Chartty r•olstrati¢ffl numbw 8C03161118cotlandl AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) LEGAL AND ADMINISTRATIVE INFORMATION Gov•rnlng CornmMt••
re&d¢nll IDrerydenl l*w'ntad 27August 20241 8•nlor managnt -. li Lf Ex9cuIN• Officer) ad ol OptrrniDMI jHead ol FInar & BLMiresil ..Id of Edu¢alionl Iilad of Ery•G8m•nt & IW'nl•d 24 May 2Q41 He•d ol Gommwi¢•Won•l IRe•¥n•d 24 May 20241 Charty numb•rl8¢¢tl•ndl SWJ1618 Prlndpal addr•41 ijrit 3 1 Thv Flour Mill 34 Cornm•rGial Streqt 001 3EJ A¥dltor FlThlhy&hJdil L1rnid 11 Dudhop• T•rrtt• 003 6TS nk• Royal BAnk of &olla 3 Hi9h Street DDI 9LY
AMEE {ASSOCIATION FOR MEDICAL EDUCAMON IN EUROPE) CONTENTS Gov•ming Ccfflrn4t¢o Ihmb•rn' r•o0rt lTrJepeThYert atsJilorS r•pJrt Statemertof fina1&1 9-10 E•knce •he¢i 11 Slal•rn•rtofc•th flow 12 Not•• to th fan1 •tstem•*• 13-20
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) GOVERNING COMMITTEE MEMBERS. REPOR T FOR THE YEAR ENDED 31 DECEMBER 2024 Go4rrury Committ¢• Pm8ern their report arnl fmNJal statemènt$ hr lh• ythi ended 31 rM•r The firnal have been prepared tn aCCd81 wdh •¢¢•unlirvJ polw s•t OL n note I to I (IrBrKial stst¢menls and comply ¥vilh th& AA&i'S consbluuon. the Chanlias and Tru8tee Inveménl (s¢Gtndl X05. the CharrtS knunt& 18(hndI Regulalvjns la6 amwKledl and -kntsunlw arn1 R&porbn9 by Chèrities. Stalem•nt of R•cornrnend•J Pr4cb'cè apFlub to choMiBs prtrpanrvJ IhEAf accw¢S in JcoNdnnGe with the Financ1 Repo SlaTrJaid applKable in th• UK R¢wblic ol Ireknd IFRS 1021'18ffecbv• 1 JanLKqry 20191 OBJECTIVE8 &AGTIVITIE8 Our obj•¢t¥ ar• lo promot• lh• stY of h•ath •dtn, th•igby Impro¥irvJ h•atth prohgq F¢•t•rMmmUnliion h•atth preh681 •du¢•tor• in th ¢ntr of Ewcp• and boyorKI., 11 p•riodic corrf•r•wA• on aw¢ts ol prol•ebKJnB •duGal daemed of importycé 81 • prts¢ukqr limo., Sts'mul• lh• •mCn9 Ot t•a¢hM4 and of mat•rNl8 d•¥•bp•d b•Wn l••cMri •r thow4h m•etiryo, Joumll, gu•1 and p11¢10r', Promolé Mahti ofts•tth ProfeIC8 educator8 een mèmber MuntA?$.' HBIP 8valual• roport An gppropriwt• C surt•blo procodLf4$ 10r tr•irir9 It•rS If h••tth prOf•MnI t•1$. Ihrough m••bThJs, jOLrnal•, guide• other pUbliG&•, Colknct. ihrough m•mb•r I••40n& wh•r• thy exi81, fgciwl amdancè liom 8h prola8itsr4 h0O10. c4rtru in rmmber ¢QLtrIs, about obJectNe9 am PIO9ramme• ho&lh Voles$ •dL¢aiion in ord•r to hdp d•Kribè, di•trtsrt• •rtd dty¢um•nl rnet olhe•fth yof•o8K>n8 •t., ErKournge he8llh Prele¢ •dLt•iioMI f0reh beiw conduct•d in countri•1 in Eurow Thl glv• Jpport lo r•warch propths •¥plDrirv4 aSFects ol hoatth prole11n% eduCatK., Contribut• to t ••ttiTh4 of th ¥toTrJard8 in hwlth profeorrO good pra¢te wrth reqlrd to t•a¢NTra and assnont, Pmmot• trJla¢)orntson wilh clhr i•a)ml a8K¢iatN)ns for ho4Kh wof¥6wJn¥ •du¢•iion und•r th• umbr•l Oft F•d•ratson for EducAlion. Mts•lon,' To promot• and irwpir• eMcdl•rK•, ¢¢lL•bornlbW and qcholarth'p auo8B ihe cortwiuum of he•llh wo10 8&Ka.0Th. Vl¢bon: To trarsform lor I1¥h excelerte in edLrnli)n and ¥hd•rship Gumllng Prfn¢lpkni: Conn•G- Join and bukl k)b ¢ornrnurdlies gf prncKe tcgelher withAMEE GTh- Dw•iop Ine capacity to pr4. r•soarGn aThJ lewj. Ingpw•- Challenge a8Bumptk)n8 and *xlIng bouTrJari•s of •stat4ièW edu¢xtb)nal pradiw.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) GOVERNING COMMITTEE MEMBERS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT8 & PERFORMAKE AMEE partnered wrth De?n Univer¥ily •nd c4Jnlr•(#•d •neX IProk9810rl Conlera Orwwr¢l ¢• d•livw tr• 2W24 Ottawa Confer6nc8, ld in ME11kno, Au51ralra. Thy6 18 a biannuBI conl@ree wknch fcu8888 on assesgment. tnkryort Invow in Ihe prepaialion 8Th1 ruminll of thè ¢onf¢i•n¢o. Qur nUel conlererte In Basel. SwlzerLgnd wth 4.051 tlelegates from eourtn•$ att•ndirrfJ both ard 00. Th• theme of Ih corrfèJerKe wa•'Devdop your edwAlwJn41 uf••r Conn•ct, Grow and Impire wth AMEE 24. and we r•¢ei%d 4,4C¥J submtssH)n8 wilh 1.874 accept8d thank 6veryoM invofv8d. in PartiaAWt wrfrerce'• ProgFamrn• Chair, Jonrulgr ¢I?n Thè senb)r marwem¢nl of AMEE wnl a rwmb•r of monlhs dew•lopiThJ th• frjluro f8t•Jy of ehprty to ¢rur• its Vkgbily 9r thp xI fiv• lo len years. Hi8toiicalty. there ha8 been a r•liawA on th• ¢ornf•r•rrt• io tm ckArily • • whde aTrJ. wilh a fa81-chatying glow 1vUn. AMEE needs lo onwre rt continu•8 lo div?fy aTrJ expand ils actiwt8 togrow Olhor gOUf¢esol ItYom•. vuvJ dthloptd ts ILrtur• Jtrntegy, AMEE emborknd a rattl114 exr¢4sè dwirY4 Aulurnn 2ll24. thDugh th's re•Lllad in Ihe olftsur po$, with some bng seNng 8ff leaviNJ AMEE. the redruttuiing did i•r#l lo ¥•n posts being rewuil•d, cl1n9 Ihr•e at rnanagerl•¢nior mang9w lewd In addi1 10 ljwio #trnI1 i•cNmèrti. rn•mter of aff was promoted w1n AMEE lo m•n•9•r. PUTr0 of th• new managor l•v il ¢0 enlure Ihal mana9amert Can fc¢u6 on strai¢gy th• fuiurl ol AMEE and alow8 lo dev8bp 11• wlhin AMEE and hav• opp¢rtunrty to grow Ih•r c•re•r8. pport loi l•M wdl counlth LhJnrvJ 2024 wè comm4r¢•d Ph•ve 3 01 our p•rtn•rnlip wth pfv£•r Inc Ipftterl orxl M•dLLot• Glc&•l LLC IllAdtel This buih our work of a88e66ifYJ CPD in wekiesourced ctrjntries rbJ tn dev•lopiryJ 4 CPO ¢our•e. Thw phae• albjwed u8 to ortL wrth fiv• wb.S&haron llie• ILewlho, BolJwanN. rth¥arxl&. K¢nyi laW1) who cun•ntty uThJortak• CPO ¢n •n iftfoim•l b•• bui who hav• •xpr•M•d a ¢knr need foi il al a mole Icfmal IMI. lTrlwidual• from thow fiv• cuntrk16 form•d thr•• cohort4 and tove Trjw pl•ted lh.