**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 2022** **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 2022_ ## **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 (Resigned 30 June 2022) ## **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 2022_ 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 2022. 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 2022_ ## **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. The membership database cintinues to be developed. 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 Executive committee including the current president Dr Lucy Douglas, Dr Louise Warburton, David Wilson, Krystian Dawiec Dr Chris Ellis, Dr Gui Tran 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 include, Stephanie Dicks, Dr Arthur Mone, Dr Lucy Douglas and Professor Philip Conaghan. Matt Harvey stepped down mid 2022. Page 3 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## TRUSTEES' REPORT (continued) _for the year ended 31 December 2022_ ## **Membership** At the close of 2022 the membership was around 330 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. The website is also regularly updated with learning material for members. 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. ## _**ACHIEVEMENTS AND PERFORMANCE**_ ## **Achievements** ## Primary Care Rheumatology (PCR) Conference Due to the success of the society's previous online conference, the same format was chosen for the 2022 conference. This again worked well. There were 149 attendees. The first Diploma Eudcational Course was run in 2022 to provide preparation for the FSEM MSK Diploma. This event included 2 online study days and pay to view dedicated website pages. The course was well receievd and generated income for the society. ## Distance Learning Programme The society also provides feedback when asked to contribute, on guideline development for example NICE and NOGG. Page 4 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## TRUSTEES' REPORT (continued) _for the year ended 31 December 2022_ ## Diploma Following meetings with the Faculty of Sports and Exercise medicine in 2022 it was decided that henceforth FSEM would take over the running and hosting of the diploma exam, whilst PCRMM would concentrate on providing education. This avoided potential conflict of interest whereby those involved in education were also involved in question writing and standard setting. It also allowed each society to make best use of their prior expertise. For PCRMM this is education. ## _**FINANCIAL REVIEW**_ ## **Financial review** ## Income • Income has incresased by £18,886 from £61,771 to £80,657, mainly due to income receievd for Diploma funding. - Membership fees have dereased by £4,286. - Donations were received totalling £495 in the year. - Income from workshops and Symposia meeting increased by £11,898. ## Expenditure • Expenditure has increased by £6,946 from £57,399 to £64,345, mainly due to an increase in colsultancy fees. - Admin costs of £28,705 arose in the year. - FSEM Diploma costs totalled £5,849 in the year. - Website update costs totalled £8,624. - Most other costs are comparable to 2020. - Consultancy fees totalled £10,264 in the year. ## Investments • Losses on investments were £13,106 compared to gains of £17,549 in 2021. This increase would have been expected due to how the stock markets have performed over 2022. - No shares were sold in the year. • Surplus for the year before gains on investments of £16,312, compared to a surplus before gains on investments of £4,372 in 2021. - The surplus for the year was £3,206, compared to a surplus of £21,922 in 2021. Page 5 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## TRUSTEES' REPORT (continued) _for the year ended 31 December 2022_ ## Balance Sheet • Depreciation for the year was £102. • Investments: Losses in the year of £13,106. The value of the investments at 31 December 2022 were £183,503. • Debtors: Trade debtors of £2,738 were £2,653 for gift aid claims and £175 for subscriptions and conference income not received by the year end. Prepayments were £524. • Cash at bank: Cash held at 31 December 2022 was £36,989 compared to £17,229 at 31 December 2021. This included money held in both bank accounts and the PayPal account. • Creditors: Accruals of 4,491 are items of expenditure that related to 2022 that were paid or due to be paid in 2023. ## Reserves • The charity has funds carried forward of £219,673 of which £nil are restricted, £3,534 are designated by the trustees (£885 A Martynoga Award & £2,649 J Dickson Award). • 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 2022_ ## _**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 2023 and signed on their behalf by: Dr A Mone **Trustee** Page 7 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## INDEPENDENT EXAMINER'S REPORT _for the year ended 31 December 2022_ ## **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 2022 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 2023 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 2022_ |**Unrestricted**
**funds**
**2022**
Note
