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2021-12-31-accounts

The British Cardiovascular Society Annual Report and Financial Statements For the year ended 31 December 2021 Company Number 3005604 Charity Number 1093321

‘The Voice of UK Cardiology’

Contents

Administrative Details .............................................................................. 3 Trustees .............................................................................................................................. 3 BCS Annual Report 2021 ......................................................................... 4 Public benefit ................................................................................................ 4 Mission, aims and objectives ............................................................................. 4 Work streams and priorities ..................................................................... 5 Membership......................................................................................................................... 5 Education ............................................................................................................................ 5 Training ............................................................................................................................... 5 Clinical Standards ............................................................................................................... 6 The Officers of the Society ....................................................................... 7 Introduction and Report from the President………………………………. 8 Report from the Honorary Secretary ...................................................... 14 Clinical Standards Division .................................................................... 19 Training Division .................................................................................... 22 Education and Research Division .......................................................... 24 Corporate Finance and Development Division....................................... 26 Report Summary ............................................................................................................... 26 2021 Financial Performance .............................................................................................. 26 Structure, Governance and Management .............................................. 29 Governing documents ........................................................................................................ 29 Organisational structure ..................................................................................................... 29 Remuneration policy for key management personnel ......................................................... 29 BCS committee structure ................................................................................................... 30 Recruitment and induction of Trustees ............................................................................... 31 Related parties and relationships with other organisations .................................................. 31

British Cardiovascular Society Annual Report 2021

Statement of responsibilities of the Trustees....................................................................... 32 Principal risk and uncertainties ........................................................................................... 33 Elections ............................................................................................................................ 34 Approval ............................................................................................................................ 34 BCS Council .......................................................................................... 35 BCS Committees ................................................................................... 36 Clinical Standards Committee ........................................................................................... 36 Digital, Communications and Marketing Committee........................................................... 36 Education Committee ........................................................................................................ 36 Finance Committee ........................................................................................................... 37 Guidelines and Practice Committee ................................................................................... 37 Programme Committee ..................................................................................................... 40 Training Committee ........................................................................................................... 41 Affiliated Societies and Associated Groups ....................................................................... 41 Our Affiliated Societies ....................................................................................................... 41 Independent auditor’s report .................................................................. 40 Financial Statements ............................................................................. 44

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Administrative Details

For the year ended 31 December 2021

Company Number 3005604
Charity Number 1093321
Registered office & operational address 9 Fitzroy Square
London,W1T 5HW

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Prof John Greenwood President Elect (to June 2021)
Board of Trustees, Chair (from June 2021)
President (from June 2021)		 App. 3 Jun 2020
Prof Simon Ray Board of Trustees, Chair (to June 2021)
President (to June 2021)		 App. 7 Jun 2017
Dr Guy Lloyd Honorary Secretary App. 3 Jun 2020
Prof André Ng VP Education and Research App. 3 Jun 2020
Dr Alison Calver VP Training App. 5 Jun 2019
Dr Derek Harrington VP Corporate Finance & Development (to June
2021)		 App. 7 Jun 2017
Dr Cara Hendry VP Elect Corporate Finance & Development (to
June 2021)
VP Corporate Finance & Development (from June
2021)		 App. 3 June 2020
Dr Andrew Archbold VP Clinical Standards App. 13 Sep 2019
Mr Malcolm Bell Non-Executive Trustee App. Dec 2016
Ms Melissa Coutino Non-Executive Trustee App. 5 Jun 2019
Ms Cheryl Lee Non-Executive Trustee App. 12 Mar 2022
Sir Bruce Keogh Non-Executive Trustee App. 5 Jun 2019
Mr David Lawrence Non-Executive Trustee App. 4 Apr 2018
Mr Paul Turner Non-Executive Trustee App. 5 Jun 2019
Prof Peter Weissberg Non-Executive Trustee App. 23 Nov 2017

Ms Rachael O’Flynn, Chief Executive Officer

Bankers:

NatWest Bank

45 Tottenham Court Road London, W1T 5HW

Investment Managers:

Investec Wealth & Investment Limited

2 Gresham Street London, EC2V 7QN

Solicitors:

Wilsons Solicitors LLP

4 Lincoln’s Inn Fields London, WC2A 3AA

Auditor:

Buzzacott LLP

130 Wood Street London, EC2V 6DL

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BCS Annual Report 2021

Public benefit

The Trustees of The British Cardiovascular Society (‘the Society’) have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set. Through our aims of enhancing the quality of care and improving education and standards within cardiovascular healthcare in the UK, patients with cardiovascular conditions and the wider public with heart health concerns are our main beneficiaries. The subsidiary beneficiaries are the professionals working in cardiovascular medicine in the UK. The British Cardiovascular Society is dedicated to the promotion of cardiovascular health.

Mission, aims and objectives

2020 marked the first year of delivery of a new five year strategy for the British Cardiovascular Society.

Our 5 year Vision

To be the leading voice for UK Cardiology.

Our Mission

The BCS is the voice for those working in cardiovascular health, science and disease management in the UK. Its aim is to promote and support both the healthcare professionals who work in cardiology and the patients for whom best possible treatment is to be encouraged. Our members are healthcare professionals, working in the field of cardiovascular health.

Our Strategic Aims 2020 – 2024

The BCS’s five year strategy focuses on delivering three key strategic aims:

As we strive to be the leading voice of UK Cardiology, we are committed to shaping and delivering a better future for the healthcare professionals, individuals, affiliated partners and the community we serve.

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Work streams and priorities

Membership

Supporting and adding value to members working within the profession. We will:

Education

Developing cardiologists and allied health professionals throughout their careers. We will:

Training

Shaping the cardiology curriculum and promoting cardiology as a career. We will:

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Clinical Standards

Defining the future of policy and practice We will:

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The Officers of the Society

Role Name Term of Office
President Prof John Greenwood June 2021 - June 2024
President Prof Simon Ray June 2018 - June 2021
Honorary Secretary Dr Guy Lloyd June 2020 - June 2023
Vice-President Clinical Standards Dr Andrew Archbold Sept 2019 - June 2022
Vice-President Corporate Finance and
Development		 Dr Derek Harrington June 2018 - June 2021
Vice-President Corporate Finance and
Development		 Dr Cara Hendry June 2021 - June 2024
Vice-President Education and Research Prof Andre Ng June 2020 - June 2023
Vice-President Training Dr Alison Calver June 2019 - June 2022
Non-executive Trustee Mr Malcolm Bell December 2016 -
December 2022
Non-executive Trustee Ms Melissa Coutino June 2019 - June 2022
Non-executive Trustee Sir Bruce Keogh June 2019 - June 2022
Non-executive Trustee Mr David Lawrence April 2018 - April 2021
Non-executive Trustee Ms Cheryl Lee March 2021 -
March 2024
Non-executive Trustee Mr Paul Turner June 2019 - June 2022
Non-Executive Trustee Prof Peter Weissberg Nov 2017 - Nov 2023

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Introduction and Report from the President

President:

Professor John Greenwood

The British Cardiovascular Society aspires to be the leading voice for those working in cardiovascular health and research in the UK. Its aim is to promote and support both health professionals and the patients they treat. Our members are clinicians, allied health professionals and health care scientists working across the field of cardiovascular health. We are affiliated with 21 and associated with 2 organisations that work in specific areas of cardiovascular medicine, research and patient care.

We have 3,118 members, which includes around 85% of the cardiology consultant body in the UK, and are delighted to have seen this number grow from 2,860 members reported in the 2020 report.

Together with our Affiliated Societies, our extended family includes over 20,000 health professionals engaged at a national, European and global level. This collective membership, channelled through the BCS Council, translates into significant influence on cardiovascular health nationally. This is especially important in our devolved healthcare system, and it is important to recognise that the BCS has responsibilities throughout the United Kingdom. Through the BCS Council, we work closely with the Presidents of the Scottish, Welsh and Irish Cardiac Societies and internationally with both the European Society of Cardiology and the American College of Cardiology and more recently with the World Health Federation with whom we renewed our membership in 2021.

Having agreed the BCS’s 5-year strategy (2020-2024) for delivery – including a redefined vision, mission and key aims, 2021 saw us continue to move this strategy forward to implementation despite the global pandemic.

A lot of work is already going on to underpin these strategic aims and immediate priorities identified as part of the BCS’s annual business planning process. For example:

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establish it as an annual programme. An Alumni Association is being established by former participants of the programme.

Professional managerial leadership of the Society is provided by the Chief Executive Officer with a team of 18 staff (17.3 FTE). This includes two full-time dedicated staff to support the BHF Clinical Research Collaborative funded by the BHF for year three of a three-year grant. Staff employed solely for BCS activities and to support the 8 Affiliated Societies for whom we provided administrative support to in 2021, CEO aside, were 16 (15.3 FTE). This number includes several temporary staff. This remains broadly consistent with the previous year. The organisational review due to report in the spring of 2022 will serve to inform future requirements in light of changing business needs linked to planned business strategy and budgets.

During 2021 staff were again, largely home working in line with government advice with intermittent attendance in the office when circumstances permitted, particularly towards the year end. A pattern of hybrid working is expected going forward and we expect the BCS offices to be ‘open for business’ early in 2022.

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BCS Elections

The BCS elections took place in April 2021 and Civica Election Services (formally Electoral Reform Services) were appointed to run these elections. Professor Simon Ray demitted as BCS President and was succeeded by me, and Dr Derek Harrington demitted as Vice President Corporate Finance and Development and was succeeded by Dr Cara Hendry.

The BCS extends its thanks to all those who demitted office in 2021 for their outstanding contribution to the work of the Society and I would like to extend a personal note of thanks to Professor Simon Ray for all that he did for the Society and its members during his three year tenure.

We would also like to thank our trainee representatives on BCS Committees whose three-year terms commenced in 2020. We are delighted to have the voice of trainees represented within the BCS Committees, and in 2021 established and held bi-annual meetings with the leadership of the BCS and all trainee representatives together to gain feedback and ensure a joined up approach. This has informed a number of changes to date including: the inclusion of the BJCA President in attendance at BCS Board meetings; the updating of committee terms to clearly define the trainee role; ensuring a healthy cross over of newly appointed trainee reps with those demitting in order to support better handover and continuity. Trainees are now represented across all BCS committees.