¥ CPDtrnJNng AMEE hai COrtnu•d rt$ c¢mmilm•nl to l•M w•114•wurc8d Lwntrie8 by provbjlng rId•d MarnbernP and corféraru f•••, Wè lo devdop and invest in ¢ornl¢r•w as ttrM$ •llow• partiopdnts from •ll.rèAeAJrt•d tsrtr lo access leaiThry. •$ wèll as haviry lh• Ilu b•rfrt of irnprovir¥ Ihe •nwronmwal WAbIllIY ol the confei•nce o¥•rdl. FINANcL REVIEW In 2024 our total Irn• w8 £3.613.849 up by £334.lInl on y•at Thli is plrttyd wo b"rvJ dertakIn whkh rn luTrJed by Pfizer and al80 oaU ot a w111 9rwlh In ¢orrf•renG• irKorne. Exp•ndrturo ¢T•ad from £3,.245 In 23 to Q.467,gJ1 in 3Y24. •n Ir•i•• of £701,656 13%). Thyé prinwily a ref'on of Ihe hghlly conf•r•nc• Iromo. Qur ith¢r¢44 in fuTra& for the ye8r 1$ £70,316 a d¥8 in fundB 01 £125.169 in 20 The vmimert N wim•nly to AMEE 1124. R•Mr¥•s Poijcy The reBetves polw l•n r•wi?wed by the Fbsk aThl Finance Committee. Reserves are hdd three purpoges.. To enat4e the 10 m1 all rts obl¥Jaticfis in Ihe e¥ent of thLfth0n.. T¢ )Id SUff18n1 liguhl re88rv68 to ¢ubhc) the impad of any finBroHI Isouu r•l•ted to the ferrKe, for emarry in ts eveN ofthe IwvirYJ Ic be cancdled," aThl To hrld ée•i9n•t•d or r¢Hct¢d reserv for partwhi purp08e8. At 31 D•c8mber 2024, £2,858,74912023. £2.743,Wl wa$ hehj in tclal unrestricted r88eryeB. 1116 the of Ihe 'sk aThJ Finance Comrnitte¢ that thv group 8houhl retwn 81 18881 18 months ol operolry costs Istaff and overhÈadsl rh• Mi WntribUb fiom the anrnml conference, beirwj nd £1,950.OW In wal. ¢t4rity hebj r8s¢rlL%ed reserves of £9),8J5 12023 . £141.5951 •¥J wthwmert ful5 ol th).971 13YfJ . £44.ffj41.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) GOVERNING COMMIThEE MEMBERS. REPORT (CONTINUEO) FOR THE YEAR ENDED 31 DECEAIBER 2024 Rlsk Mwwg•m• AIAEE 8 Risk aTrJ FIna• Commrtth• IB rwJ• up of th• Pd•nt, truBt••. th• CEO H•d ol &Jwn•A8 4f¥l Fin¥Ke. hMEE is ffiny 98CLffg htsw•ber11 doe• ffKe o nts•r of Fi•k• nckkling.. anr¥Jal conferencè. b•in9 mior ur¢• d Incorn•. 1$ 4 8ty3nificnl risk factor for AMEE. hav• XPgnd¢d lo kn19 both a face lo IrKe and online pr•2•ncewhth means that we are able w reach a wthr I10. partic4Y from tho96 ai8•6 Wr& rt Can bo and ccstly lo Ir4vg1 from Huwo¥91. thw• LX)ntinwd debate aboui the ILrtur of Onli ¢onferentsng a, wrth regards to the In person eth¢nt. Ire may bo many event8 V4hth May prevenl partiCiP8rt6 from attending. Costs n11Th to 8NI th h86 an ImpaLX on the deal• leas whch can have an p)c1 on •ttendarKo. Vvhihl It 48 rKII Po• to 8ntupate all ¥uch eventlIt$ déth8itin8 abtsLrt • eonfty•nGe loribn. * Nmb•r of st•ps n b• i•k•n lo redu fisk 88 folbwa.. rhe location of the peiaon el•mwl * t•l¢cied fou0j a ¢amful •xamlrAtn of ci>. SICllY and stat4.lily of th• courtry, approprkniw ts¢ilili¢s, •880 of acc4ss and attract•ne&B of tho locfilion fry par¢1panIS from ar014fid bvortd. It must be ackWl, however. thai we have In)Ae Optio wrth r•g¥rds to lCrAt due to the size ol eonforèrth. QontfftLurYJ to dewlap our d11•1 plBtlJrm whth Incorpor•la& Ihe cTIll•ne& régi•tfakn'on 8y91•m, ¢(•r¢re hosknr¥J plaffum aThJ AMEE Jwems R•9ul4f m••ting8 Wrth ts Pr)l•Mionil Conl•r•n¢• Organiw IPCOI wlh r•grd• to m•rk•i deMantI whkh thjuhj be cornx1•r•d In tm ol a eonleienc•. lrnurorKe li tak•n rArt to cwi • rnry• ol •Venitl th•t may •riM in v•litvJn Io tho •nrxMI confer•rv. AMEE FE¥iou¥ly id•nirfd • n•ed lo diverfy Ila irKorne and red( ts religfKg on Ihe anr•Jal C4nfw•r. St•p• •r• b•iry taken to ad¢i••• th• n••d to divw•rfy 4rn1 •h)thd progr•M In th• ¢omlNJ A• • crItY work8 IntsmotionIy, AMEE N •1 ii•k of curr•nGy filttions P•rtKurtY with r•guFdD to lh• foreign cwrency bk •c¢ount• h•k1. AMEE li r•rtlY ra¥ing Iho risks from partKul8r aiea in ord•rto mitigate )ny irnwGI I migtrrt have. Thwe h•v• b••n qfiel ¢h•ry in Ik• glotql L¥ndfcap• o%r tho pa8t 12 to 18 morths that ha6 •¢var8¢ly ImpKt•th our eornmuriiy in firancial tenn&. Tth$ in tLrn co¢A1 I a mpaa on AMEE in Ihe r•xl f•w y•w6. W• •18working on how 10 mitigate thi8. Plin• lor lu¢ur• p•thl• 2023 G•n•r•l As8embly. il wa8 Q910¢ 1101 AMEE woulrj be)m• an irL>Jrporated clmfily. have workod hw0 lo achieve this and the ertity o)mm•r¢•d Ir•dirs wlh eff•cl from 1 January 2[. Dwing the cLYr•nt charity wi# bg down wtth all a8Mts l1abillti tran8ferr8d over to thfr new enllly. Our annual nfaren¢¢ in 2tr2S will hekl in earcelona, Spain. ThL th • Papar venue and h4ve tr•d a hu9e nLw ol bMon5 to lake part m the pwramm• How•v•r. do have lo bo eautK)U5 aboLrt OL¢r thi• ¢tsrf•rtre- there kna b••n 8wanrfnI in woHd Iht past 12- 18 rntho and we have hvard Ircrn our COMMkllY firwn¢i•l pressures. Durw we wll lake the OFVrtwly lo uThYers¢a ttms may Impxt EE and how we may bo able to wJpp¢)rt our ttfflrnunily in lutur•. Wè will conbnue with thge 3 of ow partnarnh with Pfizer and IkddIe Severd of the parb¢ipllnt¥ liom the 2rr24 L¥Juf5es will undergo fUrtr Irainitvj to allm trom 10 faahtate Ihe coursè in Ir own ntrIeS Bs they have I¢¢¢¢d fvndry In order10 8el up t1r ovm o)hort$ We are also wothry to dÈvebp a Cu51om•r RdatiOtY Management 8y81em v4tiich will al¥ us to iryrove tyjr Txl#Jn with OLf ¢ommwily. Thi5 will invOe mcnthB of work trom both AMEE ana our 6Lwlrs 111$ hope(1 w• wdl 90 wrth th JAMn .
