––—— ––––—— ––––——
At March 2025 24,185 3,069 27,254
══════ ══════ ══════
Net book values
At 31 March 2025 1,552 292 1,844
══════ ══════ ══════
At 31 March 2024 974 344 1,318
══════ ══════ ══════

30

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2025

16. Investments - Charity

6. Investments - Charity
2025 2024
€ €
Cost at 31 March 2024 and 31 March 2025 100 100
––––––– –––––––
Net book value at 31 March 2024 and 31 March 2025 100 100
======= =======

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

Commercial trading operations and investment in trading subsidiary

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

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

ESTS Trading Company Limited previously administered a travel fellowship and is now largely dormant.

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

2025 2024
€ €
Summary profit and loss account for year ended 31 December
Turnover - -
Cost of sales and administrative expenses (2,714) (800)
––––––– –––––––
Operating loss (2,714) (800)
––––––– –––––––
The assets and liabilities of the subsidiary were:
Current assets 222,480 224,419
Creditors: amounts falling due within one year (240,842) (240,067)
––––––– –––––––
Total assets less current liabilities (18,362) (15,648)
––––––– –––––––
Aggregate share capital and reserves (18,362) (15,648)
======= =======

31

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

17. Stocks

Group Charity Group Charity
2025 2025 2024 2024
€ € € €
Goods for resale 268 268 696 696
––––—— ––––—— ––––—— ––––——
268 268 696 696
══════ ══════ ══════ ══════
18. Debtors
Group Charity Group Charity
2025 2025 2024 2024
€ € € €
Trade debtors 845,509 845,461 686,931 686,883
Amounts due from subsidiary - 224,493 - 224,493
Prepayments & accrued income 189,306 189,306 274,498 274,498
––––—— ––––—— ––––—— ––––——
1,034,815 1,259,260 961,429 1,185,874
══════ ══════ ══════ ══════
19. Cash at Bank
Group Charity Group Charity
2025 2025 2024 2024
€ € € €
Euro current account 3,109,800 3,109,800 2,293,218 2,293,218
Euro current account – trading subsidiary 222,480 - 224,419 -
Sterling current account 209,122 209,122 42,571 42,571
Bank deposit account 315,504 315,504 485,019 485,019
Petty cash 90 90 - -
––––—— ––––—— ––––—— ––––——
3,856,996 3,634,516 3,045,227 2,820,808
══════ ══════ ══════ ══════

32

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies

Year ended 31 March 2025

20. Creditors: amounts falling due within one year

Group Charity Group Charity
2025 2025 2024 2024
€ € € €
Trade creditors 20,946 20,946 27,776 27,776
Other creditors 278,168 278,168 271,947 271,947
Membership fees in advance 292,166 292,166 228,090 228,090
Accruals 27,117 27,117 30,802 30,802
Other deferred income 1,618,943 1,618,943 1,293,481 1,293,481
––––—— ––––—— ––––—— ––––——
2,237,340 2,237,340 1,852,096 1,852,096
══════ ══════ ══════ ══════

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

ceived in advance:
€
Balance as at 1 April 2024 1,293,481
Amount released to income earned from charitable activities (1,293,481)
Amount deferred in period 1,618,943
–––––––
Balance as at 31 March 2025 1,618,943

–––––––

33

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

21. Restricted funds

1. Restricted funds
Balance at Incoming Outgoing Balance at 31
1 April 2024 resources resources Transfers March 2025
€ € € € €
Restricted funds
ESTS Committee for
research and education 12,165 - - - 12,165
Medtronic (Covidien) - 148,463 (148,463) - -
Grillo Prize - 500 (500) - -
Prizes and awards - 6,500 (6,500) - -
Medela - 40,350 (40,350) - -
Johnson & Johnson - 62,700 (62,700) - -
Astrazeneca - 132,734 (132,734) - -
Intuitive Surgical - 133,334 (133,334) - -
Roche - 47,155 (47,155) - -
Merck Sharpe & Dohme LLC - 69,600 (69,600) - -
Atricure - 23,550 (23,550) - -
EziSurg Medical - 42,025 (42,025) - -
Bristol Myers Squibb - 46,050 (46,050) - -
ROC - 1,194 (1,194) - -
CMR Surgical - 70,000 (70,000) - -
Den Haag - (705) 705 - -
––––—— ––––—— ––––—— ––––—— ––––——
Total 12,165 823,450 (823,450) - 12,165
══════ ══════ ══════ ══════ ══════

