Registered number: 05204718 Charity number: 1106240
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements For the year ended 30 September 2024
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Foundation, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 18 |
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Reference and administrative details of the Foundation, its Trustees and advisers For the year ended 30 September 2024
| Trustees | Gordon Montfort Bebb QC, Chair |
|---|---|
| Nicholas McIndoe Walters | |
| Torquil Evelyn Montfort Bebb | |
| Professor Neil Mortensen | |
| Timothy Edward Elliott Goodacre | |
| Company registered number 05204718 Charity registered number 1106240 Registered office and contact address 38-43 Lincoln's Inn Fields London WC2A 3PE Accountants Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex RH12 2RG Bankers Lloyds Bank plc 1/3 London Road East Grinstead West Sussex RH19 1AH |
Page 1
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Trustees' report For the year ended 30 September 2024
The Trustees present their annual report together with the financial statements of the Blond McIndoe Research Foundation for the period 1 October 2023 to 30 September 2024. 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 Foundation 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 is not required.
Introduction
The Blond McIndoe Research Foundation continues to support medical advancements of a similar nature to our previous research through distribution of donations received. We continue to raise capital to fund research into projects identified as being in accordance with our core objectives. The charity has a Board consisting of two Royal College of Surgeons of England (RCS England) Council Members (both eminent surgeons) and two members from the Blond McIndoe Research Foundation.
The Charity remains an independent Charity unchanged as to its autonomy and its objects.
Objectives and activities
a. Policies and objectives
The principal object of the Foundation during the year was grant-making to protect and preserve public health, in particular by the promotion and carrying out of research into tissue regeneration, replacement and reconstruction, wound healing, burns, skin cancer, plastic surgery and the dissemination of the useful results thereof, the advancement of the education of doctors and other health care professionals; and the advancement of education of the general public.
These will remain unchanged.
Statement of Public Benefit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The Trustees have paid due regard to the guidance on public benefit produced by The Charity Commission and are confident that the work of the Foundation meets all the criteria for public benefit. By publication of results of our research in peer reviewed journals and by presentation at national and international conferences, we ensure that our findings reach the widest possible audience for the benefit of patients internationally.
b. Activities undertaken to achieve objectives
The organisation has transitioned to a grant making trust and the Blond McIndoe Research Foundation has integrated with RCS England. In conjunction with the research and scientific advisory committee at RCS England, we will define the priority themes in accordance with our charitable objectives. We continue these aims with a development board, comprising of former Blond McIndoe Research Foundation Board members, supporters and Patrons who will support future fundraising activity.
Page 2
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 September 2024
Objectives and activities (continued)
c. Volunteers
Our volunteers support us in many areas, including administrative support and fundraising campaigns. Our sincere gratitude goes to them for their generosity.
Achievements and performance
a. Review of activities
The majority of income generated was secured from charitable trusts and foundations resulting from applications or direct approach. Other individual donations also constitute a considerable proportion of monies received.
The Charity will continue to make such applications and direct approach.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Foundation's reserves policy is to maintain general unrestricted reserves which are neither allowed to become excessive as a result of the unjustifiable accumulation of income nor so low as to be inadequate to meet the grant making objectives. In the opinion of the Trustees, the current level of reserves is considered well balanced to achieve the Foundation's objectives.
c. Principal risks and uncertainties
Each year the Foundation needs to raise unrestricted funding. The Charity has minimal overheads and money required for the day to day running of the Foundation is modest.
d. Financial risk management objectives and policies
The control of cash flow and the management of working capital remains a high priority, enabling the Foundation to be flexible in how future research is funded.
e. Financial Review
The Foundation’s work depends on the ongoing receipt of donation and legacy income. In November 2020, we invested £350,000 with Quilter Cheviot Ltd in their Global Income and Growth Fund for Charities. We received donations and legacies totalling £95,021 for the 2023-24 financial year, which has enabled the Foundation to keep an encouraging bank balance closing the year at £206,920.
Page 3
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 September 2024
Structure, governance and management
a. Constitution
The Blond McIndoe Research Foundation is registered as a charitable company limited by guarantee and is constituted under a Memorandum of Association dated 12 August 2004. The Foundation's registered charity number is 1106240 (from 11 October 2004).
b. Methods of appointment or election of Trustees
The management of the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
Candidates for trustee vacancies are identified through personal recommendation, advertising and direct approaches by interested parties. The candidates are interviewed by the existing Board of Trustee Directors.
c. Organisational structure and decision-making policies
The Board of Trustees is responsible for overall control of the operations of the Blond McIndoe Research Foundation and will meet at least biannually to review progress, identify medical research worth supporting, and approve funding and budgets.
d. Financial risk management
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The Members of the Foundation guarantee to contribute an amount not exceeding £1 to the assets of the Foundation in the event of winding up.
