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2023-03-31-accounts

Charity registration number 1149165

Company registration number 07986504 (England and Wales)

MERSEY SCHOOL OF ANAESTHESIA

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

MERSEY SCHOOL OF ANAESTHESIA

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr R S Ahearn
Dr N Airey
Dr N C Brooks
Dr V M Blanchard (nee Nelson)
Dr S Pedder
Secretary D M A Chestnutt
Charity number 1149165
Company number 07986504
Principal address Education & Training Centre
Whiston Hospital
Warrington Road
Prescot
Merseyside
L35 5DR
Registered office Education & Training Centre
Whiston Hospital
Warrington Road
Prescot
Merseyside
L35 5DR
Auditor Lonsdale & Marsh
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
Bankers Natwest Bank plc
Black Bull Branch
Longmoor Lane
Liverpool
L9 0EG
Solicitors Brabners LLP
Horton House
Exchange Flags
Liverpool
L2 3YL
Investment advisors Charles Stanley & Co Ltd
55 Bishopgate
London
EC2N 3AS

MERSEY SCHOOL OF ANAESTHESIA

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 19

MERSEY SCHOOL OF ANAESTHESIA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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).

Objectives and activities

The charity's objects are to advance the education of medical professionals in matters of medicine in general and anaesthesia in particular and to promote research for the public benefit in all aspects of those objects and to publish useful results.

The policies adopted in furtherance of these objects are to provide educational and revision courses for trainee anaesthetists and to dispense any surpluses generated by the charity to NHS Foundation Trusts or to institutions in accordance with its charitable objects.

A principal strategy of the charity in order to achieve its stated objects is to provide educational and revision courses for trainee anaesthetists who are preparing for their examinations, success in which is mandatory for the continuance of their training.

To become a Fellow of the Royal College of Anaesthetists (RCA), a trainee anaesthetist must pass the Primary and the Final Examinations. Those who pass both examinations may use the letters FRCA (Fellow of the Royal College of Anaesthetists) after their name.

The examinations are set and supervised by the RCA through a Board of Examiners.

The usual annual Mersey School of Anaesthesia (MSA) programme of courses for the FRCA Examinations comprises: Primary MCQ/SBA Courses, OSCE & Viva week-long and weekend Courses, Final MCQ/SBA Courses, CRQ E Club, Final Written ‘Booker’ Course, Final VIVA week-long and weekend Courses.

Only after having obtained the FRCA qualification can trainee anaesthetists continue the prescribed training programme of a further three or four years, at the end of which they will be granted the Certificate of Completion of Training (CCT) which renders them eligible to apply for a permanent hospital post as Consultant, Associated Specialist or Staff Grade Anaesthetist.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission on public benefit. The trustees decide on any grants or donations made.

The charity makes grants to individuals and organisations sharing similar objectives at the discretion of the trustees.

Achievements and performance

After two years of major disruptions caused by the pandemic the trustees hoped this year would be unaffected by Covid. Following the effects of the pandemic the Executive had already decided that the charity would not return to a full programme of courses, as run in 2019/20 and previous years, but would instead run a reduced programme. There would be a mix between online courses and person-to-person courses. However, from the start of the year there was a hangover from the pandemic and the first intended person-to-person courses could not be held. In addition, after three years of no such courses the trustees had to commit to the costs of running courses without knowing what the uptake would be from candidates. As a result, the first few courses were run well under capacity but it was clear there was an appetite for courses and subsequent courses have been oversubscribed, such is the power of social media and word of mouth endorsements from candidates amongst all their colleagues.

Some of the social distancing restrictions and the limitation of available rooms has made usage of the Education Centre in Whiston more difficult. In addition, the Centre was designated as a Regional Vaccination Hub which had necessarily taken priority over its availability to us and other organisations.

MERSEY SCHOOL OF ANAESTHESIA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The trustees are pleased to report that in the financial year under review grants and donations totalling £19,372 were made to a variety of institutions and various other charitable causes as determined by the trustees. All grants and donations were less than £1,000 each except for the donation of £10,000 to the DEC Ukraine Humanitarian Appeal.

