Charity Reglstratlon No. 100733S RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Kalculus Chartered Accounlants, Reglstered Auditors & Buslness Advisors RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY LEGALAND ADMINISTRATIVE INFORMATION Trustws Professor David Alan Isenberg Dr Halina Maria FitZ-Cla￿nCe Dr Millicent Stone Professor Elizabeth Jury Ms M Johal Charity number 1CM)7335 Principal address CIO Department ofAgeing. Rheumatology & Regenerative Medicine UCL Division of Medicine Room 423. 4th Floor, Rayne Building 5 University Street Lontk)n WC1E 6JF Independent examiner Kalculus Chartered Accountants. Registered Auditors & Business Athisors First Flcx)r 314 Regents Park Road London N3 2LT RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY CONTENTS Page Trustee5' report Independent examlne¢s report Statement of financial activities Balance sheet Not88 to the aC￿UnIS RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees presenl their report and accounts for the year ended 5 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust Deed. the Charities Act 2011 and the Charities SORP (FRS 102). Structure. governance and managernent The Charity was established by a charitable trust deed on 1 Oth December 1991. The Trustees who served during the year were.. Professor David Alan Isenberg Dr Halina Maria Fits-clarence Dr Millicent Stone Profe550r Elizabgth Jury Ms M Johal Future polential trustees are identified subject to the condition that they arg pre-eminent in the field of rheumatology andlor provide financial insight andlor provide a patient vol￿. The powor of appointment of new trustees shall be vested in the trustees for the time being of the Charity. The Trustees met on iwo occasions in the year- 22nd May 2023 and 20th November 2023. There are no full time employees, but the charity allocates grants for the purpose of supporting research and project work for the treatment and cure of rheumatic diseases. The charity also provides support lo PhD and pos14ocloral students, la￿ratOry technicians and research assistsnls by way of grants to cover some salary costs and to attend medical Confe￿nces, academic meetings, etc. The Trustees have assessed the major risks io which the Charity is exposed, and are Satisfied that systems arg in place lo mitigate exposure to the major risks. Objectives and activities The charity's objects are that the trustees shall hold the Trust Fund and its incorne upon trust for such charitable purposes as the Trustees shall in their absolute discretion think fit and in particulai {but without prejudice to the generality of the foregoing) they shall hold the same for the relief of sickness generally and especially for the relief of those suffering from rheumatic diseases and conditions. To improve the treatment available to patients suffering from rheumatic diseases and conditions through the provision of training for medical staff involved in research into rheumatology. the provision of equipment for the tr8atment of patients and funding of research into rheumatology. To continue the work that has been carried out over the year. supporting researchers and students by way of 9rants for the treatment and cure of rheumatic diseases. The Trustees have paid due regard to guidanc8 issued by the Charity Commission In deciding what activities the Charity should undertake. The Charity has received donations from various sources to fund its work, and it is particulady appreciative of the continued support and donations made. RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Achlevements and performan¢e Financially, the Charity has had a very successful year thanks principally lo a remarkably generous donation coming from the legacy of a former patient. Over a ￿e1ve lo eighteen month period, a little over £300,000 was donated to us. Income was otherwise much in line wtth the previous years. In consequence, we have been able to continue to support the full salary of th8 rheumatology laboratory manager. a 500/0 salary for our clinlcal assistant and part-time support for a PhD student, Dr Rym Abida. We have also supported a one-y8ar salary for basic scientist Iwho works on links be￿een systemic lupus and the antiphospholipid antibody syndrom61. With the additional funds available, the Trustees have proposed lo the Division of Medicine that they support a PhD student Iwho will be supervised by Professor Liz Juryl and Ihe second PhD student Ifor Dr Venkal Reddyl. The second slud8ntship how8v8r is being linked to an attempt to ask for malchlng funds from another charity. There is ongolng discussion with the Division of Medicine about this. Financial review A summary of the Charity's transactions and of its financial position is shown in the accompanying financial statements and notes. Professor Isenberg held several friendly discu&gions with the relatively new Head of the Division of Medicine Professor Sam Janes. During the financial year. the Department of Rheumatology has been brought into a new grouping including colleagues working on ageing and regenerative medicine. This new grouping is headed by Professor Derek Gilroy. 11 has long been the vision of Professor Isenberg Iwho set up the charity in 19911 that whoever took over as the academic lead for Rheumatology, would be asked to join the charity's board and ultimately become its leading Trustee. By ag￿ment with the other Trustees, Professor Gilroy was approached lo discuss this topic, and w8S pleased to be asked. Professor Gilroy has however asked for another year to make a formal decision as he will be very busy trying lo get this new Department within the Division of Medicine established and running smoothly. We will therefore go back to him for a further di$¢u$sion in Spring 2025. It is the policy of the charity that unrestricted funds whi¢h have not been designated for a specific use should nomially be maintained at a level equivalent to between six and ￿e1ve month's expenditure. The Truslees 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 charity's current activit18s while consideration is given to ways in which addltlcinal funds may be raised. Plans for tho future In consequence of the continuing uncertainty as to who will take ov8r from Prof8ssor IsenbeTg, the Trustees have agreed to remain in post for the time b8ing. but that will be reviewed in due course. On behalf of Ihe board of Trustees Professor David Alan Isenberg Trustee Dated.. 