Charity Number: 1107558 Company Number: 5265464
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
(A company limited by guarantee)
Report of the Trustees and Unaudited Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2020
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Trustees' Report (including Directors' Report) | 2 - 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities (including Income and Expenditure Account) | 9 |
| Balance Sheet | 10 - 11 |
| Notes to the Financial Statements | 12 - 22 |
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
REFERENCE AND ADMINISTRATIVE INFORMATION
for the year ended 31 December 2019
Company Name
Primary Care Rheumatology and Musculoskeletal Medicine Society
Directors and trustees
Prof Philip G Conaghan Dr Alastair J Dickson - retired 24 November 2020 Dr Sarah Lucy Douglas President Dr Arthur Mone - appointed 24 November 2020 Ms Stephanie Dicks - appointed 24 November 2020 Mr Matthew Harvey - appointed 24 November 2020
Company Registered Number
5265464 (England and Wales)
Charity Registered Number
1107558
Registered Office
8-10 Millgate Thirsk North Yorkshire YO7 1AA
Independent Examiner
Guy Baragwanath C & G B Associates Accountants 8-10 Millgate Thirsk North Yorkshire YO7 1AA
Bankers
Barclays Bank Leicester LE87 2AB
Page 1
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT
for the year ended 31 December 2020
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the Primary Care Rheumatology and Musculoskeletal Medicine Society (the company) for the year ended 31 December 2020. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements of the 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 (FRS 102) (effective 1 January 2015).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal aims of the PCRMM Society are as follows:-
(a) To educate, foster and improve the teaching and knowledge of rheumatology and musculoskeletal medicine in general medical practice;
(b) To advance and promote research into the subject of rheumatology and musculoskeletal medicine by education, knowledge and skill standards, funding of research projects, publications and research data.
Public benefit
The Society is recognised as an important source of advice, education, ideas and initiatives in musculoskeletal medicine and rheumatology in primary care in the UK. The Society works with both patient and professional groups in this field.
In setting objectives and planning for activities, the trustees have given careful consideration to the general guidance published by the Charity Commission relating to public benefit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation was incorporated on 20 October 2004 and is constituted as a company limited by guarantee, without a share capital and is therefore governed by a Memorandum and Articles of Association. It became a registered charity on 11 January 2005.
The Society is managed by the Executive and Advisory committees in accordance with the Articles of Association.
The Incorporation document and Articles of Association were updated in 2019 to reflect the Society’s change of name and update the Articles of Association with changes to the law since it had last been completed.
Page 2
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2020
Appointment, induction and training of new trustees
Trustees are appointed based on a skills audit and their relative experience. New members are selfappointed with no criteria as agreed with the Charity Commission.
Risk Management
The Trustees have a duty to identify and review the risks (in particular professional, ethical, reputational and financial) to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Merger
Discussions around the proposed merger of FSEM and PCRMM remain on hold. There are no plans to resurrect these talks in the near future.
Review of the PCRMM Society
The financial changes made over the last year, reducing staff salaries and other outgoings, have successfully controlled the excessive expenditure of the society such that the financial future of the society is assured in the short to medium term.
A new membership database has been installed. This has enabled appropriate categorisation of membership and has facilitated the identification of overdue subscriptions which it is hoped will increase revenue and reduce staff admin time.
The society is run by the 3 person Executive committee including the current president Dr Lucy Douglas, Education Secretary Dr Louise Warburton and Membership Secretary David Wilson, with help from the former president Dr Arthur Mone. They are advised and assisted by the Advisory Committee who are a group of volunteers drawn from membership, and report back to the Trustees.The society has one member of staff and also employs the services of various contractors according to need. The Executive Committee members receive a small honorarium for their services.
In order to expand the human resources and business skill mix of the Trustees, 3 new Trustees were elected at the AGM in November 2020, Stephanie Dicks, Matthew Harvey and Dr Arthur Mone. Dr Lucy Douglas and Professor Philip Conaghan remain in post as trustees, whilst Dr Alastair Dickson has stepped down.