It will be evident from the preceding paragraphs that the BCS continues to go through a period of rapid change in many aspects of its work. The fact that this is achievable remains a great credit to the many members who give up their time to support the Society and to our staff. Some areas of activity are worth highlighting:

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The BCS has continued to strengthen our relationship with industry partners during the course of 2021 and we would like to thank these partners for the support they have given to the BCS Conference, Emerging Leaders Programme and a number of BCS Courses during 2021.

BCS Corporate Partners

BCS Annual Conference

We would like to thank all those companies that supported the BCS’s Annual Conference 2021.

BCS Courses

BCS Principal Partners

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BCS Emerging Leaders Programme

We are committed to developing these partnerships in this, our centennial year and beyond.

I would also like to thank the Officers and Trustees of the Society for their hard work and commitment to the BCS in roles which are ever more demanding. Similarly, I extend my thanks to our committee chairs, members and trainee representatives who play a key role in developing the work of the society.

We encourage active engagement from members in the work of the society and the BCS values feedback; I would be happy to receive any comments from members on the content of this report.

Looking to 2022 – the year ahead

The year ahead offers much to look forward for the BCS and its members as we deliver on initiatives already in the pipe-line such as the Digital Knowledge Hub, alongside some exciting new opportunities and plans for the benefit of our members which will become apparent over the course of 2022.

Finally, and although this report is for the financial year 2021, it would be remiss of me not to mention our forthcoming centenary year, as preparation for the events have been a key part of our work in 2021. The BCS is the oldest cardiac society in the world and will celebrate one hundred years since the first meeting of the then Cardiac Club on 22 April 1922. To mark the occasion, we will be highlighting key figures, clinical developments, and the progress of the specialty across the century. There will be a special BCS Centenary issue of Heart coming out in April 2022. The BCS Museum, led by our archivist Dr Caroline Coats, is leading on our 100 Voices project, capturing the thoughts and experiences of senior figures in cardiology. We will use the celebrations not only to honour the past, but to look to the future, with a video and social media stream inviting members and particularly trainees to tell us what they hope for the future of cardiology.

We have set up new centenary lectureships and will launch our new Digital Knowledge Hub for members, where we will house bite-size digital education resources to support more flexible learning patterns. Our annual conference will have a celebratory feel and a global reach, particularly on Tuesday 7 June in our ‘Cardiology around the World’ Day, when we will be joined by international cardiology societies, many of whom were built on the same model as the BCS. I am proud to lead these celebrations on behalf of a thriving, vibrant organisation that supports and develops the values of our founders. The underpinning principles of the Cardiac Club – supporting specialists, providing high quality education, sharing of good practice and fellowship – are no less valid today and sustain us in meeting the challenges of providing great healthcare today. I am proud to lead the BCS into our centenary year and look forward to reporting on our celebrations and achievements in 2022.

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Report from the Honorary Secretary

Honorary Secretary: Dr Guy Lloyd

Membership

The British Cardiovascular Society currently has 3,118 members, including a wide range of health professionals working across the field of cardiovascular medicine.

BCS members have traditionally been drawn from the ranks of consultant cardiologists or specialist registrars in cardiology. The workforce is rapidly evolving and we are increasingly seeing our membership include those from other disciplines and a broader range of allied health professionals. This is a trend we strongly welcome and will be promoting with the new joint membership offering to Affiliated Societies as well as online membership for those who work overseas to further support these trends.

In its Centenary year, the BCS is planning its most ambitious conference and programme of courses, and we look forward to welcoming you to celebrate with us in Manchester in June. Our members remain the driving force behind the Society, with around 85% of the consultant cardiology workforce being Ordinary members.

The BJCA associate member status is a major investment in the future of the profession with trainees represented at all levels of the society, as well as offered a high quality range of benefits. The benefits of Ordinary BCS membership include:

Education & Training
Resources
& Support		 Free early bird registration to the BCS Annual Conference (and reduced rate after early bird)
Reduced member rates for BCS courses
Access to selected online courses from external providers, including level 1 Cardiac CT core
training and level 1 CMR training
Access to the BCS Mentoring Scheme
Access to the BCS Emerging Leaders Programme
Access to the new BCS Digital Knowledge Hub
Free access to selected BCS course & conference webcasts
Personal online account with access to the Member’s Area of the BCS website
Regular BCS member news, including the BCS Newsfeed, ‘Heartbeat’ – a central resource
dedicated to Cardiology in the news, President’s message and Quick Read BCS Editorials
Constituent Body membership of the ESC (and free trainee places at ESC conference)
Free access to CardioSource in collaboration with ACC
Free access to Heart Online & Open Heart Online, plus a discounted rate on the print
subscription

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Free access to the BCS Discussion Group on MedShr (website and app) Professional representation with the Royal College of Physicians, London Four-nation representation with governmental health bodies Full business meetings and voting rights Support for ESC and ACC elections Membership is tax-deductible Nominated BCS positions BCS Travel Bursaries to attend selected international cardiology conferences Support for the National Clinical Excellence Awards ESC Congress Educational Grant Booking meeting rooms at a discounted rate

Following our survey of the BCS membership, we have been developing a Membership Strategy to underpin the Society’s objectives, and in direct response to the feedback our members have given. We see this as being a great opportunity to align the direction of the Society with the profession and to bring the voice of our membership into the heart of our decision-making processes. We have also extended the role of elected members of council so that they have a greater role in representing the members who have voted them into office

Joint membership

Joint membership was launched to the full complement of Affiliate Societies in 2021, with a view to growing and further diversifying BCS membership to include a broader representation of our profession than ever.

Affiliated Societies

As part of the Society’s vision to be the voice of UK Cardiology, we regard the Affiliated Societies as their source of authoritative opinion and advice on matters relating to their areas of expertise and ensure their inclusion in our work accordingly. The BCS Council meeting format has evolved in 2021 to better promote discussion and collaboration between the societies on areas of common interest. This will be further supported by the creation of specialty groupings aimed at pushing forward this collaborative work in 2022 and beyond.

Alongside the promotion of the new Joint membership offering to Affiliate Society members, the increased focus on engagement with our Affiliate Societies will be captured within a new Affiliate Society Strategy. This reflects the Society’s renewed commitment to the relationships it has with its Affiliate Societies, in turn furthering our shared work in commitment to continual improvement across our profession.

Regional Specialty Advisors

The Regional Specialty Advisors (RSAs) are appointed jointly by the British Cardiovascular Society and Royal College of Physicians and have an important role in promoting the activities of the Society. The BCS plan to utilise this network more fully going forward and will be bringing forward a revised policy in 2022.

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Communications and Marketing

The Digital, Communications and Marketing Committee (DCMC) has delegated responsibility from the BCS Board for overseeing the delivery and development of the digital, communications and marketing profile of the Society in support of its strategic aims via its various divisions (Education and Research, Clinical Standards, Training and Membership).

To support the breadth of activities whilst ensuring a broad digital offering the BCS undertook a recruitment process to appoint a new Chair of the Committee; Dr Debashish Das who was appointed in July 2021. Similarly, changes were also made in terms of staff support for communications and marketing activity with the appointment of an internal consultant at the end of 2021 replacing previous arrangements and bringing additional expertise and support for BCS activities.

During 2021 the BCS COVID clinical hub was broadened out in to a more general newsfeed with BJCA committee members becoming Senior Editors overseeing a program of the news seeking and curation process which allowed more daily outputs. The News Feed provides a resource for the board, VPs and committee chairs to get newsworthy items into the membership and public arena. This has continued to gain traction and a high number of website hits. In the latter part of 2021 the newsfeed was adapted in to an App on both Apple and android platforms.

The new centenary logo was rolled out at the end of 2021 across the BCS website and all marketing and communication materials and a new logo has been designed for the roll out of the much awaited Digital Knowledge Hub in 2022.

Member news open rates have been consistently above 50% which bodes well – the UK average across all sectors as surveyed by Mailchimp is 21%, the rates for Education and Training around 22%, and Medical, Dental and Healthcare also 22%. We also conducted a member survey at the beginning of 2021 where we asked about whether the amount of member communication was too little, too much or about right, and 80% said about right. We take this to mean our members really want to hear from us and look plan to continue strengthening our communications to members in 2022 including introducing a ‘BCS Education Thursday’ mail out to reduce the need for single mailings about specific courses and conferences.

In 2022 we plan to undertake a large scale review of all our communications and marketing materials and opportunities with a view to refresh and revamp these and ensure that BCS messaging to our members and wider community is clear, timely and sharp.

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Digital Developments

Digital Projects and Governance

The longstanding digital transformation of the society has been a difficult program with a variety of technical challenges over the last two years

In the early part of 2021 the Digital Project Oversight Group (DPOG) was reconfigured to that of a new Digital Project and Programme Board (the ‘DPB’) whose remit is to provide governance and oversight to a much broader portfolio of strategic projects and programmes beyond the website and CRM project; predominantly with a digital element to them. This has worked well and has provided oversight thus to a number of additional projects thus far including to the Digital Knowledge Hub and activities linked to GDPR.

Website & CRM Development

Following the roll out of the new BCS website in 2020 including the ability to join the society electronically, and the migration of BCS member data to the new CRM, in 2021 work has been on-going to complete other key aspects of the project including completion and roll out of the new bespoke conference management system which will be used in 2022 for registration and faculty management. Certificate functionality has also progressed to support Exam, course and conference requires for use in 2022. Work also commenced on the first of the Affiliated Society sites; BACPR due to launch early in the new year alongside the transition of BACPR member data to the new CRM system. Functionality to support the automated registration for courses has also progressed which will be for use by the BCS and the Affiliated Societies for whom we offer services in the first half of 2022. Dashboards and data reports are under development which will support BCS managers using these new systems and provide real time data in terms of registrant numbers for the conference, for example. Work has also begun with the remaining Affiliated Societies regarding website content for which work is expected to commence in April 2022. There has been a huge learning curve for the in-house team in getting to grips with these new systems.

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All existing functional specifications for build have now been signed off though we expect more developments to be required in 2022 in respect to Membership functionality beyond the minimum viable product delivered and further training required to ensure optimal use of the functional system acquired.

