Chorlty Registration No. 1098009 (England and Wales) Ctynpany R•gistr•tion No. 4577152 IEngLqnd and Wales) la company limited by guarnntsel Alexander Sloan Accountanis and Business A(hAsers ACTACC ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Charity Registration No. SC039915 (Scotlandl "SB77TPC8* SCT ¥1( CCXIPANIES HjsE
ACTACC LEGAL AND ADMINISTRATIVE INFORMATION Dlroctors KMBl N O'Keeffe J EArrowsn¥lh G Kunst M Steven S AgaryRt AAhmed C Wdlker C A Boynton {Appointed l March 20221 {Appointed 1 March 20221 Charlty nUMr {En*nd and Wal•s1 1098009 Charity nlber {Scotland) SC039915 C¢mpany number 4577152 Registered office 35 Red Lion Sware London WC1R 4SG Independent examin•r Alan Cunningham CA. Ajexander Sloan Accountsnts and BusinessAdvigers 180 St Vincent Street Glasgow Banke Royal Bank of Scolland pk 24 Douglas Street Milngavie Glasgow G2 6HJ SantaThler Bndle Road Bootle Merneyside L30 4Ge WeIte address
ACTACC CONTENTS Directors. report IndeFendent examir*s rewt Stalemenl of financial acli¥ities Balance sheet Notes to the financial statements 8-17
ACTACC DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Directors present their report and financia statements forthe year ended 31 De¢ember 2021. The financial 5tstements have been prepared in xMrdan¢e the accrAJnling poliCS sel out in note 1 to the financial statements and compty ¥ith the charity's MemorarHlum and Artictes of Association. the Ccnpanies Act 2006, the chartti.es A¢t 2011, the Char5 and Trustee InStrnent IS¢oUandl Act 2005. the Charities Accounts {Scolland} Regulations 2006 las amended) and "Accounting and Reporting by Charib'es.. Statement of Re¢¢mmended PractTrce apF4rcable to ¢harib"e$ preparing Iheir a¢¢ounts in accordance with the Financial Reporting Standard apFAicable in the UK and Repubh'c of IrebaThJ (FRS 1021" (as amended lor accounting periods commencing from 1 January 20191. Objectives and athiti•s The prinrypal activty of the tharity 1$ the advan¢emenl of edwion and searCh in the fields of ¢2rdiac or thoracic anaesthesia. The AssocAalion for C3rdiothora¢i¢ Anaesthesia and Critical c aims to advance edu¢ation in Ihe field of cardiothornuc anaesthesia and crilical ¢are by organisiThJ meetings aimed at Consultants and Doctors in training. The meetings comprise ¢1 lectures by expert5. pra¢b"¢al ¢Jemonstr3tK)ns and free papers of researchers in this field. The meetings have been developing over recent years from a one-day meeb.ng in Spring and Autumn into rx the day meets.ngs ¥th salelh.te meetings sometimes focussed on related areas of interest such as tran%Sophageal echocardiography, intensive care or thoracic anaesthe$ia. Some of these meetings have been joint meeb.ngs 1th other specialist societie$ su¢h as the Intensive Care Society, the Bth"5h Society of Haematoltsgy, the Society of C#rdiothtya¢i¢ Surgeons or. as in 2018. the Ewopean Society for Cardiothoracic Anaesthesiology IEACTA). Research in the field of cardiac and thoracic anaesthesia is pyomoled n vaiw)us ways as ouvined below in the Grant makn.ng Poli¢y. Free papers are requested and presented as posters arKI vert>al presentations at most ACTACC meetings. The Hargadon Memorial prize is avrdrded for the best oral presentation al the free papers and has recently been increased lo £200 wth a prize of £100 for the second pkred paper and similar prizes for the best poster presentations. Grant making policy ACTACC normally lunds an ann award up lo a b"nNt of £15.0ty). whKh is assessed through Ihe National Institute of AdeMiC Anaeslhesia INIAA}. No grants were made in 2019. In 2020 the grant round was delayed due to the COVID-19 pandernic. In 2021. a total amount of £25.000 a$ made available for a joint grant wth the British Joumal ofAnaesthesra (BJA) and Ihe VascJJlar Society of Great Britain and Ireland IVASGBII, V+ith each partner offering £25.000. However, there was no surtabie grant application and a Joint BJAIVASGBII ACTACC grant of £75.000 was not awarded in 2021. Discussions ith Dr Dan Taylor {President of the VascUr Anaestheska Society of Great Britain, VASGBI) resuked in an agreement Ihat each party will provide £3S.000 to match £35.000 frwi ACTACC resuhing in a lump sum of £70,000 for the next planned 9rant round in September 2022. ACTACC also funds a Travelling fellowship for trainees and newty appointed Consultants in the fom of &'ll paI$ter Travelling Felltswship Award (Restricted Fund). This Fel¢Hship was Ml awarded in 2020 and 2021.
