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 2021
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 2021
Company Name
Primary Care Rheumatology and Musculoskeletal Medicine Society
Directors and trustees
Prof Philip G Conaghan Dr Sarah Lucy Douglas President Dr Arthur Mone Ms Stephanie Dicks Mr Matthew Harvey
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 2021
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 2021. 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 2020 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 2021
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 4 person Executive committee including the current president Dr Lucy Douglas, Education Secretary Dr Louise Warburton, Membership Secretary David Wilson and Krystian Dawiec, 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 an administrator and also employs the services of various contractors according to need. The Executive Committee members receive a small honorarium for their services.
The trustees are unchanged and include, Stephanie Dicks, Matthew Harvey, Dr Arthur Mone. Dr Lucy Douglas and Professor Philip Conaghan
Page 3
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2021
Membership
At the close of 2021 the membership was around 600 members. The number of non-medical members remains the larger proportion of the membership. 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
The website continues to be well utilised and is regularly updated to allow marketing of the society and its activities, and continues to contribute to the increase in membership numbers. Improvements have been made to the functionality of the website further regarding payment systems to the society for example.
Social media i.e. Twitter continues to be utilised to good effect. This increases the society’s impact and influence in the MSK clinical sphere and is likely to have contributed to increasing membership.
ACHIEVEMENTS AND PERFORMANCE
Achievements
Primary Care Rheumatology (PCR) Conference
Due to the success of the society's first online only conference in 2019, the same format was chosen for the 2021 conference. This again worked well. Attendance was reduced compared to 2019, but this may be as members had access to the conference content to watch in their own time at a later date.
A series of evening webinars were run for both members and non-members throughout the year on a variety of MSK and rheumatological topics. These have been well received and the plan is to continue these going forward.
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 2021
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.
The first sitting of the FSEM PCRMM MSK diploma took place in 2021. This was considered a great success with 208 candidates applying.
FINANCIAL REVIEW
Financial review
Income
• Income has incresased by £24,476 from £37,295 to £61,771, mainly due to increase income from the membership & symposia meeting & workshops.
-
Membership fees have increased by £9,831.
-
Donations were received totalling £2,280 in the year.
Expenditure
-
Expenditure has increased by £14,270 from £43,129 to £57,399, mainly due to an update of the website.
-
Admin costs of £30,301 arose in the year.
-
Symposia meeting & workshop costs increased by £2,881.
-
FSEM Diploma costs totalled £2,419 in the year.
-
Website update costs totalled £11,198.
-
Most other costs are comparable to 2020.
Investments
-
Gains on investments were £17,549 compared to gains of £5,154 in 2020. This increase would have been expected due to how the stock markets have performed over 2021.
-
No shares were sold in the year.
-
Surplus for the year before gains on investments of £4,372, compared to a deficit before gains on
-
investments of £5,834 in 2020.
-
The surplus for the year was £21,921, compared to a deficit of £680 in 2020.
Page 5
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2021
Balance Sheet
• Depreciation for the year was £128.
• Investments: Gains in the year of £17,549. The value of the investments at 31 December 2021 were £196,609.
• Debtors: Trade debtors of £7,407 were £2,653 for gift aid claims and £4,845 for subscriptions and conference income not received by the year end.
• Cash at bank: Cash held at 31 December 2021 was £17,229 compared to £9,784 at 31 December 2020. This included money held in both bank accounts and the PayPal account.
• Creditors: Accruals of £5,635 are items of expenditure that related to 2021 that were paid or due to be paid in 2022.