**£**
**Income and endowments from:**
Donations and legacies
2
24,475
Investments
3
-
Charitable activities
4
56,182
**Total income and endowments**
80,657
**Expenditure on:**
Charitable activities
5
58,496
**Total resources expended**
58,496
22,161
Transfer between funds
(4,443)
17,718
Gains / (losses) on investments
11
(13,106)
4,612
**Reconciliation of funds:**
Total funds at 1 January 2021
14
215,061
**Total funds at 31 December 2021**
14
219,673
**Net income / (expenditure) before**
**gains / (losses)**
**Net income / (expenditure)**
**Net movement in funds**|**Restricted**
**funds**
**2022**
**£**
-
-
-
-
5,849
5,849
(5,849)
4,443
(1,406)
-
(1,406)
1,406
-|**Total**
**funds**
**2022**
**£**
24,475
-
56,182
80,657
64,345
64,345
16,312
-
16,312
(13,106)
3,206
216,467
219,673|Total
funds
2021
£
32,384
-
29,387
61,771
57,399
57,399
4,372
-
4,372
17,549
21,921
194,546
216,467| |---|---|---|---| 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 2022_ **----- Start of picture text -----**
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 10 410 512
Investments 11 183,503 196,609
183,913 197,121
Current assets
Debtors 12 3,262 7,752
Cash at bank and in hand 36,989 17,229
40,251 24,981
Creditors: amounts falling due
within one year 13 (4,491) (5,635)
Net current assets 35,760 19,346
Total assets less current liabilities 219,673 216,467
Charity funds
Restricted funds 14 - 1,406
Unrestricted funds - general 14 216,139 207,172
- designated 14 3,534 7,889
Total charity funds 219,673 216,467
**----- End of picture text -----**
Page 10 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** BALANCE SHEET (continued) _as at 31 December 2022_ 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 2023 and signed on their behalf, by: Dr A Mone **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 2022_ ## **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 2022_ ## **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 2022_ ## **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 2022_ ## **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**
**2022**
**£**
Donations
495
Membership fees
23,980
Gift Aid
-
Limb hire
-
24,475
32,384
**For the year ended**
**31 December 2021**|**Restricted**
**funds**
**2022**
**£**
-
-
-
-
-
-|**Total**
**2022**
**£**
495
23,980
-
-
24,475|Total
2021
£
2,280
28,266
1,838
-
32,384
32,384| |---|---|---|---| Page 15 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## NOTES TO THE FINANCIAL STATEMENTS (continued) _for the year ended 31 December 2022_ **----- Start of picture text -----**
3 Income from investments
Unrestricted Restricted
funds funds Total Total
2022 2022 2022 2021
£ £ £ £
- - - -
Deposit account interest
- - - -
For the year ended
31 December 2021 - - -
4 Income from charitable activities
Unrestricted Restricted
funds funds Total Total
2022 2022 2022 2021
£ £ £ £
Symposia, meeting & 36,035 - 36,035 24,137
workshops
Other Income 20,147 - 20,147 5,250
-
56,182 56,182 29,387
For the year ended
31 December 2021 29,387 - 29,387
**----- 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 2022_ ## **5 Analysis of expenditure on charitable activities** |**Symposia,**
**meeting and**
**workshops**
**£**
5,164
-
John Dickson Award Fund
-
5,164
Share of support costs
(6)
52,132
(6)
1,200
58,496
**Analysis by fund**
Unrestricted funds
58,496
Restricted funds
-
58,496
**For the year ended 31 December 2021**
Unrestricted funds
54,980
Restricted funds
2,419
57,399
Symposia,meeting and
workshops
Share of governance
costs
FSEM Diploma Costs|**Awards**
**& Diploma**
**£**
-
5,849
-
5,849
-
-
5,849
-
5,849
5,849|**Total**
**2022**
**£**
5,164
5,849
-
11,013
52,132
1,200
64,345
58,496
5,849
64,345|Total
2021
£
5,056
2,419
-
7,475
48,724
1,200
57,399
54,980
2,419
