ANNUAL REPORT 2021

AARHUS SYMPOSIUM 2021

ANNUAL REPORT

THE VISION OF AARHUS SYMPOSIUM

As an organisation, we are defined by one purpose:

TO CONNECT LEADERS OF TODAY WITH LEADERS OF TOMORROW

The core of Aarhus Symposium is thus to facilitate engaging discussions between influential decision-makers and the most ambitious students. Hereby, we seek to bridge the gap between professional experience and academic curiosity as we delve into the most pressing challenges that face our society and the world.

To create a visionary platform for students and leaders to interact, we rely on three key principles:

PASSION

As a non-profit organisation, it is solely the passion of the organisers that drives Aarhus Symposium forward.

PERFECTION

We strive for perfection in everything we do: from formulating the overarching theme to the subtle details of the setting.

PROGRESS

Progress is at the very heart of our ambition to continuously enhance and expand our activities.

“

MAGNUS TYREMAN MANAGING PARTNER IN EUROPE,

THE ORGANISING

ORGANISING COMMITTEE 2021

THE ORGANISATION AND GOVERNANCE

Aarhus Symposium is an extensive organisation consisting of many ambitious and dedicated people. Within the organisation, three layers of governance exist: the Board of Directors, the Steering Committee, and the Organising Committee, with an extensive Alumni Network supporting the entire organisation.

BOARD OF DIRECTORS

The Board of Directors is the highest authority of Aarhus Symposium, and it is established to promote the long run continuity and stability of Aarhus Symposium. The Board consists of highly visionary and dedicated executives who provide the organisation with strategic experience at the highest level. The members of the Board of Directors are elected for a three-year period.

ALUMNI NETWORK

Aarhus Symposium has an extensive Alumni Network consisting of former organisers. The Alumni Network serves as a source of support on strategic matters for the Organising Committee of Aarhus Symposium. Connecting the visions and experiences of current organisers and the Alumni Network is essential for shaping a direction that will ensure the future development of Aarhus Symposium.

Aarhus Symposium Aarhus Symposium

Fuglesangs Allé 4

Building R (2640), R134

8210 Aarhus V

Denmark www.aarhus-symposium.org

mail@aarhus-symposium.org

Rasmus Hovaldt

Thomas Lægaard Madsen

Søren Lykke Thomsen

Emma Dengsøe

33735782

January 1, 2021 –December 31, 2021

Sebastian Grube Østergaard

Sune Viberg

Aksel Ross

Vestergaard Petersen

STEERING COMMITTEE

The Steering Committee is responsible for the overall management of Aarhus Symposium, its development, and its results. This includes recruiting organisers, facilitating intergroup collaboration, and developing the culture of the organisation.

Emma Dengsøe

Sebastian Grube Østergaard

Sune Viberg

IT GROUP

The IT Group is responsible for development and maintenance of the IT systems of Aarhus Symposium. This includes managing the official website, providing general know-how about IT, and offering technical support for the organisation.

Mads Marschall, Head of Group

Mikkel Juulsgaard

Simon Wessmann Brok

BUSINESS RELATIONS

Business Relations is responsible for generating the funding for Aarhus Symposium through corporate partnerships in order to secure the execution of the world-class events.

FINANCE GROUP

The Finance Group manages the finances of the organisation. This includes drawing up the budget in close collaboration with each of the groups within the organisation as well as producing the annual report.

Rasmus Hovaldt, Head of Group

Thomas Lægaard Madsen

Søren Lykke Thomsen

UNIVERSITY ALLIANCES

University Alliances works in close collaboration with the Marketing Group to create awareness and interest in Aarhus Symposium by initiating and sustaining partnerships with other student organisations from Scandinavian universities.

Sofie Grønbæk Pedersen, Head of Group

Johannes Lassen Thykjær, Senior Organiser

Line Lykke Sørensen

Mads Junker

PROGRAMME GROUP

The Programme Group acts as the official link between organisers, speakers, and moderators. In addition, it is responsible for developing and designing the programmes of Aarhus Symposium Focus and Aarhus Symposium and for creating the most interesting topics for Aarhus Symposium Challenge.

Nikolas Behrendt Wilki, Head of Group

Cecilie Gjerlevsen, Senior Organiser

Rebekka Jørgensen

Victor Windfeld

Laura Hornbæk Svendsen

MARKETING GROUP

The Marketing Group is responsible for developing and promoting the Aarhus Symposium brand by creating marketing strategies and leveraging online communication channels as well as on-campus happenings.

