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2021-06-30-accounts

COMPANY REGISTRATION NUMBER : 05060866

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2021

Charity Number : 1102769

Edmund Carr LLP Chartered Accountants 146 New London Road

Chelmsford Essex CM2 0AW

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

CONTENTS PAGE
Trustees' report 1 - 7
Independent examiner's report to the Trustees 8
Consolidated statement of financial activities 9
Balance sheet - Group 10
Balance sheet - Charity 11
Group and Charity Cashflow Statements 12
Notes to the financial statements 13 - 24

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT

YEAR ENDED 30 JUNE 2021

Reference and administrative information

Charity Registration No: 1102769 Company Registration No: 5060866 Registered Office: 146 New London Road, Chelmsford, Essex CM2 0AW Principal Office: c/o Executive Business Services, Davidson Road, Lichfield, Staffordshire, WS14 9DZ

Board of trustees:

Prof I Chetter Mr M P Jenkins Prof C Imray Miss S Renton Mr A Garnham Mr Louis Fligelstone Mr Keith Jones Mr Jonathan Boyle Mr Marcus Brooks Prof Ciaran Mc Donnell resigned 22 November 2020 Mr Syed Yusuf resigned 22 November 2020 Mr A McCleary Mr A Pherwani Mr R Gibbs Mr D Adam Miss R Bell Mr P Coughlin Miss M Davis Mr D Orr Prof S Selvakumar appointed 22 November 2020 Mr K Sritharan appointed 22 November 2020 Miss L Wales appointed 22 November 2020 Company secretary Miss S Renton President Prof C Imray

Independent examiner Colin Barker FCA Edmund Carr LLP, 146 New London Road, Chelmsford, CM2 0AW Bankers Cafcash Limited, Kings Hill, West Malling, Kent, ME19 4TA Solicitors Farrer & Co, 66 Lincoln’s Inn Fields, London, WC2A 3LH

1

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2021

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the unaudited group financial statements of The Vascular Society (the Society) for the year ended 30 June 2021.

OBJECTIVES AND ACTIVITIES

Policies and objectives

The objects of the Society are to relieve sickness and to preserve, promote and protect the health of the public in Great Britain, Ireland and the world by;

Advancing, for the public benefit, the science and art of, and research into, the treatment of vascular disorders; and

Promoting or conducting or causing to be carried out or fund all types of research relevant to vascular disease and the dissemination of the results thereof.

The Society is the pre-eminent organisation in the country promoting vascular health by supporting and furthering excellence in education, training and scientific research.

The Society continues its commitment to improving the quality of vascular surgery in the UK, and, as a new separate surgical speciality continues to build on plans for a high-class training structure dedicated towards the needs of vascular trainees. The Society has developed a specific vascular curriculum and examination to support the training programme.

The Society’s fundraising arm, the Circulation Foundation, has continued to raise awareness of vascular disease amongst the public and to provide information to patients. It continues to be able to offer a number of significant research grants to vascular trainees in order to further develop a high level of research into vascular disease.

Strategies for achieving objectives and delivery of public benefit

The Society has continued to develop links with the Vascular Anaesthesia Society, British Society for Interventional Radiology and Diabetes UK with audit questions linked to pathways of care to allow the Society to report more completely on the facets of care that are important to vascular patients. The datasets have been tailored in order to be directly relevant to national standards set by NICE, the National Commissioning Board, and the national AAA screening programme through quality improvement programmes. The Society has committed funds to the James Lind Alliance to ascertain the priorities of patients and the public towards research into vascular disease.

The Society’s trustees have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission.

2

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2021

ACHIEVEMENTS AND PERFORMANCE

Due to the global pandemic, our Annual Scientific Meeting in November 2020 was held in a virtual format. A number of high quality scientific research papers were presented, as well as symposia, endovascular workshop and educational masterclass for consultants and trainees.

