## **Trustees’ Annual Report for the period**
**From Period start date 1[st] January 2021 To Period end date 31 December 2021**
## **Charity name: BISMICS**
## **Charity registration number: 1172855**
## **Objectives and Activities**
||||
|---|---|---|
||SORP reference||
|Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|To increase the awareness of minimally
invasive cardiac surgery in Great Britain and
Ireland|
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.|Para 1.17 and 1.19|Organisation of annual meeting, running a
website regarding Minimally invasive cardiac
surgery, coordinating a registry of cases
being carried out in the UK by Minimally
invasive techniques.|
|Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public benefit|Para 1.18|We confirm that the trustees have had regard
to the guidance issued by the charity
commission on public benefit.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making
Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other
## **Achievements and Performance**
||||
|---|---|---|
||SORP reference||
|Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|Running an annual meeting to share good
practice and highlight good work being done
across the world. Setup collaborative groups
to collect and disseminate good practise in
minimally invasive cardiac surgery. Promote
the charity using an active educational
website.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
Para 1.41 Achievements against objectives set
||||
|---|---|---|
|Performance of fundraising
activities against objectives
set|Para 1.41||
|Investment performance
against objectives|Para 1.41||
|Other|||
## **Financial Review**
|**inancial Review**|||
|---|---|---|
||||
|Review of the charity’s
financial position at the end of
the period|Para 1.21|The Charity generated income for conference
and events activities, through sponsorship
and donations. At the end of the financial
year, there was a deficit of**£6,437 (2020:**
**Surplus £18,100).**|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|There is no policy for holding reserves, as all
funds held are under unrestricted funds.|
|Amount of reserves held|Para 1.22|**£40,815 (2020: £47,252)**|
|Reasons for holding zero
reserves|Para 1.22|N/A|
|Details of fund materially in
deficit|Para 1.24|N/A|
|Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|None|
## **Additional information (optional)**
You may choose to include further statements where relevant about:
The charity’s principal Para 1.47 sources of funds (including any fundraising) Investment policy and objectives including any Para 1.46 social investment policy adopted A description of the principal Para 1.46 risks facing the charity Other
## **Structure, Governance and Management**
**----- Start of picture text -----**
Description of charity’s trusts:
Type of governing document Para 1.25 Trust deed
(trust deed, royal charter)
How is the charity Para 1.25 CIO
constituted?
(e.g. unincorporated
association, CIO)
Trustee selection methods Para 1.25 2 year term for Chairman, Secretary and
including details of any Treasurer.
constitutional provisions e.g.
election to post or name of
any person or body entitled to
appoint one or more trustees
**----- End of picture text -----**
## **Additional information (optional)** You may choose to include further statements where relevant about:
**----- Start of picture text -----**
Policies and procedures Para 1.51
adopted for the induction and
training of trustees
The charity’s organisational
structure and any wider Para 1.51
network with which the
charity works
Relationship with any related Para 1.51
parties
Other
**----- End of picture text -----**
## **Reference and Administrative details**
Charity name British and Irish society of Minimally invasive cardiac Surgery Other name the charity uses NA
|||
|---|---|
|Registered charity number|1172855|
|Charity’s principal address|5 Richmond Road, East Finchley, London N2 8JT|
|||
**Names of the charity trustees who manage the charity**
||||||
|---|---|---|---|---|
||**Trustee name**|**Office (if any)**|**Dates acted if not**
**for whole year**|**Name of person (or body)**
**entitled to appoint trustee**
**(if any)**|
|1|Mr Max Houman
BAGHAI|Trustee|10 January 2021|NA|
|2|Mr Ranjit
DESHPANDE|Trustee||NA|
|3|Mr Joseph
ZACHARIAS|Trustee||NA|
|4|||||
|5|||||
## – Corporate trustees names of the directors at the date the report was approved
**Director name NA**
Name of trustees holding title to property belonging to the charity
||||
|---|---|---|
|**Trustee name**|**Dates acted if not for whole year**||
|**NA**|||
