The West London Hospital Medical Trust - Charities report - 22.2
The West London Hospital Medical Trust - Charities report - 22.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 May 2022 |
| for |
| The West London Hospital Medical Trust |
| The West London Hospital Medical Trust |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2022 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 14 |
| The West London Hospital Medical Trust (Registered number: 00346326) |
| Report of the Trustees |
| for the Year Ended 31 May 2022 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives, activities and public benefit |
| The principal activity of the charity is the advancement of medical education and research. |
| The charity aims to promote knowledge, learning and research in medical and allied sciences. |
| The public benefit is reflected in the award of financial grants to sponsor medical personnel in the pursuit and development of their skills via education and training in addition to other awards to medical institutions. As such, the trustees have complied with their duty to have due regard to guidance published by the Charity Commission on public benefit. |
| ACHIEVEMENT AND PERFORMANCE |
| The charity's income is derived from investments and the main achievements of the charity this year as in previous years is the continued provision of grants and awards to individuals and institutions in the furtherance of the charity's objectives. |
| FINANCIAL REVIEW |
| During the year investment income and interest of £17,268 (2021: £16,375) was received, and grants awarded by the trustees amounted to £6,178 (2021: £2,000). The accumulated funds increased from £774,920 to £799,542. |
| The principal funding policy is to ensure investment income is sufficient to cover the provision of grants and awards to further the charity's objectives and to ensure its future viability. Reserves are held at levels to ensure the charity is able to meet its objectives in future years. |
| The Articles of Association authorise the trustees to invest in such securities, other investments and property as they see fit. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governance |
| The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association. |
| The charity is organised so that the trustees meet regularly to manage its affairs. The chairman of the trustees presides at all meetings. The minimum number of trustees is seven and the trustees have the power to appoint additional trustees to a maximum of ten at their discretion. |
| The West London Hospital Medical Trust (Registered number: 00346326) |
| Report of the Trustees |
| for the Year Ended 31 May 2022 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| Ian Jenkins BSc FCA |
| Swindells LLP |
| Chartered Accountants |
| Wilson House |
| 48 Brooklyn Road |
| Seaford |
| East Sussex |
| BN25 2DX |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| The West London Hospital Medical Trust |
| Independent examiner's report to the trustees of The West London Hospital Medical Trust ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2022. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | 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 |
| 3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
| Ian Jenkins BSc FCA |
| Swindells LLP |
| Chartered Accountants |
| Wilson House |
| 48 Brooklyn Road |
| Seaford |
| East Sussex |
| BN25 2DX |
| 23 November 2022 |
| The West London Hospital Medical Trust |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 May 2022 |
| 2022 | 2021 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income | 3 |
| EXPENDITURE ON |
| Charitable activities |
| Other resources expended |
| Total |
| Net gains/(losses) on investments | ( |
) |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 774,918 |
| The West London Hospital Medical Trust (Registered number: 00346326) |
| Balance Sheet |
| 31 May 2022 |
| 2022 | 2021 |
| Unrestricted | Restricted | Total | Total |
| funds | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 12 |
| Unrestricted funds | 128,672 |
| Restricted funds | 646,246 |
| TOTAL FUNDS | 774,918 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| The West London Hospital Medical Trust (Registered number: 00346326) |
| Balance Sheet - continued |
| 31 May 2022 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2022 |
| 1. | STATUTORY INFORMATION |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
| The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Governance costs include costs of the preparation and examination of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters. |
| Tangible fixed assets |
| Depreciation has been provided on a straight line basis so as to write off the furniture, fittings and equipment over their expected useful lives. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Fund accounting |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Investments |
| Investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities. |
| Going concern |
| The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. This assessment has been required in the light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus. At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the charitable company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate. |
| 3. | INVESTMENT INCOME |
| 2022 | 2021 |
| £ | £ |
| Other fixed asset investments | 17,175 | 16,095 |
