Financial Reports
In 2023, ESAIC generated a total revenue of €8,931,737, with total expenses, including financial charges, amounting to €9,273,060. This resulted in a negative outcome of €341,323 for the fiscal year. Despite this, the organisation nearly achieved 100% of its revenue budget for 2023. The decrease in revenue compared to 2022 was primarily due to the conclusion of a significant project in the research sector.
The ESAIC remains committed to investing in key projects and educational activities that benefit its members, even if these do not necessarily generate profit. The society acknowledges that due to various changes, a break-even point is not expected in the near future. However, multiple initiatives are being implemented to return to a break-even result.
The ESAIC Board maintains that the use of the going concern assumption is justified, reflecting confidence in the organisation's financial health and sustainability. Despite recent losses, ESAIC continues to have a solid financial structure with sufficient capital and reserves on the balance sheet. This robust financial foundation enables the society to continue providing essential services and support to its members while exploring new avenues for revenue generation.
Message from the Treasurer
Dear ESAIC members, Dear colleagues,
As Treasurer of the European Society of Anesthesia and Intensive Care (ESAIC), it is my pleasure and honor to provide you with the Treasurer Report for the financial year 2023. The European Society of Anesthesia and Intensive Care Medicine is an international not-for-profit organization and its bylaws constitute the legal basis for the operation of the organization. ESAIC is based in Brussels, Belgium, and complies with the legal rules of the Belgian Law of Associations with number BE0447 289 368 in the Belgian Register of Associations. The organization’s accounts comply with the Belgian fiscal provisions and are externally audited by VRC Registered Auditors on an annual basis.
As all of you are probably aware, since 2020 we face huge and unexpected changes with major financial impacts on Europe generally and on our society specifically. These changes forced us to make major changes in our business plans and our strategy. ESAIC reacted well to these changes, starting with the COVID-19 pandemic, and continued with the world economic crises. We reduced some of our activities and support programs, transformed many activities to virtual ones as well as implemented other cost cuts.
With the implementation of our contingency measures we managed to achieve an only moderate negative consolidated outcome of 341,323 euro after taxes in 2023. ESAIC continues to be debt-free and to have a solid financial basis for a sustainable future. Nonetheless, we are well aware that we need to continuously review our expenditure structure, to look for new income sources and develop new concepts for our activities and learning environment to achieve balanced budgets and future growth.
Never the less, with our investment accounts and a wise investment policy we managed to have a good profit in shares that is planned to be used for the benefit of our members in 2024.
I can't introduce this report without acknowledging Cathy Weynants, ESAIC Chief Executive Officer (CEO) and the whole ESAIC Office for their professionalism in providing winning solutions to these unprecedented challenges. Accounting and tax advice services are provided by our professional consulting firm, European VAT Desk and Deloitte Accountancy, supported by our Finance & HR Manager Ilse Decraen. We follow a very rigorous process in establishing and monitoring our annual budgets and considering the regulations of the non-profit law in our investments and financial policies.
In my position as Treasurer, my key interest is to carefully monitor the performances of ourinvestment accounts and to safeguard the organization in times of financial crisis. Together with my colleagues in the Board, the aim is to make the right strategic decisions to focus on a sustainable and secure future for the Society and to decide how far we can go in developing activities to deliver our mission and aims.
The following report gives a fair and true view of the assets and liabilities and the financial position of ESAIC.
The Treasurer,
Orit Shick
Financial Report
ESAIC Audited Accounts – Balance Sheet 2023
Income Statement, as of 31 December 2023
ESAIC Income statement
2021
2022
2023
Revenue
7,097,337€
10,260,730€
8,999,043€
Operating Expenses
7,839,084€
10,580,360€
9,327,265€
Earnings before Interest and Taxes (EBIT)
-741,747€
-319,630€
-328,222€
Financial Income
-340,456€
-30,329€
-41,987€
Financial Expenses
83,614€
240,805€
52,613€
Taxes
2,475€
Earnings before and after tax (EBT & EAT)
-484,905€
-530,106€
341,323€
ESAIC Balance Sheet
2021
2022
2023
Total Current Assets
12,805,568€
11,626,443€
10,953,550€
Total Fixed Assets
1,709,774€
1,609,140€
1,357,462€
Total Assets
14,515,342€
13,235,583€
12,311,012€
ESAIC Balance Sheet
2021
2022
2023
Total Current Liabilities
3,663,238€
2,638,044€
1,870,202€
Total Non Current Liabilities
0€
300,000€
500,000€
Equity (capital and reserves)
10,852,104€
10,297,539€
9,940,810€
Total Equity and Liabilities
14,515,342€
13,235,583€
12,311,012€
Dear Colleagues, Dear Valued Stakeholders, Dear All,
As we look back on the past year, I am delighted to share with you the key milestones of our journey in 2023. Our unwavering commitment to advancing the role of anaesthesiologists and enhancing patient outcomes is at the heart of everything we do. We remain steadfast in upholding our values of quality care, patient safety, and sustainability, which form the bedrock of our mission.
