2025-08-31-accounts - Faculty Of Conflict And Catastrophe Medicine Of The Worshipful Society Of Apothecaries Of London

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Charity Number: 1131556

FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS

FOR THE EIGHT-MONTH PERIOD ENDED 31 AUGUST 2025

RSM UK Tax and Accounting Limited Third Floor, One London Square, Cross Lanes, Guildford, Surrey GU1 1UN

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT

for the eight-month period ended 31 August 2025

The governors present their report and the financial statements of the Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London (“the Faculty”) for the period ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charities Act 2011, the governing document of the Faculty, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Faculty has amended its accounting reference date to 31 August to align with the academic year and for consistency with related entities. These financial statements therefore cover the short period of eight months ended 31 August 2025. The comparatives shown are for the year ended 31 December 2024 and as such, are not necessarily consistent or comparable.

OBJECTIVES AND ACTIVITIES

Charitable objectives

The registered charitable objectives for which the Faculty was established are to advance education, for the public benefit, in the provision of medical and humanitarian assistance.

Charitable activities

In pursuance of its overall goals, the Faculty disseminates information on the provision of medical and humanitarian assistance to improve the provision of medical and humanitarian assistance to those in need by enhancing the competence of those delivering aid. This is principally achieved by:

developing the teaching of the subject through the existing Conflict and Catastrophe Medicine course;
defining the educational principles and standards of practice;
monitoring and improving them;
developing collaborative projects with other academic organisations for educational excellence;
demonstrating leadership of the emerging specialty; and
developing links with governmental, inter‐governmental and non‐governmental partners to continue progress in the development of the specialty.

Membership of the Faculty is open to the public, and as far as possible the public are encouraged to take an interest in the work of the Faculty.

Indicators, milestones and benchmarks

In order to determine the success of the Faculty’s activity in fulfilling its charitable objectives, the governors monitor the following range of measures of performance:

the level of membership of the Faculty and the principal reasons for changes in membership year by year;
the level of attendance at Faculty organised courses, seminars, lectures and meetings;
feedback received from attendees on the quality of, and the potential value derived from, Faculty organised courses, seminars, lectures and meetings;
the number of applications for grant funding received from medical students; and
feedback received by the Faculty from those receiving funding, in particular, in relation to the difference that the funding has actually made to those individuals involved.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

Public benefit

The governors have taken The Charity Commission’s general guidance on public benefit (contained within the recently revised guidance publication “Charities and Public Benefit”) and the specific guidance on public benefit (contained within the guidance publication “The Advancement of Education for the Public Benefit”) into consideration in preparing their statement on public benefit contained within this governors’ annual report.

Governors’ assessment of public benefit, benefits and beneficiaries

Given the relatively small size of the Faculty, the governors are able to consider delivery of public benefit case by case when determining how best to disseminate information through its activities each year. On that basis, the governors consider that the Faculty continues to fulfil its charitable objectives for the public benefit. Since 2025, members of the Society are also members of the Faculty. The Society paid a small membership fee per head out of the 2025 quarterage (Society subscriptions) as Faculty membership. The Faculty also has a small number of members who are solely members of the Faculty and not Society members.

Grant making policy

The Faculty awards annual bursaries for medical students taking up a medical elective appointment in conditions relevant to Conflict and Catastrophe medicine. The grants are publicised by the Faculty and, in part, made known to medical schools by personal contact of the Faculty Training Manager.

All undergraduates taking a medical degree at a university or similar higher education establishment in the United Kingdom are eligible to apply for these grants, and they should do so by writing to the Faculty Training Manager at the Faculty’s principal address before 1 April each year. The student elective representative on the board will consider all such applications and the President will select the most suitable candidates. The board of governors will award the bursaries.

From 2026, the Faculty will take part in the Society’s Rhino Elective Awards, rather than run a separate prize competition. The purpose is the same in supporting medical students taking up electives and the Faculty will still award prizes relevant to those in Conflict and Catastrophe environments, or associated interests. Effectively, this process involves less administration.

