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2023-03-31-accounts

Company number: 04480121 Charity number: 1093808

British Society of Echocardiography

Report and financial statements For the year ended 31 March 2023

British Society of Echocardiography

Contents for the year ended 31 March 2023

CONTENTS

Reference and administrative information ............................................................................................ 1 Trustees’ annual report .......................................................................................................................... 2 Independent auditor’s report .............................................................................................................. 17 Statement of financial activities (incorporating an income and expenditure account) ...................... 21 Balance sheet ....................................................................................................................................... 22 Statement of cash flows........................................................................................................................ 23 Notes to the financial statements ........................................................................................................ 24

British Society of Echocardiography

Reference and administrative information for the year ended 31 March 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Legal status

The charity is an incorporated charity governed by its Memorandum and Articles. There are no restrictions in the governing document on the operation of the charity or on its investment powers, other than those imposed by general charity law. The full name of the charity is the British Society of Echocardiography; the Society was incorporated as a company limited by guarantee on 8th July 2002 under the Companies Act 1985 and registered as a charity on 13[th] September 2002.

Registered Company Number: 04480121 Country of Incorporation: United Kingdom

Charity Registration number: 1093808 Country of Registration: England and Wales

Registered Office: Unit 111, The Print Rooms, 164-180 Union Street, London, SE1 0LH

The members of the Board of Trustees of the Charity and Directors of the Company at the date the report and accounts were approved: -

Prof D Augustine (President Elect) Dr M Paton (appointed 15 October 2022) Ms C Barker Mr K Pearce (resigned October 2022) Ms S Bennett Mr S Robinson Dr C Colebourn (President) Mrs J Skipper (Honorary Secretary) Ms W Gamlin Prof M Stout (Vice President) Prof S Hothi Dr C Townsend Dr T Ingram Dr K Victor (appointed 15 October 2022) Prof D Oxborough

Chief Executive Officer

Ms J Sopala

Auditor

Sayer Vincent, Chartered Accountants and Statutory Auditor, Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Bankers

Bank of Scotland. St James's Gate, 14-16 Cockspur Street, London, SW1Y 5BL NatWest. 47 Market Street, Lichfield, Staffs, WS13 6YB

Advisors

Charles Russell Speechlys LLP, 5 Fleet Place, London, EC4M 7RD.

Investment Managers

Chase De Vere, 8 Exchange Way, Salford Quays, Manchester M5 5EJ

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Message from the President and CEO

Whether you are reading this as a member or a potential funder, we hope this Trustees’ Annual Report will demonstrate that the Society is fulfilling its commitment to its members and upholding quality and professional standards throughout our portfolio.

From a membership perspective we must thank our British Society of Echocardiography (BSE) office team who have once again delivered on a budget which has left us with a surplus to plough into member focussed projects and has held the Society in a stable financial position. This is our firm foundation.

Our 2022 conference was a highlight of the year, with 1284 delegates accessing education with us, more than 25% of our total membership. Feedback on the content offered reflects the hard work of the Education Committee. Their output develops every year catering for all echo groups whom we accredit.

This year has also seen the development of our key group, the Regional Reps Committee which has now grown to 61 members across the UK. The eyes and ears of our members, they provide vital input and a pathway to the work of the Society. Congratulations to all involved in its development.

Our accreditations continue to develop annually, reflecting real-world UK echo practice and setting the UK gold standard. Each year we inject around 200 newly qualified echocardiographers into the workforce which is a 5% increase per annum. Accreditation relies on our Accreditation Committee, a huge team of examiners and intense support from the operational team. The NHS depends on the willingness and expertise of our examiners which is given for free with the sole purpose of upholding standards for patients – we should all be proud of this.

The partner team to individual accreditation is our Clinical Standards Committee which has focussed on modernising our EQA pathway this year, moving to a new on-line platform to be launched in the autumn and working hard behind the scenes to get departments through the process.

A key workstream for 2022-23, spanning all departments has been our workforce programme. Set to be a continuing theme in the coming years, we are very grateful to all those who helped us advocate for our highly specialised workforce, especially our Workforce Committee and those involved in the production of our landmark workforce report which we believe will act as a call to arms.

Other highlights of this year will be the launch of the new membership resources hub, the brainchild of our new Membership Resources Committee and our journal Echo Research and Practice achieving an incredible impact factor of 6.3.

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

The BSE continues to demonstrate its agility in navigating the complex world of healthcare to fully represent its members. Thank you to our brilliant team of Trustees, examiners, committee members, regional representatives and of course the operational team who make it all happen.

Thank you for your continued faith in our team,

Claire Colebourn Jo Sopala President Chief Executive Officer 21 September 2023 21 September 2023

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

We are pleased to present the report and the financial statements for the year ended 31st March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The Objects of the Charity

The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The directors of the company are also Trustees of the charity.

The charity's objects are: -

(1) The protection and preservation of health and the effective relief of sickness by:

(2) To advance, promote and carry on study and research into Echocardiography and to disseminate the useful results of any research.

Objectives achieved in the period, a review of activities and significant changes including development and plans for the future

The Trustees wish to take this opportunity to recognise the incredible contribution our members have made to maintaining public health and safety during what continue to be challenging times. The ongoing national focus on echocardiography as a result of growing waiting lists, set against the backdrop of a shortage of experienced echocardiographers and an already strained workforce, has at times felt relentless. However, BSE members have shown resilience, creativity and immense determination to deliver the highest standards of echo for all. Please know your efforts are recognised and valued.

We would also like to thank the Advisory Council, BSE Committees and our office-based team for their tireless efforts in ensuring we have continued to provide our core services and whilst looking for new ways to support the needs of our members.

The Board of Trustees are pleased with the performance of the charity during this financial period. During the budget period it was acknowledged that there was some uncertainty around how members would feel about returning to face-to-face events, the Society budgeted conservatively in line with its strategy of stabilisation. With slightly better than expected income and cautious spending we ended the financial year with a surplus. The surplus will be used to support our members, through a bursary programme and support of other membership benefits. The Board consider the charity to be in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

Membership at the end of the year reached 4,698, an increase of 274 (6%) on the previous year. This included 3,263 standard, 1,224 pre accreditation and 142 international members. The breakdown of membership according to profession continues to be approximately two thirds’ Physiologists/Scientists and the remaining one third are Cardiologists, Intensivists, Anaesthetists, and others (e.g., GPs and nurses). Membership fees for 2022/23 were priced at £100 for Standard Membership, £70 for Pre-Accreditation members. International members pay £50.

