REGISTERED COMPANY NUMBER: 02767055 (England and Wales) REGISTERED CHARITY NUMBER: 1015921
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
SURGICAL RESEARCH SOCIETY
Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
SURGICAL RESEARCH SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
SURGICAL RESEARCH SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES Professor S White Ms R Hargest (resigned 24.3.23) Professor D N Lobo (resigned 24.3.23) Professor D Baker Dr. T A Martin-Harrison (resigned 24.3.23) Dr J Shalhoub Professor M Nicholson Dr S Hosgood (appointed 25.3.23) Professor T Underwood (appointed 25.3.23) REGISTERED OFFICE Dept of Surgery, university of Cambridge Addenbrookes Hospital Hills Rd Cambridge CB2 0QQ
REGISTERED COMPANY NUMBER 02767055 (England and Wales)
REGISTERED CHARITY NUMBER 1015921 INDEPENDENT EXAMINER Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
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SURGICAL RESEARCH SOCIETY (REGISTERED NUMBER: 02767055)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
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 December 2023. 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
Principle Objectives
The charity's principal objective as set out in its Memorandum of Association is the advancement of public education in the fields of surgery and clinical practice and their attendant sciences, by the conduct of research into such subjects and the publication of such research.
The following have been adopted in order to further the charity's principal objective:-
a) To provide for the interchange of information about research related to surgery and surgical disease.
b) To foster interchange between surgical science and clinical practice.
c) To promote humanity and high ethical standards in clinical and experimental research.
d) To comment on the standard, place and educational value of surgical research in the training of surgeons.
e) To maintain high standards of scientific evaluation of surgical research by ensuring that the format, quality of slides and illustrations, clarity of presentation and ability to respond to questioning of presentations to the society are of the highest quality.
f) To promote surgical research by providing travelling scholarships and/or research grants.
g) To promote the interchange of information internationally through collaboration with other national surgical societies.
h) To maintain low subscriptions and registration fees to encourage young research workers in surgery to participate in the activity of the society.
Development activities and achievements
The remit of the Society is to foster surgical research amongst the entire surgical community in the UK and Ireland.
The President Dileep Lobo held a successful meeting in March 2023, hosting the final meeting of his tenure at the East Midlands Conference Centre in Nottingham. This was our second face to face meeting since the Covid pandemic and over 125 delegates attended. We also had a training day for surgical academics and clinical trainees organized by Professor Rachael Hargest from Cardiff. We also had distinguished visitors and prize winners from our sister society in South Africa and North America. The prize winners from the SRS held in March 2023 will attend the corresponding meetings in South Africa and America later in the year. The society is in good financial standing.
Following on from our Annual meeting in March 2023 Professor Lobo demits office and he was replaced by Professor Michael Nicholson from the University of Cambridge. Similarly he will organise a training day and an annual meeting at St Catherine's College the University of Cambridge, plans are already in place for this to be held in January 2024. The society continues to guide clinical and scientific research amongst surgeons across the United Kingdom and Ireland with great success.
Public benefit
All our charitable activities explained above are undertaken to further the advancement of public education in the fields of surgery by the conduct of research, for the public benefit.
FINANCIAL REVIEW
Investment policy and objectives
The Charity's powers of investment are governed by its Memorandum and Articles of Association.
Reserves policy
It is the policy of the charity to maintain a break-even position year on year based on normal activities. The unrestricted reserves brought forward represent surpluses arising in previous years and are to be used to cover shortfalls on years where a break-even position is not attained, and also to provide for one-off grants, including research fellowships, should a suitable project arise.
At 31 December 2023, unrestricted funds were £157,318 (2022 £118,376) and restricted funds amounted to £9,000( 2022 £nil).
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SURGICAL RESEARCH SOCIETY (REGISTERED NUMBER: 02767055)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
Review of the transactions and financial position of the charity
The charity generated a surplus for the year of £45,317 before the realised gains on investments of £73, and the unrealised gains on investments amounting to £2,552. The resulting net gain for the year of £47,942 has been added to reserves brought forward.
The directors have continued to explore the possibility of obtaining charitable donations from industry.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its Memorandum and Articles of Association, and constitutes a charitable company limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The directors are appointed according to the Article of Association and are referred to as the "Council of Management".
Organisation
The charity is managed by the Council of Management. There are no paid employees and secretarial services are paid for as required through the Royal College of Surgeons of England, which also provides the postal address.
The sub-committees of the society continue to include;
Programme Committee Membership Committee Education/Professional Development Committee
Approved by order of the board of trustees on 8 September 2024 and signed on its behalf by:
Professor S White - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SURGICAL RESEARCH SOCIETY
Independent examiner's report to the trustees of Surgical Research Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Miss P. A. Richards F.C.A., D.Ch.A
Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ
8 September 2024
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SURGICAL RESEARCH SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 Unrestricted Restricted Total fund fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 82,303 9,000 91,303 Investment income 2 2,204 - 2,204 Total 84,507 9,000 93,507 EXPENDITURE ON Raising funds 3 1,200 - 1,200 Charitable activities 4 Meetings & Journals 46,990 - 46,990 Total 48,190 - 48,190 Net gains/(losses) on investments 2,625 - 2,625 NET INCOME/(EXPENDITURE) 38,942 9,000 47,942 RECONCILIATION OF FUNDS Total funds brought forward 118,376 - 118,376 TOTAL FUNDS CARRIED FORWARD 157,318 9,000 166,318 |
2022 Total funds £ 32,606 1,928 34,534 1,200 39,044 40,244 (18,314) (24,024) 142,400 118,376 |
|---|---|
The notes form part of these financial statements
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SURGICAL RESEARCH SOCIETY (REGISTERED NUMBER: 02767055)
BALANCE SHEET 31 DECEMBER 2023
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Intangible assets 8 4,422 - Investments 9 83,112 - 87,534 - CURRENT ASSETS Debtors 10 3,607 - Cash at bank 71,857 9,000 75,464 9,000 CREDITORS Amounts falling due within one year 11 (5,680) - NET CURRENT ASSETS 69,784 9,000 TOTAL ASSETS LESS CURRENT LIABILITIES 157,318 9,000 NET ASSETS 157,318 9,000 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
2023 Total funds £ 4,422 83,112 87,534 3,607 80,857 84,464 (5,680) 78,784 166,318 166,318 157,318 9,000 166,318 |
2022 Total funds £ 6,633 102,337 108,970 - 14,786 14,786 (5,380) 9,406 118,376 118,376 118,376 - 118,376 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
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 8 September 2024 and were signed on its behalf by:
S White - Trustee
The notes form part of these financial statements
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SURGICAL RESEARCH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. 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 trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
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.
