REGISTERED COMPANY NUMBER: 07620650 (England and Wales) REGISTERED CHARITY NUMBER: 1144318
CARDIAC AND THORACIC SURGERY UK REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
CARDIAC AND THORACIC SURGERY UK
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
CARDIAC AND THORACIC SURGERY UK (REGISTERED NUMBER: 07620650)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to relieve sickness and assist in the treatment and care of persons suffering from cardio-vascular and cardio-thoracic diseases by:
(a) providing or assisting in the provision of equipment, facilities and services including those ancillary to those provided by doctors and by the statutory authorities;
(b) educating the public and healthcare professionals in healthcare in relation to cardio-vascular and cardio-thoracic diseases and their treatment including by the publication of newsletters, information, journals and scientific papers.
ACHIEVEMENTS AND PERFORMANCE
During the period, the charity supported educational activity and provided equipment.
FINANCIAL REVIEW
Investment policy and objectives
The investment policy of the charity is to avoid high risk investments. Certain types of investments, for example relating to the tobacco or arms industries, and any investments with potential conflict of interest are avoided.
Reserves policy
The aim of the Trustees is to preserve the reserves and to be in a position to continue to support the charity's aims. The trustees have satisfied themselves that the charity has the resources to meet its commitments.
FUTURE PLANS
During the forthcoming year the Trustees aim to raise awareness of the charity within the profession and continue the charity's educational activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Appointment of new trustees is governed by the charity's articles of association, adopted on 29 September 2011. The Board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
Organisational structure
The charity is governed by the Trustees. The Trustees meet at the annual meeting of the Society for Cardiothoracic Surgery in Great Britain and Ireland to make and ratify decisions.
Induction and training of new trustees
All new Trustees of the charity are informed of their obligations under Charity Law as a trustee of the charity. They are encouraged to read a copy of the booklet "What Trustees need to know" - Charities Act 2011 and a copy of the Good Trustee Guide (NCVO Publications) is available for their perusal.
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CARDIAC AND THORACIC SURGERY UK (REGISTERED NUMBER: 07620650)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07620650 (England and Wales)
Registered Charity number
1144318
Registered office
Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Trustees
M J R Dalrymple-Hay K S Lall Professor M Loubani
Independent Examiner
Michaela Johns FCCA Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
PUBLIC BENEFIT
The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... Professor M Loubani - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CARDIAC AND THORACIC SURGERY UK
Independent examiner's report to the trustees of Cardiac and Thoracic Surgery UK ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 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
-
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 (FRS 102)).
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.
Michaela Johns FCCA
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR Date: .............................................
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CARDIAC AND THORACIC SURGERY UK
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 146,002 - Investment income 2 - - Total 146,002 - EXPENDITURE ON Charitable activities Other 50,504 - NET INCOME/(EXPENDITURE) 95,498 - RECONCILIATION OF FUNDS Total funds brought forward 213,350 4,191 TOTAL FUNDS CARRIED FORWARD 308,848 4,191 |
2025 Total funds £ 146,002 - 146,002 50,504 95,498 217,541 313,039 |
2024 Total funds £ 33,826 1 33,827 46,289 (12,462) 230,003 217,541 |
|---|---|---|
The notes form part of these financial statements
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CARDIAC AND THORACIC SURGERY UK (REGISTERED NUMBER: 07620650)
BALANCE SHEET 30 SEPTEMBER 2025
| Unrestricted Restricted fund funds Notes £ £ CURRENT ASSETS Cash at bank 319,978 4,191 CREDITORS Amounts falling due within one year 7 (11,130) - NET CURRENT ASSETS 308,848 4,191 TOTAL ASSETS LESS CURRENT LIABILITIES 308,848 4,191 NET ASSETS 308,848 4,191 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
2025 Total funds £ 324,169 (11,130) 313,039 313,039 313,039 308,848 4,191 313,039 |
2024 Total funds £ 248,705 (31,164) 217,541 217,541 217,541 213,350 4,191 217,541 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. M Loubani - Trustee
The notes form part of these financial statements
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CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial assets and liabilities
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial assets are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument.
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continued...
CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. ACCOUNTING POLICIES - continued
Financial assets and liabilities
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
2. INVESTMENT INCOME
| Interest receivable 3. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examiner's remuneration |
2025 £ - 2025 £ 1,420 |
2024 £ 1 |
|---|---|---|
| 2024 £ 1,350 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
Trustees' expenses
£1,470 (2024: £5,367) was paid to Prof. M Loubani for expenses incurred in the year.
During the year computer expenses costing £691 (2024: £561) were provided to Prof. M Loubani for the purpose of research.
continued...