The fellowship programme awarded two fellowships this year to Sadie Bennett and Arionilson Gomes, both of whom easily proved their contribution and commitment to the field of echocardiography. Their award was announced at the AGM held at conference alongside the very popular announcement of Professor Roxy Senior who was deservedly recognised with a Lifetime Achievement Award for his many accomplishments in echocardiography. Professor Otto Smiseth was awarded Honorary Fellowship for being the International Speaker at BSEcho 2022 with his enthusiastically received presentation on imaging for heart failure.

In last year’s report we outlined our priorities for the future as:

As you will see from the detail in the report which follows, we have made good progress on most of these objectives. One limitation on our activities has been the capacity within the echo community.

The progress on bringing in increased trainees adding to the burden on the exhausted and diminishing group of experienced echocardiographers.

Our focus at all times throughout the past year has been to represent, advocate for and support our members. We have worked with national bodies with a view to managing the overwhelming backlogs of patients in a constructive and patient and member focussed way.

The Advancement of Education and Training

BSEcho2022 was our first hybrid event, attracting 1,285 delegates (split almost evenly between faceto-face and virtual) and 57 speakers. There were tracks on a variety of topics including echocardiography in pregnancy, the assessment of valvular heart disease and congenital heart disease. There was a dedicated training track which received excellent feedback.

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Trustees’ annual report for the year ended 31 March 2023

The invited and international talks on the final session saw Keith Pearce and Otto Smiseth rounding off conference with talks on ‘The past, present and future of the BSE’ and ‘Imaging in heart failure’ respectively. The atmosphere at the live event was incredible with people reporting it had given them a significant boost.

We were delighted to receive a record number of high-quality abstract submissions. Furthermore, we were pleased to be able to offer attendance bursaries to 47 members, as well as 18 travel bursaries. The feedback on the programme and all other elements was extremely positive, with 90% of delegates rating the educational content of the conference as good or excellent and 99% of delegates reporting that the conference would have an impact on their clinical practice.

We could not run these events without the additional professional support we get from Medivents and Verdicotts and we thank them for their expertise and support. We would also like to acknowledge the invaluable contributions of our 20 industry exhibitors and 3 charitable partners and thank our annual partners GE, Philips, Ultromics, Janssen, Alnylam and Xyla Diagnostics.

BSE + ICE was our other hybrid event with further positive feedback. 96% of delegates saying they would recommend BSE + ICE to their colleagues and 100% of delegates reporting that the conference would have an impact on their clinical practice. 15 speakers and 252 delegates attended in total. Although a smaller number than hoped attended in person (25%), those who did, provided extremely positive feedback and commented on the sense of community in particular.

The number of people benefiting from our Exam Prep course, run in September and February in advance of the written exams, increased to 258 this year (225 last year). A new review committee was formed in December 2022 with the intention of continuing to review and develop this online resource. We received some feedback from candidates regarding the question format and accuracy however these were quickly addressed and resolved by the team. Overall feedback remained very positive and this is a highly valued resource for the growing number of trainees joining the echo community.

Advanced Imaging 2022 took place in July 2022 via a webinar focussed on imaging in atrial fibrillation. Talks covered atrial anatomy, assessment of atrial anatomy / function by multimodality imaging and imaging in atrial and AF interventional procedures. There were 302 delegates and feedback was excellent, with 99% saying it would impact on clinical practice and 100% would attend another BSE webinar.

We have continued to offer our regional meetings via webinar. During this period these joint initiatives between the Education and Regional Representatives Committee delivered

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Trustees’ annual report for the year ended 31 March 2023

The Right Heart Assessment eLearning module was launched in September 2022 and has been accessed by over 240 people.

In total, there were 2,633 delegates for BSE education offerings in the period.

Over the year total income for educational and training activities was £520k (2022: £331k) with direct expenditure of £402kk (2022: £93k) giving a surplus of £118k (2022: £238k), before allocation of £178k (2022: £181k) support and governance costs.

Promoting Best Practise in Echocardiography

BSE guidelines and guidance are another important way in which we advance education and promote the highest standards of practice . A practical guideline for performing a comprehensive transthoracic echocardiogram in the congenital heart disease patient: consensus recommendations from the British Society of Echocardiography Liam Corbett et al, was published in Echo Research and Practice, the Society’s peer reviewed journal, in October 2022 and Clinical indications and triaging for adult transthoracic echocardiography: a statement by the British Society of Echocardiography Sadie Bennett et al was published in July 2022.

June 2022 saw the first Echo, Research and Practice (ERP) article with our new publishers, Springer Nature and has continued to publish on a monthly basis ever since.

Professor Petros Nihoyannopoulos made the difficult decision to step down as Editor-in-Chief due to competing work demands. As founding Editor-in-Chief, he had done a tremendous job of overseeing ERP and we were delighted that he agreed to remain a member of the editorial board. In June 2022, Professor Mark Monaghan agreed to take on the role of Editor-in-Chief after excelling in various roles on the editorial board of ERP for several years. Mark appointed Professor Paul Leeson and Mr Shaun Robinson to support him in the roles of Deputy Editors-in-Chief. The BSE continues to cover the costs of members’ APCs.

In addition to ERP, ECHO has remained a steadfast source of education and sharing for our members. The Trustees would like to thank the authors who have submitted to our quarterly journal and contributed significantly to the knowledge base. This year it included an array of articles ranging from attention-grabbing case reports to impactful service audits, conference reviews, and an accreditation tips and tricks series. Additionally we saw a heavier focus on paediatric and adult congenital pieces. 14,352 copies of ECHO were delivered to members in the last year.

Our communication via virtual means continued to increase. We saw year-on-year growth across Facebook (+772), LinkedIn (+2886), Instagram (+382), and Twitter (+961). Unfortunately, due to changes in operation at Twitter, we can no longer easily track our impressions, but it remains highly interactive. We had 309,639 impressions on LinkedIn, which was our most significant growth area.

In our last report we outlined the creation of the Membership Resources Committee, a decision that was made so as to channel more attention and resource into the needs of the membership. Thank you to all who volunteered to work with us to create a hub of useful and relevant resources that could be used by the whole membership, minimising required effort, enhancing time efficiency and

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Trustees’ annual report for the year ended 31 March 2023

offering reassurances through examples of good practice. We were overwhelmed by the number of interested people. The Membership Resources Hub is planned to launch in July 2023.

In our report last year, we also highlighted the need to reestablish our Regional Representatives. The network now boasts a phenomenal 61 representatives – thank you to all who put themselves forward. These representatives are from both physiology and medical backgrounds, NHS and private sector, and include trainees and accredited members. The map and rep contact details have been promoted widely on social media, in ECHO and can easily be found on the BSE website giving members improved access to their local rep. This has led to an increase in the number of members reaching out to representatives for advice and guidance.

