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REGISTERED COMPANY NUMBER: 05685735 (England and Wales)
REGISTERED CHARITY NUMBER: 1113536












THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Report of the Trustees 1 to 7

Report of the Independent Auditors 8 to 11

Statement of Financial Activities 12

Balance Sheet 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16 to 29

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 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 30 September 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
The Society is established to facilitate scientific communication within the specialty, enhance quality of delivery of care and improve the standard of education and training of cardiothoracic surgery in Great Britain and Ireland.

The Society represents the views of cardiothoracic surgeons on all major topics of interest in the specialty. It develops guidelines on clinical management and working practices.

The Society has taken a lead in data collection and analysis for over 25 years. Cardiothoracic surgery is the only medical or surgical specialty in the UK to have comprehensive data on activity and outcomes.

With the Royal College of Surgeons, the Society helps monitor standards and investigate problems that are highlighted by this. It has taken the lead in developing a system of Quality Assurance for the Hospitals involved in Cardiothoracic Surgery.

The Society holds an annual meeting in the spring where lectures are given and papers presented in order that members are updated on current developments within the specialty.

The 2023 annual conference meeting was held at the ICC in Birmingham between 19 and 21 March 2023. The 2024 meeting is due to be held at the ICC in Wales between 17 and 19 March 2024.

ACHIEVEMENT AND PERFORMANCE
Fundraising activities
We believe that fundraising should be done in an ethical manner. We never share, sell, swap or rent data to third parties for marketing purposes. We will only send communication to those who want it in the method they have agreed to.

We are committed to protecting privacy and will only use personal data that we collect in line with applicable laws, including the General Data Protection Regulation (GDPR).

We ensure we adhere to all charity sector guidelines and regulations including the Fundraising Code of Practice and take appropriate action if we find any failure to meet these standards.

Achievements
The previous year's annual meeting was held in Belfast. This year the meeting was held in Birmingham. Revenue generated from the annual meeting increased on the previous year, although costs for the annual meeting also increased. This still however, resulted in a surplus.

The charity continued to run a number educational courses.


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023


FINANCIAL REVIEW
Principal funding sources
The Charity needs a steady income in order to achieve its objectives. This is achieved by an annual subscription from all members of the Society and by income generation at the annual meeting of the Society for which a registration fee is paid by all attendees and fees are charged to exhibitors.

The total income from the 2023 annual meeting was £568,307 (2022: £475,075). Expenditure was £297,357 (2022: £447,781), resulting in a surplus of £270,950 (2022: £27,294).

Total income from Education was £258,475 (2022: £576,823). Expenditure was £567,607 (2022: £417,960), resulting in a deficit of £308,632 (2022: surplus of £158,863).

Other charitable income totalled £219,935 (2022: £184,427).

The costs of management and administration of the Society's affairs for the year was £407,857 (2022: £240,329). The cost of governance for the year was £39,268 (2022: £55,181).

Investment policy and objectives
The investment policy of the Society is to maintain adequate funds to fulfil its educational objectives and secondly to achieve maximum return on its investments whilst avoiding high risk investments. Certain types of investments, for example, in the tobacco industry or the arms industry are excluded as are any investments which could give rise to a potential conflict of interest within the overall aims of the Society.

Reserves policy
It is the aim of the trustees to increase the reserves of the Society in the future, to be in a position of providing more sponsorship to junior surgeons and researchers and to enhance the development of cardiothoracic surgery in Great Britain and Ireland.

The trustees have satisfied themselves that the charity has the resources to meet its commitments. Sufficient resources are held in an appropriate form to enable each restricted fund to be applied in accordance with the restrictions for their use. Sufficient unrestricted funds are held to enable the charity to cover unforeseen day-to-day operational costs or to mitigate against a reduction in a source of income.

Reserves at 30 September 2023 were as follows:

Unrestricted funds - (£29,072) (2022: £177,195)
Restricted funds - £593,122 (2022: £635,284)
Total funds - £575,050 (2022: £812,479)

The charity's free reserves represent unrestricted reserves less fixed assets. These amount to (£29,490) (2022: £176,784).


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023


FUTURE PLANS
The current objectives of the Society include dissemination of information into the public domain on outcomes following cardiothoracic surgical procedures in the UK. This is available to patients and doctors alike. A second current objective involves reviewing quality of care by use of new outcome measures based on the composite of mortality and morbidity rather than focusing on an individual surgeon's mortality figures. A third objective involves the Society engaging in discussion with patient groups in order to engage them in regular discussions with the Society and thereby promote patient agenda within healthcare workers in our specialty.