Relationships with related parties

The operations of the Faculty are integrally linked to those of the Society of Apothecaries of London (“the ‐ Society”) and the Faculty is fundamentally reliant upon the continued support of the Society to maintain its on going existence. This is particularly relevant in the case of the office space and resources used by the staff that manage the day‐to‐day activities of the Faculty, which are provided by the Society each year at minimal cost to the Faculty.

The Society’s ancient hall provides a central venue for all governors’ meetings, the majority of Faculty organised courses, seminars, lectures, and meetings, and is the administrative headquarters of the Faculty. Some operational costs incurred by the Faculty are either paid for directly or recharged to the Faculty by the Society. However, no attempt is made to identify and account for any additional notional staff, facilities, and other administrative costs that the Faculty might be incurring, or the gift‐in‐kind being donated by the Society on the grounds that any such attempt would be highly subjective.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

Representation on other bodies

The Faculty does not currently pursue its charitable objectives through governor representation on any bodies other than the Court of Assistants of the Society of Apothecaries of London.

ACHIEVEMENTS AND PERFORMANCE

Activities and events

‐ The majority of the activities of the Faculty take place in person, at the Society’s Hall. During the period, the Faculty organised and funded the following:

Part‐time course in Conflict and Catastrophe Medicine, which runs throughout the calendar year. Students have two years in which to complete the course. This takes place mainly in person although some course days do take place online.
The course intake in 2025 was 39 students (2024: 33). Annual enrolment is currently around 40‐50 students to enable the course to be successfully managed. The course is designed for postgraduates (civilian and military physicians, surgeons, dentists, paramedics and nurses, who will work as members of medical response teams). It was also agreed that other health professionals, who have relevant experience, would be admitted to the course (and exam) for the 2025 year. A small number of paramedics have since joined the course.
A 4‐day Humanitarian and Disaster Assistance Course in Ireland, which usually takes place annually, was postponed in 2025. This is now taking place in late March/Early April 2026. Key personnel from the Faculty’s Executive Committee and course lecturers offer training at this event.
Two Evening lectures were held in this financial period; one in February and the other in May 2025. These lectures were open to the public and successfully showcased the work and expertise of the Faculty members and their network.

Due to the shorter financial period, there were further activities which were in the planning stages at this time but due to be delivered at a later date:

Attendance at the World Extreme Medicine Joint Symposium in November 2025, where the Faculty holds a stall to promote the course.
A trial five week Student Selective Component on Humanitarian Disaster Assistance to be delivered to year 5 undergraduate medical students at Queen Mary University London. This is to be delivered by Faculty Executive and course lecturers/contacts.

The Faculty continues to benefit from the online learning management system (called Brightspace) and this has proved valuable in supporting learners in their studies, regardless of their geographical location.

Dedicated academic training and events staff employed by the Society are also working with the Faculty to further promote the courses, short courses and lectures. The Faculty has also benefitted from the services of the Society’s Communications Officer to help widen audience reach. The management and responsibility of the Executive Committees is now with the Executive Director, Centre for Health Studies.

Impact of activities and events

‐ Course days are on a Saturday and approximately 65% took place in person at Apothecaries’ Hall in 2025, with the remaining 35% online.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

FINANCIAL REVIEW

Financial results of activities and events

The Faculty received income from the dissemination of information of £44,024 (2024: £57,398) and generated income from investments of £1,276 (2024: £1,947). The Faculty spent £38,314 (2024: £68,588) in relation to the costs of disseminating information.

Grant making

The Faculty gave no grants (2024: three) to individuals during the period to undertake an elective placement in the field of conflict and catastrophe medicine. Due to a change in the method of administration and a collaboration with the Society, the grants (Elective Prizes) will resume again in the next financial period.

Reserves policy

At 31 August 2025, the free reserves of the Faculty amounted to £89,362 (31 December 2024: £77,147).

The governors intend to build up larger reserves, seeking corporate donations where possible, to enable further elective prizes and bursaries to be given to students and to finance research projects. Membership subscriptions will be inadequate to do this. The governors are also keen to increase the number and/or size of courses in view of the continuing high level of interest being shown in the field of conflict and catastrophe medicine.