The rolling news feed, UK Cardiology News which was introduced in 2020 has gained traction in 2021 and the BCS and as a result of this success, we introduced an app version of the site. The BCS owes huge thanks to the team supporting this including representatives from the BJCA who have put in an incredible amount of hard work and effort in to finding and feeding content through to the news feed.

The Digital team continued to provide remote meeting support and pre-recording of talks for all BCS courses being delivered virtually.

Key forthcoming digital initiatives include:

We also have plans to improve the digital skills of all staff in the BCS in 2022 for the benefit of staff and in order to support devolved management of the BCS website to the appropriate business function supported by editorial oversight. This should allow for much greater efficiency and timeliness of updates to information on the BCS website.

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Clinical Standards Division

Vice President: Dr Andrew Archbold

The Clinical Standards Division is responsible for matters relating to the clinical practice of cardiology.

Its remit is therefore necessarily broad. Its work is delivered by two subdivisions, the Clinical Standards Committee and the Guidelines & Practice Committee. The focus for the Clinical Standards Committee is the development of clinical and professional standards for UK cardiologists. The Guidelines & Practice Committee provides expert clinical cardiology advice to external organisations such as the European Society of Cardiology (ESC) and the National Institute for Health & Care Excellence (NICE) in the development of clinical guidelines, technology appraisals, and position statements.

The BCS response to COVID-19

COVID-19 impacted the delivery of healthcare services and the working lives of cardiologists more than any other event in history. Working practices and clinical pathways were necessarily changed. BCS position statements related to COVID-19 concerning cardiologists’ working practices during the pandemic and the consequences of cancelling cardiac procedures, which were published in 2020, remained relevant in 2021. Obvious challenges remained in the delivery of usual services and in addressing the backlog in outpatient appointments and elective procedures.

Guidelines and Practice Committee

The Guidelines and Practice Committee contributes to consultations related to the delivery of cardiovascular care in the UK. Much of this work goes on in the background, yet it is timeconsuming and relies heavily on the work of its chair, Dr Neil Swanson, to coordinate the Society’s responses. 2021 was another busy year for the committee, which responded to numerous formal consultations and informal requests for expert cardiology clinical advice. One example of this was the carefully constructed feedback which was provided to NICE regarding its initial draft guidelines for the assessment and management of heart valve disease.

Broadening participation of members in the Society’s responses to consultations

The BCS responds to numerous formal consultations, plus informal requests for expert cardiology advice, each year, predominantly through its Guidelines & Practice Committee. Membership of the committee is limited so the process usually involves seeking advice from experts in the relevant field from outside of the committee. Historically, the Clinical Standards Division kept a list of BCS members who could be called upon to provide input into consultations in their areas of expertise. This list became outdated with time. A short questionnaire was circulated to members concerning their areas of expertise and seeking expressions of interest in potential involvement in the consultation work of the BCS. More than one hundred positive responses were received, increasing the pool of expertise from which the BCS can draw upon for its work.

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New BCS endorsement policy

The BCS is asked to endorse various different document types including position statements, guidelines, and recommendations. The principles for guiding decisions concerning endorsement have never been defined. A written policy which describes the process and principles for BCS endorsement has been developed and was approved by the BCS Board in December 2021.

Joint British Societies’ Guidelines

The BCS led the development process for several multi-society guidelines in 2021. Two such guidelines which were completed and accepted for publication in Heart were :

Working with the Royal College of Physicians

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Working with the European Society of Cardiology

Working with NHS England/NHS Improvement

The BCS provides clinical support and advice to a wide variety of organisations and bodies. In 2021, its work with NHSE/I through the Clinical Standards Division included expert nominations to represent cardiology on its national clinical council focusing on the optimisation of electronic referral pathways including digital advice and guidance, referral triage, booking and appointment management, and the provision of feedback regarding the NHSE/I acute aortic dissection toolkit, the NHSE/I Evidence-based Interventions Programme regarding transcatheter aortic valve implantation, and the NHSE/I CQUIN proposals for 2022.

Cardio-Renal-Metabolic (CaReMe) UK Partnership

This collaboration between the BCS, the Renal Association, the Association of British Clinical Diabetologists, the Primary Care Cardiovascular Society, and the Primary Care Diabetes Society aims to improve the care of patients with diabetes, cardiovascular disease, and renal disease. In 2021, the new chair of CaReMe UK (Professor Stephen Wheatcroft) was co-opted to the Clinical Standards Committee to facilitate this collaboration. CaReMe UK developed a management algorithm for heart failure and submitted a detailed response to the draft NICE guidelines, “Type 2 diabetes in adults: management”.

Working with ambulance services to produce a position statement regarding the use of pre-hospital thrombolysis for ST elevation myocardial infarction

The BCS Clinical Standards Division contributed to the development of a position statement regarding the use of pre-hospital thrombolysis in the UK in response to a Healthcare Safety Investigation Branch report in this area.

Provision of cardiology advice to the British National Formulary

The BCS accepted an invitation to contribute to the expert advice process for BNF Publications which sometimes involves calling upon expert clinical advisers (including doctors, pharmacists, nurses, and dentists) to provide expert opinion and independent advice, especially in areas where reliable evidence is conflicting or lacking. The BCS will aim to help ensure that BNF Publications reflects best practice and the opinions of experts in cardiovascular health.

Society support for national clinical excellence award applications

Along with other members of the Executive board, The Vice President for Clinical Standards graded 47 applications for support from the BCS for national clinical excellence awards.

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Training Division

Vice President:

Dr Alison Calver

Cardiology SAC (Specialist Advisory Committee)

The BCS Division of Training works closely with the Cardiology SAC. The Cardiology SAC is a sub-committee of the Joint Royal Colleges of Physicians Training Board (JRCPTB). It is currently chaired by Dr Alison Calver, Vice President (Training) of BCS and advises on all matters relating to training including recruitment, assessment, and the curriculum and quality management.

The SAC is composed of a Training Programme Director (TPD) from each training programme, including one from each devolved nation, and it is supported by JRCPTB staff. The committee includes three trainee representatives from the BJCA (one representing women and less than full time trainees), a lay representative from CCP (UK), the lead dean, and other representation as required. Vice Chair is Dr Mark Westwood.

Training Committee Activity

Training Committee meetings have facilitated a significant extension of the work of the SAC. They are chaired by the Vice President (Training) and the SAC vice-chair. Membership is all TPDs from the SAC with additional TPDs where programmes are divided. Over the last 5 years the Committee has reviewed training programmes in all regions of the UK, and core and advanced training within all the cardiology sub-specialties to disseminate best practice across the UK. The Training Committee has played a crucial role in the development of the new combined Cardiology/General Medicine curriculum which comes into force in August 2022. Membership of the Training Committee is extended to the relevant Affiliated Societies during curriculum development.

Curriculum Review

A new curriculum to take account of the changes required by the Shape of Training review has been constructed and was approved by the GMC in late 2021. It has been delayed by the impact of Covid which required all clinicians to alter their working patterns and take part in emergency rotas to support the NHS while it dealt with the increased demands of the pandemic (see below).

Recruitment and Workforce Planning

In 2021, of the 97 NTNs awarded at least 24 were female. 5 candidates did not declare their gender. Thus 26% were female. This represents a decrease in female recruitment, down from 35.3% in 2020. As over 50% of all medical graduates are women, it is clear more work is required to ensure that the specialty does not miss out on the best candidates. Significant effort is required at undergraduate, foundation and core training levels to demonstrate women can successfully train as cardiologists. The BJCA are working with the training committee and the SAC on measures that can deliver this. Recent work has identified sexism in the cardiology workplace. This has been widely publicised by BCS and further survey data has been sought in 2021. This has identified bullying and other inappropriate behaviours affecting cardiology trainees. The SAC and training committee, with BJCA, are working together to inform further BCS work in this area. Currently the training system appears approximately in balance with demand for consultant cardiologists so there are no current plans to increase or reduce posts by the four UK training bodies. However, Health Education

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England (HEE) is trying to ensure an equitable distribution of NTN posts across the country. In practice this means re-distribution of posts from London to other parts of the UK.

European Examination of Core Cardiology (EECC)

The EECC delivers the mandated summative assessment of knowledge for cardiology trainees from ST5. Previously known as the KBA (Knowledge Based Assessment), the exam continues to be run jointly with the European Society of Cardiology and European Union of Medical Specialists – Cardiology Section (UEMS-CS) with significant UK cardiology representation throughout the structure. In the UK, the exam is coordinated by BCS for candidates who must hold a training number.

In 2021, due to the ongoing Covid situation, the EECC was deferred from June 2020 until later in the year and then again until 2021 meaning that there were be two EEGC cohorts in 2021. The exam was successfully delivered on-line in 2021 and this format will continue

CESR (Certificate of Eligibility for Specialist Registration)

Cardiology is a busy specialty for CESR applications. TPDs assess CESR applications against the curriculum on behalf of the JRCPTB who then liaise with the GMC. This is a significant workload and a new form to facilitate these assessments has been successfully approved by the GMC. However, implementation will await the introduction of the new curriculum in August 2022.

Simulation-Based Education

The BCS Training Committee, working with the Cardiology SAC, continues to develop the ST3 Simulation Programmes at the start of specialty training. This has been highly successful although faculty time and funding remain an issue. This is supported by activity at the Annual Conference which is also expanding. Face to face simulation programmes have not taken place due to the Covid pandemic. As this recedes this aspect of training is likely to increase again in 2022

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Education and Research Division

Vice President:

Prof Andre Ng

Annual Conference Programme Committee

The Programme Committee is responsible for the educational and scientific components of the conference and aims to provide education across a broad range of cardiology topics and highlight the latest in cardiovascular research. The target audience includes cardiology trainees, consultant cardiologists, academics, cardiovascular scientists, general practitioners, allied health professionals and patients.

In 2021 the Annual Conference was delivered in a virtual format, with several sessions live streamed from Manchester Central’s Auditorium. The programme content was modified to accommodate this mode of delivery and run over 4 half days and some days achieved in excess of 2,000 attendees. The Programme included interactive sessions (lifelong learning and mentoring) virtual Education Hall and Sponsored Symposium.

The Michael Davies Early Career Award for Clinical and Cardiovascular Science, honours clinical and non-clinical researchers who have recently established themselves as independent investigators and who have made, and are making, an outstanding contribution to cardiovascular medicine. In 2021, the Michael Davies Early Career Award was awarded to Prof Marianna Fontana.

