FILE COPY Charlty rogistratlon number 1149166 Company règistratlon numbèr 07986504 {England and Walgs) MERSEY SCHOOL OF ANAESTHESIA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 LONSDALE & MARSH C114Jth examinatlDns may use the letters FRCA (Fellow of the Royal College of Anaesthetistsl after their nan)0, The examinations are Sat and supervised by the RCA through a Board of Exarniners. The usual annual Mersey School of Ana8sthesia (MSA) programme of courses for the FRCA Examinations Gomprises.. Primary MCQISBA CoLtrses. OSCE & Viva week.long and weekend Courses, Final MCQISBA Courses, CRQ E Club, Final Written 'Bogker' Couisè, Final VIVA w88k-long and weekend Courses. Only after having obtsined th8 FRCA qualification can trainee anaesthetists continu8 the prescribed training programme of a further three or four years, at the ènd of which they will be granted the Certificate of Completion of Training ICCT) which renders them eligible lo apply a perman8nt hospital post as Consuvcant, Associated Spe¢ialisl or StafF Gradè Anaeslhelisl. The trusteès have paid due regard to guidance issued by the Charity Commission in deadin9 what acb"vities tho charity should undertake. The tr￿SteeS have complied with the duty in section 17151 of the Charitie5 Act 2011 to have due regard tD the guidanTr published by the Charity Commission on public benefit. Th8 trustees dècide on any grants or donations made. Thè charity makes grants lo individugls and organisations sharing similar objectives at the discretion of the trustees. Achlevomfrnts and performance This was the first year that was completely fre8 from any reslriGtions caused by the Covid pandemic. The results achiéved were in line with the foreca51s prepared for the new programme of ¢ourses that thè MSA would deliver. The tsrg81 turnover of £350,000 was achieved and almost all courses wer& run al maximum attendan￿ numbers. The decision lo move in-person courses to the Village Hotel has been juslified. Although the costs are slightly higher, the hotel's facilities and staff more than rnake up for Ihis, plus, those attending be accommod8ted on sile. This provides a much more professional experience for the trainees. Tha support of thè Facutties and the ExecL*tive officers have assisted irb helping the MSA to provide a comprehensive ￿UrSe programme, delivered by th8 Chief EX￿Ul1Ve. A new course. following demand to support trainees taking the FICM wrillen examination, has also been astablishgd into the programme. This runs twice a year in-line with the FICM exam date. MERSEY SCHOOL OF ANAESTHESIA TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The twslees are pleased to report that in th8 fiAanelal year under review grants and donations totalling £11,529 were made to a variety of institutions and various other charitablè causes as determined by the Iruslees. All grants and donatsons were less than £1,000 each except for the donation of £1.750 to Anlree University Hospital for a central lin? simulator. Financlal review For the year ended 31 March 2024, the charity generated a $l￿lus of £22,104 (2023 d8ficil £44,444) befora unrealisÈd gains on investments of £33,269 (2023 - IDSSQS £26,865) from ils charitable activities, before the charity made donations and grants of £11.52912023- £19.372) and before bonuses of £10,876 (2023 - nill. It remains th8 policy of tha charity that unreslrlcled ftjnds which have not ￿en designat￿ for a specific use should be maintained al a level equivalent to approximately b￿e1ve months of customary annual expenditure, being approximately £400,000. The IAJSteas consider that reserves at this level will ensure that, in the event of a significant drop in fvnding, they will be able to continue the charity's current activities while consideration is given to ways in which additional fijnds may be raised. This level of reserves has been maintaineLI throughout the year. total value of free reservas, excluding tangible fixed ass8ts, as al 31 Ma￿h 2024 was £511,212 12023 £458.4011. On the basls that the charity aims lo retain the equivalent of tselve months expenditure in reserves, it has been agreed that a proportion Df said reserves will be investèd in various stocks and securitie5 as advised by the charity's nveslment manager, in ord8r lo maintain the capitsl value of the monies invested 2nd also generate a greater return than would be achieved frorn cash deposlts. The trusteès are satisfied that this investment objective has been mel. The IDlal value of funds held with Charles Stanley & Co. Limited at 31 March 2024 was £492,173 of whlch £474,617 was invested with the remaining £17,556 held as cash lor reinveslmenl. Plans for fltturo periods In the year lo 31 March 2024 the charity detivered 12 in-person courses and 4 online courses. The feedback from those attendingbDth in-person and online coursesis greatly apprecialivo of th8 MSA'S continuing efforts to provide pre-exam preparation and coaching. Wth the in-person and online Courses both iunning well, the trustees ere pleased that the MSA has returned to bre8k-even position this year after three years operating 4t a deficit The ExecLrtive have explored the possibilty of running a shorter additional