Charity number: 1126862
WORLD MUSCLE SOCIETY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 16 |
Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | Gisèle Bonne,Treasurer |
|---|---|
| Volker Straub,President | |
| Laurent Servais,Secretary | |
| LindsayAlfano | |
| Alan Beggs | |
| Jordi Diaz Manera | |
| James Dowling | |
| Teresinha Evangelista | |
| Kevin Flanigan | |
| Francesco Muntoni | |
| Ichizo Nishino | |
| Gianina Ravenscroft | |
| Benedikt Schoser | |
| Werner Stenzel | |
| John Vissing | |
| Charity registered number 1126862 Principal office The Old Cider Press 5 The Quay Tuckenhay Devon TQ9 7EQ United Kingdom Website www.worldmusclesociety.org Independent examiner Nicola Adams ACA DChA BHP LLP 2 Rutland Park Sheffield S10 2PD |
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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) (effective 1 January 2019).
Trustees of the charity
The Trustees who have served during the year and since the year end are disclosed on page 1 of the financial statements. The Trustees are known as the Executive Board within the charity.
Objectives and activities
The World Muscle Society is a dynamic community that aims to promote, disseminate, and share all aspects of neuromuscular physiology and diseases, from basic science to patient care. It encompasses a broad range of scientists and healthcare professionals who share outside the common interest for neuromuscular disorders our mission and values.
Mission
A global, multidisciplinary community committed to advancing the science of neuromuscular disorders and the care for people living with them.
Values
Educational (continually learning and providing education and guidance to the next generation of myologists through training, mentoring, championing, coaching and leading)
Scientific (driving scientific discoveries and innovation; making decisions based on scientific evidence rather than opinion or instinct)
Collaborative (a multidisciplinary community drawing learning from one another and working together towards a shared goal)
Inclusive (welcoming everyone, supporting one another, improving access for colleagues and patients)
To reflect our values, we are actively working to promote diversity and increase access to our network and services. Students and colleagues from low and medium-income countries are welcomed at a very affordable fee through our Membership Grant, and actively encouraged to make the most of the personal and career development that the WMS promotes.
We are conscious of our environmental responsibility and promote ecological-friendly policies.
Public benefit
We have been successful in bringing WMS members and Congress attendees together to discuss, learn and collaborate to promote research for the benefit of the public in neuromuscular disorders and to disseminate the useful results thereof. The Trustees have had regard to the Charity Commission‘s guidance on public benefit when ensuring that activities which are carried out by World Muscle Society are in accordance with the Charity‘s stated objectives.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance
The 28th WMS Congress 3-7th October 2023, was a great success. Virtual attendance cannot, of course, replace the value of an in-person meeting, the scientific discussions over coffee breaks and at poster sessions or the social interactions at the Congress networking dinner. However, many attendees have now realised the flexibility virtual attendance brings in terms of their time and ability to balance other commitments, not forgetting the environmental impact. We had a positive number of participants (~1000 in person and ~200 virtually), had great oral and poster presentations (~475 abstracts submitted) excellent question and answer sessions, fantastic industry symposia and an extremely successful teaching course (107 in person and 44 virtually). The feedback we received through the evaluation forms was very positive and many participants mentioned that the WMS meeting was one of the best-organised hybrid Congresses they had attended and that we should continue to offer this option moving forward.
Financial review
The charity had total income of £140,171 (2022: £579,068) and total expenditure of £388,609 (2022: £192,224) during the year. The financial year concluded with net expenditure of £248,438 (2022: net income of £386,844). Total funds carried forward at the year end are £1,065,692 (2022: £1,314,130) of which £1,051,929 (2022: £1,297,648) are unrestricted funds and £13,763 (2022: £16,482) are restricted funds.
The trustees have discussed at length and agreed that it is necessary to maintain a level of reserves in the event of a force majeure incident whereby the congress and its related activities needed to be cancelled, postponed or relocated at the last minute thus losing money to suppliers on contract for the event. Although event insurance is taken out to cover some outcomes, it is impossible to insure for every possible scenario so the trustees would rather have a safety net in place should this ever arise. The trustees have a policy of holding £1,000,000 reserves. At the 31 December 2023 free reserves are £1,051,929 (2022: £1,297,648).
Plans for future periods
Typically, WMS would provide ~100 Fellowships to assist young investigators with attending the Congress. This is a vital and essential part of the World Muscle Society’s’ overall objective which is to provide opportunities for young investigators in the neuromuscular field and to stimulate, encourage and help to develop programmes for professionals working in the neuromuscular field. There is a specific focus on giving these young people the opportunity to present their work and attend the CCongress as a whole. Members that are more senior are very accessible to these delegates, so they can approach them and learn from their knowledge and experience.
