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← The Vascular Society

2025-06-30-accounts

COMPANY REGISTRATION NUMBER : 05060866

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2025

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 2025

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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 2025

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 resigned 01/12/25 Mr K Jones Mr S Selvakumar Miss K Sritharan Mr M Brooks Mr A McCleary resigned 01/12/25 Mr P Coughlin Mr D Orr resigned 29/11/24 Prof M Bowen resigned 01/12/25 Mr A Egun Mr I Hunter resigned 29/11/24 Mr N Bhasin resigned 01/12/25 Mrs B Egan resigned 01/12/25 Mrs S Vallabhaneni Mr C Mcdonnell resigned 29/11/24 Mr M Baroni Mr J McCaslin Mr C Bicknell Mr P Lintott 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 Dr R Forsythe appointed 28/11/25 Prof D Carradice appointed 28/11/25 Prof C P Twine appointed 28/11/25 President Mr A Garnham to 29/11/24 Prof I Chetter from 29/11/24 Mr K Jones from 01/12/2025 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 2025

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 2025.

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 2025

ACHIEVEMENTS AND PERFORMANCE

The Annual Scientific Meeting was held in Brighton in November 2024. This was well supported by members and industry sponsors generating a healthy 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. Since the Covid pandemic profit from the ASM had been significantly lower than historical averages but this decline has been reversed through an increase in registration fees, increased attendance and increased industry sponsorship.

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. In recent years these expensive courses have only been possible due to funding from the Covid Recovery Fund of Health Education England. This funding is no longer available. Largely due to the efforts of Paddy Coughlin and Kaji Sritharan funding has been secured through industry sponsorship and we hope that this will continue.

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 but we will only be able to fund projects if we have sufficient income.

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.

FINANCIAL REVIEW

The charity’s consolidated accounts show a net deficit for the financial year 1st July 2024 to 30th June 2025 of £123,046 (2024 - £121,736).

The main income sources for the Society are ASM fees, grants, donations and subscriptions from members. Members' donations to the Circulation Foundation in the year have been allocated to funding the Research Fellows. Details of our expenditure are set out in the attached accounts.

Grants totalling over £108,304 have been paid during the year, including £22,500 for the RCS Surgical Specialty Leads in Vascular Surgery.

3

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued)

YEAR ENDED 30 JUNE 2025

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:

To ensure the Society continues to meet its charitable objectives the desirable reserve for the above objectives has been calculated as £600,000. 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 £790,372 at the year end (excludes fixed assets and designated funds) and restricted funds of £354,297. 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 £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. Some 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.

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.

4

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (continued) YEAR ENDED 30 JUNE 2025

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 2025 were valued at £514,692 (2024 - £495,757) with a further £610,379 (2024 - £813,431), 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 2025 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 2025

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 2025

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 .............................. and signed on their behalf by: 9 March 2026

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

Mr J McCaslin

Trustee

7

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES YEAR ENDED 30 JUNE 2025

I report to the charity trustees on my examination of the accounts of the Vascular Society ('the Company') for the year ended 30 June 2025 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 2025 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 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 Alex Stone FCCA

Edmund Carr LLP 146 New London Road Chelmsford, CM2 0AW

Date: 9 March 2026

8

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 JUNE 2025

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/(expenditure)/net
movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2025
£
28,160
523,092
20,203
18,391
589,846
3,740
714,213
717,953
2,969
(125,138)
945,596
820,458		 Restricted
Funds
2025
£
128,633
-
-
-
128,633
-
126,541
126,541
-
2,092
352,205
354,297		 Total
2025
£
156,793
523,092
20,203
18,391
718,479
3,740
840,754
844,494
2,969
(123,046)
1,297,801
1,174,755		 Total
2024
£
185,124
736,342
1,878
34,269
957,613
2,662
1,110,045
1,112,707
j
33,358
(121,736)
1,419,537
1,297,801

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 2025

Note
Fixed assets
Tangible assets
12
Investments
13		 £ 2025
£
34,790
514,692		 £ 2024
£
46,412
495,757
Current assets
Stock
14
Debtors
15
Cash at bank and in hand		 1,000
218,296
610,379		 549,482 1,000
237,057
813,431		 542,169
Creditors: Amounts falling due within
one year
16		 829,675
(204,402)		 1,051,488
(295,856)
Net current assets 625,273 755,632
Total assets less current liabilities 1,174,755 1,297,801
Net assets 1,174,755 1,297,801
Funds of the group
Restricted income funds
18
Unrestricted funds
17		 354,297
820,458		 352,205
945,596
Total group funds 1,174,755 1,297,801

For the year ended 30 June 2025 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 …......................... and signed 9 March 2026 on its behalf by:

…..................................