Ditte Dalgaard Skjelmose, Co-Head of Group

Joakim Jaenicke Løper, Co-Head of Group

Mette Østergaard, Senior Organiser

Casper Bang Dall-Hansen

Aksel Ross Vestergaard Petersen

Vivi Hoang

Guðrún Kristín Stefánsdóttir

Lucas Grimstrup Jensen

Nicole Attias, Head of Group

Liva Merrild, Senior Organiser

Tobias Fiedler Kragh, Senior Organiser

Jonas Ingvard Jensen

Axel Grøn Roepstorff

ESSENTIALS GROUP

The Essentials Group ties everything together and is in charge of the planning and execution of Aarhus Symposium Focus and Aarhus Symposium. This also includes ensuring great product partnerships and delicious catering for our participants.

Jørgen Høegh Jensen, Head of Group

Nanna Jæger

Ann-Katrine Weinreich Jensen

Jeppe Wegersleff Erichs

Sarah Højlund

Julie Plesner Støttrup Thomsen

Mathias Gislason

LETTER FROM THE CHAIRMAN

For several reasons, 2021 became an extraordinary year to mark in the history of the organisation. First of all, with one year delay, we could finally celebrate our 10-year anniversary. Secondly, because of last year’s cancellation, this year’s event was the culmination of not only one but two years of work. Considering the exceptional end product in light of the obstacles the organisation has faced, I now look back on the past year with the feeling of sincere gratification.

This year’s organising committee has in many ways embraced “A New Reality”. It has not only been expressed by conducting a world-class event under the very same theme but also in the form of developing new work procedures during the pandemic. For instance, this has been shown in the form of joint meetings and get-acquainted activities in an online format, especially during the first half of the year. As the leaders of today reflected on at this year’s Aarhus Symposium, the organising committee did not have all the answers or solutions at the beginning of the year. Despite this, they moved closer as an organisation, put in an extraordinary amount of effort, and with assistance from a strong network they managed to prepare for all possible scenarios related to COVID-19. The organising committee executed a magnificent event that exceeded objectives on several parameters such as speaker line-up, partnerships, catering, etc. Aarhus Symposium 2021 did indeed live up to the high expectations linked with our 10-year anniversary.

The execution of Aarhus Symposium in 2021 has undoubtedly been a great success. This year, the organising committee showed what heights Aarhus Symposium can be taken to, and it is therefore also with great optimism and confidence that we welcome the organising committee of 2022.

On behalf of the board of directors of Aarhus Symposium,

Kristina Risom Jespersen, Chairman of the Board

MANAGEMENT’S COMMENTARY

As another financial year comes to an end, it is time to reflect on the activities of Aarhus Symposium during the past year. It is with great pride that we, the Steering Committee of Aarhus Symposium 2021, can share some of the many great results and memories of 2021.

A NEW REALITY

From 4 metres high trees in the Upper-S-Building to a world-class speaker line-up, “A New Reality” has truly come to life through the hard work and tough decisions made by the organising committee of 2021.

Our 10-year anniversary was marked with an extraordinary line-up of international speakers. These speakers shared their thoughts on what “A New Reality” means to them and the organisations they represent. As this year’s speaker line-up was particularly diverse in terms of both gender and ethnicity, their perspectives were highly heterogeneous and spanned from thoughts on how to succeed in today’s everchanging economic landscape to the importance of fighting climate change.

At Aarhus Symposium Focus 2021, students and a panel of four experts discussed how to balance

profit and impact and whether today’s firm should solely focus on profit maximisation or serving a higher corporate purpose.

This year’s Aarhus Symposium Challenge had students address challenges put forth by Joe Kaeser, Chairman of the Supervisory Board at Siemens Energy, Helle Ø. Kristiansen, CEO of Danske Commodities, and Kim Fournais, CEO and Founder of Saxo Bank.

For the fourth consecutive year, all seats at Aarhus Symposium and Aarhus Symposium Focus were given to students who shared their thoughts in an essay. Once again, international interest in Aarhus Symposium rose as we received essays from students in Italy, Argentina, and Belgium.

AARHUS SYMPOSIUM CHALLENGE 2021

A PROGRESSING ORGANISATION THANK YOU

Numerous aspects of Aarhus Symposium were changed this year. Among several accomplishments, we managed to build our own participant essay management system and consolidate two of our physical events, “Theme Announcement” and “Challenge Launch”, into one. Additionally, we devised a new strategy to ensure the continuing growth of the organisation. Initiatives like these back our beliefs that Aarhus Symposium will continue to progress beyond the time of our governance.