The Young Investigator Award was established by the Society in 2001 to recognise excellence among young researchers intending to pursue a career in cardiovascular clinical medicine or scientific research. The award reflects the diversity of research projects undertaken across the UK and in 2021, the winner of the YIA prize was Dr Blanca Tardajos Ayllón

Education Committee

Chaired by Dr Shouvik Haldar, the Education Committee is responsible for the delivery of a number of highly successful BCS Educational Courses that run throughout the year. Current courses include:

Eight courses were delivered in 2021, including the additional course of ‘Cardiology for Undergraduates. In 2021, one course was delivered face to face with the remainder via a virtual platform hosted by the RCP. The BCS/Mayo Cardiology Review Course and Year in Cardiology courses remain the flagship courses in the existing portfolio. The courses and education strategy of the BCS is expanding with a plan to deliver education to a wider audience. A much more ambitious and broader strategy is currently being discussed as is more digital content to bring

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greater variety of educational and other content online as an on-demand feature. To date a contract has been signed with EvermedTV re the sharing of BCS webcasts internationally (excluding UK and India). Additionally, discussions are ongoing with Centrix re dissemination of BCS Courses in India.

British Heart Foundation Clinical Research Collaborative

Since the formation of the BHF CRC in 2019, the team have been working with established national specialist societies to encourage and facilitate collaboration and research delivery. We have now integrated close to 85% of the UK’s specialist cardiovascular clinical research groups (RGs) into the BHF CRC, leveraging their natural and established authority in their field. We have a committed steering group made up of membership from the RG leads to decide the best use of our resources and contribute to coordinated activity. The BHF CRC now have a robust structure in place through which we have been able to promote collaboration and reduce duplication of efforts in research prioritisation, planning and delivery.

Key Highlights:

• Education Series The BHF CRC is committed to providing support for future researchers. We were delighted to be able to develop a joint initiative with the British Junior Cardiology Association (BJCA) and provide funding for a series of open-access podcasts to inform and interest prospective healthcare professionals who wish to undertake clinical research in the UK. The first series of podcasts launched in May 2021 with a second series due to be launched early 2022.

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Corporate Finance and Development Division

Vice President: Dr Cara Hendry

Report Summary

I was delighted to have been appointed Vice President during 2021, and although COVID-19 continued to impact our activity in 2021 much as it did in 2020, we were able to deliver most of our Educational and Conference programme as planned. We held a successful 2021 Annual Conference using a Virtual technology platform, and delivered all our scheduled Educational courses, again using Virtual technology. BCS remained financially secure and ended the year with a net surplus of £16k including restricted fund expenditure. The society investment portfolio had a good year and its valuation benefitted from further unrealised investment gains of £481k. Our member numbers continue to hold up, and our income from the Heart Journal and On-Line Heart although lower than 2020 also remains healthy. We remain very grateful to all our members and sponsors for their support, and are committed to improving diversity throughout our profession and our green credentials as an organisation.

The Finance Committee

The Committee is responsible for regularly reviewing internal financial controls, financial reporting and recommending action to be undertaken to ensure the financial health of the Society.

Having commissioned a Financial Review in 2017, the Committee continued to oversee a series of in depth reviews for each income stream and considered diverse opportunities to ensure continued and effective delivery of its charitable objectives in the future. Following recommendations from the Finance Committee, membership rates, educational courses and conference are being planned to ensure relevance for their target audiences, as well as value for money.

2021 Financial Performance

BCS closed the year with a net movement in funds of £497k surplus, resulting from a £16k operating surplus and a £481k increase in the value of our investments portfolio managed by Investec. The Board believes the investments performance was in line with expectations in a better year for global stock markets. Overall, 2021 income was 12.4% higher and total unrestricted expenses were 7.9% higher than for 2020, mainly due to the impact of being able to run the Annual Conference again, whilst also having to incur a contractual cancellation fee of £161k for the Manchester Central venue which was not used in 2021.

Membership

Our subscription income in 2021 decreased by (5.5) % compared with 2020, as we took the decision to defer until 2022 a planned increase in member Annual Subscription rates. Our members provide an invaluable support which allows the BCS to maintain its financial independence and to be an objective voice in representing all of our members.

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29 British Cardiovas¢ular Soeigty Annual Report

Conference Financial Report

The Annual Conference was run in June, but on a Virtual platform basis which meant that we had to incur a contractual cancellation fee of £161k for the non-use of the physical exhibition space at Manchester Central. The Virtual Conference did attract some Stand Sales and Sponsorship Income, but total income was not at the levels achieved previously when the Conference was run as a physical event. The Virtual Conference also required less direct expenditure with the result that including allocated BCS Staff costs, the 2021 Annual Conference was delivered at a net cost of £(38)k.

Heart Journal

The Heart Journal and Open Heart are published by BMJ as a joint venture with BCS. The journals had a weaker performance in 2021 with a year-end BCS share of income of £1,054k (£1,155k in 2020) against an apportioned share of expenditure of £544k (£584k in 2020). The net contribution from Heart and Open Heart profit to BCS was £510k, a decrease of (10.6) % on the previous year (2020: £571k).

Ethical Policy

The Society does not invest in any tobacco or fast food companies. The Trustees reserve the right to add specific exclusions to this list as appropriate.

Reserves and going concern

Throughout 2021, the Society maintained a healthy cash flow and closed the year with a cash balance of £515k at the bank (including short term deposits). This cash balance decreased during the year because a decision was taken to transfer £300k to the Investment portfolio pending a decision on what spend is needed on our property at Fitzroy Square. Total balance on the funds carried forward (including Property and Investment portfolio assets) as at 31 December 2021 was £7,479k (£6,981k in 2020), which represents a year-on-year increase in funds of 7.1%.

The Society held total free undesignated reserves of £4,193k as at 31 December 2021 (2020: £3,768k) comprising the historic cost of the investment portfolio of £3,906k (2020: £3,183k), and net current assets of £287k (2020: £585k). The fair value of the investment portfolio amounted to £5,599k (2020: £4,738k). Of total net assets of £7,479k, £3,224k related to designated funds and £61k to restricted funds.

The level of undesignated reserves at 31 December 2021 represents 186% of total annual resources expended in 2021 (180% in 2020) and would allow the Society to operate for 22 months if all sources of income suddenly ceased and liabilities stayed at the same level.

The Society’s reserves policy was formally reviewed in 2020 to ensure the reserves that have been set aside will provide financial stability and the means for the development of the Society’s principal activities. The policy states that free and undesignated reserves should be maintained at a level which is at least equivalent to 2 years of planned operational costs, which would be equivalent to £5,610k of reserves based on the 2022 budget.

The Trustees believe that this is a sufficient reserve in current circumstances and will continue to monitor the impact of the pandemic, taking care to balance this with the benefit of any capital projects previously identified that would have required investment and expenditure during 2021. The Trustees do not consider there is any material uncertainty relating to the going concern assumption of BCS.

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Fundraising

BCS does not engage in public fundraising and does not use professional fundraisers or commercial participators. BCS nevertheless observes and complies with the relevant fundraising regulations codes. During the year there was no non-compliance of these regulations and codes and BCS received no complaints relating to its fundraising practice.

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Structure, Governance and Management

Governing documents

The Society is constituted as a company limited by guarantee, incorporated in England and Wales and therefore governed by its memorandum and articles of association. BCS is committed to a continuous program of governance review and improvement. The trustee board has reviewed the Charity Governance Code and how it applies to the charity. The trustee board has agreed to follow the Code and, for each of the seven principles, either apply the Code or, in the few instances where this is not being done, take action to improve.

Organisational structure

The Society is governed by a Board of Trustees and an Executive that meets regularly. Members of the Executive are elected by members of the Society through the annual elections process. Members of the Executive are also members of the Board and are joined by six non-executive Trustees. In addition to these two governing structures, BCS has a Council that meets three times a year and includes elected members and representatives from the 21 Affiliated Societies, Royal College of Physicians, British Heart Foundation, and from each of the Countries of the UK.

BCS has no subsidiaries. BCS has a contractual agreement with British Medical Journals (BMJ) to publish the Heart journal. The financial performance figures resulting from this arrangement have been incorporated into the Financial Reports of the Society as per requirements for consolidating joint arrangements.

Management and key staff

The Society employs the following personnel who form the senior management team at the Fitzroy Square premises:

Rachael O’Flynn, Chief Executive Officer

Claire Cartwright, Head of Education Andrew Elliott-Frey, Finance Director

Ben Rimmer, Membership and Affiliated Societies Manager

In addition Linda Cuthbertson has been appointed for an interim period in the first instance as Internal Communications and Marketing Consultant.

Remuneration policy for key management personnel

The BCS remuneration policy is the same for all members of staff, including the CEO since the pay benchmarking exercise was undertaken in 2018. Remuneration for staff is reviewed by the Finance Committee in January every year, and a percentage change is recommended to the Board. In deciding on the percentage change, the Finance Committee and Board consider a whole range of factors including affordability and inflation rates. Salaries will be benchmarked against sector norms every three/four years to ensure they remain in line. This approach is simple to administer and the Finance committee, on behalf of the Board, ensures that the charity is not exposed to additional liabilities resulting from a breach of statutory regulations.

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BCS committee structure

A wholesale review of the committee structure was undertaken in 2021 led by Professor John Greenwood, BCS President and Dr Guy Lloyd, Honorary Secretary, in part brought about because of the very real impact that the COVID-19 epidemic has had in terms of changing the way all organisations work, bringing with it both opportunities and challenges. Also in terms of Council, following discussion and a review at the BCS Strategy Day in 2020, discussions took place with members of Council to explore ways in which Council might collaborate and work more effectively together for optimal output and mutual benefit. The ideas formed from these served to inform ideas for change in 2021.

The review served to: ensure BCS committees remain fit for purpose; allow more time for interaction and discussion on important matters of strategic importance; streamline and speed up decision making; ensure more modern and digitally enabled approach to meetings and committees; use online, hybrid and face to face meeting structures to deliver the maximum participation and effectiveness of meetings; involve more members of the society and senior managers in the meeting structure to promote both representation and collaboration; provide a structure for new innovations to be developed and operationalised within a new governance framework; provide a more rigorous and specific governance framework, creating specific roles and clear distinction between roles of each of the committees; and reduce carbon footprint whilst delivering significant cost efficiencies, both through the reduction in travel expenses but also the more efficient use of administrative and clinical time.

