Registered number: 03816842 Charity number: 1077893
ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees' report | 2 |
| Independent auditors' report on the financial statements | 13 |
| Statement of financial activities | 17 |
| Balance sheet | 18 |
| Statement of cash flows | 19 |
| Notes to the financial statements | 20 |
(A company limited by guarantee)
ASSOCIATION OF BRITISH NEUROLOGISTS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE ASSOCIATION, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Dr R.J. Davenport, President (from 11 May 2023) Professor T.T. Warner, Past President Professor N.P. Robertson, President Elect (from 11 May 2023) Dr. L. Kinton, Honorary Secretary Dr B.R. Stanton, Honorary Secretary Elect (from 11 May 2023) Dr J. Rees, Honorary Treasurer (from 11 May 2023) Dr C.M. Gabriel, Meetings Secretary (to 11 May 2023) Dr N. Giffin, Meetings Secretary (from 11 May 2023) Dr C. Mummery[2] , Chair of the Services Committee (to 11 May 2023) Dr. A. Nitkunan[2] , Chair of the Services Committee (from 11 May 2023) Professor T. Griffith[2] , Chair of the Research Committee Dr C. Kipps, Chair of the Quality Committee (to 25 November 2023) Dr. S.H. Eriksson², Chair of the Quality Committee (from 25 November 2023) Dr. M S. Jones[2] , Chair of the Education Committee Dr. D. Nicholl Dr A. T. Misbahuddin Dr P. N. Cooper Professor S. Jacob Dr G. Stewart (from 11 May 2023) Professor M. Lunn (from 11 May 2023) Ms. E. I. Baltay[1] Lord S. Fink[1 ]
Council Members
All trustees listed above served as council members with the exception of lay trustees, Ms. E. I. Baltay and Lord S. Fink.
Dr. A. Pereira, Chair of the Neurology SAC² Dr L. Midgeley, Chair of the Association of British Neurologists Trainees (ABNT) (to 5 August 2023)[ 2] Dr. R. Rees, Chair of the Association of British Neurologists Trainees (ABNT) (from 5 August 2023)[2] Professor C. Edwards, RCP Registrar[2 ]
1 Lay trustee
2 Non Voting Member
Page | 1
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registered number
03816842
Charity registered number
1077893
Registered office and principal operating office
Ormond House, 4[th] Floor 27 Boswell Street London, WC1N 3JZ
Company secretary
Miss F. Patel
Executive Director
Ms A. Wright-Parkes (to 15 June 2023) Dr E. Linnemann (appointed October 2023)
Independent Auditors
Goldwins 75 Maygrove Road London NW6 2EG
Page | 2
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the Association for the year 1 January 2023 to 31 December 2023. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Association qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Association was incorporated as a charitable company limited by guarantee and not having a share capital on 30 July 1999 and is a registered charity.
The Association is governed by its Memorandum and Articles of Association and by its Rules.
The principal objects of the Association are to promote education in, and the advancement of, the neurological sciences, including (without limitation) the practice of neurology in the United Kingdom and Ireland.
There have been no changes in the objectives since the last annual report.
Methods of appointment or election of Trustees
The management of the Association is ultimately the responsibility of the trustees who are appointed under the terms of the Articles of Association and the Rules.
Induction and training of Trustees
All trustees undergo an induction programme which is provided by the Executive Director. This details all the roles and responsibilities of the trustees of the Association.
Organisational structure and decision-making policies
The officers, being the President, the President Elect, the Honorary Secretary, the Honorary Secretary Elect, the Honorary Treasurer, the Honorary Treasurer Elect, the Meetings Secretary and the Meetings Secretary Elect, together with the elected councillors, are ex officio members of the trustee board of the Association. In addition to the ex officio members, the trustee board includes 2 lay members appointed
Page | 3
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
by the board. The chairs of the Services Committee, the Education Committee, the Research Committee, the Quality Committee and the ABNT are non-voting members of the trustee board entitled to receive notice of all trustee meetings.
The trustee board and Council meet three times a year (February, June and October) when strategic decisions and business matters are discussed. Decisions are generally tabled for discussion at these meetings and then, if need be, taken to the annual general meeting. Any urgent decisions are made by way of video conference call in which the officers of the Association participate weekly and council members monthly. Information is then disseminated to the trustees electronically to ensure a democratic approach is met.
The day-to-day management of the Association is delegated to Emily Linnemann, the ABN's Executive Director.
Pay policy for key management personnel
Staff salaries are reviewed annually by the board of trustees and agreed.
Risk management
The trustees have assessed the major strategic, business and operational risks to which the Association is exposed, in particular those related to the operations and finances of the Association and are satisfied that systems and procedures are in place to monitor and control those risks in order to mitigate any impact they may have on the Association. A risk register is maintained and updated for council meeting at which time it will be reviewed and discussed in detail.