FINANCIAL RESULTS

Aarhus Symposium 2021 generated net profits of DKK 27,270. Seeing as Aarhus Symposium is non-profit organisation, we view this as a very satisfying result. We recommend that these profits are transferred to equity as retained earnings.

On a final note, we would like to extend our sincerest gratitude to all leaders of today and tomorrow who shared their thoughts and insights on “A New Reality” at Aarhus Symposium 2021. We would also like to thank all our partners and foundations as well as Aarhus University and Aarhus BSS for their in-valuable support towards making Aarhus Symposium 2021 possible.

Last but not least, we want to express a very special thank you to the volunteer organisers whose endless drive and dedication resulted in a successful 10-year anniversary of Aarhus Symposium. Without these passionate people, Aarhus Symposium 2021 would not have been the same.

THE STEERING COMMITTEE OF AARHUS SYMPOSIUM 2021

SEBASTIAN GRUBE ØSTERGAARD SUNE VIBERG

CHALLENGE AARHUS SYMPOSIUM

TOPIC 1: SHARE YOUR THOUGHTS ON...

HOW ECONOMIC GROWTH CAN BE MORE JUST AND SUSTAINABLE

Climate change, rising inequality, and social divide require organisations to adjust their purpose to reach beyond pure profit maximisation. Hence, leaders must provide solutions that combine green initiatives, social inclusion, and the benefits of market mechanisms. Today, organisations have the opportunity to enhance justice and fairness across society while maintaining healthy finances. How can firms enable a more fair and sustainable economic system?

TOPIC 2: SHARE YOUR THOUGHTS ON...

ONE AREA WHERE AUTOMATION CAN CAUSE DILEMMAS FOR BUSINESSES AND HOW TO DEAL

Blurring boundaries between the physical and digital world create unprecedented opportunities for businesses and public sectors. To remain competitive, companies must keep pace with the digital transformation and employ new technologies such as AI, robotic process automation, and machine learning. However, automation is enhancing efficiency at the expense of manual labour jobs. How can businesses best navigate the dilemmas that arise from automation?

CHALLENGE

Aarhus Symposium Challenge is an essay competition with the purpose of ensuring that the seats for Aarhus Symposium and Aarhus Symposium Focus are given to the most ambitious students. Since 2017, all participants at Aarhus Symposium and Aarhus Symposium Focus have contributed with their thoughts by submitting an essay. The students who submit the most innovative and extraordinary essays are invited to Leaders’ Forum. Here, they have the unique opportunity to engage in a dialogue with the leader whose challenge they have addressed.

TOPIC 3: SHARE YOUR THOUGHTS ON...

HOW

ORGANISATIONAL AGILITY CAN IMPROVE ADAPTIVENESS IN DYNAMIC MARKETS

The only thing constant in business is change. At times, unexpected shocks can rattle economies and radically change markets. Rigid firms may struggle to enable multiple skills, and this causes adaptation to become an exhausting manoeuvre. As market conditions shift, firms must swiftly satisfy changing demands. How can organisations apply agility to successfully adapt to a new reality?

FOCUS AARHUS SYMPOSIUM

FOCUS

Aarhus Symposium Focus zooms in on a national perspective on the overall theme of Aarhus Symposium. At Aarhus Symposium Focus, leaders of today and leaders of tomorrow engage in discussion about a topic reflecting some of Denmark’s most important challenges. Aarhus Symposium Focus takes place on Monday in the week of Aarhus Symposium. Speakers at Aarhus Symposium Focus allow students to gain key insights on a theme of national interest, offering the most curious students an opportunity to delve deeper into the theme of Aarhus Symposium.

SESSION 1 A THEORETICAL VIEW

SESSION 2

BALANCING IMPACT AND INCOME

PHILIPP SCHRÖDER

PROFESSOR OF ECONOMICS, AARHUS UNIVERSITY DIRECTOR, FIND RESEARCH CENTRE

SIMON RICHARD NIELSEN EDITOR IN CHIEF, EUROINVESTOR

TORBEN M. ANDERSEN CHAIRMAN OF THE BOARD OF DIRECTORS, ATP PROFESSOR OF ECONOMICS, AARHUS UNIVERSITY

RASMUS NØRGAARD FOUNDER, HOME.EARTH

SYMPOSIUM AARHUS

THE TRACKS

RESPONSIBILITIES

BUSINESSES

SYMPOSIUM

Aarhus Symposium is an event of extraordinary class with the aim of connecting students, the leaders of tomorrow, with today’s leaders and key decision-makers. To accomplish this, an annual symposium is held in the inspiring surroundings of Aarhus University. Here, speakers are invited to share their insights and experiences regarding a theme of relevance to leaders of both today and tomorrow. The participating students and speakers engage in dialogues and discussions, achieving the main purpose of the organisation: to connect leaders of today with leaders of tomorrow.