0511Y2024 RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF RHEUMATOLOGY DISCRETIONARY FUND UCL CHARrrY We report on the accounts of Rheumatology Discretionary Fund UCL Ch8rity for the ye8r ended 5 April 2024. which are set out on pages 4 to 8. Respective responsibilities of Trustees and gxaminer The charity's Trustees are responsible for Ihe preparation of the accounts. The charity's Trustees consider that an audit is not ￿qUIred for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is our responsibility to.. examine the accounts under section 145 of the 2011 A lil) to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act., and {iill to stale whether particular matters have come to our attention. Basis of independent gxaminer's raport Our examination was carried out in accordance with the general Directions given by th8 Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparlson of the accounts presented with Ih05e r8cords. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matt8rs. The procedures undertaken do nol provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'tNe and fair view, and the report is limited lo those mallers s8t out in the statement below. Independent examlnerfs statement In connection with our examlnatior), no matter has come to our attention.. {a) which gives us reasonab18 cause to believe that in any material respect the requirements.. to keep accounting records in a¢¢ordance with section 130 of the 2011 Act,. and (ill to prepare 8ccounts which accord with the accounting records and comply wilh the accounting requir8ments of the 2011 Act; have not been met., or {bl lo which, in our opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Kalculus Chartered Attountants, Registered Auditors & Business Advisors First Floor 314 Regents Park Road London N3 2LT Dated.. 0511212024 RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Incomin resources from Donations and legacies Investment income enerated funds 315,865 2.845 278.052 39 318,710 278.091 Incoming resources from charitable activities other incoming resource5 22,799 25,880 33,241 48.660 Total incoming resources 367.389 359.992 Resources ex ended Charitable activities Support costs of research 180,984 137,547 Govemance costs 12.235 18,552 Totsl resources expended 193,219 156,099 Net movement In funds 174,170 203,893 Fund balan￿S at 6 April 2023 244.106 40.213 Fund balances at 5 April 2024 RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY BALANCE SHEET ASAT 5APRIL 2024 2023 2022 Notss Current assets Cash at bank and in hand Creditors- amountsfalling duewithin one year 419.595 245.426 11 {1.320) {1.320) Total assets less current liabilitres 418,275 244.106 Income funds Unrestricted funds 418,275 244,106 418.275 244,106 The accounts were approved by the Trustees on 0511212024 OWLJ h Professor David Alan Trustee senberg RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 AcGounting policies 1.1 Basis of preparation The accounts havg be9n pr9pared under the historical cost convention. The accounts have been prepa￿d in accordance with applicable accounting standards, thg Statement of Recommended Practice. 'AccOunt￿ng and Reporting by Charities. issued in March 2005 and the Charities Act 2011. 1.2 In￿mIng resources All incoming resources are included in the SOFA when the charity is leg811y enlilled lo the income and the amount Can be quantSfled with reasonable accuracy. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for setvic8s donated by volunteers. 1.3 Resources expended All expenditure is accounted for on an accruals basis and has been classified under h8adings that aggregate all costs related to the category. Where costs cannot be directly attributed to partlcular h8adings th8y have been allocated to activiti85 on a basis consistent with use of the resources. Management 8nd administration costs are those incurred in connection with administration of the ¢harity and compliance with constitutional and statutory requirements. 1.4 Fund accounting Unrestricted funds are funds which are availabl8 for use at the discretion of the trustees in furtherance of the general objectives of the charity and whlch have not been designated for other purposes. Donatlons and1oga¢ios 2024 2023 Donations and gffts Private Patients 286,493 29,372 252,434 25,618 315,865 278,052 Investment in¢omg 2024 2023 Interest receivabl8 2,845 39 RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Incoming resources from charitable activities 2024 2023 Consultancy fees 22,799 33.241 (Xher incoming resources 2024 2023 other income 25.880 48,660 Total resourc05 expgndgd 2024 2023 Charitable activities Su ort costs of research Support costs 180,984 137,547 Govgmance costs 12.235 18,552 193,219 156,099 Support Costs 2024 2023 Contributions to Academic & Administration Costs 180,984 137,547 180.984 137,547 Governance costs Governance costs includes payments to the Independent Examiners of £1,32012023 £1,320) for examiners RHEUMATOLOGY DISCRETIONARY FUND UCL CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Truste95 None of th8 Trustees {or any persons connected with them) received any remuneralion during the year. 10 Employees There were no employees during the year. Secretarfal support was given to the Charity by an employee of University College London. 11 Credilors: amounts falling due within one year 2024 2023 Accruals 1,320 1,320