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CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. STAFF COSTS
The charitable company did not have any employees in either the current or the prior year.
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 21,825 12,001 Investment income 1 - Total 21,826 12,001 EXPENDITURE ON Charitable activities Other 32,522 13,767 NET INCOME/(EXPENDITURE) (10,696) (1,766) Transfers between funds 6,000 (6,000) Net movement in funds (4,696) (7,766) RECONCILIATION OF FUNDS Total funds brought forward 218,045 11,958 TOTAL FUNDS CARRIED FORWARD 213,349 4,192 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Other creditors 7,230 Accruals and deferred income 3,900 11,130 |
Total funds £ 33,826 1 33,827 46,289 (12,462) - (12,462) 230,003 217,541 2024 £ 23,000 8,164 31,164 |
|---|---|
continued...
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CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Net | ||||
| movement | ||||
| At 1.10.24 | in funds | At 30.9.25 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 213,350 | 95,498 | 308,848 | |
| Restricted funds | ||||
| EuroELSO 2022 | 52 | - | 52 | |
| Terumo Aortic Education Grant | 4,139 | - | 4,139 | |
| 4,191 | - | 4,191 | ||
| TOTAL FUNDS | 217,541 | 95,498 | 313,039 | |
| Net movement in funds, included in the above | are as follows: | |||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 146,002 | (50,504) | 95,498 | |
| TOTAL FUNDS | 146,002 | (50,504) | 95,498 | |
| Comparatives for movement in funds | ||||
| Net | Transfers | |||
| movement | between | |||
| At 1.10.23 | in funds | funds | At 30.9.24 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 218,045 | (10,695) | 6,000 | 213,350 |
| Restricted funds | ||||
| Restricted for use for publishing textbooks | 93 | (93) | - | - |
| EuroELSO 2022 | 52 | - | - | 52 |
| Terumo Aortic Education Grant | 5,813 | (1,674) | - | 4,139 |
| Barts Charity Fund | 6,000 | - | (6,000) | - |
| 11,958 | (1,767) | (6,000) | 4,191 | |
| TOTAL FUNDS | 230,003 | (12,462) | - | 217,541 |
continued...
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CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 21,826 | (32,521) | (10,695) |
| Restricted funds | |||
| Restricted for use for publishing textbooks | - | (93) | (93) |
| Terumo Aortic Education Grant | 1 | (1,675) | (1,674) |
| Terumo Aortic - New York 2024 | 12,000 | (12,000) | - |
| 12,001 | (13,768) | (1,767) | |
| TOTAL FUNDS | 33,827 | (46,289) | (12,462) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | |||
| At 1.10.23 | in funds | funds | At 30.9.25 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 218,045 | 84,803 | 6,000 | 308,848 |
| Restricted funds | ||||
| Restricted for use for publishing textbooks | 93 | (93) | - | - |
| EuroELSO 2022 | 52 | - | - | 52 |
| Terumo Aortic Education Grant | 5,813 | (1,674) | - | 4,139 |
| Barts Charity Fund | 6,000 | - | (6,000) | - |
| 11,958 | (1,767) | (6,000) | 4,191 | |
| TOTAL FUNDS | 230,003 | 83,036 | - | 313,039 |
continued...
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CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 167,828 | (83,025) | 84,803 |
| Restricted funds | |||
| Restricted for use for publishing textbooks | - | (93) | (93) |
| Terumo Aortic Education Grant | 1 | (1,675) | (1,674) |
| Terumo Aortic - New York 2024 | 12,000 | (12,000) | - |
| 12,001 | (13,768) | (1,767) | |
| TOTAL FUNDS | 179,829 | (96,793) | 83,036 |
General fund
The general fund represents the free funds of the Society which are not designated for particular purposes.
Restricted funds
Restricted for use for publishing textbooks
Funds which are to used for the publishing of textbooks.
EuroELSO 2022
Funds to cover the costs of sending Carl Vincent and David Mcgarry to a conference.
Therumo Aortic Education Grant
Funds to cover attendance at specific meetings between 1 April 2022 and 31 March 2023. Agreement has been given to carry forward the funds to future years.
Therumo Aortic - New York 2024
Funds to cover attendance at specific meetings between 1 April 2023 and 31 March 2024.
Barts Charity Fund
Funds to cover education and training at St Bartholomew's Hospital / Barts Health NHS Trust and Barts Lung Volume Reduction Symposium.
A transfer of funds was made to the general fund for relevant restricted expenditure made from the general fund in prior years.
continued...
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CARDIAC AND THORACIC SURGERY UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. RELATED PARTY DISCLOSURES
The charitable company did not have any related parties in either the current or the prior year.
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