OBJECTIVES AND ACTIVITIES
Objectives
The principal aims and objectives of the Association are to:
-
Encourage nationwide availability of excellent and equitable neurological services
-
Support neurologists and neurological trainees in their clinical practice
-
Support neurologists and neurological trainees in their research and academic activities
-
Increase knowledge of the nervous system and its disorders
-
Ensure the continuing professional development of its members
-
Promote the education of neurological trainees and support learning of neurology throughout medical training
-
Collaborate with the Royal College of Physicians (London, Edinburgh and Glasgow)
-
Foster communication with patient interest groups
-
Maintain contacts with neurologists in developed and developing countries
-
Provide guidance, when required, for matters relating to neurology.
Public benefit
In preparing this report, the trustees have considered the Charity Commission’s general guidance on public benefit.
Page | 4
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
OBJECTIVES & ACTIVITIES (continued)
By seeking to improve the health and well-being of people with neurological disorders and by advancing the knowledge and practice of neurology within the United Kingdom and Ireland, the Association’s aims ensure that it meets the Charity Commission’s public benefit criteria.
The Association works closely with patient groups and organisations in order to provide a united approach to the field of neurosciences and, in turn, an excellent multi-centred service for patients throughout the United Kingdom. The Association has representation from around the UK and, in particular, via the Services Committee, whose regional representatives detect and report on any problem within the trusts. The Association is therefore aware of any issues within a trust which patients may be facing. These representatives also act as Royal College of Physicians of London representatives, ensuring that any neurology-related job advertisements are fair and appropriate. The Quality committee is concerned with all matters related to quality, quality improvement, innovation, audit, and revalidation, supporting other ABN committees in their role.
The ABN has Research and Education committees which work closely to ensure that there is provision and support for those wishing to undertake neurological research. Academic posts have been at some risk in the past, and the Association continues to support these posts. The Education Committee is very much involved in attracting trainees into the field of neurology and offers an undergraduate prize which is well received by medical students across the UK.
The ABN monitors the number of consultant neurologists throughout the United Kingdom and will continue to push for an increased number of consultant posts where needed. The Association’s pre meeting training day continues to flourish. Held the day before the annual scientific meeting, the day includes a training session for registrars and an introduction to neurology for foundation doctors and medical students. A training session on the same day covers key topics in neurology for other physicians seeing patients with neurological disorders. The ABN Trainees (ABNT) also run a preparing for consultancy course and a neurology boot camp.
The Association’s office tries, wherever possible, to assist with patient telephone enquiries and its website
includes information for patients, such as details of patient organisations and help groups.
ACHIEVEMENTS AND PERFORMANCE
Review of activities
Highlights from ABN’s Committees:
ABN Trainee (ABNT) Committee
-
Through the committee and network of regional representatives, the ABNT shares best practices in higher training, ideas, and methods for quality improvement in education and service.
-
The Acute Neurology Boot Camp has become a fixture in the annual training calendar. The one-day course significantly improves the confidence in holding the acute neurology bleep for new trainees and those returning from parental and out-of-programme activities. It is delivered by a panel of young consultants representing the breadth of UK neurology.
Page | 5
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE (continued)
-
The inaugural Preparation for Consultancy course represents another trainee-led innovation, easing transition from specialist training to being a neurology consultant. This also had excellent feedback and will continue to run in-person for senior specialty trainees.
-
Working with the JRCPTB Neurology Specialty Advisory Committee (SAC), ABNT has helped ensure the smooth roll-out of the Shape of Training curriculum.
-
The @ABNTrainees X/Twitter account continues to highlight opportunities for clinical and academic positions across the UK, as well as in research and education. ABNT is also working with ACNR to develop a new online platform for trainees and consultants to share and discuss the latest research and quandaries in clinical neuroscience.
Consultations/Advisory Groups
| 2023 | Consultations | Meetings |
|---|---|---|
| Neuromuscular | 17 | 1 |
| Epilepsy | 8 | 1 |
| Cognitive | 5 | |
| Headache and pain | 4 | 2 |
| MS &neuroinflammation | 4 | 1 |
| Stroke | 4 | |
| MovementDisorders | 3 | |
| Rehab | 2 |
Education Committee
-
Worked with ABN movement disorder SIG to provide two fully funded post/peri-CCT advanced clinical training fellowships.
-
Appointed 2 ABN Australasian Fellows.
-
Produced the annual ABN self-assessment questions in conjunction with eBrain.
-
Provided an afternoon education session for FY and IMT doctors at the annual conference in Belfast.
-
Ran the fourth virtual ABN undergraduate teaching day in November 2023 and awarded prizes for the annual student case report and audit competition
Equality, Diversity and Inclusion (EDI) Committee
-
Progression of EDI Data collection with updated and standardised questions across ABN activities and targeted approaches.
-
Established a quarterly reporting schedule to provide updated snapshots of data collection progress and analysis.
-
Updated the website, including the addition of EDI committee and publishing of the BITC EDI audit.
-
Embedded EDI across all ABN committees and office support.
Page | 6
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE (continued)
- Developed action planning, including event accessibility, further website developments, mentoring opportunities and filming and publishing neurologist profiles to showcase the diversity within neurology.
