BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY FINANCIAL STATEMENTS 31 MARCH 2024
BRITISH SCIETY OF INTERVENTIONAL RADIOLOGY
CONTENTS
| Page | |
|---|---|
| Company information | 1 |
| Trustees’ and Directors’ annual report | 2 - 4 |
| Independent Examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 15 |
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
COMPANY INFORMATION
Status
The British Society of Interventional Radiology is a registered charity 1198888.
Company registration number 12643802.
The company is limited by guarantee.
Directors and trustees
Dr R Kasthuri Dr R Lakshminarayan Prof R A Morgan
Registered office
British Society of Interventional Radiology The Royal College of Radiologists 63 Lincoln’s Inn Fields London WC2A 3JW
Independent Examiner
Wheawill & Sudworth Limited Chartered Accountants 35 Westgate Huddersfield HD1 1PA
Bankers
Nat West Bank 438 Barlow Moor Road Chorlton-Cum-Hardy Manchester M21 0NW
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT
FOR THE YEAR ENDED 1[st ] MARCH 2024
The trustees present their report together with the financial statements of the charity for the year ended 31[st] March 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
Objectives, Organisation and Activities
The charity’s legal status is that of a company limited by guarantee and is governed by the company’s Memorandum and Articles of Association.
The charity operates from The Royal College of Interventional Radiologists, 63 Lincoln’s Inn Fields, London, WC2A 3JW.
The charity is organised so that the trustees meet regularly to manage its affairs.
The objectives of the charity are:
-
The advancement of education in interventional radiology and;
-
The provision of further facilities for education and research in interventional radiology.
The Society aims to achieve these objectives by fostering relationships between all those engaged in and associated with interventional radiology, fund raising and other activities in support of education and training in interventional radiology, organising meetings and providing and exchange of scientific information.
In addition, the Society seeks to raise professional standards in interventional radiology by awarding annual bursaries (for research projects or further training) and through the design and promotion of online national registries for interventional procedures.
We have referred to the guidance contained in the Charity commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Trustees
The Trustees who served during the year were:
-
➢ Dr I McCafferty (resigned 9[th] January 2024)
-
➢ Dr P Haslam (resigned 9[th] January 2024)
-
➢ Dr R Kasthuri (appointed 9[th] January 2024)
-
➢ Dr R Lakshminarayan (appointed 9[th] January 2024)
-
➢ Prof R A Morgan (appointed 9[th] January 2024)
Trustees are appointed and re-appointed by members of the company as determined by the company’s Memorandum and Articles of Association.
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31[ST] MARCH 2024
Organisational structure
Three members of employed staff manage matters pertaining to the general organisation of the Society and the membership.
The elected Trustees meet at quarterly council meetings, chaired by the President of the Society, in order to review policies and co-ordinate the expenditure for the year. There are additional bi-annual executive meetings of the four officers of the Society, the co-opted officers and the staff team, in order to assess risks and explore future strategy.
In addition, the officers of the Society hold regular teleconferences to discuss and review on-going projects and organisational matter.
Major changes in the strategic direction of the Society are put to the membership, both in the form of consultation via the website and at the AGM.
Risk Management
The Executive Officers examine the major risks to which the Society is exposed each year when preparing and updating the strategic plan. The Society has developed a risk register to monitor and control these risks to mitigate any impact that they may have in the future.
Review of the year
The year 2023/24 was another successful year for the BSIR. The number of our educational events have increased and there are now two additional events to add to the educational calendar. We have also undertaken a more active role in encouraging the more junior medical cadre (medical students/ junior doctors) into the world of interventional radiology. As in the previous years, we have awarded educational and research bursaries in this financial year. We have made plans to expand our contribution into the research by joint sponsorship of two fellowships (in vascular IR and in interventional oncology).
Also in this year, we have delivered webinars in different current topics which have been very well received. We will continue this in the forthcoming years s well. We continue to encourage and work with the allied health care practitioners including nurses and radiographers.
As planned, we now have a dedicated chief executive officer who has been a tremendous addition to the organisation – we now have a total of three employed staff. Also as planned, we have taken on dedicated book keepers and more plans are ongoing to develop our accounting processes. The subscription to the society has been increased as this has been static over a number of years and further inflation linked increases are likely in the future.