The Circulation Foundation (the fundraising arm of the Vascular Society) continued its Vascular Disease Awareness campaign in order to raise awareness, generate research funding, and to inform members of the public of vascular disease. This year the Circulation Foundation has again received a boost by personal donations and we continue to have a high proportion of the membership making an annual donation.

Members’ continued support for the Circulation Foundation has allowed the funding of the James Lind Alliance and the ability to set aside the seed funding for our special interest research groups. We are currently funding a quality improvement fellow jointly with the RCS Eng and have committed to a second fellowship to keep this work on lower limb quality improvement moving forward. We have also been able to commit to a two year fellowship project with the RCS Edinburgh on digital education and human factors. We are a membership society and in that respect members are encouraged to ask those who join their units to join us and of course those who are affiliates to become full ordinary members. We would also ask members to continue to support the Circulation Foundation with their voluntary donations, and to gift aid these where possible.

During the year work has proceeded on a Journal for the Society and our allied societies and the first issue will be published in December 2021.

During the pandemic our management company Executive Business Services (EBS) have been excellent with our business continuity, rapidly developing home working for their staff who underpin our office function. For the most part this has gone unnoticed which is a testament to what they have put in place. Once again we would like to pass our thanks to Simon Rushton, and latterly Julia Pemberton, who manage our financial matters at the office and are likely to be under the radar for most members.

FINANCIAL REVIEW

The charity’s consolidated accounts show a net surplus for the financial year 1st July 2020 to 30th June 2021 of £53,368 (2020: surplus £168,132). This includes a surplus of £53,521 (2020: £114,669) from its trading company, VSGBI Ltd, which is used to run the Annual Scientific Meeting.

The Council has worked hard to control costs and much of the extensive meeting schedule required during the pandemic has been online. It has to a great extent offset the inevitable reduction in income from the virtual ASM in 2020. Grants totalling over £100,000 have been awarded during the year, including £67,500 for the RCS Surgical Specialty Leads in Vascular Surgery.

We have benefited from several legacies in the year and our thanks go to those donors and their families. The other main income sources for the Society are donations and subscriptions from members. Members' donations to the Circulation Foundation of £16,200 in the year have been allocated to funding the Society's new Journal. Details of our expenditure are set out in the attached accounts.

3

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2021

Reserves policy

The Society operates with a written reserves policy which is revised annually. The Society has been fortunate to receive generous financial support from industry in previous years, but this is not guaranteed. None of us can predict the exact financial world into which we will emerge following Covid 19. The trustees are therefore mindful that the reserves need to remain high to support the Society in the absence of such funding in the future.

The trustees therefore established a reserves policy whereby unrestricted funds are sufficient to meet one year's activity of the Society, including the Circulation Foundation, to:

Support the costs of its audit and research programmes

Maintain the organisation of its Annual Scientific Meeting

Cover the day-to-day administrative infrastructure

Deal with unexpected demands on the charity funds

Cover or part cover unforeseen costs with future projects

To ensure the Society continues to meet its charitable objectives the desirable reserve for the above objectives has been calculated as £575,000. By improving the financial management of the charity and limiting its spending, the charity has been able to rebuild its reserves following the settlement of its pensions liability in 2016 and increase the number of Research Fellowships supported.

The financial statements show that the charitable group had free reserves within unrestricted funds of £930,364 at the year end. This will allow the charity to support further grants in the next year, avoid increasing membership fee and keep the reduced level of fees for registration at the ASM. Planned expenditure going forward includes a joint fellowship with BSIR of £35,000 per annum for two years and a joint fellowship with the Royal College of Physicians and Surgeons of Glasgow of £35,000 per annum over two years. This would commit a further £140,000 of grant income. Our current website is coming to end of life and will require an update or rebuild therefore we will hold up to £30,000 in reserve for this. Our journal business plan commits us to up to £60,000 over 3 years, although at this stage we expect the journal to meet a break even position.

We have already committed to £30,000 to the joint aortic open fellowship.