course in the run up lo the dates of the FRCA Viva examinations lo accommodate the Gurrenl demand. They are also revising the structure of some courses lo streamline the Goverage ol all relevant topics required for the Final FRCA Written Examination. Structura. governance and management The tharity is a company limited by guarantee ancl is governed by the Memorandum and Articles ofAssociation. The trustees, who are also the directors for the purpc>se of company law, and who served during Iheyear and up to the date of Signature of the financial statements were.. Dr R SAheam Dr N Airey Dr N C Brooks Dr V M Blanchard (nee Nelson) Dr S Pedder Dr E A Ojabaley (Retired 1 July 2024) (Appointed 4 December 20231 MERSEY SCHOOL OF ANAESTHESIA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 None of the trustees has any beneficial interest in the company. All of the trustees are membors ofthe company and guarantee lo contribute £10 in the event of a winding up. New trustees may be elected at any timè by the existing trustees al trustee board meetings. RecrLJiting and training the Tight trustees is an important aspect of governing the charity and the trustees will largel a balance of individuals wth a range of skills and backgrounds who are able lo contllbule lo the governance process. New trustees will already be familiar with the work of th8 charity and their induetion and training includes a discussion of their role and their responsibilities with the Company Secretsry and other trustees. The Mèrsey School ofAnaesthesia Constituency compris@s the trustees and all stakeholders. The Mersey School of Anaesthesia Constituency delegate the day to day running of the charity to the Executiv8 Administration who are responsible for the organisalional, administrative and finanaal governance of the Mersey School of Anaoslhesia IMSAI. The administration is comprised of." Ms Kir8tie Gray (Chief Executive Officer), Dr Tushar Dixit, Dr Beth Perrilt and Dr Kristianne Jones INon-Execulive Direciorsl and Mr David Chestnutt (Company Secretary and Treasurèrl. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure ID the major risks. The major risks Sdentified are a change lo the curriculum for the FRCA ex2minations andlor a change lo the FRCA exarn structure. The Executive Administration of the charity losely 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, rgsponslbllities The trustees. who are also the directors of Mersey School of Anaeslhesia 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 IUni18d Kingdom GenerallyAccepl@d Accounting Practlcel. Company Law requires the trustees to prepam financial slalem@nts for each financial year which give 8 true and fair view of the stale of affairs of the charity and of the in¢orning resources and application of résoiJrce5, including the income expenditure, of the Gharilable company for that year. In prep8Ting these financial slatemenls, th8 trustees are required lo.. select suitable accounting policies and then apply them consistently.. - observe the methods and principles in the Charities SORP-, make ludgements and estimates that are reasonable and prudenf., state whether applicable UK Accountir￿ Standards have been followèd, subject to any material departures disclosed and explained in the financlal statements., and prepare the financial statements on the going ¢oneem basis unless it is inappropriate ID presume that the Gharity will conllnue in Dperation. The trustees are résponsible for keeping adequate accounting records that disc105e with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements ¢r)mply with the Companies Act 2006. They 2re 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 r8sponsible for the rnaintenance and integrity of the chaiify and financial information included on the Charity's website. Legi51alion in the United Kingdom goveming the preparation and diss8minalion of financial stat8menls may differ from legislation in other jurisdictions. Auditor In accordance with the company's articles, a resolution proposing that Lonsd81e & Marsh be rogppointed as audiloi of the charity will be put at a General Meets'ng. MERSEY SCHOOL OF ANAESTHESIA TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosure of informatlon to audltor Ea¢h of the trustees has confirmed that there is no information of which they are aware which is relevant lo the 8udil, but of which the auditor is unaware. They have furthor conf rmed that thoy have takerb appropiiate steps lo identify such relevant infomation and to establish that the auditor is aware of such information. The t lees, report was a roved by the board of Iruslees. Dr R S A￿arn Trustee 2 December 2024 MERSEY SCHOOL OF ANAESTHESIA INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERSEY SCHOOL OFANAESTHESIA Opinion We have audited the financial slalem8nts of Mersey School of Anaesthesia (the 'charily'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement ofcash flows and the notes lo the financial slatemenls, Including a summary trf 8ignificanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporbng Standard 102 Th8 Financial R8POrting St8ndartJ 8pplicabl8 in Ihe UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the