||||
||||
||||
||||
||||
## **Funds held as custodian trustees on behalf of others**
|||
|---|---|
|Description of the assets held
in this capacity|NA|
|Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects|NA|
|Details of arrangements for
safe custody and segregation
of such assets from the
charity’s own assets|NA|
## **Additional information (optional)**
## **Names and addresses of advisers (Optional information)**
|**Type of**|**Name**|**Address**|
|---|---|---|
|**adviser**|||
## **Name of chief executive or names of senior staff members (Optional information)**
## **Exemptions from disclosure**
Reason for non-disclosure of key personnel details
## **Other optional information**
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signature(s)** Ranjit Deshpande (Nov 3, 2022 14:53 GMT) **Full name(s)**[Ranjt Prabhakar ] DESHPANDE **Position (eg** TRUSTEE **Secretary, Chair, etc)**
> **Date** 17[th] October 2022
## TAR-DOC 2021 V2022-11-03 FINAL
Final Audit Report 2022-11-03
Created: 2022-11-03 By: Ali Dezyanian (adezyanian@almarbsl.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA52kY_JIGVDnTLaNpufV2BJIxVDSqB8cF
## "TAR-DOC 2021 V2022-11-03 FINAL" History
Document created by Ali Dezyanian (adezyanian@almarbsl.co.uk)
2022-11-03 - 2:48:31 PM GMT- IP address: 109.73.121.1
Document emailed to ranjit.deshpande@nhs.net for signature
2022-11-03 - 2:49:03 PM GMT
## Email viewed by ranjit.deshpande@nhs.net
2022-11-03 - 2:52:20 PM GMT- IP address: 104.28.40.143
Signer ranjit.deshpande@nhs.net entered name at signing as Ranjit Deshpande 2022-11-03 - 2:53:12 PM GMT- IP address: 213.86.40.145
## Document e-signed by Ranjit Deshpande (ranjit.deshpande@nhs.net)
Signature Date: 2022-11-03 - 2:53:14 PM GMT - Time Source: server- IP address: 213.86.40.145
Agreement completed.
2022-11-03 - 2:53:14 PM GMT
**Charity registration number 1172855**
**Company registration number CE010233 (England and Wales)**
## **BISMICS**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
# **PAGES FOR FILING WITH REGISTRAR**
## **BISMICS**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr R Deshpande||
|---|---|---|
||Mr J Zacharias||
||Mr M H Baghai|(Appointed 10 January|
|||2021)|
|**Secretary**|||
|**Charity number**|1172855||
|**Company number**|CE010233||
|**Principal address**|5 Richmond Road||
||East Finchley||
||London||
||Greater London||
||United Kingdom||
||N2 8JT||
|**Registered office**|5 Richmond Road||
||East Finchley||
||London||
||Greater London||
||United Kingdom||
||N2 8JT||
|**Independent examiner**|Almar Business Solutions Limited||
||5 Richmond Road||
||East Finchley||
||London||
||Greater London||
||United Kingdom||
||N2 8JT||
## **BISMICS**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Statement of cash flows|6|
|Notes to the financial statements|7 - 11|
## **BISMICS**
## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the BISMICS's [governing document], the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The BISMICS's objects are
To promote and protect the good health of patients requiring cardiac surgery through the portal of an annual meeting to develop and foster interest in minimal access cardiac surgery in the UK and Ireland for surgeons to share ideas on :
a) training of both junior doctors and consultants developing their programs; b) sharing of clinical data and experiences; c) development of specialist working groups to advise college bodies; d) improving patient outcomes; e) working with industry to increase numbers of procedures performed these will aid in the advancement of health and saving lives and aid in health education.
There has been no change in these during the year.
- Education and training
- The Advancement Of Health Or Saving Of Lives
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the BISMICS should undertake.
## **Achievements and performance**
## **Financial review**
It is the policy of the BISMICS that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the BISMICS’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the BISMICS is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The BISMICS is a company limited by guarantee.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr R Deshpande Mr J Zacharias Mr M Tolan (Resigned 1 January 2021) Mr M H Baghai (Appointed 10 January 2021)
[Details of method of recruitment and appointment of trustees.]
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
[Details of organisational structure.]
- 1 -
## **BISMICS**
## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees report was approved by the Board of Trustees.