Investments policy

Under the rules of the governing document of the Faculty, the governors have wide ranging powers to invest the funds of the charity as they see fit within the scope of the laws and regulations applying in the United Kingdom.

The governors have set up an investment portfolio with a view to achieving the best returns possible from the current modest level of reserves.

The governors’ current investment strategy is to maintain a low risk portfolio of investments that achieves an overall level of capital growth whilst also generating adequate levels of investment income. The governors aspire to avoid investment in anything that they consider to be socially, environmentally or ethically unsound.

The investment performance will be regularly reviewed by the governors, who will meet at least annually with the Faculty’s investment managers and will receive quarterly reports from the investment managers on the investment portfolio.

Risk and corporate governance matters

As a board, the governors are risk averse and will therefore do everything in their power to minimise the Faculty’s exposure to risk at all times. Risk management and corporate governance matters are seen as the collective responsibility of all members of the Court, who are fundamentally assisted in fulfilling this responsibility by the Clerk.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

Risk and corporate governance matters (continued)

The governors have a formal risk management process and regularly maintain a risk register, in which the purpose and activities of the Faculty are embedded. The governors’ consideration to the charity’s exposure to ‐ actual or potential risks is implicit in the governors’ decision making processes.

With no property or staff directly involved with this Faculty, the governors consider that the current major risks to which the charity is exposed to be the loss of administrative support given by the Society, and a failure of the membership of the Faculty or some similar indication of a failure in public interest in the Faculty’s activities. These risks are considered to be remote but, as far as possible, mechanisms are in place to mitigate their potential impact.

PLANS FOR FUTURE PERIODS

Future strategy

‐ The governors’ long term goal for the Faculty is to secure its financial stability in perpetuity, so that it can expand its activities and then continue indefinitely to disseminate information through the organisation of its courses, seminars, lectures and meetings programmes.

Future activities and events

In 2026, the Faculty will continue its present pattern of activities, extending them where possible. It wishes to increase its membership, course numbers and attendance at events. It will also look at further short course development.

Impact of activities and events

In view of the above expectations for the activities that the Faculty will undertake in 2026, the governors will use the following targets to assess the charity’s performance and success in providing funding for beneficiaries:

To organise 2 eponymous lectures that are well received by larger audiences;
To encourage at least 40 new participants in the Conflict & Catastrophe Medicine course;
To move student course materials from the student area on the website to the new Academic Department learning management system, for a more interactive learning experience and wider audience reach;
Undertake wider promotion of the Faculty course and events in connection with the Society’s Communications and Engagement Officer; and
Look to develop short course options.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and history

The Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London was set up by the Society of Apothecaries of London (“the Society”) in 2005 and launched by the Lord Mayor of the City of London.

The Faculty is governed by the rules and regulations set down in its constitution adopted on the 12 August 2009 and became a registered charity on 9 September 2009.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

Organisational structure

The governors of the Faculty are the members of the Court of Assistants of the Society of Apothecaries of London (“the Court”). The overall strategic direction of the Faculty is determined by the governors, who meet five times a year to consider all matters of relevance to the charity.

An Executive Committee of the Faculty, which is chaired by the President of the Faculty, is elected by the Faculty at each Annual General Meeting and is delegated powers by the governors to run the day‐to‐day business of the Faculty. The Executive Committee meets twice a year before lectures, to consider the activities of the Faculty and their financial implications. The governors annually appoint a Visitor and a Deputy Visitor to the Faculty, who are ex officio members of the Executive Committee. These Visitors report to the governors at the five meetings of the Court that are held each year and the Faculty President attends the meeting of twice a year.

The implementation of day‐to‐day management of the Faculty is dealt with by Mrs E Harriman, under the supervision of the Executive Committee. Mrs E Harriman is the Executive Director of the Centre for Health Studies of the Society, and her team of staff are also all employees of the Society. The governors supervise and control the use of the authority delegated to the Executive Committee and to Mrs E Harriman through reports, reviews and agenda items at their regular board meetings. The governors, the members of the Executive Committee and Mrs E Harriman are the key management personnel of the Faculty.

Method of recruitment, appointment, election, induction and training of governors

The trustees of the Charity, who are also the directors of the company, are the governors of the Committee of Management of the Charity. The governors of the Committee of Management are the members of the Court of Assistants.

