**COMPANY REGISTRATION NUMBER : 05060866**
# **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2024**
**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 2024**
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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
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## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **TRUSTEES' REPORT**
## **YEAR ENDED 30 JUNE 2024**
## **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:**
Mr A Garnham resigned 29/11/24 Prof I Chetter Mr S Selvakumar Miss K Sritharan Miss L Wales resigned 11/12/23 Mr M Brooks Mr A McCleary Mr A Pherwani resigned 11/12/23 Miss R Bell resigned 11/12/23 Mr P Coughlin Mr D Orr resigned 29/11/24 Prof M Bowen Mr A Egun Mr I Hunter resigned 29/11/24 Mr N Bhasin Mrs B Egan Mrs S Vallabhaneni Mr C Mcdonnell resigned 29/11/24 Mr M Baroni Mr J McCaslin appointed 11/12/23 Mr C Bicknell appointed 11/12/23 Mr K Jones appointed 11/12/23 Mr P Lintott appointed 11/12/23 Mr J Ghosh appointed 29/11/24 Mr P Moxey appointed 29/11/24 Prof A Saratzis appointed 29/11/24 Mr A Thompson appointed 29/11/24 **President** Mr A Garnham to 29/11/24 Prof I Chetter from 29/11/24 **Independent examiner** Alex Stone FCCA 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 2024**
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 2024.
## **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 and improve its education programme for surgeons in training and in addition has worked to improve the education of surgeons in non training posts who make an invaluable contribution to the care of vascular patients. The annual scientific meeting now encompasses parallel meetings for physiotherapists involved in the care of vascular patients (BACPAR) as well as the well established meetings of the Society of Vascular Nurses and Society of Vascular Technologists.
Research has focussed on clinical questions and quality improvement. In addition to the quality improvement project for patients with limb threatening ischaemia, two new projects developed with the Royal College of Surgeons of Edinburgh and the Royal College of Physicians and Surgeons of Glasgow are examining human factors and frailty respectively. Future projects will focus on priorities identified through the James Alliance Partnership and actioned through our special interest groups.
With the aim of disseminating research performed by vascular surgeons and allied health professions the Society has developed and published a new journal called The Journal of the Vascular Societies of Great Britain and Ireland.
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 2024**
## **ACHIEVEMENTS AND PERFORMANCE**
The Annual Scientific Meeting was held in Dublin in November 2023. This was well supported by members and industry sponsors generating an unexpected small profit that will be used to fund our educational and research commitments. The meeting is run in parallel with the Society of Vascular Nurses, Society of Vascular Technologists and British Association of Chartered Physiotherapists in Limb Absence Rehabilitation, who also receive a share of the profits. In the past profit from the ASM has accounted for approximately 35% of our income, but due to the soaring costs of holding conferences and our reluctance to raise the registration fees profit has been much reduced. We have therefore taken the decision to increase the registration fees for 2024 although by an amount that is significantly less than inflation.
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. We are also very grateful to individual fundraisers who have run, cycled and walked to raise money for the Circulation Foundation.
Our two largest financial commitments are funding of the Aspire series of courses for training junior vascular surgeons and funding of research fellows. 6 Aspire Courses were once again held in person requiring enormous commitment from local organisers. Largely due to the efforts of Paddy Coughlin, we were once again awarded a large grant from the Covid Recovery Fund of Health Education England that will go some way to offsetting the huge cost of these courses. Unfortunately this funding is unlikely to continue and in order to deliver the course without charge to our trainees other sources must be developed.
In recent years we have worked in partnership with The Royal College of Surgeons of England to fund two research fellows but unfortunately bids from vascular surgery trainees were unsuccessful this year. However we continue to have partnerships with the Royal College of Surgeons of Edinburgh to work on a project on human factors and The Royal College of Physicians and Surgeons of Glasgow to work on a project on frailty. In general we have tried to encourage and fund projects that are both important to patients, and relevant to our clinical colleagues.