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) GOVERNING COMMITTEE MEMBERS. REPORT (CONTINUEDI FOR THE YEAR ENDED JI DECEAIBER 2024 8TRUCTUR& GOVERNANCE & MANAGEMENT AMEE i¥ an inCorpoR1ed charrty and was e0¢ ai 4 (aritab• orgthsatvjn InJgUIt baen tradiThJ a8 an asgxiabon S•plemteF 1. Tho Go¥erThw Commin•o Iwm aro ts Tr14•5 ol th• A88ooatsonl that 8eMd dunng t y•ai and up lo ltr dat of gr•tur• oitr% fiThprKial atemenls wer•. Teskl•rtl r•8idrti IRMign•d 27AugLt 20241 IAppolnt•d 27gUt 24} IApptsint•d 27 glI 3)24 aTrJ r•wgr•d l JY 20251 Appdrtm•nt ol Gov•mlno CornTrdtt•• Mnl• A Nominaiiono Commrtlee, apwlntsd by mernb¢r6 ofAMEE. ar• r•8pomibk• foi mmin•tM lo fill vacarri8on t Gov•rnw Committx. IndiMduAI m•mb•r• muy als0 forward a F•r•on•l noffmmlion. Th• •léctnn of GoverniThJ Commrtie• rnemtorn 11 lak• pla¢8 ai the ann1 Gener81 Awmbly Gov•mlTh4 CwiftYtt•• m•mbw kndu¢Oon •nd trnlnlnq EE hoo dawlopeé an inbrm•lion pck IDr proyth'v• Govemiw Commrtt•• m•mb•r• lo •l•rt th•m to tt• d[1 of 4 ¢ommitre• rn•rnr aThJ lo f4mli•ri8e th wlh lh• of AMEE ITr oid•r io •MAt Ih•m carryir4 rt th•ir rol•.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) GOVERNING COMMITTEE MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statnt ol Go¥•rnlng Comndll•• [lr5. r•5ponslbi4ths Thp Govemir#a Cc4nmlt88 8rÈ we8ponble for pr•paring th• GoverThrs Commrtte• Membern. Rewt and lh• firwncial stalaments in èccordarKe wilh applKabk la and ud .dorn Accourrtirl Slandards Iunrtgj Kir¥Jdom G•nw8llyAcpt¢d Pr¥Ktrcel. Trt 14w applicable lo charilh in So)Iland requires It GDVBrning Committeo to pi•par• financ1 5lalam•rt5 for •ach fina1 ye8r whth gNe a trua Hnd fvir of th• Bla1• ef affair8 of tho As8oulTr aThl Df tho Incoming aTrJ oppli¢aiion ofrex)urc•s of h Aswcwlion lor Ihal year In ppa¢[rO these fina11 •l¢rn•nls. the Govemiw Committo• ar• required to.. - aelaL suilafJl• •¢eourmo poli¢s Ind then apply tham coMi•ntty.' - ¢b•èrve ltrk• méihods aTrJ WinCiF4•sin Ihè Ch•ritie% SORP.. - m4k• iudgom•rti aTrJ •gknrnat•• th•1 •r• rM•on•bl• ¥nd prud•nt', . gtal• vkn•th•r •ppli¢•N• arUntIng 4l•ndwd• hv• b••n lolw•d, •ubJ•<l to •ny m•l•ri•l d•pJrtur•8 dwd¢••l &Kplained in th fin•rtial statèmenl$', aTrJ . prepare Ihe fincilI •tstemerrt• on lh• o01ty eortern bBIss il li inppropiiate to prawJn%q thBI thanty will conlirw In op•r•tbon. Go¥wrir¥J Committe8 ar8 reBpQn81b for k¢¢pwy suifiGknnl •cGounliryJ recoids Ih&l di%cb5e wh ieason•b Jracy at any tim¢ tr• fin•n¢i•l powhon ol ltr• A••oci•tion enab thèm 10 Ihat lh• finano St41emenls comply with the ¢h•rrts and Trubto• IrtVO11rnont l&otiandl kl X(k5, t Charit6 Nuounts Iscotkndl R•gulalioM )X6 (•• 4m•Tra•dl and Ik• piovior of lh• InAt d•éd They arn al r•8pwbLe h)r fegLl IM I1# of the AM0cl•i and he• for I•n9 r•asonabl• •p• pr•v•ntson aTrJ drf•aion Df fraud and dhor Ir¥ogu*nbo8. Teport Iva8 approved by Boa¥d of GowrThry Ccfflmillee. res en f3+18t %Y25
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING COMMITfEE OF AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) Opknlon We ha%t a11ed tho ffinaThcial stètemènts ofAMEE lAsallon loi M•&"cal EduCatn in Europ•I (th•'A661dti0n'} k>r Ihfy year 8nded 31 Lamr 2024 cornpnse the skiem¢N of flnatKial a¢iwrtleS. thu balance sheet. the statement of cash fi¢w$ or noles lo tho financial 8talem6nt&, InclLhding wgnificanl accouniirvJ pol188 fina181 reporting framvwod( th has been appii•d In t1r prep8raiion Is applKabl• and UTht•¢J knngdom PttountirvJ Sta81d8, ncludbThJ FiMn¢ial Reporting Slandafd 102 Th• Ftyy•n¢l Reporting St•n&ard appl'cthblé UK th7d puikli¢ ollf•landlUnd•d &neralyAwt•d N£countirvJ Prxticel. Inouw opnion, thè firw%iNI •lemenls. 91ve a twe B Trj f&1 of th• ¥t•t• ol the charltykn affair• a• al 31 O¢cber 2024 a1 of rt6 incomirvJ r&wurce8 and applralh?n of r•sowce$, lor the year ithn tsTha•d,' ha% teen properly pr•p•r¢d rdInG• with Unld Kinlld)m ¢3v11Y ALKepled AOUntIng PFadK•. ond haw en prepired In accordanco wilh the rèquir•rnents of the CharrtS Bnd Truthe Inwtm•rt (sc1•1) L and rty4Jatson 8 01 tr• Ch•riii•Axr•Lrt• IS¢otlindl Ragulations la8am•ndedl. B•ih lor oplnlon coTrAKied our aLKIII in accordarc• Wlh Inioinatk)Ml Starnlards on ln0 IUKI IISA8 IUK)) and applKabie w. Our r•¢pOntybdrt und•r th el•nd•rd• Mr? fl•[ d8•crib•d in the Audil•rfa r••ponwbJ"th•¥ for ¢h• 4udrt ol trle hiiancMI stat•monl8 10n of ¢)ur rèport. We are IndyThJenl of lh• A8lation in accordarK8 wilh the othical requrnment8 IW are rdevort to our Ij11 of lh• fiMrli1 41M•nt• In Ihe UK, Kl11n9 th• FRC'• Eth1 StJTrJ•rd. and we have frjifillèd our other Ètllcal r•1pM#ilit1os in accordanc• with these rwuii•m•nt•. W• b•litr• thwt the •Ldrt •vwJe w• heve obt•iwd 18 suffici¢rt and •ppropnale to womde a ba8 for on)rt. Cl?10nS r•l4llng lo 00kng ¢oncun In a¢Jlihng the finarKi818tatem•nis. w• corKdId tr•1 th• Govfrrnino Committe• momb•ra' Lxe of the going co1n ba818 01 o¢¢tsunlirq lh• piepar8t+)n olth• fthnGiJl thl•m•n¢• Ya apprcpnate. gaaed Dn t work we hove Ferformed. we Pove nol en¢led any Malen Lthxr¢ginii¢$ 1)lIng Ig pvpn16 or toNliliu that, IndivtyJLoly or collactively, may UBt 8vJnikBnl dothl on tht AMsociath)n'• •tylly lo ¢orthNe +rn for 4 Per of al )•¢ Iwel¥e rnoniho from wn iho finar¢ial 2talemenM #1¢ foi iMu•. Our i•tporibih'ties arn1 the rebrtieS of the Cc4nrnrttM wrth reipKI to goir¥ C(cern Jr¢ dcribed th• Mctior ofthiB r•port. Oth•r Inlormi¢lo Thfr crth•r inknrmatw Gomprioes the infumahon included in report other