The objectives for the Society are reviewed on a regular basis and are normally set out by the President each year. The educational objectives of the Society including its commitment to education at the Royal College of Surgeons and the provision of scholarships remain an ongoing imperative.

The Trustees have concluded that the charity is a going concern for at least 12 month following the signature of these financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
Appointment of new trustees is governed by the articles of association of the charity, dated 24 January 2006. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The Society is governed by an Executive who are elected from the membership of the Society. The officers of the Society are elected by the membership as a whole with the exception of the Secretary and Honorary Treasurer who are nominated from within the Executive but whose appointments are ratified by the membership at the Annual General Meeting. Decisions are made by the Executive, which meets four times a year under the Chairmanship of the President of the Society.

During the year to 30 September 2023 there were 1,616 members (2022: 1,103). If the charity is dissolved, any member who has held office within 12 months of dissolution will be liable to pay an amount up to £10 towards the costs of dissolution and the liabilities incurred by the charity while they were a member.

The SCTS Executive Committee for 2022-23 was comprised as follows:

Narain Moorjani (President)
Amar Coonar (President Elect)
Rana Sayeed (Honorary Secretary)
Mark Jones (Honorary Treasurer)
Amal Bose (Honorary Treasurer)
Cha Rajakauna (Meeting Secretary)
Deborah Harrington (Joint Education Secretary)
Elizabeth Belcher (Joint Education Secretary)
Enoch Akowuah (Elected member)
Aman Coonar (Elected member)
Betsy Evans (Elected member)
Andrew Parry (Elected member)
Manoj Purohit (Elected member)
Attilio Lotto (Elected member)
Vipin Zamvar (Elected member)
Sarah Murray (Lay representative)
Bhuvana Krishnamoorthy (Nursing & AHP Representative)
Bassem Gadallah (Trainee Representative)
Walid Mohamed (Trainee Representative)
Sri Rathinam (Communication Secretary)
Hunald Vohra (Innovation Sub-Committee Co-Chair)
Eric Lim (Research Sub-Committee Co-Chair)
Mahmoud Loubani (Research Sub-Committee Co-Chair)
Mr Rajamiyer Venkateswaran (Transplanation Co-Chair)
Mr Manoj Kuduvalli (Adult Cardiac Surgery Co-Chair)
Mr Uday Trivedi (Adult Sub-Committee Co-Chair)
Miss Indu Deglurkar (Equiality, Diversity & Inclusion Co-Chair)
Miss Ralitsa Baranowski (WICTS Co-Chair)
Karen Remond (Elected member and Thoracic Surgery Co-Chair)

Induction and training of new trustees
All new Trustees of the Society are informed of their obligations under Charity Law as a Trustee of the Society. They are encouraged to read a copy of the booklet "What Trustees need to know" and a copy of the Good Trustee Guide (NCVO Publications) is available for their perusal. Because the Society is a fairly small activity no further specific training is offered at the current time in this area of their responsibility.


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Key management remuneration
The key management of the charity are considered to be the trustees.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05685735 (England and Wales)

Registered Charity number
1113536

Registered office
The Royal College of Surgeons of England
35-43 Lincoln's Inn Fields
London
WC2A 3PE

Trustees
E F Akowuah (resigned 20.3.2023)
A Bose (resigned 20.3.2023)
A S Coonar
V Y Zamvar
C Rajakaruna
N Moorjani
R A Sayeed
J M Jones (appointed 20.3.2023)
Prof. A A Lotto (appointed 20.3.2023)
Prof. K C Redmond (appointed 20.3.2023)
Miss B Evans
A J Parry
M Purohit

Senior Statutory Auditor
Michaela Johns FCCA

Auditors
Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

Bankers
Barclays Bank plc
PO Box 104
St Albans
Hertfordshire
AL1 3AN

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Investment Managers
JM Finn
4 Coleman Street
London
EC2R 5TA

PayPal
PayPal UK Ltd
Whittaker House
Surrey
TW9 1EH

PUBLIC BENEFIT
The Society provides a benefit to the public through the development of cardiothoracic surgery, the enhancement of quality and standards in the specialty, and the collection, analysis, and publication of data on activity and outcomes in cardiothoracic surgery.