THISYEAR’S THEME

ANEW REALIT Y

650 PARTICIPANTS

13 SPEAKERS

5

MODERATORS

THIS YEAR’S

MARGRETHE VESTAGER

EXECUTIVE VICE PRESIDENT, EUROPEAN COMMISSION

A EUROPE FIT FOR THE DIGITAL AGE

CHAIRMAN OF THE SUPERVISORY BOARD, SIEMENS ENERGY

SOCIO-ECOLOGICAL MARKET ECONOMY – A MODEL OF THE FUTURE

MADS NIPPER

GROUP CEO, ØRSTED

ØRSTED: CATALYSTS FOR SYSTEMIC CHANGE TO A MORE SUSTAINABLE WORLD

FULFILLING FINANCIAL ASPIRATIONS AND MAKING AN IMPACT

MAGNUS TYREMAN

MANAGING PARTNER IN EUROPE, MCKINSEY & COMPANY

INNOVATION IN EUROPE: CHANGING THE GAME TO REGAIN A COMPETITIVE EDGE

ANDERS KRAB-JOHANSEN

CEO & PUBLISHER, BERLINGSKE MEDIA

KIM FOURNAIS CEO & FOUNDER, SAXO BANK

JOE KAESER

SPEAKERS

HELLE ØSTERGAARD KRISTIANSEN

CEO, DANSKE COMMODITIES

THE FUTURE OF ENERGY: WHY RENEWABLES NEED TO BECOME A PROFITABLE BUSINESS

BRITTA KORRE STENHOLT

CEO, STARK DENMARK

BUILDING A SUSTAINABLE FUTURE TODAY

SEBASTIAN

FORMER CEO, JOE & THE JUICE

VESTERGAARD

THE JOE-CENTRIC OMNICHANNEL CUSTOMER EXPERIENCE

PER BANK

CEO, SALLING GROUP WORLDCLASS

GEETA SCHMIDT

CO-FOUNDER & VICE PRESIDENT, HUMIO AT CROWDSTRIKE

THE STEPS TO A SUCCESSFUL STARTUP

MADS CHRISTIANSEN & MATHIAS BOE

CO-FOUNDERS, AKTIEUNIVERSET

UNDERWRITING THE FUTURE, FOR OPERATORS AND INVESTORS

AARHUS SYMPOSIUM 2021

IN NUMBERS

87,344 MESSAGES

on Slack between this year’s organisers during 2021

1,948 CALLS

between the organisers during Aarhus Symposium and Aarhus Symposium Focus

48,086 STEPS

taken by each organiser during Aarhus Symposium and Aarhus Symposium Focus

4 NATIONALITIES represented in this year’s Speaker Line-up

14 UNIVERSITIES/INSTITUTIONS

represented among participants

10,742 PICTURES

taken at this year’s Aarhus Sympoisum and Aarhus Symposium Focus

2,162 DOWNLOADS

51 STUDY AREAS represented among participants of the online version of The Handbook, Key Insights and The Booklet

820 KILOMETERS

walked by all organisers during this year’s Aarhus Symposium

1 PRIZE

won as “Årets Forening” at Den Gyldne Fugl 2021

AFTER AARHUS SYMPOSIUM 2021

MARGRETHE VESTAGER

How to bridge the gap to the future? Well we need to do it together - and at @Aarhus_Symposium @Aarhus_BSS students enable exactly this conversation. Thanks #ASYMP2021 !

KRISTIANSEN

Congrats Christian. Well deserved!!

JENS RIIS ANDERSEN

I was so proud to see what the students and + 35 organizers had pulled off - in what was probably the best Symposium to date.

I’d like to thank the organizers of Aarhus Symposium for inviting me to this impressive event. It was truly an honor. It is always inspiring to hear the views of young people: It gives me such optimism for the future.

This friday at the 10-year anniversary of Aarhus Symposium I was presented with the Aarhus Symposium Award for my contribution. A huge thanks and applause to the organizersall volunteering students - for gathering such a fantastic line-up of speakers and for their all around professionalism.