firkancial statements.. give a true and fair view of the state of the tharilable ￿mpanY'S affairs as al 31 March 2024 end of its incoming resour￿5 and application of resources. including its income and 8xpenditure, for the year then ended", hav& been properly prepared in accordance wilh United ￿ngdoM Generally Accepted Accounting Pra¢ti￿", and have been prepared in accordawe with the requirements of th8 CompanlesAct 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK} (ISAS {UKII and applicable law. Our responsibilitiès und&r those standards are further described in the Audrforfs Trsponsibililiès for the audit the financial statements section of our reptsrt. We are independent of the charity in accordance ¥Mlh the elhic81 requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and the provisions availablè lor small entib"es, in the circumstances set out in note 24 to Ihe finanual statements, and we have fulfilled our other ethical responsibilities in aecordance with these ffquiremenls. We believe that the 8udil evidence we have obtained is SLJfficlenl and appropriate to provide a basis for our opinion. Concluslons relating to golng concorn In auditing the financial 51alemenls, we havè eoncluded that tho trustees, usa of the going ￿nCern basis ol awounling in th8 preparation of the financial stalernenls is appropriatè. Based on the work we have performed, we havè not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least tw8lve rnonths frorn when the financial statements are aLrthorised for issue. Our responsibiliti8s and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The other infomalion comprises the information included in the annual report other than the finarKial statements and our audilor's report Ihereon. The trustee5 are responsible for the other information contained within the annual rèport. Our opinion on the financial slalemènts does not cover the other information and, except to the extent otherwise @xplicitly slated in our report, we do not express any torm ol assurance conclusion Ihereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othenmise appèars to be malerially misstated. If we identify such material incon51slencies or apparent material misslalemenls, we are required lo determine whether this gives rise to a material miss1218m&nt in the financial >latèmenls Ihemselvos. If, based on the work we have performèd. we condude that there is a material misstatement of this other information, we ar@ 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 OpSnlons on other matters prescrlbed by the Companles Aet 2006 In our opinion, based Dn the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report prepared for the purpos8s of company law, is consistent with the financial slalements., and the directors, report included wthin the bust88s' report has been prepared in aecordanc8 Wlth applicable legal requirements. Matters on whlch we are requlred lo report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of thè audit, w& have not identified matefial misslatemenls in the dir8Ctors' report included wlhin the trustees, report. We have nothing lo report in respect of thè following matters in relation lo which the Companies Ad 2006 rèquires us to report lo you if. in our opinion.. adequate and proper accounting records have not been kept, or returns adequate for our aLKJil have rbot been recèived from branchès not visited by us., or the financial slal&menls are not in agreement with the 8eeoL¢nting records and retums.. or certain disclosure5 of trustees, remuneration specified by law are not made., or we hav8 not received all the information and explanations we require for our audit., or the Iruste8s were not enlilled to prepare the financial slalem8nts in accordance with the small companies regime and lake advantage of the small companies. exemptions in preparing the Iiuslees, report and from the requirement lo prepare a strategic report. Re5ponsibilitles of trustees As explained more fully in thè statement of trustees, responsibilities, the trustèes, who are also the directors of th8 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 lo enable the preparation of financial stalèmenls that are free from material misstatement, whether due lo fraud or error. In preparing the fjnancial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concem, disclosing, as applieable, matt&rs related to going concern and using the going concern basis of accounting unless th8 Iruslees either intend to liquidate the charitable compsny or to cease operations, or have no realistic allemative bul to do so. Audltor'$ responsibllltles for the audit of the flnanclal slatements Our objech.ves are lo obtain reasonable assuran￿ about whether the financial slalemenls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that Includ￿ r)ur opinion. Reasonable assurance is a high level of assuranee but is not a guarantee that an audit conduct8d in accordance with ISAS (UK) will always dètect a material misslalement when il èxists. Misslalements can arise from fraud or error and are wnsideted material if. individually 01 in the aggregate, they eould reasonably be expected lo influenee the économic decisions of user5 taken on