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Society for Cardiothoracic Surgery in Great Britain and Ireland for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023


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 27 March 2024 and signed on its behalf by:





J M Jones - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND


Opinion
We have audited the financial statements of The Society for Cardiothoracic Surgery in Great Britain and Ireland (the 'charitable company') for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 30 September 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 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, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND


Our 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 a Report of the Independent Auditors 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 (UK) 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice, Charity SORP and the relevant tax compliance regulations for the company.

We obtained an understanding of how the company is complying with these frameworks through discussions with management.

We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs, correspondence and a review of board minutes.

We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michaela Johns FCCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

27 March 2024

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 30 - 30 30

Charitable activities 5
Annual meeting 568,307 - 568,307 475,075
Education 18,473 240,502 258,975 576,823
Other charitable activities 219,935 - 219,935 184,427

Other trading activities 3 13,166 - 13,166 2,750
Investment income 4 7,441 3,680 11,121 7,671
Other income 1,715 - 1,715 1,950
Total 829,067 244,182 1,073,249 1,248,726

EXPENDITURE ON
Raising funds 4,581 3,772 8,353 17,546

Charitable activities 6
Annual meeting 297,357 - 297,357 447,781
Education 272,767 294,840 567,607 417,960
Other charitable activities 461,833 - 461,833 298,784
Total 1,036,538 298,612 1,335,150 1,182,071

Net gains/(losses) on investments 1,204 12,268 13,472 (262,010 )

NET INCOME/(EXPENDITURE) (206,267 ) (42,162 ) (248,429 ) (195,355 )


RECONCILIATION OF FUNDS
Total funds brought forward 177,195 635,284 812,479 1,007,834

TOTAL FUNDS CARRIED FORWARD (29,072 ) 593,122 564,050 812,479

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND (REGISTERED NUMBER: 05685735)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 14 418 - 418 411
Investments 15 443,542 373,853 817,395 904,329
443,960 373,853 817,813 904,740

CURRENT ASSETS
Debtors: amounts falling due within one year 16 109,998 754 110,752 513,552
Debtors: amounts falling due after more than one
year

16

-

-

-

4,813
Cash at bank (462,594 ) 584,360 121,766 78,643
(352,596 ) 585,114 232,518 597,008

CREDITORS
Amounts falling due within one year 17 (120,436 ) (365,845 ) (486,281 ) (689,269 )

NET CURRENT ASSETS/(LIABILITIES) (473,032 ) 219,269 (253,763 ) (92,261 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,072

)

593,122

564,050

812,479

NET ASSETS (29,072 ) 593,122 564,050 812,479
FUNDS 19
Unrestricted funds (29,072 ) 177,195
Restricted funds 593,122 635,284
TOTAL FUNDS 564,050 812,479

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


The financial statements were approved by the Board of Trustees and authorised for issue on 27 March 2024 and were signed on its behalf by:





J M Jones - Trustee

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £ £

Cash flows from operating activities
Cash generated from operations 1 (58,000 ) (377,442 )
Net cash used in operating activities (58,000 ) (377,442 )

Cash flows from investing activities
Purchase of tangible fixed assets (382 ) -
Sale of fixed asset investments 100,000 -
Interest received 1,505 82
Net cash provided by investing activities 101,123 82

Change in cash and cash equivalents in
the reporting period

43,123

(377,360

)
Cash and cash equivalents at the
beginning of the reporting period

78,643

456,003
Cash and cash equivalents at the end of
the reporting period

121,766

78,643

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2023 2022
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities)

(248,429

)

(195,355

)
Adjustments for:
Depreciation charges 252 199
(Gain)/losses on investments (13,472 ) 262,010
Loss on disposal of fixed assets 123 -
Interest received (1,505 ) (82 )
Investment management fees 10,022 12,453
Dividends received (9,616 ) (7,589 )
Decrease/(increase) in debtors 408,367 (362,787 )
Decrease in creditors (203,742 ) (86,291 )
Net cash used in operations (58,000 ) (377,442 )


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 30.9.23
£ £ £
Net cash
Cash at bank 78,643 43,123 121,766
78,643 43,123 121,766
Total 78,643 43,123 121,766

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Raising funds
Cost of generating funds are included in the Statement of Financial Activities on an accruals basis, exclusive of Value Added Tax and relate to Annual General Meeting expenses.

Charitable activities
Charitable activities are included in the Statement of Financial Activities on an accruals basis, exclusive of Value Added Tax and relate to the costs of the annual meeting, the costs of grants and scholarships, and the general management and administration of the charity.

Governance costs
Governance costs are included in the Statement of Financial Activities on an accruals basis, exclusive of Value Added Tax.