The Journal of the Vascular Societies of Great Britain and Ireland (JVSGBI) has proved to be very successful and while there were significant start up costs it is expected that the journal will break even this year. This journal provides a platform not just for local vascular surgeons, but also our colleagues in nursing, vascular technologists and physiotherapists. Success has only been possible due to the drive and determination of Prof Ian Chetter and Gail Ryan from EBS.
An additional large expense in the last year has been the redesign of the websites for both the Vascular Society and the Circulation Foundation (£56,000). This was essential as the previous websites has been designed many years ago and were no longer fit for purpose. The new websites should be of great value to members of the VS and the general public looking for information on vascular disease.
## **FINANCIAL REVIEW**
The charity’s consolidated accounts show a net deficit for the financial year 1st July 2023 to 30th June 2024 of £121,736 (2023: surplus £102,158). This includes a surplus of £119,985 (2023: £30,686) from its trading company, VSGBI Ltd.
3
**THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **TRUSTEES' REPORT (continued)**
## **YEAR ENDED 30 JUNE 2024**
We have received £90,000 from Health Education England to help fund catch up training as well as £30,000 from industry sponsors. The other main income sources for the Society are donations and subscriptions from members. Members' donations to the Circulation Foundation in the year have been allocated to funding the Circulation Foundation website. Details of our expenditure are set out in the attached accounts.
Grants totalling over £113,000 have been paid during the year, including £22,500 for the RCS Surgical Specialty Leads in Vascular Surgery.
## **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. 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 £915,456 at the year end (excludes fixed assets and designated funds) and restricted funds of £352,205. This will allow the charity to support further grants in the next year, avoid increasing membership fees and keep the reduced level of fees for registration at the ASM. Planned expenditure going forward includes a joint fellowship with BSIR of £40,000 per annum for two years and joint fellowships with the Royal College of Physicians and Surgeons of Glasgow and Royal College of Surgeon of Edinburgh of £40,000 per annum each over two years. We have not renewed our partnerships with The Royal College of Surgeons of England this year.
Our journal business plan committed us to up to £60,000 over 3 years, and we are currently on track to break even by the end of this period. The Journal is available online at no cost and income is generated by industry sponsorship.
We have previously committed £30,000 to a joint aortic open fellowship. No progress has been made in establishing this fellowship with The Royal Brompton Hospital and the funding will be need to reviewed before the fellowship is established.
4
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **TRUSTEES' REPORT (continued)**
## **YEAR ENDED 30 JUNE 2024**
Within restricted funds, we have unspent HEE funding related to the ASPIRE programme. This will allow courses to run for at least another year but in the medium to long term we hope to secure regular, reliable funding from industry partners.
## **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.
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 charitable group’s investments at 30 June 2024 were valued at £495,757 with a further £24,040 held as cash deposits.
## **PLANS FOR THE FUTURE**
## **Future developments**
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 November 2024 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, BACPAR, 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.
5
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **TRUSTEES' REPORT (continued)**
## **YEAR ENDED 30 JUNE 2024**
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.
## **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 has previously been elected by the voting trustees (Council members) but after discussion at the ASM and then a postal vote among the Ordinary Members, it was decided that the President should be elected by the Ordinary Members. The first election under the new rules will take place in November 2023. Nominations are proposed following consideration of a long list of Ordinary Members who have been Members of the Society for 15 years or more and have previously sat on Council. 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 2024**
## **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 19 March 2025 and signed on their behalf by:
........................................
## **Mr A McCleary**
Trustee
7
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES YEAR ENDED 30 JUNE 2024**
I report to the charity trustees on my examination of the accounts of the Vascular Society ('the Company') for the year ended 30 June 2024 which are set out on pages 9 to 24. I report to the charity trustees on my examination of the accounts of the Group comprising the Company and its subsidiary undertaking, VSGBI Limited, for the year ended 30 June 2024 which are set out on pages 9 to 24.