the basis of these financial slalements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined abovo, lo detect material mis51atements in respect ol irregularities, including fraud. The exlenl to which our prO￿dureS are capable of detecting iTregu18rilies, including fraud, is d8tai18d below. MERSEY SCHOOL OF ANAESTHESIA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA I￿ obtained an underslandlng of the legal and regulatory frameworks that are applicable to th& charity and determined that the most significant are those that relate to the laws and regulations that hav8 a direct impact on the financial statements suth as the CompaniesAct 2006 and the Charities SORP IFRS102). Our approach to identifying and assessing the risks of material misststement in respect of irregularities, induding fraud and non-compliance with laws and regulations, included the following.. the engagement partner ensured the engagement team collectively had the appropriate competence, apabilits.es and skills ID identify or recognise non-compliance with applicable laws and regulations,. discussions wrth senior management.. identified laws and regulations were communicated within the audit team who remained alert to instances of non-¢ompliance throughout the audit. We evaluated management's incentives and opportunitie8 for fraudulent manipulation of the financial statements (Ind￿1ng override of controls) and addressed the risk through., making enquires of those charged with governanGe as to their kno￿edge of aCtl￿1. suspected and alleged instances of fraud., considering thè intem81 Controls in place to mitigate the risks ol fraud. In res￿nSe to the risk of irregularities and non-complian￿ Mlh laws and régulations, we designed our audit Pro￿dureS which included, but was not limited lo.. agreeing financial statement disclosures to underlying supporting documentation.. reviewing the minutes of meetings of those charged wlh govemance-, reviewing correspondence with professional advisors", reviewing for any transactions undertaken with related parties such as those tharged with govemante andl or directors., testing and reviewing joumal enlri&s', checking exp8nses are bon8 fide Iransactions of the charitable company. Because of the inherent limitations of an audit, Ihere is a risk that w8 ￿11 not detect all irregul8rilies, incluoling those leading to a material rnisstatement in the fin8ncial statements or non-complian￿ with regulakn"ons. The risk is also greater regarding Irregularitiès occurring due lo fraud rather than err¢y, as fraud involves intentional COn￿alMent. forgery. collusion, omission or misr8pre3entation. A further description of our r8sponsibililies is available on thè Financial Reporting Council's website at.. https.'Il www.frc.org.uklaudilorsresponsibilities. This description fom)s part of our auditor's report. Usè ofour report This report is made solely to the charitable company's members, as a body, in accord?nce with Chapter 3 of Part 16 of the Compani8s Act 2006. Our audit work has beèn undertaken so that we might slate to the chariiable company's mernbers those matters we 3re r@qLJired lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do ni)t accept or assume responsibility lo 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. ElaSne Frances McElro Isenlor Statutory Auditor) for and on behalf of Lonsdale & Marsh 2 December 2024 Chartered Accountants Statutory Auditor 509- 510 Cotton Exchange Bixt@th Street Liverpool L3 9LQ MERSEY SCHOOL OF ANAESTHESIA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Unrestricted funds funds 2024 2023 Notes Incomefrom: Charitable aetivities InvestmÈnls 350,618 12,152 271,950 12,536 Total income 362.770 284,486 Expendttur8 on.. Raising funds Charitable activiknes 1,896 359,971 3.540 341,352 Total 8xpenditure 361,867 344,892 Net gainsl{lossesl on investrnenls 12 32,065 13D,275) Net Incomel{expendlture> and movement In fund$ 32,968 {90,6e11 Reconciliation of funds: Fund balan￿5 al 1 Apfil 2023 521,930 612,e11 Fund balances at 31 March 2024 554.898 521,930 The statement of financial adivilies Includes all gains and Ioss8s recogni5ed in the year. All income and expenditure derive from continuing activities. MERSEY SCHOOL OF ANAESTHESIA BALANCE SHEET ASAT31 MARCH2024 2024 2023 Notes Flxod assets Tongible assets Investsnents 14 15 43,686 492,173 65,529 454,139 535.859 519,668 Current assots Debtors Cash at bank and in hand 16 1,696 44,084 543 18,457 45,780 19,000 Creditors.. amounts falling du8 within one year 17 126,741) {16,7381 Net current a$$ets 19,039 2.262 Tolal assets less current liabllltlas 554,898 521,930 The funds of the charlty Unrestricted funds 19 554.898 521,930 554,898 521.93Cs The fina I statements We￿ ap roved by the trustees on 2 December 2024 Dr R SAhearn Trustge Cornpany regislrakn.on number 07986504 (England and Infrdlesl MERSEY SCHOOL OF ANAESTHESIA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from opèratlny activities Cash generated fromllabsorbed by) cperations 22 19,444 (52,767) Invostlng activltles Purchase of investments Proceeds from disposal of investments Investment incomè recelved 124,6681 18,699 12.152 (40,4681 84,189 12,536 Net cash generated from