| Deposit account interest |
| 4. | GRANTS PAYABLE |
| 2022 | 2021 |
| £ | £ |
| Grants awarded | 6,178 | 2,000 |
| The total grants paid to individuals during the year was as | follows: |
| 2022 | 2021 |
| £ | £ |
| Simpson Smith Bursaries | 4,157 | - |
| Simpson Smith Memorial lecture fees and expenses | 2,021 | 2,000 |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 5. | SUPPORT COSTS |
| Governance |
| Management | costs | Totals |
| £ | £ | £ |
| Other resources expended | 4,773 | 2,750 | 7,523 |
| Support costs, included in the above, are as follows: |
| 2022 | 2021 |
| Other |
| resources | Total |
| expended | activities |
| £ | £ |
| Sundries | 26 | 26 |
| Website development | 1,497 | - |
| Accountancy and secretarial | 3,250 | 3,250 |
| Reporting Accountants' fee | 2,750 | 2,610 |
| 7,523 | 5,886 |
| 6. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021. |
| 7. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was 12 (2021 - 12). |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| funds | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income |
| EXPENDITURE ON |
| Charitable activities |
| Other resources expended |
| Total |
| Net gains on investments |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 122,559 | 523,545 |
| TOTAL FUNDS CARRIED FORWARD | 128,672 | 646,246 | 774,918 |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 June 2021 and 31 May 2022 |
| DEPRECIATION |
| At 1 June 2021 and 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 10. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| MARKET VALUE |
| At 1 June 2021 |
| Revaluations |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 | 730,367 |
| At 31 May 2021 | 709,312 |
| UK held direct investments listed on the International Stock Exchange:- |
| 2022 | 2021 |
| £ | £ |
| M & G Charifund and Charibond - 95,582.38 income units (2021 - 95,582.38 income units) |
351,869 |
350,854 |
| Schroder Inst Overseas Equity Fund - 32,322.61 income units (2021 - 32,322.61 income units) |
378,498 |
358,458 |
| 730,367 | 709,312 |
| Historical cost at 31 May | 165,401 | 165,401 |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other creditors |
| 12. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.6.21 | in funds | 31.5.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (768 | ) | (410 | ) | (1,178 | ) |
| Joyce Mogford bequest | 129,440 | (4,495 | ) | 124,945 |
| (4,905 | ) |
| Restricted funds |
| Memorial Fund | 174,927 | 9,962 | 184,889 |
| Simpson Smith Bursaries | 263,578 | 10,534 | 274,112 |
| Mrs Simpson Smith Grant | 207,741 | 9,032 | 216,773 |
| 29,528 |
| TOTAL FUNDS | 24,623 | 799,541 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 4,544 | (6,026 | ) | 1,072 | (410 | ) |
| Joyce Mogford bequest | 1,670 | - | (6,165 | ) | (4,495 | ) |
| ( |
) | ( |
) | (4,905 | ) |
| Restricted funds |
| Memorial Fund | 1,246 | - | 8,716 | 9,962 |
| Simpson Smith Bursaries | 5,975 | (4,157 | ) | 8,716 | 10,534 |
| Mrs Simpson Smith Grant | 3,834 | (3,518 | ) | 8,716 | 9,032 |
| ( |
) | 29,528 |
| TOTAL FUNDS | ( |
) | 24,623 |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 12. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.6.20 | in funds | 31.5.21 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (5,345 | ) | 4,577 | (768 | ) |
| Joyce Mogford bequest | 127,904 | 1,536 | 129,440 |
| 122,559 | 6,113 | 128,672 |
| Restricted funds |
| Memorial Fund | 135,534 | 39,393 | 174,927 |
| Simpson Smith Bursaries | 219,970 | 43,608 | 263,578 |
| Mrs Simpson Smith Grant | 168,041 | 39,700 | 207,741 |
| 523,545 | 122,701 | 646,246 |
| TOTAL FUNDS | 646,104 | 128,814 | 774,918 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 4,245 | (5,886 | ) | 6,218 | 4,577 |
| Joyce Mogford bequest | 2,277 | - | (741 | ) | 1,536 |
| 6,522 | (5,886 | ) | 5,477 | 6,113 |
| Restricted funds |
| Memorial Fund | 1,110 | - | 38,283 | 39,393 |
| Simpson Smith Bursaries | 5,326 | - | 38,282 | 43,608 |
| Mrs Simpson Smith Grant | 3,417 | (2,000 | ) | 38,283 | 39,700 |
| 9,853 | (2,000 | ) | 114,848 | 122,701 |
| TOTAL FUNDS | 16,375 | (7,886 | ) | 120,325 | 128,814 |
| Of the 95,582.38 units held in M & G Charifund and Charibond, 17,310.05 units are held for Simpson Smith Funds. |
| The primary purpose of the funds are to fund the annual Simpson Smith lecture held within Imperial College of Science, Technology and Medicine, and Simpson Smith Bursaries. |
| Movements in Fair Value Reserves |
| The West London Hospital Medical Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 12. | MOVEMENT IN FUNDS - continued |
At 1.6.21 |
Movement in year |
At 31.5.22 |
| Unrestricted funds |
| General | 39,916 | 1,072 | 40,988 |
| Joyce Mogford bequest | (1,985 | ) | (6,165 | ) | (8,150 | ) |
| 37,931 | (5,093 | ) | 32,838 |
| Restricted funds |
| Memorial Fund | 168,660 | 8,716 | 177,376 |
| Simpson Smith Bursaries | 168,658 | 8,716 | 177,374 |
| Mrs Simpson Smith Grant | 168,662 | 8,716 | 177,378 |
| 505,980 | 26,148 | 532,128 |
| Total Fair Value Reserve | 543,911 | 21,056 | 564,966 |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, honorarium totalling £3,000 (2021: £3,000) was paid to officers of the charity for accountancy and secretarial services. At the balance sheet date the company owed officers of the charity the sum of £3,000 (2021: £3,000) for such services. |
| 14. | MEMBERS' LIABILITY |
| The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. |