2023-12-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Company Number 3005604 Charity Number 1093321

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|||| |---|---|---| |Administrative Details .............................................................................. 3| |Trustees .............................................................................................................................. 3| |Trustees' report:| |BCS Annual Report 2023 ......................................................................... 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 ...................................................... 15| |Communications, Marketing and Digital Division ................................... 17| |Clinical Standards Division .................................................................... 19| |Training Division .................................................................................... 20| |Education and Research Division .......................................................... 22| |Corporate Finance and Development Division....................................... 25| |Professional and Society Values Division .............................................. 28| |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|

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British Cardiovascular Society Annual Report 2023

Statement of responsibilities of the Trustees....................................................................... 32 Principal risk and uncertainties ........................................................................................... 32 Elections ............................................................................................................................ 33 Approval ............................................................................................................................ 34 BCS Council .......................................................................................... 35 BCS Committees ................................................................................... 36 Independent auditor’s report .................................................... 41 Financial Statements ............................................................... 45

British Cardiovascular Society Annual Report 2023

For the year ended 31 December 2023

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

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 (to June 2024) App. 8 Jun 2017 Board of Trustees, Chair (from 9 June 2021) ~~ns~~ Prof André Ng President Elect App. 3 Jun 2020 ~~es~~ Dr Guy Lloyd ~~eee~~ Honorary Secretary Res. 7 Jun 2023 ~~es~~ Dr Andrew Archbold Honorary Secretary ~~ee~~ App. 13 Sep 2019 ~~es~~ Dr Shouvik Haldar ~~ee~~ VP Education App. 8 Jun 2022 ~~ns~~ Dr Mark Westwood VP Training App. 8 Jun 2022 ~~es~~ Dr Cara Hendry ~~ee~~ VP Corporate Finance & Development App. 8 Jun 2022 ~~es~~ Dr Nik Patel ~~ee~~ VP Corporate Finance & Development Elect App. 7 Jun 2023 ~~es~~ Dr Neil Swanson VP Clinical Standards App. 8 Jun 2022 ~~es~~ Dr Amitava Banerjee ~~ere~~ VP Digital, Communications and Marketing App. 8 Jun 2022 Dr Abhishek Joshi VP Professional and Society Values App. 8 Jun 2022 ~~es ee es~~ Mr Malcolm Bell Non-Executive Trustee Res. 30 Sep 2023 ~~es~~ Ms Lois Whittaker ~~ere~~ Non-Executive Trustee App. 1 Dec 2023 ~~es~~ Ms Melissa Coutino ~~ee~~ Non-Executive Trustee App. 5 Jun 2019 Ms Cheryl Lee Non-Executive Trustee App. 6 Jun 2021 ~~es ee es~~ Sir Bruce Keogh Non-Executive Trustee App. 5 Jun 2019 ~~es~~ Mr David Lawrence ~~ee~~ Non-Executive Trustee App. 25 Apr 2018 ~~es~~ Mr Paul Turner Non-Executive Trustee App. 5 Jun 2019

Ms Caroline Langley, Chief Executive Officer (from November 2023)

Bankers: 45 Tottenham Court Road NatWest Bank London, W1T 2EA Investment Managers: 30 Gresham Street Investec Wealth & Investment Limited London, EC2V 7QN Solicitors: 4 Lincoln’s Inn Fields Wilsons Solicitors LLP London, WC2A 3AA Auditor: 130 Wood Street Buzzacott LLP London, EC2V 6DL

Buzzacott LLP

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

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.

2023 marked the fourth year of delivery of a new five year strategy for the British Cardiovascular Society.

To be the leading voice for UK Cardiology.

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.

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

Enhancing the quality of cardiovascular care for the benefit of patients, including influencing national policy on key issues and raising standards of professional practice;
Supporting and adding value to members working within the profession (providing an exceptional/high quality membership package); and
Delivering high quality education and training in cardiology across a range of specialities.

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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Supporting and adding value to members working within the profession.

We will:

Ensure member benefits are optimal/offer value for money
Continue to develop the BCS mentoring scheme for members
Seek to deliver the Emerging Leaders Programme (ELP) to a fourth cohort of delegates and with widened access to Allied Health Professionals, subject to funding
Seek to develop BCS education and courses on-line
Seek to offer BCS’s on-line membership option, education and courses internationally and in so doing support business growth/income generation
Ensure there are no barriers to diverse representation on BCS committees
Commence development of the Digital Knowledge Hub for BCS members
Continue to grow BCS Heartbeat as a key cardiology news resource
Promote Joint Membership to eligible members of our Affiliate Societies
Enhance the voice of our membership through expanding opportunities for representation on committees and working groups from across our membership.

Developing cardiologists and allied health professionals throughout their careers.

We will:

Promote and provide high-quality medical education and clinical leadership on key topics in cardiology
Maintain and develop industry engagement, partnerships and support
Improve access to education through a variety of media with a much greater emphasis on digital delivery
Deliver the Society’s Annual Conference with emphasis on education for trainees (handson and simulation) and CPD (specialist topics for general cardiologists)
Deliver thought-provoking and innovative educational content in line with consumer demand, CPD initiatives, research and clinical standards
Ensure the scientific content of the BCS Annual Conference remains relevant and cutting edge
Promote educational content internationally.

Shaping the cardiology curriculum and promoting cardiology as a career.

We will:

Provide high quality training integrating with the formal structures within the four nation programmes
Develop and deliver new simulation activities in line with the wider curriculum
Increase trainee involvement and voice in the wider training agenda and work place
Improve female and diversity recruitment into the specialty
Support the development of supportive work environment free of undermining

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Defining the future of policy and practice

We will:

Agree, define and set the agenda of clinical standards work for the Society
Continue to strengthen working relationships with affiliated groups
Embed a more formal process to support interaction with consultations and NHS work including development of a process policy and systematic way for managing a large number of consultations
Encourage wider participation of the membership in Society responses to consultation requests
Develop a central record of ongoing consultations for update and access by all key stakeholders
Strengthen links with the British Heart Foundation around consultation requests and submissions, collaborating and supporting where appropriate
Explore options for providing resources for NHS cardiology services – support package for implementing national safety standards for invasive procedures in cardiology, pilot developing a library of useful resources for NHS trusts (e.g., business cases/standard operating procedures) .

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Role ~~ee~~	Name ~~ee~~ ~~ee~~	Term of Office ~~ee~~
President ~~ee~~	Prof John Greenwood ~~ee~~ ~~ee~~ ~~ee~~	June 2021 - June 2024 ~~ee~~
President Elect ~~ee~~	Prof Andre Ng ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2023 - June 2024 ~~ee~~
Honorary Secretary ~~ee~~	Dr Guy Lloyd ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2020 - June 2023 ~~ee~~
Honorary Secretary ~~ee~~	Dr Andrew Archbold ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2023 - June 2026 ~~ee~~
Vice President Clinical Standards ~~ee~~	Dr Neil Swanson ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2022 - June 2025 ~~ee~~ ~~ee~~
Vice President Corporate Finance and Development ~~ee~~ ~~ee~~	Dr Cara Hendry ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2022 - June 2024 ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~
Vice President Corporate Finance and Development Elect ~~ee~~ ~~ee~~	Prof Nik Patel ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2023 - June 2024 ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~
Vice President Digital, Communications and Marketing ~~ee~~ ~~ee~~	Dr Amitava Banerjee ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2022 - June 2025 ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~
Vice President Education ~~ee~~ ~~ee~~	Dr Shouvik Haldar ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2023 - June 2026 ~~ee~~ ~~ee~~ ~~ee~~
Vice President Professional and Society Values ~~ee~~	Dr Abhishek Joshi ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2022 - June 2025 ~~ee~~
Vice President Training ~~ee~~	Dr Mark Westwood ~~ee~~ ~~ee~~ ~~ee~~ ~~ee~~	June 2022 - June 2025 ~~ee~~ ~~ee~~
Non-executive Trustee ~~ee~~	Mr Malcolm Bell ~~ee~~ ~~ee~~ ~~ee~~	September 2017 - September 2023 ~~ee~~ ~~ee~~
Non-executive Trustee ~~ee~~	Ms Lois Whittaker ~~ee~~ ~~ee~~ ~~ee~~	December 2023 - December 2026 ~~ee~~ ~~ee~~ ~~ee~~
Non-executive Trustee ~~ee~~	Ms Melissa Coutino ~~ee~~ ~~ee~~	June 2019 - June 2025 ~~ee~~ ~~ee~~
Non-executive Trustee ~~ee~~	Sir Bruce Keogh ~~ee~~ ~~ee~~ ~~ee~~	June 2019 - June 2025 ~~ee~~ ~~ee~~
Non-executive Trustee ~~ee~~	Mr David Lawrence ~~ee~~ ~~ee~~ ~~ee~~	April 2018 - April 2025 ~~ee~~ ~~ee~~
Non-executive Trustee ~~ee~~	Ms Cheryl Lee ~~ee~~ ~~ee~~ ~~ee~~	June 2021 - June 2027 ~~ee~~ ~~ee~~
Non-executive Trustee ~~Pt~~	Mr Paul Turner ~~ee~~ ~~Pt~~	September 2018 - September 2024 ~~ee~~ ~~Pt~~

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

This is my final annual report before demitting as president in the summer and handing over to your president-elect Professor André Ng. As is usual, my introduction is an overview of our key achievements across the year, drawn from the fuller accounts from each department deeper into the report.

However, as I reflect on 2023, I also want to acknowledge the difficulties of the wider NHS landscape in which we are operating, and pay tribute to all BCS members for their commitment to patient care in the face of a continuing workforce shortage, rising waiting lists for cardiovascular care, and pay disputes leading to an unprecedented simultaneous junior doctor and consultant strike.

In particular, I would like to thank all our BCS officers, who have led a productive and comprehensive agenda across all our departments to provide services for members while also facing the above issues themselves as working clinicians. We are lucky to be supported by our dedicated and talented staff, for whom 2023 was also a year of change. Our longstanding chief executive officer Rachael O’Flynn left us to lead the Federation of Royal Colleges of Physicians of the UK, and I would like to thank her for leaving the Society in great shape with improvements to governance, management and focus over her tenure. In November we welcomed our new chief executive Caroline Langley, an experienced leader in the health sector and former CEO of the Institute of Psychoanalysis.