The representatives have been assisting with the communication and promotion of: BSE upcoming events; travel and education bursaries; signposting of accreditation clinics; encouraging members to consider publication in ECHO or Echo Research & Practice; and participate in data collection projects. The network is striving to improve its links with the HEE regional trainers, the National School of Healthcare Science, and the medical deanery training leads, in a bid to share best practice, training sessions and guidance to the whole echo workforce.

Promoting High Standards of Professional Competence

The Society seeks to promote high standards of professional competence through both personal and departmental accreditation and revalidation.

Demand for our personal accreditation has increased as Health Education England initiatives, such as the Echo Training Programme, begin to take effect. The Trustees would like to extend their sincere thanks to all assessors, who give up repeated weekends to ensure candidates can proceed through the accreditation process and to our question writers who provide the bank of questions for the theory exams.

In order to meet the growing demand for accreditation and in recognition of the huge burden our volunteers are facing at work, reducing their capacity for supporting the BSE, the accreditation committee have recruited and trained additional examiners to help with the increase in candidate numbers.

Virtual Assessor workshops have also been set up as part of training and running QA checks on active examiners. We hosted two online workshops and aim to increase to three in the next financial year.

We continued to work with PearsonVue to deliver our two theoretic examinations per year. Results this year were:

this year were:
Speciality Total number of candidates Percentage pass rate
TTE 502 64%
ACCE 11 81%
Stress 20 90%
TOE 33 81%
CHD 3 100%

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

We held four full practical assessment days, with an additional ad hoc TOE exam and two Stress Echo exam days. The results were:

Speciality Total number of candidates Percentagepass rate
TTE 208 76%
ACCE 6 83%
Stress 8 90%
TOE 16 81%
CHD 3 100%
Level I 33 39%

November 2022 saw the launch of our less than full-time ( LTFT) training/part-time (PT) option for candidates undergoing any of the BSE’s accreditation processes. Those who successfully apply for a BSE LTFT/PT extension request will have their logbook submission deadline extended appropriately in accordance with the percentage of hours they work. Those working 60% and below full-time hours will receive a 24-month extension whilst those working 61% and above will receive a 12month extension. Our usual extension policies remain in place for members who require an extension but do not meet the LTFT training/ PT criteria.

The Clinical Standards Committee have been busy assessing new Departmental Accreditation applications and reaccreditation submissions, as well as assessing Echo Quality Accreditation (EQA) applications. Given growing demand for the accreditations and reduced capacity from assessors, the Committee are assessing face-to-face where possible but are open to virtual visits if more suitable.

Congratulations to the following centres for achieving departmental accreditation including EQA;

Congratulations to the following centres for achieving EQA;

Taking on board feedback from applicants, assessors and the BSE team, we have been working on a new portal-based system for the echo quality framework which is open access for all members and will be launched Autumn 2023. Centres will be able to create a department login and upload evidence as a self-assessment tool before applying for assessment once they feel ready to apply for echo quality accreditation. This will be much more user-friendly as evidence can be uploaded over time rather than having to do it all at once upon application submission. This will be available to all centres to assess EQF evidence prior to the departmental accreditation visit.

As well as supporting members applying for accreditation, the committee also work hard behind the scenes to offer advice and signpost members to other resources in order to help them improve their services. To this end there are many resources on the EQA part of the website, all available for use.

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

The income from accreditation during the year was £232k (2022: £176k) with direct costs of £210k (2022: £172k) resulting in a surplus of £22k (2022: surplus of £4k), before allocation of £77k (2022: £98kk) support and governance costs. The increase in annual costs reflects increased fees charged by the written examination provider.

One of the key ways in which the BSE now promotes best practise and the highest standards of professional competence is by advocating for the echocardiography workforce. The Trustees are grateful to all who have contributed to this stream of work with us, whether you completed the surveys, participated in our working group or simply shared your experience with us. Providing us with a true picture of the challenges being faced has provided us with the evidence required to influence and advocate for sustainable solutions at the highest levels.

Following publication of our first workforce report in 2021, the data was analysed by Professor Alison Leary, Chair of Healthcare and Workforce modelling, London South Bank University, and independent analyst, Dr Geoff Punshon, and we asked them to advise on next steps. Recognising the continuing themes around capacity and retention, Professor Leary recommended assembling a working group to deep dive into the issues. The group was selected to ensure a mix of geography, experience and setting (tertiary centres/DGH, etc) were represented.

As expected, retention and lack of progression opportunities emerged as key issues, as well as the increasing impact of the rookie factor. Professor Leary described the ideal training ratio as being no more than 20% of staff at the level of trainee in a team.

From this workshop Professor Leary developed a further survey, this time asking each echocardiographer for their experience to help us understand the specific challenges and opportunities the workforce was experiencing and to understand issues such as working conditions, opportunities for workload redistribution and demand for labour.

The survey responses provided a wealth of data and stressed the urgency of the situation. Echocardiographers expressed concern about the level of pressure faced, the risk of musculoskeletal injury, and frustration about the lack of opportunity to progress in their chosen profession. They provided valuable insight into the amount and type of unpaid work being carried out as well as the amount of administrative support available and the other types of roles which could support teams and increase capacity.

Having compiled the data and working with the Workforce Committee, Professor Leary proposed that the best way she could assist the echocardiographer workforce was to write a policy paper outlining the issues and making specific recommendations to address them. The plan is to launch the paper and recommendations to coincide with the launch of the NHS long term workforce strategy.

Aligned to this work, in May 2022 we were invited to submit written evidence to the Health & Social Care Committee’s Expert Panel on Workforce, which provided us with an incredible opportunity to present our data on behalf of echocardiographers and influence NHS policy going forward.

Providing or facilitating training for those in the practise of echocardiography

The BSE has worked with the National School for Healthcare Sciences (NSHCS) to support the welcomed increase in the number of trainees via the Echo Training Programme (ETP), whilst reinforcing to NHS England, Health Education England and other devolved bodies that more trainees are only one part of the solution. Without programmes in place to retain experienced staff, trainees,

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Trustees’ annual report for the year ended 31 March 2023

including junior cardiologists as well as physiologists and other medics, cannot access the training and mentoring required for this complex skillset.

Based on feedback received from the BJCA regarding a lack of access to basic echo training for cardiology registrars, we have spent the last year working with the BJCA, Cardiology Specialist Advisory Committee and our Regional Representative Committee to establish a regional induction training programme. The Trustees would like to express particular thanks to Dr Richard Fisher, Level 1 Education Lead who has provided online course materials and a basic for the programme which will be replicated across the country in the pilot programme which launches in September 2023.

