THE SCIENTIFIC AND MEDICAL NETWORK (Company limited by Guarantee No. 04544694 Registered Charity no. 01101171) REPORT AND FINANCIAL STATEMENTS YEAR ENDED: 315tDECEMBER, 2023 'AD8V0vDL• 0510812024 COMPANIES HOUSE A16
276
DAWE, HAWKEN & DODD Chartered Certified Accountants Callington, Comwall.
THE SCIENTIFIC AND MEDICAL NETWORK (Company limited by Guarantee No. 0454494, Registered Charity No. 1101171) REPORT & FINANCIAL STATEMENTS YEAR ENDED 31" DECEMBER, 2023 CONTENTS Page Legal and Administrative Inforniation Board of Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sh¢¢t Cash Flow Stalem¢nt Notes lo the Financial Ststements 9-15
THE SCIENTIFIC AND MEDICAL IYETWORK REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31"DECEMBER 2023 President Professor Bernard Carr MA, PhD Vice Presidents Professor John Clarke Diana Clift Professor Marilyn Monk BA, MA MA, MPhil Emeritus Professor of Molecular Embryology, PhD, Msc Claudia Nielsen Martin Redfern BA Board of Trnstees Dr. Paul Filmor¢ (resigned S Dec 2023) PhD, MBA, MlnstPhys, CPhys, FHEA, FRSA BSC, MA Astronomy, Msc G¢ophysics BA, BL Bst, MBA Pl, MSo¢Sci, Dipsw, CQSW, BA(Hons) Bsc, Msc, PhD Paul Kieniewi¢z Jaqueline Nielsen Tuvi Orbach Dr. Joan Walton Dr. Vasileios Basios Company Se¢retiry Nicholas Pilbrow (resigned 20 De¢ 2023) Chiara Reghellin {appointed 20 Dec 2023 resigned 5 July 2024) Nicholas Pilbrow (appointed 5 July 2024) FCA PhD Tre*$ur¢r Paul Filmore (signed 8 D¢¢ 2023) PhD, MBA, MlnslPhys, CPhys, FHEA, FRSA BS¢, FCA Graham Wilkins (Appointed 8 Dec 2023) Programme Director & Editor of "N¢twork R¢vi¢w" David Lorimer MA, PGCE, FRSA Consultant to The Board Dr. Oliver Robinson MA, MSC, PhD Network Manager Andrew Polson MA Accounts Chiara R¢ghellin PhD Company Reg. No. 04544694 Charity No. 1101171 Registered Office 52 Fore Street Callington Cornwall, PL17 7AJ Independent Examiner A. M. Fa. FCCA Dawe, Hawken & Dodd Chartered Certified A¢untsnts 52 Fore Street Callington Cornwall, PL17 7AJ Bankers Barclays Bank PIC CAF Bank
THE SCIENTIFIC AND MEDICAL NETWORK BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31$¢ DECEMBEIL 2023 The Board of Truslees. who are also Directors of the Company for the purposes of the Companies Act. and Trustees for charity law purposes, submit their annual r¢port and the financial statements of The Scientific and Medical Network for the year ended 31 1¢ December, 2023. The Board of Trustees confirnis that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of ihe Company's governing document and the provisions of the Statement of Recommended Practice (FRS 102). STRUCTURE, GOVERNANCE AND MANAGEMENT irfal Status The Scientific and Medical Network is a company limited by 8uarantee and governed by its Memorandum dnd Articles of Association. The Directors of ihe Company are Trusiees in a¢¢ordance with the Charities Act 2011. Rlsk Assessment The Directors review financial and oiher risks when appropriate and have established pro¢edures lo ensure that all transactions and projects are properly auihorised, Directorat¢ and M¢mbers' Int¢rests The Directors of the Company on I st January 2023 were Dr. Paul Filmore (Chairnian), Ms. Jaqueline Nielsen, Mr. Paul Kieniewicz, Mr. Tuvi Orbach, Dr. Joan Walion & Dr. Vasileios Basios. At the Annual General Meeting of the Company held on 9 July 2023, Mrs Jacqueline Neilson and Dr. Va5ileios Basios retired by rotstion and were re-elected. DT. Paul Filmore resigned on 8 December, 2023. Ea¢h year on¢ third of the memb¢r appointed Dire¢lors, who have served the longest, retire by rotstion. They are, if they wish, eligible for re-el¢¢lion. The Directors retiring by rotation the following July 2024 AGM are thus Dr, Joan Walion and Mr. Paul Kieniewicz. All those retiring are eligible for re-election. Co-opted directors have a temi of close to a year, before being voted in as full Board members. There are now up lo five possible vacancies for Directors to be elected at the Annual General Meeting and len current applications. There are four further vacancie5 available by co-option by the Board. On 31$1 December, 2023. the members of the Company were Ms. Jaquelin¢ Nielsen, Mr. Tuvi Orbach, Mr. Paul Kieniewi¢4 Dr. Joan Walton, and Dr. Vasileios Bhsios. The members are the guarantors, ¢a¢h in a sum not exceeding £1. OWECTIVES AND ACTtVlTIES The Charity's objects are set out in the Memorandum 8nd Articles of Association are'.- for the benefit of the public. to advance education in the study and application of science and medicine, in particular but not exclusively, by adopting an interdisciplinary approach. The Directors conflrn) that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's objeclives and activities.