Ranjit Deshpande (Nov 3, 2022 14:54 GMT)
Mr R Deshpande **Trustee**
17 October 2022
- 2 -
## **BISMICS**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BISMICS**
I report to the Trustees on my examination of the financial statements of BISMICS (the BISMICS) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the Trustees of the BISMICS (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the BISMICS 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 the BISMICS’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:
- 1 accounting records were not kept in respect of the BISMICS as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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
- 4 the financial statements 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 financial statements to be reached.
## Ali Dezyanian
Ali Dezyanian (Nov 3, 2022 14:46 GMT)
## **Almar Business Solutions Limited**
5 Richmond Road East Finchley London Greater London N2 8JT United Kingdom
Dated: 17 October 2022
- 3 -
## **BISMICS**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2021**|**2020**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Charitable activities|**3**|75,078|34,500|
|**Expenditure on:**||||
|Charitable activities|**4**|81,515|16,400|
|**Net (expenditure)/income for the year/**||||
|**Net movement in funds**||(6,437)|18,100|
|Fund balances at 1 January 2021||47,252|29,152|
|**Fund balances at 31 December 2021**||40,815|47,252|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
## **BISMICS**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Current assets**
Debtors
**8**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**9**
Net current assets
**Income funds**
Unrestricted funds|**2021**
**£**
9,509
32,281
41,790
(975)|**£**
40,815
40,815
40,815|**2020**
**£**
15,251
32,281
47,532
(280)|**£**
47,252|
|---|---|---|---|---|
|||||47,252|
|||||47,252|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 17 October 2022
Mr R Deshpande **Trustee**
## **Company registration number CE010233**
- 5 -
## **BISMICS**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**2021**
**Notes**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**11**
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2020**
**£**
**£**
-
-
-
-
32,281
32,281|**£**
2,850
-
-|
|---|---|---|
|||2,850
29,431|
|||32,281|
- 6 -
**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **BISMICS**
## **1 Accounting policies**
## **Charity information**
BISMICS is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Richmond Road, East Finchley, London, Greater London, N2 8JT, United Kingdom.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the BISMICS's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The BISMICS is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the BISMICS. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2021 are the first financial statements of BISMICS prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2020. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the BISMICS has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the BISMICS.
## **1.4 Income**
Income is recognised when the BISMICS is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the BISMICS has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the BISMICS has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The BISMICS 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 instruments are recognised in the BISMICS's balance sheet when the BISMICS becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the BISMICS’s contractual obligations expire or are discharged or cancelled.
- 8 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the BISMICS is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the BISMICS’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Charitable activities**
|**Sponsorship Dinner tickets**
**2021**
**2021**
**£**
**£**
Delegate Fee Income
-
3,842
Corporate Sponsorship
71,236
-
71,236
3,842|**Total**
**2021**
**Sponsorship**
**2020**
**£**
**£**
3,842
-
71,236
34,500
75,078
34,500|**Total**
**2021**
**Sponsorship**
**2020**
**£**
**£**
3,842
-
71,236
34,500
75,078
34,500|
|---|---|---|
|||34,500|
- 9 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **4 Charitable activities**
|**Conference**
**expenses**
**Event**
**catering**
**expenses**
**2021**
**2021**
**£**
**£**
CPD Accreditation
1,357
-
Faculty Expenses:
Accommodation & Travel
7,898
-
Venue expenses
32,426
-
Event costs
26,316
-
Delegate Prizes
908
-
Administrative costs for
event organisation
1,915
-
Millbrooks Professional
Fees (conference
organisers)
10,000
-
80,820
-
Share of governance costs
(see note 5)
-
695
80,820
695|**Total**
**2021**
**Conference**
**expenses**
**Event**
**catering**
**expenses**
**2020**
**2020**
**£**
**£**
**£**
1,357
355
-
7,898
951
-
32,426
-
-
26,316
7,814
-
908
-
-
1,915
-
-
10,000
7,000
-
80,820
16,120
-
695
-
280
81,515
16,120
280|**Total**
**2020**
**£**
355
951
-
7,814
-
-
7,000|
|---|---|---|
|||16,120
280|
|||16,400|
## **5 Support costs**
|**Support costs**||
|---|---|
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy fees
-
695
-
695
Analysed between
Charitable activities
-
695|**2021**
**£**
695|
||695|
||695|
Governance costs relate only to Accountancy Fees. No audit was carried out.