Following the successful completion of the second cohort of the Resilience in Leadership Programme, we took the opportunity at BSEcho 2022 to meet with participants from cohort one and two to assess the value of the programme and consider next steps. The options discussed were to continue rolling out the programme to new participants, or to look at further leadership development for the early cohorts. Whilst everyone was keen to benefit from further development, they did not want to do so at the cost of others. It was therefore agreed that a third course should be our first priority and that we should develop a plan for further development should funding be available at a later date. We were delighted to secure matched funding via the Kairos Project again to enable the third cohort to be recruited. The third group began in May 2023.

To Advance, Promote and Carry on Study into Echocardiography

The BSE Research and Audit subcommittee has continued to develop our research outputs and reach. In the last financial year it:

In July 2022 the Committee held a BSE N-STEP update webinar with 153 attendees. The webinar and speakers were very well evaluated and appreciated.

Significant Changes, Developments and Plans for the Future

Despite the uncertainty of the last few years, the Society has remained financially stable and able to deliver on its objectives as a result of careful budgeting and management of expenditure. It has continued to be responsive, resourceful and adaptable. Its relatively small scale has facilitated quick decision making and its robust processes have ensured our sustainability for our members and the benefit of the public.

The Trustees are acutely aware however that the continued growth of the organisation across all areas requires additional infrastructure to sustain delivery, both in terms of staffing and the army of

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Trustees’ annual report for the year ended 31 March 2023

volunteers who carry out the objects of the Society. We need to ensure that our volunteers are recognised and rewarded appropriately and that we can meet the needs of our members.

On that basis the Trustees are committed to a strategy of consolidation for the next year. We will not be adding additional programmes of work but will be focussing on the delivery of all current activities. A number of the new initiatives planned in the last year are coming to fruition in the next financial year, for example the Registrar Training, the new EQA portal and the Membership Resources Hub, and we need to ensure we can fully deliver these before considering any further projects.

The only significant change planned in the foreseeable future is if/when we receive a Royal Charter. We are in ongoing conversation with the Privy Council regarding this.

The Organisational Structure and How Decisions Are Made

The Society has a full-time Chief Executive Officer who works with a team of 6 full time and 2 part time staff members, responsible for delivering all administrative, membership, accreditation, financial, marketing and educational activities. We would like to thank the team for their exceptional work. They are committed to delivering on all of our objectives, no matter what is thrown at them and to date have managed to deliver. The Trustees recognise that the Society has grown significantly in a relatively short space of time, not just in terms of member numbers but also in terms of the number and types of accreditations offered, the range of educational events, the volume of queries dealt with by the team and the level of engagement with members. We will continue to work with the CEO to ensure we have the required infrastructure and resources to continue delivering for our members.

The Board of Trustees meets at least 4 times each year and are supported in their decision making by an Advisory Council. The work of the Society is directed through sub-committees: The Accreditation Committee, responsible for personal accreditation; the Clinical Standards Committee, responsible for departmental accreditation and echo quality accreditation, ; the Education Committee, responsible for scientific meetings, guidelines, on-line learning and research; the Member Resources Committee, (previously the Communications Committee) responsible for publications, clinical content on the website and membership engagement; the Workforce and Leadership Committee, with the responsibility for our workforce and leadership projects and Regional Representative Committee, with the goal of creating an easier network to facilitate two way communication stronger.

There is also a standing committee comprising the Trustees, Committee chairs and the CEO, with six weekly communications by videoconference. The Board and its committees are supported by the office team. The committees, CEO and administrative staff have delegated authority to carry out day to day work within policies approved by the Board.

Method of Election of the Trustees

As described in the Articles of Association, the Society may elect up to thirteen individuals as Elected Trustees, for a term of up to 3 years; all are eligible for re-election of a further 3-year term, with their term commencing at the AGM. No Elected Trustee shall serve more than two consecutive terms except when they have been elected as an Honorary Officer in which case, they shall continue to be an Elected Trustee and Honorary Officer for the remainder of their respective term of office as an Honorary Officer as set out in Article 21.13.

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

The Trustees may appoint an Appointed Trustee to fill a particular skills gap which the Trustees have recognised to be helpful to be represented on the Board or to ensure that the composition of the Board better reflects the membership of the Society. The term of an Appointed Trustee is 3 years from the date of appointment and they may be reappointed for a further 3 year term. An Appointed Trustee is not eligible to be appointed as an Honorary Officer.

If the President and/or the President-Elect is a medically qualified doctor, only a person who practises another discipline from the range of disciplines practised by the Members shall be eligible to be nominated and appointed as either Vice President or Vice President-Elect and vice versa.

Any Trustee vacancies will be advised to members at least 6 weeks and nominations from members must be received at least 4 weeks before the AGM. If nominations exceed the number of vacancies a ballot will be held, and each Company member will have 1 vote for each Trustee vacancy. New Trustees are required to participate in a Trustee Induction Programme to ensure a thorough understanding of responsibilities and all areas of good governance.

Remuneration policy

All newly recruited staff are subject to the Society’s probationary period which includes objectives which are reviewed before employment is confirmed. The Society conducts an annual appraisal and pay review for all staff, measuring staff performance against KPIs with due regard to industry benchmarks and salary levels for similar roles.

Review of the Society’s Financial Position

The financial accounts are set out on pages 21 to 35 together with notes to the accounts. 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) - (Charities SORP FRS 102) and the Companies Act 2006.

The Statement of Financial Activities show net income for the year, before net losses on investments, of £69k (2022: net income of £74k). The total unrestricted funds at the year end, stand at £694k (2022 £643k). Most of the Society’s usual expenditure is spent on delivery and administration of core activities.

The Society’s investment portfolio is managed by Chase De Vere and is restricted to ethical investments. During the year, the Society increased investment funds by £100k, however, the portfolio suffered investment losses of £18k (2021: £4k) and, therefore, had a value of £297k at year end (2022: £215k)

In terms of the misappropriated funds previously reported, £12,558.67 was received in January 2023 via HM Courts and Tribunals Service. The case is now concluded.

Availability and adequacy of assets of each of the funds

The board of Trustees is satisfied that the charity's assets are available and adequate to fulfil its obligations.

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

In March 2022, the Trustees planned a breakeven budget for the year under review, uncertain how the Society’s activities would be impacted following the Covid-19 pandemic. The Society continued to carefully control costs within budget and thanks to increased annual Membership and Industry support the Society has returned a net surplus of £51k, thereby growing unrestricted Reserves at the year end.