Within restricted funds, we have unspent HEE funding related to the ASPIRE programme that has not been possible to run in person. The education committee is planning to run face to face meetings as soon as practical and that will entail the use of these reserved funds.

Investment policy and performance

The Society’s general investment policy is to aim for the highest possible return with minimum risk to the security to its fund which, typically, would be through the use of higher interest bank deposit accounts.

4

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2021

The Honorary Treasurer liaises directly with Rathbones, the investment manager, on the investment portfolio and when taking investment decisions on behalf of the charity. The investment portfolio has a significant bias towards fixed interest securities, either in conventional, index linked, UK or overseas. For equity, securities have been chosen which have, on the whole, international earnings with reasonable income yields.

The Honorary Treasurer regularly advises the trustees on the levels of the investment reserves held and this is collectively reviewed by the trustees annually.

The investment funds are to enable the Society to further its charitable aims and primarily to be used for future research grants. The funds have been set aside in order to gain the best financial return until the grants are awarded. Despite the global pandemic and profit warnings our investments have performed well. The performance of these investments is shown in notes 5 and 13 to the financial statements

The charity’s investments at 30 June 2021 were valued at £387,968 with a further £828,936 held as cash deposits.

PLANS FOR THE FUTURE

Future developments

Now that the Society is on a more secure financial footing, it has resumed its full programme of grant giving and educational support and this will be increased in the coming year. Going forward Council and the Research Committee will be continuing to support special interest groups to look at areas of research priority using income from the Circulation Foundation.

The Society will continue its scientific role through its Annual Scientific Meeting in December 2021 and aims to enhance the educational objectives for its Members.

The Society will continue to support its affiliated organisations – the Society of Vascular Nurses, the Society for Vascular Technology, and the Rouleaux Club.

STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution

The organisation is a charitable company limited by guarantee, which was incorporated on 2 March 2004 and which registered as a charity on 22 March 2004. The organisation was dormant until it took over the activities of The Vascular Surgical Society of Great Britain and Ireland on 1 July 2004 and the British Vascular Foundation (BVF) – the fundraising arm of the Society – on 1 October 2004. The BVF changed its name to the Circulation Foundation in May 2006, which is currently an operating division of The Vascular Society.

The Society is constituted under a Memorandum of Association and is a registered charity (number 1102769).

The charity has a wholly owned trading subsidiary which is incorporated in the United Kingdom, VSGBI Limited (registered number 04020415), and is principally engaged in the operation of the Annual Scientific Meeting for The Vascular Society.

5

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2021

Method of appointment or election of trustees

The trustees are elected by a ballot of the Ordinary Members of the Society following a call for nominations sent to the Ordinary Members. Nominees have to be a current Ordinary Member and proposed and seconded by current Ordinary Members.

The President is elected by the voting trustees (Council members). Nominations are proposed following consideration of a long list of Ordinary Members who have been Members of the Society for 15 years or more. The successful candidate takes office as Vice-President Elect at the AGM following his/her election, and assumes the role of President two years following his/her appointment.

The other Honorary Officers of the Society – Honorary Secretary, Honorary Treasurer, Chairman, Training and Education Committee and Chairman of Audit and Research Committee are elected by the trustees following a call for nominations. Eligible candidates should have previously served on the Council and are elected following a presentation to Council. The Honorary Secretary, Honorary Treasurer and Chairmen of the Committees assume their positions one year prior to taking office as part of their training for the role. These posts are four years in duration.

Policies adopted for the induction and training of trustees

All new trustees are asked to sign a statement of eligibility and are sent the following:

The Memorandum and Articles of Association of The Vascular Society;

The minutes of Council meetings for the previous year;

Terms of reference for Council and its Committees;

List of current trustees and contact details;

Annual list of dates of trustee meetings;

Guidance on expenses allowance;

The most recent Charity accounts;

A copy of the Charity Commission publication ‘The Essential Trustee – What you need to know’;

Companies House booklet Directors and Secretaries Guide.