ACTACC DIRECTORS. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Achievements and wfornMnc• ACTACC continLS to grow both in numbers and dIverty. and increasing emphasis ha5 been pul on making sure Ihe and issues of SuroupS wlhin the ¢ardthor80c anaestheti¢ COnUnIty, particulaty themes related to cardiothorauc training and also bultyiThJ and harassment in cardiothora¢i¢ surgery. More re¢enlly the views of our cardia¢ surgical edleagues arK1 SCTS have been preSe[ed. Howevef. due to the Covi&19 pandemic during 2020 and 2021. the charity's activibes were forced to be paLtsed and much less than usual. Regarding the Board, nominations took place in 2021 V•ilh Dr Chris Walker and Dr Claire Ann Boynlon being eleded as new Directors. Dr Joe Arrow5mJth, 'reCtor. was appointed President of ACTACC at the ¢hanty'$ AGM in Glasgow on 19 November 2021. The annual scientifi¢ meeting a$ Postponed due to the Cw&19 pandemic and travel reslricb'ons from Spring an¢J Autumn 2020 and Spring 2021. If))k place as a very successfvl faCe-laCe Conference in Glasgow on 17 and 18 November 2021 vthich had been postponed from June 2021. Expenditure Nvhich the charty had paid in 2020 and 2021 in advance of Ihe postponed Glasgow June 2021 Conference was held over for Ihe res¢heduled Glasg¢)w Conferen¢e in November 2021. Likewse. expenditure for other stheduled but Postponed meetings as hehl over - tt ioinl meeting wrth SCTS until Novembef 2022, the Liverpool Spring Meebng unlil June 2022, Ihe Cambridge Spring Meeting until June 2023, Cardiff 2024. Leicester 2025 and London 2026. Financial revigw Per the Stslement of Financi Activibes ffi p•Je 5. the charity reported Net Income (i.e. a SulUS) for the year of £16.801 12020- sUs £8.L%21 and tolal frjnds at 31 December 2021 of É269.145 of vthich £195,743 (73QA) were Unre5tn"cted. Reserves policy It is the pjlicy of the ¢h•ity to maintsin Urestrided Funts at a bevel that equates lo approximately six months of unrestricted expenditure. At 31 December 2021, the ¢harity's free reserves per Unrestn"¢led Funds on page 5 amounted to £193,743. Ajthough above the required level. the serveS were acceptable to the Dire¢tors in ew of the possibilty of the charrty hawng to Lndervrte deficits from future Meeting$. Risk managem•nt The Directors ha5 assessed the major risks to vthi¢h Ihe charity is exposed. in partlar those relatetj to the cyerations and fvture of Ihe charity and are satisffied that $y$tems are in place lo mitigate exposure to the major risks. StnKture. goveman¢e •nd managemènt The Association of Cardiothora¢i¢ Anaesthetists rthe ¢hariW) 1$ a Company limrted by guarnnte? (No. 45771521 govemed by its Memorandum and Arti¢les of Association. The charty is aft Engltsh rwslered tharty {No. 10980091 and also a recognised Scotb'sh Chanty (No. SC0399151. The Dire¢tots who sep4ed during the year and up to date of signature of the finKial stslements yre.. KMBill S Gardner N O'Keeffe J E Arrowsmith G Kunst Steven S Agarwal AAhmed C Walker C A Boynton (Reygned 1 June 20221 (Apw'nted 1 March 2022) (Appojnted 1 March 2022}
ACTACC DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Appolntment of Dlre¢tors Directors ofACTACC are appointed for an inTtial term of three years. renewable for a further three years. They may only serve ¢onsecutNe tem. is by nominth.on from wthin Ihe membership ofACTACC and, if necessary. by postal ballot. The Directors agree amwg themselves regarding their various roles. New Oirettors lake part in an inthKtion programme. wlM¢h ans to familiarise them wth the charitys value5, aims and objectives together its day-ltr¢Jay operats"ons, in 8ddib.on Its clarrfying Iheir ststulory responsibilits'es as Diie¢lors of a company linwted ty guarantee an¢J as Trustees of a charity. Organisational $tru¢ture The Directors are responsible for the direckn and adMinistrath of the chanty and serve on a voluntary basis. COVID-19 A5 indicated on page 