In 2023 we added a Caregiver Grant to assist WMS member in-person attendees who have costs associated with the care of themselves/a dependent/s during the Congress. We awarded 9 of these in 2023 and hope that awareness will continue to grow.
The World Muscle Society intends to continue with planning activities to continue the path achieved in the last few years with regards to international inclusion. For example, 48 countries registered for the 2023 Congress and 34 for the PreCongress Teaching Course We intend to continue to make the education and knowledge sharing accessible to everyone. In a recent survey of WMS members, it is also clear that many attendees have changed their environmental and economic view on long distance travel moving forward. We need to make sure these people are still included in a hybrid format allowing for in-person as well as virtual/on-demand attendance.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Plans for future periods - continued
We are expanding the scientific strategy towards young myologists (more fellowships, revised registration fee for the younger attendees etc). As the numbers of delegates wishing to attend the Congress has grown each year considerably, even with COVID-19, interest in the field is high. The Society will therefore look at larger venues to accommodate as much growth as it is comfortable with whilst retaining the friendly and ‘one big family feel’ it has become well known for in recent years. The Society’s involvement with pharmaceutical companies in the form of industry partnership plays an active role in the growth and development of the society and Congress. With the financial support from them, more support of fellowships is possible but the compliance of the scientific programme, venue selection and general organisation is affected considerably by the regulations they are required to meet. This remains an ongoing challenge for the society to manage and evolve with.
Structure, governance and management
Constitution
The World Muscle Society is governed by a constitution as adopted on 4 June 1995 and amended by special resolution on 11 November 2008.
Recruitment and appointment of Trustees
The Executive Board are elected every three years by the members of the Society at the assembly meeting at the annual Congress. Members of the Society may nominate themselves as candidates or other members as candidates, subject to their written consent. Executive Board members are eligible to stand for re-election.
The Secretary prepares online secret voting for all the candidates via the membership system. Members may vote for up to 15 candidates.
The Executive Board appoint an Election Officer to organise and coordinate the election and arrange for the counting of the votes.
The 15 candidates achieving the highest number of votes are elected.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Trustees' responsibilities
The trustees 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP 2019 (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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Signer ID: JOZUJCUTGQ...
Gisèle Bonne Treasurer Date: 23/10/2024 GMT
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Independent examiner's report to the Trustees of World Muscle Society ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
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Signer ID: CZYRUVFAHR...
Signed:
Dated: 23/10/2024 GMT
Nicola Adams ACA DChA
BHP LLP 2 Rutland Park Sheffield S10 2PD
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies: Prizes Surplus on congress Other Donations Sponsorship Charitable activities: Subscriptions Investments Total income Expenditure on: Charitable activities 3 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ - - 500 13,582 123,085 1,504 138,671 384,390 384,390 (245,719) 1,297,648 (245,719) 1,051,929 |
Restricted funds 2023 £ 1,500 - - - - - 1,500 4,219 4,219 (2,719) 16,482 (2,719) 13,763 |
Total funds 2023 £ 1,500 - 500 13,582 123,085 1,504 140,171 388,609 388,609 (248,438) 1,314,130 (248,438) 1,065,692 |
Total funds 2022 £ 5,234 454,411 - - 119,423 - |
|---|---|---|---|---|
| 579,068 | ||||
| 192,224 | ||||
| 192,224 | ||||
| 386,844 | ||||
| 927,286 386,844 |
||||
| 1,314,130 |
The Statement of financial activities includes all gains and losses recognised in the year.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Note Fixed assets Investments 4 Current assets Debtors 5 Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Total net assets Charity funds Restricted funds 8 Unrestricted funds 8 Total funds |
31,311 1,037,891 1,069,202 (3,610) |
2023 £ 100 100 1,065,592 1,065,692 13,763 1,051,929 1,065,692 |
7,020 1,314,797 1,321,817 (7,787) |
2022 £ 100 |
|---|---|---|---|---|
| 100 1,314,030 |
||||
| 1,314,130 | ||||
| 16,482 1,297,648 |
||||
| 1,314,130 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Signer ID: JOZUJCUTGQ...
Gisèle Bonne
Treasurer
Date: 23/10/2024 GMT
The notes on pages 9 to 16 form part of these financial statements.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting policies
1.1 Charity Information
The World Muscle Society is a charity registered in England and Wales. The registered office is The Old Cider Press, 5 The Quay, Tuckenhay, Devon, TQ9 7EQ.