6

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2021

Organisational structure and decision making

There are four trustee (Council) meetings a year at which operational and financial matters of the Society are discussed, and strategic decisions about the direction of the charity are taken. An Executive Committee is also held four times a year prior to Council meetings. In addition, the Society’s committees – Education, Audit and QI, Research and Circulation Foundation – meet three times a year, and the Professional Standards Committee meets once a year when required, undertaking the majority of its workload by e-mail and telephone. In between meetings, decisions are made by telephone or e-mail communication between the Honorary Officers and other trustees. Day to day issues are dealt with by an administrator within Executive Business Services, our external management company who co-ordinates all major decisions of the Honorary Officers.

Risk Management

The trustees regularly review the major risks to which the Society is exposed and systems have been established to mitigate those risks. A risk register is maintained by the trustees and is reviewed annually. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the Society. These procedures are periodically reviewed to ensure that they will still meet the needs of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the Trustees on 1 December 2021 and signed on their behalf by:

Mr A Garnham

Trustee

7

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

YEAR ENDED 30 JUNE 2021

I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2021 which are set out on pages 9 to 24.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Colin Barker FCA

Independent Examiner 146 New London Road Chelmsford CM2 0AW

6 January 2022

8

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 JUNE 2021

Note
Income from:
Donations and legacies
2
Charitable activities
3
Raising funds
4
Investments
5
Total income
Expenditure on:
Raising funds
7
Charitable expenditure
8
Total expenditure
Gains/(losses) on investments
13
Net income/net movement
in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2021
£
57,757
206,714
13,913
7,383
285,767
3,246
294,048
297,294
55,973
44,446
915,918
960,364		 Restricted
Funds
2021
£
21,200
-
-
-
21,200
-
12,278
12,278
-
8,922
217,063
225,985		 Total
2021
£
78,957
206,714
13,913
7,383
306,967
3,246
306,326
309,572
55,973		 Total
2020
£
180,777
504,096
26,573
5,995
717,441
2,440
543,915
546,355
(2,954)
53,368 168,132
1,132,981
1,186,349		 964,849
1,132,981

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended, derive from continuing activities.

The notes on pages 13 to 24 form part of these financial statements.

9

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stock
14
Debtors
15
Cash at bank and in hand
Creditors: Amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Net assets
Funds of the group
Restricted income funds
18
Unrestricted funds
17
Total group funds		 £
2,500
55,711
943,472
1,001,683
(210,023)		 2021
£
6,721
387,968
394,689
791,660
1,186,349
1,186,349
225,985
960,364
1,186,349		 £
2,500
116,720
911,395
1,030,615
(230,609)		 2020
£
5,663
327,312
332,975
800,006
1,132,981
1,132,981
217,063
915,918
1,132,981

For the year ended 30 June 2021 the company was entitled to exemption under section 477 of the Companies Act relating to small companies.

No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The financial statements were approved by the Board of Trustees on 1 December 2021 and signed on its behalf by:

Mr A Garnham

Trustee

Company No. 05060866

The notes on pages 13 to 24 form part of these financial statements.

10

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

CHARITY BALANCE SHEET AS AT 30 JUNE 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stock
14
Debtors
15
Cash at bank and in hand
Creditors: Amounts falling due within
one year
16
Net current assets
Net assets
Funds of the charity
Unrestricted funds
Restricted income funds
18
Total charity funds		 £
£
6,721
387,968
394,689
2,500
101,946
828,936
933,382
(195,244)
738,138
1,132,827
906,842
225,985
1,132,827
2021		 £
£
5,663
327,312
332,975
2,500
103,831
766,153
872,484
(187,147)
685,337
1,018,312
801,249
217,063
1,018,312
2020		 £
£
5,663
327,312
332,975
2,500
103,831
766,153
872,484
(187,147)
685,337
1,018,312
801,249
217,063
1,018,312
2020
332,975
685,337
1,018,312
801,249
217,063
1,018,312

For the year ended 30 June 2021 the company was entitled to exemption under section 477 of the Companies Act relating to small companies.

