ESTRO Annual Report 2020

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1. Treasurer’s report for 2020

Dear friends and colleagues: this is the annual report for the European SocieTy for Radiotherapy and Oncology (ESTRO) for 2019, in retrospect a year full of optimism … little did we know then what was to come. Also, from a financial point of view, 2019 turned out to be promising for the future: turnover was €9M, profits were re-invested in the Society, over €2M was in the reserve fund, and we could report a healthy consolidated result of around €200k (remember that we had recovered from a negative consolidated result of -€1M in 2009). We were even so bold as to consider investing in real estate. Enter COVID-19 and the annus horribilis 2020. Dreams were shattered, while contingency plans were made. We took a blow, but we managed to survive thanks to the efforts of and support from all of you, the industry and the ESTRO staff. To paraphrase Sir Elton John: “We’re still standing!” Let’s return to 2019 in some more detail: the auditors provided an unqualified opinion and the audited figures showed a total net profit of €41k. The total revenue generated by ESTRO activities exceeded €9.27M (mainly driven by the events and course registrations as well as income from the exhibition); this compared with total expenditure of €9.33M. The financial charges and commission costs reached €100k and the financial income was €202k, which was generated in interest on the ESTRO reserve. At the time of writing, the figures for 2020 are being audited and the final result will be presented for approval at the next general assembly in April 2021. The year 2020 was challenging both in terms of organisation of ESTRO’s activities (congress was postponed and several teaching courses were cancelled, to name but a few), and for its stakeholders. As the situation regarding ESTRO revenue resources was unpredictable, we were forced to decrease operational costs proportionally in order to reduce pressure on cash whilst maintaining a solid scientific programme and continuation of services. With your help, we were able to adapt activities and formats successfully and made the best out of the transition from live to digital. Revenues and expenses at the end of 2020 are estimated to be €4.85M (-€4.42M compared with 2019) and -€5.27M (-€4.06M compared with 2019) respectively. The expected total net result is -€478k (including the financial and extraordinary results). The total revenue for ESTRO2020 (the first ESTRO congress to be held digitally) was above €2.3M (compared with €5.1M in 2019). The revenue that was generated by membership fees represented €557k in 2020; this was broken down as €308k from the individual memberships (including the RTT Alliance), €196k from corporate memberships and €53k from institutional memberships. The ESTRO portfolio (a defensive, socially responsible (ethical) investment profile that manages the cash reserves) was also impacted by the pandemic but has finished the 2020 year with a better perspective, to reach an annual negative performance of -1.33%. This is not too bad considering the general economic situation. The total reserve shows capital of €2.184M at the end of 2020. All in all, we seem to be managing this crisis quite well. As always, please feel free to contact me anytime with questions or concerns regarding ESTRO’s financial situation, and of course, I hope to meet you all, in person, at our annual meeting in Madrid.

Financial Report

Think pink, and warm regards,

Dirk Verellen ESTRO Treasurer

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