2, Cow&19 in 2021 irNc4ved a rescheduling of vaiious planned events. By Ihe dale on which the financial stalements approved. Ihe UK had lifted the restn"¢b"ons enforced by the Cowd-19 pandemic. The Drectors look foThMrd to a sulxessfvl resumptKin of planned meeting$ events. Public B•nefit ststemenl The Directors confimi that they have compiled tprith their duty to have due regard to the guvJan¢e on wblic benefit published by the Chanty Commission in exerasing their duty and powers. Independent oxamlner The Directors recommend that Cunningham C.A.. a partner in Alexander Sjoan. Accountarts and Busines3 Advisers, remains in office as independent examiner untsl further notice. The DI¢10[S. Report was approved ty the 8od ofoirectors. J E Arrowsmith Director Dated.. 24 June 2022
ACTACC INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF ACTACC I report to the Directors on my examination of the financial staterwrts of ACTACC for the year ended 31 December 2021. Responsibilities and ba$1$ of rèport As the Directors of the charity land also ils Trustees for the purposes of company law), you are responsible for the preparation of the finawal statements in accordarKe the requirements of Ihe charib.es and Trustee Investment {S¢oVantJ} Act 2005 {the 2005 Acll. the Chantses Accounts {ScoUandl Regulations 2006 (as amerxled), the CompaniesAct 2006 (the 2006 Act) and the Chariiies Act 2011. You are satisfied that the finanaal statements of the chafty are nol required by ¢hanty or Company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that finanoal statements of are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinab"on, I report in respe¢l of my examinatitsn of ¢harrty's financial stslements carried out under sectKJn 4411) { c) of the 2005 Act and section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examinab"on. I have followed the requirements of Regulat 11 of the Charities Accounts {ScoUand} Regulats'ons 2006 (as amended) and au the applicable Directions given by the Charity Commission under section 14515llb) of the 2017 Ad. Independenl examlnerf$ ststement Sinee the chaiity is required by Gomparby law to prepare its a¢¢wnts on an ac¢ruals basis and is regl$ter&d as a charity in Scotland. your examiner must be a member of a body listed in Regulabon 1112} of the Charities Accounts IS¢otlandl Regulation$ 2006 las amended). I confimi thal l am qualified lo undertake the examinatw beuse l am a member of ICAS. wthith is one oflhe listed bodies. I have ¢ompleled my examination. I confirm that no matter5 have ry)me to my attention in ¢onneckn the exarninathon giving me cause to believe that in any material respect.. accounting records were not kept in respect of the chaitty as required by section 386 of the 2006 Act and Regulation 4 of Ihe 2006 Accwnts Regulations,. or the financial statements do not ar[d those re¢ord$". or the financial statements do not comply wryth the a¢¢ounb"ng requirements of Regulab'on 8 of the Charrties A¢¢ounts {Scodand} Regulations 2006 {as anded) and do not comply with the accounb.ng requirements of se¢lion 396 of the 2006 Act other than any requirement that the accounts give a true an¢J fair view vthich is not a matter considered as part of an independent e¥aminalTron", or the finan¢ial statements have not been prepared in accordance Vth the methods and prrnciple5 of the Statement of Recommended Pra¢tice for accounting and reporting by charities applicable to charities preparing their accounts in accordance tAryih Ihe Finan¢aal ReportiNJ Standard appli¢8ble in the UK and Republ of Ireland {FRS 102}- I have rKJ concerns and have con* a¢ross no Olher matters in connection wth the examination to vthi¢h attention should be dravm in this report in order to enabk a proper understanding of the financial statement5 lo be reached. an Cunningham CA. Alexander Sloan A¢¢ounlants and Bu$inessAthseTs 180 Sl VirKent Street Glasgow G2 5SG 26/6/2022 Date¢J."