Recruitment, appointment and election

When the number of members of the Court falls below 24, the Master of the Society declares a vacancy and calls for the nomination of candidates from amongst all the Liveryman of the Society. The responsibilities and duties of a member of the Court, including those of charity trusteeship, are made clear to all candidates nominated for election.

A nominations committee chaired by a Past Master considers all applications and interviews a short list of the most appropriate candidates. Candidates to the number of vacancies are then proposed to the Court. And at the following meeting of the Court, an election by ballot is conducted by the remaining members of the Court to appoint the new member.

To the extent that certain specific skills and qualities are considered desirable in a new trustee the members of the Court will naturally tend to elect the candidate with the most suitable range of those skills and qualities.

Induction and training

Having been briefed on the nature of the role of a member of the Court prior to election, the responsibilities and duties are reiterated to the new member upon appointment by the Clerk. In relation to the role of a governor of the Faculty, a selection of the most up to date guidance available from the Charity Commission is provided to the new governor, together with information on how and where further relevant information may be obtained.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

Induction and training (continued)

In terms of on‐going training for governors, the Clerk keeps abreast of regulatory and legislative developments as they apply to the Faculty through contact with the Faculty’s professional advisers and regulators. Training will then be arranged and provided to the governors as and when a need arises or is identified.

Sub-committees

Other than the Executive Committee of the Faculty as described above, the Faculty does not make use of any other sub‐committees through which to organise its activities and to fulfil its charitable objectives.

Governors’ responsibilities in the preparation of financial statements

The governors (who are also trustees of the Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London for the purposes of charity law) are responsible for preparing the governors’ annual 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 and Wales requires the governors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the governors are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The governors are responsible for keeping proper 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. 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.

The governors are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent examiner

Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Limited is the independent examiner for the period ended 31 August 2025 and has indicated her willingness to continue in office.

Statement as to disclosure of information to the independent examiner

The governors at the date of approval of this governors’ annual report confirm that so far as each of them is aware, there is no relevant information of which the charity’s independent examiner is unaware, and the governors have taken all steps that they ought to have taken as trustees to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued) for the eight-month period ended 31 August 2025

REFERENCE AND ADMINISTRATIVE DETAILS

The governors of the Faculty, who are also the trustees of the charity, have held office since 1 January 2025, as follows:

Dr D B Jefferys Master (from 27 August 2025) Dr P O'Mórdha Senior Warden (from 27 August 2025) Prof F J Wilcox Junior Warden (from 27 August 2025) Prof M J G Farthing Honorary Treasurer Dr L N Winter‐Dean Assistant Honorary Treasurer (from 28 August 2024) Dr J E Neild MBE Immediate Past Master (from 27 August 2025)

Dr J C Moore‐Gillon Dr R N Palmer Dr D W Adams Prof C G Mackworth‐Young Prof M N Rossor Prof J Anderson Dr J J C Holliday Air Vice Marshal A K Mozumder

Dr T D Baker Prof C M Nutting Prof L G A Martini Dr T J V Yates Prof J B Schofield (from 18 December 2024) Prof H S L S Hughes OBE (from 19 June 2025)

The principal address of the Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London at Apothecaries Hall, Black Friars Lane, London EC4V 6EJ. The charity is registered under the charity number 1131556.

The governors have made the following professional appointments:

Solicitor:	Rosling King LLP, 55 Ludgate Hill, London EC4M 7JW
Accountant:	RSM UK Tax and Accounting Limited, Third Floor, One London Square,
	Cross Lanes, Guildford Surrey GU1 1UN
Independent Examiner:	Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Limited,
	Davidson House, Forbury Square, Reading Berkshire RG1 3EU
Banker:	Coutts & Co, 440 Strand, London WC2R 0QS
Investment Manager:	W1M Wealth Management Limited, 16 Babmaes Street, London SW1Y 6AH

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

GOVERNORS’ ANNUAL REPORT (Continued)

for the eight-month period ended 31 August 2025

Mrs E Harriman, who is the Executive Director, Centre for Health Studies and an ex officio member of the Executive Committee, is the senior member of staff responsible for the day‐to‐day management of the Faculty.

