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REGISTERED COMPANY NUMBER: SC269397 (Scotland)

REGISTERED CHARITY NUMBER: SC020962















Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for


Scottish Cardiac Society


Scottish Cardiac Society







Contents of the Financial Statements

for the Year Ended 31 March 2023






Page



Report of the Trustees  

1


to


2


Independent Examiner's Report  

3



Statement of Financial Activities  

4



Balance Sheet  

5


to


6


Notes to the Financial Statements  

7


to


12


Scottish Cardiac Society (Registered number: SC269397)


Report of the Trustees

for the Year Ended 31 March 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 2019).


OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Scottish Cardiac Society and the principal activities in the period under review were those of furthering the education and treatment of heart and circulation disease in Scotland.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the education and research functions of the society were promoted by the ongoing use of the website and meetings held in the Spring & Autumn. Educational training meetings for cardiology trainees were organised throughout the year.

FINANCIAL REVIEW

Unrestricted funds represent the unrestricted funds arising from the operating results of the year and unrestricted reserves brought forward including funds transferred from the former unincorporated Scottish Cardiac Society. The society received income of £42,671 (2021: £24,961) during the financial year. The directors are satisfied that the balance on unrestricted funds at 31 March 2023 of £54,818 (2021: £58,463) is satisfactory to enable the Society to meet its ongoing obligations.


During the year ended 31 March 2013 the Society received a legacy of £373,273 from the late Emily Taylor.  This capital amount has been invested in a managed portfolio.  The fund is used  for travel grants following open application from members in accordance with the terms of the bequest.  This has been classified as a restricted fund, known as "The Emily Taylor Travel Fund". During the financial year £7,724 (2022: £524) was applied in making grants.


FUTURE PLANS

Future activities include continuing to promote membership of the Society, which is open to all health professionals with an interest in cardiac disease, along with our ongoing educational activities.  We now have over 300 members.


STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The company is limited by guarantee and has charitable status.  The company is governed by its Memorandum and Articles of Association and the constitution of the charity.


Directors are appointed by members at an AGM or by directors at any time. New members are appointed by directors.


REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC269397 (Scotland)


Registered Charity number

SC020962


Registered office

9 Queen Street

Edinburgh

EH2 1JQ



Scottish Cardiac Society (Registered number: SC269397)


Report of the Trustees

for the Year Ended 31 March 2023


Trustees

Dr Alan Robertson

Dr David Northridge

Mr Frank Hearl


Independent Examiner

R L H Crawford BA CA CTA

25 Castle Terrace

Edinburgh

EH1 2ER


Investment Managers

Quilter Cheviot

2nd Floor, Delta House

50 West Nile Street

Glasgow

G1 2NP


Intelligent Capital

95 Morrison Street

Glasgow

G5 8BE


This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


Approved by order of the board of trustees on 24 October 2023 and signed on its behalf by:






Dr Alan Robertson - Trustee


Independent Examiner's Report to the Trustees of

Scottish Cardiac Society


I report on the accounts for the year ended 31 March 2023 set out on pages four to twelve.


Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.


Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.


Independent examiner's statement

In connection with my examination, no matter has come to my attention :


(1)

which gives me reasonable cause to believe that, in any material respect, the requirements


-

to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-

to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations


have not been met; or


(2)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.









R L H Crawford BA CA CTA

The Institute of Chartered Accountants of Scotland


R L H Crawford BA CA CTA

25 Castle Terrace

Edinburgh

EH1 2ER


24 October 2023


Scottish Cardiac Society


Statement of Financial Activities

for the Year Ended 31 March 2023



2023


2022


Unrestricted


Restricted


Total


Total


fund


fund


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

3

11,520


-


11,520


10,910



Other trading activities

4

22,297


-


22,297


6,774


Investment income

5

48


8,806


8,854


7,277


Total

33,865


8,806


42,671


24,961



EXPENDITURE ON

Raising funds

6

-


5,107


5,107


5,071



Charitable activities

7

General

37,414


8,534


45,948


15,392



Other

96


-


96


-


Total

37,510


13,641


51,151


20,463



Net gains/(losses) on investments

-


(25,393

)

(25,393

)

14,658



NET INCOME/(EXPENDITURE)

(3,645

)

(30,228

)

(33,873

)

19,156




RECONCILIATION OF FUNDS

Total funds brought forward

58,463


438,850


497,313


478,157



TOTAL FUNDS CARRIED FORWARD

54,818


408,622


463,440


497,313



Scottish Cardiac Society (Registered number: SC269397)


Balance Sheet

31 March 2023



2023


2022


Unrestricted


Restricted


Total


Total


fund


fund


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Investments

10

-


405,031


405,031


432,515



CURRENT ASSETS


Debtors

11

-


-


-


11,696


Cash at bank

58,238


3,591


61,829


55,082


58,238


3,591


61,829


66,778



CREDITORS


Amounts falling due within one year

12

(3,420

)

-


(3,420

)

(1,980

)


NET CURRENT ASSETS

54,818


3,591


58,409


64,798



TOTAL ASSETS LESS CURRENT

LIABILITIES

54,818


408,622


463,440


497,313



NET ASSETS

54,818


408,622


463,440


497,313


FUNDS

13

Unrestricted funds

54,818


58,463


Restricted funds

408,622


438,850


TOTAL FUNDS

463,440


497,313



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Scottish Cardiac Society (Registered number: SC269397)


Balance Sheet - continued

31 March 2023


These financial statements have been prepared in accordance with and delivered in accordance with the special provisions applicable to small charitable companies subject to the small companies regime.