ACTACC STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Current financlal year Unr•strictsd R•stricted Endorynent funds funds 2021 2021 Total Total 2021 2021 2020 Donations and legaaes IrKome from charitable activthes Investments 19.020 76,250 19.020 82.250 58 28.213 6,000 139 Total incom• 95,328 6.000 101.328 28,352 Cost of chantatAe actiNities 78.527 6,000 84,527 20,290 Net income for the y 16.801 16,801 8,062 Fund balances at 1 January 2021 178.942 70.785 2.617 252,344 244.282 Fund baknnces at 31 D•cembei 2021 195.743 70.785 2.617 269,145 252,344 The statement of finanrAal activities iludeS al gains arKI losses recogni5ed in the year. All income and expendilure derive from ContUln9 acbwlies. The ststement of finwal a¢th"wb"es also complies vAlh the requements an irwme and exPendite account under the Companies Act 2006. The notes on pages 8 to 17 ft*m an integral pwl of Ihese financial statements.
ACTACC STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Prior financial year Vnrestrictgd Rostrlcted Endo*Tnent funds funds 2020 2020 Total 2020 2020 Donations and legaues Investments 28,213 139 28.213 139 Totsl i¢Me 28.352 28.352 Cost of charitable acti 20.290 20,290 Not In¢omtll•xpenditurn) lor th• y 8.C62 8,062 Fund balances at 1 January 2020 170.880 70.785 2,617 244,282 Fund b4lan¢es at 31 D¢¢ember 2020 178.942 70.785 2,617 252,344 The statement of ffinaal acbwb.es inckjdes all gains losses reu)gnised in the year. Al income and exwdilure derive from continuirKJ a¢bwtse5. The statement of finanual a¢livities also complies 1th the reients for an IrMe expenditure account under the Companie5Act 2006. The notes on pages 8 to 17 fonn an integral part of these fman(ial statem.
ACTACC BALANCE SHEEr AS AT31 DECEMBER 2021 2021 2020 Current a$s•ts Debtors Cash at bank and in harKI 10 55.540 225.752 64,252 221,260 281.292 285,512 Creditors: am¢)unts falllng du• ¥¥lthln one year 11 (12.147) (33.168) Net cuent assets 269,145 252.344 C*piLIl funds Endowment fvnds- general In¢om• funds Restricted funds Unrestricted funds 14 2.617 2.617 13 70.785 195.743 70,785 178.942 269.145 2S2,344 The cOmpY 1$ enb.ued to the exemplion from the audrt Wulrernt )ntrined in sedion 477 of Ihe Corryjans A¢t 2006, the year ended 31 December 2021. The dire¢tors a¢knoknleage they responsiblrtie$ ensuring that Ihe chanty keeps acntIr records which comply wth section 386 of the"Act and for weparing financial statements vthich give a true and fair view of the state of affairs of Ihe ¢ompany as at the end of the finantial year and of its inming resources and application of resources, including ils income and expendrture, for the financial year in acciYdanGe wth the qUIrementS of sections 394 and 395 and vthich othemse ¢omply 7hith requirements of Ihe Companies Act 2006 relating to financial stslements, $0 far as applicae to the company. The members have qUired the CLryany to thain an autht of its financial statements for the year in question in accordance with section 476. These ffinanaal statements have been wepared in accordance wth Ihe pro5)nS applicable to compan$ subject to the small ¢ompanies regime. The finala1 Slatements apwoved by Directors M 24 lle 2022 G Kunst Dlrector Company R•gl$tration No. 45T1152 Th& notes on 8 to 17 frjmi an lrrtegr wt Oftt final slatwnents.