Proposals in respect of changes to the Council, Board and Executive meetings were agreed by the Board with changes to Council taking effect in May 2021 and changes to the Board and Executive planned to take effect from 01 January 2022. In summary these changes included: Council meetings moving to an on-line format with the exception of a face to face council meeting at the BCS conference and changing the format of these and duration; reducing the number of Board meetings per year and offering a combination of face to face and virtual formats, and similarly reducing the number of Full Executive meetings from 6 to 4 per annum for a shorter duration whilst establishing ‘Executive-lite’ one-hour meetings in the intervening months to enable officers and senior employees to meet and make decisions more rapidly.

The Review of all other BCS committees commenced towards the end of 2021 and will conclude in the spring 2022.

In addition to the above, the new Digital Project Board was established in May 2021 to oversee new developments, particularly those with a digital dimension to them. A number of Task and Finish groups were in place during 2021 which reported in to the Digital project Board including those for: GDPR Compliance (since dissolved at the end of 2021 with appropriate measures in place for this to become part of business as usual); the website/CRM project which has made considerable progress over the last 12 months in terms of systems and website development; and the Digital Knowledge Hub project which is on track for delivery mid-year in 2022. The Board has provided excellent support to project holder and afforded an oversight of digital projects and strategy at the BCS. Further changes to officer and committee structures are planned in 2022 as part of this wholesale governance and organisational review which will be incorporated in to a review of the Articles of Association and the BCS Rules.

The up-to-date committee structure of the BCS is detailed here:

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Recruitment and induction of Trustees

BCS recruits Trustees to its Board by advertising open positions to its members for election.

The Non-Executive Trustees are appointed to the Board. They are generally selected following advert or recommendation and contact with existing Board members through formal process on the basis of expertise sought by the Board and appropriate skills held and suitability of applicants.

Trustees are given an induction pack on joining the BCS Board, which includes governance documents, previous Board minutes, annual accounts and detail on the structure of BCS. In addition, Board members are offered time with BCS Staff to gain an understanding of the workings of the Society. Training is available and provided to Trustees as required. The Board has the power to appoint additional members at its discretion.

Related parties and relationships with other organisations

The 23 Affiliated and Associated Societies of the Society represent sub-specialty areas of cardiovascular medicine. As well as representation on BCS Council, relevant Affiliated Societies are involved in all Committees and Working Groups of BCS and are invited to contribute educational sessions to the courses and BCS Annual Conference. The Society regards the Affiliated Societies as their source of authoritative opinion and advice on matters relating to their areas of expertise and ensures their inclusion in its work accordingly.

Maintaining and strengthening further the relationship between BCS and the British Heart Foundation, the Royal College of Physicians (RCP), the European Society of Cardiology (ESC), the American College of Cardiology (ACC) are primarily the responsibility of the President as well as the BCS Board. The BCS President sits on the RCP Council and BCS share responsibility

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for a Joint Specialty Committee with the RCP. BCS participates in the ACC and ESC Conferences and subscribes to both bodies. The BCS also renewed its lapsed membership with the World Heart Federation in 2021 and plans are afoot in 2022 to strengthen this relationship further. Where appropriate, the Society works collaboratively with other professional cardiovascular organisations and with industry, to achieve common objectives.

The Society holds an Annual General Meeting in June of each year, at the BCS Annual Conference. In 2021 the AGM was run as part of the virtual event. This was recorded and subsequently made available on the BCS website.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of British Cardiovascular Society for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Society and of the incoming resources and application of resources, including the income and expenditure, of the Society for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Society’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

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Principal risk and uncertainties

Trustees recognise the significant risks which could adversely affect BCS’s operations. The Executive and Board regularly carry out a detailed review of the Society's activities highlighting the risks the organisation is exposed to and steps taken to manage those risks. The full risk register is reviewed by the Finance Committee at regular intervals and during 2021 we continued to select and review two of the highest level risks and report on them at Finance Committee and Board meetings with the aim being to mitigate/lessen the highest risks on the register. Recommendations to amend the risk rating accompany the report and the register is updated accordingly.

During 2021 we also reviewed our GDPR compliance and provided further training to all staff using an external training organisation.

It is also recognised that a major source of income is from the Heart journal which is produced in partnership with the BMJ. To mitigate against risks related to this income stream, the Trustees have quarterly management meetings with BMJ, the journal administrator, and we receive regular financial information on the journal performance from the BMJ. During 2021 we moved to quarterly income distributions from the BMJ so as to improve the BCS cash flow.

Ensuring the BCS is able to deliver a break even operating budget annually has been an area of concern for the Finance Committee and BCS Trustees, and it is reassuring to deliver a positive operating performance for 2021, but one of the key reasons for this is that we did not have the high cost of a physical Annual Conference in 2021. The cost of running the Annual Conference in its current 3 day face to face format will be reviewed in depth as we near the end of our current multi-year contract with the venue provider Manchester Central. Over the course of 2021 we have made good progress in diversifying income with our engagement with industry partners through the principal Partnership agreements signed up during the year, and we envisage renewing and adding to these during 2022.

We plan to increase membership fees in 2022, although this this will be the first increase in seven years. The BCS remains committed to ensuring membership of the BCS continues to offer excellent value for money and continues to increase and innovate around this offering.

In addition to exploring new income streams, during 2022 recommendations from the workforce review will be considered and action then taken to ensure that the BCS staffing levels are appropriate for the changing face of business. Now that the BCS staff are returning to office based working albeit on hybrid basis, it is opportune to move forward with the review of how we utilise our office space at Fitzroy Square and what work needs to be done to ensure the building is in good condition – to this end we set up a new Estates Strategy Working Group early 2022 and one of their first tasks is to agree a plan of building works required as a matter of priority.

All these initiatives are expected to appropriately address existing areas of concern regarding financial sustainability.

Finances aside, areas of risk that need to remain a focus in 2022 relate to

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Elections

Each year the BCS holds elections for the vacant posts on the Executive and other committees of the Society. Elections were held in 2021 for the following:

Executive

Council

Committees

Approval

The report of the Trustees has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the Trustees on 12 May 2022 and signed on their behalf by:

Professor John Greenwood, Trustee

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BCS Council

Responsible Trustee and Chair:

BCS President – Professor John Greenwood

Professor John Greenwood - BCS President (2021-2024)

Dr Simon Ray - BCS President (2018-2021)

Dr Andrew Archbold - VP Clinical Standards (2019-2022)

Dr Alison Calver - VP Training (2019-2022)

Dr Derek Harrington - VP Corporate Finance & Development (2018-2021)

Dr Cara Hendry - VP Corporate Finance & Development (2021-2024)

Dr Guy Lloyd - Honorary Secretary (2020-2023)

Professor Andre Ng - VP Education and Research (2020-2023)

Dr Neil Swanson - VP Clinical Standards (Elect) (2021-2022)

Dr Mark Westwood - VP Training (Elect) (2021-2022), BSCMR President (2020-2022)

Ms Rachael O’Flynn – Chief Executive

Dr Mohammad Albarjas - Non-Surgical Centre Rep (2021-2024)

Dr Louise Buchanan - Non-Surgical Centre Rep (2020-2023)

Dr Rebecca Dobson - Women in Cardiology - (2020 2023)

Dr Tom Hyde - Non-Surgical Centre Rep (2021-2024)

Dr Daniel Sado - without portfolio (2020-2023)

Dr Russell Bull - Imaging Council Chair (2022-2024)

Professor Nick Linker - NHSE National Clinical Director

Ms Trudie Lobban - AA CEO

Dr Jan Till - AICC President

Dr Kathryn Carver - BACPR President (2021-2024)

Ms Liz Williams - BANCC President (2020-2022)

Professor Charalambos Antoniades - BAS Chair (2021-2024)

Professor Piers Daubeney - BCCA President (2021-2024) Professor Nick Curzen - BCIS President (2020-2024)

Professor Nilesh Samani - BHF Medical Director

Dr Alistair Slade - BHRS President (2020-2022)

Dr Benoy Shah - BHVS President

Professor Terry McCormack - BIHS President (2021-2024)

Dr Chris Allen - BJCA President (2020-2023)

Dr Eliana Reyes - BNCS President (2021-2024)

Dr James Shambrook - BSCI/BSCCT President (2021-2024) Dr Sanjay Sinha - BSCR President (2021-2023)

Dr Claire Colebourn - BSE President (2020-2023)

Professor Roy Gardner - BSH Chair (2021-2023)

Mr Richard Corder - CCPUK President - (2021 2024) Professor Christopher Plummer - EEGC Chair Professor Catherine Otto - Heart Editor-In-Chief

Professor Vincent Maher - ICS President (2020-2022) Professor Andrew Goddard - RCP President (2018-2021)

Dr David Northridge - SCS President

Ms Joanne Ashton - SCST President (2020-2023) Dr Cathy Head - UKMCS President (2020-2024) Dr Phillip Avery - WCS President (2018-2022)

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BCS Committees

Clinical Standards Committee

Responsible Trustee: Vice President for Clinical Standards Chair: Dr Andrew Archbold

Dr Andrew Archbold - Chair (2019-22) Prof Simon Ray - Ex-officio (to June 2021) Professor Stephen Wheatcroft - Co-opted (2021-2024) Prof John Greenwood - Ex-officio (from June 2021) Professor Anoop Chauhan – Elected (2020-23) Dr Guy Lloyd - Ex-officio Dr Anna Reid – Elected (2021-2024) Ms Rachael O’Flynn - Staff Dr Anil Taneja - Elected (2019-22) Committee Administrator: Mrs Valerie Collins Dr Upasana Tayal – Trainee Rep (2020-2023) Dr Chris Wilkinson - Trainee Rep (2020–2023)