Mr J McCaslin

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 2025

Note
Fixed assets
Tangible assets
12
Investments
13		 £
2025		 £
34,790
514,693		 £
£
46,412
495,758
2024		 £
£
46,412
495,758
2024
Current assets
Stock
14
Debtors
15
Cash at bank and in hand		 1,000
234,847
238,270		 549,483 1,000
189,619
536,426		 542,170
Creditors: Amounts falling due within
one year
16		 474,117
(81,998)		 727,045
(91,400)
Net current assets 392,119 635,645
Net assets 941,602 1,177,815
Funds of the charity
Unrestricted funds
Restricted income funds
18		 587,305
354,297		 825,610
352,205
Total charity funds 941,602 1,177,815

For the year ended 30 June 2025 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 …...................... and signed 9 March 2026 on its behalf by:

….................................

Mr J McCaslin

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 2025

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		 2025
2024
(123,046)
(121,736)
11,622
13,235
(2,969)
(33,358)
-
1,882
(18,391)
(34,269)
-
-
18,761
30,022
(91,454)
135,759
(205,477)
(8,465)
18,391
34,269
58,728
69,938
(74,694)
(90,867)
-
(57,840)
2,425
(44,500)
(203,052)
(52,965)
813,431
866,396
610,379
813,431
Group		 2025
2024
(236,213)
(211,035)
11,622
13,235
(2,969)
(33,358)
-
1,882
(18,391)
(34,269)
-
-
(45,228)
(16,052)
(9,402)
12,007
(300,581)
(267,590)
18,391
34,269
58,728
69,938
(74,694)
(90,867)
-
(57,840)
2,425
(44,500)
(298,156)
(312,090)
536,426
848,516
238,270
536,426
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 2025

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 £236,213 (2024 - £211,035). Intercompany 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 2025

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 2025

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

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 2025

==> picture [430 x 611] intentionally omitted <==

----- Start of picture text -----
2. DONATIONS AND LEGACIES
Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Donations and gift aid 28,160 12,250 40,410 41,341
Grants - 116,383 116,383 143,783
- - - -
Legacies
28,160 128,633 156,793 185,124
2024 23,383 161,741 185,124
3. CHARITABLE ACTIVITIES
Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
-
Members' subscriptions 129,624 129,624 123,170
- - -
Advertising income (JVSGBI) 15,000
-
Annual Scientific Meeting 393,468 393,468 598,172
-
523,092 523,092 736,342
2024 736,342 - 736,342
4. INCOME FROM RAISING FUNDS
Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Events 18,746 - 18,746 1,230
Other 1,457 - 1,457 648
-
20,203 20,203 1,878
2024 1,878 - 1,878
5. INVESTMENT INCOME
Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Interest - Bank interest 5,798 - 5,798 21,542
Interest - Fixed interest securities 1,409 - 1,409 1,909
Dividends 11,184 - 11,184 10,818
-
18,391 18,391 34,269
2024 34,269 - 34,269
----- End of picture text -----

16

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2025

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 2025 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 2025 were:
Current assets
Creditors: amounts falling due within one year
Total net assets
Aggregate share of capital and reserves		 2025
£
277,698
(35,351)
242,347
(9,195)
(119,985)
113,167
2025
£
518,330
(285,176)
233,154
233,154		 2024
£
277,626
(150,002)
127,624
(7,640)
(30,685)
89,299
2024
£
436,124
(316,139)
119,985
119,985

7. COSTS OF RAISING FUNDS

Marathon
Other fundraising
2024		 Unrestricted
Funds
2025
£
3,740
-
3,740
2,662		 Restricted
Funds
2025
£
-
-
-
-		 Total
Funds
2025
£
3,740
-
3,740
2,662		 Total
Funds
2024
£
2,662
-
2,662

17

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025

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)
2024
GRANTS PAYABLE
Research Fellowships and awards
Grants released		 Unrestricted
Funds
2025
£
96,054
4,398
40
320,075
224,396
806
12,096
11,622
5,413
10,882
14,545
13,886
714,213
918,856
Number
1
-
1		 Restricted
Funds
2025
£
12,250
-
114,291
-
-
-
-
-
-
-
-
-
126,541
191,189
Total
2025
£
120,434
(12,130)
108,304		 Total
Funds
2025
£
108,304
4,398
114,331
320,075
224,396
806
12,096
11,622
5,413
10,882
14,545
13,886
840,754
1,110,045
Number
1
-
1		 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
Total
2024
£
120,434
(21,700)
98,734