## **Responsibilities and basis of report**
As the trustees of the Company (and also its directors for the purpose of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 ('the Charities Act') and the Companies Act 2006 ('the Companies Act') and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Company and the Group are not required by company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the Companies 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the Companies Act and are eligible for independent examination, I report in respect of my examination of the consolidated accounts. I have carried out my examination under section 145 of the Charities Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities 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 Charities Act. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants. 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. accounting records with respect to the Company and its subsidiary were not kept as required by section 386 of the 2006 Act; or
- ii. the accounts do not accord with those records; or
- iii. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 or the Companies Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
- iv. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
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.
..................................
## **Alex Stone FCCA**
Edmund Carr LLP 146 New London Road Chelmsford, CM2 0AW
Date: 20 March 2025
8
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## **YEAR ENDED 30 JUNE 2024**
|**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**
**2024**
**£**
23,383
736,342
1,878
34,269
795,872
2,662
918,856
921,518
33,358
(92,288)
1,037,884
945,596|**Restricted**
**Funds**
**2024**
**£**
161,741
-
-
-
161,741
-
191,189
191,189
-
(29,448)
381,653
352,205|**Total**
**2024**
**£**
185,124
736,342
1,878
34,269
957,613
2,662
1,110,045
1,112,707
33,358
(121,736)
1,419,537
1,297,801|**Total**
**2023**
**£**
267,009
509,514
1,968
18,743
797,234
5,822
687,514
693,336
j
(1,740)
102,158
1,317,379
1,419,537|
|---|---|---|---|---|
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 2024**
|**Note**
**Fixed assets**
Tangible assets
**12**
Investments
**13**|**£**|**2024**
**£**
46,412
495,757|**£**|**2023**
**£**
3,689
441,470|
|---|---|---|---|---|
|**Current assets**
Stock
**14**
Debtors
**15**
Cash at bank and in hand|1,000
237,057
813,431|542,169|1,000
267,079
866,396|445,159|
|**Creditors: Amounts falling due within**
**one year**
**16**|1,051,488
(295,856)||1,134,475
(160,097)||
|**Net current assets**||755,632||974,378|
|**Total assets less current liabilities**||1,297,801||1,419,537|
|**Net assets**||1,297,801||1,419,537|
|**Funds of the group**
Restricted income funds
**18**
Unrestricted funds
**17**||352,205
945,596||381,653
1,037,884|
|**Total group funds**||1,297,801||1,419,537|
For the year ended 30 June 2024 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 19 March 2025 and signed on its behalf by:
…..................................
## **Mr A McCleary**
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 2024**
|**Note**
**Fixed assets**
Tangible assets
**12**
Investments
**13**|**£**
**£**
46,412
495,758
**2024**|**£**
**£**
46,412
495,758
**2024**|**£**
**£**
3,689
441,471
**2023**|**£**
**£**
3,689
441,471
**2023**|
|---|---|---|---|---|
|**Current assets**
Stock
**14**
Debtors
**15**
Cash at bank and in hand|1,000
189,619
536,426|542,170|1,000
173,567
848,516|445,160|
|**Creditors: Amounts falling due within**
**one year**
**16**|727,045
(91,400)||1,023,083
(79,393)||
|**Net current assets**||635,645||943,690|
|**Net assets**||1,177,815||1,388,850|
|**Funds of the charity**
Unrestricted funds
Restricted income funds
**18**||825,610
352,205||1,007,197
381,653|
|**Total charity funds**||1,177,815||1,388,850|
For the year ended 30 June 2024 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 19 March 2025 and signed on its behalf by:
….................................