Financial review

For the year ended 31 March 2023, the charity generated a deficit of £44,444 (2022 - deficit £29,423) before unrealised losses on investments of £26,865 (2022 - gains £10,534) from its charitable activities and before the charity made donations and grants of £19,372 (2022 - £5,094).

It remains the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately twelve months of customary annual expenditure, being approximately £400,000. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The total value of reserves as at 31 March 2023 was £521,930 (2022 - £612,611 ).

On the basis that the charity aims to retain the equivalent of twelve months expenditure in reserves, it has been agreed that a proportion of said reserves will be invested in various stocks and securities as advised by the charity's investment manager, in order to maintain the capital value of the monies invested and also generate a greater return than would be achieved from cash deposits. The trustees are satisfied that this investment objective has been met.

The total value of funds held with Charles Stanley & Co. Limited at 31 March 2023 was £454,139 of which £438,482 was invested with the remaining £15,657 held as cash for reinvestment.

Plans for future periods

In the current year the charity has already held ten (2023 - five) well attended person-to-person courses.

The operational issues in organising the courses at the Education Centre in Whiston proved insurmountable so the courses have been run at the Village Hotel which is less than two miles from Whiston Hospital. The costs incurred in putting on the courses at the hotel are slightly higher than at Whiston but with many of the trainees staying in the hotel, other logistics are easier.

The feedback from those attending both online and person-to-person courses is greatly appreciative of the MSA's continuing efforts to provide pre exam coaching and experience.

With these additional person-to-person courses as well as the online courses, the trustees hope to return to nearer break-even position this year after three years operating at a deficit.

Because of the nature of the examinations now held by the Royal College, it is unlikely that the pre Covid course programme will ever return to the number of courses previously offered but the Chief Executive remains determined to provide as full an offering as resources permit.

Structure, governance and management

The charity is a company limited by guarantee and is governed by the Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr R S Ahearn

Dr N Airey Dr N C Brooks Dr V M Blanchard (nee Nelson) Dr S Pedder Dr N D A Scawn (Resigned 27 June 2022)

MERSEY SCHOOL OF ANAESTHESIA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

New trustees may be elected at any time by the existing trustees at trustee board meetings. Recruiting and training the right trustees is an important aspect of governing the charity and the trustees will target a balance of individuals with a range of skills and backgrounds who are able to contribute to the governance process. New trustees will already be familiar with the work of the charity and their induction and training includes a discussion of their role and their responsibilities with the Company Secretary and other trustees.

The Mersey School of Anaesthesia Constituency comprises the trustees and all stakeholders. The Mersey School of Anaesthesia Constituency delegate the day to day running of the charity to the Executive Administration who are responsible for the organisational, administrative and financial governance of the Mersey School of Anaesthesia (MSA). The administration is comprised of: Ms Kirstie Gray (Chief Executive Officer), Dr Tushar Dixit, Dr Beth Perritt and Dr Kristianne Jones (Non-Executive Directors) and Mr David Chestnutt (Company Secretary and Treasurer).

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The major risks identified are a change to the curriculum for the FRCA examinations and/or a change to the FRCA exam structure. The Executive Administration of the charity closely monitor any updates released by the RCA and actively engage with relevant individuals at the RCA to ensure the courses provided are updated and remain relevant.

Statement of trustees' responsibilities

The trustees, who are also the directors of Mersey School of Anaesthesia for the purpose 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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 Companies Act 2006. 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 trustees 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.

Auditor

In accordance with the company's articles, a resolution proposing that Lonsdale & Marsh be reappointed as auditor of the charity will be put at a General Meeting.

MERSEY SCHOOL OF ANAESTHESIA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the board of trustees.

Dr R S Ahearn

Trustee

4 December 2023

MERSEY SCHOOL OF ANAESTHESIA

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA

Opinion

We have audited the financial statements of Mersey School of Anaesthesia (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 23 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MERSEY SCHOOL OF ANAESTHESIA

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

MERSEY SCHOOL OF ANAESTHESIA

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate to the laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and the Charities SORP (FRS102).