Allocation and apportionment of costs
All support costs relate to the general management and administration of the charity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and fittings - either 15% reducing balance or 33% straight line

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. ACCOUNTING POLICIES - continued

Tangible fixed assets

There is no value below which assets are not capitalised.

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.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Fixed asset investments
Fixed asset investments comprise the charity's investments in listed equities. Fixed asset investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Financial assets
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. DONATIONS AND LEGACIES
2023 2022
£ £
Donations 30 24
Gift aid - 6
30 30

3. OTHER TRADING ACTIVITIES
2023 2022
£ £
Advertising 13,166 2,750

4. INVESTMENT INCOME
2023 2022
£ £
Income from fixed asset investments 9,616 7,589
Deposit account interest 1,505 82
11,121 7,671

5. INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Activity £ £
Registrations Annual meeting 181,888 141,957
Sponsorship Annual meeting 6,452 64,801
Exhibitors Annual meeting 369,967 268,317
Grants Annual meeting 10,000 -
Sponsorship Education - 150,304
Educational income Education 213,904 426,519
Grants Education 45,071 -
Subscriptions Other charitable activities 219,935 184,427
1,047,217 1,236,325


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


6. CHARITABLE ACTIVITIES COSTS
Grant
funding of
Direct activities Support
Costs (see (see note costs (see
note 7) 8) note 9) Totals
£ £ £ £
Annual meeting 297,357 - - 297,357
Education 397,607 170,000 - 567,607
Other charitable activities 14,585 - 447,248 461,833
709,549 170,000 447,248 1,326,797

7. DIRECT COSTS OF CHARITABLE ACTIVITIES
2023 2022
£ £
Advertising 159 15
Venue hire 137,768 237,556
Catering - 283
Audio visual 3,437 2,604
Travel and accommodation 59,750 119,799
Printing 55,844 10,233
Other annual meeting costs 107,711 42,179
Educational expenditure 344,880 242,546
Society projects - 1,800
709,549 657,015

8. GRANTS PAYABLE

Grants to individuals
£    £   
The Ethicon Scholarships - 90,000
Heart Research UK 79,000 -
ACT - SCTS Travelling Fellowship 20,000 -
The AstraZeneca Scholarships 66,000 122,000
Robotic 5,000 -
170,000 212,000



THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Other charitable activities 407,857 123 39,268 447,248

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 252 199
Deficit on disposal of fixed assets 123 -
Accountancy fees - audit 13,200 12,600
Accountancy fees - other services 6,909 5,464

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.


Trustees' expenses

Expenses totalling £9,179 (2022: £3,086) were reimbursed to ten (2022: six) trustees in respect of costs attending trustees and executive meetings.

Fellowships were awarded to two trustees in the year, prior to their appointments as trustees. Manoj Purohit receiving £15,000 for work at the University Hospital of Seoul. Attilio Adrea Lotto receiving £10,000 for a visit to The Hospital for Sick Children, Toronto.

12. STAFF COSTS
2023 2022
£ £
Wages and salaries 137,384 130,000
Social security costs 9,379 6,084
Other pension costs 3,964 7,209
150,727 143,293

The average monthly number of employees during the year was as follows:

2023 2022
Administration 5 4

No employees received emoluments in excess of £60,000.

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


12. STAFF COSTS - continued

No remuneration was paid to persons considered to be Key Management in either year.

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 30 - 30

Charitable activities
Annual meeting 475,075 - 475,075
Education 120,030 456,793 576,823
Other charitable activities 184,427 - 184,427

Other trading activities 2,750 - 2,750
Investment income 4,648 3,023 7,671
Other income 1,950 - 1,950
Total 788,910 459,816 1,248,726

EXPENDITURE ON
Raising funds 6,206 11,340 17,546

Charitable activities
Annual meeting 447,781 - 447,781
Education 74,295 343,665 417,960
Other charitable activities 298,784 - 298,784
Total 827,066 355,005 1,182,071

Net gains/(losses) on investments (159,111 ) (102,899 ) (262,010 )

NET INCOME/(EXPENDITURE) (197,267 ) 1,912 (195,355 )


RECONCILIATION OF FUNDS
Total funds brought forward 374,462 633,372 1,007,834

TOTAL FUNDS CARRIED FORWARD 177,195 635,284 812,479


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


14. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 October 2022 6,651
Additions 382
Disposals (4,156 )
At 30 September 2023 2,877
DEPRECIATION
At 1 October 2022 6,240
Charge for year 252
Eliminated on disposal (4,033 )
At 30 September 2023 2,459
NET BOOK VALUE
At 30 September 2023 418
At 30 September 2022 411

15. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 October 2022 904,329
Revaluations (86,934 )
At 30 September 2023 817,395
NET BOOK VALUE
At 30 September 2023 817,395
At 30 September 2022 904,329

The movement in the fair value of listed investments is as follows:
£   
Fair value at 1 October 2022 904,329
Investment income 9,616
Investment gains on disposals 77,375
Change in market value (63,903 )
Investment management fees (10,022 )
Investment withdrawals (100,000 )
Fair value as at 30 September 2023 817,395

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


15. FIXED ASSET INVESTMENTS - continued










Investments comprise: 2023 2022
£    £   
UK equities 423,851 378,615
Overseas equities 273,970 424,112
Gilts 99,438 57,225
Cash 20,136 44,377
817,395 904,329


The historic cost of the above fixed asset investments are £696,710 (2022: £743,241)

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 49,830 189,506
Other debtors 2,305 10,525
VAT 754 33,200
Prepayments and accrued income 57,863 280,321
110,752 513,552

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20232022
£   £   
Prepayments and accrued income-4,812
-4,812


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 11,299 50,600
Social security and other taxes 30 6,096
VAT 3,454 -
Other creditors 11,000 14,510
Accruals and deferred income 460,498 618,063
486,281 689,269

Deferred Income
20232022
£   £   
Deferred income at the start of the year46,214100,453
Resources deferred during the period48,33046,214
Amounts released from the prior period(46,214)(100,453)
Deferred income at the end of the year48,33046,214
The deferred income relates to subscriptions received in advance.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023 2022
£ £
Within one year 19,983 16,080
Between one and five years 32,573 42,290
52,556 58,370


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


19. MOVEMENT IN FUNDS
Net
movement
At 1.10.22 in funds At 30.9.23
£ £ £
Unrestricted funds
General fund 177,195 (206,267 ) (29,072 )

Restricted funds
The Ionescu Education and Quality Trust 144,544 12,176 156,720
Risk modelling 8,150 - 8,150
Ethicon Trainee Scholarships 113,641 - 113,641
Cardio Solutions Fellowship 6,541 - 6,541
The Mr M and Dr C Ionescu Travelling
Fellowship for Consultant Surgeons

240,280

-

240,280
Ethicon Courses 43,128 15,662 58,790
Heart Research UK 79,000 (79,000 ) -
Medtronic - 9,000 9,000
635,284 (42,162 ) 593,122
TOTAL FUNDS 812,479 (248,429 ) 564,050

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 829,067 (1,036,538 ) 1,204 (206,267 )

Restricted funds
The Ionescu Education and Quality Trust 3,680 (3,772 ) 12,268 12,176
Research and Clinical Trial Education 66,000 (66,000 ) - -
Ethicon Courses 129,502 (113,840 ) - 15,662
Heart Research UK - (79,000 ) - (79,000 )
Michael Warburg SCTS Fellowship 20,000 (20,000 ) - -
Medtronic 25,000 (16,000 ) - 9,000
244,182 (298,612 ) 12,268 (42,162 )
TOTAL FUNDS 1,073,249 (1,335,150 ) 13,472 (248,429 )


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.10.21 in funds At 30.9.22
£ £ £
Unrestricted funds
General fund 374,462 (197,267 ) 177,195

Restricted funds
The Ionescu Education and Quality Trust 255,760 (111,216 ) 144,544
Risk modelling 8,150 - 8,150
Ethicon Trainee Scholarships 113,641 - 113,641
Cardio Solutions Fellowship 6,541 - 6,541
The Mr M and Dr C Ionescu Travelling
Fellowship for Consultant Surgeons

240,280

-

240,280
BD Interventional Training Fund 9,000 (9,000 ) -
Ethicon Courses - 43,128 43,128
Heart Research UK - 79,000 79,000
633,372 1,912 635,284
TOTAL FUNDS 1,007,834 (195,355 ) 812,479

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 788,910 (827,066 ) (159,111 ) (197,267 )

Restricted funds
The Ionescu Education and Quality Trust 3,023 (11,340 ) (102,899 ) (111,216 )
Ethicon Trainee Scholarships 90,000 (90,000 ) - -
BD Interventional Training Fund - (9,000 ) - (9,000 )
Research and Clinical Trial Education 132,000 (132,000 ) - -
Ethicon Courses 155,793 (112,665 ) - 43,128
Heart Research UK 79,000 - - 79,000
459,816 (355,005 ) (102,899 ) 1,912
TOTAL FUNDS 1,248,726 (1,182,071 ) (262,010 ) (195,355 )