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		 2025
£
1,300
8,898
10,198
3,688
13,886		 2024
£
1,235
5,893
7,128
345
7,473

18

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2025

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 £6,290 (2024 - £5,541) was paid to 17 (2024 - 16) 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 2024
Additions
Disposals
At 30 June 2025
Depreciation
At 1 July 2024
Charge for year
On disposals
At 30 June 2025
Net book value
At 30 June 2025
At 30 June 2024		 Computer
equipment
£
2,353
-
-
2,353
2,213
54
-
2,267
86
140		 Computer
software
£
99,460
-
-
99,460
53,188
11,568
-
64,756
34,704
46,272		 Total
£
101,813
-
-
101,813
55,401
11,622
-
67,023
34,790
46,412

19

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2025

==> picture [452 x 585] intentionally omitted <==

----- Start of picture text -----
13. FIXED ASSET INVESTMENTS
Group Group
2025 2024
Total Total
£ £
Market value at 1 July 2024 495,757 441,470
Additions at cost 74,694 90,867
Disposal proceeds (58,728) (69,938)
Gain/(loss) on revaluation of investments 2,969 33,358
Market value at 30 June 2024 514,692 495,757
Historical cost at 30 June 2025 431,650 431,650
All investments were held in the UK on a recognised stock exchange.
The Charity 2025 2024
Total Total
£ £
As above 514,692 495,757
Investment in subsidiary company (see note 6) 1 1
514,693 495,758
Class of Proportion Share capital at
Name shares held held 30/06/2025
£
VSGBI Limited Ordinary 100% 1
14. STOCK
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
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 2025

15. DEBTORS
Trade debtors
Other debtors
Amounts owed by VSGBI Limited
VAT receivable
Prepayments and accrued income		 Group
2025
£
158,814
300
-
9,003
50,179
218,296		 Group
2024
£
155,497
300
-
-
81,260
237,057		 Charity
2025
£
12,593
300
122,860
48,915
50,179
234,847		 Charity
2024
£
12,192
300
111,683
-
65,444
189,619

16. CREDITORS: amounts falling due within one year

Accruals for grants payable
Trade creditors
Accruals and deferred income
VAT payable
Other creditors		 Group
2025
£
30,000
52,089
122,313
-
-
204,402		 Group
2024
£
10,000
68,413
161,470
43,304
12,669
295,856		 Charity
2025
£
30,000
38,958
4,725
-
8,315
81,998		 Charity
2024
£
10,000
64,231
4,500
-
12,669
91,400

Deferred income relates to delegate, exhibitor, and sponsorship fees received prior to the year end for the Annual Scientific Meeting held in the following November and ASPIRE sponsorship recived in respect of future periods.

17. UNRESTRICTED FUNDS

Group
Designated funds
General unrestricted funds
Aortic Fellowship		 Balance at
01/07/2024
£
30,000
915,596
945,596		 Incoming
Resources
resources
expended
£
£
-
-
589,846
(717,953)
589,846
(717,953)
Movement in funds		 Inv gains/
Transfers
£
-
2,969
2,969		 Balance at
30/06/2025
£
30,000
790,458
820,458

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 2025

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 2025		 Balance at
01/07/2024
£
35,810
1,839
208
1,635
270,093
2,640
3,830
36,150
-
352,205		 Incoming
Resources
resources
expended
Transfers
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
116,383
(110,461)
-
-
-
-
-
(3,830)
-
-
-
-
12,250
(12,250)
-
128,633
(126,541)
-
Movement in funds		 Balance at
30/06/2025
£
35,810
1,839
208
1,635
276,015
2,640
-
36,150
-
354,297

22

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025

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 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

23

THE VASCULAR SOCIETY COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2025

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
£
86
514,692
275,680
790,458
86
514,693
42,526
557,305
Unrestricted
Funds
£
140
495,757
419,699
915,596
140
495,758
299,712
795,610		 Designated
Funds
£
-
-
30,000
30,000
-
-
30,000
30,000
Designated
Funds
£
-
-
30,000
30,000
-
-
30,000
30,000		 Restricted
Funds
£
34,704
-
319,593
354,297
34,704
-
319,593
354,297
Restricted
Funds
£
46,272
-
305,933
352,205
46,272
-
305,933
352,205		 2025
Total
£
34,790
514,692
625,273
1,174,755
34,790
514,693
392,119
941,602
2024
Total
£
46,412
495,757
755,632
1,297,801
46,412
495,758
635,645
1,177,815

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