Finance, Audit and Risk Committee (FAR)
-
The ABN finance system has been moved from Sage to Xero, updating finance operations within the office and making reporting and audit simpler.
-
Membership subscriptions have been streamlined and separated from member donations.
-
Goldwins Chartered Accountants have been appointed as ABN’s new auditors.
-
Regular, informal meetings have been set up between the Honorary Treasurer and the Executive Director to ensure greater oversight of the Association’s finances.
Meetings Committee
Planned and delivered ABN’s first joint meeting with the IICN in Belfast in May 2023 with:
-
1000+ delegates attending over 4 days
-
276 abstract submissions
-
687 delegates used and engaged on the events app
-
274 delegates provided feedback, with 96% saying they were satisfied/very satisfied with the meeting
Planned and delivered the Autumn meeting 2023 with:
-
259 delegates, in person and virtually
-
98% of delegates were very satisfied/satisfied with the meeting
Quality Committee
-
Reviewed and updated the guidance document development tools and protocols.
-
Reviewed and endorsed guidance documents including the updated guidance on the use of disease-modifying treatments in multiple sclerosis.
-
Reviewed and amended the safety practice tool for individuals to support our member's evidence of their safety practice, benchmark practice against peers, and identify areas for quality improvement activity.
-
Developing a repository on the ABN website for audit tools that members can use to assess their own service as well as uploading their data to the website to enable benchmarking practice against other centres.
Research Committee
-
3 ABN 2024 Fellows were appointed to PhD projects selected from 11 applications. Two were supported by Guarantors of Brain and one by the Patrick Berthoud Trust.
-
In 2023, the appointments were based on a transparent selection process, requiring scoring by three referees, a separate triage process, and an interview by a diverse panel, including the non-scoring chairman and eight scorers.
Page | 7
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE (continued)
-
The committee is collecting data to assess workforce changes' impact on academics in training. ABN Fellowship applications decreased from 23 in 2022 to 11 in 2023. Data on the numbers of ACFs and ACLs are now on the ABN website and will be updated annually.
-
The ABN Rare Diseases Ascertainment and Recruitment (RaDAR) online platform continues to identify cases with three current projects that focus on DRPLA, iatrogenic CAA and CSF 1R leukodystrophy.
Services Committee
-
In the last year, there has been a significant drive to ensure that there is a representative for each of the 20 regions across the UK, and we are almost at full representation. Their role includes reaching out to the leads at each of the acute trusts within their region to enable dissemination of information up and down systems.
-
The Services Committee has agreed on three key workstreams:
-
Workforce - developing a document outlining the neurological workforce needed to serve a 100,000 population
-
Scope and identify three areas of good neurological practice that can be scaled nationally - headache (specifically migraine), GIRFT Southampton guidance on discharge/follow-up and Advice and Guidance
-
Job planning document revision
-
Via the RCP Joint Clinical Neurosciences Committee, we have decided to focus on acute neurology using this unique forum, which includes the NCDs for Neurology and Stroke and the GIRFT leads for Neurology and Stroke as well as representatives from other specialities to move this work forward to improve the outcome of the 20% of the acute medical take who have neurological issues.
-
Via the NHSE Liaison Neurology Task and Finish Group, drafting a description of what liaison neurology services ICBs in NHS England need to commission for their populations for the new service specification.
-
We have contributed to documents ranging from Northern Ireland Regional Review of Neurology Services to the vision document on NHSE Transforming Outpatients to a model of planned specialist care.
-
The regional representatives are the Regional Specialist Advisor for the RCP, acting as a point of contact.
Membership
As of 31[st] December 2023 there were 804 ordinary members of the Association, 270 senior members, 53 honorary members, 75 overseas members, 427 associate members, 79 Affiliate members, 168 Junior and 53 student members. Only the ordinary members have a right to vote at the Association’s general meetings though all members are encouraged to attend.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Association has
adequate resources to continue in operational existence for the foreseeable future. The VAT liability owed by ABN will not impact the Association’s ability to run as a going concern as the reserves will cover this amount. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page | 8
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
In 2023, the ABN’s incoming resources were £1,645,953 (£1,095,861 unrestricted income, £550,092 to the ABN Clinical Research Training Fellowship fund). Total resources expended were £2,079,567 (£1,498,759 unrestricted, £580,808 from the ABN CTRF fund) giving a net loss before revaluation of investment assets of £433,614. This loss is solely due to a historical VAT liability which ABN owes to HMRC. Following a VAT review in late 2023, the ABN trustees were informed that the organisation should be registered for VAT. This was in contradiction to previous professional advice received over several years. Following further investigations, it was determined that the date of registration should have been 1 August 1999. Working with VAT consultants, the ABN has determined that the VAT payable to 31/12/23 is £400,000. A provision has been added to the accounts to reflect this liability, and, as a precaution, an additional provision for any penalties levied has been included. This has resulted in an expense for 2023 of c. £460,000 for VAT, and has resulted in a loss for the Association which will be covered from reserves.