than fnarrial 8tglemenl• •ryJ a1105 rewt Ih•r&oh Th¢ Goveming Crffimill•• ar• r•spon&b lor ltr Olhr irformalion wntain•d wilhn Ihe ant)Jal ryJtl. Our opinion on the fin8[la1 6tai•m•Ns nDt cover the otkwr inforrnation and we oo rnl exprts$ •ny form of assurance COllon rntsn. Our reSpOlbilItY is lo raad other infumabon aThJ. In doirvJ $0, ¢¢n6thr wtrwltsr ts other Intsm)auon ts rnaterially Incon&i8tent with firnineial stattmerts or krwledge obtained in tha eourB¢ of the audil. or oth•ri8e appear8 l¥ LE maler•lly mi¥¥tot•d. If we idenb'fy Juch malerial IrOn6Tlos Or appar•nt matenal Msta1mert$. w• aio r•quired to tMIne whether Ihis gNe6 riae to maténal rniMtement in thè 4lerrnts Ihemsefves. If. based on t we h¥ve PErfoimed, we ¢orKlud• Ihai thère is a malarkn81 MItal&M•t thIS other informalion, we are r•quw•d to r•p¢rt th•1 i•¢. ha¥e nothir¥J 10 r•port in Mgard.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNING COMMirrEE OF AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) Maltarl +Jn whlrti w• ar• rnqulrnd to teport ty•x¢•pllon have nolhiNJ lo rewt in respocl of the followiw m&le in r&al¢on ¢D W"¢h th• Ch¥ili88 IScotLgThJl Ro94thbons 2LW la5 amended) iequre us 10 r4)ort tt) yw rf, inour opirion.. the information gNtn n the firon¢HI ¥l•t•m•nl8 In •tr)y m4tri•l wlh th• L>)v•mi Comm&te8 m•mbern' rewrt,. or prDpor accowrtkng records hav• t••n k•pt, or Ihe fThncial atalem•rn• ir• nol •grwm•rt with accounlitvd r¢¢ord•,' or w• not rec•ived all the inlgrmabon explanatio we raquire lu our audrt. R••pon•lbMftIM olGov•mlng Commltt•e AS •xplaird mor¥ fLdly In Ih etaIr of Go¥•rr#ng Comminoe m•mb•rn' r•¥ponwbdAv45, thB Gov•mir¥ Committée arÈ r•Int14 for t wépaiation of th• il¥l•m8rts and lor b•ing 8alIrfd tt Ihey giv• g trw4 &nd tslr vi, aThY foi such In16mal cornrd as the Gov•rrity Committee determim 1$ nec068ary lo ihe Pr•paroln of financial 8lalem•nto thl are Iree from material mi88tatem¢nl, ther due lo fraLpJ or tir. In prepariryd the finan¢l 51alom•nts. GovemiTrJ C4mmrttee reip)n8lt4• for asseswrg the A880CtbJn'8 abilrty to ¢onlinx qomg corKem, dia¢k)iNJ, • •pplic•ble, rnatlero rthted lo goiTrJ concwn at using ihè goi ¢ornern baW5 cf accountir¥J LM1fr Ihe Goverrurg Commthe intend to e6ase op6ralK)M. oi havè M e8all a#•rrI to do w. Audttofs rplIbIlIt1•s forth• audlt of th• flnan¢l41 st41•rn•nts W hJv• been appoint•d io alOr uid•r son 441111¢) of Ihe Charities TrkMl•• In¥•m•rt Iswlkndl Act 2C£6 4nrJ ¢•port in 4bcwd•ncé wlh Ih•A¢i rvarI r•guJotKsn8 m•d• or •ff•¢t th¥•und•r. Our obie¢¢iv•¥ • to obtgin r••sonab aswrnrrte 4brJt wtrolhr Ihe finarrial Atsl&mart8 as • who} 4r• fr•• from material rni88lat•m•rt, %th•lh•r to lrnud or •rror, and lo ia•w )n •u4ilor's report that In¢lud•i our opirxon. Fle4nble assurance ig a hvJh 18vel of bLA 18 Trjt a guarantee that an a(Jit condLtèd ateordne• wilh ISA• IUKI will always deled ¥ m•riJJl M13¢0mnt wh8n rt exisls. Misstsi•m•rt• •r•o froffl fr4ud or rror and are Consre[l matenwl rf, individually or in thé aggr•gai•. Y coukl r••ToMbly b• exp•clqd to infiuenc• th• •¢(rtwm dKI&DnBol takgn on Its b•$i$ ollh••• fiMn¢l•l thlern8nt8. i ext•nt t• whith wr pioc•dum ¥• eaybl• of d•l•¢iirs irrtyuL•rito, in¢ludirva frnwl. is d•taikd b810 Inquiry of managemert 8boLI any kntrwn 01 •uwe¢ied In8tsnco1 of 18ce with I•w8 and r•gulition8, inclLwJin9 GDPFI, heth Jnd ¥of•ty, •mploymonl IBW and fralkl. Inquiry of managèment a$ to where they con&der Iher 1$ 4 6u•c•ptibilrty to tr•ua and Imir knowl•d)• ol ¥¢tl. ¥Lwe¢ted and alleged fraud miqht OCCL R•w•w ol any coriespoTrJenc8 wjth r6gulalor6 In¢kMling HMRC. Chal• as•umptionsand iudgemenls madtr by manaknwmenl in their wnrfKant XC4Ulllirw Alit1j the risk ol managèmènt ov•rrxl• conlroh, incIj1 1Ch t•ètiThJ of •nirio& ard ¢tP•r ILJg6wni& for appropTolenes5. Rewew of ar•a5 Wre ther• is PoltIll of mahaJ•m8nl bi•s, lig• 8 wual lrnnBa¢tirI arnl th8 rlsk of uThJisdosed roL4t•J part8 P•rforming anyb.ca pioceduresto any unu1 Irawctions.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE GOVERNING COMMirrEE OF AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) 8ecaus• of f•ld in ffth the A6soo8bon operate$ Jn. we Jontifi6d the followiNJ ar6a8 as kn86 most lik•ly to have a rnateriwl impad cn Ihe finartial siattm•nts'. Direct Impa¢1 on firon¢1 5taternert&' FRS102 Chafrties SORP 3)19 HMRC. VATIPAYEINI IndirKI imprLt on fina1 BWl¢m•nt8'. EMpym•n15 laws GDPR OSCR ••llh & 5•fr4tyAct A fwtrr dewiFIKJn of our responwbililffts Is availabkn ¢n Ihp FInGlI Reporting Counc8 w8hil• at.. Mps.'Il ww.fr¢.org ukhudrtor8reswngtsilth•s Th descnplion forms part of our 8uditor'8 r•port. Your 8ttnlion i¥ drnwn lo the fact th81 th• ¢8rily h•¥ prepaled finarKkil ¥lalem•rt• in accordance wth-kcourtry aThl Ropornng by Charitse8' Slatem8nl d R•eomrnended pract aPF4icable to chwrtie8 yepariw thèir aCcnt6 In cmrdDnc• with the Fin•rKi•l ReportirvJ Sland4fd aFpIKable In the UK and RepubliG of lJend IFRS 102)" la5 ameThJodl In prefèr6ne¢ tts th•Ac¢owting Rewtiffj by Ch•filié8." Slat•m•ni ¢•f R•¢tsmThnd•d PrgCtKg I$•Ld on 1 2005 which referred to in the extant regu110 bul now been wrt&n. has been do in lor t fimncial •1•m•4 to piowde a tn aTrJ fail Mew in accordanc• wth oJrr•r4 GgnorallyAcc•pl•d kcourliry Prnctsc• UM ol c1 r•port Thi• r•port 18 mad• •d•ly to Ih GrI¢'1 trLAt•È8, a8 a Lv)dy. m a¢cord4rt with repLl8knM 10 of the c1• A££ounts Iscoiiandl Re9•"0n . Our aujil work ha8 b••n und•rt•k•n To mvJhl 61ale lo the charity, trul1• I1¥e matierg w• are raqLMred l) •Wt• to 1M in an IrtorI feport and lor no other purpose. To th¢ full¢•t •xt•nl permittad by w, WB do rb)l awl Of asoume f68pon6ibilily 10 anyone ¢tr than thè cf•nly ard thè ¢horrty• tru$io9$ a6 • boty. lorour audit work. for thK rerth, of lor IM opinKJnsw• havo lormed. iutoryAudt¢rt ndl•yJ Audlt Llmll•d oran on 11 Dudhope Terrace DD3 6TS 25 FindY& knlk Limiled is dwJible lor appJintrnI as auditor ol th• Assts¢4tytsn by virtu• ol ils eligik4ily S)r OFPgirtmer*¥s auditor of a company undor 8o¢lYJn 1212 01 th• Compwl•sNL¢ 20C