Page 4
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 September 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Foundation 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 . 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 Foundation 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 Foundation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Gordon Montfort Bebb KC
Date: 30 April 2025
Page 5
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Independent examiner's report
For the year ended 30 September 2024
Independent examiner's report to the Trustees of The Blond McIndoe Research Foundation ('the Foundation')
I report to the charity Trustees on my examination of the accounts of the Foundation for the year ended 30 September 2024.
Responsibilities and basis of report
As the Trustees of the Foundation (and 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 Foundation 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 Foundation's accounts 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
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 Foundation 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.
This report is made solely to the Foundation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Foundation's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Foundation and the Foundation's Trustees as a body, for my work or for this report.
Signed: Dated: 2 May 2025 James Peach, FCA
Kreston Reeves LLP
Chartered Accountants Horsham
Page 6
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 30 September 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 95,021 12,740 107,761 36 9,063 9,099 98,662 47,146 145,808 476,230 145,808 622,038 |
Restricted funds 2024 £ - - - - - - - - - 12,162 - 12,162 |
Total funds 2024 £ 95,021 12,740 107,761 36 9,063 9,099 98,662 47,146 145,808 488,392 145,808 634,200 |
Total funds 2023 £ 25,520 11,658 |
|---|---|---|---|---|
| 37,178 | ||||
| 2,908 32,837 |
||||
| 35,745 | ||||
| 1,433 11,161 |
||||
| 12,594 | ||||
| 475,798 12,594 |
||||
| 488,392 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 7
The Blond McIndoe Research Foundation
(A company limited by guarantee) Registered number: 05204718
Balance sheet As at 30 September 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Investments | 10 | 435,510 | 375,624 | |||
| 435,510 | 375,624 | |||||
| Current assets | ||||||
| Debtors | 11 | 50 | 77 | |||
| Cash at bank and in hand | 206,920 | 115,841 | ||||
| 206,970 | 115,918 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 12 | (8,280) | (3,150) | |||
| Net current assets | 198,690 | 112,768 | ||||
| Total net assets | 634,200 | 488,392 | ||||
| Charity funds | ||||||
| Restricted funds | 13 | 12,162 | 12,162 | |||
| Unrestricted funds | 13 | 622,038 | 476,230 | |||
| Total funds | 634,200 | 488,392 |
The Foundation was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
----- Start of picture text -----
................................................
Gordon Montfort Bebb KC
----- End of picture text -----
Date: 30 April 2025
The notes on pages 9 to 18 form part of these financial statements.
Page 8
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
1. General information
The Foundation is a private company limited by guarantee, registered in England with the registration number 05204718. The address of the registered office is 38-43 Lincoln's Inn Fields, London, WC2A 3PE.
The members of the company are the Trustees, who are named on page 1. In the event of the Foundation being wound up, the liability in respect of the guarantee is limited to £10 per member of the Foundation.
The financial statements are presented in pound sterling and rounded to the nearest £1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements 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) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Blond McIndoe Research Foundation 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.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Foundation has adequate funds going forward to fund its future plans as a grant-making charity.
2.3 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Foundation has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Foundation, can be reliably measured.
Donated services or facilities are recognised when the Foundation has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Foundation of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general time of the volunteers is not recognised and refer to the Trustees' report for more information about their contribution.
Page 9
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the Foundation and include project management carried out at Headquarters. These costs are allocated to charitable activities, fundraising and governance costs on the basis of the proportion of staff costs relating to each function. Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements.
Expenditure on raising funds includes all expenditure incurred by the Foundation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and 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 10
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
2. Accounting policies (continued)
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Foundation 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 amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and 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 statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 11
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
3. Income from donations and legacies
| Donations Legacies Total 2023 4. Investment income Investment income Total 2023 |
Unrestricted funds 2024 £ 20,465 74,556 95,021 25,520 Unrestricted funds 2024 £ 12,740 11,658 |
Total funds 2024 £ 20,465 74,556 95,021 25,520 Total funds 2024 £ 12,740 11,658 |
Total funds 2023 £ 25,520 - |
|---|---|---|---|
| 25,520 | |||
| Total funds 2023 £ 11,658 |
|||
5. Expenditure on raising funds Fundraising expenses
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Fundraising expenditure | 36 | 36 | 2,908 |
Page 12
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
6. Analysis of grants
| Grants to Institutions 2024 £ Grants, Grant making activities - The Foundation has made the following material grants to institutions during the year: 2024 £ Royal College of Surgeons - |
Grants to Institutions 2023 £ 20,000 |
|---|---|
| 2023 £ 20,000 |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Grant making activities Total 2023 |
Unrestricted funds 2024 £ 9,063 32,837 |
Total 2024 £ 9,063 32,837 |
Total 2023 £ 32,837 |
|---|---|---|---|
8. Analysis of expenditure by activities
| Grant making activities Total 2023 |
Activities undertaken directly 2024 £ 386 288 |
Grant funding of activities 2024 £ - 20,000 |
Support costs 2024 £ 8,677 12,549 |
Total funds 2024 £ 9,063 32,837 |
Total funds 2023 £ 32,837 |
|---|---|---|---|---|---|
Page 13
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Premises costs and insurance Computer costs Professional fees Other costs Governance costs Total 2023 |
Grant making activities 2024 £ 584 2,858 35 70 5,130 8,677 12,549 |
Total funds 2024 £ 584 2,858 35 70 5,130 8,677 12,549 |
Total funds 2023 £ 967 2,439 48 157 8,938 |
|---|---|---|---|
| 12,549 |
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,420 ( 2023 - £2,150 ) , and preparation of the financial statements of £600 (2023 - £1,000).