No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The financial statements were approved by the Board of Trustees on 1 December 2021 and signed on its behalf by:

Mr A Garnham

Trustee

Company No. 05060866

The notes on pages 13 to 24 form part of these financial statements.

11

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE GROUP AND CHARITY CASHFLOW STATEMENTS AS AT 30 JUNE 2021

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
(Gains)/losses on investments
(Gains)/losses on disposal of fixed assets
Investment income
Decrease / (increase) in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Cash provided by / (used in)
operating activities
Cash flows from investing activities:
Investment income
Proceeds from sale of investments
Purchase of investments
Purchase of fixed assets
Cash provided by investing activities
Increase / (decrease) in cash and cash
equivalents in the year
Cash and cash equivalents at start of
year
Cash and cash equivalents at end of
year		 2021
2020
53,368
168,132
7,006
6,065
(55,973)
2,954
-
-
(7,383)
(5,995)
-
-
61,009
11,887
(20,586)
(29,822)
37,441
153,221
7,383
5,995
40,923
12,318
(45,606)
(29,546)
(8,064)
-
(5,364)
(11,233)
32,077
141,988
911,395
769,407
943,472
911,395
Group		 2021
2020
114,515
117,928
7,006
6,065
(55,973)
2,954
-
-
(7,383)
(5,995)
-
-
1,885
20,534
8,096
34,674
68,146
176,160
7,383
5,995
40,923
12,318
(45,606)
(29,546)
(8,064)
-
(5,364)
(11,233)
62,783
164,927
766,153
601,226
828,936
766,153
Charity		 2021
2020
114,515
117,928
7,006
6,065
(55,973)
2,954
-
-
(7,383)
(5,995)
-
-
1,885
20,534
8,096
34,674
68,146
176,160
7,383
5,995
40,923
12,318
(45,606)
(29,546)
(8,064)
-
(5,364)
(11,233)
62,783
164,927
766,153
601,226
828,936
766,153
Charity
176,160
5,995
12,318
(29,546)
-
(11,233)
164,927
601,226
766,153

The notes on pages 13 to 24 form part of these financial statements.

12

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019) (Charities SORP FRS102) and the Companies Act 2006.

The Vascular Society is a company limited by guarantee and meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary VSGBI Limited. A separate Statement of Financial Activities and income and expenditure account for the charity has not been prepared because the company has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Going Concern

The Trustees have considered the impact of the Covid-19 pandemic in their assessment of the charitable group's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the charity and its subsidiary, but having taken all the factors into account, the Trustees are of the opinion that the group has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

Legal Status

The charitable company is a company limited by guarantee and has no share capital. It is incorporated in England and Wales and its registered address is 146 New London Road, Chelmsford, Essex, CM2 0AW.

Income

Donations and legacies

All monetary donations and gifts are included in full in the Statement of Financial Activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

Donations under Gift Aid, together with associated income tax recoveries, are credited as income when donations are receivable.

13

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES (continued)

Legacies are included when the charity is advised by the personal representative of an estate that payment will be made, if the receipt is both certain and measurable. These are included in the Statement of Financial Activities.

Grants receivable

Revenue grants are credited as incoming resources when they are receivable, provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred.

Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense catagories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is subject to conditions that enable the charity to realistically avoid the commitment, such grants being recognised as expenditure when the conditions attached are fulfilled.

Tax status

The company is a registered charity and is not subject to corporation tax on its charitable activities.

Debtors

Trade and other debtors are recognised at the settlement amount due.

Creditors

Creditors 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 are normally recognised at their settlement amount.

14

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES (continued)

Tangible fixed assets and depreciation

Fixed assets are shown at original cost or, if donated, at their value on the date of the gift, less accumulated depreciation. Amounts less than £500 are expensed. Depreciation is provided at rates calculated to write off their cost or value, less their estimated residual value over their estimated useful lives on the following basis

Office equipment - 15% reducing balance Computer equipment - 20% straight line Computer software - 20% straight line

Investments

Investments in subsidiaries held as fixed assets are stated at cost less provision for any permanent diminution in value.