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEhlBER 2024 C1 flnancid •1 UnrestilGt•d Re¥trt¢¢•d Endowrn•n¢ nd¥ lun 2024 2024 T(lal Tot41 2024 2024 Incom• •nd0Wm18 Imm: Oonalion8 and leqaLI•• 4,45) 3,279,9W2 61,297 16.859 244.2 255.702 3.279.992 61.297 16,es8 3,124,ffi3 43,644 12,018 other Nome Total Ineom•nd •ndowm•nls 3,3S2,597 244,8W 8,4 3.613,849 3.278,e83 3,172, 3,467,768 133 3.W.341 ¢)IIKir •xp•TrJtur• 12 133 T(al èxp•nditLf• 3,172, 3.467,901 3.W.245 N8t On Irth•lm•rt• 13 N•1 kncrnll•xp•ndbluMI I,298 150,6671 6,317 145,948 1&,4441 (Xh•r wrAMd gaSb)s and 175.5Cg1 11231 175,6321 N•¢ n11 In lund¥ 114.789 (So,7> 6,317 70,316 11Z,1691 R•contI ol lunds: Fund baknnc•• al 1 JaThAry 2024 2,743, 141,595 44.654 2,930,2C(4 3.C65.376 Fund •131 Lkn¢•mb 2024 2.8&8.749 50.971 3.fJ)J.$25 2..?)9 Gtaièm¢ni of fin•ml aGli¥iligB irKltsJ06 all gaifW and losses reeognwd In the y•ar. Al irK•m• •NI xp•n¢lt• dwN• Imm contsnuiThJ ac$. T rntes on pw$ 1310 301¢mi p4rt oflh8se firAnc*l 8t&tem•r48.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE STATEMENT OF FINANCIAL ACTIVITIES {CONTINUEDI FOR THE YEAR ENDED 31 DECEIIBER 2024 Por11n¢l Unrn•lrkt¢d Ru¢rf¢t•d En¢JNm•nt lundi fun lunds 2023 2023 2023 Total Nol•$ Donations leg8cbt8 Ch?rlt4bl¢ aclivii$ Inv•&merts Otki in¢om 53.OY) 4S.Ss8 3,124,663 3,124, 12,018 12,018 Total IrtDm• ind ondowmerd8 3,1,325 53.¢YX) 45.558 3.278, 3,103,354 261.987 a.,341 Olhgi exp8Mdrtur• 12 Total •xp•ndltur• 3.103,354 261,987 3..245 o1in• on irMimert¥ 13 918 918 N•t IncuMll•Ap•ndltur•l 1206,9871 44,654 1ffi,4441 Trnn¥l•r• b•¢w•on fw4Js 115,1071 15,107 Oth•r rwinlmd lo••••: Oi+r gnrflo••e•l 139,4911 N•¢ mov•Thnl In fJ,231 1193,1141 44,654 115,1691 R•crmdll4¢lcfi ol fvnd•: baLqncé8 al 1 Jaftry 20fJ 2.720,E69 334,7Cg 3,Cffi,378 Fund 1•¢•1 Ai 31 D•Ml 2023 2.743. 141,595 44,654 2.93J,3 io-
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) BALANCE SHEET ASAT31 DECEMBER 2024 2023 Plrl•8 Flxed assets TarwJia as# Inv•¥¢m•nt• 6.441 21,249 447 17 6,441 21, Curnnt aJeti Deblo Calh 41 ts9 In hiThJ 18 441,121 3.CQ1,861 3..118 3.532.982 3,879,127 Cw•dhor•: irnounts I11 du• wlth •T 1534,2481 1896,4841 i ¢LKr•nt 48u 2.998.734 2,99J.643 T+Xal as••ts IM• ¢uvMnt Mlblllll 3,C#)6.175 3.QY2.339 Pnwknloni loi 11111•% 14.85)) IT2.1301 3,C(#),525 pLtsI Endowment gr•I Ino¢xn• lund• R8strthd fuTrJ UnrestrKX•a fund• ,971 141,$95 2.743, 2,858,749 3,OJ),525 2.9>),3)9 Thg on 13 to 30 lorni part oflh•w *tatèm•rti. ernirwj Commrttee on TJAwwl
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) STATEMENT OF CASH FLOWS FOR ThfE YEAR ENDED 31 DECEAIBER 2024 2024 Caih flf5 frorn OpWn9 •ctMth¥ Cagh ab8orW ty operatK)n 127651 19,ts11 Inv•tlng 4dlvtll•s Pur¢hase 0ftaw1• fLxed awl• Purcha&9 ol inve•trnenls Prc¢ed$ Ir1 di8poqal of in•tm•ftl• Inv•m•nl )¢om• r•¢•i%d 13.2361 (3)2,2101 1,279.LY42 447 61.297 N•t cMh q•nwatsd Ir(n Inv•sllng a¢tlvlll•s 58,Sa8 1,13),$28 N•t cuh umd In Ilnan¢lno ctlvlll•s N•t Incr•M• In ¢ath nd r•¥h •qylV•110 55,743 1,110,835 Cosh and eash •quvalents at b•ginn¥vJ ol year 3,036.118 1.9Z,283 ¢••h and ¢a•h •qulv4lmt• at •nd ot 3,091,e61 3.036,118 The rola pa9•• 1310 30 lomi part ofthts• *at•m•rt•. 12_
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlTrq poucl ch•rttylnlomIon AMEE IA$611hL for Education in Europe) li a charAy regitred in stknnd. prirwi a(>Jr• Is Unit 3.1, The Mdl, 34 CommerGial Slreel. DuTrJee, DD13EJ 1.1 A¢utIng c¢xhv•Dflon fina81 s¢al•rnent6 hav8 b68n FyÉparÉd in actr)rdarK• wth tho AswJoatin's comtitulian. th• Charrties and Trwt•a hSIMent 1S¢oii•TrJl Ao 2LM)5, t Chairtk knunls IScotLqndl Rogulaknor 2l la• amndJl. FRS 102"The Financlai Reporting Siandard applicab In tl UK arKI Republ ol irn11r. ITRS 102'14TrJ th• Charitiè8 SORP'A¢¢ourting Reporting by Ckorrties. Stalement of R¢¢omrnnd•d Pra1¢t apF4taèlo lo ¢harrtJè$ w•panng I1r 8c£ounts a¢o)rdarK wilb Il Financral R•porting Standard pts1¢ In th• UK pnd Republic of lièland IFRS 1021" leffe¢live 1 JDr#Jory 20191. The AJsociotion Publ e•n•ft Entity as defined by FRS 102 fn•n&al 8tat•mtffrts af¢ w•pard in erh"rvJ, whKh tha lunclior•l currerw of kn¢1)n Monotary amount• fin•rtl•l 4t•rn8ni84f• round•d lo th• n•gl••t £. T fimrtial atstwp•rt• hDve been prepar•a wder Ihè .o[le co conv•nI. wirK4pal a¢counti poh'¢w •d&k4•d or4 b•lDw. 1.2 Golnq conc•m Ihe tme of •pproMno Ihe fin•1•1 •t•tem•rts, the Go¥orThng Cornmrtt•• ha¥• a rean•t4• •xp•cialion thai A880oblk)n has ad?410 r••oure•s to cortmue in op•ralional Xt•1• ksi th• for•8eeat48 futur• Thus tha G¢v•ming Commiltm oJntinu• lo &lopi its gciryj ¢• ol thc¢¢urtiry In Frep41irvJ I finanthal Slal•rn•nts. 1.3 Ch•rft4bl• fund• ljnr•rlCt•d lundi •r• •v•iL•bl• lor LA• •1 th• dAcr•tnn of t GrnI¥4 Commrtfv• In lurth•rin¢• ol th•ir charrt•bl• ¢tyJwAw¥. Reg¢ricled fuTh18 8r• wbi¢¢i lo JpGific conditions by domrs or granlors a8 lo how ttY mgy b¢ ujad. Tho purpo•eg uw• 011 I¢r1•d