10. Fixed asset investments
| Cost or valuation At 1 October 2023 Additions Revaluations At 30 September 2024 Net book value At 30 September 2024 At 30 September 2023 |
Listed investments £ 375,624 12,740 47,146 |
|---|---|
| 435,510 | |
| 435,510 | |
| 375,624 |
Page 14
The Blond McIndoe Research Foundation
(A company limited by guarantee)
| Notes to the financial statements For the year ended 30 September 2024 11. Debtors Due within one year Prepayments and accrued income 12. Creditors: Amounts falling due within one year Accruals and deferred income |
2024 £ 50 2024 £ 8,280 |
2023 £ 77 |
|---|---|---|
| 2023 £ 3,150 |
Page 15
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
13. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at 30 | ||||||
|---|---|---|---|---|---|---|---|
| October | Gains/ | September | |||||
| 2023 | Income | Expenditure | (Losses) | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General Funds - all funds | 476,230 | 107,761 | (9,099) | 47,146 | 622,038 | ||
| Restricted funds | |||||||
| Equipment fund | 3,887 | - | - | - | 3,887 | ||
| Sundry funds | 8,275 | - | - | - | 8,275 | ||
| 12,162 | - | - | - | 12,162 | |||
| Total of funds | 488,392 | 107,761 | (9,099) | 47,146 | 634,200 | ||
| Statement of funds - prior | year | ||||||
| Balance at | Balance at | ||||||
| 1 October | Gains/ | 30 September | |||||
| 2022 | Income | Expenditure | (Losses) | 2023 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General Funds - all funds | 463,636 | 37,178 | (35,745) | 11,161 | 476,230 | ||
| Restricted funds | |||||||
| Equipment fund | 3,887 | - | - | - | 3,887 | ||
| Sundry funds | 8,275 | - | - | - | 8,275 | ||
| 12,162 | - | - | - | 12,162 | |||
| Total of funds | 475,798 | 37,178 | (35,745) | 11,161 | 488,392 |
Page 16
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
13. Statement of funds (continued)
Purposes of restricted funds:
The Charity has restricted funds in relation to its older research and education activities. The funds are made up as follows:
Equipment Fund - £3,887 (2023: £3,887)
The Charity has previously received donations from individual donors and organisations with the specific instruction that the money is to be used to buy equipment for research. This may be for an individual item or for a complete laboratory. The money is not for a specific project, but because it must be used for the purchase of equipment, and not general running costs it must be held in restricted funds. The figure shown is the amount unspent to date.
Sundry Funds - £8,275 (2023: £8,275)
The Fundraising Research and Education funds have been retained by Blond McIndoe Research Foundation following its change in activities for use under the new operating model as a grant-making charity.
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 435,510 194,808 (8,280) 622,038 |
Restricted funds 2024 £ - 12,162 - 12,162 |
Total funds 2024 £ 435,510 206,970 (8,280) |
|---|---|---|---|
| 634,200 |
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 375,624 103,756 (3,150) 476,230 |
Restricted funds 2023 £ - 12,162 - 12,162 |
Total funds 2023 £ 375,624 115,918 (3,150) |
|---|---|---|---|
| 488,392 |
Page 17
The Blond McIndoe Research Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 September 2024
15. Related party transactions
No remuneration was paid to Trustees in the period (2023 - £Nil) and no expenses were claimed by the Trustees in the period (2023 - £Nil).
During the year, the Foundation paid one grant totalling £Nil (2023 - £20,000) to the Royal College of Surgeons of England (see Note 6) in support of individuals' research applications. Neil Mortensen and Timothy Goodacre, both trustees of the Foundation, are the president and vice president, respectively, of the Royal College of Surgeons of England.
During the year, the Foundation paid £Nil to a close family member of Gordon Bebb, one of the Trustees of the Foundation (2023 - £319) in support of the charity's IT services.
Page 18