ESTS Committee for research and education

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

Den Haag

Host city grant for the annual conference

All other restricted funds are sponsorship for the annual conference.

34

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons Notes and Accounting Policies Year ended 31 March 2025

22. Restricted funds – prior year comparative

Balance at Incoming Outgoing Balance at 31
1 April 2023 resources resources Transfers March 2024
€ € € € €
Restricted funds
ESTS Committee for
research and education 12,165 - - - 12,165
Medtronic (Covidien) - 167,498 (167,498) - -
Grillo Prize - 500 (500)
Prizes and awards - 5,000 (5,000) - -
Medela - 43,780 (43,780) - -
Johnson & Johnson - 67,040 (67,040) - -
Astrazeneca - 323,297 (323,297) - -
Intuitive Surgical - 62,320 (62,320) - -
Roche - 38,000 (38,000) - -
Merck Sharpe & Dohme LLC - 62,600 (62,600) - -
Atricure - 22,000 (22,000) - -
DuPuy Synthes - 5,000 (5,000) - -
Bristol Myers Squibb - 36,000 (36,000) - -
Bluesail Surgical - 22,000 (22,000) - -
CMR Surgical - 58,350 (58,350) - -
Redax SPA - 22,280 (22,280) - -
University of Colorado - 15,000 (15,000) - -
––––—— ––––—— ––––—— ––––—— ––––——
Total 12,165 950,665 (950,665) - 12,165
══════ ══════ ══════ ══════ ══════

ESTS Committee for research and education

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

Medtronic (Covidien)

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

Grillo Prize

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

Prizes and awards

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

Medela

Sponsorship for the annual conference.

35

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2025

Johnson & Johnson

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

Astrazeneca

Sponsorship for the annual conference.

Intuitive Surgical

Sponsorship for the annual conference.

Roche

Sponsorship for the annual conference.

Bristol Myers Squibb

Sponsorship for the annual conference.

36

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2025

23. Analysis of group net assets between funds

Unrestricted Restricted Total Funds
Funds Funds
€ € €
Tangible fixed assets 1,844 - 1,844
Cash at bank and in hand 3,844,831 12,165 3,856,996
Other net current liabilities (1,202,257) - (1,202,257)
––––—— ––––—— ––––——
2,644,418 12,165 2,656,583
══════ ══════ ══════
24. Analysis of group net assets between funds - prior year comparative
Unrestricted Restricted Total Funds
Funds Funds
€ € €
Tangible fixed assets 1,318 - 1,318
Cash at bank and in hand 3,033,062 12,165 3,045,227
Other net current liabilities (889,971) - (889,971)
––––—— ––––—— ––––——
2,144,409 12,165 2,156,574
══════ ══════ ══════

37

Docusign Envelope ID: 13437BDA-CA01-44FB-BDC4-7CA7846D6469

European Society of Thoracic Surgeons

Notes and Accounting Policies

Year ended 31 March 2025

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

Group 2025 Group 2024
€ €
Net income for the period 500,009 279,778
Adjustments:
Depreciation charge 570 386
Interest received (5,152) (5,346)
Exchange rate gains (5,896) (11,938)
Decrease / (increase) in stock 428 (81)
Increase in debtors (73,386) (356,289)
Increase in creditors 385,244 276,194
––––—— ––––——
Net cash provided by operating activities 801,817 182,704
══════ ══════

26. Related Party Transactions

There were no transactions with related parties in the year that require disclosure.

38