EXEMPTIONS FROM DISCLOSURE

No exemptions from the disclosure requirements applicable to a small charity have been taken in this governors’ annual report.

FUNDS HELD AS CUSTODIAN

Although the Faculty would maintain restricted funds to deal with income that was to be earmarked for a particular purpose by donors, sponsors, and other funders, the Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London does not currently hold any such funds, and the governors do not anticipate that it will in the future hold any funds as custodian for any third party.

This report was approved by the governors on 30 March 2026, and was signed for and on behalf of the board by

David B jEFFERYS

………………………………….. Master

Dr D B Jefferys

30 March 2026

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INDEPENDENT EXAMINER’S REPORT TO THE GOVERNORS OF THE FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

I report to the governors on my examination of the financial statements of the Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London (‘the charity’) for the period ended 31 August 2025, which are set out on pages 11 to 19.

Responsibilities and basis of report

As the governors of the charity (who are trustees of the charity for the purposes of charity law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act, and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit, and consequently, does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit go beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements 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 financial statements to be reached.

Kerry Gallagher

Signed: ………………………………………… Name: Kerry Gallagher FCA DChA

Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: FCA

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Davidson House, Forbury Square, Reading, Berkshire RG1 3EU

31.3.26

Date:…………………………….

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

STATEMENT OF FINANCIAL ACTIVITIES for the eight-month period ended 31 August 2025

		Eight-month
		period ended	Year ended
		31 August	31 December
		2025	2024
	Notes	£	£
INCOME FROM:
Charitable activities
Income from disseminating information	2	44,024	57,398
Investments	3	1,276	1,947
		_	_
TOTAL		45,300	59,345
EXPENDITURE ON:
Charitable activities
Costs of disseminating information	6	(38,314)	(68,588)
		_	_
TOTAL		(38,314)	(68,588)
Gains on investments		5,229	8,006
		_	_
NET INCOME/(EXPENDITURE) FOR THE PERIOD
AND NET MOVEMENT IN FUNDS		12,215	(1,237)
RECONCILIATION OF FUNDS
Fund balances brought forward at 1 January		77,147	78,384
		_	_
FUND BALANCES CARRIED FORWARD	11	89,362	77,147
		=======	=======

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

BALANCE SHEET as at 31 August 2025

		31 August 31 December	31 August 31 December
		2025	2024
	Note	£	£
FIXED ASSETS
Investments	7	81,695	94,720
CURRENT ASSETS
Debtors	8	1,739	‐
Cash at bank and in hand		23,446	23,746
		_	_
		25,185	23,746
LIABILITIES
Creditors: Amounts falling due within one year	9	(17,518)	(41,319)
		_	_
NET CURRENT ASSETS/(LIABILITIES)		7,667	(17,573)
		_	_
TOTAL ASSETS LESS CURRENT LIABILITIES
& NET ASSETS		89,362	77,147
		=======	=======
THE FUNDS OF THE CHARITY
Unrestricted income funds
General fund	11	89,362	77,147
		_	_
TOTAL CHARITY FUNDS		89,362	77,147
		=======	=======

The financial statements on pages 11 to 19 were approved by the governors and authorised for issue on 30 March 2026, and are signed on their behalf by

David B jEFFERYS ……………………………..……….. Master

Dr D B Jefferys

30 March 2026

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS

for the eight-month period ended 31 August 2025

1. ACCOUNTING POLICIES

Legal status

The Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London (“the Faculty”) is an unincorporated charitable trust registered as a charity with the Charity Commission for England and Wales under charity number 1131556. The Faculty’s principal address is at Apothecaries Hall, Black Friars Lane, London EC4V 6EJ, and its principal activities are disclosed in the governors’ annual report.

Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and under the historical cost convention.

Within the definitions of FRS 102, the charity is a public benefit entity.

The financial statements have also been prepared in accordance with the accounting policies set out in detail below and comply with the Charities Act 2011, the governing document of the Faculty, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Faculty adopts the Charities SORP (FRS 102) as updated in January 2019, rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure has been necessary for the financial statements to show a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2019.