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement
At 1.10.21 in funds At 30.9.23
£ £ £
Unrestricted funds
General fund 374,462 (403,534 ) (29,072 )

Restricted funds
The Ionescu Education and Quality Trust 255,760 (99,040 ) 156,720
Risk modelling 8,150 - 8,150
Ethicon Trainee Scholarships 113,641 - 113,641
Cardio Solutions Fellowship 6,541 - 6,541
The Mr M and Dr C Ionescu Travelling
Fellowship for Consultant Surgeons

240,280

-

240,280
BD Interventional Training Fund 9,000 (9,000 ) -
Ethicon Courses - 58,790 58,790
Medtronic - 9,000 9,000
633,372 (40,250 ) 593,122
TOTAL FUNDS 1,007,834 (443,784 ) 564,050

A current year 12 months and prior year 12 months combined 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 1,617,977 (1,863,604 ) (157,907 ) (403,534 )

Restricted funds
The Ionescu Education and Quality Trust 6,703 (15,112 ) (90,631 ) (99,040 )
Ethicon Trainee Scholarships 90,000 (90,000 ) - -
BD Interventional Training Fund - (9,000 ) - (9,000 )
Research and Clinical Trial Education 198,000 (198,000 ) - -
Ethicon Courses 285,295 (226,505 ) - 58,790
Heart Research UK 79,000 (79,000 ) - -
Michael Warburg SCTS Fellowship 20,000 (20,000 ) - -
Medtronic 25,000 (16,000 ) - 9,000
703,998 (653,617 ) (90,631 ) (40,250 )
TOTAL FUNDS 2,321,975 (2,517,221 ) (248,538 ) (443,784 )


THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


19. MOVEMENT IN FUNDS - continued

The general fund represents the free funds of the Society which are not designated for particular purposes.

The only restricted funds in place at the year end were as follows:

The Ionescu Education and Quality Fund
The purpose of this fund is to award scholarships to young consultants (normally within 5 years of appointment) wishing to add on to their educational experience and in particular for the purpose of bringing new techniques back to their department.

The Mr M and Dr C Ionescu Travelling Fellowship for Consultant Surgeons
The Society has received a donation in order to fund £10,000 per annum for the annual Mr M and Dr C Ionescu travelling fellowships for consultant surgeons.

Risk Modelling
The Society has received a donation to undertake risk modelling to predict mortality outcome for high risk aortic valve implantation from the Society database. The outputs of the research will inform the development of a national evaluative process for the roll out of Transcatheter Aortic Valve Implantation (TAVI), an emerging alternative therapy for patients with severe symptomatic aortic stenosis who are at high risk from conventional surgical aortic valve replacement.

Ethicon Trainee Scholarships
The Ethicon Trainee Scholarships offers individuals a scholarship with the purpose being to enable an individual to finesse surgical skills in a "Finishing School" scholarship over a targeted experience of six months.

Cardio Solutions Fellowship
An annual sum of £10,000 has been donated by Cardiosolutions in 2015/16 and 2016/17 to promote educational activity pertaining to mechanical circulatory support. The funding will be divided equally between the three National PeriCCT Transplant Fellowship post holders to be used during the 18 month tenure of their post. The funds may be used to attend designated courses, visits, and meetings.

BD Interventional Training Fund
The BD Interventional Training Grant was received to support educational training programmes.

Research and Clinical Trial Education Fund
The Research and Clinical Trial Education Fund offers individuals a scholarship with the provide the necessary grounding in research methodology and hands on-experience to develop future leaders of thoracic surgery clinical trials.

Ethicon Courses Fund
The Ethicon Courses Fund has been provided to support independent medical education.

Heart Research UK
The Heart Research UK Fund was received to support for fellowships in Audit and Paediatric Cardiac Surgery, fellowships in Academic Research, fellowship for Medical Students Travelling and fellowships for Patient Education and Awareness project.

THE SOCIETY FOR CARDIOTHORACIC SURGERY
IN GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


20. RELATED PARTY DISCLOSURES

During the year, the Society provided bookkeeping services totalling £750 ( 2022: £750) to Cardiac and Thoracic Surgery UK (CTSUK), a charitable company which shared a common trustee until 20 March and is under common administration. £750 (2022: £750) was due to the Society at the year end.