Other investments held as fixed assets are stated at market value at the year end. Gains and losses on disposal and revaluation of investments are charged or credited to the SOFA.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Fund accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and the use of each restricted fund is set out in the notes to the financial statements.

Designated funds are unrestricted funds that the trustees have set aside for a particualar purpose.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

15

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

2. DONATIONS AND LEGACIES
Donations and gift aid
Legacies
2020
3. CHARITABLE ACTIVITIES
Members' subscriptions
Annual Scientific Meeting (note 6)
2020
4. INCOME FROM RAISING FUNDS
Marathon
Other
2020
5. INVESTMENT INCOME
Interest - Bank interest
Interest - Fixed interest securities
Dividends
2020		 Unrestricted
Funds
£
23,030
34,727		 Restricted
Funds
£
21,200
-		 Total
2021
£
44,230
34,727		 Total
2020
£
180,777
-
57,757 21,200 78,957 180,777
55,712
Unrestricted
Funds
£
109,855
96,859		 125,065
Restricted
Funds
£
-
-		 180,777
Total
2021
£
109,855
96,859		 Total
2020
£
107,998
396,098
206,714 - 206,714 504,096
504,096
Unrestricted
Funds
£
6,891
7,022		 -
Restricted
Funds
£
-
-		 504,096
Total
2021
£
6,891
7,022		 Total
2020
£
8,495
18,078
13,913 - 13,913 26,573
26,573
Unrestricted
Funds
£
65
567
6,751		 -
Restricted
Funds
£
-
-
-		 26,573
Total
2021
£
65
567
6,751		 Total
2020
£
810
154
5,031
7,383 - 7,383 5,995
5,995 - 5,995

16

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

6 RESULTS OF RELATED ENTITIES

The charity has a wholly owned trading subsidiary which is incorporated in the United Kingdom.

VSGBI Limited (registered number 04020415) is principally engaged in the operation of the Annual Scientific Meeting for The Vascular Society. Its registered address in 146 New London Road, Chelmsford, Essex, CM2 0AW.

VSGBI Limited pays all taxable profits for the reporting period to its parent charity under the gift aid scheme. The payments are now recognised in the period in which they are paid.

The profit and loss account for the year ended 30 June 2021 is as follows:

Turnover
Cost of Sales
Operating profit
Administrative expenses
Amount gift aided to The Vascular Society
Retained in VSGBI Limited
The assets and liabilities of VSGBI Limited at 30 June 2021 were:
Current assets
Creditors: amounts falling due within one year
Total net assets
Aggregate share of capital and reserves		 2021
£
96,859
(21,761)
75,098
(21,577)
(114,669)
(61,148)
2021
£
160,958
(107,436)
53,522
53,522		 2020
£
396,098
(260,403)
135,695
(21,026)
(64,465)
50,204
2020
£
260,463
(145,793)
114,670
114,670

7 COSTS OF RAISING FUNDS

Marathon
Other fundraising
2020		 Unrestricted
Funds
2021
£
2,220
1,026
3,246
2,440		 Restricted
Funds
2021
£
-
-
-
-		 Total
Funds
2021
£
2,220
1,026
3,246
2,440		 Total
Funds
2020
£
2,440
-
2,440

