Charity registration number 1037703
Company registration number 02823657 (England and Wales)
AIDS IMPACT
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
AIDS IMPACT
LEGAL AND ADMINISTRATIVE INFORMATION
| Directors | Dr Jose Catalan | |
|---|---|---|
| Prof Lorraine Sherr | ||
| Prof Richard Harding-Swale | ||
| Prof Lucie Cluver | ||
| Dr Kathryn Steventon | (appointed 25 April 2023) | |
| Secretary | Dr Jose Catalan | |
| Charity number | 1037703 | |
| Company number | 02823657 | |
| Registered office | 12 Henwood | |
| Boars Hill | ||
| Oxford | ||
| OX1 5JX | ||
| Independent examiner | Paul Hutchison ACA | |
| Azets Audit Services | ||
| Chartered Accountants | ||
| Exchange Place 3 | ||
| Semple Street | ||
| Edinburgh | ||
| EH3 8BL | ||
| Bankers | National Westminster Bank | |
| 244 King's Road | ||
| Chelsea | ||
| London | ||
| SW3 5XJ | ||
| Solicitors | Speechly Bircham LLP | |
| 6 New Street Square | ||
| London | ||
| EC4A 3XL |
AIDS IMPACT
CONTENTS
| Page | |
|---|---|
| Directors' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
AIDS IMPACT
DIRECTORS' REPORT (INCLUDING TRUSTEES' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their annual report and financial statements for the year ended 30 September 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements, the provisions of the Charities SORP (FRS102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financal Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102")" (effective 1 January 2019), FRS 102 "the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"), the Companies Act 2006 and the Charities Act 2011.
Objectives and activities
Objectives
The objects of the charity are for the benefit of the public, to advance education about the biopsychosocial aspects and problems of HIV infection, in particular by holding an international conference.
As stated under Activities, the charity’s work holding a conference in Sweden is evidence of the charity’s objectives. The benefit provided is the opportunity for international delegates working in the HIV/AIDS field to meet, learn of the latest research and to exchange ideas.
Activities
The company was formed for the organisation of the second international conference on biopsychosocial aspects of HIV infection held in July 1994.
During this year, AIDS Impact has continued its task of fostering educational activities related to the psychological and social aspects of HIV infection.
The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
Achievements and performance
Financial review
The overall net income for the year is £76,360 (2022: net expenditure £12,435). Net assets of £246,515 (2022: £170,155) primarily comprised cash at bank.
The charitable company benefitted from many hours volunteered by the directors in the run up to and during the meetings, coordinating, checking, and liaising with speakers and delegates. As the meetings were held online, the directors had to rely as well on technical experts that organised the online meetings and provided technical support, for whose work they were remunerated. While the directors usually aim at minimising expenses by volunteering themselves and others for a variety of tasks, this year they had to seek the assistance of providers of online services.
Reserves policy
The directors aim to retain sufficient reserves to provide assistance with future conferences and to facilitate the attendance of delegates at future conferences. Unrestricted reserves at the year end are £246,515 (2022: £170,155).
Risk policy
The directors has assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for future
The charity organised a conference in Stockholm in June 2023, the first face-to-face meeting following the Covid pandemic. The charity had originally intended to hold the 2023 meeting in Casablanca, Morocco, but with concerns about Covid in Africa, the location was transferred to Stockholm, Sweden. Our meetings usually alternate between developing and developed countries and the charity indends to hold the 2025 meeting in Casablanca. Plans for the 2027 meeting are currently being considered, and the choice of venue will be finalised later this year.
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AIDS IMPACT
DIRECTORS' REPORT (INCLUDING TRUSTEES' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Structure, governance and management
AIDS Impact, a charitable company limited by guarantee, was incorporated on 3 June 1993 and amended by special resolution dated 4 May 1994. It is governed by its memorandum and articles of association.
Directors
The directors who served during the year and to the date of signature of this report were as follows:
Dr Jose Catalan Prof Lorraine Sherr Prof Richard Harding-Swale Prof Lucie Cluver Dr Kathryn Steventon (appointed 25 April 2023)
Directors have powers to appoint new directors in terms of the articles of association.
All directors are familiar with the work of the charity. If there are any areas where additional training is required, this will be discussed at a directors’ meeting and a solution identified.
The day to day management of the charity is delegated to Dr Jose Catalan.
This report has been issued in accordance with the special provisions of Part 15 of the Companies Act relating to small entities.
The directors' report was approved by the Board of Directors.
.............................. Dr J Catalan Director Dated: .........................17 May 2024
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AIDS IMPACT
INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF AIDS IMPACT
I report on the financial statements of the charitable company for the year ended 30 September 2023, which are set out on pages 4 to 11.
Responsibilities and basis of report
As the directors of the charitable company (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 charitable 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 the charitable company’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.
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:
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1 accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 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
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4 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.
Paul Hutchison ACA
Institute of Chartered Accountants in England and Wales Partner
23 May 2024 Dated: .........................
Azets Audit Services Chartered Accountants Exchange Place 3 Semple Street Edinburgh EH3 8BL
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AIDS IMPACT
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 93,611 | 1,475 |
| Charitable activities | 4 | 18,665 | 390 |
| Investments | 5 | 1,843 | 95 |
| Total income | 114,119 | 1,960 | |
| Expenditure on: | |||
| Charitable activities | |||
| Unrestricted funds | 6 | 37,759 | 14,395 |
| Total charitable expenditure | 37,759 | 14,395 | |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 76,360 | (12,435) | |
| Fund balances at 1 October 2022 | 170,155 | 182,590 | |
| Fund balances at 30 September 2023 | 246,515 | 170,155 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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AIDS IMPACT
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Income funds Unrestricted funds |
2023 £ 25,252 224,596 249,848 (3,333) |
£ 246,515 246,515 246,515 |
2022 £ 30,000 146,068 176,068 (5,913) |
£ 170,155 |
|---|---|---|---|---|
| 170,155 | ||||
| 170,155 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
17 May 2024
The financial statements were approved by the Directors on .........................