2023 was very much a year of consolidation and preparation for BCS – consolidation as we bedded down and integrated our centenary initiatives from 2022, including the BCS Academy, and preparation for our new digital future and expansion of our education and training programmes. We published in Heart , with the BJCA, our key report on unprofessional behaviours with many recommendations for tackling the sexism, bullying and other unprofessional behaviours that are completely unacceptable. We have begun implementation of the recommendations, and will continue this important work in 2024.

Our centenary came to an end on 21 April 2023, and we were delighted to be able to fit in a final centenary event on 8 February, a reception at St James’s Palace in London in the presence of our Royal Patron for our centenary year, Her Royal Highness The Princess Royal. We welcomed guests from our affiliate societies, patient groups and over one hundred BCS members who applied to attend.

Aside from these exceptional items, our usual activity continued unabated, as demonstrated by the highlights below:

BCS membership is the highest it has ever been, with an overall increase of 7% in 2023, representing a significant departure from a seven-year plateau in membership and the largest annual increase in over a decade. We welcomed the Primary Care Cardiovascular Society as a new affiliate society, taking the total to 21.
We delivered, with the British Heart Foundation, the first national report on the cardiovascular hospital workforce in the NHS, both medical and nursing, allowing resources to be targeted to areas with the greatest need.
We worked on guidelines and standards for left ventricular assist devices, heart scans for cardiac amyloidosis and cholesterol lowering, and contributed to RCP service

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reviews of cardiac units around the UK, supporting improvements in patient care. We also contributed to a series of NICE and ESC guidelines on a variety of topics.
The Specialty Advisory Committee for Cardiology has continued to monitor the effects of the new 2022 curriculum on trainees. Concerns remain over a number of issues including the lack of appropriate supervision for parts of the curriculum and variable access to appropriate echocardiography training, together with the balance of time spent training in cardiology versus internal medicine, and that most trainees now feel the need to undertake further periods of training for one to two years post CCT.
Following the publication in 2023 of the professional behaviours report, addressing sexism, bullying and other inappropriate behaviours affecting cardiology trainees, a dedicated wellbeing lead has been appointed on the SAC and a joint SAC, training committee and BCS subgroup to look at undermining behaviours has been formed.
We ran another successful annual 3-day conference in Manchester in June, attended by over 2,000 healthcare professionals in cardiology. The programme included named lectures and key face-to-face educational components, including the imaging village and simulation training in the designated Education Zone, and parallel tracks with strong scientific programmes from all affiliated societies as well as the Basic Science track with BAS/BSCR, BHF sessions and Hot Topics (short talks on up-to-date cardiovascular topics of popular interest). A new initiative for 2023 was Your Heart Hospital “Understanding the Causes, Prevention and Treatment of Heart Disease” – inviting year-10 students from local Manchester schools for a day programme on Tuesday, including talks on cardiac disease.
Six courses were delivered in 2023, mostly returning to face-to-face format, held at the Royal College of Physicians (RCP). The BCS/Mayo Cardiology Review Course and Year in Cardiology courses remain the flagship courses in the existing portfolio. The education strategy of the BCS continues to expand with a plan to deliver courses and education to a wider audience and promote sponsorship more widely. An ambitious and broader strategy is currently being discussed, as is more digital content to bring a greater variety of educational and other content online as an on-demand feature.
The BCS Academy continues to provide professional education and training to members, including our signature Emerging Leaders Programme, which provides 25 members each year with leadership and management training and is now in its fifth cohort. 2023 was also the second year of the Heart Research UK clinical fellowship scheme, a competitive application scheme that funds high flying individuals and clinical teams to undertake a period of training at global leading centres of excellence and bring new skills back to the NHS. 2023/4 is also the turn of the BCS to host up to 4 trainees from the US to experience multi-modality imaging practice in the UK, as a reciprocal arrangement following the ACC Virginia Chapter Centennial Ambassador programme in 2022/3. The reach of the Academy will expand in 2024 to include other work streams, including the new BCS mentorship scheme and the new Later Career Development Programme.
We have strengthened existing, and developed new collaborations, with our international cardiac society partners, including the ACC, ESC, Irish Cardiac Society (ICS) and the Cardiac Society of India (CSI). The ACC partner with the BCS on many of our Academy programmes and we have supported new work streams with the ESC around their new Cardio-policy and advocacy committee and their growing EuroHeart project. With the CSI we now have a reciprocal conference support arrangement and we have hosted our first BCS educational course face to face in India in 2023.
The Professional and Society Values committee is unique to the BCS, comprising primarily of non-medical cardiovascular professionals and patients, and including BCS staff. This committee contributed to the publication of BSC Position Statement on unprofessional behaviours, and continues to work on practical steps to address workplace bullying, undermining and sexual misconduct with the aim of improving

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working lives for all colleagues. Further work on developing the BCS strategic approach to broader diversity continues.
The Women in Cardiology committee remains a reforming force in cardiology, now chaired by Dr Joanna Lim. Alongside specific activities focussed on issues specific to women’s practice as cardiologists, including guidance for navigating medical radiation exposure during pregnancy and advice on working whilst experiencing menopause, the WiC has offered support for less-than-full-time training for all genders, hosted and promoted a serious of webinars on a range of topics to support career development and training, arranged the inaugural UK conference for women in cardiovascular medicine and continues to be a progressive and reforming voice across the Society.
We began a new digital transformation project to improve services for members, including replacing our ageing CRM system and our dated and unnecessarily complex website. Both the new CRM and website will launch in 2024, making it easier for members to find key information and manage your membership online. The improved interface between the website and new CRM will streamline our behind-the-scenes support for member interaction.
Launched in 2021, our Principal Partner scheme has flourished to the point of now having 10 key industry partners, who we work with to support and deliver BCS educational courses and also digital content on our Digital Knowledge Hub. We have also run a number of educational events designed to look at breaking down barriers between primary and secondary care, supporting medical innovation, and network solutions to the investigation and treatment of valvular heart disease.
The BHF Clinical Research Collaborative, hosted by the BCS has had a productive year, including coordinating and facilitating over 30 research group meetings from their integrated research groups, including 10 specific trial/project meetings; supporting the prioritisation of research for those groups; developing a patient engagement strategy and a comprehensive communications strategy; and awarded five research development grants totalling approx. £35,000 to support research development, including pilot projects and systematic reviews.

The above is only a snapshot of our important work on your behalf to improve the education, training and practice landscape for cardiovascular healthcare professionals, and through that, better care for patients. I encourage you to read on for a full account of our year, and am delighted that I am handing over to André a Society in rude health and ready for the challenges that the next few years will bring.

Professor John Greenwood

BCS President (2021-2024)

The BCS elections took place in May 2023 and Civica Election Services were appointed to run these elections.

Dr Guy Lloyd demitted as Honorary Secretary and was succeeded by Dr Andrew Archbold; Professor Andre Ng demitted as Vice President for Education and Research before taking up the role of President Elect; and Dr Shouvik Haldar succeeded Professor Ng in the renamed role of Vice President for Education. We would also like to thank our trainee representatives on BCS Committees whose three-year terms commenced in 2021. We are delighted to have the voice of trainees represented within the BCS Committees, and the bi-annual meetings with the leadership of the BCS and all trainee representatives together established in 2021 continued to help us gain feedback and ensure a joined-up approach.

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The election process saw the appointment of Professor Nik Patel to Vice-President (Elect) for Corporate Development and Finance, and Dr Joanna Lim to the Women in Cardiology Committee Chair and Workstream Lead.

We also held elections for appointments to the: Clinical Standards Committee; Education Committee; Finance Committee, Guidelines and Practice Committee, Programme Committee, and WiC Committee. All Committee positions attracted nominations with the exception of the Professional and Society Values Committee.

New appointments were made as follows: Ms Heather Herbert as Chair of the Cardiac Physiologists' and Cardiac Scientists' Council, Dr Andrew Ludman as Chair of the Guidelines and Practice Committee; and Professor Andrew Clark as Chair of Programme Committee.

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We would like to thank all those companies that supported the BCS Annual Conference 2023

Alivecor Amarin Amgen Amicus Astra Zeneca BANCC Benecol Ltd British Society for Heart Failure Boehringer Ingelheim BMS irhythmtech M3 (EU) Limited Novartis Premium Medical Protection Quidel Recor Medical / OMDE SCST Veriton Pharma Zenicor

We would like to thank all those companies that supported our 2023 Course Programme

Astra Zeneca Boehringer Ingelheim Daiichi Sankyo HCA Healthcare Novartis Pfizer

Our formal partnership scheme begun in 2021 to develop stronger collaboration with and for industry organisations interested in working with the BCS continues to go from strength to strength. The scheme provides a framework for engagement and partnership working on an on-going reciprocity basis in support of both parties’ corporate aims and strategic goals within transparent and appropriate governance frameworks. We continued our Corporate Strategy Working Group set up in 2022, and in 2023 the BCS was delighted to have principal partnership agreements in place with the following industry organisations:

Astra Zeneca Bayer Boehringer Ingelheim Bristol Myers Squibb (BMS) Daiichi-Sankyo Edwards Medtronic Novartis Pfizer Phillips

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Designed to equip delegates with the skills required to lead service change, and importantly to provide professional leadership more widely within cardiology and the NHS. The fifth cohort began in 2023 and the Programme has been expanded to include Health Care Professionals. We are grateful to our cohort sponsors:

AstraZeneca (Cohort 1 and 2) Bayer (Cohorts 1, 2, 3, 4 and 5) Bristol Myers Squibb (Cohort 4) Boehringer Ingelheim (Cohorts 2, 3, 4 and 5) Daiichi-Sankyo (Cohorts 1 and 2) Novo Nordisk (Cohort 1) Pfizer (Cohorts 2, 3 and 4)

We are committed to developing these partnerships and have included a sponsor networking lunch midway through Cohort 5 of the Emerging Leaders Programme.

In 2022 the BCS established the BCS Academy to bring together its professional development activities under one umbrella. This includes the Emerging Leaders Programme mentioned above, and our fellowship and mentorship schemes.

The BCS and Heart Research UK established a formal collaboration and partnership in 2022 and funding was secured for the BCS-Heart Research UK clinical fellowship scheme under the BCS Academy. The scheme continued in 2023, and offers the potential for clinical top-up training, allowing candidates across the NHS workforce to gain new clinical skills or experience in a global centre of excellence. The fellowship application process was open to trainee and consultant cardiologists, cardiology nurse specialists, cath-lab staff, physiologists, scientists and other AHP groups.