Digital, Communications and Marketing Committee

Responsible Trustee: Honorary Secretary Chair: Dr Debashish Das

Dr Debashish Das – Chair (2021-2024) Dr Guy Lloyd – Ex-officio Dr Rajiv Sankaranarayanan - Elected (2020-2023) Ms Rachael O’Flynn - Staff Dr Rebecca Dobson - Invited Ms Carolyn Hargreaves - Staff Prof Martin Cowie - Invited Mr Ben Rimmer - Staff Dr Shouvik Haldar - Invited Mr Sami Pratt - Staff Prof Pascal Meier - Invited Mrs Claire Cartwright - Staff Ms Renuka Patel - Invited Committee Administrator: Mr James Maxwell Mr Nick Samuels - Invited Ms Hannah Shephard-Lewis - Invited Dr Ahmed El-Medany – Trainee Rep (2020-2023) Dr Saadia Aslam – Trainee Rep (2020-2023)

Education Committee

Responsible Trustee: Vice President for Education and Research Chair: Dr Shouvik Haldar

Dr Shouvik Haldar - Chair (2017-2023) Prof André Ng - Ex-officio Dr Shazia Hussain – Elected (2021-2024) Ms Rachael O’Flynn - Staff Mr Keith Pearce - Elected (2020-2023) Ms Claire Cartwright - Staff Dr Dan Sado - Elected (2019-2022) Mr Azeem Ahmad - Staff Prof Gershan Davies – Co-opted (2021-2022) Dr Holly Morgan – Trainee Rep (2020-2023) Dr Arjun Ghosh – Co-opted (2021-2022) Dr Christina Peter – Trainee Rep (2020-2023) Mr Malcolm Bell – Trustee Rep Dr Sohaib Nazir - Co-opted (2020-2023) Dr Chris Allen – BJCA Rep (2020-2022) Committee Administrator: Ms Anna Kasai

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Finance Committee

Responsible Trustee: Vice President for Corporate Finance and development Chair: Dr Cara Hendry

Dr Derek Harrington - Chair (2018-2021) Prof Simon Ray - Ex-officio (until June 2021) Dr Cara Hendry - Chair (2021-2024) Prof John Greenwood – Ex-officio (from June 2021) Dr Brian Clapp - Elected (2020-2023) Dr Guy Lloyd - Ex-officio Dr Oliver Guttman – Elected (2019-2022) Mr Andrew Elliott-Frey -Staff Dr Nikhil Patel – Elected (2021-2024) Ms Rachael O’Flynn - Staff Dr Stephen Holmberg - Co-opted Committee Administrator: Mr James Spencer Mr David Lawrence - Co-opted Dr Abhishek Joshi, Nov 2020-23 (Trainee Rep) Mr Graham Meek - Co-opted Dr Ross Thomson, Nov 2020-23 (Trainee Rep) Mr Alan Keys - Co-opted

Guidelines and Practice Committee

Responsible Trustee: Vice President for Education and Research Chair: Dr Neil Swanson

Dr Neil Swanson - Chair (2018-22) Prof Simon Ray - Ex-officio (until June 2021) Dr Damien Kelly - Elected (2020-2023) Prof John Greenwood – Ex-officio (from June 2021) Dr Shareen Jaijee - Elected (2019-2022) Dr Guy Lloyd - Ex-Officio Dr Rob Storey - Elected (2021-2024) Ms Rachael O’Flynn - Staff Mr Alan Keys - Co-opted Committee Administrator: Mrs Valerie Collins Dr Ahran Arnold – Trainee Rep (2020-2023) Dr Muhammad Rashid – Trainee Rep (2020-2023)

Programme Committee

Responsible Trustee and Chair: Vice President for Education and Research Chair: Prof André Ng

Prof André Ng (Chair) (2020-2023) Prof Simon Ray - Ex-officio (until June 2021) Dr Arjun Ghosh - Elected (2019-22) Prof John Greenwood – Ex-officio (from June 2021) Dr Paul Haydock – Elected (2021-2024) Dr Guy Lloyd - Ex-officio Dr Michael Papadakis - Elected (2020-2023) Dr Alison Calver – Ex-officio Prof Kazem Rahimi - Co-opted (2019-2022) Dr Shouvik Haldar – Ex-officio Dr Bethan Freestone – Co-opted (2018-2022) Ms Rachael O’Flynn - Staff Dr Laura Dobson – Co-opted (2019-2022) Mrs Claire Cartwright – Staff Dr Kate English – Co-opted (2019-2022) Mr Jasdeep Bhamber – Staff Prof Andrew Clark – Co-opted (2018-2021) Ms Carolyn Hargreaves - Staff Dr Matthew Daniels – Co-opted (2018-2021) Committee Administrator – Mr Azeem Ahmad Dr Jaydeep Sarma – Co-opted (2018-2021) Dr Alex Birkinshaw – Trainee Rep (2020-2023) Prof Pier Lambiase - Co-opted Dr Su Em Yeoh – Trainee Rep (2020-2023) Dr Rosita Zakeri – Co-opted (2019-2022) Prof Metin Avkiran - BHF Ms Jennifer Mitchell - BHF

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Training Committee

Responsible Trustee and Chair: Vice President for Training Chair: Dr Alison Calver

Dr Alison Calver - Chair (2019-2022) Prof Simon Ray - Ex-officio (until June 2021) Dr Mark Westwood – SAC Vice Chair (2019-2022) Prof John Greenwood – Ex-officio (from June 2021) Prof Martin Bennett – SAC Academic Training Work Dr Guy Lloyd - Ex-officio stream Lead

Dr Shouvik Haldar - Invited Ms Rachael O’Flynn - Staff Dr Petra Jenkins - Invited Committee Administrator: tbc Dr Suzanna Hardman - Invited Dr Sarah Birkhoelzer – SAC Trainee Rep Dr John Paisey - Invited Dr Fielder Camm – SAC Trainee Rep Dr David Farwell - Invited Dr Andrew Chapman – SAC Trainee Rep Dr Dan Augustine – Invited All UK Cardiology TPDs - Co-opted Mr Shaun Robinson - Invited Dr David Sarkar - Invited Dr Chris Plummer - Invited Dr Chris Allen - Invited Mrs Sarah Brown - Invited

Affiliated Societies and Associated Groups

The BCS is linked with 23 other organisations engaged in cardiovascular healthcare. These Affiliated and Associated Societies of the British Cardiovascular Society represent sub-specialty areas of cardiovascular medicine. As well as representation on BCS Council, relevant Affiliated Societies are involved in all Committees and Working Groups of BCS and are invited to contribute educational sessions to the courses and BCS Annual Conference. The Society regards the Affiliated Societies as their source of authoritative opinion and advice on matters relating to their areas of expertise and ensures their inclusion in its work accordingly.

Our Affiliated Societies

Arrhythmia Alliance (AA) Association for Inherited Cardiac Conditions (AICC) British Association for Cardiovascular Prevention & Rehabilitation (BACPR) British Association for Nursing in Cardiovascular Care (BANCC) British Atherosclerosis Society (BAS) British Congenital Cardiac Association (BCCA) British Cardiovascular Intervention Society (BCIS) British Cardio-Oncology Society (BCOS) British Heart Rhythm Society (BHRS) British Heart Valve Society (BHVS) British & Irish Hypertension Society (BIHS) British Junior Cardiologists' Association (BJCA) British Nuclear Cardiology Society (BNCS)

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British Society of Cardiovascular Imaging and British Society of Cardiovascular CT (BSCI/BSCCT)

British Society of Cardiovascular Magnetic Resonance (BSCMR) British Society for Cardiovascular Research (BSCR) British Society of Echocardiography (BSE) British Society for Heart Failure (BSH) Cardiovascular Care Partnership (UK) (CCPUK) Society for Cardiological Science and Technology (SCST) UK Maternal Cardiac Society (UKMCS)

The BCS also has a formal Association with:

British Undergraduate Cardiovascular Association (BUCA) The Society for Cardiothoracic Surgery (SCTS)

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Independent auditor’s report to the members of The British Cardiovascular Society

Opinion

We have audited the financial statements of The British Cardiovascular Society (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not 43

British Cardiovascular Society Annual Report

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.

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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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.

44

British Cardiovascular Society Annual Report

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

45

British Cardiovascular Society Annual Report

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor's 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.

Shachi Blakemore (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 25 May 2022

46

British Cardiovascular Society Annual Report

47

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Statement of financial activities (incorporating the income and expenditure account)

For the year ended 31 December 2021

Restricted
Note
£
Income from:
-
-
-
-
-
-
-
-
3
-
3
-
-
-
27,640
-
27,640
11
-
(27,640)
Reconciliation of funds:
89,106
61,466
Net movement in funds
Total funds brought forward
Net gains on investments
Total funds carried forward
Education courses, fellowships and
grants
Affiliated groups contribution
Membership
Annual conference
Investments
Total income
Expenditure on:
Other
(27,640)
Raising funds
Total expenditure
Net (expenditure)/income before
investment gains
Charitable activities
Publications
Education courses, fellowships and
grants
Affiliated groups contribution
4
Charitable activities
Publications
Membership
Annual conference		 Restricted
Note
£
Income from:
-
-
-
-
-
-
-
-
3
-
3
-
-
-
27,640
-
27,640
11
-
(27,640)
Reconciliation of funds:
89,106
61,466
Net movement in funds
Total funds brought forward
Net gains on investments
Total funds carried forward
Education courses, fellowships and
grants
Affiliated groups contribution
Membership
Annual conference
Investments
Total income
Expenditure on:
Other
(27,640)
Raising funds
Total expenditure
Net (expenditure)/income before
investment gains
Charitable activities
Publications
Education courses, fellowships and
grants
Affiliated groups contribution
4
Charitable activities
Publications
Membership
Annual conference		 Unrestricted
£
423,329
281,942
1,054,438
259,202
43,916
107,452
108,072		 2021
Total
£
423,329
281,942
1,054,438
259,202
43,916
107,452
108,072		 Restricted
£
-
-
-
49,000
-
-
-		 2020
Unrestricted
Total
£
£
448,247
448,247
8,901
8,901
1,155,878
1,155,878
236,798
285,798
55,804
55,804
18,069
18,069
102,363
102,363
- 2,278,351 2,278,351 49,000 2,026,060
2,075,060
-
-
-
-
27,640
-		 28,363
455,609
529,438
544,284
462,733
213,619		 28,363
455,609
529,438
544,284
490,373
213,619		 -
-
-
-
19,939
-		 24,122
24,122
441,826
441,826
236,426
236,426
584,332
584,332
521,433
541,372
261,904
261,904
27,640 2,234,046 2,261,686 19,939 2,070,043
2,089,982
-
(27,640)		 480,922
44,305		 480,922
16,665		 -
29,061		 78,710
78,710
(43,983)
(14,922)
(27,640)
89,106		 525,227
6,892,379		 497,587
6,981,485		 29,061
60,045		 34,727
63,788
6,857,652
6,917,697
61,466 7,417,606 7,479,072 89,106 6,892,379
6,981,485