In the interests of continuing to support membership benefits, the Trustees have resolved to designate £45k of the Society’s unrestricted Reserves as follows: £20k towards travel bursaries for members to attend the October 2023 Annual Meeting, and £25k towards costs associated with our application for Royal College status.

The Trustees consider the Society remains a going concern.

Policies on reserves

The Reserves Policy states the Society maintains free unrestricted reserves to provide a level of working capital that protects the continuity of our core work; to maintain a minimum reserve level equivalent to four - six months of general expenditure; to provide a level of funding for unexpected opportunities; to provide cover for risks such as unforeseen expenditure or unanticipated loss of income. The Trustees will continue to review the above criteria with reference to the Society’s strategy and Annual Plan and determine the target level of free reserves to meet these.

The unrestricted funds held on 31[st] March 2023 are £694k. After accounting for fixed assets of £32k and designated reserves of £45k, the Society has free reserves of £617k (2022: £557k). The Trustees are satisfied that this level of reserves is adequate, as it represents just less than 6 months’ of general expenditure which is consistent with the minimum reserve level of 4-6 months as set in the policy.

Major risks to which the charity is exposed and reviews and systems to mitigate risks

The Society’s Risk Register identifies a number of high, medium, and low risks (both strategic and operational) currently facing the Society. The Risk Register, which is reviewed by the Trustees at meetings throughout the year, identifies actions required to improve systems and controls in order to mitigate exposure to the risks which have been so identified and reviewed. These include the requirement for detailed financial reports to be presented to the Trustees on a quarterly basis and for the accounts to be regularly explained to all members of the charity and open for member's inspection at any time.

In the current environment we anticipate cyber threats, for instance a data breach or ransomware attack, to be viewed as higher risk. We employ a dedicated IT consultant to advise us on security of both systems and software and invest in appropriate levels of security.

We have an experienced and highly valued team of staff and are alert to the risk of losing vital knowledge and skills. We offer development opportunities, benchmark salaries and regularly review packages to retain our team.

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British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity'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.

As an organisation working in the field of healthcare, the raison d’etre of the BSE is to protect and preserve health, and to relieve sickness through improvement in echocardiography. Specific areas in which it seeks to achieve this include:

The Trustees would like to acknowledge the significant contribution made by all who volunteer their time to support the work of the Society.

The charity did not participate in any fundraising schemes nor use the service of a professional fundraiser or commercial participator to carry on any of those activities, and therefore no monitoring of such activity is applicable.

Neither the charity nor any person acting for the charity was subject to any voluntary scheme of regulated fundraising, and therefore no failure to comply has been noted, nor any complaints received.

Although the charity does not receive or solicit donations of income from the general public, including vulnerable people, it seeks to follow best practice in its interactions with both public and private sector donors, including practice recommended in codes such as the English Code for Fundraising Practice. The charity’s work is predominantly funded by membership and event fees however it does receives some funding from UK Government departments, industry partners and Foundations and maintains strong collaborative relationships with its funders and is grateful for their support and confidence.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ annual report (which incorporates the company directors’ 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 charitable company and of the incoming

15

British Society of Echocardiography

Trustees’ annual report for the year ended 31 March 2023

resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements the Trustees are required to:

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transaction and enable them to ensure that statements comply with the

Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at 31st March 2023 was 4,698 (2022: 4,424). The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

No Trustee received any remuneration for these services; expenses reimbursed are shown in note 9 to the financial statements.

This report has been prepared in accordance with the provision in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies’ regime.

This report was approved by the Board of Trustees on the 21[st ] of September 2023.

...............................................

Dr Claire Colebourn

Director and Trustee

16

Independent auditor’s report

To the members of British Society of Echocardiography

Opinion

We have audited the financial statements of British Society of Echocardiography (the ‘charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Prior year unaudited

The financial statements of British Society of Echocardiography for the year ended 31 March 2022 were unaudited. An independent examination was performed which expressed an unmodified opinion on those statements.

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 British Society of Echocardiography '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.

17

Independent auditor’s report

To the members of British Society of Echocardiography

Other Information

The other information comprises the information included in the trustees’ annual report, including the strategic 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:

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

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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

18

Independent auditor’s report

To the members of British Society of Echocardiography

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

19

Independent auditor’s report

To the members of British Society of Echocardiography

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Fleur Holden (Senior statutory auditor)

21 September 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

20

British Society of Echocardiography

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

For the year ended 31 March 2023

For theyear ended 31 March 2023
Note
Income from:
2
Membership
3
3
3
3
20
Membership
4
4
4
4
Education: Research and training
4
6
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward
Net (losses) on investments
Net income / (expenditure) for the year
Annual conference and meetings
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Charitable activities
Accreditation
Echo in Africa
Education: Research and training
Annual conference and meetings
Bank interest
Total income
Expenditure on:
Other income
Accreditation
Donations
Charitable activities		 Unrestricted
£
747
437,392
462,738
231,681
57,723
12,559
144		 Restricted
£
-
5,163
-
-
-
-
-		 2023
Total
£
747
442,555
462,738
231,681
57,723
12,559
144
1,208,147
272,841
463,702
287,118
-
115,692
1,139,353
(18,088)
50,706
-
50,706
642,814
693,520
68,794		 Unrestricted
£
793
435,857
286,440
176,428
44,498
617
10		 Restricted
£
-
-
-
-
-
-
-		 2022
Total
£
793
435,857
286,440
176,428
44,498
617
10
1,202,984 5,163 944,643 - 944,643
267,678
463,702
287,118
-
115,692		 5,163
-
-
-
-		 323,400
225,497
270,301
-
47,306		 -
-
-
3,708
-		 323,400
225,497
270,301
3,708
47,306
1,134,190 5,163 866,504 3,708 870,212
(18,088)
68,794		 -
-		 (4,065)
78,139		 -
(3,708)		 (4,065)
74,431
50,706
-		 -
-		 74,074
-		 (3,708)
-		 70,366
-
50,706
642,814		 -
-		 74,074
568,740		 (3,708)
3,708		 70,366
572,448
693,520 - 642,814 - 642,814

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18a to the financial statements.