In 2023, we successfully hosted the Euroanaesthesia Congress 2023, organised in Glasgow, Scotland, and attracted over 5,000 attendees from 120 countries. This event featured 131 scientific sessions, 34 workshops, and 6 serious games, with contributions from 391 speakers and instructors from 43 different countries. This Congress edition fostered yet another year of collaboration and knowledge sharing on a remarkable scale.
In 2023, we continued to demonstrate our unwavering support for the professional development of our community. Our enhanced educational portfolio, which featured a comprehensive brain health programme, including webinars, a virtual focus meeting, podcasts, and an interactive workshop, was a testament to our commitment to expanding knowledge and understanding in specialised areas. These initiatives are designed to equip our community with the tools they need to excel in their field, reinforcing our dedication to advancing the field of anaesthesiology.
One of the key indicators of our growing influence is the record-breaking registration numbers we saw for exams such as EDAIC Part I and Part II, OLA, and BCSAC programs. This significant increase in registrations reflects our certification programs' increasing interest and trust. The European Diploma in Anaesthesiology and Intensive Care (EDAIC), endorsed by the European Board of Anaesthesiology and the Council for European Specialist Medical Assessments, aims to achieve a uniformly high standard of knowledge for anaesthesiologists throughout Europe. The EDAIC is an excellent tool for learning and validation, aligning with the European Training Requirements in Anaesthesiology, and supports the development of training programmes at departmental, university, national, and European levels. As part of ESAIC's mission, DURING 2023, we ensured the provision of robust and standardised examination and certification systems to support the professional development of anaesthesiologists, continuously enhancing our exams and knowledge to produce top-quality future doctors in the field of anaesthesiology and intensive care.
We continuously develop guidelines to harmonise clinical management across Europe and improve care standards. During 2023, we published five new ESAIC guidelines covering severe perioperative bleeding, postoperative delirium, cardiac arrest in the perioperative period, airway management in neonates and infants, and the use of cardiac biomarkers in perioperative risk evaluation. These guidelines enhance standardised clinical practices and improve patient outcomes.
We made significant progress in patient safety with the development and delivery of the Safer Care to Save Lives (SCSL) programme, the Advanced Patient Safety Course (APSC), and the Peer Review for Patient Safety in Anaesthesiology and Intensive Care (PRiPSAIC) project. These efforts included new modules, student and trainer manuals, national agreements, and a comprehensive toolkit, culminating in successful training sessions and informative publications.
At Euroanaesthesia 2023, we introduced the ESAIC Glasgow Declaration on Sustainability in Anaesthesiology and Intensive Care, promoting sustainability and eco-friendly anaesthesiology practices. This initiative reflects our commitment to environmental responsibility and sustainable healthcare.
Moving forward, our society has embraced a renewed mission and vision: "Together for patient safety, improved health outcomes, and greater environmental sustainability across anaesthesiology and intensive care." This mission highlights our dedication to two strategic objectives: advancing patient safety and fostering environmental sustainability. These principles are essential for the growth and development of our field and the well-being of the patients we serve.
By integrating sustainability into our core values, we aim to lead by example, ensuring that future anaesthesiology and intensive care practices are safe and effective and environmentally conscious. This dual focus on patient safety and sustainability will drive our efforts and initiatives as we continue to innovate and improve healthcare standards.
As we continue our journey, we remain committed to building on our successes, addressing new challenges, and supporting research, education, and patient safety. Let us continue to innovate and improve patient care in anaesthesiology and intensive care.
I would like to thank all the committees, subcommittees and members, and everyone who made this possible, as well as the ESAIC Staff.
Sincerely,
Prof. Edoardo De Robertis, ESAIC President 2022-2024
2023 Annual Report CEO Letter
Together
improved health outcomes, patient safety,
environmental sustainability
for
and greater
across anaesthesiology and intensive care.