Page 3
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2020
Membership
There has been a large increase in membership over the last year. In particular the number of non-medical members of the has increased significantly. This is to be welcomed as the current membership better reflects the range of health care professionals currently working in MSK in primary care.
Website & Social Media
A new website has been developed and launched. This has allowed better marketing of the society and its activities, and has contributed to the increase in membership numbers. There are future plans to optimise the functionality of the website further regarding updating payment systems to the society for example.
Social media i.e. Twitter has been utilised to good effect for the first time. This has increased the society’s impact and influence in the MSK clinical sphere and is likely to have contributed to increased membership.
ACHIEVEMENTS AND PERFORMANCE
Achievements
Primary Care Rheumatology (PCR) Conference
Due to the Covid pandemic, the society held its first online conference in November 2020. The format consisted of 2 days of lectures and question and answer sessions on various rheumatological and musculoskeletal conditions. The attendance was significantly increased compared to previous conferences and it is likely that an element of online transmission of educational material will be continued in the future.
Distance Learning Programme
The Society continues to promote primary care education and is, or has been involved with various national projects. The society also provides feedback when asked to contribute, on guideline development for example NICE.
Page 4
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2020
Diploma
The PCRMM Society has continued to work with the Faculty of Sports & Exercise Medicine (FSEM) to develop a UK wide Diploma of Musculoskeletal Medicine. This Diploma is designed for GPs and other primary care health professionals wishing to develop and show attainment of additional expertise in MSK medicine allowing them to show competency for working with additional skills in musculoskeletal medicine but not at the level of an experienced GPSI. The Diploma will be accredited by the Royal College of Surgeons (Edinburgh) of which FSEM are part of. A Memorandum of Understanding (MOU) has been established between FSEM and the PCRMM Society to develop the Diploma and which gives the PCRMM Society the exclusive rights to run educational revision courses for the Diploma and to keep any profits from this. £5,000 in funding from both FSEM and the PCRMM Society (equating to £10,000 in total) has been given to help seed fund the Diploma with the intention that these monies
will be earned back by the resulting exam fees. The monies are held by the PCRMM Society and have been ring fenced.
FINANCIAL REVIEW
Financial review
Income
-
Income has decreased by £10,313 from £47,608 to £37,295, mainly due to decreased income from the symposia meeting & workshops.
-
Membership fees have increased by £8,943.
-
Donations were received for the J Dickson Award Fund totalling £11 in the year.
Expenditure
-
Expenditure has decreased by £85,046 from £128,175 to £43,129, mainly due to reduced salary costs.
-
Legal & professional fees of £600 arose in the year.
-
Symposia meeting & workshop costs decreased by £13,652 following the COVID-19 pandemic.
-
FSEM Diploma costs totalled £695 in the year.
-
Most other costs are comparable to 2019.
Investments
• Gains on investments were £25,154 compared to gains of £24,920 in 2019. This increase would have been expected due to how the stock markets have performed over 2020.
-
No shares were sold in the year (£78,725 were sold last year).
-
Deficit for the year before gains on investments of £5,834, compared to a deficit before gains on
-
investments of £80,567 in 2019.
-
The deficit for the year was £680, compared to a deficit of £55,647 in 2019.
Page 5
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2020
Balance Sheet
• Depreciation for the year was £800.
• Investments: Gains in the year of £5,154. The value of the investments at 31 December 2020 were £179,060.
• Debtors: Trade debtors of £9,463 were £2,653 for gift aid claims and £6,900 for subscriptions and conference income not received by the year end.
• Cash at bank: Cash held at 31 December 2020 was £9,783 compared to £44,424 at 31 December 2019. This included money held in both bank accounts and the PayPal account.
• Creditors: Accruals of £4,400 are items of expenditure that related to 2020 that was paid or due to be paid in 2021.
Reserves
• The charity has funds carried forward of £194,546 of which £3,825 are restricted (£165 MSK Diploma & £3,660 FSEM Diploma), £7,889 are designated by the trustees (£885 A Martynoga Award, £2,649 J Dickson Award & £4,355 FSEM Diploma).