THE SCIEIYTIFIC AND MEDICAL NETWORK BOARD OF TRUSTEES? REPORT FOR THE YEAR ENDED 31" DECEMBEIL 2023 ACHIEVEMENTS AND PERFORMANCE Review of the Y¢ar During the year, th¢ Company continued the edLEcational activities previously undertaken, by arranging nferenCeS and webinars on subjects relevant to its charitable purposes. These were open to the public. During the year our finances coniinued to improve, although this was only achieved thanks to a very generous donalion of £1 00,000 in memory of the late John Kapp. In consultation with the Donor, this sum has been designated by the Trustees for use on two projects as set out in note 2. Also work on various educational projects jointly with partners continued. Further details of the projects are given in the Paradi8m Explorer journal, which is edited, published and distributed to members of the Neork and others, Ihree times a year. The Accounts for the year ended 31st December, 2023 show a surplus of income over expenditurc of £66.915. This compares to a restated deficit of £23.866 in 2022. However. as mentioned above. had it not been for the £100.000 donation. the current year would have shown a deficit of £33.085. This demonstrates that there is still work to do to improve our recurring income and in so doirtg. improve our general fund which stands al £25.799 at year end compared lo £39,689 a year ago. In January 2024, Ihe Salvia Foundation extended its support of the Galileo Commission project for a further three years to December 2026 at a rate of £75,000 per hnnum. Income from Charitable Activities has in¢reased in all areas as set out in mor¢ d¢tsil in note 4 to th¢ accounts, including from the AGM which ha5 been run in a physi¢al forniat again. Webinar income has again perfom)ed strongly and film income is rising pleasingly, In addilion to this, a legacy of £12,454 was received in the year under review. The Directors have detennined thai despite the income level in the year under review being insufficient to increase our General Fund. il was suffi¢ieni to cover our charity aims. We iherefore have not had to depend on the support of the Trust. Our Trust does provide us with an annual letter to guarantee funds well in excess to our annual needs, to cover any conlin8en¢y. The B0d continues lo actively look at ways to in¢re&se revenues and reduce costs. The website has ontinu¢d lo be developed and is helpin8 US to become rnor¢ visible to the public. Asking for donations, and particularly for legacies, continues to be an important way of maintaining the Netsyork in the longer tenn, and the Board is very grateful for this type of support, and continues to actively seek these, where and when it is appropriate. FINANCIAL REVIEW The Dircclors moniior the resources of the Charity to ensure that sufficient funds arc maintained to meets its future needs and to ensure thal it has sufficient working capital. At 3 1st December, 2023. the Charity had reserves of £126,779 compared to £59,864 the previous year. The Director5 are considering ways lo further improve and ensure thc financial sustainability of the Charity, and consider it as a going concern. PLANS FOR FUTURE PERIODS As with the last year, we are expecting a steady increase in membership and thus subscription income. Regretfullyi our organisation h&s not been immune to the cost inflation experienced over the pasl couple of years and we are actively reviewing the subscription rates to improve our financial position. Our administration of increased members and increased event attendance, has required taking on more stsff and challenged our operational and governance procedures. We are still in the situation of change but hope lo have ourselves restructured by the end of 2024. The Directors continue to review every aspecl of the Company's activities to increase revenues and to restrain costs. This includes.. keeping events inexpensive and thus attractive to delegates. widening markeiing particularly via the website and so encouraging the attendance of more non-members. and finally to markei to and attract a younger demographic to events and so further extend our educational support (which also has the benefit of starting to redress our membership age profile). In addition, we will Continue to mount our usual annual programme of public conferences and lectures virtually, but Monitor carefully the possibility of Teturning to some in-person evenls. The Msc course is continuing, as is the successful Galileo Commission project, and our new 'Young people. (New Paradigm NavigatOTS) project. Students continue to be offered discounted membership to cnable access to our educational resources and support vi4 for exampl¢, targeted webinars, social networking, and virtual webinars.