17

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

8 COST OF CHARITABLE ACTIVITIES

Grants payable(note 9)
Prizes
Other research and education costs
Annual Scientific Conference
Support costs:
Administration and Committee costs
Stationery, printing, postage
Computer support costs
Depreciation of fixed assets
Advertising and marketing
General expenses
Governance costs(note 10)
2020
GRANTS PAYABLE
Research Fellowships
Other awards		 Unrestricted
Funds
2021
£
99,381
1,641
15,987
38,328
112,560
174
9,410
2
837
3,544
12,184
294,048
424,461
Number
4
2
6		 Restricted
Funds
2021
£
3,912
-
1,362
-
-
-
-
7,004
-
-
-
12,278
119,454
Total
2021
£
97,500
5,793
103,293		 Total
Funds
2021
£
103,293
1,641
17,349
38,328
112,560
174
9,410
7,006
837
3,544
12,184
306,326
543,915
Number
2
2
4		 Total
Funds
2020
£
79,754
669
52,411
274,585
108,535
721
7,639
6,065
583
1,622
11,331
543,915
Total
2020
£
70,000
9,754
79,754

9 GRANTS PAYABLE

Research Fellowships are awarded to fund research into vascular health, surgery and therapies and are generally paid to the institution where the research is carried out.

10 GOVERNANCE COSTS

Independent examination fee
Accounts preparation and other accountancy services
Fees payable to independent examiner
Legal & professional fees		 2021
£
1,150
9,844
10,994
1,190
12,184		 2020
£
1,150
9,677
10,827
504
11,331

18

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

11 STAFF & TRUSTEE COSTS

There were no employees during the year as all administrative functions have been subcontracted.

No Trustee, or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from either the charity or the company controlled by the charity.

A total of £466 (2020 - £6,557) was paid to 3 (2020 - 14) trustees during the year to reimburse travel, accommodation and other expenses incurred in the course of carrying out The Vascular Society's activities.

12 TANGIBLE FIXED ASSETS

Cost
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Charge for year
On disposals
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Computer
equipment
£
2,082
-
-
2,082
2,080
2
-
2,082
-
2		 Computer
software
£
41,620
8,064
-
49,684
35,959
7,004
-
42,963
6,721
5,661		 Total
£
43,702
8,064
-
51,766
38,039
7,006
-
45,045
6,721
5,663

19

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

13 FIXED ASSET INVESTMENTS
Market value at 1 July 2020
Additions at cost
Disposal proceeds
Gain/(loss) on investments
Market value at 30 June 2021
Historical cost at 30 June 2021
The Charity
As above
Investment in subsidiary company (see note 6)
Class of
Name
shares held
VSGBI Limited
Ordinary
14 STOCK
Group
Group
2021
2020
£
£
Goods for resale
2,500
2,500
All investments were held in the UK on a recognised stock exchange.		 Group
2021
Total
£
327,312
45,606
(40,923)
55,973
387,968
291,946
2021
Total
£
387,968
1
387,969
Proportion
held
100%
Charity
2021
£
2,500		 Group
2020
Total
£
313,038
29,546
(12,318)
(2,954)
327,312
278,749
2020
Total
£
327,312
1
327,313
Share capital at
30/06/2021
£
1
Charity
2020
£
2,500

20

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

15 DEBTORS
Trade debtors
Other debtors
Amounts owed by VSGBI Limited
Prepayments and accrued income		 Group
2021
£
20,952
4,952
-
29,807
55,711		 Group
2020
£
82,806
3,231
-
30,683
116,720		 Charity
2021
£
2,280
1,000
92,656
6,010
101,946		 Charity
2020
£
500
1,000
102,331
-
103,831

16 CREDITORS: amounts falling due within one year

Accruals for grants payable
Trade creditors
Accruals and deferred income		 Group
2021
£
166,586
23,777
19,660
210,023		 Group
2020
£
141,185
42,334
47,090
230,609		 Charity
2021
£
166,586
23,618
5,040
195,244		 Charity
2020
£
141,185
41,962
4,000
187,147

Included in Group deferred income is nil (2020 - £38,690) in respect of delegate and exhibitor fees received prior to the year end for the Annual Scientific Meeting held in the following November.