• The charity has enough funds to meet present obligations. As has been the case this year, money held in investments can be sold in future years to help with cash-flow purposes, so there are no issues in the immediate future if the charity continues to make deficits in the coming years.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity 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.
Reserves policy
The Trustees consider that the present level of reserves can be maintained, and that future expenditure will be met from income generated in that period. The Society has continued to maintain a reasonable amount of income in reserve, as it is considered that pharmaceutical support is decreasing and may cease in the near future. This reserve will allow the Society to continue its activities whilst securing funding from other sources.
Page 6
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2020
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of the Primary Care Rheumatology and Musculoskeletal Medicine Society for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and dedection of fraud and other irregularities.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The report was approved by the Trustees on 24 September 2021 and signed on their behalf by:
Dr S L Douglas Trustee
Dr A Mone Trustee
Page 7
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
INDEPENDENT EXAMINER'S REPORT
for the year ended 31 December 2020
Independent Examiner's Report to the Trustees of the Primary Care Rheumatology and Musculoskeletal Medicine Society
I report on the financial statements of the charity for the year ended 31 December 2020 which are set out on pages 8 to 21.
Respective responsibilities of Trustees and Examiner
As the charity’s trustees of the Company (who are also the directors of the company 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 for this year 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.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).
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.
Signed: Dated: 24 September 2021
Guy R Baragwanath ACA
C & G B Associates
8-10 Millgate Thirsk North Yorkshire YO7 1AA
Page 8
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) for the year ended 31 December 2020
| Unrestricted funds 2020 Note £ Income and endowments from: Donations and legacies 2 18,446 Investments 3 11 Charitable activities 4 18,838 Total income and endowments 37,295 Expenditure on: Charitable activities 5 42,434 Total resources expended 42,434 (5,139) Gains / (losses) on investments 11 5,154 15 Reconciliation of funds: Total funds at 1 January 2020 14 190,706 Total funds at 31 December 2020 14 190,721 Net income / (expenditure) before gains / (losses) Net income / (expenditure) Net movement in funds |
Restricted funds 2020 £ - - - - 695 695 (695) - (695) 4,520 3,825 |
Total funds 2020 £ 18,446 11 18,838 37,295 43,129 43,129 (5,834) 5,154 (680) 195,226 194,546 |
Total funds 2019 £ 12,128 52 35,428 47,608 128,175 128,175 (80,567) 24,920 (55,647) 250,873 195,226 |
|---|---|---|---|
The notes on pages 12 to 22 form part of these financial statements.
The statement of financial activities includes all gains and losses recognised during the year.
All income and expenditure derive from continuing activities.
Page 9
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY REGISTERED NUMBER: 5265464
BALANCE SHEET as at 31 December 2020
----- Start of picture text -----
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 10 640 1,440
Investments 11 179,060 173,906
179,700 175,346
Current assets
Debtors 12 9,463 12,917
Cash at bank and in hand 9,783 44,424
19,246 57,341
Creditors: amounts falling due
within one year 13 (4,400) (37,461)
Net current assets 14,846 19,880
Total assets less current liabilities 194,546 195,226
Charity funds
Restricted funds 14 3,825 4,520
Unrestricted funds - general 14 182,832 182,817
- designated 14 7,889 7,889
Total charity funds 194,546 195,226
----- End of picture text -----
Page 10
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
BALANCE SHEET (continued)
as at 31 December 2020
The Trustees consider that they charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the charity as at 31 December 2020 and of its net resources expended for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charity.
The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Trustees on 24 September 2021 and signed on their behalf, by:
Dr S L Douglas Dr A Mone Trustee Trustee
The notes on pages 12 to 22 form part of these financial statements.
Page 11
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020
1 Accounting policies
(a) General information and basis of preparation of financial statements
The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are on page 2 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issues on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared in sterling which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements do not include a statement of cash flows because the charitable company, as a small reporting entity, is exempt from the requirement to prepare such a statement under SORP (FRS 102).
(b) Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the company 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.
Page 12
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
1 Accounting policies (continued)
(c) Funds
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds 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 or which have been raised by the charity 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.
(d) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Other income includes income such as gains on disposals of tangible fixed assets.