THE SCIENTIFIC AND MEDICAL NETWORK BOARD OF TRUSTEES• REPORT FOR THE YEAR ENDED 31st DECEMBEIL 2023 DIREoRs, RESPONSIBILITIES STATEMENTS The Trustees (who are also the Directors of the Scientific and Medical Neork for th¢ purposes of eA)mpany law) are responsible for preparing the Directors Annual Report and ihe financial ststemenls in a¢cordan¢e wilh applicable law and regulations. Company law requires ihe Trnst¢¢s lo prepar¢ financial ststements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure of the charitable cornpany for that period. In preparing ihese financial statements. the Trustees are required to.. select suitabl¢ accounting policies and then apply them consistenily; observe the methods and principles in the Charities SORTr. make judgements and estimates thai arc reasonable and prudent; state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements; prcparc the financial statements on ihe going concem basis unless il is inappropriate to presume that the Charity will continue in operation, The Board of Trustees has overall spOnSibl]Ity for ensuring that the Charity has an appropriaie system of controls, financial and otherwise. They are also responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time ihe financial position of the Charity and enable them to ensure that the financial statements comply wilh the Companies Act 2006, the Charities Act 201 I, and the provisions of the governing document. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for ihe detection and prevention of fraud and other Iegular1tieS. The Board of Trustees is responsible for the mainienan¢e and integrity of the corporate and financial infomation included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from le8islation in other jurisdictions. Approved by the Board of Trusiees on 14 July 2024 and signed on their behalf by'.- Paul Kieniewicz Trustee
THE SCIENTIFIC AND MEDICAL NETWORK (Registered Company No. 04544894) llYDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE SCIENTIFIC AND MEDICAL NETWORK FOR THE YEAR ENDED 31" DECEMBE 2023 I report to Ihe Charity Trustees on my examination of the financial statements of The Scientific and Medical Nelwork for the year ended 31 $t December, 2023. Responsibilities and Basis of Report As the Trustees of The Scientific and Medical Network (and also its Directors for thc purposes of company law) you are responsible for the preparation of the Accounts in accordance with the requirements of ihe Companies Act 2006 ('the 2006 Act,). You are satisfied that the Accounts of the Company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the Accounts of The Scientific and Medical Network are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Accounts Carried oul under Section 145 of the Charilies Acl 2011 Cthe 201 l Act,). In carrying out my examination I have followed the Dire¢tions given by the Charity Commission undcr Scction 145(5)(b) of the 2011 Act. Ind¢pend¢nt Examlner's Statemenl I can confimi thai l am qualified to undertake the examination because l am & re8iStered member of the ACCA which is one of ihe listed bodies. I have completed my examination. I confimi Ihat no matters have me to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept as required by Section 386 of the 2006 Act; or Ihe accounts do not accord wilh those re¢ords' or the accounts do not comply with the accounting requirements of Seeiion 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered &8 part of an independent examination. J have no concerns and have wme across no other rnatters in ¢onneciion 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. Andrew M. Farr, FCCA, Dawe, Hawken & Dodd Chartered Certified Accountants 52 Fore Street Callington Cornwall PL17 7AJ Date.. i oth July, 2024
THE SCIENTIFIC AND MEDICAL NETWORK STATEMENT OF FINANCIAL AcTlTIEs (incorporating the Income and Expenditure Account) FOR THE YEAR ENDED 31" DECEMBEW 2023 Unrestrieted Restricted Funds Funds Note 2023 2022 As reststed (note 14) INCOME AND ENDOWMENTS FROM: Donations and Lega¢i¢s Income from Charitable Activities Other Income 120380 270590 6924 38000 158380 270590 6924 93336 177830 5125 TOTAL 397894 38000 435894 276291 EXPENDITURE ON: Charitable Activities 311784 57195 368979 300157 TOTAL EXPENDITURE 311784 57195 368979 300157 Net Income/(Expenditure) Net Transfer beMeen Funds Net Incomingl(Ouigoing) resources after Transfers 86110 (19195) 66915 (23866) 86110 19195 66915 23866 NET MOVEMENT IN FUNDS 86110 (19195) 66915 (23866) Total Funds at ljl Janu*ry• 2023 Prior Year Adjustment Funds 8t 31# December, 2023 39689 20175 59864 111577 14 (27847) 59864 125799 980 126779 The notes on pages 10 to 15 fomi part of these financial statements