Again, we have collaborated with our European partners and continue to benefit from the group membership models of the Cardiovascular and interventional radiology society of Europe (CIRSE). A number of our members regularly contribute to their ASM as well.
Financial review
As mentioned in the report of year ending March 2023, we transitioned from the old charity to an incorporated model. This has meant migration of assets into the new one and the old charity will cease to exist shortly. In this financial year as well, financial reports will be logged at the charities house for the two (old and the new) separately.
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
TRUSTEES’ AND DIRECTORS’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31[ST] MARCH 2024
Investment policy
There are no restrictions on the charity’s power of investment. Currently it is in the Trustees’ policy to invest retained funds in Fixed Rate Deposit Accounts, or accounts of a similar nature. This policy is kept under review.
Reserves policy
The Executive Committee aims to maintain a reserve of between twelve and eighteen months of general unrestricted expenditure as a hedge against falling income so that the charitable objectives of the Society may be safeguarded. This would indicate an aggregate reserves requirement of c £85K/£125K for the Society and the subsidiary company together, compared to actual free reserves of c £745K at 31 March 2024.
The research grants, bursaries, scholarships, and prizes that are awarded by the Society are considered to be “designated funds.” BSIR awards are withdrawn after 2 years if unclaimed and unclaimed awards are returned to the general fund. New and existing award holders have been made aware of this policy.
The trustees’ annual report was approved on 7 November 2024 and signed on behalf of the board of trustees by:
Dr R Kasthuri Director
7 November 202
INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS OF THE BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st ] March 2024 set out on pages 6 to 15.
Responsibilities and basis of report
As the charity 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 requirement of the Companies Act 2006 (‘the 2006 Act’)
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
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:
-
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 to be 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 (FRS102)]
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D M Butterworth FCA Wheawill & Sudworth Limited Chartered Accountants 35 Westgate Huddersfield HD1 1PA
7 November 2024
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| funds | funds | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Notes | |||||
| Incoming resources | |||||
| Donations and legacies | |||||
| 2 | Grants and donations | 71,020 | - | 71,020 | - |
| Income from investments | |||||
| 4 | Bank interest | 13,957 | - | 13,967 | - |
| Income from charitable activities | |||||
| 3 | Charitable activities | 296,111 | - | 296,111 | - |
| ────── | ────── | ────── | ────── | ||
| Total income | 381,088 | - | 381,088 | - | |
| ────── | ────── | ────── | ────── | ||
| Expenditure on | |||||
| 5 | Charitable expenditure | 90,705 | 23,691 | 114,396 | - |
| 6 | Management and administration | 8,014 | - | 8,014 | - |
| ────── | ────── | ───── | ────── | ||
| Total resources expended | 98,719 | 23,691 | 122,410 | - | |
| ────── | ────── | ────── | ────── | ||
| Net gain on investments | 18,878 | - | 18,878 | - | |
| ────── | ────── | ────── | ────── | ||
| Net income and net movements in funds | 301,247 | (23,691) | 277,566 | - | |
| Reconciliation of funds | |||||
| Total funds transferred from Charity 1084852 | 911,389 | 37,034 | 948,423 | - | |
| ────── | ────── | ────── | ────── | ||
| Total funds carried forward | 1,212,636 | 13,343 | 1,223,979 | - | |
| ══════ | ══════ | ══════ | ══════ |
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 9 to 15 form part of these financial statements.
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
BALANCE SHEET
31 MARCH 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| 14 | Tangible assets | - | - |
| 15 | Investments | 344,338 | - |
| ────── | ────── | ||
| Current assets | |||
| 16 | Debtors | 499,266 | - |
| Cash at bank and in hand | 431,043 | - | |
| ────── | ────── | ||
| 930,309 | - | ||
| 17 | Creditors:amounts falling due within one year | (48,668) | - |
| ────── | ────── | ||
| Net current assets | 881,641 | - | |
| ────── | ────── | ||
| Net assets | 1,225,979 | - | |
| ══════ | ══════ | ||
| Funds | |||
| 18 | Restricted funds | 13,343 | - |
| 18 | Unrestricted funds | 1,212,636 | - |
| ────── | ────── | ||
| Total Funds | 1,225,979 | - | |
| ══════ | ══════ |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477.