luTha4 ar• Set out in Ihe to lh• fintial •1•M•18. Endowm•ni ar• wJbj•ct to gpecrfr by donorn tmt thè ¢aMal MU b• mairtt&n•d ty Ih 1A In¢¢m• I0 16 recL¥Jnised when the Association Is legally enuued io il aft•r any porforTTIL4nce LxJrNJIIK¢A b&tn me¢. the amwnl8 can be m•a•LLrgd rd13tr1y. and 1115 piobabk th ino)me wll received. Cash donaiiorn are recognL8ed on rKepl (Xlr ¢JOna0 are remnised once Ihe AsteeAii¢)n t4en ry0b'fd of Ihe donation, urles$ pertoirnan¢¢ GQndrtior require delerral of Ihe amourl Income Iqx recoveiabl• relation to fftc•Ned undei Gift daèJ8 01 cowenaTht M recogni8ed at lh8 time of donalv)n. Legacios are recogri6ed on ie¢Èipt or otlE¥wi% rf Ihe kws en notified ol in smp8Thaing dr8lributvJn. Ihe aMt Is krKMn. and r•e•pt is •xp•cted. If Ihe amount Is rKIl kTr)wn, the l898Cy 18 treated ai anr¥jert ass&t.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThfE YEAR ENDED 31 DECEMBER 2024 A¢¢0 poMd•s l¢ontlnu•dl 1.S ExwMIIIui• ExpeThJrtwe 1$ remnised on¢e ihere Is a or construdve Oblatn ta transfer ecommic lo third party. il is probab Ih8t a Iran8f¢i of econgmi¢ berÉfrt5 wll be r•qur•d in ttIernont, and arnount of the oblvjabon can m•&•ur¢d iebably. Exp•rtdrturg i classfiod by activrty. cos18 of each activity are made up ol the lolHI of dirrfl costs and shared cosls, itxlthiw wort illvol¥ed in U[ertal eKh athiwity. 'rect cost5 a11ributae lo a &ngle actsvity aro alkJcal•d dir•cUy to that gthwty. Stroi•d costs whch contrib• lo moro thAn or activity and wpwrt ¢ost3 whiGh are not attribat18 lo a sir¥Jle adwty •r¢ )pportbrd btheen th0 aaivii$ w a tya•i• cOnW+nt wilh Ih• UB• of re60¢Jc•8. Centrd staff co8t6 ai• •lb¢st•d on Ih• b•w• ol tIM• wnt, and 4JewKiation ¢h•rgesare allocated on th¢ pOrtn of Ihe assd's u8e. 1.8 Tngbbl• Ilx•d a•••l• TW1b fixed a59915 ar• ir•lially m•asur4d at cost gnd rkthu9l1IY m•48ur•d * ¢O•t tsr v•lu•h¢n, Mt of depreciats'on any Imwirmern108•ei. 0opr6cialw fv r•¢oJnwd 40 as lo wrrto off ts co•t or waluAtion of AM810 la•B Ih•ii I••11 valuèi tP'r u$èlul Iiveb on f£43w1rQ tsa8e8' Equipm•nl birt• 4 yuri •traigfrl lin• 4 y•&rA & 3 y••rn •lrai9N linè The goin or lom •n•iw an Ihe diipoul ol in a88et 18 determed as Ihè differe lh¢ proc8ad• 4ThJ th• ¢Arryirtg Y4kJ• ol lh• 4•••t. and i• r•cOgn••0 th• •talém•rt èlf¥)•noal •thvrtbM. 1.7 Flxed aM•t Invutm•nti Fe1 awt Inv2men15 ar• irttially me48ured 8t trnmaclw prk• 9x¢Ing tr•n•Ktson colti. 1Th1 ar• •ubwqugnlly meas¢ at fair ¥Au6 at aach roportiry daté chnge8 In lair valuè ar• •¢ogn•d n n•t Irrtom•llexpeTrJrtuiel lor ¢h¢ y¢•r Trnnwlion Costs ar• expénsed us Incurred. 1A Imp•bnMnt ol Ilx•d •i•et At oaeh i•p¢rtin9 •nd dal•, tho Aswthalion f•¥& lh8 carryiw amount6 of itrts tsYJibl¢ as1# lo d8twmi whBthBf there Is any Ij•C£t th8t thxe 08e¢ts have led an mpoirmeni lo. M any ¢h iTrJi¢aiKtn e%Bt8, the recoverab amount ot th¢ a$s•t IS lAted n oidef lo delefmir the emlert of the impoirm•nl lo Irf any). 1.9 Cash Ind cah •qulv•l•Dts C88h and ea#h equiY4lwrts itlud• c••h ITr fqnd, depoBit8 held at call bath. oth8r el-tn Inves¢ment¢ wth ¢xir41 ma(Urrt8 01 th[ monlhs or k•$. bat ovwdrats. Bat ordraft6 are shown thin borrowings in cuffent14qbilit8. 1.10 Flnanelal In¥tNrnents Tt sOcial¥)n h8¥ eleG18¢J to apply Ihe provions of Seclion 11 '898K fInarjaI Instruments, SecllDn 12 'Olher FirnnrA41 In8¢iurnertB188ua•' of FRS 1210 811 financial inruMentS FiMnoal inalNm•nta are recogni•ed In the PaGkltionS balanL% &he6t when the A2eccKrytKsn beGomes party to cortractual provi$iorrf6 of inslrumenl. Fir0al assets Ik4bilits are olls•t. wh th• nli amtsunt$ pras•ntsd in finartial &tatkmnt%. wt•n thare is a kgally Énf¢i¢¢)bl¢ ngN lo %1 off Ihe rwnwd amounts there is an to se• on a Thjl ba$ or to reo1is th• •$s•t seilbthe liabilty slmultareouy. 14
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO TrIE FINANCIAL STATEMENTS ICONTINUEDI FOR ThIE YEAR ENDED 31 DECEMBER 2024 AOUntIng poud 8a&c finarri 884ets. wlNch debtors cash and ba bal8rte8, are iniliaMy meased tranMOn Price ¢11114 ts8n5athcn cos1$ and ar• sUb•qU•nY carried at amorti&ed w6t Urg It effect irtwe•t melh)d unless th• arrangement con8titLrtes a finoncirYJ t18&4)n. whtre th¢ irnnsa¢¢i)n is mtabwed at prÈ4•nt ol the ILrtur& receipts di¢¢4sunlpd ai a maiket ratp ol Inlere4¢. Finaal aswls ehiwfi•d •• rK•iv•bkn wrtn on• yaar•r• Mt an41Md. 8••1¢ Iln•nGlaTll•blllll Bbtyc financial li•bililM, Ind1r¥a c¥•ditor% nk knans arn inrtially ¥ocogni88d al tran¢tIOn pri¢• Ihe aement conslUt a finalD9 transaction, wheie ¢Jebt in8lrLmenl 18 m•a8wed al thè ptèsent ¥91 of lh¢ payments discounied ai a mark¢i 14le ol irteie51. 1.11t1eè as payablp wrthin on• ymr •r• not smo$9 D•bt instrum8rt8 ar• •kkns•qwntly ¢•Ni•d al •m4xtig8d ¢OBt, uBing th• •fI•'¥• int•M8t r•t• rn•ilv)d. Trade ¢redlor4 gre obligalionB 10 p8y otstsd8 or 1¢• tw htyv• bn •cquir•d n th• udiwy of operat1 from wpptser8. Amounis pthyable are dassthed as Cent liabilrties rf payment ¢Jue wlhin one y•ar er Jou. Jf IhEy 4re piomnlod a• non-cwreni habilil1é8. Trndé cr•dilC¥S aré rècogni%•d 1Th11y al tran¢bI)rt pric• oTrJ 8ubgequ•nlly Maaed at ¥m¢rti ¢o•i th• •ff•¥• rt•r• tly)d. D•r•¢oinlUoh ollln•Trdalll4bllltl•s Financial &8.111188 are dÈiecoonis•d wh•n lh• As9o¢ialn,O contraclual ot19•110n8 •xplr• or are diacr9ed orrnrr•ll•d. 1.11 Provlslon Provr•Ksn• •f• r•ryiniwd wh•rs tha AMoCtion ha• • l•gal w CorlUCIN• pr•a•rt 01••11 # a r•iul Of p• ew•nt', rt 11 wobknlB that tn? ¢¢la11 11 t¢ requir•a 10 Ihat oDiigbIn aTrJ * reliabb e5Irnai• n be mgd•. Tha amoutht ¢•¢¢gni•ed i• the belt •Jtimat• of eond•MliDn requir•d to th¢ obh#Jin •1 th• r•p)rting end dal•, iakry irto 4ccount all risk& Lmcertal1QS 1.12 EmWoy4• b•n•fft• Th cost of ary Lmu6•d holthy •nlld•m•rt i• ro¢okri•od in th• ponod lh• •mplOY•• 8•ryicq• ar• recewe¢. T•miMi#Jn b•nefts are recognid immedialÈly •$ an 0Xp• wh•n ltr• Aw¢iatb?n i¥ d8morAtiJbly mmrtted lo terminate Ihe •mpbym•rt of •n •mpl¢y•e or to WOVKle t•minlion b•nefils. 