THE SCIENTIFIC AND MEDICAL NETWORK BALANCE SHEET AS AT31" DECEMBE 2023 Note5 2023 2022 restated (note 14) FIXED ASSETS Tangible Assets Current Assets 227 307 Debtors C&sh at Bank and in Hand 1356 19229 203036 121340 CREDITORS; Amounts falling due within one year io 17 NET CURRENT ASSETS 955 TOTAL ASSETS LESS CURRENT LIABILITIES 126779 NET ASSETS 12 126779 FUNDS Unrestricted funds: General Fund Designated Funds 25799 00 39689 125799 39689 Restrict¢d Funds The Company is exempt from the requirements relating to preparing audited accounts in dcGordance with Section 477 of the Companies Act 2006, The members have not required the Company to obtain wi audil of its accounts for the year ended 3111 December, 2023 in accordance with Section 476 of the Companies Act 2006. The Dtrectors acknowledge their responsibilities for complying with the requirements of the Companies Ad 2006 with respect to accountin8 records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regim¢. The financial statements were approved. and authorised for issue, by the Board of Trustee5 on 14 July 2024 and signed on their behalf by:" Dr. Vasileios Basio Trusiee te n pages 10 to 15 forni part of ihese finan¢ial slat¢m¢nts
THE SCIENTIFIC AND MEDICAL NETWORK CASH FLOW STATEMENT FOR THE YEAR ENDED 3191 DECEMBE 2023 2023 2022 As restated (note 14) Cash Flows from Operating Activities Surplusl(deficit) for th¢ financial year 66915 (23866) Adjustment$ for: Depreciation (Increase)/Decre8se in Debtors In¢r¢asellDe¢rease) in Creditors 342 755 4701 414 (2111) 2641 82713 (22922) Cash Flows from Inves¢ing Activities Purchase of Tangible Fixed Assets Nel (D¢crea$e)Iln¢rease In C4$h #nd Ca$h Equivalen¢$ Cash and Cash Equivalents at Im January, 2023 and 2022 CA%h Ind CAsh EqulvAlents at 31" December, 2023 and 2022 26 82451 (22929) 1421 Components of Cash and Cash Equivalents Cash at Bank and in Hand 22
THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBEII 2023 ACCOUNTING POLICIES Basis of Preparation of Fin2nei21 Statements The financial statements of the Charity. which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable Uniied Kingdom a¢counting standards, the requirements of the Statement of Recommended Practice Accounting and Reporting by Charities (SORP 2015), the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006. The Trustees consider that there are no material uncertainlie5 about the Trust's ability to continue as a going rncern. Company Status The Scientific and Medical Network is a eomphny limited by guarantee. In the event of the Charity bein8 wound up, the liability in respect of the guarantee 15 limited to £1 per member of the Charity. Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general object5 of the Charity and which have not been designated for other purposes. Designated fund5 comprise unrestricted fijnds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial staiements. StatOry grants which are given a5 contributions towards the Charity's core scrvice$ are treated as unrestricted. In¢omln8 Re$our¢es All in¢oming resources are included in the Statement of Financial A¢tiviti¢s when the Charity is legally entitled to the income and th¢ amount can be quantified with reasonable ¢VraCY. Gifts in kind donated for distribution ore included at valuation and recognised &s income when they ate distributed to the projects. Gifts donated for resale are included a5 income when they are sold. Donated facilities are included at the value to ihe Charity where this can be quantified and a third party is bearing the cosl. No amounts are included in the financial statements for services donaled by volunteers. Donated services are included in income at a valuation which is an estimale of the financial Cost tM)me by the donor where such a cost is quantifiable and measurable. No incorne is recognised where there is no financial cost born¢ by a third party. Income Tax re¢ov¢rable in relation lo investment inwme or Gift Aid donations is recognised at the time the relevant income is receivable.
10. THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER, 2023 Resources Expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Supwrt costs, which cannot be directly attributed to particular activilies, have been apportioned proportionately to the dire¢1 staff costs allocated to the activities. Governance costs include the costs of servicing Trustees, meetings, independent examination and strategic planning. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Tangible Fixed Assets and Depreciation Tangible fixed assets are staled at cost less depreciation. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their estimaled residual value, over their expecied lives on the following bases.. Office Equipment 4 Years DONATIONS, GRANTS AND LEGACIES Unrestricted Funds Restricted Funds 2023 2022 Donations Legacies Grants 107926 12454 107926 12454 38000 20625 16957 55754 38000 120380 38000 158380 93336 Analy$ls of the Grants Fundlng Waison Grant Salvia Foundation Grants 17754 38000 38000 38000 38000 38000 55754 The Directors have designated that donations of £IOO,000 will bc used for two specific projects as follow5: Young persons projeol (New Paradigm Navigations) Galileo Commission activity 30.000 The New Parddigm Navigation Project aim5 to engage young people with SMN by creating a 5UPPOrtiv¢ space for collaborative enquiry, enabling them to addre55 Societal issues and discover their innate wisdom ihrough the Heart Sense approach. The Galileo Commission is a large divisional project within the SMN that encompasses multiple sub-projects and aclivitie5 including online and physical events. The mission is to expand the framework of science by challenging the lirnitations of scientific materialism.
ii. THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31" DECEMBEIL 2023 OTHER INCOME Unrestrieted Restricted 2023 2022 Funds Funds Publication Income & Book Sales Grants Administration Fees Interest 4755 2000 169 6924 4755 2000 169 6924 2134 2934 57 5125 INCOME FROM CHARITABLE ACTIVITIES Unr¢strlcted Restrleted 2023 2022 As restated (note 14) Funds Funds Membership Fees AGM Sales Mystics and Scientists Beyond the Brain including film viewings Film Viewings Online EdutiOn including Webinars CPF Other Event Sales 91248 21617 16200 29951 6036 77826 9631 18081 270590 91248 21617 16200 29951 6036 77826 9631 18081 270590 77030 6249 19504 1760 52264 8623 12400 177830
12. THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31$t DECEMBEK 2023 RESOURCES EXPENDED Unrestricted Funds Restricted Funds 2023 2022 Event Costs: AGM Expenses Mystics and Scientists Beyond the Brain CPF her Events Total Event Cost$ 22871 4989 7857 3452 13084 52253 22871 4989 7857 3452 13084 52253 2455 5621 1386 9132 18594 Membership Discounts Publicaiion Costs Webinars Salvia Foundation Watson Grant Galileo Support Costs YP Project 450 34085 29108 450 34085 29108 39441 17754 630 30846 21278 43835 39441 17754 1500 181694 1780 185461 10427 185461 10427 Total Charitable Expenditure 311784 57195 368979 300157 Resources expended include.. 2023 2022 Ind¢pendenl Examiner's Fee Depre¢iation 1920 342 1552 414 Details of Staff Costs are given in Note 7 Details of Support Costs are given in Note 6. SUPPORT COSTS Total 2023 Total 2022 Administration Depreciation Independent Examiner's Fee Tax Advice and Accounting Software Postage, Stationery & Freight Staff Costs Bank Charges Consultancy Fees Advertising and Marketing Social Media Marketing Travel 8048 342 1920 1109 6990 50826 8979 93564 245 12000 1438 185461 13829 414 1552 3875 451 46634 7147 98887 376 6985 1544 181694
13. THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR EIYDED 31" DECEMBER, 2023 STAFF NUMBERS AND COSTS 2023 2022 Wages and Salaries (in¢luding employers MC) Pension Cosls 49619 1207 45643 Average number of employees No employee received remuneration of more than £60.000. During the year. key management re1ved remunerdtion of £48.660 (2022 - £45.640). Highest remunerntion was for David Lorimer (paid &8 a consultant) of £47,049 plus expenses of £1.710.25 There were payments madc lo 3 members of the Board of Trustees in the year. Insighi Centre Ltd. (Paul Filmore) received £10,800 (incl. VAT) for managemeni and finance work and expenses of £245. Joan Walton received £4,140 for Galileo Commission Steering Group Honorarium. Development Day and YP Project and reimbursement of expenses of £1,444.54; V&sileios Basios received £3.000 for Galileo Commission Steering Group Honordrium. TANGIBLE FIXED ASSETS Office Equipment Co$1 At 1° January, 2023 Additions Disposa15 At 3111 December, 2023 9934 262 Deprttiation Ai I It January, 2023 Charge for the Year Disposals Al 3 1st December, 2023 9627 342 82 1694 Net Book VAIu¢ At 31S1 December, 2023 At 31° December, 2022 DEBTORS 2023 2022 Due within one year Prepayment$ and A¢¢rued Inrne
14. THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER, 2023 10 CREDITORS: Amounts falling due wlthin one year 2023 2022 reststed (note 14) Deferred Income Social Security and Other Taxes Other Crediiors & Accruals 48918 3386 4180 484 40841 2807 17 11. STATEMENT OF FUNDS Brought Forw*rd A5 restated {no¢e 14) Incoming Resourees Resources Expended Tr4nsf¢rs Carried Forward RESTRicfED FUNDS Blaker Educational Fund Galileo Salvia Foundation Grant Watson Grant Theoria to Theory Fund 61 350 1275 17754 735 20175 61 184 (166) 166 38000 39441 17754 735 980 38000 57195 SUMMARY OF FUNDS Designated Funds General Funds Restricted Funds i 00000 ( i 00000) iooooo 25799 980 126779 39689 20175 59864 397894 38000 435894 311784 57195 368979 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unres¢rlc¢¢d Funds Designated General Funds Fund$ Restricted Funds Totsl Funds Tangible Fixed Assets Current Assets Less: Current Liabilities NET ASSETS 227 102056 76484 257 227 203036 100000 980 10 980 12
15. THE SCIENTIFIC AND MEDICAL NETWORK NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED31" DECEMBE 2023 13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds 2022 Restricted Funds 2022 Totsl 2022 restAted (note 14) re8t*¢ed (nole 14) INCOME AND ENDOWMENTS FROM: Donations and Legacies Charitable Activities Other Income 37582 177830 5125 55754 93336 177830 5125 TOTAL 220537 55754 276291 EXPENDITURE ON: Charitable Activities 254822 45335 300157 TOTAL EXPENDITURE 254822 45335 300157 Net Incomel(Expendilure) Transfer between Funds Net Incomingl(Oul8oing) re$ources after Transfers (34285) 10419 (23866) (34285) 10419 (23866) NET MOVEMENT IN FUNDS Tot21 Funds at lit JAnugry• 2022 Total Funds at 3111 Deeember, 2022 73974 9756 83730 39689 20175 59864 14. PRIOR YEAR ADJUSTMENT In previous years membership subscriptions have been recognised as income on the dale that payment was received. Fnllnwin8 a r¢vi¢w by ihe Board it is feli rnure appropriate to spread the membership fee over the year of membership, ne¢essitaiing an adjusiment to be made to the accounls to reflect the unexpired time value on membership fees paid as at the end of the financial year. The prior year adjustment reflects the unexpired time value of memberships as al 31 December 2021 and the COmpatiVe figures for membership fees in the year ended 31 December, 2022 have been adjusted to reflect the position at that year end.