REGISTERED COMPANY NUMBER: 03931085 (England and Wales) REGISTERED CHARITY NUMBER: 1081287
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2024
for
The International Medical Education
Trust
The International Medical Education Trust
Contents of the Financial Statements for the Year Ended 31 August 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
The International Medical Education Trust
Report of the Trustees for the Year Ended 31 August 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Our charity's purposes as set out in the objects contained in the company's memorandum of association and the Charity Commission are: the relief of sickness for the benefit of all peoples through health and medical education and research in partnership with appropriate institutions, individuals and professionals throughout the world; and to promote a network of partnerships among individuals, groups and institutions between developed and developing countries for cooperation in agreed programmes of undergraduate and postgraduate medical education, speciality training, clinical service and research.
The focus of our work
Our main objectives for the year continued to be the higher training of all healthcare professionals, particularly those working with child refugees and those suffering from military conflict, extreme economic deprivation and food insecurity, natural disasters, including earthquakes and pandemics.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Not surprisingly, much of our work has been in war-torn countries in the Middle East and the Ukraine. In Gaza, throughout the year but particularly since October 7, IMET ran a very successful child mental health programme firstly from the rented Adam Centre ,then when bombed out, through mobile clinics offering mental health counselling, anti-starvation food parcels and health care for the children's parents, carers or family. Our CEO Dr Malik Zaben ran a programme of scholarships for destitute medical students in Jenin , Gaza and Al Quds. In addition, he organised with great difficulty clinical training visits to Dundee, Oxford, Cardiff and Glasgow University Medical Schools benefitting scores of students. We continued with our successful 6-year training programme in psychiatry in Irbid Jordan. In Syria we have supported the excellent Firefly International programme for children with special needs post civil war and then the massive earthquake on the Turkey border. In Uganda, we have funded a very successful visual impairment service in which hundreds of blind or near-blind patients had successful cataract operations at no cost to them. In Ghana we have partnered another charity called Action Through Enterprise in a programme for severely handicapped children and their Mums in one of the poorest areas in that country. Finally, in the Ukraine, we have supported hospitals and a medical research institute with staff funding and purchase of essential equipment.
Principal funding sources
We have raised our funds from a variety of UK donors including grants from the Asfari Foundation, the Galilee Trust, the Peter Barham Trust, the Merriman Trust and through many regular smaller donors. The remainder has been raised through very successful sponsored events including: the London Marathon; the climb of Mount Kilimanjaro by Trustee, Mrs Peri Bassatne; entertainment evenings/dinners live in the House of Lords organised by Ms Harriet Paul; the Ramadan campaign and many zoom events to raise emergency funds for Gaza and the West Bank.
FUTURE PLANS
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 8 August 1992 and registered as a charity on 22 February 2000. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Page 1
The International Medical Education Trust
Report of the Trustees for the Year Ended 31 August 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles. They are recruited to bring expertise such as in health education, surgery, legal skills
Organisational structure
The charity has a Management Committee of up to 18 members who meet twice a year and are responsible for the strategic direction and policy of the charity. At present the Committee has 18 members from a variety of professional backgrounds ( e.g.medical education, surgery ,law, fundraising and so on) relevant to the work of the charity. Many of these Trustees actually play an active role in IMET activities overseas(e.g. surgery in Gaza under extreme war conditions).
The day-to-day running of the charity is delegated to the Executive Committee comprising Three members (the CEO, The Events Manager and one for Corporate Development snd fundraising)
Responsibilities of the Management Committee
The overall responsibility of the Committee and Board of Trustees is to protect the public from false accounting and bad or corrupt practise. It also develops with other stakeholders the overall strategy of the charity so realistic as to be within the financial resources of the charity. Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis. The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the Management Committee who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03931085 (England and Wales)
Registered Charity number
1081287
Registered office
95 Woodlands Road Little Bookham Surrey KT23 4HL
Page 2
The International Medical Education Trust
Report of the Trustees for the Year Ended 31 August 2024
Trustees
T E Goodacre B J Fuller M S Alavijeh O Abdel-Mannan R G Inglis K Green H Al-Taiar P Bassatne N D Maynard R J Shipley H S Crawley
Independent Examiner
Kate Haynes Ltd 129 Woodlands Road Little Bookham Leatherhead Surrey KT23 4HN
Approved by order of the board of trustees on 11 December 2024 and signed on its behalf by:
N D Maynard - Trustee
Page 3
Independent Examiner's Report to the Trustees of The International Medical Education Trust
Independent examiner's report to the trustees of The International Medical Education Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kate Haynes ACA