Two schemes were made available for:

An individual clinical placement for up to 3 months to a global centre of excellence
A team placement for up to six members of each team for one week to observe a specific pathway of care or specific procedure for which there are plans for adoption back in the UK host centre

The schemes were duly awarded to Dr Debbie Falconer, a Research Fellow and PhD candidate at University College London and Dr Eldilla Rizal, a Consultant Paediatric Intensivist at East Midlands Congenital Heart Centre (EMCHC), University Hospitals of Leicester. Debbie will be visiting Royal North Shore Hospital in Sydney, Australia to expand her knowledge of CMR-based diagnosis and management of ICC; Eldilla’s team is visiting Cincinnati Children’s Hospital Medical Center to observe their cardiac arrest prevention program.

The fellowships will be completed by May 2024. Fellowship awardees will present their work at the BCS Annual Conference and will provide a video blog for the Digital Knowledge Hub (“DKH”).

The year ahead offers much to look forward to for the BCS and its members, from those activities already now well established, such as the Emerging Leaders Programme, to those on which we plan to build, such as the educational resources available on the Digital Knowledge Hub, to delivery of the new HR(UK) Fellowships; development of the BCS Mentoring Scheme

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under the BCS Academy; to our plans to develop educational offerings for our allied health professionals.

We look forward also to developing much needed strategies around Equality, Diversity and Inclusion, the environment and sustainability, and professional and society ethics, including the development of BCS values for our members and the profession.

With newly developed membership and education strategies in place, and the prospect of improved system infrastructure on the horizon to better support the BCS membership journey and our affiliated societies in terms of the administrative support we provide, there is much to deliver on and achieve in 2024. Our digital transformation strategy will also improve member services and streamline our processes. I am also looking forward to our new website, to be launched in mid-2024, which will be more attractive, modern, and intuitive to navigate.

Whilst the BCS has had, and continues to have, some short term challenges in balancing our operational finances given the challenges of the last few years, we expect this position to be improved from 2024 and in the meantime continue to invest in our estates and archive collection to preserve these for the next 100 years, and to make improvements to our systems infrastructure and our membership services.

We appreciate the very challenging times for our members working in the NHS at this time and our commitment to support all of our members remains unequivocal. We remain your BCS.

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

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Introduction

The British Cardiovascular Society has close to 3,100 members, including a wide range of health professionals working across the entire field of cardiovascular medicine.

The Society’s first membership strategy was launched in 2023 and identified a number of key activities to drive membership

growth, improve retention of members, and ensure membership benefits remain relevant to cardiovascular professionals in each of the four paying categories. A scheduled of deliverable activities was agreed and rolled out throughout the year, including a revision of the membership area of the BCS website and promotion of affiliate membership to the Society’s 21 affiliated societies.

Key achievements this year

Over the course of 2023, overall membership grew by 7.6%. This increase represented the first significant departure from a seven-year plateau in membership and the largest annual increase in over a decade.
BCS membership is the highest it has ever been, and 59 (2%) higher than the nexthighest year (3017 members, recorded in 2018).

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Improvements to the member experience, including the introduction of a revised membership area on the BCS website, a clearer joining process, and regular communications to members via ‘Education Thursdays’. A thorough review of the member journey is underway as part of the update to the BCS membership systems which will be implemented in 2024.
The BCS welcomed the Primary Care Cardiovascular Society (PCCS) as a new Affiliate Society, taking the total number of affiliated societies from 20 to 21 and strengthening the BCS’s connection with primary care professionals.
Creation of the Society’s first Equality, Diversity & Inclusion (ED&I) action plan, which will be taken forward by the Professional and Society Values Committee in 2024.

2023 Overview

While improvements were made to the BCS’s systems and processes in 2023, limitations of the current IT systems have resulted in significant reliance on manual processes, which were completed by the membership staff. This impacted upon capacity to deliver activities which would further the Society’s strategic aims. In October 2023, the BCS recruited additional administrative staff on a 12-month fixed term basis, as per the agreed 2022 business cases for additional resources for the Membership and Education teams, and this facilitated work on the review of the member journey and on the creation of the ED&I action plan. This progress is expected to continue in 2024, subject to the continued administrative support and efficiencies brought about by the new IT systems.

The Honorary Secretary chaired a Working Party on Focussed Echocardiography and supported the development of a new Working Group on Ischaemic Heart Disease which was instigated by Professor Colin Berry.

Amendments to the BCS Rules were approved by the Board to specify rules about cooption to committees, working parties, and working groups.

Looking forward to 2024

In 2024 we will review the membership strategy to ensure it aligns with the aims of the BCS. This includes considering how we might collaborate more closely with our affiliated societies, increase opportunities for engagement amongst our membership, ensure our membership offering remains relevant and good value in supporting our members, and explore further avenues to promote our membership more widely to those working across the cardiovascular workforce.

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Introduction

This Division of the BCS covers all our membership and public communications, and our digital systems, including IT and other member supporting systems that run in the background, and our website.

Key achievements this year

We began our digital transformation project by tendering for the replacement of our Customer Relationship Management (CRM) system. This software enables us to manage your membership applications, finance, conferences, events and abstract submissions seamlessly. We have been working with the chosen company from Q4 to ensure that the new CRM is designed with member services paramount.
We began developing our new website, which will be simpler and easier to navigate, with a clearer structure to help you find information quickly.
We updated audio-visual equipment in the Mackenzie Room and the Thomas Lewis rooms.
We continued our marketing across X and LinkedIn, and with our affiliate societies, and in addition to BCS Education Thursday, our educational bulletin for members and your president’s message, in 2023 we added new bulletins led by the VP Comms and VP for Education.
The long-standing editors of our curated content channel BCS Heartbeat, Ahmed ElMedany and Saadia Aslam, demitted office and we appointed new editors Sameer Zamanour and Nitin Chandra Mohan. We would like to thank Saadia and Ahmed for their enthusiasm and commitment to developing BCS Heartbeat and making it such a success, and welcome Sameer and Nitin to their new roles.

Final Centenary Celebrations

Our Centenary Year ended on 21 April 2023, and on 2 February we hosted our final celebratory event, a Reception at St James’s Palace in London, attended by Her Royal Highness The Princess Royal, our Royal Patron for our centenary year. The Princess Royal gave a wellreceived speech focusing on the importance of public health in reducing cardiovascular disease, and presented the Mackenzie Medal to our other special guest Professor Jane Somerville. The guests at the reception included BCS members and officers, staff, patient representatives and guests from affiliated societies.

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2023 Overview

For a few years we have been struggling with legacy backend systems that were no longer fit for purpose, and an ageing and over-complicated website. 2023 has been a signature year for our digital systems as we began our project to transform our digital landscape. We tendered for the replacement of the CRM system and website, and have been involving staff and officers in determining our needs going forward.

Looking forward to 2024

In Spring 2024 we will introduce our new CRM system, which will have an immediate impact on our work, streamlining our processes and making it easier for members to update their details online, book for conferences and courses and access member services. Later in the year we will launch our new website, which will improve navigation and make it easier to find information about the BCS and member services.

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TRUSTEES' REPORT

Introduction

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

Key achievements this year

Delivering, with the British Heart Foundation, the first national report on the cardiovascular hospital workforce in the NHS, both medical and nursing. This will allow resources to be targeted to areas with the greatest need.
Working with partner organisations across cardiovascular care nationally to provide input into and endorsement of practice guidelines that are used to improve patient care where there were no agreed guidelines before on best practice. This includes work on left ventricular assist devices, heart scans for cardiac amyloidosis and cholesterol lowering.
Clinical standards members have helped NHS England and the Royal College of Physicians with service reviews of cardiac units around the country that have encountered difficulties. This support allows units to improve services, with the help of impartial outside advice.

The Guidelines committee has acted as a stakeholder for multiple national and international guidelines as they were developed. We have a close working relationship with NICE in particular and have helped them develop guidelines on heart failure, aortic valve disease, amyloidosis, high cholesterol and pacemakers amongst many other areas. We have also represented the whole of UK cardiology in assisting the European Society of Cardiology develop their latest guidelines, affecting millions of people, on topics including valve disease and angina.

2023 Overview

Increasingly the two committees work as one. This has maximised the chance that committee members will have the required subspecialty expertise to advise on behalf of the BCS. Committee members have delivered expert input into the development of a very wide range of guidelines affecting many different patient groups in the UK. We are also using our influence to improve the high standards of care patients in the UK receive from their local heart departments.

Looking forward to 2024

In 2024 we plan to increase our collaborations with affiliated societies, offering them the chance to get objective input and advice into guideline development. In return we will offer them endorsement and publicity for their work. By doing so, we intend to make the BCS the most respected and widely recognised body backing best practice guidelines relating to cardiovascular disease in the UK.

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

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

The SAC is composed of at least one Training Programme Director (TPD) from each training programme, including TPDs from each of the devolved nations, 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. The Vice Chair is Dr John Paisey.

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 and additional co-opted members with specialist knowledge or expertise as required. The Committee continually reviews training programmes in all regions of the UK for both core and advanced training (also referred to as subspecialty training) to disseminate best practice. The Training Committee has played a crucial role in the development of the new combined Cardiology/General Medicine curriculum which came into force in August 2022. Membership of the Training Committee was extended to the relevant Affiliated Societies during curriculum development and this is again envisaged with the future development of post training credentialling.

A new curriculum to take account of the changes required by the Shape of Training review and full integration of dual training in cardiology and Internal Medicine (IM) was approved by the GMC in late 2021 and is now in force as the current (2022) curriculum. Trainees will be required to move to the new curriculum for the completion of their training by August 2024 unless they have a specific opt out to remain on the old curriculum. The SAC along with TPDs have been working to ensure that the additional requirements of this new curriculum are met and that high standards in national training are maintained. Concerns remain over the lack of appropriate supervision (Educational Supervision) for trainees for the IM part of the new curriculum, access to appropriate echocardiography training, support in outpatient clinics and also that subspecialty training time in the final two years of training is protected. The balance of time spent training in cardiology vs IM is an ongoing issue which is being monitored. There are further concerns about the new curriculum, with most trainees now undertaking further periods of training for one to two years post CCT.

