| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Scottish Cardiac Society |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Scottish Cardiac Society |
| Scottish Cardiac Society |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| 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 | 11 |
| Scottish Cardiac Society (Registered number: SC269397) |
| Report of the Trustees |
| for the Year Ended 31 March 2025 |
| 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 2025. 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. |
| ACHIEVEMENTS 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 £57,799 (2024: £48,260) during the financial year. The directors are satisfied that the balance on unrestricted funds at 31 March 2025 of £50,283 (2024: £48,836) 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 £8,489 (2024: £5,977) 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 |
| Registered Charity number |
| Registered office |
| Trustees |
| Scottish Cardiac Society (Registered number: SC269397) |
| Report of the Trustees |
| for the Year Ended 31 March 2025 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| 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 |
| Independent Examiner's Report to the Trustees of |
| Scottish Cardiac Society |
| I report on the accounts for the year ended 31 March 2025 set out on pages four to eleven. |
| 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 |
| 9 September 2025 |
| Scottish Cardiac Society |
| Statement of Financial Activities |
| for the Year Ended 31 March 2025 |
| 2025 | 2024 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| Other trading activities | 4 |
| Investment income | 5 |
| Total |
| EXPENDITURE ON |
| Raising funds | 6 |
| Charitable activities | 7 |
| Total |
| Net gains on investments |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 494,268 |
| Scottish Cardiac Society (Registered number: SC269397) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 13 |
| Unrestricted funds | 48,836 |
| Restricted funds | 445,432 |
| TOTAL FUNDS | 494,268 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 2025 |
| 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 |
| Scottish Cardiac Society |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 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 2025 |
| 3. | DONATIONS AND LEGACIES |
| 2025 | 2024 |
| £ | £ |
| Subscriptions |
| 4. | OTHER TRADING ACTIVITIES |
| 2025 | 2024 |
| £ | £ |
| Sponsorship | 30,543 | 23,077 |
| Conference income | 8,440 | 5,731 |
| 5. | INVESTMENT INCOME |
| 2025 | 2024 |
| £ | £ |
| Income from investments | 7,094 | 7,477 |
| Interest receivable |
| 6. | RAISING FUNDS |
| Investment management costs |
| 2025 | 2024 |
| £ | £ |
| Investment management | 3,473 | 3,243 |
| 7. | CHARITABLE ACTIVITIES COSTS |
| 2025 | 2024 |
| £ | £ |
| Included in the charitable activities costs are independent examiners fee | 2,554 | 2,184 |
| 8. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
| Trustees' expenses |
| No travel expenses were reimbursed to the trustees (2024: £0). |
| Average number of employees |
| The charity had no employee during 2025 and 2024. |
| Scottish Cardiac Society |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | fund | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other trading activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| Net gains on investments |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 54,818 | 408,622 |
| TOTAL FUNDS CARRIED FORWARD | 48,836 | 445,432 | 494,268 |
| 10. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| MARKET VALUE |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) |
| Revaluations |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 | 440,661 |
| At 31 March 2024 | 439,382 |
| There were no investment assets outside the UK. |
| The historical cost of investments owned by the society at 31 March 2025 was estimated at £411,379 (2024: £398,038). Cost is the total cost to the society, including incidental expenses, of acquiring investments on the open market. |
| Scottish Cardiac Society |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Included in the IC portfolio is cash funds of £5,251 (2024:£2,422) held by the investment manager. |
| Included in cash at bank is £4,343 (2024: £4,374) held by the investment manager. |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Accruals and deferred income |
| 13. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.4.24 | in funds | 31.3.25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 48,836 | 1,447 | 50,283 |
| Restricted funds |
| Emily Taylor Travel Fund | 445,432 | (147 | ) | 445,285 |
| TOTAL FUNDS | 1,300 | 495,568 |
| 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 | 50,705 | (49,258 | ) | - | 1,447 |
| Restricted funds |
| Emily Taylor Travel Fund | 7,094 | (11,962 | ) | 4,721 | (147 | ) |
| TOTAL FUNDS | ( |
) | 1,300 |
| Scottish Cardiac Society |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 13. | MOVEMENT IN FUNDS - continued |
| Comparatives for 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 |
| 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 | 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 |
| 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 |