**Charity registration number 1101433 (England and Wales)**
## **EPSOM MEDICAL RESEARCH**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **EPSOM MEDICAL RESEARCH**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|G Darlington|
|---|---|
||K Darlington|
|**Charity number (England and Wales)**|1101433|
|**Principal address**|85 Rydens Road|
||Elmbridge|
||Walton-on-Thames|
||Surrey|
||United Kingdom|
||KT12 3AN|
|**Independent examiner**|Azets Audit Services|
||Ashcombe Court|
||Woolsack Way|
||Godalming|
||Surrey|
||United Kingdom|
||GU7 1LQ|
|**Bankers**|Cater Allen|
||9 Nelson Street|
||Bradford|
||West Yorkshire|
||United Kingdom|
||BD1 5AN|
## **EPSOM MEDICAL RESEARCH**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 9|
## **EPSOM MEDICAL RESEARCH**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
The trustees present their annual report and financial statements for the year ended 31 October 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
The objective of the Epsom Medical Research is the relief of sickness by undertaking research within the areas of rheumatology, general medicine, inflammation, neuroscience and cancer with disemination of any useful results.
In order to achieve these objectives, the charity provides grants to Oxford University to undertake the research.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## _Activities_
The main activities undertaken for public benefit in relation to the stated objects in the year was the funding of medical research by the provision of grants paid to Oxford University in the year. Further details are shown within the notes to these finanical statements.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The Charity supported research into the areas defined in its objectives during the year.
During the year the charity paid grants totalling £197,812 (2023: £nil) for this research.
## **Financial review**
## **Income and expenditure**
Total income for the year was £432,153 (2023: £100). This included donations and gift aid reclaimable,
Total expenditure was £199,937 (2023: £1,068) primarily directed toward programme delivery and development of digital tools, with reduced expenditure reflecting a reduction in non-core overheads and a narrower focus on our most impactful products driven by a challenging financial climate.
Net income for the year was £232,216 which is a significant improvement on the prior year (2023: net expenditure £968).
## _Reserves policy_
The charity ensures that it has sufficient reserves to cover any grants that are payable.
Where the charity does not have sufficient funds, these are funded by the trustees using cash donations paid to the charity.
The reserves held by the Charity at the year end were £49,679 (2023: negative funds of £189,537) and are all held in the unrestricted fund.
## **Structure, governance and management**
The charity is an unincorporated charity registered with the Charities Commission of England and Wales. It was set up under a deed of trust dated 24 November 2003.
- 1 -
EPSOM MEDICAL RESEARCH
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 OCTOBER 2024
Th8 trustsaswho Sad rtng the year8nd up tothe dats ol S8[ure ofthefinarthl *atements were..
G Darfinglon
K Darti1
Trustées are needed they wll be sewed and 4ppoinled by the 8$b"n9 Tnjstees. apwnbThnl r
TNste8s will gwen a padl ¥¥hkh kndudes a bdaf hlstory of the Chty. a eopy of the last three years
ffinanc stsIemts, a copy of thé Tru* Deed snd ts)pi8s of the CtXnrrss's guklancts Tr Essanii
Trustéé." lthatyou rte 10 and hathS8nd Public Benefir.
Thètrustees, r8PCrftw85 apwo%*d tytha Bowd ofTNste¢&
rtingt
## **EPSOM MEDICAL RESEARCH**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EPSOM MEDICAL RESEARCH**
I report to the trustees on my examination of the financial statements of Epsom Medical Research (the charity) for the year ended 31 October 2024.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Debra Saunders FCA, BSc (Hons) Azets Audit Services Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ United Kingdom
Dated: .........................
- 3 -
## **EPSOM MEDICAL RESEARCH**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**2**|432,153|100|
|**Total income**||432,153|100|
|**Expenditure on:**||||
|Charitable activities|**3**|199,937|1,068|
|**Total expenditure**||199,937|1,068|
|**Net income/(expenditure) and movement in funds**||232,216|(968)|
|**Reconciliation of funds:**||||
|Fund balances at 1 November 2023||(189,537)|(188,569)|
|**Fund balances at 31 October 2024**||42,679|(189,537)|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
EPSOM MEDICAL RESEARCH
BALANCE SHEET
ASAT31 OCTOBER 2024
2024
2023
Cash at bank in tr
gJ3
213J9
21.149
Clitti.. aThwJuntsf•llnA *lth
oney•ar
11
P,1CQ)
(210.886)
Not eurr•rt•¥¥eWIWiWio1
42.679
1189.$3n
Thè ofth• charfty
12
41679
1189,53n
41679
1189,$3T)
GDarf
Trystyo
## **EPSOM MEDICAL RESEARCH**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **1 Accounting policies**
## **Charity information**
Epsom Medical Research is an unincorporated charity registered in England and Wales and is constituted under a deed of trust dated 24 November 2003. Its principle place of business is 85 Rydens Road, Waltonon-Thames, KT12 3AN.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 6 -
## **EPSOM MEDICAL RESEARCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 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.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **2 Donations and legacies**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|387,788|100|
|Gift aid|44,365|-|
|**Expenditure on charitable activities**|||
||**2024**|**2023**|
||**£**|**£**|
|Grant funding of activities (see note 4)|197,812|-|
|**Share of support and governance costs (see note 5)**|||
|Support|25|-|
|Governance|2,100|1,068|
||199,937|1,068|
|**Analysis by fund**|||
|Unrestricted funds|199,937|1,068|
## **3 Expenditure on charitable activities**
- 7 -
## **EPSOM MEDICAL RESEARCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **4 Grants payable**
|**Grants payable**||
|---|---|
||**Grants to**|
||**institutions**|
||**2024**|
||**£**|
|Grants to institutions (4 grants):||
|Medical research|197,812|
## Grants to institutions
Grants are paid to the University of Oxford to fund medical research in areas of rheumatology, general medicine, inflammation, neuroscience and cancer.
## **5 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank charges
25
-
Independent examination fees
-
2,100
25
2,100
Analysed between
Charitable activities
25
2,100
**6**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements|**2024**
**£**
25
2,100
2,125
2,125
**2024**
**£**
1,800|**2023**
**£**
-
1,068|
|---|---|---|
|||1,068|
|||1,068|
|||**2023**
**£**
1,068|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
- 8 -
## **EPSOM MEDICAL RESEARCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2024**_
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Debtors**
|**Amounts falling due within one year:**
Other debtors
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income|**2024**
**£**
44,276
**2024**
**£**
-
2,100
2,100|**2023**
**£**
(90)
**2023**
**£**
208,610
2,076
210,686|
|---|---|---|
## **11 Creditors: amounts falling due within one year**
## **12 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
||**At 1**|**Incoming**|**Resources**|**At 31 October**|
|---|---|---|---|---|
||**November**|**resources**|**expended**|**2024**|
||**2023**||||
||**£**|**£**|**£**|**£**|
|General funds|(189,537)|432,153|(199,937)|42,679|
|**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 31 October**|
||**November**|**resources**|**expended**|**2023**|
||**2022**||||
||**£**|**£**|**£**|**£**|
|General funds|(188,569)|100|(1,068)|(189,537)|
## **13 Related party transactions**
During the year the Charity received cash donations totalling £177,102 (2023: £nil) from a Trustee.
At the year end, included within other creditors is £nil (2023: £208,610) owed to one Trustee.
- 9 -