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Registered number: 08608154
Charity number: 1154726
EURADIA
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements
For the period ended 30 June 2022
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EURADIA
(A company limited by guarantee)
Contents
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Reference and administrative details of the Company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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EURADIA
(A company limited by guarantee)
Reference and administrative details of the Company, its Trustees and advisers
For the period ended 30 June 2022
Company registered number
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Charity registered number
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South Pallant House
8 South Pallant
Chichester
West Sussex
PO19 1TH
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Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
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HSBC
6 West Street
Horsham
West Sussex
RH12 1PE
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Page 1
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EURADIA
(A company limited by guarantee)
Trustees' report
For the period ended 30 June 2022
The Trustees present their 18-month report together with the financial statements for 1 January 2021 to 30 June 2022.
The Trustees confirm that the report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Structure, governance and management
The charity is a company limited by guarantee, incorporated on 12 July 2013, and registered as a charity on 25 November 2013. The company was established under a Memorandum of Association and is governed by Articles of Association.
Appointment and retirement of trustees
Trustees must be a member of the charity or the nominated representative of a member. At the first annual general meeting all of the Trustees must retire. At each subsequent annual general meeting one third of the Trustees must retire by rotation.
The power to appoint, remove or discharge Trustees resides with the Trustees; however, any such decision regarding Trustees must be ratified by the members.
Objectives and activities
The purpose of the charity is to relieve the needs or to improve the health of people affected by diabetes by supporting and promoting research in Europe. The charity works individually and with other organisations Europe-wide to develop means by which the lives of people affected by diabetes can be improved by disseminating information on diabetes research and contributing to activities that highlight use of research and sharing of best practice through:
• Organising conferences, meetings and symposia, writing and publication of articles, reports and other publications; providing material for newsletters, websites, television, radio and social media, among others;
• Provide information on grants and funding for diabetes (and related) research to the public and specifically to the research community;
• Organise or participate in conferences and symposia in the field of diabetes research with universities, government agencies and other institutions to raise awareness about the importance of diabetes research; support research networks, training and educational programmes for scientists, health professionals, people with diabetes and those who care for them;
• Assist in developing recommendations/guidelines and setting standards for carrying out research into diabetes and its complications;
• Apply for academic grants to carry out research activities such as surveys, questionnaires, organisation of expert groups of researchers, health professionals and people with diabetes or communicate the work of such research projects; and
Page 2
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EURADIA
(A company limited by guarantee)
Objectives and activities (continued)
• Promote, carry out or commission research surveys, studies or other activities related to the objects and to disseminate the results, such as working with different stakeholder groups to make use of the DIAMAP project, a Road Map for Diabetes Research in Europe and other EURADIA surveys and projects.
Management
The day-to-day management of the charity is delegated to Sarah Hills; she acted as Executive Director up to 31 December 2021, when she was made redundant by EURADIA, and since then has provided services as a freelance consultant who keeps the Trustees informed of any significant issues that arise between the scheduled Trustee meetings.
Public benefit
The Trustees have considered the Charity Commission's guidance on the public benefit while shaping the objectives for the year and planning the activities.
During 2020 to 2022 the Trustees considered how to address the changing environment in the diabetes research community with new European and national organisations and networks emerging all drawing on similar resources for their support. Meetings were held with members and the Trustees, and it was decided to focus on a survey of support for diabetes research in Europe in the light of the Covid-19 pandemic as this seemed to be an optimal use of the EURADIA remaining resources.
Since 2019 it was agreed that no membership fees would be charged from current members as there were sufficient funds to continue as a going concern. Because of the considerations above relating to the emergence of several other organisations working in the field, alongside the pressures on the research community from the Covid-19 pandemic, it was agreed that EURADIA will wind down activities as a charity during 2022.
Achievements and performance
There are currently around 50 million people with diabetes across Europe. Diabetes in its two major forms is a complex disease that is complicated to treat and pervades all areas of health services. It is common, affects people of every age and in the case of type 2 is exacerbated by lifestyle. Diabetes complications are devastating and can be life-threatening. It affects individuals, families, communities and whole economies. The challenge for the diabetes research community is to translate new knowledge into effective therapy and care delivery. Better-targeted approaches to research funding as well as more coordinated response to emerging health needs and research opportunities are needed.
EURADIA Trustees represent people with diabetes, academic science, and healthcare professions. EURADIA has been a leader in diabetes research advocacy for many years and continues to raise awareness of the seriousness of the condition. It has been a model for collaboration and an example of public-private partnership which has created a unique legacy for the diabetes research community and continues to do so.
Covid-19 and diabetes
During 2020 the Covid-19 pandemic forced EURADIA to rethink again about its position and responsibilities in the wake of the impact of the virus on people with diabetes, their families, and on the services they access. After discussion it was decided that EURADIA should use its resources to explore, by questionnaire and interview, the impact of Covid-19 on organisations providing funding for diabetes research. EURADIA had the experience and network to explore this element within its ‘Objects’. Online questionnaires, face-to-face interviews, and various social media can be utilized for collection of data.
It is accepted that research into diabetes and its’ complications is crucial: greater than 10% of direct health care costs are related to diabetes, also indirect costs on individuals, family, society, and the economy as well as the impact on quality of life.
Page 3
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EURADIA
(A company limited by guarantee)
Achievements and performance (continued)
The gap between the unmet needs of people with diabetes and the funding to support research has now grown even larger. The Covid-19 pandemic is superimposing on top of the existing diabetes pandemic to create large and significantly vulnerable populations. There is an increase in people at risk because of Covid-19 and an unknown impact for the future (individual, societal, economic).