As is the historic trend, once again in 2023 less than a third of NTNs awarded were to females. Diversity of trainees recruited is also recognised as suboptimal. It is clear that ongoing work to address these issues is needed to ensure a representative workforce in the future and also that cardiology as a highly popular specialty continues to attract the best and most able candidates. Continued work at undergraduate, foundation and core training levels to demonstrate all can successfully train as cardiologists is required. The BJCA is working with the training committee and the SAC on measures that can deliver this. Previous work identified sexism and bullying and other inappropriate behaviours affecting cardiology trainees. The SAC and training committee, BJCA, BCS and other national training bodies are working to address this. More specifically in cardiology a dedicated wellbeing lead has been appointed on the SAC and a joint SAC, training committee and BCS

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

subgroup to look at undermining behaviours has been formed. As with all medical specialties there is an ever increasing requirement for trained consultant cardiologists nationally. Recently, new posts have been created outside of London to address both this need and current inequitable balance of training posts across the UK. This process has supplanted the previous redistribution of posts from London to the UK provinces.

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 structure applications and facilitate their assessment has been approved by the GMC for use in all new applications. Applications are also reviewed jointly with a JRCPTB member who takes notes over a half day which has considerably reduced the burden and time commitment per application. Currently the number of CESR applications is high and likely to remain high during 2024 as currently CESR applicants can apply to be assessed against the old or the new curriculum. As of August 2024 this option to apply for a CESR against the old curriculum will be removed and all CESR applicants will have to apply to gain a CESR in both cardiology and internal medicine, mirroring the changes to the training programme since 2022.

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, the majority of whom hold a UK training number (known as an NTN). Since 2022 non NTN holders applying for a CESR (which allows the holder to apply for consultant posts in the UK) have also been able to apply to sit this examination with similar pass rates occurring between the two groups. The examination has been fully online since 2022 and will remain so.

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The Education division has a wide ranging portfolio and manages the Annual Conference, Courses, delivery of the European Exam in Core Cardiology, BCS Academy and BHF Clinical Research Collaborative. The Academy comprises the Emerging Leaders Programme (ELP), fellowships and Digital Knowledge Hub (DKH). The remit of the division is to cover the entire career spectrum of a cardiologist, from training through to practice. Defining the knowledge, skills and behaviours that physicians, patients, the public and accrediting bodies can reasonably expect clinical cardiologists in training to achieve and those in practice to maintain or enhance. The Annual Conference represents a key membership benefit.

Education

Vice President, Dr Shouvik Haldar Introduction

In 2023 the Annual Conference was delivered in a face-to-face format, returning to Manchester Central. The theme was ‘Future-proofing Cardiology for the next 10 years’, focusing on workforce, the multi-disciplinary team, sustainability and resilience. The conference built on the success of the centenary conference with an emphasis on education for trainees (hands-on and simulation), CPD (specialist topics for general cardiologists) and increased engagement of allied health professionals, nurse practitioners, and PCCS. The Conference represents a key member benefit and is critical component of the Education portfolio; this also includes the Academy offering, Education Courses and the British Heart Foundation Clinical Research Collaborative.

Key achievements this year

The conference attracted an audience of over 2,000 healthcare professionals in cardiology. Predominantly consultant and trainee cardiologists, delegates include nurses, cardiac physiologists and scientists. The Programme included named lectures and key face-to-face educational components, including imaging village and simulation training in the designated Education Zone, and parallel tracks with strong scientific programmes from all affiliated societies as well as the Basic Science track with BAS/BSCR, BHF sessions and Hot Topics (short talks on up-to-date cardiovascular topics of popular interest). A new initiative for 2023 was Your Heart Hospital ‘Understanding the Causes, Prevention and Treatment of Heart Disease’ – inviting year-10 students from local Manchester schools for a day programme on Tuesday, including talks on cardiac disease.
Six courses were delivered in 2023, mostly returning to face-to-face format, held at the Royal College of Physicians (RCP). The BCS/Mayo Cardiology Review Course and Year in Cardiology courses remain the flagship courses in the existing portfolio. The education strategy of the BCS continues to expand with a plan to deliver courses and education to a wider audience and promote sponsorship more widely. An ambitious and broader strategy is currently being discussed, as is more digital content to bring a greater variety of educational and other content online as an ondemand feature.
The BCS Academy continues to provide professional education and training to members, including our signature Emerging Leaders Programme, which provides 25 members with leadership and management knowledge and skills each year and is now in its fifth cohort. The reach of the Academy will expand in 2024 to include other work streams.

British Cardiovascular Society Annual Report 2023

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2023 Overview

It has been noted that course numbers are beginning to return to pre-Covid levels. The Education Committee, chaired by Dr Sohaib Nazir, continues to work on diversifying the portfolio in terms of courses, venue and location. The annual conference continues to offer a varied education experience and included a Best of the Best presentation zone –and BCS Emerging Leaders Programme (ELP) session, raising the profile of new leaders from the ELP cohorts and showcasing high quality service improvement projects. There is strong international presence highlighted by the presence of the Irish Cardiac Society, ESC, ACC and the Cardiological Society of India.

Looking forward to 2024

In 2024 we expect to run nine courses including one virtual course and a brand new one which seeks to provide nurses with the knowledge and skills for developing their clinical careers as a nurse in cardiology. We will hold our annual conference in Manchester again in June. Additionally, the Academy offering will expand with the launch of a mentorship and late career development programmes. The latter is a symposium focusing on late career cardiologists and the opportunities to maintain engagement within the NHS.

BHF CRC

Introduction

We continue in our commitment to supporting research groups grow, and we have been gathering more evidence on how we support our researchers. Our core objective of providing support in terms of coordination and administration of their research meetings remains our focus, however we are securing ourselves as the central hub for cardiovascular clinical research to signpost those involved in clinical research. We have developed a more robust communications strategy, which has seen us create a new LinkedIn page and develop our website even further with the addition of a resources page.

Another key aim is to enable a more diverse research network and engage with the broader research community. We are working closely to support the EDI in Clinical Trials Initiative; we have developed our Research Database to include ‘Non-Clinical Expertise’ and CoNNeCT cardiology, aimed at supporting new researchers; we remain focused on helping specialist groups prioritise their research questions and ensuring clinical researchers are working collaboratively to avoid the duplication of effort, making research more efficient.

Key achievements this year

Coordinating and facilitating over 30 research group meetings from our integrated research groups, including 10 specific trial/project meetings
Supporting the prioritisation of research for our integrated groups, including developing a new project with the British and Irish Hypertension Society using a Delphi method to identify their research priorities; this will involve multi-disciplinary collaboration and include professionals working in primary care, nephrology, pharmacology and methodology
Developing a patient engagement strategy which has involved scoping cardiovascular patient groups and developing a partnership with CCP UK to support their patient members in becoming involved in research
Awarded five research development grants totalling approx. £35,000 to support research development, including pilot projects and systematic reviews; these awards covered congenital, inherited, magnetic resonance, heart failure and imaging
Several research development grants have resulted in publications and larger funding applications being accepted
Implemented a comprehensive communications strategy to enhance awareness and understanding of the organisation's mission, services, and values. This strategy has been designed to target specific audience groups, including patients, healthcare professionals, and researchers, and to promote the BHF CRC as a leading hub for cardiovascular clinical research in the UK

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Looking forward to 2024

Complete prioritisation setting project for the British and Irish Hypertension society and supporting other research groups with their research prioritisation.
Further develop the research database, including launching the CoNNeCT element, developing bespoke areas for other research groups including the echocardiography and nurse research group.
Continue to support research development through our research development fund grants, as well as looking into a new funding model for non-clinicians (i.e. health professionals working in cardiac rehab and nursing)
Focus on engaging with patients and the public in research, which will include promoting our database to our patient groups and developing a patient ambassador research network that acts as a central hub cardiovascular for clinical researchers to tap into when they need PPI input.

British Cardiovascular Society Annual Report 2023

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2023 was a year where the BCS continued to improve its financial position as operational activity reverted back towards levels seen pre-Covid. We held a very successful Annual Conference in Manchester, and we also ran a complete programme of Education Courses on a face-to-face format.

Investment markets were much stronger in 2023 and the BCS Investment portfolio delivered a net gain which enabled us to improve our overall Funds position. Although our 2023 Operating activity ran at a deficit, it was much reduced from the 2022 performance.

The 2023 Unrestricted Reserve activity resulted in a £(100)k deficit, while the Restricted Reserve movements produced a £(35)k deficit. The investment portfolio market value increased by £150k - which was after a £(250)k transfer out of cash to fund Operational working capital. The investment portfolio delivered an investment gain in the year of £303k plus income of £127k. We are fortunate to maintain a good level of financial reserves which means that we can plan ahead with confidence that we have the funds to support our activities, notwithstanding any economic and geopolitical problems elsewhere.

We remain very grateful to all our members and sponsors for their support, and continue to be committed to improving diversity throughout our profession and our green credentials as an organisation.

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.

As a minimum, the Committee meets quarterly but also has ad hoc meetings as needed. It 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 subscription rates, educational course pricing and conference pricing are continually reviewed to ensure they are relevant to their target audiences, as well as offering value for money.

BCS closed the year with a total net movement in funds of £168k surplus, resulting from a £(100)k Unrestricted Fund deficit, a £(35)k deficit from Restricted Fund activity, and a £303k increase in the investment portfolio valuation managed by Investec. The total gross return in the Investment portfolio was 9.17% for the year which was below the benchmark return of 11.20% that our Investment Manager is measured against.

In the 3[rd] quarter of the year a review of investment strategy was implemented, which involved changing the Strategic Equity weighting of the investment portfolio to 75% Global Equities to replace the previous UK Equity 35% / Overseas Equities 45% target. A change in the benchmark index was also made which will now include a 75% weighting to the MSCI All Country World (Net) Index.

Overall, 2023 Unrestricted income was 7.9% higher and total Unrestricted expenses were 2.3% higher than for 2022. Income was up mainly due to the impact of increased Membership Income, and increased Education Courses, Exam and Principal Partnership Income all of which more than offset a drop in income from Stand Sales at the Annual Conference. Unrestricted expenditure was only marginally higher than 2022 as we reduced spend on the existing membership CRM platform pending a replacement in 2024.

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

Our subscription income in 2023 increased by 19.0% compared with 2022, helped by a mid-year increase in Members subscription rates, low lapsing levels and growth in member numbers. Our members provide invaluable support which allows the BCS to maintain its financial independence and to be an objective voice in representing all of our members.

The Annual Conference was held in June at Manchester Central. Total Income from the Conference was (14.3%) lower than 2022 mainly due to reduced demand for Stand spaces. Costs were also lower than 2022. Excluding BCS staff cost and other Overhead allocations the Conference made a net deficit of £(125)k (2022 net deficit £(97)k).

