Charity Registration No. 1066742
ST MARY'S HOSPITAL ASSOCIATION
TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ST MARY'S HOSPITAL ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
eee ee eee 0 net ew en Sen
Trustees
Dr M Clarke
Mr K Brown Mr D Hunt Mr G Tudor-Williams Dr J M Hoare
Charity number 1066742
Principal address
St Mary's Hospital
Praed Street London W2 1NY
Independent examiner
Evelyn Partners Advisory Services (Thames Valley) LLP 22 Wycombe End
Beaconsfield Buckinghamshire HP9 1NB
ST MARY'S HOSPITAL ASSOCIATION
CONTENTS
----- Start of picture text -----
Page
Trustees' report 1
Statement of Trustees’ responsibilities 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6-10
----- End of picture text -----
TRUSTEES’ REPORT . FOR THE YEAR ENDED 31 DECEMBER 2023 , , enee ee ea rer)
ST MARY'S HOSPITAL ASSOCIATION
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the the trust's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities”, issued in March 2005.
Structure, governance and management
The trust was established by a charitable trust deed on 18 April 1997.
The trustees who served during the year were: Dr M Clarke Mr K Brown Mr D Hunt Mr G Tudor-Williams Dr J M Hoare
The trustees has assessed the major risks to which the the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and activities
The objects are that of providing educational and welfare assistance to the medical students of Imperial College.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the trust should undertake.
Achievements and performance
Income from all sources was £33,662. This includes investment income of £2,526; subscriptions, donations and other income of £31,136 which is analysed on Page4 of the financial statements.
Financial review Note 11 of the accounts sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis.
Excess of income over expenditure or excess of expenditure over income is shown as a movement in reserves.
The Trustees’ report was approved by the Board of Trustees. a[ee] ,
Dr M Clarke Trustee Dated: 13 March 2024
a ee
ST MARY'S HOSPITAL ASSOCIATION
STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the the trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Account and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
wiDim
ST MARY'S HOSPITAL ASSOCIATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST MARY'S HOSPITAL ASSOCIATION
| report to the trustees on my examination of the financial statements of St Mary's Hospital Association (the the trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
| report in respect of my examination of the the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
| have completed my examination. | confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the the trust as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
-
| 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.
Yuen Man Anna Bulmer FCA FCPA(HK) Evelyn Partners Advisory Services (Thames Valley) LLP
22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB
Dated: 15 March 2024
a oe
ST MARY'S HOSPITAL ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | x | £ | |
| Income from: | |||
| Donations and legacies | 2 | 31,136 | 12,765 |
| Investments | 3 | 2,526 | 1,673 |
| Total income | 33,662 | 14,438 | |
| Expenditure on: | |||
| Raising funds | 4 | 216 | 216 |
| Charitable activities | 5 | 12,199 | 30,588 |
| Total expenditure | 12,415 | 30,804 | |
| Net income/(expenditure) and movement in funds | 21,247 | (16,366) | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2023 | 257 424 | 273,790 | |
| Fundbalancesat31December2023 | 278,671 | 257424 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ee
ST MARY'S HOSPITAL ASSOCIATION
BALANCE SHEET AS AT 31 DECEMBER 2023
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Current assets | |||||||
| Cash at bank and in hand | 281,071 | 259,824 | |||||
| Creditors: amounts falling due within | 10 | ||||||
| one year | 2,400 | 2,400 | |||||
| Net currentassets | 278,671 | 257424 | |||||
| The funds of the the trust | |||||||
| Unrestricted funds | 278,671 | 257 424 | |||||
| 278,671 | 257424 |
The financial statements were approved by the trustees on 13 March 2024 My ded “¢Pasbli Dr M Clarke Trustee
=
ST MARY'S HOSPITAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 Accounting policies
Charity information
St Mary's Hospital Association is a charity established by a charitable trust deed on 18 April 1997.
- 1.1 Accounting convention
The accounts have been prepared under the historical cost convention.
The trust has taken advantage of the exemption in Financial Reporting Standard 1 from the requirement to produce a cash flow statement on the grounds that it is a small trust.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the the trust 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 financial statements.
1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the the trust 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.
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.
1.5 Resources expended
Grants and awards payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.6 Tangible fixed assets
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:
Fixtures, fittings & equipment
25% reducing balance
-6-
ST MARY'S HOSPITAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
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 the statement of financial activities.
1.7 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.
1.8 Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 12,276 | 12,765 |
| Legacies receivable | 18,860 | - |
| 31,136 | 12,765 |
3 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest | receivable | 2,526 | 1,673 |
my
ST MARY'S HOSPITAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
4 Expenditure on raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other fundraising costs | 216 | 216 | |
| 5 | Charitable activities | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Grant funding of activities (see note 6) | 6,299 | 20,134 | |
| Share ofgovernance costs (see note 7) | 5,900 | 10,454 | |
| 12,199 | 30,588 | ||
| 6 | Grants payable | ||
| 2023 | 2022 | ||
| a | £ | ||
| Grants to institutions: | |||
| Other | 5,499 | 19,534 | |
| Grants to individuals | 800 | 600 | |
| 6,299 | 20,134 | ||
| v | Support costs allocated to activities | ||
| 2023 | 2022 | ||
| 3 | £ | ||
| Governancecosts | 5,900 | 10,454 |
wiGim
ST MARY'S HOSPITAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
7 Support costs allocated to activities
| Support costs allocated to activities | (Continued) | |
|---|---|---|
| 2023 | 2022 | |
| Governance costs comprise: | £ | £ |
| Depreciation | - | 50 |
| Independent examination | 2,400 | 4,404 |
| Administration | 3,500 | 6,000 |
| 5,900 | 10,454 |
8 Employees
There were no employees during the year ( 2022 - Nil).
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 2,400 | 2,400 |
11. Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | At 31 | |
|---|---|---|---|---|
| 2023 | resources | expended | December | |
| 2023 | ||||
| £ | £ | £ | £ | |
| General funds | 257,424 | 33,662 | (12,415) | 278,671 |
| Previous year: | At 1 January | Incoming | Resources | At 31 |
| 2022 | resources | expended | December | |
| 2022 | ||||
| £ | £ | £ | £ | |
| Generalfunds | 273,790 | 14,438 | (30,804) | 257424 |
Gus
ST MARY'S HOSPITAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
12 Analysis of net assets between funds
| Unrestricted | |
|---|---|
| funds | |
| 2023 | |
| £ | |
| Fund balances at 31 December 2023 are represented by: | |
| Current assets/(liabilities) | 278,671 |
| 278,671 | |
| Unrestricted | |
| funds | |
| 2022 | |
| £ | |
| Fund balances at 31 December 2022 are represented by: | |
| Current assets/(liabilities) | 257 424 |
| 257,424 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
IIN A a ee ar 224 Ox