## **6 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration during the year.
- 10 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **7 Employees**
The average monthly number of employees during the year was:
||The average monthly number of employees during the year was:|||
|---|---|---|---|
|||**2021**|**2020**|
|||**Number**|**Number**|
||Total|-|-|
||There were no employees whose annual remuneration was more than £60,000.|||
|**8**|**Debtors**|||
|||**2021**|**2020**|
||**Amounts falling due within one year:**|**£**|**£**|
||Trade debtors|-|1|
||Other debtors|9,509|15,250|
|||9,509|15,251|
|**9**|**Creditors: amounts falling due within one year**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Accruals and deferred income|975|280|
|**10**|**Related party transactions**|||
||There were no disclosable related party transactions during the year (2020 - none).|||
|**11**|**Cash generated from operations**|**2021**|**2020**|
|||**£**|**£**|
||(Deficit)/surpus for the year|(6,437)|18,100|
||Movements in working capital:|||
||Decrease/(increase) in debtors|5,742|(15,250)|
||Increase in creditors|695|-|
||**Cash (absorbed by)/generated from operations**|-|2,850|
|**12**|**Analysis of changes in net funds**|||
||The BISMICS had no debt during the year.|||
- 11 -
## BISMICS Financial Accounts for ye 31 December 2021 FINAL
Final Audit Report
2022-11-03
Created: 2022-11-03 By: Ali Dezyanian (adezyanian@almarbsl.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAQtVSI5zr66j8wCtNlXlQyOfyIdeSWdzC
## "BISMICS Financial Accounts for ye 31 December 2021 FINAL" History
Document created by Ali Dezyanian (adezyanian@almarbsl.co.uk)
2022-11-03 - 2:44:40 PM GMT- IP address: 109.73.121.1
## Document emailed to ali@almarbsl.co.uk for signature
2022-11-03 - 2:45:47 PM GMT
## Email viewed by ali@almarbsl.co.uk
2022-11-03 - 2:45:58 PM GMT- IP address: 109.73.121.1
Signer ali@almarbsl.co.uk entered name at signing as Ali Dezyanian
2022-11-03 - 2:46:26 PM GMT- IP address: 109.73.121.1
Document e-signed by Ali Dezyanian (ali@almarbsl.co.uk)
Signature Date: 2022-11-03 - 2:46:28 PM GMT - Time Source: server- IP address: 109.73.121.1
## Document emailed to ranjit.deshpande@nhs.net for signature
2022-11-03 - 2:46:29 PM GMT
## Email viewed by ranjit.deshpande@nhs.net
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Signer ranjit.deshpande@nhs.net entered name at signing as Ranjit Deshpande
2022-11-03 - 2:54:07 PM GMT- IP address: 213.86.40.145
## Document e-signed by Ranjit Deshpande (ranjit.deshpande@nhs.net)
Signature Date: 2022-11-03 - 2:54:09 PM GMT - Time Source: server- IP address: 213.86.40.145
Agreement completed.
2022-11-03 - 2:54:09 PM GMT
**Charity registration number 1172855**
**Company registration number CE010233 (England and Wales)**
## **BISMICS**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
# **PAGES FOR FILING WITH REGISTRAR**
## **BISMICS**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr R Deshpande||
|---|---|---|
||Mr J Zacharias||
||Mr M H Baghai|(Appointed 10 January|
|||2021)|
|**Secretary**|||
|**Charity number**|1172855||
|**Company number**|CE010233||
|**Principal address**|5 Richmond Road||
||East Finchley||
||London||
||Greater London||
||United Kingdom||
||N2 8JT||
|**Registered office**|5 Richmond Road||
||East Finchley||
||London||
||Greater London||
||United Kingdom||
||N2 8JT||
|**Independent examiner**|Almar Business Solutions Limited||
||5 Richmond Road||
||East Finchley||
||London||
||Greater London||
||United Kingdom||
||N2 8JT||
## **BISMICS**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Statement of cash flows|6|
|Notes to the financial statements|7 - 11|
## **BISMICS**
## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the BISMICS's [governing document], the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The BISMICS's objects are
To promote and protect the good health of patients requiring cardiac surgery through the portal of an annual meeting to develop and foster interest in minimal access cardiac surgery in the UK and Ireland for surgeons to share ideas on :
a) training of both junior doctors and consultants developing their programs; b) sharing of clinical data and experiences; c) development of specialist working groups to advise college bodies; d) improving patient outcomes; e) working with industry to increase numbers of procedures performed these will aid in the advancement of health and saving lives and aid in health education.