1.2 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
World Muscle Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
1.3 Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
1.4 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the 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.
Investment income, gains and losses are allocated to the appropriate fund.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting policies (continued)
1.5 Income
All income is 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.
Income from subscriptions and investments is recognised at the date that it is 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.
1.6 Expenditure
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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
1.9 Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting policies (continued)
1.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.12 Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
2. Critical accounting estimates and areas of judgment
In the application of the company's accounting polices, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical accounting estimates and assumptions:
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3. Analysis of expenditure on charitable activities
Summary by fund type
| Prizes, fellowships and honoraria Travel and meeting expenses Bank charges Secretarial fees Independent examiner’s fees Foreign exchange loss/ (profit) Legal and consultancy fees Publishing and printing costs Design and website costs Total 2022 |
Unrestricted funds 2023 £ 142,635 76,698 7,675 62,928 3,900 14,210 43,551 27,178 5,615 384,390 188,044 |
Restricted funds 2023 £ 4,219 - - - - - - - - 4,219 4,180 |
Total 2023 £ 146,854 76,698 7,675 62,928 3,900 14,210 43,551 27,178 5,615 388,609 192,224 |
Total 2022 £ 112,557 17,009 6,965 61,790 2,442 (28,319) 19,780 - - 192,224 |
|---|---|---|---|---|
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
4. Fixed asset investments
| Cost or valuation At 1 January 2023 At 31 December 2023 |
Investments in subsidiary companies £ 100 |
|---|---|
| 100 |
Principal subsidiaries
Investments in subsidiaries are held at cost.
The following was a subsidiary undertaking of the Charity:
| Name of undertaking | Registered office | Nature of business | Holding |
|---|---|---|---|
| WMS Congress Limited | UK | Conference organisers | 100% |
The financial results of the subsidiary for the period ended 31 December 2023 were:
| Name | Profit/(Loss) | Capital and |
|---|---|---|
| £ | reserves | |
| £ | ||
| WMS Congress Limited | 262,135 | 260,155 |
5. Debtors
| Other debtors Prepayments |
2023 £ 225 31,086 31,311 |
2022 £ - 7,020 |
|---|---|---|
| 7,020 |
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WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
6. Creditors: Amounts falling due within one year
| Trade creditors Accruals |
2023 £ - 3,610 3,610 |
2022 £ 5,609 2,178 |
|---|---|---|
| 7,787 |
7. Taxation
The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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Document ID: 22c0b6c6a440e204cc647c30271ca6bc8e8c21d5f79619bdcc22376335e77369
WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Restricted funds President's fund Elsevier prize fund Total of funds Statement of funds - prior year Unrestricted funds General funds Restricted funds President's fund Elsevier prize fund Total of funds |
Balance at 1 January 2023 £ 1,297,648 6,212 10,270 16,482 1,314,130 Balance at 1 January 2022 £ 911,858 7,712 7,716 15,428 927,286 |
Income £ 138,671 - 1,500 1,500 140,171 Income £ 573,834 - 5,234 5,234 579,068 |
Expenditure £ (384,390) (1,500) (2,719) (4,219) (388,609) Expenditure £ (188,044) (1,500) (2,680) (4,180) (192,224) |
Balance at 31 December 2023 £ 1,051,929 |
|---|---|---|---|---|
| 4,712 9,051 |
||||
| 13,763 | ||||
| 1,065,692 | ||||
| Balance at 31 December 2022 £ 1,297,648 |
||||
| 6,212 10,270 |
||||
| 16,482 | ||||
| 1,314,130 |
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WORLD MUSCLE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8. Statement of funds (continued)
The purpose of the restricted funds are as follows:
President’s fund - To fund three (2022: two) prizes at congress Elsevier prize fund - To fund six prizes at congress
9. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 100 1,055,439 (3,610) 1,051,929 |
Restricted funds 2023 £ - 13,763 - 13,763 |
Total funds 2023 £ 100 1,069,202 (3,610) 1,065,692 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 100 1,305,335 (7,787) 1,297,648 |
Restricted funds 2022 £ - 16,482 - 16,482 |
Total funds 2022 £ 100 1,321,817 (7,787) 1,314,130 |
|---|---|---|---|
10. Related party transactions
There was no trustees’ remuneration paid during the year (2022: £nil). Travel and meeting expenses of £24,147 (2022: £17,009) were paid on behalf of the executive committee and programme committee, of which various trustees are members.
There were no other related party transactions in either year.
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