ESTRO Annual Report 2019

1. Treasurer’s report for 2019

Dear Friends and colleagues, Last year I was supposed to write my last report, but here I am. As the board and general assembly of the European SocieTy for Radiotherapy and Oncology (ESTRO) asked me to extend my term as treasurer until the new governance structure was in place, I have the honour of serving our Society for a little longer and I present this treasurer’s report again. I would like to thank you all for your confidence. For 2018, the auditors provided an unqualified opinion and the audited figures showed a total net profit of €87k. The total revenue generated by ESTRO activities exceeded €8.29M (mainly driven by the events and courses registrations as well as the exhibition income), while the total expenditure was €8.14M. The financial charges and commission costs reached €73k and the financial income was €2k. At the time of writing, the figures for 2019 are being audited and the final result will be presented for approval at the general assembly during our annual meeting ESTRO2020 in Vienna. Based on the positive experience of revising the budget after the annual meeting in 2018, the 2019 budget was also reviewed mid-term. The congress “ESTRO meets Asia” did not meet its expectations, but the compensation of this was that the expenditure was scaled down. Revenue and expenses at the end of 2019 are estimated at €9.271M and -€9.332M respectively, with a total net result of €42k (including the financial and extraordinary results). The total revenue for ESTRO 38 (the annual meeting in 2019) was above € 5.1M (approx. 55% of the total turnover). The revenue generated by the membership subscriptions was €679k in 2019; this comprised €365k from individual memberships (including RTT Alliance), €199k from corporate memberships and €115k from institutional memberships. The annual meeting and in particular the technical exhibition still represent a stable and major contribution to the Society’s income. The latter provides stability, but as mentioned the previous year it is also a matter of concern that the Society depends too much on one major source of income. Diversification will be one of the major challenges in the new governance model of our Society. The ESTRO investment portfolio (a combination of discretionary and an advisory portfolio with a defensive profile, managing the cash reserves) was transferred to a socially responsible (ethical) investment portfolio in alignment with ESTRO’s values (with the same defensive profile). The total reserve shows a capital of €2.132M at the end of 2019. The interests generated by the previous portfolio have been added to the capital of the ethical portfolio. Please feel free to contact me anytime with questions or concerns regarding ESTRO’s financial situation, and of course, I look forward to meeting you all at our annual meeting in Vienna.

With warm regards,

Dirk Verellen ESTRO Treasurer

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