ABN investments grew in line with the UK market in 2023, increasing in value by £42,239. However, due to the large VAT liability, the ABN’s unrestricted reserves decreased from £1,423,684 at the beginning of the year to £1,063,025 at the end.
In line with financial and legal advice, the ABN’s objective is to maintain a reserve of around 1.25 times its normal annual expenditure. This is considered a safe margin which would allow for what had previously been considered remote contingencies, such as the financial failure of an annual meeting. The COVID-19 pandemic, which emerged in early 2020, has brought such hypothetical risks much closer to home. In addition, ABN’s changing relationship with its journal, Practical Neurology, and the increases in the cost of running the organisation due to inflation, all bring financial uncertainty. In 2023, the large VAT liability has reduced the ABN’s reserves to around the level of its annual expenditure, and in the next few years the trustees will focus on rebuilding the reserves in line with the stated objective to hold 1.25 times normal annual expenditure.
Reserves policy
At 31 December 2023 the Association's unrestricted funds not invested in intangible or tangible fixed assets totalled £1,063,025. As noted above, the trustees consider it prudent for the Association to maintain an available reserve in the region of 1.25 times its normal annual expenditure. The rationale has always been that, should the Association's income fall unexpectedly, this reserve would be used to enable the Association to plan and execute in good order either a reduction in its activities or an improvement in its income stream. In 2024 and the coming years, the Association will need to rebuild this reserve fund and re-examine this reserves policy in the light of increased expenditure on VAT, staff salaries, utilities, fellowships, and meetings.
Grant-making: Clinical Research Training Fellowship
Applications open in June/July each year and are promoted via the ABN website and newsletter. Typically, 4 reviewers, selected on basis of their academic standing and familiarity with the subspecialty, are used for each application. ABN Research Committee determines a shortlist of candidates for interview based on both qualitative and quantitative feedback in the reviews. The interview panel comprises ABN council representatives (typically ABN President or President Elect, Chair of the Research Committee, Honorary Treasurer), 1- 2 scientific representatives from each of the participating funding bodies, a lay assessor (typically an ABN lay Trustee or representative from neurological patient charity) and 2-3 additional clinical experts (selected to ensure panel has at least one person familiar with the subject of research for each applicant to be interviewed). Funding bodies are invited to send a further attendee as an observer. The interview panel scores each applicant on personal (CV,
Page | 9
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
enthusiasm, knowledge) and project (science, translation, feasibility, training) attributes and add comments. At the end of the interview process all scores are reviewed by the interview panel and agreement reached on successful candidates.
Material investments policy
Any significant amounts of cash at bank which are not likely to be expended in the short term are placed on deposit. If the trustees consider there to be significant amounts held on deposit which are unlikely to be expended in the mid-to-long-term these are invested in accumulation units in M & G's "The Equity Investment Fund for Charities (Charifund)" which the trustees consider gives capital growth with relatively low risk.
PLANS FOR THE FUTURE
Future developments
The co-publishing agreement with the BMJ, of the Practical Neurology journal, has come to an end. The trustees and Executive Director will work with BMJ to come to a new arrangement.
The Clinical Research Training Fellowship fund has benefited from donations from ABN members, industry partners, charitable trusts and from individuals. The ABN manages fundraising activity via its research committee and office team. In 2024, ABN will begin the process of more active fundraising for the fellowships, working with an external fundraising consultant.
In 2024, the ABN will hold its Annual Meeting in Edinburgh from 20-23 May. This includes a Training Day on 20 May. The Autumn meeting will take place in London on 7 November. Smaller meetings, including the Acute Neurology ‘Boot Camp’ (3 July) and the Student day (22 November) will take place virtually. ABN will also organise the 2[nd] ‘Preparing for Consultancy Course’ in the autumn. The ABN will continue its work in the area of EDI to ensure that the work of the Association remains relevant to, and inclusive of, a wide group of neurologists and medical professionals. The Association will also be developing a sustainability policy to ensure that its activities can not only meet the challenges of the next decade but reduce our impact on the planet.
‑ The programmes for the Association’s annual meetings are reviewed on an on going basis to ensure that symposia and teaching sessions remain relevant to, and attract, the widest possible audience. Each annual conference also includes a training day aimed at specialty trainees and junior doctors considering a career in neurology.
Plans are in development for spring meetings in Liverpool (2025), Birmingham (2026) and Belfast (2028). A 2027 venue has yet to be chosen.
The Association will continue to support trainees on issues regarding training and provide a lead to its members in preparing for revalidation and recertification.
MEMBERS' LIABILITY
The Members of the Association guarantee to contribute an amount not exceeding £1 to the assets of the Association in the event of winding up.
Page | 10
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the Association for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Association and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles of the Charities SORP (FRS 102)
-
make judgments and accounting estimates that are reasonable and prudent
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Association's transactions and disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PROVISION OF INFORMATION TO AUDITORS
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
-
so far as that trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
-
that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information.