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including override of controls) and addressed the risk through:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed our audit procedures which included, but was not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Elaine Frances McElroy (Senior Statutory Auditor) for and on behalf of Lonsdale & Marsh 4 December 2023 Chartered Accountants Statutory Auditor 509 - 510 Cotton Exchange Bixteth Street Liverpool L3 9LQ

MERSEY SCHOOL OF ANAESTHESIA

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Charitable activities 3 271,950 168,989
Investments 4 12,536 13,176
Total income 284,486 182,165
Expenditure on:
Raising funds 5 3,540 4,360
Charitable activities 6 341,352 225,425
Total expenditure 344,892 229,785
Net gains/(losses) on investments 11 (30,275) 23,637
Net movement in funds (90,681) (23,983)
Fund balances at 1 April 2022 612,611 636,594
Fund balances at 31 March 2023 521,930 612,611

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure relates to unrestricted funds.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

MERSEY SCHOOL OF ANAESTHESIA

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets/(liabilities)
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
543
18,457
19,000
(16,738)		 £
65,529
454,139
519,668
2,262
521,930
521,930
521,930		 2022
£
6,092
14,965
21,057
(24,372)		 £
87,789
528,137
615,926
(3,315)
612,611
612,611
612,611

The financial statements were approved by the Board of Trustees on 4 December 2023 and signed on its behalf by:

Dr R S Ahearn Trustee

Company registration number 07986504

MERSEY SCHOOL OF ANAESTHESIA

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
21
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
-
(40,466)
84,189
12,536		 2022
£
£
(52,767)
(109,215)
(27,518)
71,873
13,176
56,259
-
3,492
14,965
18,457		 £
50,586
(51,684)
-
(1,098)
16,063
14,965

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Mersey School of Anaesthesia is a private company limited by guarantee incorporated in England and Wales. The registered office is Education & Training Centre, Whiston Hospital, Warrington Road, Prescot, Merseyside, L35 5DR.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention modified to include the revaluation financial investments to their market value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised in the SOFA when the charity is legally entitled to it. The income derived from the provision of courses is recognised in the year in which the course takes place.

Investment income is accounted for on the accruals basis.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Resources expended are included in the SOFA on an accruals basis, inclusive of any VAT that is not recoverable.

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. The costs of minor additions, being those below £500, are not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment 33% on cost per annum Computer software 20% on cost per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

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 cost.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.11 Employee benefits

If material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees 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.

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.

3 Charitable activities

**Course fees ** Course fees
2023 2022
£ £
Course fees 271,950 168,989

4 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 12,533 13,176
Interest receivable 3 -
12,536 13,176

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Advertising 3,540 4,360
3,540 4,360

6 Charitable activities

Course
expenditure
Donations
and grants
2023
2023
£
£
Staff costs
160,965
-
Depreciation and
impairment
22,260
-
Courses
88,017
-
Rent
5,910
-
Insurance
912
-
Postage and stationery
6,058
-
IT costs
6,150
-
Legal and professional
fees
5,998
-
Investment
management fees
6,256
-
Sundry expenses
11,054
-
313,580
-
Grant funding of
activities (see note 7)
-
19,372
Share of governance
costs (see note 8)
8,400
-
321,980
19,372		 Total
2023
Course
expenditure
Donations
and grants
2022
2022
£
£
£
160,965
155,642
-
22,260
23,351
-
88,017
2,228
-
5,910
5,910
-
912
785
-
6,058
348
-
6,150
7,957
-
5,998
4,940
-
6,256
7,531
-
11,054
5,639
-
313,580
214,331
-
19,372
-
5,094
8,400
6,000
-
341,352
220,331
5,094		 Total
2022
£
155,642
23,351
2,228
5,910
785
348
7,957
4,940
7,531
5,639
214,331
5,094
6,000
225,425

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Grants payable

Donations Donations
and grants and grants
2023 2022
£ £
Grants to institutions (5 grants):
Education and training 1,581 661
Other 10,386 -
Grants to individuals (18 grants) 7,405 4,433
19,372 5,094

8 Support costs

Support costs
Support
costs
Governance
costs
£
£
Audit fees (2023)
-
7,200
Audit fees (2022
underprovision)
1,200
-
8,400
Analysed between
Charitable activities
-
8,400		 2023
Support
costs
Governance
costs
£
£
£
7,200
-
6,000
1,200
8,400
-
6,000
8,400
-
6,000		 2022
£
6,000
6,000
6,000

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits during the year.