JACOB BUNDSGAARD

Aarhus Symposium activates and engages students by connecting them with key decision makers through discussions and by sharing experiences. It creates value - for both leaders of today and leaders of tomorrow.

All in all, an eventful day full of networking, inspiration and, of course, champagne

Many thanks to the Aarhus Symposium team at Aarhus University for creating a nice “hygge” atmosphere and for the impressive compilation of speakers. And by the way: Congratulations on your 10th anniversary!

To anyone in my network, next time you hire a young person in your team or company make sure you look out for someone with experience from this great group of young talent.

Aarhus Symposium connected leaders of today with leaders of tomorrow. And after having met all these future leaders, I’m energized and full of hope for a sustainable future!

So impressed with students of Aarhus BSSAarhus University organizing Aarhus Symposium where leaders of today meet leaders of tomorrow.

CHRISTIAN LAMBERTSEN

HELLE ØSTERGAARD

MAGNUS TYREMAN

JOE KAESER

KARINA SCHMITT LUND

BRITTA KORRE STENHOLT

ULRIK HAAGERUP

TIMELINE 2021

AUGUST 27-29

STRATEGY WEEKEND & ALUMNI DAY

We met with our Sponser, Deloitte. They facilitated a workshops on consulting in M&A. The following day, we met with our Alumni Network to discuss the 2025-strategy and examine future challenges and opportunities for Aarhus Symposium.

APRIL 16

WORKSHOP WITH MCKINSEY & COMPANY

Our Knowledge Partner, McKinsey & Company, facilitated an enriching workshop about organisational health. Here, we discussed leadership and motivation, and we received some great tools to take ownership in the organization.

MARCH 12-13

WORKSHOP WITH MERCURI URVAL & TEAM BUILDING

Our HR Partner, Mercuri Urval, facilitated a workshop for all organisers. Based on a test of the Big Five personality traits, we discussed what makes good teamwork. The following day, we engaged in team building activities as we explored teamwork and communication in exciting and challenging exercises.

NOVEMBER 5

AARHUS SYMPOSIUM

Aarhus Symposium was an exceptional day of inspiring talks on the theme “A New Reality”. The students were not just invited to engage with the speakers but also with our partners throughout the day. All participants were supplied with delicious catering, and they were offered both a physical and digital goodie bag to use during and after Aarhus Symposium.

OCTOBER 4

A DAY AT ARLA

This year, the Organising Committee of Aarhus Symposium was invited to the headquarters of Arla in Viby. Here, we spent a whole day full of exciting workshops about consumer behavior and sustainability. The organisers also had the pleasure of meeting Arlas Chief Transformation officer, Nina Bjerring, who gave a talk about Arlas sustainability strategy.

NOVEMBER 1

AARHUS SYMPOSIUM FOCUS

Under the theme “Impact before income”, Aarhus Symposium Focus 2021 explored how leaders of today can combine impact-driven strategies with a focus upon profit. Here, the students were invited to join four leading experts in discussing how companies can balance impact and income.

SEPTEMBER 13

CHALLENGE THE THEME

On September 13, Aarhus Symposium Challenge 2021 was kicked off with a big event at Campus Fuglesangs Allé, Samfundsfaglig Kantine, Erhvervsakademi Aarhus, and IT-byen Katrinebjerg. Here, this year’s theme was announced, and students brainstormed on the three challenges. In the following Challenge Tour, we promoted our activities in Lund, Copenhagen, Aalborg and Odense.

AS AN ORGANISER, WHAT HAS MADE THE GREATEST IMPACT ON YOU?

JOHANNES LASSEN THYKJÆR UNIVERSITY ALLIANCES

Realising how much a group of diverse people can achieve in organised collaboration has made a great impact on me. Experiencing my fellow organisers outperform themselves and challenge the status quo both to develop personally and achieve new heights for the symposium has truly been great.

During periods with large workload and in chaotic situations, I have learned to stay calm and collected. Well thought out time management and teamwork are some important skills I have learned to ensure top quality.

DITTE DALGAARD SKJELMOSE MARKETING GROUP

Being part of the Aarhus Symposium has given me lots of experience that I can use in my work and private life. Work ethic, ambition, and dedication from all organisers are contagious and is the reason why Aarhus Symposium is unique.

My time as an organiser in the Aarhus symposium has taught me to be problem-solving but also the power of great teamwork.

SØREN LYKKE THOMSEN FINANCE GROUP & PROGRAMME GROUP

The enthusiasm and professional level of execution among the organisers in each group were truly inspiring and contributed to feel proud of being a part of this organisation.

I have learned a lot right from technical skills such as setting up a financial rapport in Power BI to more organisational skills such as communication and problem-solving together. Nonetheless for me, the most important learning from Aarhus Symposium is the ability to teamwork.

WHAT WAS THE MOST IMPORTANT SKILL YOU LEARNED DURING YOUR TIME IN AARHUS SYMPOSIUM?

CECILIE GJERLEVSEN BUSINESS RELATIONS

Aarhus Symposium is a truly inspirational network of dedicated organisers from different study areas. Being a part of this network while organising an extraordinary event together has undoubtedly made the greatest impact to me.

The largest take-away from my time in Aarhus Symposium is the interaction between the ability to work hard and great teamwork. When put together, it forms a unique combination where anything can be pulled off.

SIMON WESSMANN BROK IT GROUP

As a member of Aarhus, I am surprised at how a group of young, motivated and talented students can organise such an event when they combine their competencies.

The most important thing I learned during the year as a member of IT is the importance of aligning expectations. It can be difficult to reconcile expectations in an organisation with many teams, and therefore it is incredibly valuable to be able to develop this competence across an organisation.

ANN-KATRINE WEINREICH JENSEN ESSENTIALS GROUP

I have been very impressed by the level om professionalism, ambitions, and hard work from my fellow organisers, which I have found highly motivational.

During my experience in Aarhus Symposium, I have gained skills within teamwork, problem-solving, and communication from the cooperation in the Essentials Group and the rest of the organisation. But also in relation to the responsibilities that comes with the privilege of being responsible for this year’s Challenge the Theme.

PRESENTING THE FINANCIAL STATEMENT

ACCOUNTING POLICIES

The annual report is presented in accordance with Danish generally accepted accounting principles. The financial statements have been presented applying the accounting policies consistently with last year.

RECOGNITION AND MEASUREMENT

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Organisation, and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when the Organisation has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Organisation, and the value of the liability can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.

Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.

Income is recognised in the income statement when earned, whereas costs are recognized by the amounts attributable to this financial year.

INCOME STATEMENT

Revenue

Revenue consists of partnerships sold. Revenue is recognised in the income statement when delivery is made and risk associated with the consideration selected has passed to the buyer. Revenue is recognised net of VAT, duties, and sales discounts.

Other Income

Other income comprises Foundation grants. Gifts are recognised when granted.

Other External Expenses

Other external expenses comprise expenses for distribution, sale, marketing, administration, premises etc.

Financial Income and Expenses

Financial income and expenses comprise interest income and expenses. These are recognised when accrued.

BALANCE SHEET

Cash

Cash comprises cash in bank deposits.

Receivables

Receivables are measured at amortised cost usually equaling nominal value less provisions for bad debts.

Payables

Payables are measured at amortised cost usually equal- ling nominal value.

Deferred Income

Deferred income comprises received income for recognition in subsequent financial year’s. Deferred income is measured at cost.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial year’s. Prepayments are measured at cost.

EQUITY

EQUITY AND NOTES

ACCOUNTING NOTES

1. Other external expenses

*Partner expenses are disbursements for partners.

**Barter deals are goods/services delivered by partners in exchange for services provided by Aarhus Symposium.

BOARD OF DIRECTORS’ STATEMENT

The Board of Directors have today considered and approved the annual report for the financial year January 1 through December 31, 2021.

The annual report is presented in accordance with Danish generally accepted accounting principles. In our opinion, the financial statements give a true and fair view of the financial position on December 31, 2021 and of the financial performance for the financial year January 1 to December 31, 2021.

In our opinion, the management review (on pages 10-11) contains a true and fair view of the affairs and conditions referred to herein.

We recommend that the annual report be adopted at the annual general meeting.

Aarhus, March 21, 2022

KRISTINA RISOM JESPERSEN

JENS RIIS ANDERSEN

KARINA SCHMITT LUND

KASPER VINTHER OLESEN

MICHAEL JENSEN

NICK MELGAARD

TORBEN M. ANDERSEN HENRIK LIND

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF AARHUS SYMPOSIUM

OPINION

We have audited the financial statements of Aarhus Symposium compromising the pages 27-31 for the financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordancewith the Danish Financial Statements Act.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

MANAGEMENT’S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten-

tional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

Aarhus, March 21, 2022 Statsautoriseret

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

1.1 STATEMENT ON THE MANAGEMENT COMMENTARY

Management is responsible for the management commentary.

Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.

Mads Fauerskov State-Authorised Public Accountant mne35428

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