## **Mr A McCleary**
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 2024**
|**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**|**2024**
**2023**
(121,736)
102,158
13,235
1,667
(33,358)
1,740
1,882
-
(34,269)
(18,743)
-
1,500
30,022
52,556
135,759
(36,186)
(8,465)
104,692
34,269
18,743
69,938
65,283
(90,867)
(75,413)
(57,840)
-
(44,500)
8,613
(52,965)
113,305
866,396
753,091
813,431
866,396
**Group**|**2024**
**2023**
(211,035)
117,404
13,235
1,667
(33,358)
1,740
1,882
-
(34,269)
(18,743)
-
1,500
(16,052)
42,060
12,007
(30,828)
(267,590)
114,800
34,269
18,743
69,938
65,283
(90,867)
(75,413)
(57,840)
-
(44,500)
8,613
(312,090)
123,413
848,516
725,103
536,426
848,516
**Charity**|
|---|---|---|
**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 2024**
## **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.
The charitable company made a deficit in the financial year of £211,035 (2023 - surplus of £117,404). Inter-company transactions and balances between the charity and its subsidiary are eliminated in full.
## **Going Concern**
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.
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.
13
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **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 2024**
## **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. 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 2024**
**==> picture [430 x 611] intentionally omitted <==**
**----- Start of picture text -----**
2. DONATIONS AND LEGACIES
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Donations and gift aid 23,383 17,958 41,341 68,429
Grants - 143,783 143,783 187,408
- - -
Legacies 11,172
23,383 161,741 185,124 267,009
2023 65,101 201,908 267,009
3. CHARITABLE ACTIVITIES
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
-
Members' subscriptions 123,170 123,170 110,040
-
Advertising income (JVSGBI) 15,000 15,000 4,250
-
Annual Scientific Meeting 598,172 598,172 395,224
-
736,342 736,342 509,514
2023 509,514 - 509,514
4. INCOME FROM RAISING FUNDS
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Events 1,230 - 1,230 1,110
Other 648 - 648 858
-
1,878 1,878 1,968
2023 1,968 - 1,968
5. INVESTMENT INCOME
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Interest - Bank interest 21,542 - 21,542 7,136
Interest - Fixed interest securities 1,909 - 1,909 980
Dividends 10,818 - 10,818 10,627
-
34,269 34,269 18,743
2023 18,743 - 18,743
**----- End of picture text -----**
16
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
## **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 2024 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 2024 were:
Current assets
Creditors: amounts falling due within one year
Total net assets
Aggregate share of capital and reserves|**2024**
**£**
277,626
(150,002)
127,624
(7,640)
(30,685)
89,299
**2024**
**£**
436,124
(316,139)
119,985
119,985|**2023**
**£**
395,224
(324,951)
70,273
(39,588)
(45,931)
(15,246)
**2023**
**£**
271,156
(240,470)
30,686
30,686|
|---|---|---|
## **7. COSTS OF RAISING FUNDS**
|Marathon
Other fundraising
_2023_|**Unrestricted**
**Funds**
**2024**
**£**
2,662
-
2,662
_5,822_|**Restricted**
**Funds**
**2024**
**£**
-
-
-
_-_|**Total**
**Funds**
**2024**
**£**
2,662
-
2,662
_5,822_|**Total**
**Funds**
**2023**
**£**
830
4,992
5,822|
|---|---|---|---|---|
17
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024**
## **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
Journal costs (JVSGBI)
Governance costs**(note 10)**
_2023_
**GRANTS PAYABLE**
Research Fellowships and awards
Grants released|**Unrestricted**
**Funds**
**2024**
**£**
58,116
8,348
20
550,971
226,698
2,828
14,519
11,622
8,713
9,660
19,888
7,473
918,856
_578,818_
**Number**
1
-
1|**Restricted**
**Funds**
**2024**
**£**
40,618