There are threats to health research resources – decreased revenue, donations, grants, government support - and to the research staff. Disruption to clinical and laboratory studies and trials is ongoing and the future is uncertain. Shifts in focus internally within diabetes research away from ‘traditional’ areas to ‘Covid-related’ research. EURADIA worked on collecting evidence to help inform discussions into how to address this double threat from Covid-19. There has been sufficient reserve funding to cover this activity.
EURADIA worked with its staff and freelance consultants to collect the information into a report format.
Financial review
During the period to June 2022 the charity received funding of £13,994 (2021: £4,255) from EURADIA Deutschland e.v. to finance the work undertaken. EURADIA Deutschland e.v. is a not-for-profit organisation registered in Germany with similar aims and objectives to EURADIA. At the period end the charity had a deficit of £63,862 (2021: £76,810). EURADIA has always worked with knowledge of its day-to-day costs and that it has sufficient reserves to undertake its work.
Because of the considerations noted above relating to the emergence of several other organisations working in the area, EURADIA will gradually wind down activities during 2022.
Reserves
The charity is funded by its member organisations which are currently not-for-profit organisations and charities with an interest in diabetes research across Europe. Funding has also been received from EURADIA Deutschland e.V. The reserves are only held to meet the immediate short-term cash requirements of the charity – currently this is estimated to cover the time to undertake the Covid survey - and include sufficient to cover the cost of redundancy.
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence to undertake the planned survey project. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Risk management
The Trustees have conducted a review of the major risks to which the charity is exposed. The risk register is reviewed and updated annually. Systems and procedures have been established to mitigate these risks. Internal controls have been implemented for the authorisation of transactions and activities.
The main risk lies in the commitment to undertake the Covid-19 survey, which will require the participation of the diabetes research community. Outgoing costs have been kept minimal, the staff work from home, there is one member of staff for whom statutory redundancy would apply with 3-months' notice, the sub-contract staff are more flexible. There is no office lease or long telephone or other contracts. No face-to-face meetings or travel has been planned.
Page 4
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EURADIA
(A company limited by guarantee)
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial yearperiod. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Professor Andrew Boulton
Trustee
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Page 5
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EURADIA
(A company limited by guarantee)
Independent examiner's report
For the period ended 30 June 2022
Independent examiner's report to the Trustees of EURADIA ('the Company')
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I report to the charity Trustees on my examination of the accounts of the Company for the period ended 30 June 2022.
Responsibilities and basis of report
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As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 23 June 2023
R C P P Spofforth BSc FCA
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Page 6
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EURADIA
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the period ended 30 June 2022
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the period.
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The notes on pages 9 to 17 form part of these financial statements.
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Page 7
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EURADIA
(A company limited by guarantee)
Registered number: 08608154
Balance sheet
As at 30 June 2022
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Creditors: amounts falling due within one year
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The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Professor Andrew Boulton
Trustee
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The notes on pages 9 to 17 form part of these financial statements.
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Page 8
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
The company is a company limited by guarantee. The members of the company are the Trustees named on page . In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
EURADIA 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.
The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the Trustees, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the Company. However, taking into consideration the UK Government’s response and the Company’s planning, the Trustees have a reasonable expectation that the company will continue in operational existence for the foreseeable future
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 9
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
2.Accounting policies (continued)
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Tangible fixed assets and depreciation
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Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Page 10
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
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Income from donations and legacies
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Page 11
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
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Analysis of expenditure by activities
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Activities undertaken directly
2022
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Direct costs - Strategic Development
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Activities undertaken directly
2020
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Direct costs - Strategic Development
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Strategic Development
2022
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Staff salaries (including statutory redundancy)
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Website development (EURADIA and DIAMAP)
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Printing, postage and stationery
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Legal and professional fees
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Computer software and maintenance costs
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Independent examiner's fees
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Page 12
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
5.Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
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Strategic Development
2020
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Website development (EURADIA and DIAMAP)
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Printing, postage and stationery
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Legal and professional fees
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Computer software and maintenance costs
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Independent examiner's fees
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Independent examiner's remuneration
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The independent examiner's remuneration amounts to an independent examiner fee of £1,800 (2020 - £1,800).
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Page 13
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
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The average number of persons employed by the Company during the period was as follows:
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No employee received remuneration amounting to more than £60,000 in either year.
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Trustees' remuneration and expenses
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During the period, no Trustees received any remuneration or other benefits (2020 - £NIL).
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During the period ended 30 June 2022, no Trustee expenses have been incurred (2020 - £NIL).
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Page 14
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 15
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
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Statement of funds - current period
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Balance at 1 January 2021
£
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Balance at 30 June 2022
£
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General Funds - all funds
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Statement of funds - prior period
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Balance at
1 January 2020
£
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Balance at
31 December 2020
£
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General Funds - all funds
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Page 16
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EURADIA
(A company limited by guarantee)
Notes to the financial statements
For the period ended 30 June 2022
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Analysis of net assets between funds
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Analysis of net assets between funds - current period
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Unrestricted funds
30 June
2022
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Creditors due within one year
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Analysis of net assets between funds - prior period
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Unrestricted funds
31 December
2020
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Total
funds
31 December
2020
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Creditors due within one year
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Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted before he/she ceases to be a member.
The charity is controlled by the trustees who are all directors of the company.
Page 17
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