21

British Society of Echocardiography

Balance sheet

Balance sheet
As at 31 March 2023 Company no. 04480121
Note
Fixed assets:
11
12
Current assets:
13
Liabilities:
14
18a
Total unrestricted funds
Total assets less current liabilities
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Total net assets
Debtors
Creditors: amounts falling due within one year
Net current assets
Investments
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 £
111,950
422,700		 2023
£
31,588
297,328		 £
94,327
522,489		 2022
£
39,877
215,416
328,916
364,604		 255,293
387,521
534,650
(170,046)		 616,816
(229,295)
45,000
648,520		 45,000
597,814
693,520 642,814
693,520 642,814
-
693,520		 -
642,814
693,520 642,814

Approved by the trustees on 21 September 2023 and signed on their behalf by

Caroline Barker Finance Trustee

Dr Claire Colebourn President

22

British Society of Echocardiography

Statement of cash flows

For the year ended 31 March 2023

For the year ended 31 March 2023
Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Losses on investments
(Increase)/decrease in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
Net cash (used in) investing activities
Cash flows from investing activities:
Purchase of fixed assets
Purchase of investments		 £
£
50,706
16,929
18,088
(17,623)
(59,249)
8,851
(8,640)
(100,000)
(108,640)
(99,789)
522,489
422,700
At 1 April
2022
Cash flows
£
£
522,489
(99,789)
522,489
(99,789)
2023		 £
£
70,366
15,201
4,065
52,446
29,935
172,013
-
-
-
172,013
350,476
522,489
Other non-
cash
changes
At 31
March
2023
£
£
-
422,700
-
422,700
2022
8,851
(108,640)		 172,013
-
At 1 April
2022
£
522,489		 Other non-
cash
changes
£
-
(99,789)
522,489		 172,013
350,476
422,700 522,489
Cash flows
£
(99,789)		 At 31
March
2023
£
422,700
522,489 (99,789) - 422,700

23

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies

a) Statutory information

The registered office and operational address is Unit 111, The Print Rooms, 164-180 Union Street, London, England, SE1 0LH.

b) 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) - (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.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £1.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

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.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The Trustees have reviewed financial forecasts for a period of at least 12 months from accounts approval date with assumptions of both good and pessimistic scenarios; they have considered possible uncertainties, as well as potential risks and their mitigating factors; further to this they conclude the charity remains a going concern.

e) 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.

The membership year runs concurrently with the financial year. Subscriptions received in March relating to the next membership period are accounted for as deferred income.

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

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

24

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

g) 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.

h) 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:

i) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

j) 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.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

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

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

25

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. 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.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

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:

Equipment 4 years (25% straight-line basis)
Website 5 years (20% straight-line basis)

n) 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. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

o) 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.

p) 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.

q) 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.

r) Financial instruments

The charity has both basic and non-basic financial assets and financial liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Non-basic financial instruments are measured at fair value with any gain or loss going to the statement of financial activities. Full details are given in the financial instruments note.

s) Pensions

The charity participates in a defined contribution pension scheme with Welplan pensions which is available to all employees. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions.

26

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

Income from donations
Small donations Unrestricted
£
747		 £
-
Restricted		 2023
Total
£
747		 Unrestricted
£
793		 £
-
Restricted		 2022
Total
£
793
747 - 747 793 - 793
Income from charitable activities
Membership services
Members' annual subscriptions
Newsletter and website advertising
ERP Editorial stipend
Sub-total for Membership services
Annual conference and meetings
Registration fees
Exhibitors fees
Sponsorship
BSE and ICE, and regional meetings
Accreditation
Accreditation fees
Sub-total for Accreditation
Training days, webinars and e-learning
Education: Research and training
Sub-total for Annual conference and
meetings
Sub-total for Education: Research and
training
Total income from
charitable activities		 Unrestricted
£
416,422
20,970
-		 Restricted
£
-
-
5,163		 2023
Total
£
416,422
20,970
5,163		 Unrestricted
£
417,432
18,425
-		 2022
Total
£
417,432
18,425
-
437,392
285,716
69,584
81,518
25,920		 5,163
-
-
-
-		 442,555
285,716
69,584
81,518
25,920		 435,857
155,425
5,900
100,135
24,980		 435,857
155,425
5,900
100,135
24,980
462,738
231,681		 -
-		 462,738
231,681		 286,440
176,428		 286,440
176,428
231,681
57,723		 -
-		 231,681
57,723		 176,428
44,498		 176,428
44,498
57,723 - 57,723 44,498 44,498
1,189,534 5,163 1,194,697 943,223 943,223

All income from charitable activities in 2022 was unrestricted.

27

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

the year ended 31 March 2023
Analysis of expenditure (current year)
Staff costs (Note 7)
Recruitment and other staff costs
Consultancy fees
Workforce survey and professional pathway
Training days
Room hire and facilities
Travel and subsistence
Postage and communication
Administration and secretarial
Examination facilities
Examiners fees and expenses
Grants and awards (Note 5)
Council travel and meeting expenses
Printing, stationery and publishing
Fundraising, PR and marketing
Website and IT
Office rent and rates
Office maintenance
Equipment
Insurance
Legal and professional
Accountancy and audit/independent examination
Depreciation
Bank and merchant charges
Irrecoverable VAT
Bad debt expense
Sundry
Support costs
Governance costs
Total expenditure 2023		 Charitable activities Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
2,532
-
-
-
-
-
-
-
13
8,500
-
-
-
-
-		 Support costs
£
207,098
13,191
500
-
-
-
1,224
2,977
208
-
-
-
-
1,074
4,244
37,973
32,375
7,096
2,242
1,975
11,587
3,637
15,201
9,929
26,086
7,413
6,992		 2023
Total
£
403,171
13,191
500
-
9,000
214,194
53,238
7,040
14,617
87,522
4,456
16,351
2,532
84,961
7,056
40,283
32,375
7,096
2,242
2,312
11,600
12,137
16,929
11,153
70,692
7,713
6,992		 2022
Total
£
348,417
9,650
7,686
12,000
6,050
47,810
26,881
4,829
5,527
76,273
2,987
5,893
10,662
69,116
16,678
49,550
27,078
8,423
5,255
1,822
18,096
5,659
15,201
8,610
72,466
-
7,593
Membership
services
£
35,836
-
-
-
3,000
-
-
2,111
-
-
-
-
-
82,390
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
-
-
-
-
5,000
213,289
31,990
-
13,464
-
-
6,351
-
1,100
-
-
-
-
-
-
-
-
-
-
34,922
-
-
Annual
conference
and meetings		 Accreditation
£
79,926
-
-
-
-
-
19,564
1,952
945
87,522
4,456
-
-
397
-
2,310
-
-
-
337
-
-
1,728
1,224
9,684
300
-		 Education:
Research and
training
£
80,311
-
-
-
1,000
905
460
-
-
-
-
10,000
-
-
2,812
-
-
-
-
-
-
-
-
-
-
-
123,337
145,418
4,086		 306,116
153,278
4,308		 210,345
74,674
2,099		 95,488
19,652
552		 11,045
-
(11,045)		 393,022
(393,022)
-		 1,139,353
-
-		 870,212
-
-
272,841 463,702 287,118 115,692 - - 1,139,353