-
148,958
-
-
-
-
1,613
-
-
-
-
191,189
_108,696_
**Total**
**2024**
**£**
120,434
(21,700)
98,734|**Total**
**Funds**
**2024**
**£**
98,734
8,348
148,978
550,971
226,698
2,828
14,519
13,235
8,713
9,660
19,888
7,473
1,110,045
_687,514_
**Number**
1
-
1|**Total**
**Funds**
**2023**
**£**
10,000
20,286
106,120
360,939
130,791
1,598
11,729
1,667
5,651
4,022
25,180
9,531
687,514
**Total**
**2023**
**£**
10,000
-
10,000|
|---|---|---|---|---|
## **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|**2024**
**£**
1,235
5,893
7,128
345
7,473|**2023**
**£**
1,235
7,921
9,156
375
9,531|
|---|---|---|
18
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
## **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 £5,541 (2023 - £8,959) was paid to 16 (2023 - 13) 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 2023
Additions
Disposals
**At 30 June 2024**
**Depreciation**
At 1 July 2023
Charge for year
On disposals
**At 30 June 2024**
**Net book value**
**At 30 June 2024**
At 30 June 2023|**Computer**
**equipment**
**£**
2,353
-
-
2,353
2,159
54
-
2,213
140
194|**Computer**
**software**
**£**
49,684
57,840
(8,064)
99,460
46,189
13,181
(6,182)
53,188
46,272
3,495|**Total**
**£**
52,037
57,840
(8,064)
101,813
48,348
13,235
(6,182)
55,401
46,412
3,689|
|---|---|---|---|
19
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
**==> picture [452 x 585] intentionally omitted <==**
**----- Start of picture text -----**
13. FIXED ASSET INVESTMENTS
Group Group
2024 2023
Total Total
£ £
Market value at 1 July 2023 441,470 433,080
Additions at cost 90,867 75,413
Disposal proceeds (69,938) (65,283)
Gain/(loss) on revaluation of investments 33,358 (1,740)
Market value at 30 June 2024 495,757 441,470
Historical cost at 30 June 2024 431,650 431,650
All investments were held in the UK on a recognised stock exchange.
The Charity 2024 2023
Total Total
£ £
As above 495,757 441,470
Investment in subsidiary company (see note 6) 1 1
495,758 441,471
Class of Proportion Share capital at
Name shares held held 30/06/2024
£
VSGBI Limited Ordinary 100% 1
14. STOCK
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Goods for resale 1,000 1,000 1,000 1,000
**----- End of picture text -----**
20
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
## **15. DEBTORS**
|Trade debtors
Other debtors
Amounts owed by VSGBI Limited
Prepayments and accrued income|**Group**
**2024**
**£**
155,497
300
-
81,260
237,057|**Group**
**2023**
**£**
120,619
300
-
146,160
267,079|**Charity**
**2024**
**£**
12,192
300
111,683
65,444
189,619|**Charity**
**2023**
**£**
13,500
300
159,767
-
173,567|
|---|---|---|---|---|
## **16. CREDITORS: amounts falling due within one year**
|Accruals for grants payable
Trade creditors
Accruals and deferred income
VAT payable
Other creditors|**Group**
**2024**
**£**
10,000
68,413
161,470
43,304
12,669
295,856|**Group**
**2023**
**£**
21,699
38,125
75,388
10,716
14,169
160,097|**Charity**
**2024**
**£**
10,000
64,231
4,500
-
12,669
91,400|**Charity**
**2023**
**£**
21,699
38,125
5,400
-
14,169
79,393|
|---|---|---|---|---|
Included in Group deferred income is £153,240 (2023 - £51,325) 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**
**General unrestricted funds**
Aortic Fellowship
Website development|**Balance at**
**01/07/2023**
**£**
30,000
75,000
932,884
1,037,884|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
-
-
-
(57,840)
795,872
(863,678)
795,872
(921,518)
**Movement in funds**|**Inv gains/**
**Transfers**
**£**
-
(17,160)
50,518
33,358|**Balance at**
**30/06/2024**
**£**
30,000
-
915,596
945,596|
|---|---|---|---|---|
The trustees designated £30,000 towards an Aortic Fellowship.
The trustees designated £75,000 towards the redesign of the The Vascular Society and Circulation Foundation websites.