17 UNRESTRICTED FUNDS

Group
Designated funds
Surgical Specialty Leads
General unrestricted funds
Aortic Fellowship		 Balance at
01/07/2020
£
90,000
-
825,918
915,918		 Incoming
Resources
resources
expended
£
£
-
(67,500)
-
-
285,767
(229,794)
285,767
(297,294)
Movement in funds		 Inv gains/
Transfers
£
(22,500)
30,000
48,473
55,973		 Balance at
30/06/2021
£
-
30,000
930,364
960,364

The trustees designated funds in 2020 to support RCS SSLs in Vascular Surgery now awarded. The trustees designated £30,000 towards an Aortic Fellowship.

21

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2021

18 RESTRICTED FUNDS

18 RESTRICTED FUNDS
Group and Company
a)
Cook Foundation
b)
Owen Shaw Legacy
c)
Claudication Project
d)
George Slaney Fund
e)
Aspire programme
f)
Educational Fund
g)
Members' donations 2018
h)
Members' donations 2019
i)
Members' donations 2020
j)
Members' donations 2021		 Balance at
01/07/2020
£
47,653
1,839
208
1,635
109,958
2,640
16,980
18,650
17,500
-
217,063		 Incoming
Resources
resources
expended
Transfers
£
£
£
-
(7,004)
-
-
-
-
-
-
-
-
-
-
5,000
(1,362)
-
-
-
-
-
(3,912)
-
-
-
-
-
-
-
16,200
-
-
21,200
(12,278)
-
Movement in funds		 Balance at
30/06/2021
£
40,649
1,839
208
1,635
113,596
2,640
13,068
18,650
17,500
16,200
225,985

22

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2020

18 RESTRICTED FUNDS - PRIOR YEAR

18 RESTRICTED FUNDS - PRIOR Y EAR
Group and Company
a)
Cook Foundation
b)
Owen Shaw Legacy
c)
President’s Early Career Award
d)
Claudication Project
e)
George Slaney Fund
f)
George Davies Award
g)
Aspire Education Committee
h)
Educational Fund
i)
Members' donations 2018
j)
Members' donations 2019		 Balance at
01/07/2019
£
53,646
1,839
59,930
208
1,635
52,904
2,640
20,000
18,650
-
211,452		 Incoming
Resources
resources
expended
Transfers
£
£
£
-
(5,993)
-
-
-
-
-
(59,930)
-
-
-
-
-
-
-
107,565
(50,511)
-
-
-
-
-
(3,020)
-
-
-
17,500
-
-
125,065
(119,454)
-
Movement in funds		 Balance at
30/06/2020
£
47,653
1,839
-
208
1,635
109,958
2,640
16,980
18,650
17,500
217,063

23

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

19 ANALYSIS OF NET ASSETS BETWEEN FUNDS

The Group
Tangible fixed assets
Investments
Other net assets
The Charity
Tangible fixed assets
Investments
Other net assets
Prior Year
The Group
Tangible fixed assets
Investments
Other net assets
The Charity
Tangible fixed assets
Investments
Other net assets		 Unrestricted
Funds
£
-
387,968
542,396
930,364
-
387,968
488,874
876,842
Unrestricted
Funds
£
2
327,312
498,604
825,918
2
327,312
383,935
711,249		 Designated
Funds
£
-
-
30,000
30,000
-
-
30,000
30,000
Designated
Funds
£
-
-
90,000
90,000
-
-
90,000
90,000		 Restricted
Funds
£
6,721
-
219,264
225,985
6,721
-
219,264
225,985
Restricted
Funds
£
5,661
-
211,402
217,063
5,661
-
211,402
217,063		 2021
Total
£
6,721
387,968
791,660
1,186,349
6,721
387,968
738,138
1,132,827
2020
Total
£
5,663
327,312
800,006
1,132,981
5,663
327,312
685,337
1,018,312

20 RELATED PARTY TRANSACTIONS

The charity has taken advantage of the exemption available under FRS102 not to disclose transactions entered into between members of the group.

There are no other related party transactions to be disclosed.

21 COMPANY STATUS

The charity is a company limited by guarantee. The members of the company are the trustees. In the event of the charity being wound up, each member guarantees the maximum sum of £1.

24