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 2024
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 2024
Company Name
Primary Care Rheumatology and Musculoskeletal Medicine Society
Directors and trustees
Prof Philip G Conaghan Dr Sarah Lucy Douglas Dr Arthur Mone Head of trustees Mr Philipp Khokhlov
Company Registered Number
5265464 (England and Wales)
Charity Registered Number
1107558
Registered Office
PCRMMM PO Box 847 Rickmansworth WD3 0RS
Independent Examiner
Guy Baragwanath FCA C & G B Associates Accountants 37-39 Westgate Thirsk North Yorkshire YO7 1QR
Bankers
Barclays Bank Leicester LE87 2AB
Page 1
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT
for the year ended 31 December 2024
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 2024. 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 the subject of rheumatology and musculoskeletal medicine by education, knowledge and skill standards, thereby improving the medical care of patients by clinicians.
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 other 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 2024
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
In November 2023, PCRMM employed the services of Signature Healthcare Communications to manage the day to day running of PCRMM including the administration of educational events. This arrangement continues. External agencies are also subcontracted as part of this arrangement for example relating to call handling and event IT requirements.
The membership database continues to be monitored and updated. Dr Louise Warburton and Dr Chris Ellis remain in post as co-presidents.
They are advised and assisted by the Executive Committee who are a group of volunteers drawn from membership, and report back to the Trustees. The Executive Committee members have previously received a small honorarium for their services. However this is currently being reviewed.
The trustees include, Head of Trustees Dr Arthur Mone, Dr Sarah Lucy Douglas, Professor Philip Conaghan and Philipp Khokhlof
Page 3
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2024
Membership
At the close of 2024 the membership was around 300 members. The number of non-medical members remains the larger proportion of the membership. This 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 hopefully contributes to the increase in membership numbers. The website is 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
The society held its first live conference since the Covid pandemic. This was held in Liverpool in June 2024. The event included a variety of talks on rheumatology and musculoskeletal topics. It was a success and received good feedback from attendees.
The Diploma Edcational Course was run in 2024 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 received and generated income for the society.
PCRMM continues to run evening educational webinars on a variety of topics.
Distance Learning Programme
The society also provides feedback to other professional groups when asked to contribute on guideline development for example.
Page 4
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2024
FINANCIAL REVIEW
Financial review
Income
-
Income has decreased by £16.929 from £67,152 to £50,223.
-
Membership fees have remained similar to 2023.
-
No donations were received in the year (£70 in 2023).
-
Income from workshops and Symposia meetings decreased by £16,952.
Expenditure
-
Expenditure has increased by £14,311 from £74,595 to £88,906, mainly due to an increase in consultancy fees.
-
There were no FSEM Diploma costs in the year.
-
Website costs totalled £4,066 (£2,450 in 2023).
-
Most other costs are comparable to 2023.
-
Consultancy fees totalled £55,155 in the year (£18,000 in 2023).
Investments
-
Gains on investments were £18,233 compared to gains of £7,340 in 2023.
-
£50,000 of shares were sold in the year.
-
Deficit for the year before gains on investments of £38,683, compared to a deficit before gains on
-
investments of £7,443 in 2023.
-
The deficit for the year was £103, compared to a deficit of £103 in 2023.
Page 5
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
TRUSTEES' REPORT (continued)
for the year ended 31 December 2024
Balance Sheet
• There was no depreciation for the year (2023 £410).
• Investments: Gains in the year of £18,233. The value of the investments at 31 December 2024 were £159,076.
• Debtors: Trade debtors of £2,653 was for gift aid claims.
• Cash at bank: Cash held at 31 December 2024 was £38,611 compared to £27,364 at 31 December 2023. This included money held in both bank accounts.
• Creditors: Accruals of £1,200 are items of expenditure that related to 2024 that were paid or due to be paid in 2025.