Page 13
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
1 Accounting policies (continued)
(e) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(f) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative and payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 6.
(g) Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Costs includes costs directly attributable to making the asset capable of operating as intended. Assets costing less than £200 are not capitalised.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less their estimated residual value, of each asset on a systematic basis over its expected useful lives as follows:
Office equipment - Furniture - 10% on cost per annum - Equipment - 20% on cost per annum
(h) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transactions costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investment' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Page 14
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2020
1 Accounting policies (continued)
(j) Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
(k) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
- 2 Income from donations and legacies
| Unrestricted funds 2020 £ Donations 11 Membership fees 18,435 Gift Aid - Limb hire - 18,446 12,128 For the year ended 31 December 2019 |
Restricted funds 2020 £ - - - - - - |
Total 2020 £ 11 18,435 - - 18,446 |
Total 2019 £ 75 9,492 2,411 150 12,128 12,128 |
|---|---|---|---|
Page 15
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
----- Start of picture text -----
3 Income from investments
Unrestricted Restricted
funds funds Total Total
2020 2020 2020 2019
£ £ £ £
Deposit account interest 11 - 11 52
11 - 11 52
For the year ended
31 December 2019 52 - 52
4 Income from charitable activities
Unrestricted Restricted
funds funds Total Total
2020 2020 2020 2019
£ £ £ £
-
Symposia, meeting & 18,838 18,838 35,428
workshops
NICE income - - - -
-
18,838 18,838 35,428
For the year ended
31 December 2019 35,428 - 35,428
----- End of picture text -----
Page 16
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
5 Analysis of expenditure on charitable activities
| Symposia, meeting and workshops £ 2,175 - John Dickson Award Fund - 2,175 Share of support costs (6) 38,099 (6) 2,160 42,434 Analysis by fund Unrestricted funds 42,434 Restricted funds - 42,434 For the year ended 31 December 2019 Unrestricted funds 126,886 Restricted funds 1,289 128,175 Symposia,meeting and workshops Share of governance costs FSEM Diploma Costs |
Awards & Diploma £ 695 - - 695 - - 695 - 695 695 |
Total 2020 £ 2,870 - - 2,870 38,099 2,160 43,129 42,434 695 43,129 |
Total 2019 £ 16,522 1,289 - 17,811 98,879 11,485 128,175 126,886 1,289 128,175 |
|---|---|---|---|
Page 17
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
----- Start of picture text -----
||||||
|---|---|---|---|---|
|6|Allocation of support costs|
|Support|Total|Total|
|Costs|Governance|2020|2019|
|£|£|£|£|
|Salaries|649|-|649|93,183|
|-|-|
|Admin Support Contractor|23,349|23,349|
|Independent Exmainer's fees|-|
|1,560|1,560|1,526|
|Office expenses and|
|subscriptions|482|-|482|849|
|Insurance|-|-|-|242|
|-|-|-|
|Light and heat|1,275|
|-|
|Computer costs|5,246|5,246|4,746|
|Telephone|-|-|-|380|
|Consultancy fees|3,800|-|3,800|500|
|Legal expenses|-|600|600|3,400|
|Postage, stationery and|
|advertising|245|-|245|592|
|Contribution to presidents|
|-|
|expenses|2,000|2,000|1,000|
|Contribution to Exec members|
|-|
|expenses|1,000|1,000|1,000|
|Travel expenses|529|-|529|332|
|Depreciation|800|-|800|2,339|
|38,099|2,160|40,259|111,364|
----- End of picture text -----
The basis of allocation arises from costs related to governance.
7 Net income / (expenditure) for the year
Net income / (expenditure) is stated after charging /(crediting):
----- Start of picture text -----
||||
|---|---|---|
|2020|2019|
|£|£|
|Depreciation of tangible fixed assets:|
|- owned by the charity|800|2,339|
|(Profit)/loss on fair value movement of investments|(5,154)|(24,920)|
----- End of picture text -----
8 Trustees' remuneration and expenses
No Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2019: £nil).
The Trustees had expenses reimbursed during the year totalling £529 (2019: £118).