57,399| |---|---|---|---| Page 17 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## NOTES TO THE FINANCIAL STATEMENTS (continued) _for the year ended 31 December 2022_ **----- Start of picture text -----**
|||||| |---|---|---|---|---| |6|Allocation of support costs| |Support|Total|Total| |Costs|Governance|2022|2021| |£|£|£|£| |-| |Admin Support Contractor|28,705|28,705|30,301| |-| |Independent Exmainer's fees|1,200|1,200|1,200| |Office expenses and| |-| |subscriptions|1,393|1,393|1,155| |Insurance|-|-|-|-| |-| |Computer costs|1,394|1,394|2,192| |-| |Consultancy fees|10,264|10,264|2,750| |Website costs|8,624|-|8,624|11,198| |Contribution to presidents| |-| |expenses|1,500|1,500|1,000| |Contribution to Exec members| |expenses|-|-|-|-| |Travel expenses|150|-|150|-| |Depreciation|102|-|102|128| |52,132|1,200|53,332|49,924| **----- 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 -----**
|||| |---|---|---| |2022|2021| |£|£| |Depreciation of tangible fixed assets:| |- owned by the charity|102|128| |(Profit)/loss on fair value movement of investments|13,106|(17,549)| **----- 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 (2021: £nil). The Trustees had expenses reimbursed during the year totalling £nil (2021: £216). Page 18 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## NOTES TO THE FINANCIAL STATEMENTS (continued) _for the year ended 31 December 2022_ **----- Start of picture text -----**
10 Tangible fixed assets
Plant and
machinery TOTAL
£ £
Cost
At 1 January 2022 23,249 23,249
Additions - -
- -
Disposals
At 31 December 2022 23,249 23,249
Depreciation
At 1 January 2022 22,737 22,737
Charge for year 102 102
- -
Eliminated on disposal
At 31 December 2022 22,839 22,839
Carrying amount
At 31 December 2021 410 410
At 31 December 2021 512 512
**----- End of picture text -----**
Page 19 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## NOTES TO THE FINANCIAL STATEMENTS (continued) _for the year ended 31 December 2022_ |**11**
**Fixed Asset Investments**
**Market value**
At 1 January 2022
Additions
Revaluations
Disposals||**Listed**
**investments**
**£**
196,609
-
(13,106)
-| |---|---|---| |At 31 December 2022||183,503| |Historical cost at 31 December 2022||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
183,503
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|**2022**
**£**
2,738
524|2021
£
7,407
345| ||3,262|7,752| |**13**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2022**
**£**
4,491|2021
£
5,635| ||4,491|5,635| Page 20 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## NOTES TO THE FINANCIAL STATEMENTS (continued) _for the year ended 31 December 2022_ |**14**
**Fund reconciliation**
**Unrestricted funds**
General fund
Designated - A Martynoga Award fund
Designated - John Dickson Award fund
Designated - FSEM/PCRMM Diploma Fund
**Restricted funds**
MSK Diploma fund
FSEM Diploma fund
**Total funds**
Net movement in funds, included in the above
**Unrestricted funds**
General fund
Designated funds
**Restricted funds**
MSK Diploma fund
FSEM Diploma fund
**Total funds**|**Net**
**Balance at**
**movement**
**1 Jan 2022**
**in funds**
**£**
**£**
190,623
9,055
885
-
2,649
-
4,355
-
198,512
9,055
165
-
1,241
(5,849)
199,918
3,206
are as follows:
**Income**
**Expenditure**
**£**
**£**
80,657
(58,496)
-
-
80,657
(58,496)
-
-
-
(5,849)
80,657
(64,345)|**Transfer**
**between**
**Balance at**
**funds**
**31 Dec 2022**
**£**
**£**
(88)
199,590
885
2,649
(4,355)
-
(4,443)
203,124
(165)
-
4,608
-
-
203,124
**Gains /**
**Movement**
**(losses)**
**in funds**
**£**
**£**
(13,106)
9,055
-
-
(13,106)
9,055
-
-
-
(5,849)
(13,106)
3,206| |---|---|---| 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 2022_ Page 21 **PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY** ## NOTES TO THE FINANCIAL STATEMENTS (continued) _for the year ended 31 December 2022_ **----- Start of picture text -----**
|||||| |---|---|---|---|---| |15|Analysis of net assets between funds| |Unrestricted|Designated|Restricted| |funds|funds|funds|Total| |£|£|£|£| |Fixed assets|183,913|-|-|183,913| |Cash and current investments|33,455|3,534|-|36,989| |-|-| |Other current assets /liabilities|(1,229)|(1,229)| |Total|216,139|3,534|-|219,673| **----- 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 -----**
|||| |---|---|---| |2022|2021| |£|£| |Financial assets| |Measured at fair value through net income / expenditure:| |- Fixed asset listed investments (note 11)|183,503|196,609| **----- End of picture text -----**
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