Reserves
• The charity has funds carried forward of £199,120 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 2024
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 detection 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 28 October 2025 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 2024
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 2024 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: 28 October 2025
Guy R Baragwanath FCA
C & G B Associates
37-39 Westgate Thirsk North Yorkshire YO7 1QR
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 2024
| Unrestricted funds 2024 Note £ Income and endowments from: Donations and legacies 2 22,854 Investments 3 1 Charitable activities 4 27,368 Total income and endowments 50,223 Expenditure on: Charitable activities 5 88,906 Total resources expended 88,906 (38,683) Transfer between funds - (38,683) Gains / (losses) on investments 11 18,233 (20,450) Reconciliation of funds: Total funds at 1 January 2023 14 219,570 Total funds at 31 December 2023 14 199,120 Net income / (expenditure) before gains / (losses) Net income / (expenditure) Net movement in funds |
Restricted funds 2024 £ - - - - - - - - - - - - - |
Total funds 2024 £ 22,854 1 27,368 50,223 88,906 88,906 (38,683) - (38,683) 18,233 (20,450) 219,570 199,120 |
Total funds 2023 £ 22,831 1 44,320 67,152 74,595 74,595 (7,443) - (7,443) 7,340 (103) 219,673 219,570 |
|---|---|---|---|
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 2024
----- Start of picture text -----
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 10 - -
Investments 11 159,076 190,843
159,076 190,843
Current assets
Debtors 12 2,563 2,563
Cash at bank and in hand 38,681 27,364
41,244 29,927
Creditors: amounts falling due
within one year 13 (1,200) (1,200)
Net current assets 40,044 28,727
Total assets less current liabilities 199,120 219,570
Charity funds
Restricted funds 14 - -
Unrestricted funds - general 14 195,586 216,036
- designated 14 3,534 3,534
Total charity funds 199,120 219,570
----- End of picture text -----
Page 10
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
BALANCE SHEET (continued)
as at 31 December 2024
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 2023 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 28 October 2025 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 2024
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 2024
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 2024
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 2024
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 2024 £ Donations - Membership fees 22,854 Gift Aid - Limb hire - 22,854 22,831 For the year ended 31 December 2023 |
Restricted funds 2024 £ - - - - - - |
Total 2024 £ - 22,854 - - 22,854 |
Total 2023 £ 70 22,761 - - 22,831 22,831 |
|---|---|---|---|
Page 15
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2024
----- Start of picture text -----
3 Income from investments
Unrestricted Restricted
funds funds Total Total
2024 2024 2024 2023
£ £ £ £
Deposit account interest 1 - 1 1
1 - 1 1
For the year ended
31 December 2023 1 - -
4 Income from charitable activities
Unrestricted Restricted
funds funds Total Total
2024 2024 2024 2023
£ £ £ £
Symposia, meeting & 27,068 - 27,068 43,320
workshops
Other Income 300 - 300 1,000
-
27,368 27,368 44,320
For the year ended
31 December 2023 44,320 - 44,320
----- 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 2024
5 Analysis of expenditure on charitable activities
| Symposia, meeting and workshops £ 9,392 - John Dickson Award Fund - 9,392 Share of support costs (6) 76,354 (6) 1,200 86,946 Analysis by fund Unrestricted funds 86,946 Restricted funds - 86,946 For the year ended 31 December 2023 Unrestricted funds 74,595 Restricted funds - 74,595 Symposia,meeting and workshops Share of governance costs FSEM Diploma Costs |
Awards & Diploma £ 1,960 - - 1,960 - - 1,960 - - - |
Total 2024 £ 11,352 - - 11,352 76,354 1,200 88,906 86,946 - 86,946 |
Total 2023 £ 7,464 - - 7,464 65,931 1,200 74,595 74,595 - 74,595 |
|---|---|---|---|
Page 17
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2024
----- Start of picture text -----
||||||
|---|---|---|---|---|
|6|Allocation of support costs|
|Support|Total|Total|
|Costs|Governance|2024|2023|
|£|£|£|£|
|Admin Support Contractor|858|-|858|21,543|
|-|
|Management Consultancy fees|55,155|55,155|18,000|
|-|
|Independent Exmainer's fees|1,200|1,200|1,200|
|Advertising|166|-|166|68|
|Office expenses and|
|-|
|subscriptions|5,015|5,015|1,361|
|Insurance|814|-|814|-|
|-|
|Computer & software costs|3,093|3,093|3,433|
|-|
|Consultancy fees|3,058|3,058|12,422|
|Website costs|4,066|-|4,066|2,450|
|Contribution to presidents|
|-|
|expenses|4,000|4,000|5,500|
|Contribution to Exec members|
|expenses|129|-|129|214|
|Travel expenses|-|-|-|185|
|Legal expenses|-|-|-|345|
|Depreciation|-|-|-|410|
|76,354|1,200|77,554|67,131|
----- 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 -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Depreciation of tangible fixed assets:|
|- owned by the charity|-|410|
|(Profit)/loss on fair value movement of investments|(18,233)|(7,340)|
----- 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 (2023: £nil).