Directors’ responsibilities:
-
i. The members have not required the company to obtain an audit of the year in question in accordance with Section 476; and
-
ii. The directors’ acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to the small companies regime and with FRS 102 and the Charities SORP FRS 102.
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
BALANCE SHEET (continued)
31 MARCH 2024
These financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
Prof R A Morgan – Director
Dr R Kasthuri – Director
Company Registration Number: 12643802
The notes on pages 9 to 15 form part of these financial statements.
ROYAL SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
a) Basis of preparation
- The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 and the Statement of Recommended Practice: Accounting and Reporting by Charities SORP FRS 102 and the Companies Act 2006 with certain modifications to reflect the non-profit making activities of the company.
b) Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
However, any income received during a financial year intended by the payer for use in funding expenditure of some future financial year is carried forward as deferred income until the year of intended use is reached.
The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and sponsorships and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Investment income is included when receivable.
c) Expenditure on charitable activities
- All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
d) Fixed assets and depreciation
Fixed assets are included in the financial statements at cost less depreciation. Depreciation is provided on the following bases to write down the cost of the assets over their expected useful lives:
-
Office Equipment - 25% straight line
-
e) Restricted funds
Where funds have been received for a specific purpose, they are treated as restricted funds.
f) Grants payable
- Grants payable are charged to the financial statements in the year that they are incurred.
ROYAL SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
| 2 | Donations and legacies | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Donations and grants | 71,020 | - | |
| ══════ | ══════ | ||
| Charitable revenues | 2024 | 2023 | |
| £ | £ | ||
| 3 | Memberships and event registrations | 296,111 | - |
| ══════ | ═════ | ||
| 4 | Investment income | 2024 | 2023 |
| £ | £ | ||
| Income from listed investments | 12,523 | - | |
| Bank interest receivable | 1,434 | - | |
| ────── | ────── | ||
| 13,957 | - | ||
| ══════ | ══════ | ||
| 5 | Costs of raising donations and legacies | Unrestricted | Unrestricted |
| Funds 2024 | Funds 2023 | ||
| £ | £ | ||
| Organisers fees | 7,388 | - | |
| Advertisement and publicity | 52,905 | - | |
| Bursaries and awards | 27,733 | - | |
| Office administration | 2,679 | - | |
| ────── | ────── | ||
| 90,705 | - | ||
| ══════ | ══════ |
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE ACCOUNTS (continued)
31 MARCH 2024
| 6 | Expenditure on charitable activities by fund type | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds 2024 | Funds 2023 | ||
| £ | £ | ||
| Support costs | 8,014 | - | |
| ══════ | ══════ | ||
| 7 | Expenditure on charitable activities by activity type | Unrestricted | Unrestricted |
| Funds 2024 | Funds 2023 | ||
| £ | £ | ||
| Governance costs | 2,088 | - | |
| ────── | ────── | ||
| 2,080 | - | ||
| ══════ | ══════ | ||
| 8 | Analysis of support costs | Unrestricted | Unrestricted |
| Funds 2024 | Funds 2023 | ||
| £ | £ | ||
| Accountancy fees | 2,040 | - | |
| Legal and professional fees | - | - | |
| Depreciation | - | - | |
| ────── | ────── | ||
| 2,040 | - | ||
| ══════ | ══════ | ||
| 9 | Net gains on listed investments | Unrestricted | Unrestricted |
| Funds 2024 | Funds 2023 | ||
| £ | £ | ||
| Gains on listed investments | 18,878 | - | |
| ══════ | ══════ | ||
| 10 | Net income | ||
| Net income is stated after charging: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation on tangible fixed assets | - | - | |
| ══════ | ══════ |
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE ACCOUNTS (continued)
31 MARCH 2024
11 Independent examination fees
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for Independent examination of | ||
| the financial statements | 2,040 | - |
| ══════ | ══════ |
12 Staff costs
The average head count of employees during the year was nil (2023: nil).
13 Trustees remuneration and expenses
The Trustees received no remuneration during the year (2023: £nil).
The expenses reimbursed to the Board of Trustees members for costs incurred on behalf of the charity during the year amount to £nil (2023: £nil). This was in respect of 6 members (2023: nil).
14 Tangible fixed assets
| Cost At 1 April 2023 Transferred from Charity 1084852 At 31 March 2024 Depreciation At 1 April 2022 Charge for the year Transferred from Charity 1084852 At 31 March 2024 Net book value: |
Equipment £ - 220 |
|---|---|
| 220 ══════ - - 220 ────── 220 ══════ - ══════ |
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE ACCOUNTS (continued)
31 MARCH 2024
15 Investments
| Investments | |||
|---|---|---|---|
| Shares in | |||
| Listed | group | ||
| Investments | undertakings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 April 2023 | - | - | - |
| Additions | 325,459 | 1 | 325,460 |
| Fair value movements | 18,878 | - | 18,878 |
| ────── | ────── | ────── | |
| At 31 March 2024 | 344,337 | 1 | 344,338 |
| ══════ | ══════ | ══════ | |
| All investments shown above are held at valuation. |
Financial assets held at fair value
The historical costs of listed investments is £200,000 (2023: £nil).
16 Debtors
| 16 | Debtors | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by group undertakings | 499,266 | - | |
| Prepayments and accrued income | - | - | |
| ────── | ────── | ||
| 499,266 | - | ||
| ══════ | ══════ | ||
| 17 | Creditors:amounts falling due within one year | 2024 | 2023 |
| £ | £ | ||
| Trade creditors | - | - | |
| Accruals and deferred income | 48,668 | - | |
| ────── | ────── | ||
| 48,668 | - | ||
| ══════ | ══════ |
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE ACCOUNTS (continued)
31 MARCH 2024
18 Analysis of charitable funds
| At 1 April | Gains and | At 31 March | |||
|---|---|---|---|---|---|
| Unrestricted funds | 2023 | Income | Expenditure | losses | 2024 |
| £ | £ | £ | £ | £ | |
| General funds | - | 1,234,420 | (98,719) | 18,878 | 1,154,579 |
| Designated funds | - | 58,057 | - | - | 58,057 |
| ────── | ────── | ────── | ────── | ────── | |
| - | 1,292,477 | (98,719) | 18,878 | 1,212,636 | |
| ══════ | ══════ | ══════ | ══════ | ══════ | |
| Unrestricted funds | |||||
| At 1 April | Gains and | At 31 March | |||
| 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | - | - | - | - | - |
| Designated funds | - | - | - | - | - |
| ────── | ────── | ────── | ────── | ────── | |
| - | - | - | - | - | |
| ══════ | ══════ | ══════ | ══════ | ══════ | |
| At 1 April | Gains and | At 31 March | |||
| Restricted funds | 2023 | Income | Expenditure | losses | 2024 |
| £ | £ | £ | £ | £ | |
| Restricted funds | - | 37,034 | (23,691) | 13,343 | 13,343 |
| ══════ | ══════ | ══════ | ══════ | ══════ | |
| At 1 April | Gains and | At 31 March | |||
| 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | - | - | - | - | - |
| ══════ | ══════ | ══════ | ══════ | ══════ |
BRITISH SOCIETY OF INTERVENTIONAL RADIOLOGY
NOTES TO THE ACCOUNTS (continued)
31 MARCH 2024
19 Analysis of net assets between funds
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | - | - | - |
| Investments | 344,338 | - | 344,338 |
| Net current assets | 868,298 | 13,343 | 881,641 |
| ────── | ────── | ────── | |
| 1,212,636 | 13,343 | 1,225,979 | |
| ══════ | ══════ | ══════ | |
| Unrestricted | Restricted | ||
| funds | funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | - | - | - |
| Investments | - | - | - |
| Net current assets | - | - | - |
| ────── | ────── | ────── | |
| - | - | - | |
| ══════ | ══════ | ══════ |
20 Financial instruments
The carrying amount for each category of financial instrument is as follows:
| instrument is as follows: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Financial assets measured at fair value | 344,338 | - |
| ══════ | ══════ |
21 Related party disclosures
During the year the charity received gift aid donations of £ Nil (2023: £nil) from BSIR Services Limited, a company registered in England and Wales, company number 1132511. The company is a wholly owned subsidiary of the charity.
Included within debtors at note 16 is an amount of £499,266 (2023: £nil) owed by BSIR Services Limited. This balance is unsecured, repayable on demand and currently interest-free.
During the year, the charity received the residual funds amounting to £948,423 from its predecessor charity number 1084852, having taken on its activities and operations.
There is no one controlling party of the charity.