Page | 11
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
AUDITORS
In accordance with the Association's Articles, a resolution proposing that Goldwins be reappointed as auditors of the Association and that their remuneration be fixed by the trustees will be put at the annual general meeting in May 2024.
Approved by order of the members of the board of Trustees on 18 September 2024 and signed on their behalf by:
................................................
Dr R.J. Davenport President
Page | 12
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS
Opinion
We have audited the financial statements of Association of British Neurologists (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page | 13
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS
Other information
The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report which includes the directors’ prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors’ report included within the trustees’ report has [have] been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page | 14
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-
We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
-
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
-
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
-
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
-
We inspected the minutes of meetings of those charged with governance.
-
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
-
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
-
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Page | 15
ASSOCIATION OF BRITISH NEUROLOGISTS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
…………………………… Anthony Epton (senior statutory auditor) for and on behalf of Goldwins Limited Statutory Auditors Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 20 September 2024
Page | 16
Association of British Neurologists
Statement of financial activities
(incorporating an income and expenditure account)
For the year ended 31 December 2023
| Note Income from: Donations 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds Charitable activities Total expenditure 7 Net gains / (losses) on investments Net income / (expenditure) 8 Transfers between funds Net movement in funds Reconciliation of funds: 17 Total funds brought forward Total funds carried forward |
Restricted funds Unrestricted funds Total funds Total funds 2023 2023 2023 2022 £ £ £ £ 370 - 370 - 549,722 660,847 1,210,569 1,094,199 - 417,209 417,209 185,634 - 17,805 17,805 12,865 |
|---|---|
| 550,092 1,095,861 1,645,953 1,292,698 |
|
| - 76,918 76,918 34,001 580,808 1,421,841 2,002,649 1,337,033 |
|
| 580,808 1,498,759 2,079,567 1,371,034 |
|
| - 42,239 42,239 (20,898) (30,716) (360,659) (391,375) (99,234) - - - - |
|
| (30,716) (360,659) (391,375) (99,234) 169,617 1,423,684 1,593,301 1,692,535 |
|
| 138,901 1,063,025 1,201,926 1,593,301 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
Page | 17
Association of British Neurologists
Balance sheet
As at 31 December 2023
| 2023 2023 2022 Note £ £ £ Fixed assets: Intangible assets 11 1,800 2,400 Tangible assets 12 3,389 8,411 Investments 13 1,263,702 1,221,463 1,268,891 Current assets: Stock 14 2,233 3,579 Debtors 15 682,660 733,864 20 456,970 507,142 1,141,863 1,244,585 Liabilities: 16 (1,208,828) (883,558) (66,965) 1,201,926 17 138,901 1,063,025 1,423,684 Total unrestricted funds 1,063,025 1,201,926 Total funds Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Funds: Unrestricted funds: General funds Restricted funds |
2022 £ 1,232,274 361,027 |
|---|---|
| 1,593,301 | |
| 169,617 1,423,684 |
|
| 1,593,301 |
The financial statements were approved and authorised for issue by the trustees on 18 September 2024 and signed on their behalf, by:
Dr R.J. Davenport President
Dr Jeremy Harry Rees Honorary Treasurer
Company registration no. 03816842
The attached notes form part of the financial statements.
Page | 18
Association of British Neurologists
Statement of cash flows
For the year ended 31 December 2023
| Note Net cash provided by / (used in) operating activities 19 Cash flows from investing activities: Interest from investments Purchase of tangible fixed assets Cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 20 |
2023 2023 2022 £ £ £ (67,977) 17,805 12,865 - (2,000) 17,805 (50,172) 507,142 456,970 |
2022 £ 48,217 10,865 |
|---|---|---|
| 59,082 448,060 |
||
| 507,142 |
Page | 19
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 (Charities SORP - FRS 102) and the Charities Act 2011.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
Page | 20
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
1 Accounting policies (continued)
Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
-
Expenditure on charitable activities includes the costs of delivering services to further the purposes of the charity and their associated support costs.
-
Other expenditure represents those items not falling into any other headings.
All expenditure is inclusive of VAT.
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the charity's charitable activities. These costs have been allocated to charitable activities.
Intangible fixed assets
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The amortisation rate in use are as follows:
Intangible fixed asset
5% on the straight line basis
Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Short leasehold property Over the period of the lease Office furniture, fittings and equipment 20% on the straight line basis Computer equipment 33% on the straight line basis
Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page | 21
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
1 Accounting policies (continued)
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortized cost using the effective interest method.