.............................. Dr J Catalan Director
Company Registration No. 02823657
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AIDS IMPACT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
Charity information
Aids Impact is a private company limited by guarantee incorporated in England and Wales. The registered office is 12 Henwood, Boars Hill, Oxford, OX1 5JX, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts, the provisions of the Charities SORP (FRS 102) "Accounting and Reporting by Charities: State of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stands applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019), FRS 102 "the Finanical Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"), the Companies Act 2006 and the Charities Act 2011.
The charitable company has taken advantage of the provisions in the SORP not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The charitable company has made a surplus in the current year and has a strong cash and unrestricted reserves balances. Based on expected plans for the next 12 months, the directors are confident that the charitable company has sufficient reserves to fund its activities beyond this period. The directors have continued continued to prepare the financial statements on a going concern basis.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charitable company 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.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Conference income is recognised on performance of the event.
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AIDS IMPACT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure and creditors
Expenditure is recognised when a legal or constructive obligation has been entered into and has been charged direct to charitable expenditure, cost of raising funds or governance costs.
Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include the accountancy fees and costs linked to the strategic management of the charitable company.
The company is not registered for VAT and accordingly expenditure includes VAT where appropriate.
Accruals are obligations to pay for goods or services that have been acquired. Accruals are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price.
1.6 Cash and cash equivalents
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.
1.7 Financial instruments
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charitable company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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AIDS IMPACT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
1.8 Taxation
The charitable company is recognised by HMRC as a charity and accordingly there is no liability to taxation.
2 Critical accounting estimates and judgements
In the application of the charitable company’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.
The directors are of the opinion that there are no significant estimates or judgments that would have a material impact on the financial statements.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 82,012 | 1,475 |
| Sponsorship | 11,599 | - |
| 93,611 | 1,475 |
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AIDS IMPACT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
4 Charitable activities
| Unrestricted funds Unrestricted funds 2023 2022 £ £ Conference registration fees 18,665 - Other income - 390 18,665 390 |
Unrestricted funds Unrestricted funds 2023 2022 £ £ Conference registration fees 18,665 - Other income - 390 18,665 390 |
Unrestricted funds Unrestricted funds 2023 2022 £ £ Conference registration fees 18,665 - Other income - 390 18,665 390 |
|---|---|---|
| 2023 £ 18,665 - 18,665 |
2022 £ - 390 |
|
| 390 |
Other income in the prior year represented refunds of expenses for conference costs from a prior year that could not be held due to Covid restrictions.
5 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 1,843 | 95 |
6 Charitable activities
| Unrestricted funds Unrestricted funds 2023 2022 £ £ Committee expenses: Travel and accommodation 2,252 - Directors' expenses: Travel and accommodation 2,045 - Conference costs 26,540 1,963 Website - 2,931 Administration costs 3,718 6,472 34,555 11,366 Share of governance costs (see note 7) 3,204 3,029 37,759 14,395 |
Unrestricted funds Unrestricted funds 2023 2022 £ £ Committee expenses: Travel and accommodation 2,252 - Directors' expenses: Travel and accommodation 2,045 - Conference costs 26,540 1,963 Website - 2,931 Administration costs 3,718 6,472 34,555 11,366 Share of governance costs (see note 7) 3,204 3,029 37,759 14,395 |
Unrestricted funds Unrestricted funds 2023 2022 £ £ Committee expenses: Travel and accommodation 2,252 - Directors' expenses: Travel and accommodation 2,045 - Conference costs 26,540 1,963 Website - 2,931 Administration costs 3,718 6,472 34,555 11,366 Share of governance costs (see note 7) 3,204 3,029 37,759 14,395 |
|---|---|---|
| 2023 £ 2,252 2,045 26,540 - 3,718 34,555 3,204 37,759 |
2022 £ - - 1,963 2,931 6,472 |
|
| 11,366 3,029 |
||
| 14,395 |
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AIDS IMPACT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
7 Support costs
| Support costs Governance costs £ £ Independent examination fees - 3,204 - 3,204 Analysed between Charitable activities - 3,204 |
2023 Support costs Governance costs £ £ £ 3,204 - 3,029 3,204 - 3,029 3,204 - 3,029 |
2022 £ 3,029 |
|---|---|---|
| 3,029 | ||
| 3,029 |
8 Directors
No director received any remuneration during the year (2022: £nil). Three directors received reimbursement for expenses incurred on behalf of the charity totalling of £2,045 (2022: £nil). These were travel and similar expenses relating to the conference.
9 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | |||
|---|---|---|---|
| 2023 | 2022 | ||
| Number | Number | ||
| Total | - | - | |
| 10 | Debtors | ||
| 2023 | 2022 | ||
| Amounts falling due within one year: | £ | £ | |
| Prepayments and accrued income | 25,252 | 30,000 | |
| 11 | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals | 3,333 | 5,913 |
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AIDS IMPACT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
12 Related party transactions
During the year, the charity paid the sum of £3,035 (2022 - £6,098) to Cheryl Tapnack for administration services. Cheryl Tapnack is the sister of Prof Lorraine Sherr, a director of the charity.
During the year, the charity reimbursed the sum of £166 (2022 - £nil) to Ari Sherr in respect of travel expenses incurred in his capacity as a volunteer of the charity. Ari Sherr is the son of Prof Lorraine Sherr, a director of the charity.
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