28

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

Analysis of expenditure (prior year)
the year ended 31 March 2023
Staff costs (Note 7)
Recruitment and other staff costs
Consultancy fees
Workforce survey and professional pathway
Training days
Room hire and facilities
Travel and subsistence
Postage and communication
Administration and secretarial
Examination facilities
Examiners fees and expenses
Grants and awards (Note 5)
Council travel and meeting expenses
Printing, stationery and publishing
Fundraising, PR and marketing
Website and IT
Office rent and rates
Office maintenance
Equipment
Insurance
Legal and professional
Accountancy and independent examination
Meeting facilities
Depreciation
Bank and merchant charges
Irrecoverable VAT *
Sundry
Support costs
Governance costs
Total expenditure 2022		 Charitable activities Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
10,662
-
-
-
-
-
-
-
9,667
1,500
-
-
-
-
-		 Support costs
£
274,282
7,575
7,686
-
-
-
407
5,517
2,491
-
-
-
-
422
685
43,868
27,078
8,423
5,255
1,822
3,913
4,159
-
15,201
7,806
72,466
5,128		 2022
Total
£
348,417
9,650
7,686
12,000
6,050
47,810
26,881
4,829
5,527
76,273
2,987
5,893
10,662
69,116
16,678
49,550
27,078
8,423
5,255
1,822
18,096
5,659
-
15,201
8,610
72,466
7,593
Membership
services
£
-
-
-
12,000
6,000
-
-
(688)
148
-
-
-
-
68,574
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
-
-
-
-
-
47,810
16,292
-
2,888
-
-
-
-
-
-
-
-
-
-
-
1,238
-
-
-
-
-
2,465
Annual
conference
and meetings		 Accreditation
£
74,135
2,075
-
-
-
-
10,182
-
-
76,273
2,987
-
-
120
-
5,682
-
-
-
-
-
-
-
-
804
-
-		 Echo in Africa
£
-
-
-
-
-
-
-
-
-
-
-
3,708
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Education:
Research and
training
£
-
-
-
-
50
-
-
-
-
-
-
2,185
-
-
15,993
-
-
-
-
-
3,278
-
-
-
-
-
-
86,034
227,325
10,041		 70,693
148,255
6,549		 172,258
93,895
4,148		 3,708
-
-		 21,506
24,709
1,091		 21,829
-
(21,829)		 494,184
(494,184)
-		 870,212
-
-
323,400 225,497 270,301 3,708 47,306 - - 870,212

Irrecoverable VAT in 2022 includes amounts repayble to HMRC relating to over-recovery of exempt VAT in 2021 that were identified from a review carried out during 2021/22.

29

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

5 Grant making

Grant making
Member bursaries
Echo in Africa donation
At the end of the year
Cost
Donation to NEDUK		 Grants to
institutions
Grants to
individuals
£
£
-
6,351
10,000
-
-
-		 2023
£
6,351
10,000
-		 Grants to
institutions
£
-
-
3,708		 Grants to
individuals
£
2,185
-
-		 2022
£
2,185
-
3,708
10,000
6,351		 16,351 3,708 2,185 5,893

Educational bursaries were made to members to subsidise registration fees for Conference attendance(BSEcho and BSE/ICE) and to assist with travel expenses in instances where a member lived outwith a 100 mile radius of the Conference venue. Bursaries were granted to 47 individuals to enable them to attend the Annual Conference. Each recipient was given a bursary of £100 resulting in total bursaries in this category of £4,700. (In 2022, £2,185 was paid to 30 individuals to enable them to attend the Annual Conference. 27 received £75 , 1 £70 and 2 £45). Travel bursaries were made to 23 individuals up to a maximum of £100 per person to provide assistance with covering travel expenses to attend the Annual Conference. Total travel bursaries amounted to £1,651.

Donation of £10,000 - On 7 September 2022 the Trustees approved £10k of funding in connection with the development of the National Echocardiographic Database of the UK(NEDUK).

Echo in Africa was the final payment made under a programme funded by a grant from Edwards Life Sciences to Sunheart as a contribution towards the costs of a PhD student and other costs associated with the volunteer programme in South Africa. Further information about the programme and movements in funds is shown in note 18b.

6 Net income / (expenditure) for the year

This is stated after charging / (crediting):

2023 2022
£ £-
Depreciation 16,929 15,201
Operating lease rentals payable:
Property 28,799 24,951
Other 6,392 7,227
Auditor's remuneration / Independent Examiner's Fee (excluding VAT):
Audit 8,500 -
* Independent examination (previous examiner) - 1,500
* Other services (previous examiner) - 2,520
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Temporary and casual staff wages
Staff costs were as follows:		 2023
£
340,785
32,373
30,013
-		 2022
£
295,761
26,479
26,086
91
403,171 348,417

30

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

One employee earned between £70,000 - £79,999 during the year (2022: One £70,000 - £79,999).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel was £97,120 (2022: £85,593).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No 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 relating to attendance at meetings of the Council of trustees and other BSE meetings and events. £1,872 was paid by the Society in relation to travel costs to attend such events with the associated payments relating to 8 Trustees (2022: £232 for 3 trustees).

2 Trustees acted as Accreditation Assessors during the year with related travel expenses totalling £192 (2022:One trustee acted as an accreditation examiner during the year and claimed travel expenses of £87.70). No other payments were received for this work.

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 9.2 (2022: 8.5).


(2022: 8.5).
Accreditation
Annual conference and meetings
Membership services and support
Staff are split across the activities of the charity as
follows:		 2023
2022
No.
No.
2.0
2.0
2.0
1.7
5.2
4.8
9.2
8.5
Headcount		 2023
2022
No.
No.
2.0
2.0
2.0
1.7
4.3
4.0
8.3
7.7
Full-time equivalent
9.2 8.5 8.3 7.7

9 Related party transactions

A close family member of one of the Society's departmental managers has provided strategic marketing services to the Society with a total of £4,050 having been invoiced during the year, such invoices being approved by the Society's Chief Executive. (2022: none). The related party is Julie Grant and an amount of £430 was outstanding at the year end in connection with services she provided in March.