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
3 3

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2023
2022
£
£
148,728
142,902
9,653
7,394
2,584
5,346
160,965
155,642		 (Continued)
2023
2022
£
£
148,728
142,902
9,653
7,394
2,584
5,346
160,965
155,642
155,642

The key management personnel of the charity comprise the trustees and the executive committee which includes the Chief Executive Officer, the Company Secretary, Dr T Dixit, Dr B Perritt and Dr K Jones. The employee benefits of the key management personnel are £107,242 (2022: £101,000).

The number of employees whose annual remuneration was more than £60,000 is as follows:

is as follows:
2023 2022
Number Number
£60,001-£70,000 1 -

11 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (26,865) 10,534
Gain/(loss) on sale of investments (3,410) 13,103
(30,275) 23,637

12 Taxation

The company is a registered charity and as such is exempt from taxation on its income so long as this is applied for a charitable purpose.

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Tangible fixed assets

Fixtures,
fittings &
equipment
Computer
software
£
£
Cost
At 1 April 2022
7,631
109,215
Disposals
(3,104)
-
At 31 March 2023
4,527
109,215
Depreciation and impairment
At 1 April 2022
7,214
21,843
Depreciation charged in the year
417
21,843
Eliminated in respect of disposals
(3,104)
-
At 31 March 2023
4,527
43,686
Carrying amount
At 31 March 2023
-
65,529
At 31 March 2022
417
87,372		 Total
£
116,846
(3,104)
113,742
29,057
22,260
(3,104)
48,213
65,529
87,789

14 Fixed asset investments

Listed
investments
Cash in
portfolio
£
Cost or valuation
At 1 April 2022
502,505
25,632
Additions
40,466
-
Valuation changes
(26,865)
-
Movement in cash
-
(9,975)
Disposals
(77,624)
-
At 31 March 2023
438,482
15,657
Carrying amount
At 31 March 2023
438,482
15,657
At 31 March 2022
502,505
25,632		 Total
£
528,137
40,466
(26,865)
(9,975)
(77,624)
454,139
454,139
528,137

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

14
Fixed asset investments
Investments at fair value comprise:
UK fixed
UK equity
Overseas equity
Alternative
Mixed
Fixed asset investments revalued
At the year end the investments had a cost of £367,727 (2022 - £379,681 ) .
15
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through statement of financial activities
16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 (Continued)
2023
2022
£
£
64,189
68,724
118,359
137,491
186,764
227,304
49,282
47,985
19,888
21,001
438,482
502,505
2023
2022
£
£
438,482
502,505
2023
2022
£
£
-
4,700
543
1,392
543
6,092
2023
2022
£
£
3,678
3,620
300
385
12,760
20,367
16,738
24,372		 (Continued)
2023
2022
£
£
64,189
68,724
118,359
137,491
186,764
227,304
49,282
47,985
19,888
21,001
438,482
502,505
2023
2022
£
£
438,482
502,505
2023
2022
£
£
-
4,700
543
1,392
543
6,092
2023
2022
£
£
3,678
3,620
300
385
12,760
20,367
16,738
24,372
502,505
2022
£
502,505
2022
£
4,700
1,392
6,092
2022
£
3,620
385
20,367
24,372

18 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to statement of financial activities in respect of defined contribution schemes was £2,584 (2022 - £5,346).

MERSEY SCHOOL OF ANAESTHESIA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

19 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

20 Company limited by guarantee

The charity is a company limited by guarantee and does not have a share capital. Each of the members has undertaken to contribute an amount not exceeding £10 towards meeting the charity's debts in the event of its being wound up.

21 Cash generated from operations
Cash generated from operations 2023 2022
£ £
Deficit for the year (90,681) (23,983)
Adjustments for:
Investment income recognised in statement of financial activities (12,536) (13,176)
Loss/(gain) on disposal of investments 3,410 (13,103)
Fair value gains and losses on investments 26,865 (10,534)
Depreciation and impairment of tangible fixed assets 22,260 23,351
Movements in working capital:
Decrease in debtors 5,549 88,700
(Decrease) in creditors (7,634) (669)
Cash (absorbed by)/generated from operations (52,767) 50,586

22 Analysis of changes in net funds

The charity had no debt during the year.

23 Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements.