THE_SOCIETY_FOR_CARDIOLOG - Accounts

The trustees present their report and financial statements for the year ended 31 December 2020.

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 charity'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)".

The objective of the Society is to advance the science and practice of technical cardiology and allied subjects by the promotion of improved standards of education and training.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

2020 was a challenging year for SCST and everyone working within the NHS. The impact of COVID-19 has been immense, and yet it has also allowed us to demonstrate our commitment, skills and professionalism in these testing times. Not only have colleagues been under pressure to work differently, they have been asked to do so with reduced staffing levels and in ways where there was a limited evidence base to support them in this challenge. SCST has continued to provide support not only to its members, but also to the wider profession - facilitating colleagues to connect and share information like never before.

Although the normal activities of SCST have been restricted, what we have achieved is amazing. All members of Council are volunteers and yet were on active duty in the front line. It is testament to their dedication that they have continued to contribute towards the work of the Society despite clinical pressures. SCST has continued to develop its strong links with other bodies such as National School for Healthcare Science (NSHCS) and Academy of Healthcare Science (AHCS), as well as playing an active role within the Healthcare Science Workforce Partnership Board and the BCS Cardiac Physiology Group. We continue to work with specialist interest group such as British Society of Echocardiography (BSE), British Heart Rhythm Society (BHRS) and British Heart Valve Society (BHVS). The work of the Education Committee deserves special recognition this year as they have worked so hard to find ways to move us into the virtual world so quickly.

The highly anticipated launch of the new website was hindered a little by the demands of COVID-19 and this resulted in SCST being reliant on social media in order to get messages out quickly and easily. SCST’s Facebook page in particular has been extremely successful in connecting people working in cardiac science, and in increasing awareness of what we do as a professional body. It now has 2,300 members and is used for sharing thoughts and best practice as well as any news items pertinent to our profession. Over the coming year we will be aiming to make more information available via the website, including a wealth of resources to assist those of us working in busy clinical departments. The ‘ECG of the Month’ always brings a large number of people to the website and some interesting discussions.

The 2020 National Update meeting was moved to a virtual platform, resulting in the highest attendance since its launch nine years ago. The meeting saw delegates gain insight into ‘hot topics’ by a host of high profile colleagues. Unfortunately we were not able to host the annual SCST Excellence Awards or the abstract submissions this year, however we look forward to them returning at the 2021 meeting.

We continue to be supported by EBS in terms of day-to-day administration, and by BCS in terms membership administration, for which we are grateful. Going forward we encourage all members to seek ways in which they can play an active role within their professional body. No matter how small the contribution, every single one of us is important and is what keeps the Society alive and vibrant and relevant for its members. Together we will continue to be the voice of cardiac science and make a real difference.

Thanks are given to the Honorary Treasurers of the SCST branches of Northern Ireland and Scotland for maintaining their respective accounting systems and providing timely financial information.

The year 2020 was unusual, with many of SCST's normal activities being curtailed due to COVID-19. This has led to a reduction in income from exam and course fees, although some courses were hosted virtually towards the end of the year. This was mitigated by close controls over expenditure resulting in a net surplus of £10,951 (2019: £17,847) for the year.

Exam candidates who had registered and paid fees for the expected exam in March 2020 had their places put on hold - that exam is now anticipated to take place in Summer 2021. This income has been prepaid (£16.7k) and will be recognised next year. Unfortunately, venue costs had been incurred with no refund for cancellation.

The majority of the debtors have been provided against as uncertain. Debt recovery work is continuing, however no further re-assurance has been gained as we close the 2020 accounts.

Council and other meetings have been held virtually, resulting in lower travel and hotel expenses.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between twelve and eighteen months' normal expenditure. The trustees consider that the expenditure during 2020 has not been 'normal'.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Education Committee Report

The committee comprises a strong membership from across different spheres of cardiac science, which has proved to be a real strength over the last 12 months. SCST was working towards hosting its examinations online, however COVID-19 necessitated a rapid acceleration of that programme. The amount of work involved setting this up in a sustainable and assured way cannot be underestimated, and it is testament to the dedication of the committee members that SCST is on track to hold these in collaboration with a third party in the summer of 2021.

The courses which were previously held face to face, have now moved successfully to a virtual platform but it remains to be seen whether this is an interim response to the pandemic or a long-term plan.

The SCST preceptorship programme continues to go from strength to strength, and will be especially valuable to those students whose training has been disrupted over the last year.

The work on the Invasive Cardiac Physiology course continues, although it has unfortunately been slowed by the extreme clinical demands imposed on the volunteers involved in its development. SCST hopes to be able to present it to colleagues mid 2021.

As ever, huge thanks are given to the members of the education committee who give up so much of their time in order undertake this valuable work of the Society.

Plans for future periods

SCST continues to strive to improve patient care by improving training and quality assurance resources. New technologies embraced during the COVID-19 pandemic meant that we have been able to keep up the work, albeit not at a level that we would have hoped for in normal times. Moving examinations onto a virtual platform heralds an exciting time for SCST and will make these professional exams more accessible to everyone. It is gratifying to see that these examinations continue to be held in such high regard within our profession and are considered to be the gold standard within electrocardiography. We will continue with plans to expand the portfolio of subjects available.

SCST continues to be the voice of all those working within the field of cardiac science in order to gain professional recognition at a national level. The society can only do this with the support of its members and therefore urges them to actively contribute to the work of the Society whenever they are able.

The charity is a company limited by guarantee and registered as a charity under the Charities Act 2011. The charitable company is governed by its Memorandum and Articles of Association. The charity was incorporated as a company on 30 November 1965 and registered by the Charities Commission on 4 September 1980.

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:

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company.

As at the point of signing the accounts, there is a worldwide pandemic of Covid-19. This outbreak is causing restrictions on the population in the UK, which is having an impact in the financial activity of the whole economy. The effects on the UK economy and The Society for Cardiological Science and Technology Ltd cannot be quantified with any accuracy at this point in time but the trustees will continue to manage the charity through this position.

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

I report to the trustees on my examination of the financial statements of The Society for Cardiological Science and Technology (the charity) for the year ended 31 December 2020.

As the trustees of the charity (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 charity 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 charity’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.

We draw your attention to note 1.2 of the financial statements which discloses the charity's ability to continue as a going concern, given the risks and uncertainties of Covid-19.

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 charity as required by section 386 of the 2006 Act; or

the financial statements do not accord with those records; or

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

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.

Voluntary income

Other income

Material other expenditure

Depreciation

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities:

• The trustees have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

• The directors acknowledge their responsibilities for complying with the requirements of the Act 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The Society for Cardiological Science and Technology is a private company limited by guarantee incorporated in England and Wales. The registered office is City Wharf, Davidson Street, Lichfield, WS14 9DZ.

The financial statements have been prepared in accordance with the charity'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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

At the time of approving the accounts, the trustees have a reasonable expectation that the charity 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 accounts.

A key risk to the future continued going concern of the charity are the risks and uncertainties as to the impact of the Covid-19 outbreak in the UK. As at the date of approving these accounts the trustees have assessed the impact of Covid-19 and are satisfied that these accounts continue to be prepared on a going concern basis.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Income is recognised when the charity 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.

Expenses are included in the financial statements as they are incurred. Expenses include VAT where applicable as the charity cannot reclaim it.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

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.

Branches

Where the branches of the society also hold funds, the accounting transactions of those branches are included in the accounts.

Taxation status

The company is a Charity within the provision of the Income and Corporation Taxes Act 1988 and hence no Corporation Tax is payable.

In the application of the charity’s accounting policies, the directors 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.

Voluntary income

Advertising and badge sales

Subscriptions, ECG manual sales, meetings, examination and course fees

Other income

Badge and ECG manual sales

Examination expenses

Council meeting expenses

Telephone

Clerical assistance

Printing and stationery

Postage

Accountancy

HoD meeting expenses

Professional fees

None of the trustees (or any persons connected with them) received any remuneration during the year, but four of them were reimbursed a total of £4,745 in expenses (2019- four were reimbursed £6,527).

Material other expenditure

Material other expenditure includes rent and bank charges

Depreciation

Depreciation

There were no disclosable related party transactions during the year (2019 - none).