There has been no change in these during the year.
- Education and training
- The Advancement Of Health Or Saving Of Lives
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the BISMICS should undertake.
## **Achievements and performance**
## **Financial review**
It is the policy of the BISMICS that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the BISMICS’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the BISMICS is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The BISMICS is a company limited by guarantee.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr R Deshpande Mr J Zacharias Mr M Tolan (Resigned 1 January 2021) Mr M H Baghai (Appointed 10 January 2021)
[Details of method of recruitment and appointment of trustees.]
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
[Details of organisational structure.]
- 1 -
## **BISMICS**
## **TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees report was approved by the Board of Trustees.
Ranjit Deshpande (Nov 3, 2022 14:54 GMT)
Mr R Deshpande **Trustee**
17 October 2022
- 2 -
## **BISMICS**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BISMICS**
I report to the Trustees on my examination of the financial statements of BISMICS (the BISMICS) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the Trustees of the BISMICS (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the BISMICS 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 the BISMICS’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:
- 1 accounting records were not kept in respect of the BISMICS as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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
- 4 the financial statements 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 financial statements to be reached.
## Ali Dezyanian
Ali Dezyanian (Nov 3, 2022 14:46 GMT)
## **Almar Business Solutions Limited**
5 Richmond Road East Finchley London Greater London N2 8JT United Kingdom
Dated: 17 October 2022
- 3 -
## **BISMICS**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2021**|**2020**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Charitable activities|**3**|75,078|34,500|
|**Expenditure on:**||||
|Charitable activities|**4**|81,515|16,400|
|**Net (expenditure)/income for the year/**||||
|**Net movement in funds**||(6,437)|18,100|
|Fund balances at 1 January 2021||47,252|29,152|
|**Fund balances at 31 December 2021**||40,815|47,252|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
## **BISMICS**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Current assets**
Debtors
**8**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**9**
Net current assets
**Income funds**
Unrestricted funds|**2021**
**£**
9,509
32,281
41,790
(975)|**£**
40,815
40,815
40,815|**2020**
**£**
15,251
32,281
47,532
(280)|**£**
47,252|
|---|---|---|---|---|
|||||47,252|
|||||47,252|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 17 October 2022
Mr R Deshpande **Trustee**
## **Company registration number CE010233**
- 5 -
## **BISMICS**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**2021**
**Notes**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**11**
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2020**
**£**
**£**
-
-
-
-
32,281
32,281|**£**
2,850
-
-|
|---|---|---|
|||2,850
29,431|
|||32,281|
- 6 -
**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **BISMICS**
## **1 Accounting policies**
## **Charity information**
BISMICS is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Richmond Road, East Finchley, London, Greater London, N2 8JT, United Kingdom.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the BISMICS's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The BISMICS is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the BISMICS. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2021 are the first financial statements of BISMICS prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2020. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the BISMICS has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the BISMICS.
## **1.4 Income**
Income is recognised when the BISMICS is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the BISMICS has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the BISMICS has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The BISMICS 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 instruments are recognised in the BISMICS's balance sheet when the BISMICS becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the BISMICS’s contractual obligations expire or are discharged or cancelled.