Reporting period

Going concern

The governors have reviewed the financial forecasts for the Faculty and have, in particular, considered its anticipated income and expenditure commitments for a period of at least twelve months from the date of approval of these financial statements. The governors believe that the Faculty has adequate resources to continue in operational existence for at least the next twelve months and to meet all of its liabilities during that period as they fall due. For that reason, the governors continue to adopt the going concern basis in preparing the financial statements.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the eight-month period ended 31 August 2025

1. ACCOUNTING POLICIES (Continued)

Income

General donations and other similar types of voluntary income are brought into account when receivable and donated income is included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income.

All other types of income are accounted for on an accruals basis and recognised as income when earned by the Faculty.

Expenditure

Expenditure is allocated directly to the Faculty’s principal activity or as governance costs, where the costs can be so identified. All other costs are apportioned between those same categories on the basis of the governors’ estimate of the relevant allocations.

Grants payable are recognised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a liability.

Governance costs are the costs associated with running the Faculty as a registered charity under charity law as it applies in England and Wales. Currently, governance costs comprise solely the costs of the statutory independent examination.

Investments

The Faculty’s investments are included in the balance sheet at fair value (their market value). The gains or losses arising upon their annual revaluation are included in the statement of financial activities.

Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are therefore classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Financial assets and liabilities

The Faculty’s debtors and creditors that meet the definition of either a financial asset or a financial liability are initially recognised at the transaction value and thereafter are stated at amortised cost using the effective interest method.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the eight-month period ended 31 August 2025

1. ACCOUNTING POLICIES (Continued)

Fund accounting

The general fund comprises the accumulated surpluses of unrestricted income over expenditure, which are available for use in furtherance of the general objectives of the Faculty.

Designated funds are a particular form of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the governors. The use of designated funds remains at the discretion of the governors.

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. Amounts unspent at the period end are carried forward in the balance sheet.

2. INCOME FROM DISSEMINATING INFORMATION

INCOME FROM DISSEMINATING INFORMATION
	Eight-month
	Period ended	Year ended
	31 August	31 December
	2025	2024
	£	£
Membership subscriptions	1,960	810
Lecture income	1,521	6,813
Course income	40,543	49,775
	_	_
	44,024	57,398
	=======	=======
INVESTMENTS
	Eight-month
	Period ended	Year ended
	31 August	31 December
	2025	2024
	£	£
Income from investments listed on a recognised
stock exchange	1,276	1,947
	=======	=======

4. INVESTMENTS

4. CONTRIBUTION OF VOLUNTEERS

In addition to the governors, the Faculty is also reliant upon the contributions made by members, who contribute significant amounts of their time in the delivery of charitable activities. The governors are unable to estimate the contribution of volunteers in any meaningful or consistent manner, but they are grateful for the support that members continue to provide.

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the eight-month period ended 31 August 2025

5. STAFF COSTS AND GIFTS-IN-KIND

The Faculty does not employ any staff, nor does it incur any staff costs directly. However, the proportionate costs relating to the Training and Events Officers are recharged to the Faculty by The Society of Apothecaries of London (“the Society”). The governors, the members of the Executive Committee and the Head of Academic Department are the key management personnel of the Faculty. The governors and key management personnel received no remuneration for their services provided to the Faculty during the current or previous period, and additionally, the governors were not reimbursed for any expenses incurred on behalf of the Faculty during the current or previous period.

The operations of the Faculty are integrally linked to those of the Society and the Faculty is ‐ fundamentally reliant upon the continued support of the Society to maintain its on going existence. Other than in respect of the Training and Events Officers, this is particularly relevant in the case of the other staff that manage the day‐to‐day activities of the Faculty, whose services are provided by the Society each year at minimal, if any, cost to the Faculty.

The Society’s ancient hall provides a central venue for all governors’ meetings, the majority of Faculty organised courses, seminars, lectures, and meetings, and is the administrative headquarters of the Faculty. Some operational costs incurred by the Faculty are either paid for directly or recharged to the Faculty by the Society. However, no attempt is made to identify and account for any additional ‐ notional staff, facilities, and other administrative costs that the Faculty might be incurring, or the gift in‐kind being donated by the Society, on the grounds that any such attempt would be highly subjective.