The financial statements were approved by the Board of Trustees and authorised for issue on 24 October 2023 and were signed on its behalf by:






Dr Alan Robertson - Trustee


Scottish Cardiac Society


Notes to the Financial Statements

for the Year Ended 31 March 2023


1.

STATUTORY INFORMATION



Scottish Cardiac Society is a private company, limited by guarantee, registered in Scotland. The company's registered number and registered office address can be found on the report of the trustees page.



The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.



Income


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.



Expenditure


Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.



Taxation

The charity is exempt from corporation tax on its charitable activities.


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


Investments

Fixed asset investments consist of listed investments held in the UK and are stated at market value at the balance sheet date. Unrealised gains or losses on revaluation of investments are recognised in the Statement of Financial Activities.

Financial instruments
Other than fixed asset investments the charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Significant judgements and estimates
Preparing the financial statements may require the trustees to make significant judgements and estimates. There was no item in the financial statements where these judgements and estimates were required.


Scottish Cardiac Society


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


3.

DONATIONS AND LEGACIES


2023


2022

£   

£   



Subscriptions

11,520


10,910




4.

OTHER TRADING ACTIVITIES


2023


2022

£   

£   



Sponsorship

20,456


6,650




Conference income

1,841


124



22,297


6,774




5.

INVESTMENT INCOME


2023


2022

£   

£   



Income from investments

8,806


7,275




Interest receivable

48


2



8,854


7,277




6.

RAISING FUNDS



Investment management costs


2023


2022

£   

£   



Investment management

5,107


5,071




7.

CHARITABLE ACTIVITIES COSTS




2020



2019




£   



£   




Included in the charitable activities costs are independent examiners fee



1,890



1,860




8.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.


Scottish Cardiac Society


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


8.

TRUSTEES' REMUNERATION AND BENEFITS - continued



Trustees' expenses



No travel expenses were reimbursed to the trustees (2022: £0).



Average number of employees



The charity had no employee during 2023 and 2022.


9.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


fund


fund


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

10,910


-


10,910




Other trading activities

6,774


-


6,774



Investment income

2


7,275


7,277



Total

17,686


7,275


24,961




EXPENDITURE ON


Raising funds

-


5,071


5,071




Charitable activities


General

7,639


7,753


15,392



Total

7,639


12,824


20,463




Net gains on investments

-


14,658


14,658




NET INCOME

10,047


9,109


19,156





RECONCILIATION OF FUNDS


Total funds brought forward

48,416


429,741


478,157




TOTAL FUNDS CARRIED FORWARD

58,463


438,850


497,313




Scottish Cardiac Society


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


10.

FIXED ASSET INVESTMENTS


Listed


investments

£   



MARKET VALUE


At 1 April 2022

432,515




Additions

360,947




Disposals

(385,354

)



Revaluations

(3,077

)



At 31 March 2023

405,031




NET BOOK VALUE


At 31 March 2023

405,031




At 31 March 2022

432,515





There were no investment assets outside the UK.




The historical cost of investments owned by the society  at 31 March 2023 was £407,005 (2022: £389,254). Cost is the total cost to the society, including incidental expenses, of acquiring investments on the open market.



Included in the IC portfolio is cash funds of £2,436(2022:£73,276) held by the investment manager.



Included in cash at bank is £4,982(2022: £7,715) held by the investment manager.


11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Trade debtors

-


1,000




Prepayments

-


10,696



-


11,696





Scottish Cardiac Society


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Accruals and deferred income

3,420


1,980




13.

MOVEMENT IN FUNDS


Net




movement


At



At 1.4.22


in funds


31.3.23


£   

£   

£   



Unrestricted funds


General fund

58,463


(3,645

)

54,818





Restricted funds


Emily Taylor Travel Fund

438,850


(30,228

)

408,622





TOTAL FUNDS

497,313


(33,873

)

463,440





Net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General fund

33,865


(37,510

)

-


(3,645

)




Restricted funds


Emily Taylor Travel Fund

8,806


(13,641

)

(25,393

)

(30,228

)




TOTAL FUNDS

42,671


(51,151

)

(25,393

)

(33,873

)





Comparatives for movement in funds



Net




movement


At



At 1.4.21


in funds


31.3.22


£   

£   

£   



Unrestricted funds


General fund

48,416


10,047


58,463





Restricted funds


Emily Taylor Travel Fund

429,741


9,109


438,850





TOTAL FUNDS

478,157


19,156


497,313




Scottish Cardiac Society


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


13.

MOVEMENT IN FUNDS - continued



Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General fund

17,686


(7,639

)

-


10,047





Restricted funds


Emily Taylor Travel Fund

7,275


(12,824

)

14,658


9,109





TOTAL FUNDS

24,961


(20,463

)

14,658


19,156





The General fund can be used in accordance with the charitable objectives at the discretion of the trustees.



The Emily Taylor Travel Fund was established during the year ended 31 March 2013 and is available for travel grants in accordance with the terms of the bequest under which it was established.


14.

RELATED PARTY DISCLOSURES



There were no related party transactions for the year ended 31 March 2023.