The Trustees had expenses reimbursed during the year totalling £129 (2023: £214).
Page 18
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2024
----- Start of picture text -----
10 Tangible fixed assets
Plant and
machinery TOTAL
£ £
Cost
At 1 January 2024 23,249 23,249
Additions - -
- -
Disposals
At 31 December 2024 23,249 23,249
Depreciation
At 1 January 2024 23,249 23,249
- -
Charge for year
- -
Eliminated on disposal
At 31 December 2024 23,249 23,249
Carrying amount
At 31 December 2024 - -
At 31 December 2023 - -
----- 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 2024
| 11 Fixed Asset Investments Market value At 1 January 2024 Additions Revaluations Disposals |
Listed investments £ 190,843 - 18,233 (50,000) |
|
|---|---|---|
| At 31 December 2024 | 159,076 | |
| Historical cost at 31 December 2024 | 3,275 | |
| There were no investment assets outside the UK. Investments which exceed 5% of the value of the portfolio are as follows: £ % OBSR balanced portfolio 159,076 100 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 |
2024 £ 2,563 - |
2023 £ 2,563 - |
| 2,563 | 2,563 | |
| 13 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 1,200 |
2023 £ 1,200 |
| 1,200 | 1,200 |
Page 20
PRIMARY CARE RHEUMATOLOGY AND MUSCULOSKELETAL MEDICINE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2024
----- Start of picture text -----
14 Fund reconciliation
Net Transfer
Balance at movement between Balance at
1 Jan 2024 in funds funds 31 Dec 2024
£ £ £ £
Unrestricted funds
General fund 216,036 (20,450) - 195,586
Designated - A Martynoga Award fund 885 - - 885
- -
Designated - John Dickson Award fund 2,649 2,649
- - - -
Designated - FSEM/PCRMM Diploma Fund
-
219,570 (20,450) 199,120
Restricted funds
- - - -
MSK Diploma fund
- - - -
FSEM Diploma fund
-
Total funds 219,570 (20,450) - 199,120
Net movement in funds, included in the above are as follows:
Gains / Movement
Income Expenditure (losses) in funds
£ £ £ £
Unrestricted funds
General fund 50,223 (88,906) 18,233 (20,450)
- - - -
Designated funds
50,223 (88,906) 18,233 (20,450)
Restricted funds
- - - -
MSK Diploma fund
- - - -
FSEM Diploma fund
Total funds 50,223 (88,906) 18,233 (20,450)
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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 2024
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||||||
|---|---|---|---|---|
|15|Analysis of net assets between funds|
|Unrestricted|Designated|Restricted|
|funds|funds|funds|Total|
|£|£|£|£|
|Fixed assets|159,076|-|-|159,076|
|Cash and current investments|35,147|3,534|-|38,681|
|-|-|
|Other current assets /liabilities|1,363|1,363|
|Total|195,586|3,534|-|199,120|
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16 Related party transactions
There were no disclosable related party transactions during the period (2023: £nil).
17 Financial instruments
The carrying amount of the charity's financial instruments are as follows:
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||||
|---|---|---|
|2024|2023|
|£|£|
|Financial assets|
|Measured at fair value through net income / expenditure:|
|- Fixed asset listed investments (note 11)|159,076|198,183|
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