Amortisation
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life :-
Website - 25% on cost
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.
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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Investment income | 2,204 | 1,928 |
continued...
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SURGICAL RESEARCH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
3. RAISING FUNDS
Investment management costs
| Investment advice CHARITABLE ACTIVITIES COSTS Meetings & Journals NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Website amortisation |
2023 £ 1,200 Direct Support Costs costs £ £ 41,509 5,481 2023 £ 2,211 |
2022 £ 1,200 Totals £ 46,990 |
|---|---|---|
| 2022 £ 2,211 |
4. CHARITABLE ACTIVITIES COSTS
5. NET INCOME/(EXPENDITURE)
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
No trustees were reimbursed for travel and incidental expenses incurred during the year (2022 - £nil).
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 32,606 Investment income 1,928 Total 34,534 EXPENDITURE ON Raising funds 1,200 Charitable activities Meetings & Journals 39,044 Total 40,244 Net gains/(losses) on investments (18,314) NET INCOME/(EXPENDITURE) (24,024) RECONCILIATION OF FUNDS Total funds brought forward 142,400 |
Restricted fund £ - - - - - - - - - |
Total funds £ 32,606 1,928 34,534 1,200 39,044 40,244 (18,314) (24,024) 142,400 |
|---|---|---|
continued...
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SURGICAL RESEARCH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund £ TOTAL FUNDS CARRIED FORWARD 118,376 8. INTANGIBLE FIXED ASSETS COST At 1 January 2023 and 31 December 2023 AMORTISATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2023 Additions Disposals Equalisation Realised gains Unrealised gains At 31December 2023 NET BOOK VALUE At 31December 2023 At 31 December 2022 |
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund £ TOTAL FUNDS CARRIED FORWARD 118,376 8. INTANGIBLE FIXED ASSETS COST At 1 January 2023 and 31 December 2023 AMORTISATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2023 Additions Disposals Equalisation Realised gains Unrealised gains At 31December 2023 NET BOOK VALUE At 31December 2023 At 31 December 2022 |
Restricted Total fund funds £ £ - 118,376 Website £ 8,844 2,211 2,211 4,422 4,422 6,633 |
Restricted Total fund funds £ £ - 118,376 Website £ 8,844 2,211 2,211 4,422 4,422 6,633 |
Restricted Total fund funds £ £ - 118,376 Website £ 8,844 2,211 2,211 4,422 4,422 6,633 |
|---|---|---|---|---|
| Listed | ||||
| Investments £ 102,337 3,000 (24,821) (29) 73 2,552 83,112 83,112 102,337 |
||||
The historical cost of the fixed asset investments was £84,064 at 31st December 2022 (2022 - £104,815).
continued...
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SURGICAL RESEARCH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors and prepaid expenses 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and prepaid income 12. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Young Investigator Award Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 84,507 Restricted funds Young Investigator Award Fund 9,000 TOTAL FUNDS 93,507 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
2023 2022 £ £ 3,607 - 2023 2022 £ £ 5,680 5,380 Net movement At At 1.1.23 in funds 31.12.23 £ £ £ 118,376 38,942 157,318 - 9,000 9,000 118,376 47,942 166,318 Resources Gains and Movement expended losses in funds £ £ £ (48,190) 2,625 38,942 - - 9,000 (48,190) 2,625 47,942 Net movement At At 1.1.22 in funds 31.12.22 £ £ £ 142,400 (24,024) 118,376 142,400 (24,024) 118,376 |
2023 2022 £ £ 3,607 - 2023 2022 £ £ 5,680 5,380 Net movement At At 1.1.23 in funds 31.12.23 £ £ £ 118,376 38,942 157,318 - 9,000 9,000 118,376 47,942 166,318 Resources Gains and Movement expended losses in funds £ £ £ (48,190) 2,625 38,942 - - 9,000 (48,190) 2,625 47,942 Net movement At At 1.1.22 in funds 31.12.22 £ £ £ 142,400 (24,024) 118,376 142,400 (24,024) 118,376 |
2022 £ - |
|---|---|---|---|
| 2022 £ 5,380 |
|||
| 118,376 |
continued...
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SURGICAL RESEARCH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. MOVEMENT IN FUNDS - continued
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 | 34,534 | (40,244) | (18,314) | (24,024) |
| TOTAL FUNDS | 34,534 | (40,244) | (18,314) | (24,024) |
Restricted Funds
Young Investigators Award Fund
A donation was received during the year for Young Investigator scholarships for the Surgical Research Society of Great Britain and Ireland 2023-2024. None of the grant was utilised during the year.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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