5. COSTS OF DISSEMINATING INFORMATION

	Eight-month
	Period ended	Year ended
	31 August	31 December
	2025	2024
	£	£
Direct costs:
Lecturers’ fees and course expenses, including
Faculty Manager costs recharged	29,056	52,616
Honorarium	4,167	6,250
Student elective prizes given to no individuals
(2024: three individuals)	‐	2,250
Symposium costs	‐	2,518
Other costs	711	844
	_	_
	33,934	64,478
Governance costs:
Independent examination fees	4,380	4,110
	_	_
	38,314	68,588
	=======	=======

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the eight-month period ended 31 August 2025

7. INVESTMENTS

INVESTMENTS
	31 August 31 December
	2025	2024
	£	£
Investments listed on a recognised stock exchange at market value:
1 January	94,720	85,046
Additions at cost	1,900	39,831
Disposal proceeds	(20,154)	(38,163)
Unrealised gains	453	7,518
Realised gains	4,776	488
	_	_
31 December	81,695	94,720
	=======	=======
At the balance sheet date, the market value of the portfolio comprised:
UK investments	23,618	6,925
North American investments	36,093	43,091
Other investments	21,984	44,704
	_	_
	81,695	94,720
	=======	=======
Fixed income securities	11,275	13,974
Equities and unit trusts	70,420	80,746
	_	_
	81,695	94,720
	=======	=======

At the balance sheet date, the historical cost of the investments was £70,376 (31 December 2024: £86,480).

8. DEBTORS

DEBTORS
	31 August 31 December
	2025	2024
	£	£
Amounts falling due within one year:
Prepayments	1,739	‐
	=======	=======

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the eight-month period ended 31 August 2025

9. CREDITORS

9.	CREDITORS
		31 August 31 December
		2025	2024
		£	£
	Amounts falling due within one year:
	Trade creditors	1,149	‐
	Amounts due to The Society of Apothecaries of London	780	‐
	Accruals	6,589	13,719
	Deferred income	9,000	27,600
		_	_
		17,518	41,319
		=======	=======
	Deferred income:
	Deferred income brought forward	27,600	23,330
	Amounts released to income	(27,600)	(23,330)
	Amounts received in advance	9,000	27,600
		_	_
	Deferred income carried forward	9,000	27,600
		=======	=======
	Deferred income carried forward comprises:
	Course income received in advance	9,000	27,600
		=======	=======
10.	FINANCIAL INSTRUMENTS
		31 August 31 December
		2025	2024
		£	£
	Carrying amount of financial assets:
	Equity instruments measured at fair value	81,695	94,720
		=======	=======

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FACULTY OF CONFLICT AND CATASTROPHE MEDICINE OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the eight-month period ended 31 August 2025

11. THE FUNDS OF THE CHARITY

	Balance at				Balance at
	1 January			Gains on	31 August
	2025	Income	Expenditure	investments	2025
	£	£	£	£	£
Unrestricted income funds:
General fund	77,147	45,300	(38,314)	5,229	89,362
	=======	=======	=======	=======	=======
	Balance at				Balance at
	1 January			Gains on 31 December
	2024	Income	Expenditure	investments	2024
	£	£	£	£	£
Unrestricted income funds:
General fund	78,384	59,345	(68,588)	8,006	77,147
	=======	=======	=======	=======	=======

Included within the General Fund are net unrealised gains arising on the revaluation of investments totalling £11,319 (31 December 2024: £7,518).

12. RELATED PARTY TRANSACTIONS

The Faculty is related to the following other charities by virtue of common management and administration by The Society of Apothecaries of London (“the Society”):

The Worshipful Society of Apothecaries General Charity Limited
Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London

The Society operates a central cash management function, under which certain income is received and ‐ certain expenditure is incurred on behalf of the Faculty, and then reallocated by way of inter entity accounts. Unsettled inter‐entity transactions (where relevant) are shown above in debtors and creditors as at the balance sheet date.

There were no other transactions undertaken with any other related parties during the current or previous period.