The Education Courses and Exam income for 2023 was 20% up on 2022 as registration numbers improved for the face to face courses and the Exam. Excluding BCS staff cost and other Overhead allocations, the 2023 Education Courses programme including the Exam generated a £97k surplus (2022: £62k surplus).

The Heart Journal and Open Heart are published by BMJ as a joint venture with BCS. The journals had an improved performance in 2023 with a year-end BCS share of income of £1,128k (2022: £1,033k) and an apportioned share of expenditure of £632k (2022: £586k). The net contribution from Heart and Open Heart profit to BCS was £496k, an increase of 10.9% on the previous year (2022: £447k).

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.

The Society closed the year with a cash balance of £460k (2022: £448k) at the bank. During the year £250k of cash was transferred from the Investment portfolio to fund working capital needs. The additional cash was required during the year to fund the Operating deficit and working capital movements of £(200)k, and £(53)k of investing activity. The total Reserves (including Property and Investment portfolio assets) as at 31 December 2023 was £6,787k (£6,619k in 2022), which represents a year-on-year increase in total Charity funds of 2.5%.

The Society held total free undesignated reserves of £4,792k as at 31 December 2023 (2022: £4,136k) comprising the historic cost of the investment portfolio of £4,773k (2022: £4,184k), and net current assets of £19k (2022: net current liabilities of £(48)k). The fair value of the investment portfolio amounted to £5,122k (2022: £4,972k). Of total net assets of £6,787k, £1,870k related to designated funds and £125k to restricted funds.

The level of undesignated reserves at 31 December 2023 represents 166% of total annual resources expended in 2023 (146% in 2022) and would allow the Society to operate for 20 months (2022: 18 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 £6,048k of undesignated reserves based on the 2024 budget. The Society will continue to target bringing undesignated reserves up to a level of 2 years of planned operational costs.

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The Trustees believe that this is a sufficient reserve in current economic circumstances and will continue to monitor the post pandemic recovery of the Society’s activities, particularly the Education courses performance, taking care to balance this with the benefit of any capital projects currently identified that will require investment and expenditure during 2024. The Trustees do not consider there is any material uncertainty relating to the going concern assumption of BCS.

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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Introduction

The Professional and Society Values (P&SV) Vice President position at the BCS focusses on developing, promoting and supporting core values and principles of professional and social activities and behaviours. At the core is the concept of “justice” or “fairness”. Over this inaugural term, we have established committee activity encompassing Women in Cardiology, Professional and Society Values and Sustainability. The modus operandi uses experts external to the BCS to advise on how best to move these agenda forward. The overarching programme will influence BCS activity to provide a framework for a modern, fair and inclusive professional society which maintains values that are core to mainstream cardiologists’ identity.

Key achievements this year

The Women in Cardiology committee predates my term, and remains a reforming force in cardiology, now chaired by Dr. Joanna Lim. Alongside specific activities focussed on issues specific to women’s practice as cardiologists, including guidance for navigating medical radiation exposure during pregnancy and advice on working whilst experiencing menopause, the WiC has offered support for less-than-full-time training for all genders, hosted and promoted a serious of webinars on a range of topics to support career development and training, arranged the inaugural UK conference for women in cardiovascular medicine and continues to be a progressive and reforming voice across the Society.
The Professional and Society Values committee is unique to the BCS, comprising primarily of nonmedical cardiovascular professionals and patients, and including BCS staff. This committee contributed to the publication of BSC Position Statement on Unprofessional Behaviour, and continues to work on practical steps to address workplace bullying, undermining and sexual misconduct with the aim of improving working lives for all colleagues. Further work on developing the BCS strategic approach to broader diversity continues.

2023 Overview

This position, and the work it does, is not glamorous and the subject matter is often difficult. The problems we aim to address are societal, not limited to cardiology and do not have their roots in the cardiovascular system in which we have our professional expertise. For this reason, along with a sense that volunteering as a BCS officer or committee member is less attractive than in previous years, we attracted no applications for either the Chair or elected committee members in the 2023 elections. These roles require a passion for change and the availability of time from colleagues with already very busy clinical lives.

Of further concern is the fact that, despite the excellent work undertaken by WiC, there were very few applicants for BCS positions on committees apart from WiC, which had many candidates apply. Over the coming year, the representation of women on BCS Executive and as Chairs of committees will likely reduce.

Looking forward to 2024

In 2024 we anticipate a greater presence for PS&V at Conference, running a joint session with WiC and delivering active bystander training. We will continue to draft and refine a core set of BCS values. We will work to provide practical solutions to workplace inappropriate behaviours. We will establish and develop a “Green Cardiology” agenda and training to meet sustainability and climate challenges. I hope to attract Chairs for the remaining committees and build a team to bring the changes the Society needs.

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

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 programme 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.

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, each of the Countries of the UK and the National Clinical Director for Heart Disease.

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.

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

Caroline Langley, Chief Executive Officer (from November 2023)

Claire Cartwright, Head of Membership & Education

Andrew Elliott-Frey, Finance Director

Ben Rimmer, Head of Membership and Affiliated Societies Manager

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

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/February 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, public sector pay benchmarks and inflation rates. Salaries are benchmarked against sector norms every three/four years to ensure they remain in line. This approach is normally 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.

British Cardiovascular Society Annual Report 2023

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A wholesale review of the committee structure and officer roles commenced in 2021 and continued into 2023 led by Professor John Greenwood, BCS President and Dr Guy Lloyd, Honorary Secretary. The committee changes included: formalising a BCS Committee linked to the ‘Women in Cardiology’ work stream; disbanding the Digital Project Board given this remit would now sit with the new VP Digital, Communications and Marketing officer role; a re-purposing of the ‘Full’ quarterly Executive meetings (now referred to as the ‘Professional Executive’) with BCIS, BHRS, BSE and BSH to bring better value to the BCS and all participants at the meeting. The scope of these meeting has therefore become focussed on professional matters (education, training, research, reports and guidelines), policy matters (interfacing with the NHS and professional bodies) and strategic matters and the BJCA will also participate in these meetings going forward. The ‘Executive Lite’ (now referred to as the ‘Operational Executive’) meetings now run eight times a year, comprising officers and chairs of committees and senior staff managers. The meetings focus on all matters of the society as required and to aid agile decision making.

Council was reviewed and membership slimmed down to BCS Officers, Affiliate Society Presidents, elected members, devolved nation representatives and the National Clinical Director for Heart Disease, with other forms of engagement and meetings in place with other key stakeholders no longer attending.

Two new Officer roles were created; that of VP Digital, Communications and Marketing where previously this work had been overseen by the Honorary Secretary in addition to their remit of Membership, Affiliate Societies and Governance; and VP Professional and Society Ethics. The remit of this latter role includes Equality, Diversity and Inclusion (and ‘Women in Cardiology’ as part of this brief), Environment and Sustainability issues and Society matters of professional ethics (e.g. bullying). Changes to the VP Education and Research role were also put in place, with the appointment of a VP Elect for Education who will oversee Educational Strategy, but will no longer Chair the Programme Management Committee, and we have instead appointed a Chair of that Committee going forward.

The Digital, Communications and Marketing Committee was disbanded and in its place we have created a new Digital and IT Committee under the remit of the VP Digital, Communications and Marketing but with an appointed Chair. For the time being at least, Communications and Marketing activities will be overseen by the VP working with a Communications and Marketing Consultant and will include the CEO and Honorary Secretary rather than a formal Committee, though this arrangement will be iteratively reviewed to ensure it is working effectively.

A review of all Terms of Reference was undertaken by the respective committees, and standard clauses added to clarify the role of trainee representatives to ensure that the trainee voice and perspective is considered and included in discussions and decision making, and to stipulate that any trainees going out of post for any period of time for any reason may pause or postpone their term on the committee.

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

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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, 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.

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), and the World Heart Federation (WHF) are primarily the responsibility of the President as well as the BCS Board. The BCS President sits on the RCP Council and the BCS shares responsibility for a Joint Specialty Committee with the RCP. BCS participates in the ACC and ESC Conferences and subscribes to both bodies. The BCS is also a member of the World Heart Federation, attended the WHF Summit in Geneva in May 2021 for the first time and continues 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.

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

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:

select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charities SORP
make judgements and estimates that are reasonable and prudent
state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.

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:

there is no relevant audit information of which the charitable company’s auditor is unaware;
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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 Senior Leadership Team and Finance Committee at regular intervals. Recommendations to amend the risk rating accompany the report and the register is updated accordingly.

During 2023 we continued to ensure compliance with our GDPR policy and provided updated training to all staff.

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 Journals, the journal administrator, and we receive regular financial information on the journal performance from the BMJ including an annual budget and quarterly Management accounts. The profit share from the partnership agreement is also paid out to the BCS quarterly.

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. We have made good progress in 2023 towards operating at break even by reducing the operating deficit significantly compared to 2022. The improvement has been the

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

result of increasing our income from Membership, Education and our Principal Partners, while managing our cost base to a minimal increase on 2022. For 2024 we anticipate improving the financial position even further as we will benefit from the new contract with Manchester Central which will reduce the Annual Conference venue costs, and we will move onto a new CRM platform with lower annual costs which will benefit us fully from 2025 onwards.

Our policy of annual increases in membership fees in line with the UK CPI inflation rate was implemented for 2023. This will help offset the pressure on our cost base from the current high levels of inflation in the UK. We will undertake a regular annual review of membership fee rates to ensure that our income is sufficient to cover our costs. 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.

During 2024 we plan to move forward with major repair works to our building at Fitzroy Square. When the repair works are complete we will consider options for renting some of the office space created by the hybrid working arrangements that we have agreed with BCS staff, and also created by the ongoing use of video technology for Committee meetings. The Estates Strategy Working Group continues to oversee the usage plans and also the repair of the building.

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

The areas of risk that need to remain a focus in 2024 relate to:

Systems infrastructure and the need to ensure that the replacement CRM solution and websites deployed meet the needs of the BCS.
The need to ensure we are able to recruit and retain good staff who have the required skill sets to meet business needs.
Excluding the need to designate financial resources to the repair of the building, the need to move the operational performance to break even.