ACTACC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng poll¢l¢s Charity infomtIOn ACTACC is a private company Ilted by 9uaottee incorporated in Enyland and Wa. The regISted office and prinapal place of business is 35 Red Lion Squa. London. IAC1R 4SG. 1.1 Accountlng ¢on¥entl¢n The finala1 stslements have been prepared in accordance the charity's IAemorandum and Articles of Association, the Companies Act 21X)6. the Charities Act 2011. the Charities and Trustee Investment {Scotlandl Act 2005. the Chafitres Accounts (Scotlandl Regulation$ 2006 (as amended) and 'Accounling and Reporting by Charrties.. Slaterrnl of Recommended Pracb"ce appItab lo Charities preparing their account$ in a¢¢or¢Jan¢e Nmth the Finanaal Repoiting StsrK1ard appluble in the UK and Republic of Ireland {FRS 1021. (as arnended for accounting pefitids ¢ommernyng from 1 January 2019}. The charity is a Public Benefft Entity as defined by FRS 102. The financial statements are prepared in sterling. Ithich is the fiJnctKJnal (rrenCY of the ¢harity. Monetary amounts in these finan¢ial $latements are rounded lo the nearest £. The financial statements have been prepared wderthe historical cost ccmvention. The wn¢ipal a¢¢ounllng poliaes adopted are set out below. 1.2 Going conc•rn At the time of approving the finanrial 5talement5. the Directors have a reasonab expe¢tstion that the charity has adequate resources to continue in operational existence for the foreseeab future. Thus the Direct¢)r5 continue to adopt the going CoreM of accounb.ng in preparing the ffinanaal statements. 1.3 Charltabl• funds Unrestri¢ted funds a avadable fry use * the distretion of tre Directors in fiJtherance of their charitable objectives. Restri¢led frjnds are 5ubj.ect to spe¢th¢ ¢ondibon$ by donors a5 to how they may be used. The purposes and uses of the $triCted funds are set out in the notes to Ihe financial statements. ErKlovJment fvnds subied to $peafic condilions by th the capital must be maintained by the 1.4 In¢om¢ Inrne is recognised vthen the chanty is legalty enliiled to it after any perfomance widitions have been met. the amounts Can be measured latsty, and it is prof>able that rncome will be recEived. Cash donatiOll5 are re¢ognised on re¢eipL Othèr donat¥yts and meff)ershp subscriptions are recognised onee the charity has been notif of the th)natth, unless wtormance condrtions require deferral of the amounL Legaues are recognised on receipt or otherwise rf the charity has been notified of an impending distritrwjlion. the ¥mount is knm. and receipt is expethd. If the amount is nol known. the legacy is treated as a ntingent asset. Income from Charitabl• Acliviti•s Income from CharItae activrties includes income earned both from the supply of goods or serwees under contractual arrangements and fr¢)m perfwnance-related grants which have condilions that specfy the provision of particular gc>Js or serwces to be prowded by the charity. Irme from charitable activitie5 IS reu)grised as earned las the related or ser¥Kes are provided).
ACTACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ounting policl•s ICMtinued) Investment income Interest on lunds he on deposrt is indrJJed then rec£ivable and the amount can be measured reliabty by the tharity: this is nornally upon rwtifi¢ation of the interest paid or payatle by the bank. 1.5 Expgndltyr¢ Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is proba that setllement wll be required and the amount of the obligation ¢an te mea$ure(l ¢x estimated reliabty. LI8.11t$ are mea$ure¢l on recognrtion at histortsl Cost and tren subsequentty measured at the best estimate of the amount required to setue the otAigation at the reporting date. The exception is that certain finanoal instruments must be adjusted to their present value", these Incl finala1 ltrabilities where seluemenl is defeed for more than 12 monih5 after the reptry date. All expendrture is attounted for on an ae£ru¥ls ba$. All expenses induding support costs and govemance costs are alhxated or apportioned to the applile expenditure headings. Charitable a¢tiviti¢$ Expenditure on charrtate acttvities indudes aTh costs incurred by the chanty in undertaTra"ng athvth"e$ that fvrther its charitable aims for the benefft of its benefi¢iaries. induding those support costs and costs relating lo the goveman¢e of the charity apporboned lo charitable aclivths. The 515 of ¢harrtable activities presented in the Statement of Financtal Acbvibes IndeS the costs of direct seivice provisic and the payrnenls of gnI alardS rf applicable. Giant expendlturé Grants payable are made to Ihird parlie5 in Ihe furlherance of the tharitat objeds. The award of a grant IS cogniSe) a$ a Ikability only vthen the criteria for a constnt¢tNe oblMJation are met, payment is probable, it can be measured Telw and there are no ¢ondrtKJns attaching to rts payment that limrt re¢ogniti¢)n. In the ¢ase of an unconditional grant offer, this is accnRd once the re¢ipient has been notsfied of the grant award. The notffication gives the reupnt a reasonat4e expectation that they wll receive the one-year or mulb'_year 9ranl. Grant award5 that a subJe¢t to the recipienl fvffilling perlomiance Conditions are only accrued vthen the rerAptent has been notified of the grant and any remaining unfvlfilled condition alta¢hing lo that grant is outstde of the cortrrj of the tharity. Govèrnanc• ¢osts Goyemance Costs lythich are induded as a component of support costs in accordance wlh SORPI comprise al costs invofving the public a¢Unbility of the ¢harty and its COMlanCe vh regulation and good praclice. These costs indude those related lo ¢onstitutional and statutory requirements, extemal scrutiny (audit or independent ek3minatn}. stratwc managemenL ar0 other legal and professional fees. Irre¢overable VAT Irrecoverable VAT is charged agair)st tr expenditure heath.ng tthith bt was Mi¢urred. 1.6 Ca$h and ¢ash equlvalents Cash and cash equrvalenls inckKle cash in hand. depoyts held at ¢all tthth banks, other $hort-temi liquid vestments original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wthin borrowings in current ItX"11t$.
ACTACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounling policles ICont+nu8dl 1.7 Financlal Instruments The charity has elected to apply the provisnS of Seclion 11 'Basic Financial Instruments. and Sectitin 12 'Other Financia Instruments Isyjes. of FRS 102 to all of rts fmanoal instruments. Finantyal instriwnenls are recognised in the chariws balwKe sheet then the ¢hanty becomes party to the contractual proviOn$ of the instrument Financial assets and liabilities are offset. vAth the nel atrrK)unts presented in the finan¢ial statements, en there is a legally enforceable nghl lo set off the reco9nised amounts and there is an intention to settle on a nel basi$ or to realise the asset and setue the liakn.lrty simultaneousty. Basic financlalassets 8asic financial assets, vthi¢h indude debtors and cash and bank balances. are initially measured at transaction prtt including transactson costs and a subsequently carried at arno"$e0 cost using the effective interest method unless the arran9ement constitutes a financirvJ Iran5ath"on, where the transaction is measured at the present value of the fuiure receipts dis¢ounled at a market Tate of interest. Financial assets dassified as receivable within one year are not amorttsed. 8•si¢ finan¢iTal liabilities Basic finanual Ila"11t1e$. induding Creditors and bank kyns are iritially recowised al transaction Price unless the aryangemenl constitutes a ffinancing transath"on. V•there the debt instrument is measured at the present value of the luture payments discounted at a mathet rate of interest. Financial liabilities classrfied as paYae Imthin one yeaT are amortis. Debt inslruments ¥e subsequeth carried at arTh)Tb"sed cost. usry the effective interest rate melt¥)d. Trade ueditors are oblKJalions to pay for goods tx seN¢es that have been auld in the ordinary cowse of operations from suppliers. Amounts payable are dasstfied as current liabilits.es if payment 15 due within one year or less. If not, they are prented as 1KrCUrrent liabilrfie$. Trade creditors are re¢ognised InallY al transa¢b"on prte and subsequenuy measured at amoTts"5ed o)st Using the effe¢tThie interest method. Dere¢ognlllon of Ilnan¢ialliabilities Financial liabileS are dere¢ognised tthen the ¢harity'$ contractual cknh'gations expire or are discharged or ¢an¢elled. Crltleal atc)w#ing estimatss and judgements In the application of the charitS accounting pOleS. the Direclors are required to make judgements, esb'mates and assumpb.ons about the Caying arn1 of assets and liatslities that are not readily apparent frcffj other sources. The e$timates and assocrated assumpts'ons are based on historical experience and other facl¢Ys that are considered to be relevanl. Aclva SuIts may drfer these esbmates. The eslimates and underlying assumptions are revie¥Ed on an ongoing basis. Revisions to accounting esb'mates are recogni5ed in the period in which the estime is viSed vthere the revision affects only that period, or in the period of the rewsion and future periods %there the revrsion affects both current and future periods. 10-
ACTACC NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 tlonations and lega¢ies Unrestrictsd Unrestricted funds fvnds 2021 2020 Membership $ubs¢ripth"ons 19.020 28.213 Incom• from charitable adivities 2021 2020 Income from Meekn"ng$ V15itBrilain (Granll 76.250 6.000 82,250 Analys1$ by fund Unrestricted funds Restricted funds 76,250 6.000 82.250 Investments Unffj$tri¢tod Unrestri¢led funds 2021 2020 Interest receivable 58 139 11_
ACTACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Cost of charitsble activlties 2021 2020 Running $1$ Interest and finance ¢harges Goveman¢e costs 80.460 143 3.924 16.629 154 3.507 84.527 20.290 Analysis by fund Unreslrieted funds Restricted fvnds 78.527 6,1)00 20.290 84.527 20.290 None of the Directors lor ary persons conne¢teil them) received any remLmeration or benefits from the charity dunng the year. See also Note 16. Employees The average nN)nthly number of empbyees durir¥J Ihe year was.. 2021 Numb 2020 Number Total N•t incomel{•xp•nditiw•l for th• year 2021 2020 Nel irthmel(expendibJre) for the year is stated after charyin9". Independent Examinerfs remuneration 3.924 3.507 10 Debtoys 2021 2020 Amounts falling Aithin one year. Other debtors Prepayments and accrued income 49,253 6.287 28.620 35.632 55.540 64.252 12-
ACTACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 11 Credltovs: ajvUnts f•lllng du• withln ¢)ne y¢ar 2021 2020 Deferred income other uedilors Accruals arHI deferred income 12 1.184 5.379 5.584 21,006 4.235 7.927 12.147 33.168 12 D•f•rrod income 2021 2020 Relab"n9 to Amnual Scientific Meeting 2021 Relating lo Glasgow Conference 2021 Relating lo knverpool Conference 2022 1,070 19,936 1.184 1,184 21,006 13-
ACTACC NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 13 Reslrfctsd fund5 The income fijnds of the chanty inctude reslricted funds comprisiry the follthwrJ unexpended balances of donations and 9rants held on trust for speufic pufposes". Mo¥¢mont in funds Incom• Balaht• 1 January 2021 Ilov¢m•nt In funds Bafart at l Janth1ry 2020 Inc Expndlturo 31 Doc•mbor 20 Bill Pallister TraveNing Fellowship Award Fund Glasgow 2021 Conference Fund 70.785 70.785 70.78S 6,000 16.0001 70.785 70,785 6,000 16.0001 70,785 Bill Pallistsr Trnvelling Fellowship AvArd Fund The Bill Pallisler Travelling Fellowship Award Fund represents legacy in¢ome that rel¥ed from the Estate of the late Bill Pallister. An amount of £5,000 is available during any single calendar year. and will usually be paid to a single applicant but may be divKled befyveen applKants. at the dise¥etKM of the Edu¢atiM Committee. The award is intended to support a trainee or consultant V•ithin three years of appointment to travel to an oversea$ Centre of interesL Glasgow 2021 Confer•nc Fund Represents a grant receed from the Domesb"¢ Support Fund a5 administere(I by VisitBrilain tovmrds the costs of the chanty's Glasgow Conference in November 2021. -14-
ACTACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 EndowTn•nt fund Endowment fvnds represent assets which must be hesd pemanenuy by the charity. Income arising on the endovrnent fvnds can be used in accoldare vthh the objects of thè charty and is included as unreslri¢ted income. Mo¥•mrt In funds Movement in funds Balon¢8 at 31 DetmbeT 2021 1 janu 202• l January 2021 Pennanent endoknTh•nts John Hargadon Memrial Fund 2.617 2.617 2.617 2,617 2.617 2.617 PurpoBe of Endov4Thenl Fund John Hargadon Mgmorlal Furbd Interest arising from the Fund is lted to the ¢harty's General Fd. The Fund is fully represented ty cash. 15-
ACTACC NOTES TO THE FINANCIAL STATEP4fEKrs IcoKnNUEDI FOR THE YEAR ENDED 31 DECEA18ER 2021 fijrth 2020 20 2V2D 2020 2020 Fund balances at31 DetertBr2ts21 *e Currenl at51¢tIltieSI 195.743 2.617 269.145 178.912 7Q.78S 2.817 252.344 195.743 2.817 269.145 178.942 70.785 2.617 2S2.344 18-
ACTACC NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 . 16 Relat party transactions There Vlve rKJ dIsckbIe rdated party transactions during the year12020- nor). 17-