Kate Haynes Ltd 129 Woodlands Road Little Bookham Leatherhead Surrey KT23 4HN
11 December 2024
Page 4
The International Medical Education Trust
Statement of Financial Activities
for the Year Ended 31 August 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 580,880 Investment income 3 3,137 Total 584,017 EXPENDITURE ON Raising funds 73,156 Charitable activities 4 Charitable 443,347 Total 516,503 NET INCOME/(EXPENDITURE) 67,514 RECONCILIATION OF FUNDS Total funds brought forward 85,171 TOTAL FUNDS CARRIED FORWARD 152,685 |
Restricted fund £ 205,500 - 205,500 - - - 205,500 - 205,500 |
31.8.24 Total funds £ 786,380 3,137 789,517 73,156 443,347 516,503 273,014 85,171 358,185 |
31.8.23 Total funds £ 572,115 453 572,568 49,888 547,990 597,878 (25,310) 110,481 85,171 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
The International Medical Education Trust
Balance Sheet
31 August 2024
| Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 153,685 CREDITORS Amounts falling due within one year 8 (1,000) NET CURRENT ASSETS 152,685 TOTAL ASSETS LESS CURRENT LIABILITIES 152,685 NET ASSETS 152,685 FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 205,500 - 205,500 205,500 205,500 |
31.8.24 Total funds £ 359,185 (1,000) 358,185 358,185 358,185 152,685 205,500 358,185 |
31.8.23 Total funds £ 85,671 (500) 85,171 85,171 85,171 85,171 - 85,171 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
The International Medical Education Trust
Balance Sheet - continued
31 August 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 December 2024 and were signed on its behalf by:
N D Maynard - Trustee
B J Fuller - Trustee
The notes form part of these financial statements
Page 7
The International Medical Education Trust
Cash Flow Statement for the Year Ended 31 August 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.8.24 £ 270,377 270,377 3,137 3,137 273,514 85,671 359,185 |
31.8.23 £ (25,763) (25,763) 453 453 (25,310) 110,981 85,671 |
|---|---|---|
The notes form part of these financial statements
Page 8
The International Medical Education Trust
Notes to the Cash Flow Statement for the Year Ended 31 August 2024
1. 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) Adjustments for: Interest received Increase in creditors Net cash provided by/(used in) operations |
31.8.24 £ 273,014 (3,137) 500 270,377 |
31.8.23 £ (25,310) (453) - (25,763) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.9.23 | Cash flow | At 31.8.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 85,671 | 273,514 | 359,185 |
| 85,671 | 273,514 | 359,185 | |
| Total | 85,671 | 273,514 | 359,185 |
The notes form part of these financial statements
Page 9
The International Medical Education Trust
Notes to the Financial Statements for the Year Ended 31 August 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
continued...
Page 10
The International Medical Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Deposit account interest 4. CHARITABLE ACTIVITIES COSTS Charitable 5. GRANTS PAYABLE Charitable |
31.8.24 31.8.23 £ £ 786,380 572,115 31.8.24 31.8.23 £ £ 3,137 453 Grant funding of activities (see note 5) £ 443,347 31.8.24 31.8.23 £ £ 443,347 547,990 |
31.8.23 £ 572,115 |
|---|---|---|
| 31.8.23 £ 547,990 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 572,115 Investment income 453 Total 572,568 EXPENDITURE ON Raising funds 49,888 |
Restricted fund £ - - - - |
Total funds £ 572,115 453 |
|---|---|---|
| 572,568 | ||
| 49,888 |
continued...
Page 11
The International Medical Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Charitable activities Charitable Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 9. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restriced donations TOTAL FUNDS |
Unrestricted fund £ 497,990 547,878 24,690 60,481 85,171 At 1.9.23 £ 85,171 - 85,171 |
Restricted fund £ 50,000 50,000 (50,000) 50,000 - 31.8.24 £ 1,000 Net movement in funds £ 67,514 205,500 273,014 |
Total funds £ 547,990 597,878 (25,310) 110,481 85,171 31.8.23 £ 500 At 31.8.24 £ 152,685 205,500 358,185 |
|---|---|---|---|
continued...
Page 12
The International Medical Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 584,017 Restricted funds Restriced donations 205,500 TOTAL FUNDS 789,517 Comparatives for movement in funds At 1.9.22 £ Unrestricted funds General fund 60,481 Restricted funds Restriced donations 50,000 TOTAL FUNDS 110,481 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 572,568 Restricted funds Restriced donations - TOTAL FUNDS 572,568 |
Resources Movement expended in funds £ £ (516,503) 67,514 - 205,500 (516,503) 273,014 Net movement At in funds 31.8.23 £ £ 24,690 85,171 (50,000) - (25,310) 85,171 Resources Movement expended in funds £ £ (547,878) 24,690 (50,000) (50,000) (597,878) (25,310) |
|---|---|
continued...
Page 13
The International Medical Education Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restriced donations TOTAL FUNDS |
At 1.9.22 £ 60,481 50,000 110,481 |
Net movement in funds £ 92,204 155,500 247,704 |
At 31.8.24 £ 152,685 205,500 |
|---|---|---|---|
| 358,185 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,156,585 | (1,064,381 ) | 92,204 |
| Restricted funds | |||
| Restriced donations | 205,500 | (50,000) | 155,500 |
| TOTAL FUNDS | 1,362,085 | (1,114,381 ) | 247,704 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2024.
Page 14
The International Medical Education Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 August 2024 | ||
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 786,380 | 572,115 |
| Investment income | ||
| Deposit account interest | 3,137 | 453 |
| Total incoming resources | 789,517 | 572,568 |
| EXPENDITURE | ||
| Investment management costs | ||
| Administrative expenses | 73,156 | 49,888 |
| Charitable activities | ||
| Grants | 443,347 | 547,990 |
| Total resources expended | 516,503 | 597,878 |
| Net income/(expenditure) | 273,014 | (25,310) |
This page does not form part of the statutory financial statements
Page 15