21
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
## **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 2019-2020
i)
Members' donations 2024|**Balance at**
**01/07/2023**
**£**
37,423
1,839
208
1,635
297,928
2,640
3,830
36,150
-
381,653|**Incoming**
**Resources**
**resources**
**expended**
**Transfers**
**£**
**£**
**£**
-
(1,613)
-
-
-
-
-
-
-
-
-
-
121,123
(148,958)
-
-
-
-
-
-
-
-
-
-
40,618
(40,618)
-
161,741
(191,189)
-
**Movement in funds**|**Balance at**
**30/06/2024**
**£**
35,810
1,839
208
1,635
270,093
2,640
3,830
36,150
-
352,205|
|---|---|---|---|
- a) Funding to provide a Fellowship training programme and educational services in either vascular surgery or interventional radiology.
- b) Additional funding to support the use of outcome measures in output amputee rehabilitation in the UK.
- c) A project to examine patient engagement in claudication exercise programmes has been funded by donations from the Garfield Weston and James Tudor Foundations.
- d) A donation from George Slaney to fund exams and medals.
- e) Funds received from Health Education England and sponsors to be used for training of doctors who are returning to training after time out of the program and to generate the national ASPIRE programme.
- f) This funding was received from La Maitre Vascular and is it be used for educational activities.
- g) These members' donations are being used to support the James Lind Alliance.
- h) These are donations given to The Vascular Society by its members to support special interest research groups.
- i) These members' donations were used to contribute towards the research fellow grants.
22
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024**
## **18.** _**RESTRICTED FUNDS - PRIOR YEAR**_
|**_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 2019-2020
i)
Members' donations 2021-2023|**_Balance at_**
**01/07/2022**
**_£_**
_39,036_
_1,839_
_208_
_1,635_
_203,103_
_2,640_
_3,830_
_36,150_
_-_
_288,441_|**_Incoming_**
**_Resources_**
**_resources_**
**_expended_**
**_Transfers_**
**_£_**
**_£_**
**_£_**
_-_
_(1,613)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_187,408_
_(92,583)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_14,500_
_(14,500)_
_-_
_201,908_
_(108,696)_
_-_
**_Movement in funds_**|**_Balance at_**
**30/06/2023**
**_£_**
_37,423_
_1,839_
_208_
_1,635_
_297,928_
_2,640_
_3,830_
_36,150_
_-_
_381,653_|
|---|---|---|---|
- a) Funding to provide a Fellowship training programme and educational services in either vascular surgery or interventional radiology.
- b) Additional funding to support the use of outcome measures in output amputee rehabilitation in the UK.
- c) A project to examine patient engagement in claudication exercise programmes has been funded by donations from the Garfield Weston and James Tudor Foundations.
- d) A donation from George Slaney to fund exams and medals.
- e) Funds received from Health Education England to be used for training of doctors who are returning to training after time out of the program and to generate the national ASPIRE programme.
- f) This funding was received from La Maitre Vascular and is it be used for educational activities.
- g) These members' donations are being used to support the James Lind Alliance.
- h) These are donations given to The Vascular Society by its members to support special interest research groups.
- i) These members' donations were used to fund the Society's Journal
23
## **THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **YEAR ENDED 30 JUNE 2024**
## **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**
**£**
140
495,757
419,699
915,596
140
495,758
299,712
795,610
**_Unrestricted_**
**_Funds_**
**_£_**
_194_
_441,470_
_491,220_
_932,884_
_194_
_441,471_
_460,532_
_902,197_|**Designated**
**Funds**
**£**
-
-
30,000
30,000
-
-
30,000
30,000
**_Designated_**
**_Funds_**
**_£_**
_-_
_-_
_105,000_
_105,000_
_-_
_-_
_105,000_
_105,000_|**Restricted**
**Funds**
**£**
46,272
-
305,933
352,205
46,272
-
305,933
352,205
**_Restricted_**
**_Funds_**
**_£_**
_3,495_
_-_
_378,158_
_381,653_
_3,495_
_-_
_378,158_
_381,653_|**2024**
**Total**
**£**
46,412
495,757
755,632
1,297,801
46,412
495,758
635,645
1,177,815
**_2023_**
**_Total_**
**_£_**
_3,689_
_441,470_
_974,378_
_1,419,537_
_3,689_
_441,471_
_943,690_
_1,388,850_|
|---|---|---|---|---|
## **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