- 8 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the BISMICS is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the BISMICS’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Charitable activities**
|**Sponsorship Dinner tickets**
**2021**
**2021**
**£**
**£**
Delegate Fee Income
-
3,842
Corporate Sponsorship
71,236
-
71,236
3,842|**Total**
**2021**
**Sponsorship**
**2020**
**£**
**£**
3,842
-
71,236
34,500
75,078
34,500|**Total**
**2021**
**Sponsorship**
**2020**
**£**
**£**
3,842
-
71,236
34,500
75,078
34,500|
|---|---|---|
|||34,500|
- 9 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **4 Charitable activities**
|**Conference**
**expenses**
**Event**
**catering**
**expenses**
**2021**
**2021**
**£**
**£**
CPD Accreditation
1,357
-
Faculty Expenses:
Accommodation & Travel
7,898
-
Venue expenses
32,426
-
Event costs
26,316
-
Delegate Prizes
908
-
Administrative costs for
event organisation
1,915
-
Millbrooks Professional
Fees (conference
organisers)
10,000
-
80,820
-
Share of governance costs
(see note 5)
-
695
80,820
695|**Total**
**2021**
**Conference**
**expenses**
**Event**
**catering**
**expenses**
**2020**
**2020**
**£**
**£**
**£**
1,357
355
-
7,898
951
-
32,426
-
-
26,316
7,814
-
908
-
-
1,915
-
-
10,000
7,000
-
80,820
16,120
-
695
-
280
81,515
16,120
280|**Total**
**2020**
**£**
355
951
-
7,814
-
-
7,000|
|---|---|---|
|||16,120
280|
|||16,400|
## **5 Support costs**
|**Support costs**||
|---|---|
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy fees
-
695
-
695
Analysed between
Charitable activities
-
695|**2021**
**£**
695|
||695|
||695|
Governance costs relate only to Accountancy Fees. No audit was carried out.
## **6 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration during the year.
- 10 -
## **BISMICS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **7 Employees**
The average monthly number of employees during the year was:
||The average monthly number of employees during the year was:|||
|---|---|---|---|
|||**2021**|**2020**|
|||**Number**|**Number**|
||Total|-|-|
||There were no employees whose annual remuneration was more than £60,000.|||
|**8**|**Debtors**|||
|||**2021**|**2020**|
||**Amounts falling due within one year:**|**£**|**£**|
||Trade debtors|-|1|
||Other debtors|9,509|15,250|
|||9,509|15,251|
|**9**|**Creditors: amounts falling due within one year**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Accruals and deferred income|975|280|
|**10**|**Related party transactions**|||
||There were no disclosable related party transactions during the year (2020 - none).|||
|**11**|**Cash generated from operations**|**2021**|**2020**|
|||**£**|**£**|
||(Deficit)/surpus for the year|(6,437)|18,100|
||Movements in working capital:|||
||Decrease/(increase) in debtors|5,742|(15,250)|
||Increase in creditors|695|-|
||**Cash (absorbed by)/generated from operations**|-|2,850|
|**12**|**Analysis of changes in net funds**|||
||The BISMICS had no debt during the year.|||
- 11 -
## BISMICS Financial Accounts for ye 31 December 2021 FINAL
Final Audit Report
2022-11-03
Created: 2022-11-03 By: Ali Dezyanian (adezyanian@almarbsl.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAQtVSI5zr66j8wCtNlXlQyOfyIdeSWdzC
## "BISMICS Financial Accounts for ye 31 December 2021 FINAL" History
Document created by Ali Dezyanian (adezyanian@almarbsl.co.uk)
2022-11-03 - 2:44:40 PM GMT- IP address: 109.73.121.1
## Document emailed to ali@almarbsl.co.uk for signature
2022-11-03 - 2:45:47 PM GMT
## Email viewed by ali@almarbsl.co.uk
2022-11-03 - 2:45:58 PM GMT- IP address: 109.73.121.1
Signer ali@almarbsl.co.uk entered name at signing as Ali Dezyanian
2022-11-03 - 2:46:26 PM GMT- IP address: 109.73.121.1
Document e-signed by Ali Dezyanian (ali@almarbsl.co.uk)
Signature Date: 2022-11-03 - 2:46:28 PM GMT - Time Source: server- IP address: 109.73.121.1
## Document emailed to ranjit.deshpande@nhs.net for signature
2022-11-03 - 2:46:29 PM GMT
## Email viewed by ranjit.deshpande@nhs.net
2022-11-03 - 2:53:28 PM GMT- IP address: 104.28.30.148
Signer ranjit.deshpande@nhs.net entered name at signing as Ranjit Deshpande
2022-11-03 - 2:54:07 PM GMT- IP address: 213.86.40.145
## Document e-signed by Ranjit Deshpande (ranjit.deshpande@nhs.net)
Signature Date: 2022-11-03 - 2:54:09 PM GMT - Time Source: server- IP address: 213.86.40.145
Agreement completed.
2022-11-03 - 2:54:09 PM GMT