Page | 22
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
2 Detailed comparatives for the statement of financial activities
| Income from: Charitable activities Other trading activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds Restricted funds Total funds as restated 2022 2022 2022 £ £ £ 795,556 298,643 1,094,199 185,634 - 185,634 12,865 - 12,865 |
|---|---|
| 994,055 298,643 1,292,698 |
|
| 34,001 - 34,001 890,976 446,057 1,337,033 |
|
| 924,977 446,057 1,371,034 |
|
| (20,898) - (20,898) |
|
| 48,180 (147,414) (99,234) |
|
| 1,375,504 317,031 1,692,535 |
|
| 1,423,684 169,617 1,593,301 |
Page | 23
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
3 Income from donations
| Donations | Restricted funds Unrestricted funds Total funds Total funds 2023 2023 2023 2022 £ £ £ £ 370 - 370 - |
|---|---|
| 370 - 370 - |
4 Income from charitable activities
| Meetings income Annual subscriptions Special Certificate Examination income Clinical Research Training Fellowship Practical Neurology income |
Restricted funds Unrestricted funds Total funds Total funds 2023 2023 2023 2022 £ £ £ £ - 360,513 360,513 439,384 - 278,984 278,984 230,326 - 2,742 2,742 38,717 549,722 - 549,722 298,643 - 18,608 18,608 87,129 |
|---|---|
| 549,722 660,847 1,210,569 1,094,199 |
5 Income from other trading activities
| Sponsorhips Hire and sublet of office space RaDar income Sales of merchandise |
Restricted funds Unrestricted funds Total funds Total funds 2023 2023 2023 2022 £ £ £ £ - 399,041 399,041 165,000 - 16,640 16,640 19,540 - - - 700 - 1,528 1,528 394 |
|---|---|
| - 417,209 417,209 185,634 |
6 Income from investments
| Income from local listed investments Gross interest received on bank deposits |
Restricted funds Unrestricted funds Total funds Total funds 2023 2023 2023 2022 £ £ £ £ - 12,762 12,762 11,753 5,043 5,043 1,112 |
|---|---|
| - 17,805 17,805 12,865 |
Page | 24
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
7 Analysis of expenditure current year
| Clinical Research Training Fellowship - Grants to individuals Educational support General and committee meeting expenses Meetings consultancy Meetings expenditure Practical Neurology subscription Professional subscriptions Specialty Certificate Examination expenditure UEMS Section of Neurology - Grants to institutions Advertising and marketing Audit and accountancy Bank charges Consultancy fees Cost of merchandise sold Depreciation Fellowship support costs Finance lease charges IT costs Legal and professional Loss on disposal of tangible fixed asset Office rent, rates and service charges Office running expenses Repair and maintenance Staff costs Staff training and recruitment costs Sundry expenses Website and internet expenses VAT payable Support costs Governance costs Total expenditure 2023 Total expenditure 2022 |
Raising funds Charitable activities Support costs Governance costs Total 2023 Total 2022 £ £ £ £ £ £ - 582,983 - - 582,983 446,057 - - - - - (3,100) - 7,504 - - 7,504 9,186 - 51,957 - - 51,957 40,801 - 435,736 - - 435,736 376,744 - 28,750 - - 28,750 40,000 - 11,166 - - 11,166 7,566 - - - - 27,616 - - - - - 1,170 - - - - - - - - 7,640 7,640 12,528 - - 4,015 - 4,015 4,606 - - 6,164 - 6,164 2,523 - - - - - 2 - - 5,622 - 5,622 6,379 - - 54 - 54 216 - - - - - 183 - - 22,554 - 22,554 9,348 - - 9,576 - 9,576 43,404 - - - - - 14 - - 71,081 - 71,081 60,435 - - 13,206 - 13,206 24,026 - - 1,661 - 1,661 - - - 334,178 - 334,178 237,945 - - 16,317 - 16,317 4,273 - - 2,004 - 2,004 487 - - 7,399 - 7,399 18,625 - - 460,000 - 460,000 - |
Raising funds Charitable activities Support costs Governance costs Total 2023 Total 2022 £ £ £ £ £ £ - 582,983 - - 582,983 446,057 - - - - - (3,100) - 7,504 - - 7,504 9,186 - 51,957 - - 51,957 40,801 - 435,736 - - 435,736 376,744 - 28,750 - - 28,750 40,000 - 11,166 - - 11,166 7,566 - - - - 27,616 - - - - - 1,170 - - - - - - - - 7,640 7,640 12,528 - - 4,015 - 4,015 4,606 - - 6,164 - 6,164 2,523 - - - - - 2 - - 5,622 - 5,622 6,379 - - 54 - 54 216 - - - - - 183 - - 22,554 - 22,554 9,348 - - 9,576 - 9,576 43,404 - - - - - 14 - - 71,081 - 71,081 60,435 - - 13,206 - 13,206 24,026 - - 1,661 - 1,661 - - - 334,178 - 334,178 237,945 - - 16,317 - 16,317 4,273 - - 2,004 - 2,004 487 - - 7,399 - 7,399 18,625 - - 460,000 - 460,000 - |
|---|---|---|
| - 1,118,096 953,831 7,640 2,079,567 76,918 876,913 (953,831) - - - 7,640 - (7,640) - |
1,371,034 1,371,034 |
|
| 76,918 2,002,649 - - 2,079,567 |
||
| 34,001 1,337,033 - - |
Of the total expenditure, £1,498,759 was unrestricted (2022: £924,977) and £580,808 was restricted (2022: £446,057).