Each year the BCS holds elections for the vacant posts on the Executive and other committees of the Society. Elections were held in 2023 for the following:

Executive

President Elect
Vice President, Corporate Finance and Development Elect

Council

No elections

Committees

Women in Cardiology Committee Chair and Workstream Lead
Clinical Standard Committee
Education Committee
Finance Committee
Guidelines and Practice Committee
Programme Committee
Women in Cardiology Committee

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

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 5th September 2024 and signed on their behalf by:

Professor Andre Ng, Trustee

British Cardiovascular Society Annual Report 2023

Responsible Trustee and Chair: BCS President – Professor John Greenwood

Dr Dawn Adamson UKMCS President (2022-2024)

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

Dr Lisa Anderson – BSH Chair (2023-2025)

Professor Charalambos Antoniades - BAS Chair (2021-2023)

Dr Andrew Archbold - Honorary Secretary Elect (2022-2023), Honorary Secretary (2023-2026) Ms Joanne Ashton - SCST President (2020-2024)

Professor Dan Augustine – BSE President (20232026)

Dr Phillip Avery - WCS President (2018-2024) Dr Amitava Banerjee – VP Digital, Communications and Marketing (June 2022-2025)

Dr Colin Berry – BSCMR President (2022-2024) Dr Louise Buchanan - Non-Surgical Centre Rep (2020-2023)

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

Dr Fielder Camm – BJCA President (2022-2024) Dr Kathryn Carver - BACPR President (2021-2023) Dr Claire Colebourn - BSE President (2020-2023)

Mr Richard Corder - CCPUK President (2021-2023) Professor Nick Curzen - BCIS President (2020-2023) Professor Piers Daubeney - BCCA President (20212024)

Dr Rebecca Dobson - Women in Cardiology (20202023)

Ms Helen Eftekhari - BANCC President (2022-2024) Dr Madalina Garbi – BHVS President (2022-2025)

Professor Roy Gardner - BSH Chair (2021-2023)

Professor John Greenwood - BCS President (20212024)

Professor Tomasz Guzik – BAS Chair (2023- 2026) Dr Shouvik Haldar – VP Education (Elect) (20222023), VP Education (2023-2026) Dr Cara Hendry - VP Corporate Finance & Development (2021-2024)

Professor David Hildick-Smith – BCIS President (2023-2026)

Dr Abhishek Joshi – VP Professional and Society Ethics (2022-2025)

Ms Caroline Langley – CEO (2023-)

Professor Nick Linker - NHSE National Clinical Director

Dr Guy Lloyd - Honorary Secretary (20202023) Mr Roland Malkin – CCP UK President (20232026)

Professor Terry McCormack - BIHS President (2021-2023)

Dr Leon Menezes - BNCS President (20212024)

Dr Jim Moore – PCCS President (2019-2023) Professor Andre Ng - VP Education and Research (2020-2023), President Elect (20232024)

Dr David Northridge - SCS President

Ms Rachael O’Flynn – Chief Executive Officer (Res. 2023) Dr Stephen Page – AICC President (20232026)

Dr Nik Patel – VP Finance Elect. (2023-2024) Professor Christopher Plummer - EEGC Chair Ms Heather Probert – BACPR President (20232025)

Professor Stuart Rosen - BCOS President

Dr Daniel Sado - without portfolio (2020-2023)

Dr James Shambrook - BSCI/BSCCT President (2021-2023) Dr Sanjay Sinha - BSCR President (20212024)

Dr Alistair Slade - BHRS President (2020-2023) Dr Neil Swanson - VP Clinical Standards (2022 –2025)

Ms Eleri Roberts – BHRS President (20232026)

Professor Raj Thakkar – PCCS President (2023-2026)

Dr Jan Till - AICC President (2020-2023)

Dr Mark Westwood - VP Training (2022-2025)

Professor Ian Wilkinson – BIHS President (2023-2025)

Dr Michelle Williams - BSCI/BSCCT President (2023-2026)

Dr Tom Hyde - Non-Surgical Centre Rep (20212024)

British Cardiovascular Society Annual Report 2023

Responsible Trustee: Vice President for Digital, Communications and Marketing Chair: Dr Caroline Coats

Dr Caroline Coats - Chair Dr Will Parker – Co-opted Dr Iain A Simpson Dr Elen Hughes – Trainee Rep (27.5.23-27.11.26) Professor Amitava Banerjee - VP Digital, Mr Azeem Ahmad - BCS Staff Communications & Marketing (2022-2025) Dr Nick Boon Ms Claire Cartwright – BCS Staff Professor John Greenwood - President (2021-2024) Mr George Axton – Committee Administrator

Responsible Trustee: Vice President for Clinical Standards Chair: Dr Neil Swanson

Dr Neil Swanson - Chair (June 22 – June 2025) Dr Guy Lloyd – Ex-officio (2020-June 23) Prof Andre Ng– Ex-Officio (2022-26) Dr Suleman Aktaa – Trainee Rep (Jan 2023 – 26) Committee Administrator: Mr George Axton Dr Vanessa Kandoole – (Jan 2023 – 26) Prof John Greenwood - Ex-officio (from 2021-June Dr Alexander Thompson (2022-2025) 24) Dr Andrew Archbold - Ex-officio (from June 2023-26) Dr Andrew Turley - Elected (2023-2026) Ms Caroline Langley - CEO Prof Stephen Wheatcroft - Co-opted (2021-2024) Dr Anna Reid – Elected (2021-2024)

British Cardiovascular Society Annual Report 2023

Responsible Trustee: Professor Amitava Banerjee, VP Digital, Communications and Marketing Chair: Dr Mohamed Mohamed

Dr Andrew Archbold - Ex-officio (June 2023-26) Professor Amitava Banerjee (2022-2025) Committee Administrator: Mr Jasdeep Bhamber Dr Debashish Das – Chair (2021-2023 res.) Dr Mohamed Mohamed (2023-2026)

Dr Rajiv Sankaranarayanan - Elected (2020-2024) Dr Ravish Katira – Elected (2022-2025)

Mr David Lawrence – co-opted Dr Guy Lloyd – Ex-officio (2020-June 23) Ms Caroline Langley - CEO Ms Jo Sopala – co-opted Dr Ahmed El-Medany – Trainee Rep (2020-2023) Dr Saadia Aslam – Trainee Rep (2020-2023) Dr Nitin Chandra Mohan – Trainee Rep (2023-26)

Dr Sameer Zaman – Trainee Rep (2023-26)

Responsible Trustee: Dr Shouvik Haldar, Vice President for Education Chair: Dr Sohaib Nazir

Mr Azeem Ahmad - Staff Dr Jennifer Rossington – elected (2023-26) Mr Malcolm Bell – Trustee Rep/co-opted Dr Fielder Camm – BJCA President (June 2022-2024)

Ms Claire Cartwright - Staff Dr Debashish Das – co-opted (2021-24) Dr Kate English - Elected (2022-2023 res.) Dr Ahmed Adlan – Editor (2022-25)

Dr Shouvik Haldar - (2017-2026) Dr Siddhartha Mohan – Editor (2022-25) Dr Olly Brown – Trainee Rep (2023-26)

Dr Shazia Hussain – Elected (2021-2024) Ms Anna Kasai - Committee Administrator Dr Holly Morgan – Trainee Rep (2020-2023) Dr Sohaib Nazir (Chair) (2022-2025)

Prof André Ng - Ex-officio (2020-2027) Ms Caroline Langley – CEO Mr Keith Pearce - Elected (2020-2023) Dr Christina Peter – Trainee Rep (20202023)

Dr Sophia Khattak – Editor (2022-25) Dr Peysh Patel – co-opted (2023-26) Dr Mark Sweeney – Trainee Rep (2023-26)

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

Dr Andrew Archbold – Ex-officio (2022-2026) Dr Yousaf Bhatti, Nov 2022-25 (Trainee Rep) Dr Brian Clapp - Elected (2020-2024) Mr Andrew Elliott-Frey - Staff Prof John Greenwood – Ex-officio (2021-2024) Dr Cara Hendry - Chair (2021-2024) Dr Stephen Holmberg - Co-opted Dr Niall Keenan – Co-opted (2022-2025) Dr Francesco Papalia (2023-26)

Mr David Lawrence - Co-opted Dr Guy Lloyd - Ex-officio (2020-2023) Mr Roland Malkin - Co-opted (2022-2025) Dr Ross Thomson, Nov 2020-23 (Trainee Rep) Ms Caroline Langley – Ex-officio Dr Nikhil Patel – Elected (2021-2024) Mr James Spencer - Committee Administrator Dr Nik Patel – VP Finance Elect (2023-24) Dr Christopher Uy – Trainee Rep (2023-26)

British Cardiovascular Society Annual Report 2023

Responsible Trustee: Dr Neil Swanson, Vice President for Clinical Standards Chair: Dr Andrew Ludman (2022-2025)

Dr Ahran Arnold – Trainee Rep (2020-2023) Mr Christos Bourantas - Elected (2023-2026) Mr George Axton - Committee Administrator Prof Rob Storey - Elected (2021-2024)

Prof John Greenwood – Ex-officio (2021 - 2024)

Mr Richard Corder – Patient rep.