1.13 LeaBeB RoNil$ payable uTrJer operaliry l•a8e8. I&jing any lea8è ¢¢n¥¢I reWed. afe ¢harge4 ai expense on a slra¥hl liThB bas over th8 lerni ell1 revarnt JÈage. 1.14 Fordgn •xch¥ Trnn$a¢tio In ¢w1•n•S other than pou5 8¢ertirwJ are recorded at rates of exchange pr8vailing at t dates ol lrnn6aLions. At each rePtIn9 end date. fflonetary a55ets aThJ liabi1rtS Ihat ore denominaled in for•ign currer¢ies ore I4nat0 01 Its rai•s prtsvqilinq on t r•k*Jtir¥J end dat•. Gain8 and 108Be5 ar on IraallOn Inthe Ferd art included in proft or kn8
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEA18ER 2024 Crhlcal accountlng eatkhwt•• and Judg•m•nts In the appbcalion of the A6s0¢4atnj 8ccountsw pK4ices, the G0Mi Committee arè reqred lo make jLvJg¢mÈntS. imat¢s aF>J a5)FI5 aboLrt the carryiry amount of a6Éets and Iiabrtitses that are rK)I rwjily apparent trom olher wurces é8'mates aThl asscei8ted asLtI¢ll1 are baoed on .$10¢&1 e%wiefKe and Otr factois IIMI are con&iKlpied lo bp ielwart. Adual 105ulls rnay drffer fiorn these emimatas. ThE eslirnales aTrJ underlyjng ?wmptions are reviewvd on an oruoiw bas. Rewsons lo accounti •6tsmalK grn r•¢ogniséd in the penlxl In wh tho 06limate li r•vB6d where th6 r6wien all8ct8 lY that per, or in lh• p•riod of the r•v13n and ILrtwe period8 wtsie rewiion allts b)th oJrr•nt lutur• p•rKds. CMe41 Judg•nnls lrnGl•Uon TAwbl& fix•d as•is •r• d•prKialgd ovgi a penod lo ronlct 88limald utul liv88. The applicability of the amumed r•wew•d amually. targ Into accourn fakW• ai phyCal ¢dIon. maintenar Fix•d a•#tt• lie aBs•s•ed as lo whèlh•r Ih•r• are Indths ol irnpairmarrt. Thi$ •M¢ssnwrt inwjlves oNd•rabon of the eC0MiC vil.111Y Of wpoa• fty whi¢h th• oM•l r uwd. Allo¢a¢lon ol I•41ct•d costs Expendlure 18 k)cled towa& ItrlIa on dir•cl ba•M . •t4ff ld olh•i cenlrnl r•l•ta to mLAtipk8 r06tnct¢d fvrA1•. th• ar• •thmat•d ind opplied on & p•rcent89¢ b4¥• which i• r•Jwabty fefrtive ols¢•lt r••Gur$ expended. c11t10 ofVAT Pro10n A provlon has bean recogrnwd for polortl VAT penany li1kn1rt1è5 br L418 payment of Iiabilili8a whth •ico• in du& to non-r49111)Tr wlhn th UK. The è•timAt• 18 t4*•d on 100% of Ihe lat• Iwbbilrty 4u•. 18-
111- 31
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Inx Irom ¢h•rtabl• dlvltb• Lknrnfjtrfct Unrnstrfet•d fund¥ lunds 2024 ConkieThx irtccTh• Membernhip le•¥ Modwl t•a¢he¢ ESME ourn• ASPIRE 2,&39.152 242.&80 2.6.725 174,STJ 75,C 187.VJ5 21,250 .110 27,850 3,279,2 3.124.e63 Irbeom•lr£¥n Inv•stm•nts Unr•strtct•d Unrn4lrtct•d lunds fundi 2024 In¢ome from li•t•d inv•otm•nl• Irw•t r•e•iv•d 61,297 13,1S 61,297 Olh•r In¢om• Unr•strf¢t•d Unr•Mrtct•d fvnd• 2024 2023 Micdlorbwu$ Irorfi• PthIKiliona and 9deS Royale8 rKoived 2,696 14.162 9.649 16,&58 12,018 18-
12¢br $3 ¢y Tr- e£4aL
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payatrd• 2ts24 Grprts to In¥ton•. FacLAty d•wbpmont or•rt Royal Colkng• of )n5 in Ireland 24,979 24,979 Grart• to 33,539 4,246 56.518 6,181 Chartta& (brarts w•r• m•d• lo 6 lTrJividual812023- 8 indiidual¥l. and qov•manc• costi Gov•rnane• 2024 1023 Aujit f••$ 2),180 20.160 X,1eo 20.160 Cn1bI& ti•s 3J,180 20,160 Gov•m1• rK41s IrKluth pantS to the 4udilor9 01 £20,160 IxirJ- £22,2CQI foi•udll l••s. 10 Gov•ming Cornmltt Fow Il EY•culiv• C¢rnrnine•w•r• itrinbL4s#d Iravd ar%# mIsc•lan•$ experses amn[la to £16.20312022- Ihr•B• membgfB wer• reirnburo•Y £15,128) Tr ctior* with Trurtp&? NJm• Amowl Trction.. Awa nze knney No members received reratl in Ihe year, ?o-
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR fHE YEAR ENDED 31 DECEMBER 2024 11 EMPLO a¥erage rnonlhly ryjnber of eMployS durw Ihe year wa8". 2DZ4 Numbvr 2023 Nwnb•r 14 14 Emplo>rnt ¢o•t• 2024 202a 9•$ 8TrJ Jan¢• S.1 8è¢urily tr)•t• Other p•Mion 662.4 56.073 26,4Wd s.$29 52.261 21,C80 743.971 R•dund•rKy Ind i•imin•iipn yymgr4Btot•llry £25.789 w•r• rnad• in th• r•p¢rtty p•n¢d, Th• nnb•r 01•m0Y1e1 annual remuneralon waJ rnor• Ihan £1.( 2024 Numb Numb•r £1,[0) to £110,¢X#) Il•nwn•rkni Oik•y mm4g•mwt p•Thonn•l T remuneratKfi of key managemeni perJonrl Is as follow•. 2024 2023 Jregète MMF•rwJaon 352,448 321.024 12 Olh•r •xp•NIIIuM Endowmwrt Endowmen¢ lunds nds 2024 FwnciNJ eols 21
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEAIBER 2024 13 and loM•i on Inv•itrn•nts Unr•atrfct•d UAr•itrlct•d lunds funds 2014 2023 GairAlllo$4$1 ariwng on.. of nvestrnetNS 916 14 Taxlon ¢lwriiy Is ¢x¢mpl frn loxation on i1• becEIe all 8 1me 51 app4ed k)r clwitsble purpw•. 11 (Xh•r g•lns and 1061•4 Totsl Unr•r• R•rf(a•d fund# runds zo23 ZD13 Toial nds ZQ24 lund* 2023 For•ban exCThJe 175,5091 11231 175,8321 139,4911 139.7251 16 T011• fix•d us•l• Cost At 1 Jamary 21 Addib. thsposals 81.3)4 145, 162x6 162.X¢l At 31 O•c•mb•r 224 2334 E4,286 O•prnclatlon •nd ImWnn•nt At 1 Jarvjary 224 DePrethatn charged In the yeaf iminated in resycl of dispoMIs 80,042 2,070 162x61 124,341 18.044 162.X61 15,974 At 31 O•Cbr 2024 I9.fj eo,273 80.179 Carrhlng amount At 31 Decemr 3Y24 4.013 6.441 At 31 Oewber 2073 19,988 21.249 22-
