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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 2024

for

Scottish Cardiac Society

Scottish Cardiac Society






Contents of the Financial Statements
for the Year Ended 31 March 2024




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 2024


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 2024. 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 £48,260 (2023: £42,671) during the financial year. The directors are satisfied that the balance on unrestricted funds at 31 March 2024 of £48,836 (2023: £54,818) 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 £5,977 (2023: £7,724) 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 2024

Trustees
Dr Stuart Watkins (appointed 28.10.23)
Prof Adrian J B Brady (appointed 28.10.23)
Dr Alan Robertson (resigned 28.10.23)
Dr David Northridge (resigned 28.10.23)
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 31 January 2025 and signed on its behalf by:





Dr Stuart Watkins - Trustee

Independent Examiner's Report to the Trustees of
Scottish Cardiac Society

I report on the accounts for the year ended 31 March 2024 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

31 January 2025

Scottish Cardiac Society

Statement of Financial Activities
for the Year Ended 31 March 2024

2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 11,555 - 11,555 11,520

Other trading activities 4 28,808 - 28,808 22,297
Investment income 5 420 7,477 7,897 8,854
Total 40,783 7,477 48,260 42,671

EXPENDITURE ON
Raising funds 6 - 3,243 3,243 5,107

Charitable activities 7
General 46,765 6,572 53,337 45,948

Other - - - 96
Total 46,765 9,815 56,580 51,151

Net gains/(losses) on investments - 39,148 39,148 (25,393 )

NET INCOME/(EXPENDITURE) (5,982 ) 36,810 30,828 (33,873 )


RECONCILIATION OF FUNDS
Total funds brought forward 54,818 408,622 463,440 497,313

TOTAL FUNDS CARRIED FORWARD 48,836 445,432 494,268 463,440

Scottish Cardiac Society (Registered number: SC269397)

Balance Sheet
31 March 2024

2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Investments 10 - 439,382 439,382 405,031

CURRENT ASSETS
Cash at bank 54,745 6,050 60,795 61,829

CREDITORS
Amounts falling due within one year 11 (5,909 ) - (5,909 ) (3,420 )

NET CURRENT ASSETS 48,836 6,050 54,886 58,409

TOTAL ASSETS LESS CURRENT
LIABILITIES

48,836

445,432

494,268

463,440

NET ASSETS 48,836 445,432 494,268 463,440
FUNDS 12
Unrestricted funds 48,836 54,818
Restricted funds 445,432 408,622
TOTAL FUNDS 494,268 463,440

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 2024

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 31 January 2025 and were signed on its behalf by:





Dr Stuart Watkins - Trustee

Scottish Cardiac Society

Notes to the Financial Statements
for the Year Ended 31 March 2024

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 2024

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Subscriptions 11,555 11,520

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Sponsorship 23,077 20,456
Conference income 5,731 1,841
28,808 22,297

5. INVESTMENT INCOME
2024 2023
£    £   
Income from investments 7,477 8,806
Interest receivable 420 48
7,897 8,854

6. RAISING FUNDS

Investment management costs
2024 2023
£    £   
Investment management 3,243 5,107

7. CHARITABLE ACTIVITIES COSTS

2024 2023
£    £   
Included in the charitable activities costs are independent examiners fee 2,076 1,980

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Scottish Cardiac Society

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

No travel expenses were reimbursed to the trustees (2023: £0).

Average number of employees

The charity had no employee during 2024 and 2023.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 11,520 - 11,520

Other trading activities 22,297 - 22,297
Investment income 48 8,806 8,854
Total 33,865 8,806 42,671

EXPENDITURE ON
Raising funds - 5,107 5,107

Charitable activities
General 37,414 8,534 45,948

Other 96 - 96
Total 37,510 13,641 51,151

Net gains/(losses) on investments - (25,393 ) (25,393 )

NET INCOME/(EXPENDITURE) (3,645 ) (30,228 ) (33,873 )


RECONCILIATION OF FUNDS
Total funds brought forward 58,463 438,850 497,313

TOTAL FUNDS CARRIED FORWARD 54,818 408,622 463,440


Scottish Cardiac Society

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 April 2023 405,031
Additions 112,783
Disposals (116,235 )
Revaluations 37,803
At 31 March 2024 439,382
NET BOOK VALUE
At 31 March 2024 439,382
At 31 March 2023 405,031

There were no investment assets outside the UK.


The historical cost of investments owned by the society at 31 March 2024 was estimated at £398,038 (2023: £408,005). 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 £2,422 (2023:£2,436) held by the investment manager.

Included in cash at bank is £4,374(2023: £4,982) held by the investment manager.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 5,909 3,420

12. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 54,818 (5,982 ) 48,836

Restricted funds
Emily Taylor Travel Fund 408,622 36,810 445,432

TOTAL FUNDS 463,440 30,828 494,268

Scottish Cardiac Society

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. MOVEMENT IN FUNDS - continued

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 40,783 (46,765 ) - (5,982 )

Restricted funds
Emily Taylor Travel Fund 7,477 (9,815 ) 39,148 36,810

TOTAL FUNDS 48,260 (56,580 ) 39,148 30,828


Comparatives for 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

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 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 )

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.

Scottish Cardiac Society

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.