Reserves
• The charity has funds carried forward of £216,467 of which £2,616 are restricted (£165 MSK Diploma & £2,451 FSEM Diploma), £6,679 are designated by the trustees (£885 A Martynoga Award, £2,649 J Dickson Award & £3,145 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 2021
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 30 October 2022 and signed on their behalf by:
Dr Sarah Lucy Douglas (Oct 31, 2022 15:43 GMT)
Dr S L Douglas Trustee
Page 7
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
INDEPENDENT EXAMINER'S REPORT
for the year ended 31 December 2021
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 2021 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: 30 October 2022
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 2021
| Unrestricted funds 2021 Note £ Income and endowments from: Donations and legacies 2 32,384 Investments 3 - Charitable activities 4 29,387 Total income and endowments 61,771 Expenditure on: Charitable activities 5 54,980 Total resources expended 54,980 6,791 Gains / (losses) on investments 11 17,549 24,340 Reconciliation of funds: Total funds at 1 January 2021 14 190,721 Total funds at 31 December 2021 14 215,061 Net income / (expenditure) before gains / (losses) Net income / (expenditure) Net movement in funds |
Restricted funds 2021 £ - - - - 2,419 2,419 (2,419) - (2,419) 3,825 1,406 |
Total funds 2021 £ 32,384 - 29,387 61,771 57,399 57,399 4,372 17,549 21,921 194,546 216,467 |
Total funds 2020 £ 18,446 11 18,838 37,295 43,129 43,129 (5,834) 5,154 (680) 195,226 194,546 |
|---|---|---|---|
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 2021
----- Start of picture text -----
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 10 512 640
Investments 11 196,609 179,060
197,121 179,700
Current assets
Debtors 12 7,752 9,463
Cash at bank and in hand 17,229 9,783
24,981 19,246
Creditors: amounts falling due
within one year 13 (5,635) (4,400)
Net current assets 19,346 14,846
Total assets less current liabilities 216,467 194,546
Charity funds
Restricted funds 14 1,406 3,825
Unrestricted funds - general 14 207,172 182,832
- designated 14 7,889 7,889
Total charity funds 216,467 194,546
----- End of picture text -----
Page 10
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
BALANCE SHEET (continued)
as at 31 December 2021
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 2021 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 30 October 2022 and signed on their behalf, by:
Dr Sarah Lucy Douglas (Oct 31, 2022 15:43 GMT)
Dr S L Douglas
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 2021
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 2021
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 2021
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 2021
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 2021 £ Donations 2,280 Membership fees 28,266 Gift Aid 1,838 Limb hire - 32,384 18,446 For the year ended 31 December 2020 |
Restricted funds 2021 £ - - - - - - |
Total 2021 £ 2,280 28,266 1,838 - 32,384 |
Total 2020 £ 11 18,435 - - 18,446 18,446 |
|---|---|---|---|
Page 15
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2021
----- Start of picture text -----
3 Income from investments
Unrestricted Restricted
funds funds Total Total
2021 2021 2021 2020
£ £ £ £
Deposit account interest - - - 11
- - - 11
For the year ended
31 December 2020 11 - 11
4 Income from charitable activities
Unrestricted Restricted
funds funds Total Total
2021 2021 2021 2020
£ £ £ £
-
Symposia, meeting & 24,137 24,137 18,838
workshops
Other Income 5,250 - 5,250 -
-
29,387 29,387 18,838
For the year ended
31 December 2020 18,838 - 18,838
----- 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 2021
5 Analysis of expenditure on charitable activities
| Symposia, meeting and workshops £ 5,056 - John Dickson Award Fund - 5,056 Share of support costs (6) 48,724 (6) 1,200 54,980 Analysis by fund Unrestricted funds 54,980 Restricted funds - 54,980 For the year ended 31 December 2020 Unrestricted funds 42,434 Restricted funds 695 43,129 Symposia,meeting and workshops Share of governance costs FSEM Diploma Costs |
Awards & Diploma £ - 2,419 - 2,419 - - 2,419 - 2,419 2,419 |
Total 2021 £ 5,056 2,419 - 7,475 48,724 1,200 57,399 54,980 2,419 57,399 |
Total 2020 £ 2,870 - - 2,870 38,099 2,160 43,129 42,434 695 43,129 |
|---|---|---|---|
Page 17
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2021
6 Allocation of support costs
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Support|Total|Total|
|Costs|Governance|2021|2020|
|£|£|£|£|
|Salaries|-|-|-|649|
|-|
|Admin Support Contractor|30,301|30,301|23,349|
|Independent Exmainer's fees|-|
|1,200|1,200|1,560|
|Office expenses and|
|subscriptions|1,155|-|1,155|482|
|Insurance|-|-|-|-|
|-|-|-|-|
|Light and heat|
|-|
|Computer costs|2,192|2,192|5,246|
|-|-|-|-|
|Telephone|
|-|
|Consultancy fees|2,750|2,750|3,800|
|Website costs|11,198|-|11,198|-|
|Legal expenses|-|-|-|600|
|Postage, stationery and|
|advertising|-|-|-|245|
|Contribution to presidents|
|-|
|expenses|1,000|1,000|2,000|
|Contribution to Exec members|
|-|-|-|
|expenses|1,000|
|Travel expenses|-|-|-|529|
|Depreciation|128|-|128|800|
|48,724|1,200|49,924|40,259|
----- 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 -----
||||
|---|---|---|
|2021|2020|
|£|£|
|Depreciation of tangible fixed assets:|
|- owned by the charity|128|800|
|(Profit)/loss on fair value movement of investments|(17,549)|(5,154)|
----- 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 (2020: £nil).