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

10 Taxation

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

31

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

For the year ended 31 March 2023
11
Equipment
Website
Total
£
£
£
49,530
76,004
125,534
-
8,640
8,640
(4,140)
-
(4,140)
45,390
84,644
130,034
49,530
36,127
85,657
-
16,929
16,929
(4,140)
-
(4,140)
45,390
53,056
98,446
-
31,588
31,588
-
39,877
39,877
12
2023
2022
£
£
215,416
219,481
100,000
-
(18,088)
(4,065)
297,328
215,416
2023
2022
£
£
297,328
215,416
297,328
215,416
13
2023
2022
£
£
17,747
10,692
21,143
9,198
48,849
60,963
24,211
13,474
111,950
94,327
All of the above assets are used for charitable purposes.
Fair value at the start of the year
Additions at cost
Cost
Tangible fixed assets
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
Disposals in year
Depreciation
At the end of the year
Eliminated on disposal
At the end of the year
Net book value
UK Common investment funds
Investments comprise:
Fair value at the end of the year
Listed investments
Annual Investment managers fees and charges are included in the net change in fair value. The total
amount of management fees and charges paid during the year to 31 March 2023 was £4,331 (2022:
£3,280)
Net gain / (loss) on change in fair value
At the start of the year
Other debtors
Prepayments
Accrued income
Debtors
Trade debtors		 Equipment
£
49,530
-
(4,140)		 Website
£
76,004
8,640
-		 Total
£
125,534
8,640
(4,140)
45,390 84,644 130,034
49,530
-
(4,140)		 36,127
16,929
-		 85,657
16,929
(4,140)
45,390 53,056 98,446
- 31,588 31,588
- 39,877 39,877
2023
£
215,416
100,000
(18,088)		 2022
£
219,481
-
(4,065)
297,328 215,416
297,328 215,416
2023
£
17,747
21,143
48,849
24,211		 2022
£
10,692
9,198
60,963
13,474
111,950 94,327

32

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

14 Creditors: amounts falling due within one year

e year ended 31 March 2023
Creditors: amounts falling due within one year
Other creditors
Taxation and social security
Accruals
Deferred income (note 15)
Trade creditors		 2023
£
33,064
16,243
3,018
22,041
95,680		 2022
£
43,139
58,493
2,543
29,705
95,415
170,046 229,295

15 Deferred income

Deferred income comprises sponsorship and member subscriptions received in advance.

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
£
95,415
(95,415)
95,680		 2022
£
123,165
(123,165)
95,415
95,680 95,415

16 Financial instruments

Financial instruments
2023 2022
£ £
Financial assets measured at fair value through profit and loss
Investments 297,328 215,416

17a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Net assets at 31 March 2023
Analysis of net assets between funds (prior year)
Tangible fixed assets
Investments
Net current assets
Net assets at 31 March 2022
Tangible fixed assets
Investments
Net current assets		 General
unrestricted
£
31,588
297,328
319,604		 Designated
£
-
-
45,000		 Restricted
£
-
-
-		 Total funds
£
31,588
297,328
364,604
648,520 45,000 - 693,520
General
unrestricted
£
39,877
215,416
342,521		 Designated
£
-
-
45,000		 Restricted
£
-
-
-		 Total funds
£
39,877
215,416
387,521
597,814 45,000 - 642,814

17b Analysis of net assets between funds (prior year)

33

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

18a Movements in funds (current year)

e year ended 31 March 2023
Movements in funds (current year)
Total restricted funds
Total designated funds
General funds
Restricted funds:
ERP Editorial stipend
Total funds
Total unrestricted funds
Unrestricted funds:
Designated funds:
Member bursaries
ERP Member submissions
Charter fund		 At 1 April
2022
£
-		 Income &
gains
£
5,163		 Expenditure
& losses
£
(5,163)		 Transfers
£
-		 At 31
March
2023
£
-
- 5,163 (5,163) - -
-
20,000
25,000		 -
-
-		 -
(6,351)
(25,000)		 25,000
6,351		 25,000
20,000
-
45,000 - (31,351) 31,351 45,000
597,814 1,202,984 (1,120,927) (31,351) 648,520
642,814 1,202,984 (1,152,278) - 693,520
642,814 1,208,147 (1,157,441) - 693,520

Purposes of restricted funds

The restricted income of £5,163 is income received from the Springer Group, the publisher of Echo Research and Practice(ERP), a leading open-access journal for professionals working in the field of echocardiography. The purpose of the income is to offset costs incurred by the Society in the preparation of the journal. The income was primarily allocated against staff time invested in Board and publication meetings along with the hire of AV equipment to facilitate one of the Board meetings.

Purposes of designated funds

Charter fund - these funds are being designated in connection with costs that will be incurred upon granting of a Royal Charter in respect of which an application is currently under review.

Member bursaries - the bursaries are granted to members to subsidise 2 types of cost, namely travel to BSE events and BSE Conference attendance registration fees.

ERP Member submissions - to support members' submissions to Echo Research and Practice (ERP)

34

British Society of Echocardiography

Notes to the financial statements

For the year ended 31 March 2023

18b Movements in funds (prior year)

e year ended 31 March 2023
Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Total unrestricted funds
Restricted funds:
Total funds
Echo in Africa
Unrestricted funds:
Designated funds:
Annual meeting travel bursaries
ERP Member submissions		 At 1 April
2021
£
3,708		 Income &
gains
£
-		 Expenditure
& losses
£
(3,708)		 Transfers
£
-		 At 31
March
2022
£
-
3,708 - (3,708) - -
-
-		 -
-		 -
-		 20,000
25,000		 20,000
25,000
- - - 45,000 45,000
568,740 944,643 (870,569) (45,000) 597,814
568,740 944,643 (870,569) - 642,814
572,448 944,643 (874,277) - 642,814

Purposes of restricted funds (prior year)

Echo in Africa - was a collaborative project between the Society and SUNheart in South Africa. Funding was provided by a grant from Edwards Lifesciences Foundation under their Every Heartbeat Matters programme, and other donations. The Echo in Africa 6 year program has now come to an end and remaining funds transferred to SUNheart.

19 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


each of the following periods
Less than one year
One to five years		 2023
2022
£
£
32,970
14,075
-
-
32,970
14,075
Property		 2023
2022
£
£
5,293
7,227
19,407
-
24,700
7,227
Equipment
32,970 14,075 24,700 7,227

20 Resolution of previously reported contingent asset

In relation to the actions undertaken by the police to recover misappropriated funds as previously reported, an amount of £12,558.67 was received by the Society in January 2023 and is included in 'other income'. The receipt of this amount from HM Courts and Tribunals Service brings this case to a conclusion.

21 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 £10.

35