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

48

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Balance sheet

Company no. 3005604

As at 31 December 2021

Note
£
Fixed assets:
Intangible assets
9
10
11
Current assets:
12
419,033
515,428
934,461
Liabilities:
13
(585,941)
16
17
3,224,274
4,193,332
15
Debtors
Restricted income funds
Creditors: amounts falling due within one year
Net current assets
Designated funds
Net assets
The funds of the charity:
Unrestricted income funds:
General funds
Total charity funds
Investments
Cash at bank and in hand
Tangible assets		 Note
£
Fixed assets:
Intangible assets
9
10
11
Current assets:
12
419,033
515,428
934,461
Liabilities:
13
(585,941)
16
17
3,224,274
4,193,332
15
Debtors
Restricted income funds
Creditors: amounts falling due within one year
Net current assets
Designated funds
Net assets
The funds of the charity:
Unrestricted income funds:
General funds
Total charity funds
Investments
Cash at bank and in hand
Tangible assets		 2021
£
£
64,280
1,466,316
5,599,956
7,130,552
467,286
803,211
1,270,497
(596,294)
348,520
7,479,072
61,466
3,123,645
3,768,734
7,417,606
7,479,072		 2020
£
105,066
1,463,691
4,738,525
6,307,282
674,203
934,461
(585,941)
3,224,274
4,193,332
6,981,485
89,106
6,892,379
6,981,485

Approved by the Trustees on 12 May 2022 and signed on their behalf by

Prof John Greenwood Trustee

Dr Cara Hendry Trustee

49

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Statement of cash flows

For the year ended 31 December 2021

Note
£
£
A
4,278
108,072
(6,924)
(12,700)
833,634
(986,879)
(64,797)
(60,519)
911,159
B
850,640
A
2021
£
Net income for the year
497,587
Depreciation charges
57,785
Gains on investments
(480,922)
Dividends and interest from investments
(108,072)
Decrease in debtors
48,253
Decrease in creditors
(10,353)
Net cash generated by operating activities
4,278
B
Cash at bank and in hand
515,428
Cash held with investment managers
11
335,212
850,640
C
Analysis of changes in net debt (current year)
At 1 January
2021
£
Cash at bank and in hand
803,211
Cash held at investment managers
107,948
Total cash and cash equivalents
911,159
Analysis of changes in net debt (prior year)
At 1 January
2020
£
Cash at bank and in hand
348,008
Cash held at investment managers
53,177
Total cash and cash equivalents
401,185
Change in cash and cash equivalents in the year
2021
Analysis of cash and cash equivalents
Net cash (used ) / generated by investing activities
Net cash generated by operating activities
Cash flows from investing activities:
Dividends and interest
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Purchase of intangible fixed assets
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation of net income to net cash generated by operating activities		 Note
£
£
A
4,278
108,072
(6,924)
(12,700)
833,634
(986,879)
(64,797)
(60,519)
911,159
B
850,640
A
2021
£
Net income for the year
497,587
Depreciation charges
57,785
Gains on investments
(480,922)
Dividends and interest from investments
(108,072)
Decrease in debtors
48,253
Decrease in creditors
(10,353)
Net cash generated by operating activities
4,278
B
Cash at bank and in hand
515,428
Cash held with investment managers
11
335,212
850,640
C
Analysis of changes in net debt (current year)
At 1 January
2021
£
Cash at bank and in hand
803,211
Cash held at investment managers
107,948
Total cash and cash equivalents
911,159
Analysis of changes in net debt (prior year)
At 1 January
2020
£
Cash at bank and in hand
348,008
Cash held at investment managers
53,177
Total cash and cash equivalents
401,185
Change in cash and cash equivalents in the year
2021
Analysis of cash and cash equivalents
Net cash (used ) / generated by investing activities
Net cash generated by operating activities
Cash flows from investing activities:
Dividends and interest
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Purchase of intangible fixed assets
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation of net income to net cash generated by operating activities		 £
£
364,831
102,363
(6,342)
(1,260)
1,052,847
(1,002,465)
145,143
509,974
401,185
911,159
2020
£
63,787
84,380
(78,071)
(102,363)
447,851
(50,753)
364,831
803,211
107,948
911,159
Cash flows
At 31
December
2021
£
£
(287,783)
515,428
227,264
335,212
2020
(60,519)
911,159
850,640
2021
£
497,587
57,785
(480,922)
(108,072)
48,253
(10,353)
4,278
515,428
335,212
850,640
At 1 January
2021
£
803,211
107,948
911,159 (60,519)
850,640
At 1 January
2020
£
348,008
53,177		 Cash flows
At 31
December
2020
£
£
455,203
803,211
54,771
107,948
401,185 509,974
911,159

50

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note below

The financial statements are presented in sterling and are rounded to the nearest pound.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. In assessing going concern, the trustees have considered a period of at least 12 months from date of approval of the financial statements.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

With regard to the next accounting period, the year ending 31 December 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment section of the trustees’ report for more information).

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Annual membership subscriptions are recognised as income on an accruals basis applicable to the membership period, and part of the subscription applicable to the following year is carried forward as deferred income.

Dividends from investments and interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Society; this is normally upon notification of the dividends or interest paid or payable by the investment managers and the bank.

51

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

d) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

e) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the Society on investment management. Expenditure on charitable activities includes the costs of delivering membership services, conferences and other educational activities undertaken to further the purposes of the charity and their associated support costs

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

f) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

2021 2020
Membership 19% 19%
Annual conference 14% 12%
Education courses, fellowship and grants 27% 27%
Affiliated groups 15% 17%
Support costs 14% 19%
Governance costs 11% 5%

Governance costs are the costs associated with the governance arrangements of the Society. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

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British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

g) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold land and buildings are not depreciated as the trustees believe that the market value is in excess of the historical value

Furniture, fittings and equipment 3 years Archive collection 5 years

h) Intangible fixed assets

Intangible fixed assets include costs relating to the new CRM system which was put into use during 2020 and will be depreciated over a 3 year period.

i) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “net gains on investments” in the statement of financial activities. The Society does not acquire put options, derivatives or other complex financial instruments.

j) Heritage assets

The collection is made up of items of historical importance the cardiology world and no value is placed on them as they were donated and it is difficult to ascribe a value to the items in question.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

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. Cash balances include funds held on behalf of Affiliated Groups of £310 (2020: £312) and Joint Membership subscriptions owed to Affiliated Groups of £Nil (2020: £Nil).

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

n) Pensions

The charity makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charitable company in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The charity has no liability under the schemes other than the payment of those contributions.

o) Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

the estimates of the useful economic lives of tangible assets used to determine the annual depreciation charge;

the assumptions adopted by the trustees and management in determining the value of any designations required from the charity’s general unrestricted funds; and

In addition to the above, the full impact following the emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, suppliers, beneficiaries and the wider economy. Estimates used in the financial statements, particularly with respect to the value of listed investments are subject to a greater degree of uncertainty and volatility.

2 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

54

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

3 Analysis of expenditure

Analysis of expenditure
Staff costs (Note 5)
Investment manager's fees
Members subscriptions to Heart and Cardiosource
Other professional subscriptions and representations
Publications
Education Courses, Fellowships and Grants
IT & Website maintenance and development
Marketing and printing
Administrative costs
Annual conference
Audit and accountancy
Legal and professional fees
Irrecoverable VAT
Support costs
Governance costs
Total expenditure 2021		 Raising
funds
£
-
28,363
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities Governance
costs
£
81,138
-
-
-
-
-
12,339
-
17,383
-
11,198
-
-		 Support
costs
£
106,200
-
-
-
-
-
16,151
-
22,748
-
-
747
-		 2021 Total
2020
Total
£
£
769,661
799,385
28,363
21,032
26,002
24,489
64,093
19,573
609,336
655,402
75,807
94,513
117,049
100,123
4,121
271
164,864
224,655
308,227
13,642
11,198
10,330
747
1,050
82,218
125,517
2,261,686
2,089,982
-
-
-
-
2,261,686
2,089,982
Membership
£
149,510
-
26,002
64,093
65,052
-
22,737
-
32,025
-
-
-
27,406		 Annual
conference
£
106,117
-
-
-
-
-
16,138
-
22,730
308,227
-
-
27,406		 Publications
£
-
-
-
-
544,284
-
-
-
-
-
-
-
-		 Education
courses,
fellowship
and grants
£
209,731
-
-
-
75,807
31,896
4,121
44,924
-
-
-
27,406		 Affiliated
groups
£
116,965
-
-
-
-
-
17,788
-
25,054
-
-
-
-
28,363
-
-		 386,825
34,255
34,529		 480,618
24,313
24,507		 544,284
-
-		 393,885
48,052
48,436		 159,807
26,799
27,013		 122,058
12,427
(134,485)		 145,846
(145,846)
-
28,363 455,609 529,438 544,284 490,373 213,619 - -

Of the total expenditure, £2,234,046 was unrestricted and £27,640 was restricted.