Following a VAT review in late 2023, the ABN trustees were informed that the organisation should be registered for VAT. This was in contradiction to previous professional advice received over several years. Following further investigations, it was determined that the date of registration should have been 1 August 1999. Working with VAT consultants, the ABN has determined that the VAT payable to 31/12/23 is £400,000. A provision has been added to the accounts to reflect this liability, and, as a precaution, an additional provision for any penalties levied has been included.
Meetings expenditure includes delegates costs, installation and storage of display equipment, books, programmes etc.
Of the total support and governance costs, 8% (2022 – 8%) has been apportioned to expenditure on raising funds.
Grants to individuals
Clinical Research Training Fellowship grants : provide support to students who want to study an aspect of clinical neuroscience and obtain a MD or PhD degree.
Page | 25
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
7 Analysis of expenditure continued
During 2023, grants were paid to 4 individuals (2022 - 5). In 2023, all of the total grants paid were from restricted funds (2022: all from restricted funds).
Analysis of expenditure - prior year
| Analysis of expenditure - prior year | |
|---|---|
| Clinical Research Training Fellowship - Grants to individuals Educational support General and committee meeting expenses Meetings consultancy Meetings expenditure Practical Neurology subscription Professional subscriptions Specialty Certificate Examination expenditure UEMS Section of Neurology - Grants to institutions Audit and accountancy Bank charges Computer costs Consultancy fees Cost of merchandise sold Depreciation Fellowship support costs Finance lease charges Legal and professional Loss on disposal of tangible fixed asset Office rent, rates and service charges Office running expenses Staff costs Staff training Sundry expenses Website and internet expenses Support costs Governance costs Total expenditure 2022 |
Raising funds Charitable activities Support costs Governance costs Total 2022 £ £ £ £ £ - 446,057 - - 446,057 - (3,100) - - (3,100) - 9,186 - - 9,186 - 40,801 - - 40,801 - 376,744 - - 376,744 - 40,000 - - 40,000 - 7,566 - - 7,566 - 27,616 - - 27,616 - 1,170 - - 1,170 - - - 12,528 12,528 - - 4,606 - 4,606 - - 9,348 - 9,348 - - 2,523 - 2,523 2 - - - 2 - - 6,379 - 6,379 - - 216 - 216 - - 183 - 183 - - 43,404 - 43,404 - - 14 - 14 - - 60,435 - 60,435 - - 24,026 - 24,026 - - 237,945 - 237,945 - - 4,273 - 4,273 - - 487 - 487 - - 18,625 - 18,625 2 946,040 412,464 12,528 1,371,034 33,999 378,465 (412,464) - - - 12,528 - (12,528) - |
| 34,001 1,337,033 - - 1,371,034 |
Page | 26
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
8 Net income / (expenditure) for the year
| This is stated after charging: Depreciation Auditor's remuneration |
2023 2022 £ £ 5,622 6,379 4,167 10,440 |
|---|---|
9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
| Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes |
2023 2022 £ £ 293,227 206,012 19,189 13,583 21,762 18,350 |
|---|---|
| 334,178 237,945 |
The following number of employees received employee benefits (excluding employer's national insurance and pension costs) for the reporting period between:
| 2023 | 2022 | ||
|---|---|---|---|
| No. | No. | ||
| £60,000 | - £69,999 | - | 1 |
The total employee benefits of key management personnel including employer's pension contributions and national insurance were £78,949 (2022: £157,454).
Staff numbers
The average number of employees (head count based on number of staff employed) during the year was 7 (2022: 5).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). Expenses totalling £1,759 were reimbursed or paid directly to 7 Trustees (2022 - £2,069 to 8 Trustees). Trustees are reimbursed for necessarily incurred expenses. These are included in the appropriate category of resources expended. No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).
10 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
Page | 27
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
11 Intangible fixed assets
| Intangible fixed assets | |
|---|---|
| Cost At the start of the year Additions At the end of the year Depreciation At the start of the year Charge for the year At the end of the year Net book value At the end of the year At the start of the year |
Coat of arms Total £ £ 12,000 12,000 - - |
| 12,000 12,000 9,600 9,600 600 600 |
|
| 10,200 10,200 |
|
| 1,800 1,800 |
|
| 2,400 2,400 |
12 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Cost At the start of the year Additions At the end of the year Depreciation At the start of the year Charge for the year At the end of the year Net book value At the end of the year At the start of the year |
Short term leasehold property Fixtures and fittings Computer Equipment Total £ £ £ 19,891 22,430 16,453 58,774 - - - - |
| 19,891 22,430 16,453 58,774 19,890 22,216 8,257 50,363 1 102 4,919 5,022 |
|
| 19,891 22,318 13,176 55,385 |
|
| - 112 3,277 3,389 |
|
| 1 214 8,196 8,411 |
All of the above assets are used for charitable purposes.