The Trustees had expenses reimbursed during the year totalling £216 (2020: £529).
Page 18
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2021
9 Staff costs and employee benefits
| Salaries Social security Pension contributions The average monthly number of employees during the year w Charitable activites and governance (90%:10%) |
2021 £ - - - - as as follows: - |
2020 £ 649 - - 649 1 |
|---|---|---|
No employees received total employee benefits (exluding employer pension costs) of more than £60,000.
10 Tangible fixed assets
| Cost At 1 January 2021 Additions Disposals At 31 December 2021 Depreciation At 1 January 2021 Charge for year Eliminated on disposal At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
Plant and machinery £ 23,249 - - 23,249 22,609 128 - 22,737 512 640 |
TOTAL £ 23,249 - - 23,249 22,609 128 - 22,737 512 640 |
|---|---|---|
Page 19
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2021
| 11 Fixed Asset Investments Market value At 1 January 2021 Additions Revaluations Disposals |
Listed investments £ 179,060 - 17,549 - |
|
|---|---|---|
| At 31 December 2021 | 196,609 | |
| Historical cost at 31 December 2021 | 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 196,609 100 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 |
2021 £ 7,407 345 - |
2020 £ 9,463 - - |
| 7,752 | 9,463 | |
| 13 Creditors: amounts falling due within one year Other tax and social security Accruals and deferred income |
2021 £ - 5,635 |
2020 £ - 4,400 |
| 5,635 | 4,400 |
Page 20
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2021
Fund reconciliation
| 14 Fund reconciliation Balance at 1 Jan 2021 £ Unrestricted funds General fund 182,832 Designated - A Martynoga Award fund 885 Designated - John Dickson Award fund 2,649 Designated - FSEM/PCRMM Diploma Fund 4,355 190,721 Restricted funds MSK Diploma fund 165 FSEM Diploma fund 3,660 Total funds 194,546 Net movement in funds, included in the above are as follows: Income Expenditure £ £ Unrestricted funds General fund 61,771 (54,980) Designated funds - - 61,771 (54,980) Restricted funds MSK Diploma fund - - FSEM Diploma fund - (2,419) Total funds 61,771 (57,399) |
Net movement Balance at in funds 31 Dec 2021 £ £ 24,340 207,172 - 885 - 2,649 - 4,355 24,340 215,061 - 165 (2,419) 1,241 21,921 216,467 Gains / Movement (losses) in funds £ £ 17,549 24,340 - - 17,549 24,340 - - - (2,419) 17,549 21,921 |
|---|---|
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.
Page 21
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2021
15 Analysis of net assets between funds
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Designated|Restricted|
|funds|funds|funds|Total|
|£|£|£|£|
|Fixed assets|197,121|-|-|197,121|
|Cash and current investments|7,934|7,889|1,406|17,229|
|-|-|
|Other current assets /liabilities|2,117|2,117|
|Total|207,172|7,889|1,406|216,467|
----- End of picture text -----
16 Related party transactions
There were no disclosable related party transactions during the period (2020: £nil).
17 Financial instruments
The carrying amount of the charity's financial instruments are as follows:
----- Start of picture text -----
||||
|---|---|---|
|2021|2020|
|£|£|
|Financial assets|
|Measured at fair value through net income / expenditure:|
|- Fixed asset listed investments (note 11)|196,609|179,060|
----- End of picture text -----
Page 22
Final accounts 31Dec21 PCRMMS
Final Audit Report
2022-10-31
Created: 2022-10-30 By: Guy Baragwanath (mail@cgb-associates.com) Status: Signed Transaction ID: CBJCHBCAABAAojD9HinMbgHCLNs_YTlfUG5b-6bKkOxW
"Final accounts 31Dec21 PCRMMS" History
Document created by Guy Baragwanath (mail@cgb-associates.com)
2022-10-30 - 7:55:35 PM GMT
Document emailed to lucydouglas1234@gmail.com for signature
2022-10-30 - 7:56:09 PM GMT
Email viewed by lucydouglas1234@gmail.com
2022-10-31 - 3:41:01 PM GMT
Signer lucydouglas1234@gmail.com entered name at signing as Dr Sarah Lucy Douglas 2022-10-31 - 3:43:50 PM GMT
Document e-signed by Dr Sarah Lucy Douglas (lucydouglas1234@gmail.com) Signature Date: 2022-10-31 - 3:43:52 PM GMT - Time Source: server
Agreement completed.
2022-10-31 - 3:43:52 PM GMT