Dr Damien Kelly - Elected (2020-2023), co-opted (2023-24)

Dr Guy Lloyd - Ex-Officio (2020 – 2023) Dr Andrew Ludman (Chair) (2022 – 2025) Dr William Moody – Elected (June 2022 – 2025) Ms Caroline Langley – Ex-Officio

Dr Muhammad Rashid – Trainee Rep (20202023)

Dr Neil Swanson – VP Clinical Standards (202225)

Dr Evelyn Brown – Trainee Rep (2023-26)

Dr Ross Thomson – Trainee Rep (2023-26)

Responsible Trustee and Chair: Vice President for Education and Research Chair: Prof André Ng (until June 2023), Prof Andrew Clark (June 2023-2026)

Mr Azeem Ahmad - Committee Administrator Dr Andrew Archbold – Ex-Officio (2019 – 2026) Dr Sonya Babu-Narayan (BHF) – Co-opted (20222025)

Mr Jasdeep Bhamber – Staff Dr Alex Birkinshaw – Trainee Rep (2020-2023) Dr Sohaib Nazie – Ex-officio (2022-25) Mrs Claire Cartwright – Staff Prof Andrew Clark – Chair (June 2023 – 26) Prof Pier Lambaise – Ex-officio (2019-23) Ms Katherine Holvik - Staff Mr Andrew Elliott-Frey – Staff

Prof John Greenwood – Ex-officio (2021 - 2024) Dr Upasana Tayal – Elected (2023-26)

Prof Mark Petrie – Co-opted (June 2023 – 26) Dr Muram El-Nayir – Trainee Rep (2023-26)

Dr Shouvik Halder – VP Education (2023 – 26) Dr Paul Haydock – Elected (2021-2024) Dr Manish Kalla – Elected (2022-2025)

Dr Jamal Khan – Co-opted (2022-2025) Dr Guy Lloyd - Ex-officio (2020 – 2023) André Ng – Ex-officio (2023-2027) Ms Caroline Langley - Ex-Officio Staff Dr Michael Papadakis - Elected (2020-2023) Linda Cuthbertson - Staff Dr Su Em Yeoh – Trainee Rep (2020-2023) Dr Mark Westwood – Ex-Officio (June 2022 – 2025) Dr Rosita Zakeri – Co-opted (2019-2023) Dr Damien Cullington – Co-opted (June 2023 – 26)

Prof James Leiper – BHF rep Dr Reshma Amin– Trainee Rep (2023-26)

British Cardiovascular Society Annual Report 2023

Responsible Trustee and Chair: Vice President for Training Chair: Dr Mark Westwood (June 2022 – 2025)

Dr Mark Westwood – VP for Training (2022 – 2025) Dr Petra Jenkins – ACHD Rep Prof Richard Bellamy – Lead Dean Dr William Jenner – Trainee Rep (2022-25) Dr Sarah Bowater – Recruitment Lead Dr John Morris (CESR Lead) Mrs Sarah Brown – Lay Rep Dr David Oxborough – BSE Education Committee Co-chair Dr Fielder Camm – BJCA President (2022-2024) Dr John Paisey (SAC Vice-chair) Dr Brian Clapp – SAC Curriculum and Assessment Dr Chris Plummer - ESC/UEMS Link Dr Andrew Chapman – Trainee Rep (2022-25) Dr Liam Ring – BSE Education Committee Cochair Dr David Farwell – BHRS Link Dr David Sarkar – BCIS Link Dr Darrel Francis – SAC Academic Lead All UK Cardiology TPDs - Co-opted

Dr David Farwell – BHRS Link Dr Darrel Francis – SAC Academic Lead Dr Tom Gilpin – Trainee Rep (2022-25)

Responsible Trustee and Chair: Dr Abhishek Joshi, Vice President Professional and Society Ethics

Chair: Dr Rebecca Dobson (2020 – June 2023), Dr Joanna Lim (June 2023 – 2026)

Dr Joanna Lim – Chair (2023-26) Dr Cathy Holt – Committee Administrator Dr Sarah Birkhoelzer – Co-opted Ms Katherine Holvick - Committee Administrator Dr Sarah Blake – Trainee Rep (2022-25) Dr Shazia Hussein Dr Louise Buchanan – Elected (2023-26) Dr Petra Jenkins – Invited Dr Fielder Camm – BJCA President (2022-24) Dr Abhishek Joshi – VP (2022-25) Dr Rebecca Dobson (2020 – 2023) Ms Bethan Maidmant – Medical Student Rep (2023-2026) Prof John Greenwood - Ex-officio (2021-2024) Dr Emily Morris – Co-opted (2022-2025) Dr Shouvik Haldar – Ex-officio (2022 – 2025) Ms Rachael O’Flynn – Ex-officio (Res. 2023) Dr Derek Harrington – Co-opted Dr Neha Sekhri – Elected (2022 - 2025)

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.

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 Cardiovascular Society Annual Report 2023

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) 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) Primary Care Cardiovascular Society

The BCS also has a formal Association with:

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

British Cardiovascular Society Annual Report 2023

Opinion

We have audited the financial statements of The British Cardiovascular Society (the ‘charitable company’) for the year ended 31 December 2023 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:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023 and of its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

British Cardiovascular Society Annual Report 2023

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 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:

the information given in the trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

British Cardiovascular Society Annual Report 2023

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.

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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and
we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011), and the Companies Act 2006.

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

making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

British Cardiovascular Society Annual Report 2023

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

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions.

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

reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

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: 10 September 2024

British Cardiovascular Society Annual Report 2023

For the year ended 31 December 2023

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

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

For the year ended 31 December 2023

Restricted Note £ Income from: - - - 34,000 - - - 34,000 3 - 3 - - - 69,215 - 69,215 11 - (35,215) Reconciliation of funds: 160,354 125,139 Net movement in funds Total funds brought forward Net gain/(loss) on investments Total funds carried forward Education courses, fellowships and grants Affiliated groups contribution Membership Annual conference Investments Total income Expenditure on: Other (35,215) Raising funds Total expenditure Net (expenditure)/income before investment gain/(loss) Charitable activities Publications Education courses, fellowships and grants Affiliated groups contribution 4 Charitable activities Publications Membership Annual conference	Unrestricted £ 563,890 467,131 1,128,715 267,925 53,635 181,131 127,825	2023 Total £ 563,890 467,131 1,128,715 301,925 53,635 181,131 127,825	Restricted £ - - - 169,000 - - -	2022 Unrestricted Total £ £ 473,959 473,959 545,039 545,039 1,033,511 1,033,511 222,675 391,675 54,127 54,127 137,566 137,566 117,441 117,441
34,000	2,790,252	2,824,252	169,000	2,584,318 2,753,318
- - - - 69,215 -	27,423 488,026 885,684 632,000 596,074 261,622	27,423 488,026 885,684 632,000 665,289 261,622	- - - - 70,112 -	27,500 27,500 435,359 435,359 928,031 928,031 586,500 586,500 557,679 627,791 291,565 291,565
69,215	2,890,829	2,960,044	70,112	2,826,634 2,896,746
- (35,215)	303,950 (100,577)	303,950 (135,792)	- 98,888	(716,298) (716,298) (242,316) (143,428)
(35,215) 160,354	203,373 6,458,992	168,158 6,619,346	98,888 61,466	(958,614) (859,726) 7,417,606 7,479,072
125,139	6,662,365	6,787,504	160,354	6,458,992 6,619,346

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

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Balance sheet

Company no. 3005604

As at 31 December 2023

			2023		2022
	Note	£	£	£	£
Fixed assets:
Intangible assets	9		23,999		59,685
Tangible assets	10		1,497,767		1,475,332
Investments	11		5,122,087		4,972,408
			6,643,853		6,507,425
Current assets:
Debtors	12	493,958		420,598
Cash at bank and in hand		460,175		448,614
		954,133		869,212
Liabilities:
Creditors: amounts falling due within one year	13	(810,482)		(757,291)
Net current assets			143,651		111,921
Net assets			6,787,504		6,619,346
The funds of the charity:
Restricted income funds	16		125,139		160,354
Unrestricted income funds:
Designated funds	17	1,870,130		2,322,973
General funds		4,792,235		4,136,019
			6,662,365		6,458,992
Total charity funds	15		6,787,504		6,619,346

Approved by the Trustees on 5 September 2024 and signed on their behalf by:

Prof Andre Ng Trustee

Dr Nik Patel Trustee

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Statement of cash flows

For the year ended 31 December 2023
Note £ £ A (200,171) 127,825 (46,362) (24,000) 3,857,529 (3,968,924) (53,932) (254,103) 774,715 B 520,612 A 2023 £ Net income / (expenditure) for the year 168,158 Depreciation charges 83,615 (Gains) / Losses on investments (303,950) Dividends and interest from investments (127,825) (Increase) in debtors (73,360) Increase in creditors 53,191 Net cash used in operating activities (200,171) B Cash at bank and in hand 460,175 Cash held with investment manager 11 60,437 520,612 C Analysis of changes in net debt (current year) At 1 January 2023 £ Cash at bank and in hand 448,614 Cash held at investment manager 326,101 Total cash and cash equivalents 774,715 Analysis of changes in net debt (prior year) At 1 January 2022 £ Cash at bank and in hand 515,428 Cash held at investment manager 335,212 Total cash and cash equivalents 850,640 Change in cash and cash equivalents in the year 2023 Analysis of cash and cash equivalents Net cash used in investing activities Net cash used in 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 / (expenditure) to net cash used in operating activities		£ £ (10,431) 117,441 (19,874) (65,200) 1,346,379 (1,444,240) (65,494) (75,925) 850,640 774,715 2022 £ (859,726) 80,653 716,298 (117,441) (1,565) 171,350 (10,431) 448,614 326,101 774,715 Cash flows At 31 December 2023 £ £ 11,561 460,175 (265,664) 60,437 2022
	(200,171)
	460,175 60,437
	520,612
	At 1 January 2023 £ 448,614 326,101
	774,715	(254,103) 520,612
	At 1 January 2022 £ 515,428 335,212	Cash flows At 31 December 2022 £ £ (66,814) 448,614 (9,111) 326,101
	850,640	(75,925) 774,715

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

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 2024, 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.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

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, and

-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.

	2023	2022
Membership	20%	18%
Annual conference	16%	16%
Education courses, fellowship and grants	21%	20%
Affiliated groups	16%	19%
Support costs	19%	18%
Governance costs	8%	9%

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.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

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 CRM system which was put into use during 2020 and has been depreciated over a 3 year period. This system will be replaced in 2024.

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 (loss)/gain 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 to 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.