AMEE {ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR ThIE YEAR ENDED 31 DECEMBER 2024 17 Flx•d ass•t knv•stm•Thts Cash In portlollo Cost or ¥aluallo l Jarry 2W24 "W9als 447 14471 31 O•¢•mb•r Carrhlng amtyj 31 O•c•mb•r 4 31 O•cembor 447 18 0•1 2024 2023 Amwnl• l•lllng dut wthhln on• y•ar Trnd• d•btor• 011 d•biors Prepsym¢rt$ aTrJ aGcru•d incom• 25,541 141,C64 274,526 51,889 157.752 441,121 l• Ci•dttor•: •n>)unts tIng du• wlthln ¢rt• 2024 Not•1 Othi taxat and sccwl 38currty Qeferred income Trade ciedilor6 Othel credrtors Accruals 12,7J) 21 740.642 34,012 I6,> 9.150 49.719 45.1 534.248 -23-
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 20 Provlslons lor Ilatyll¢s 2024 4,650 72.130 Movem•rt$ on At 1 J4TrJgry 2024 R•V•al ofprowgon 72,130 167.4801 Al 31 D•mbar PMvlsbon for VAT MlAlbtl• Aprovision h•1 bmn r•o)gni68d to lor VAT pv•ly liabllitK• r••ulliw from ron-r•ghtr•O¢n In YE23. 21 D•f•rrqd Inw 2024 2023 Clher delerred income 740.842 D•f•irnd in¢om• 1$ in¢kAlod in fiMnrAal stal•rn•rtB a8 foll)w8'. 2023 D&f•rr•d xom• i• In¢lh8•d within Current Iiabill 740.642 Movemerlty in the year Daferrèd itom• al l January 2024 R•L•istd Imm pemd¥ Rowixces delerred Int yaar 740.642 1740.6421 446,Cfj9 i&s.wi 740.642 D¢fwrt¢ wKomt •131 De¢eMber 3T24 740,642 DDferr•d ncome comprises meMberS"P fees paid In *lvance and $ranl Iorne In respeLX ol lutLxe -24-
sg
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 unstrfC(ed funds Thb uNestnded frJnd80fthe chBiily compn8e unexpended baknce8 of donabcns and grnnt8 Whith ar• not 8ubfrect lo coNlilionJ by dontsrs gr)ttsr8 a$10 how thèy may bè used Thesé Ind dèiffjnathd furMl& whch havÈ been asKI¢ 4YJt of unrestr fid& by the InJ&tÈe8 for purposes At 1 Jatsuiry R•sourc•i oure• •xPdad Tran41•rs ¢Jalns At31 DK•mb•r 2Q24 Gemrnl frjnds 2,743,WJ 3.362,597 13,172.2991 (75.5091 2.858,749 pr•8 swr. At 1 January 2023 In¢Onng R•wurc•s eXF• Tr•Thifws Gn$ and At31 100s•5 O•¢wntr 2023 Gen•r¥l fvnd8 2.7X),E69 3.180,325 13.103,3YI 115.1071 138.5731 2.743, 24 Endowm•ht lund• EThJowrn8rt funds r8pr8s4nl assets which mu6t be ld permanertly by ¢hO Ass1. Incthm• arlw on the eThlowmonl fund8can ba ua•d In wrdarK• with the obJecl8 olthe A8aocKrytion ond 18 irKlud•d • unre•th¢led Inwmo Any ¢awl•l g•• ¢r loM•s4n•ir@ On It• a4818 lorm part ofth• fLnJ Movenwnt In fund• ••lwc• * •xwd•dl J•nuary2•24 IrKomlr I JMu•ry 202a •Ap•nd•d 31 D•E•rnb•F P•rmw•nt •ndowm•nls Ronald H•rden ScholBrthp FuTrJ 45,558 19)41 11331 ,971 45,558 19J41 6,49) 11331 9),971 RoAld M Halll•n Scholarshlp Fund Thm trndowmért fL¥J wa& set up in year to wport a scho&rtship award for an exceptnal slLklont or poJradWe 1rn1rno 10 èryage In a project on heatth profes$4ons fjdu(aikJn. The aalance & yet 10 be irNe61e4. A Steenr¥J Comittee was Sel up to Mat• polic1•6 reg•rdry I•tment of the fvTrJ• to devdop the process lor selectin9 award recipients 28_
AMEE {ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 20 AlY5)S ol net asset5 bdwetn fvnd¥ Unreltncttd Rutsic¢•d EndvNnKlni funds funds 2024 2024 Total 2024 Fw)d balan¢•8 at 31 0•mb1 2024 ar• v•pr•s•nt•d by. TantNbk as6eis 6,441 Currert 456elsll1ia"1t> 2,856,958 14,6501 6.441 I,4 14,ffj01 ).971 2,&fj8,749 S).971 3,OU).525 UnM•lrtd•d R•strI•d EndwnNn¢ nds lunds lunds 2023 2023 2023 Tat 201J Fwid At 31 DK•mb•r 2023 ar• r•pr•Mnt•l by. TgThJibh7 a88•1• 21,249 Invostmtrrfg 447 2.794,394 172,13Jl 21,249 447 44,654 2,98),643 IT2.1) 2.743,9 44,654 2.93J.X 26 0ting loase commMert8 T opgrat¥vd l•Ag r¢pro8ent k888s of pr¢mlse$ anol equlpmert At feportirg aid 4at¢ Ihe Auo¢+alion W oul814rn1iry ¢tAnmrtm¢rt$ for miThmLvn kn88e payment8 noer Don.rK•Iobkn operniing a60, whKh l•V dw as1oll)". 2024 2013 Ihln om year B•iw••n and y•*rs 10,370 2,310 41,550 12,680 41,&9) L••sor Th operatfft9 lea8e8 represent lea8e8 n resFeCt of premise8 arKI equipment The1oaBes aro ntyctialod ov•r term$ of 110 3 years.
AMEE (ASSOCIATION FOR MEDICAL EDUCATION IN EUROPE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 27 Ev•nt$ aft•rth• r•poblkn9 d•1• Post yeai the tiU8tee8 made the decisi¢ to cartel Ihe 0tt8wa Conference whth was planned lo take pce In t90. ot&snI are $till an9L¥ng regardirwJ the po•rtvJn ol depo$4 paid lo th¢ ver ar tlweftsrfr an 1¥t0 of finlI lo i¥ r#)1 certgin al present. 28 Rdat•d wyirnnsdion$ Trnns•cllLY• wmh r•la¢•d yrtl•s During the year theA82ocinuon éniwad INO follow9 transactn$ with related Part." N•m ol RP Naturn RP.. ero Ekniir¥J Ihe yL'd.' •dminisrraiiDn wor i.ceived r8munw¥lion 01 £16,37513)23- £3.840llor carn•a OLA on h•Ll IASts¢tn. Th& followirvJ M0$er• 0•10ndIng tho portIng end da.. m• ol r•lated p•rty.' AMEE. The IrtwnalI Awici&lKJn lor Hèallh proonal Education LTD Natur• of t•Wed party.. Common Conirol B11c+ Du•: £S1,Cn)12023. £Th11 29 C•sh g•n•rat•d tr4%n op•i•tlon• 2024 2023 SurFluslldetsitl fow th• yr 14S,948 183,4441 JUrrntR lor.. Inveslmenl irKom• r•cDgnl8•d In stalemert of final acti¥1lJ88 ForevJn exthaThJe differertes G•in on dMPO of Inv••tm8nl• DèpreGiètKn aTrJ irnpawmenl of lank1b fM•d awls 161,2971 (75.VJ21 143,e441 I,725) 19181 32,782 18,044 Mov•m•nts In working caprtal.. Dacreasellincreasel in d•b¢ofS IDecreasel in crJitor8 Increaseldocrvagol in pr¢wiÈior IDeu8a8e)lirKre8se in deferd Iorne 401,88e 169.6631 167.4801 1294,573 IS74, 124,5101 72,1X) 654,JJ4 Cash •b•orb•d byop•rloni 12,7651 19,6911 Xl Anal1# ol ¢h•ng•s kn n•t lund• Th• Asso¢i•ln had Th) matorK41 debt durinll the yeai.