Page | 28
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
| 13 Investments Listed investments - UK Movements Market value at the start of the year Additions at cost Disposals at carrying value Net gain / (loss) on revaluation Market value at the end of the year 14 Stock Finished goods and goods for resale 15 Debtors Subscriptions receivable Other debtors Prepayments Accrued income 16 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals Deferred income Deferred income Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year |
2023 2022 £ £ 1,263,702 1,221,463 |
|---|---|
| 1,263,702 1,221,463 |
|
| 1,221,463 1,242,361 - - - - 42,239 (20,898) |
|
| 1,263,702 1,221,463 |
|
| 2023 2022 £ £ 2,233 3,579 |
|
| 2,233 3,579 |
|
| 2023 2022 £ £ 2,442 2,707 424,380 262,819 118,868 93,629 136,970 374,709 |
|
| 682,660 733,864 |
|
| 2023 2022 £ £ - - 465,549 5,236 53,842 260,875 562,030 485,531 127,407 131,916 |
|
| 1,208,828 883,558 |
|
| 2023 2022 £ £ 131,916 114,777 (131,916) 131,916 127,407 (114,777) |
|
| 127,407 131,916 |
Page | 29
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
17 Movements in funds
| Unrestricted funds: General funds Restricted Funds: Clinical Research Training Fellowship Roger Bannister Fellowship Total restricted funds Total funds |
At the start of the year Income and gains Expenditure and losses Transfers At the end of the year £ £ £ £ £ 1,423,684 1,138,100 (1,498,759) - 1,063,025 |
|---|---|
| 153,874 550,092 (580,808) - 123,158 15,743 - - - 15,743 |
|
| 169,617 550,092 (580,808) - 138,901 |
|
| 1,593,301 1,688,192 (2,079,567) - 1,201,926 |
Clinical Research Training Fellowship fund
The Clinical Research Training Fellowship fund (CRTF) is a restricted fund to support trainees who want to study an aspect of clinical neuroscience in depth for three or four years and obtain an MD or PhD degree. Support includes salary, university fees, reasonable travel costs and laboratory consumables.
The aim is to hold unrestricted reserves of approximately 1.25 times the annual operating costs. Reserves above this figure may be transferred to the restricted reserve for the CRTF fund.
17 Movements in funds
Movements in funds for the prior year
| Unrestricted funds: General funds Restricted Funds: Clinical Research Training Fellowship Roger Bannister Fellowship Total restricted funds Total funds |
At the start of the year Income and gains Expenditure and losses Transfers At the end of the year £ £ £ £ £ 1,375,504 994,055 (945,875) - 1,423,684 |
|---|---|
| 301,288 298,643 (446,057) - 153,874 15,743 - - - 15,743 |
|
| 317,031 298,643 (446,057) - 169,617 |
|
| 1,692,535 1,292,698 (1,391,932) - 1,593,301 |
Page | 30
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
18 Analysis of net assets between funds
| Tangible fixed assets Intangible fixed assets Fixed asset investments Net current assets Net assets at the end of the year Analysis of net assets between funds (prior year) Tangible fixed assets Intangible fixed assets Fixed asset investments Net current assets Net assets at the end of the year |
Restricted funds Unrestricte d Total funds £ £ £ - 3,389 3,389 - 1,800 1,800 - 1,263,702 1,263,702 138,901 (205,866) (66,965) |
|---|---|
| 138,901 1,063,025 1,201,926 |
|
| Restricted funds Unrestricted funds Total funds £ £ £ - 8,411 8,411 - 2,400 2,400 - 1,221,463 1,221,463 169,617 191,410 361,027 |
|
| 169,617 1,423,684 1,593,301 |
19 Reconciliation of net income / (expenditure) to net cash flow from operating activities
| Net income / (expenditure) for the reporting period (as per the statement of financial activities) Depreciation losses/(gains) on investments Interest from investments Loss on the sale of fixed assets Decrease/(increase) in stock (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities |
2023 2022 £ £ (391,375) (99,234) 5,622 6,379 (42,239) 20,898 (17,805) (12,865) - 14 1,346 484 51,204 (394,091) 325,270 526,632 |
|---|---|
| (67,977) 48,217 |
Page | 31
Association of British Neurologists
Notes to the financial statements
For the year ended 31 December 2023
20 Analysis of cash and cash equivalents
| Analysis of cash and cash equivalents | |
|---|---|
| Cash at bank and in hand Total cash and cash equivalents Analysis of cash and cash equivalents (prior year) Cash at bank and in hand Total cash and cash equivalents |
At the start of the year Cash flows At the end of the year £ £ £ 507,142 (50,172) 456,970 |
| 507,142 (50,172) 456,970 |
|
| At the start of the year Cash flows At the end of the year £ £ £ 448,060 59,082 507,142 |
|
| 448,060 59,082 507,142 |
21 Legal status of the charity
The Association is a company limited by guarantee and is registered as a charity with the Charity Commission of England and Wales. The members of the company are the trustees. In the event of the Association being wound up, the liability in respect of the guarantee is limited to a maximum of £1 per member of the Association.
22 Related party transactions
Related parties include the charity trustees, close relatives and key management personnel. No donations were received during the year from related parties (2022: £400).
Page | 32