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021 3 Analysis of expenditure (prior year)

Staff costs (Note 5)
Investment manager's fees
Members subscriptions to Heart and Cardiosource
Other professional subscriptions and representations
Publications
Education Courses, Fellowships and Grants
IT & Website maintenance and development
Marketing and printing
Administrative costs
Annual conference
Audit and accountancy
Legal and professional fees
Irrecoverable VAT
Support costs
Governance costs
Total expenditure 2020		 Raising
funds
£
-
21,032
-
-
-
-
-
-
-
-
-
-
3,090		 Charitable activities Charitable activities Charitable activities Governance
costs
£
39,356
-
-
-
-
-
4,929
-
11,060
-
10,330
-
-		 Support
costs
2020
Total
£
£
152,074
799,385
-
21,032
-
24,489
-
19,573
-
655,402
-
94,513
19,047
100,123
-
271
42,738
224,655
-
13,642
10,330
1,050
1,050
-
125,517
214,909
2,089,982
(214,909)
-
-
-
-
2,089,982
Membership
£
153,059
-
24,489
19,573
71,070
-
19,171
-
43,015
-
-
-
40,809		 Annual
conference
£
97,427
-
-
-
-
-
12,203
-
27,380
13,642
-
-
40,809		 Publications
£
-
-
-
-
584,332
-
-
-
-
-
-
-
-		 Education
courses,
fellowship
and grants
£
217,249
-
-
-
94,513
27,210
271
61,055
-
-
-
40,809		 Affiliated
groups
£
140,220
-
-
-
-
-
17,563
-
39,407
-
-
-
-
24,122
-
-		 371,186
49,570
21,070		 191,461
31,553
13,412		 584,332
-
-		 441,107
70,358
29,907		 197,190
45,411
19,303		 65,675
18,017
(83,692)
24,122 441,826 236,426 584,332 541,372 261,904 -

Of the total expenditure, £2,070,043 was unrestricted and £19,939 was restricted.

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

4 Net income / (expenditure) for the year

This is stated after charging/(crediting):

Auditor's remuneration (excluding VAT)-current year
Depreciation and amortisation
Auditor's remuneration (excluding VAT)-prior year under/(over) provision		 2021
2020
£
£
57,785
84,380
9,800
9,800
450
(300)

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
2021
£
658,413
68,651
40,497
2,100
769,661
Social security costs
Salaries and wages
Pension costs
Temporary staff costs		 2020
£
647,254
67,730
43,662
40,739
799,385

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2021 2020
No. No.
£60,001 - £70,000 1 1
£90,001 - £100,000 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £343,074 (2020: £336,720). Key management personnel comprise of 6 senior staff members and the Board of trustees.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,651 (2020: £10,940) incurred by 4 (2020:6) members relating to attendance at meetings of the trustees.

Staff numbers 6

The average number of employees (head count based on number of staff employed) during the year was as

Support
Governance
Education courses, fellowship and grants
Affiliated groups
Membership
Annual conference		 2021
2020
No.
No.
3.6
3.6
2.5
2.3
5.0
5.1
2.5
3.6
2.8
3.3
1.9
0.9
18.3
18.8

57

British Cardiovascular Society Annual Report

The British Cardiovascular Society

LUCIDASANS UNICODE Draft: 4 April 2022 15:30 Notes to the financial statements

For the year ended 31 December 2021

7 Related party transactions

There are no related party transactions to disclose for 2021 (2020: none) other than those dislosed in note 5.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Trustees do not benefit from discounts on any fees charged, including membership.

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Intangible fixed assets

At the end of the year
Net book value
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Depreciation
Additions in year
Disposals in year
At the start of the year
At the start of the year
Depreciation on disposals in the
At the end of the year
Cost
Net book value
Tangible fixed assets
At the start of the year
Additions in year
At the end of the year
Cost
Amortisation charge in the year
Amortisation
At the start of the year
At the end of the year		 Freehold
property
£
1,454,798
-
-		 Fixtures
and fittings
£
25,343
6,924
(16,606)		 £
£
157,285
157,285
12,700
12,700
169,985
169,985
52,219
52,219
53,486
53,486
105,705
105,705
64,280
64,280
105,066
105,066
Archive
collection
Total
£
£
119,508
1,599,649
-
6,924
-
(16,606)
119,508
1,589,967
119,508
135,958
-
4,299
-
(16,606)
119,508
123,651
-
1,466,316
-
1,463,691
Total
Computer
Software
1,454,798 15,661
-
-
-		 16,450
4,299
(16,606)
- 4,143
1,454,798 11,518
1,454,798 8,893

10 Tangible fixed assets

Freehold property is not depreciated as the trustees believe the market value is in excess of the historical value.

Heritage assets

These are the Arthur Hollman archive collection donated by individuals and organisations over the years. No value has been shown in the accounts as they were donated and it is difficult to ascribe a value to the items in question. The BCS has a large historical collection which comprises of Archives, Library, Instruments and Apparatus. They are kept in special fixtures and fittings in order to preserve them. Access is currently open to visitors to the BCS office.

All of the above assets are used for charitable purposes.

58

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

11 Listed investments

Non-cash movements
Disposal proceeds included above are made up of the following:
Fixed Interest
Alternative assets
Cash
The following investments represent over 5% of the investment portfolio:
£
%
Vanguard Funds PLC S&P 500
353,124
6.31
-
-
Realised gains/(losses)
Proceeds
Property funds
Overseas Equities
2021
Fair value at the end of the year
Baillie Gifford American
UK Equities
Cash held by investment broker pending reinvestment
Historic cost at the end of the year (including cash balance)
Unrealised gains
Fair value at the start of the year
Additions at cost
Book value of disposals
Disposals at book value
Investments comprise:		 2021
2020
£
£
4,630,577
4,602,888
986,879
993,693
(795,666)
(1,212,500)
-
(639)
442,954
247,135
5,264,744
4,630,577
335,212
107,948
5,599,956
4,738,525
3,906,278
3,183,637
795,666
1,212,500
37,968
(159,653)
833,634
1,052,847
2021
2020
£
£
642,681
601,758
1,867,634
1,811,610
2,286,189
1,796,471
106,018
140,374
362,222
280,364
335,212
107,948
5,599,956
4,738,525
2020
£
%
356,582
7.53
328,560
6.93

12 Debtors

Accrued income
Prepayments
Trade debtors		 2021
2020
£
£
176,389
19,673
127,618
85,688
115,026
361,925
419,033
467,286

59

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

13 Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Other creditors
Provisions
Accrued expenses
Deferred income (note 14)
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Deferred income comprises:
Deferred income		 2021
2020
£
£
68,015
102,777
24,044
22,957
9,128
10,147
25,632
10,001
123,690
101,883
335,432
348,529
585,941
596,294
2021
2020
£
£
348,529
384,326
(348,529)
(384,326)
335,432
348,529
335,432
348,529

14 Deferred income

Deferred income comprised of income received in advance for various activities including membership income.

15 Analysis of net assets between funds (current year)

General
funds
Designated
funds
£
£
Intangible fixed assets
-
64,280
Tangible fixed assets
-
1,466,316
Investments
3,906,278
1,693,678
Net current assets
287,054
-
Net assets at 31 December 2021
4,193,332
3,224,274
General
funds
Designated
funds
£
£
Intangible fixed assets
-
105,066
Tangible fixed assets
-
1,463,691
Investments
3,183,637
1,554,888
Net current assets
585,097
-
Net assets at 31 December 2020
3,768,734
3,123,645
Unrestricted
Unrestricted
Analysis of net assets between funds (prior year)		 General
funds
Designated
funds
£
£
-
64,280
-
1,466,316
3,906,278
1,693,678
287,054
-
Unrestricted		 General
funds
Designated
funds
£
£
-
64,280
-
1,466,316
3,906,278
1,693,678
287,054
-
Unrestricted		 31 December
2021
Restricted
funds
Total funds
£
£
-
64,280
-
1,466,316
-
5,599,956
61,466
348,520
61,466
7,479,072
31 December
2020
Restricted
funds
Total funds
£
£
-
105,066
-
1,463,691
-
4,738,525
89,106
674,203
89,106
6,981,485
4,193,332 3,224,274
3,768,734 3,123,645

60

British Cardiovascular Society Annual Report

The British Cardiovascular Society

LUCIDASANS UNICODE Draft: 4 April 2022 15:34 Notes to the financial statements

For the year ended 31 December 2021

16 Restricted funds (current year)

Medtronic
ELP
Total restricted funds
Medtronic
Total restricted funds
Bristol Myers Squibb (Fellowship)
Swire Foundation / ACC
ELP
Bristol Myers Squibb (Fellowship)
Restricted funds:
Swire Foundation / ACC
Restricted funds (prior year)
Restricted funds:		 At 1 January
2021
£
18,139
16,206
7,008
47,753		 Income &
gains
£
-
-
-
-		 Expenditure
& losses
Transfers
£
£
(275)
-
-
-
(7,008)
-
(20,357)
-
(27,640)
-
Expenditure
& losses
Transfers
£
£
-
-
-
-
-
-
(19,939)
-
(19,939)
-		 At 31
December
2021
£
17,864
16,206
-
27,396
89,106 - 61,466
At 1 January
2020
£
18,139
16,206
3,008
22,692		 Income &
gains
£
-
-
4,000
45,000		 At 31
December
2020
£
18,139
16,206
7,008
47,753
60,045 49,000 89,106

Purposes of restricted funds

Bristol Myers Squibb, Swire Foundation/ACC - educational fellowships.

Medtronic - education programme.

ELP - emerging leaders programme.

61

British Cardiovascular Society Annual Report

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2021

17 Designated funds (current year)

The income funds of the charity and the group include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Investment revaluation fund
Designated funds
Fixed asset fund		 At 1 January
2021
Income &
gains
£
£
1,568,757
-
1,554,888
480,922
3,123,645
480,922		 Expenditure
& losses
£
(57,785)
-		 Transfers
At 31
December
2021
£
£
19,624
1,530,596
(342,132)
1,693,678
(322,508)
3,224,274
(57,785)

The balance on the fixed assets fund at represents the carrying value of the Society's tangible and intangible fixed assets. The availability of these assets (which is primarily the freehold property occupied by BCS) is essential to the day-to-day work of the charity and as such, the value of these assets cannot be regarded as funds that would be realisable with ease, in order to meet future contingencies. As such, an amount equal to the net book value of the intangible and tangible fixed assets has been separated from the charity’s general funds and held as a separate designated fund.

The investment revaluation fund represents the accumulated unrealised investment gains on listed investments held at the year end.

Designated funds (prior year)

Designated funds (prior year)
At 31
At 1 January Income & Expenditure December
2020 gains & losses Transfers 2020
£ £ £ £ £
Designated funds
Fixed asset fund 1,645,535 - (84,381) 7,603 1,568,757
Investment revaluation fund 1,539,905 78,710 - (63,727) 1,554,888
3,185,440 78,710 (84,381) (56,124) 3,123,645

62

British Cardiovascular Society Annual Report