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.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

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, and

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

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.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

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 2023	Raising funds £ - 27,423 - - - - - - - - - - -		Charitable activities				Governance costs £ 58,201 - - - - - 9,725 - 19,017 - 17,157 - -	Support costs £ 154,963 - - - - - 25,893 - 50,635 - - (2,250) -	2023 Total 2022 Total £ £ 802,724 769,014 27,423 27,500 50,330 14,950 43,742 66,193 692,230 651,592 203,305 202,461 134,128 111,531 28,087 36,144 262,293 232,255 582,858 627,787 17,157 15,121 (2,250) 15,913 118,017 126,285 2,960,044 2,896,746 - - - - 2,960,044 2,896,746
		Membership £ 164,199 - 50,330 - 60,230 - 27,436 - 53,653 - - - 39,339	Annual conference £ 127,953 - - - - - 21,380 - 41,809 582,858 - - 39,339	Publications £ - - - - 632,000 - - - - - - - -	Education courses, fellowship and grants £ 170,361 - - 43,742 203,305 28,466 28,087 55,666 - - - 39,339	Affiliated groups £ 127,047 - - - - - 21,228 - 41,513 - - - -
	27,423 - -	395,187 58,110 34,729	813,339 45,282 27,063	632,000 - -	568,966 60,290 36,033	189,788 44,962 26,872	104,100 20,597 (124,697)	229,241 (229,241) -
	27,423	488,026	885,684	632,000	665,289	261,622	-	-

Of the total expenditure, £2,890,829 was unrestricted and £69,215 was restricted.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023 3 Analysis of expenditure (prior year)

Raising funds £ - 27,500 - - - - - - - - - - -		Charitable activities	Charitable activities	Charitable activities		Governance costs £ 68,891 - - - - - 9,991 - 20,806 - 15,121 - -
	Membership £ 140,018 - 14,950 27,218 65,092 - 20,307 - 42,288 - - - 42,095	Annual conference £ 126,381 - - - - - 18,329 - 38,169 627,787 - - 42,095	Publications £ - - - - 586,500 - - - - - - - -	Education courses, fellowship and grants £ 150,843 - - 38,975 202,461 21,877 36,144 45,557 - - - 42,095	Affiliated groups £ 142,740 - - - - - 20,702 - 43,110 - - - -
27,500 - -	351,968 48,694 34,697	852,761 43,952 31,318	586,500 - -	537,952 52,459 37,380	206,552 49,641 35,372	114,809 23,958 (138,767)
27,500	435,359	928,031	586,500	627,791	291,565	-

Of the total expenditure, £2,826,634 was unrestricted and £70,112 was restricted.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

4 Net (expenditure) / income for the year

This is stated after charging:

Auditor's remuneration (excluding VAT)-prior year under provision Auditor's remuneration (excluding VAT)-current year Depreciation and amortisation	2023 2022 £ £ 83,615 80,653 15,825 11,900 400 1,000

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:
	2023	2022
	£	£
Salaries and wages	644,076	608,601
Social security costs	66,291	66,242
Pension costs	40,288	37,396
Temporary staff costs	52,070	56,775
	802,725	769,014
Staff costs above do not include staff whose costs are totally recharged to the BHF under the CRC		project
agreement between the BCS and BHF.
The following number of employees received employee benefits over	£60,000 (excluding employer	pension costs
and employer's national insurance) during the year:
	2023	2022
	No.	No.
£70,001 - £80,000	1	-
£90,001 - £100,000	-	1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £263,279 (2022: £268,352). Key management personnel comprise of 5 (2022: 4) senior staff members and the Board of Trustees. During the year there was a change in the CEO position with a short gap between the previous CEO leaving and their replacement starting.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £22,212 (2022: £22,524) incurred by 8 (2022:7) Trustees relating to attendance at meetings of the trustees and representing the BCS at other events.

6 Staff numbers

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

Support Governance Membership Annual conference Education courses, fellowship and grants Affiliated groups	2023 2022 No. No. 3.3 2.9 2.6 2.5 4.0 3.0 2.4 2.7 3.2 2.9 1.3 1.9 16.8 15.9

The average number of employees shown above excludes staff whose costs are totally recharged to the BHF under the CRC project agreement as referred to in Note 5 above.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

LUCIDASANS UNICODE Draft: 15 April 2024 12:34 Notes to the financial statements

For the year ended 31 December 2023

7 Related party transactions

There are no related party transactions to disclose for 2023 (2022: none) other than those disclosed 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 Depreciation on disposals in the year Amortisation At the start of the year At the end of the year Tangible fixed assets At the start of the year Additions in year At the end of the year Cost Amortisation charge in the year At the start of the year At the start of the year At the end of the year Cost 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	Freehold property £ 1,454,798 - -	Fixtures and fittings £ 33,141 46,362 (6,342)	£ £ 235,185 235,185 24,000 24,000 259,185 259,185 175,500 175,500 59,686 59,686 235,186 235,186 23,999 23,999 59,685 59,685 Archive collection Total £ £ 119,508 1,607,447 - 46,362 - (6,342) 119,508 1,647,467 119,508 132,113 - 23,929 - (6,342) 119,508 149,700 - 1,497,767 - 1,475,334 Computer Software Total
	1,454,798	73,161
	- - -	12,605 23,929 (6,342)
	-	30,192
	1,454,798	42,969
	1,454,798	20,536

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.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

11 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: £ % JP Morgan Fund lcvc JPM US Equity - - Brown Advisory Fds US Sustainable Gth - - 12 Accrued income Property funds Overseas Equities 2023 Unrealised gains/(losses) Fair value at the end of the year Prepayments UK Equities Trade debtors Other debtors Cash held by investment broker pending reinvestment Historic cost at the end of the year (including cash balances) Debtors Realised gains/(losses) Proceeds Fair value at the start of the year Additions at cost Book value of disposals Listed investments Disposals at book value Investments comprise:	11 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: £ % JP Morgan Fund lcvc JPM US Equity - - Brown Advisory Fds US Sustainable Gth - - 12 Accrued income Property funds Overseas Equities 2023 Unrealised gains/(losses) Fair value at the end of the year Prepayments UK Equities Trade debtors Other debtors Cash held by investment broker pending reinvestment Historic cost at the end of the year (including cash balances) Debtors Realised gains/(losses) Proceeds Fair value at the start of the year Additions at cost Book value of disposals Listed investments Disposals at book value Investments comprise:	11 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: £ % JP Morgan Fund lcvc JPM US Equity - - Brown Advisory Fds US Sustainable Gth - - 12 Accrued income Property funds Overseas Equities 2023 Unrealised gains/(losses) Fair value at the end of the year Prepayments UK Equities Trade debtors Other debtors Cash held by investment broker pending reinvestment Historic cost at the end of the year (including cash balances) Debtors Realised gains/(losses) Proceeds Fair value at the start of the year Additions at cost Book value of disposals Listed investments Disposals at book value Investments comprise:	2023 2022 £ £ 4,646,307 5,264,744 3,968,924 1,444,240 (3,767,512) (1,552,856) 213,931 (509,821) 5,061,650 4,646,307 60,437 326,101 5,122,087 4,972,408 4,773,723 4,184,452 3,767,512 1,552,856 90,017 (206,477) 3,857,529 1,346,379 2023 2022 £ £ 863,908 541,238 428,638 1,535,462 3,296,807 1,968,493 90,272 95,666 382,025 505,448 60,437 326,101 5,122,087 4,972,408 2022 £ % 289,506 5.82 278,165 5.59 2023 2022 £ £ 211,976 155,760 147,225 161,628 133,797 102,250 960 960 493,958 420,598

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

13 Creditors: amounts falling due within one year

Trade creditors Taxation and social security Other creditors Provisions Accrued expenses Deferred income (note 14)	2023 2022 £ £ 175,207 82,425 23,206 17,976 31,317 27,319 40,424 39,009 54,149 174,695 486,179 415,867 810,482 757,291

14 Deferred income

Deferred income comprises:

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	2023 2022 £ £ 415,867 335,432 (415,867) (335,432) 486,179 415,867 486,179 415,867

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 - 23,999 Tangible fixed assets - 1,497,767 Investments 4,773,723 348,364 Net current assets 18,512 - Net assets at 31 December 2023 4,792,235 1,870,130 General funds Designated funds £ £ Intangible fixed assets - 59,685 Tangible fixed assets - 1,475,332 Investments 4,184,452 787,956 Net current assets (48,433) - Net assets at 31 December 2022 4,136,019 2,322,973 Unrestricted Unrestricted Analysis of net assets between funds (prior year)	General funds Designated funds £ £ - 23,999 - 1,497,767 4,773,723 348,364 18,512 - Unrestricted	General funds Designated funds £ £ - 23,999 - 1,497,767 4,773,723 348,364 18,512 - Unrestricted	31 December 2023 Restricted funds Total funds £ £ - 23,999 - 1,497,767 - 5,122,087 125,139 143,651 125,139 6,787,504 31 December 2022 Restricted funds Total funds £ £ - 59,685 - 1,475,332 - 4,972,408 160,354 111,921 160,354 6,619,346
	4,792,235	1,870,130
	4,136,019	2,322,973

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

LUCIDASANS UNICODE Draft: 13 February 2024 14:38 Notes to the financial statements

For the year ended 31 December 2023

16 Restricted funds (current year)

At 1 January 2023 £ 17,864 16,206 46,284 - 80,000	Income & gains £ - - 24,000 10,000 -	Expenditure & losses £ - - (28,273) (10,000) (30,942)
160,354	34,000	(69,215)
At 1 January 2022 £ 17,864 16,206 27,396 - -	Income & gains £ - - 43,000 46,000 80,000	Expenditure & losses £ - - (24,112) (46,000) -
61,466	169,000	(70,112)

Purposes of restricted funds

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

DKH - Digital Knowledge Hub.

ELP - emerging leaders programme.

British Cardiovascular Society Annual Report 2023

The British Cardiovascular Society

Notes to the financial statements

For the year ended 31 December 2023

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 2023 Income & gains £ £ 1,535,017 - 787,956 - 2,322,973 -	Expenditure & losses £ (83,615) 303,950	Transfers At 31 December 2023 £ £ 70,364 1,521,766 (743,542) 348,364 (673,178) 1,870,130
		220,335

The balance on the fixed assets fund 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
	2022	gains	& losses	Transfers	2022
	£	£	£	£	£
Designated funds
Fixed asset fund	1,530,596	-	(80,653)	85,074	1,535,017
Investment revaluation fund	1,693,678	-	(716,298)	(189,424)	787,956
	3,224,274	-	(796,951)	(104,350)	2,322,973

British Cardiovascular Society Annual Report 2023

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

We will:

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

Introduction

Society membership by category, 2017-2023

Key achievements this year

TRUSTEES' REPORT

2023 Overview

Looking forward to 2024

TRUSTEES' REPORT

Introduction

Key achievements this year

Final Centenary Celebrations

TRUSTEES' REPORT

2023 Overview

Looking forward to 2024

TRUSTEES' REPORT

Introduction

Key achievements this year

2023 Overview

Looking forward to 2024

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

Education

Vice President, Dr Shouvik Haldar Introduction

Key achievements this year

TRUSTEES' REPORT

2023 Overview

Looking forward to 2024

BHF CRC

Introduction

Key achievements this year

TRUSTEES' REPORT

Looking forward to 2024

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

Introduction

Key achievements this year

2023 Overview

Looking forward to 2024

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

TRUSTEES' REPORT

Council

Committees

TRUSTEES' REPORT

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Use of our report

The British Cardiovascular Society

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

For the year ended 31 December 2023

The British Cardiovascular Society

Balance sheet

As at 31 December 2023

The British Cardiovascular Society

Statement of cash flows

The British Cardiovascular Society

Notes to the financial statements