Page 18
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
9 Staff costs and employee benefits
| 2020 £ Salaries 649 Social security - Pension contributions - 649 The average monthly number of employees during the year was as follows: Charitable activites and governance (90%:10%) - |
2019 £ 85,854 5,354 1,975 93,183 1 |
|---|---|
No employees received total employee benefits (exluding employer pension costs) of more than £60,000.
All staff were made redundant during the year.
10 Tangible fixed assets
| Cost At 1 January 2020 Additions Disposals At 31 December 2020 Depreciation At 1 January 2020 Charge for year Eliminated on disposal At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 |
Plant and machinery £ 23,249 - - 23,249 21,809 800 - 22,609 640 1,440 |
TOTAL £ 23,249 - - 23,249 21,809 800 - 22,609 640 1,440 |
|---|---|---|
Page 19
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
| 11 Fixed Asset Investments Market value At 1 January 2020 Additions Revaluations Disposals |
Listed investments £ 173,906 - 5,154 - |
|
|---|---|---|
| At 31 December 2020 | 179,060 | |
| Historical cost at 31 December 2020 | 53,275 | |
| There were no investment assets outside the UK. Investments which exceed 5% of the value of the portfolio are as follows: £ % OBSR balanced portfolio 179,060 100 The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. |
||
| 12 Debtors Trade debtors Prepayments and accrued income Other debtors |
2020 £ 9,463 - - |
2019 £ 9,974 2,943 - |
| 9,463 | 12,917 | |
| 13 Creditors: amounts falling due within one year Other tax and social security Accruals and deferred income |
2020 £ - 4,400 |
2019 £ 10,006 27,455 |
| 4,400 | 37,461 |
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PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
| 14 Fund reconciliation Unrestricted funds General fund Designated - A Martynoga Award fund Designated - John Dickson Award fund Designated - FSEM/PCRMM Diploma Fund |
Net Balance at movement Balance at 1 Jan 2020 in funds 31 Dec 2020 £ £ £ 182,817 15 182,832 885 - 885 2,649 2,649 4,355 4,355 |
|---|---|
| Restricted funds MSK Diploma fund FSEM Diploma fund |
190,706 15 190,721 165 - 165 4,355 (695) 3,660 |
| Total funds | 195,226 (680) 194,546 |
| Net movement in funds, included in the above are as follows: Gains / Movement Income Expenditure (losses) in funds £ £ £ £ Unrestricted funds General fund 37,295 (42,434) 5,154 15 Designated funds - - - |
|
| 37,295 Restricted funds MSK Diploma fund - FSEM Diploma fund - |
(42,434) 5,154 15 - - - (695) - (695) |
| Total funds 37,295 |
(43,129) 5,154 (680) |
The MSK Diploma fund represents monies received from Pfizer to enable the Society to write a distance learning programme to educate GPs in Musko-skeletal medicine.
The FSEM Diploma fund represents monies received from The Faculty of Sport and Exercise Medicine to cover travel and subsistence costs for FSEM/PCRMM Diploma examiners.
The A Martynoga Award fund is used to pay awards to students as appropriate. This is treated as a designed fund by the Trustees.
The John Dickson Award fund is used to pay bursaries to students as appropriate. This is treated as a designed fund by the Trustees.
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PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2020
----- Start of picture text -----
||||||
|---|---|---|---|---|
|15|Analysis of net assets between funds|
|Unrestricted|Designated|Restricted|
|funds|funds|funds|Total|
|£|£|£|£|
|Fixed assets|179,700|-|-|179,700|
|Cash and current investments|(1,931)|7,889|3,825|9,783|
|-|-|
|Other current assets /liabilities|5,063|5,063|
|Total|182,832|7,889|3,825|194,546|
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16 Related party transactions
There were no disclosable related party transactions during the period (2019: £nil).
17 Financial instruments
The carrying amount of the charity's financial instruments are as follows:
----- Start of picture text -----
||||
|---|---|---|
|2020|2019|
|£|£|
|Financial assets|
|Measured at fair value through net income / expenditure:|
|- Fixed asset listed investments (note 11)|179,060|173,906|
----- End of picture text -----
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