Investing activities 6,183 56,259 Not cash used In financing actlvities Net increase in cash and cash oqulvalents 25,627 3,492 Cash and cash equivalents 8t beginning of yèar 18,457 14,965 Cash and cash equivalents at end ofyear 44,084 18,457 10 MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2024 Accountlng pollcle$ Charity Information Morsey School of Anaesthesia is a private company limited by guarantee incorporated in England and Wales. The registered officè 18 Education & Training Centre. Vlphislon Hospital, Warrin9ton Road, Prèscol. Merseyside, L35 5DR. 1.1 Accountlng Gonvtrntlon The accounts have been prepared in accDrdance with the chaiity's Memorandum and Articles of Association, the Companies Act 2006 an¢ "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chari118s preparing their a￿OUnts in accordance wtr the Financial Reporting Standard appIl￿ble in the UK and Republic of ITeland IFRS 1021. {as amend8d for acGounling periods commencing from 1 January 20191. The charity 15 a Public Benefit Entity as defined by FRS 102. The financ(al statements are prepared in sterfing. which is the ftjnclional currency of the charity. Mon8tary amounts in these financial slatemenÉs are rounded to the nearest £, The accounts have been prepared Ltnder the hi5toriGal cost convention modified to include the revalualitsn financial investments to their maTket value. The principal accounting policies adopl8d are set Dut below. 1.2 Golng concern At the bme of approwng the financial stalèmenls, the trustee5 have a r&asonable expeGtation that the charity has adequate reSoUr￿S to continue in operational existènce for the foreseeable future. Thus the trusteès coNtinue lo adopt the going concern basis of a¢Gounting in preparing the ftnancial statements. 1.3 Charltable funds Unrestricted funds are available for use at the di$￿￿tIOn of the trustees fvrthera￿e of their charitable objectives. 1.4 Income Income is reeognised in the SOFA when the charity is legally entitled lo it. The income derived from the provision of courses is recognised in the year in which the coursè takes place. Investment income is accounted for on the accruals basis. 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, il is probab18 that a Iransf6r of economyc benefits will be requiied in settlèment, and the amount of the obligation can be measured reliably. Expenditurè is classified by activity. The cos18 of each activity aro made LJP of the lolal of dirfLt costs and shared wsls, including support costs involved in undertaking each activity. DiieGI costs attributable to a single activity are allocated directly to that activrty. Shared costs which contribute le more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs arè allocated on the basis of tim8 spent, and depreciation charges are allocated on the portion ol the asset's use. Resources expended are included in the SOFA on an a￿r￿alS basis. indusive of any VAT that is not recoverable. MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles {Continu8dl 1.6 Tangible flxed ass8t5 Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impaimient losses. Tangible fixed assets arè staled at cost less depreryalion. The costs of minor additions, being thosè below £500, are not capitalised. Depreciation is provided al rates calculated to write off the cost less eslirnated residual value of each asset over its expected us8ful life, as follows.. Fixtures, fittings & equipment Computer software 33% on cost per annum 200h on cost per arsnum The gain or loss arlsing on the disposal of an ass&t is d8termined as the difference between the sa18 prO￿ed8 and the ￿rryINg value of the asset, and is recognised in the slalement of financial a¢livities. 1.7 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and ar8 subsequ8nlty measured at fair value al each reporting dale. Changes in fair value are recognised in nel ineomellexpenditur81 for the year. Transaction Cgsts are expensed as incurred. 1.8 Impaimient of flxed assets At each reporting end date, the charity reviews the carrying amounts of it5 tangible assets to determine whether there is any indication that those assets have suffered an impairment Ioss. If any su¢h indication 8xists, the recoverable amount of the asset is eslimaled in order to delemine the extent of Ihe impairment loss lif any}. 1.9 Cash and cash equivalènts Cash and cash equivalents include cash in hand, deposits h81d al call with banks, other short-term liquid nvestmenls with original maturities of thr@e months or less. 1.10 Flnanclal Instruments The charity has elected lo apply the provisions of Sertion 11 'Basic Financial In81ruments' and Section 12 'Olher Financial Insttuments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheèt when the charty becomes party to the contractual provisions of l*e instrument Basic financial assets Basi¢ financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transadion costs and are subsequently earried at cost. Basic financlal liabilities Basic financial liabilities. including trade and other creditors are initially recDgni5ed al Iransaclitsn priee unlèss the a￿angeMent ¢onslilutes a financing tr8nsaction, where the debt instrument is measured at the present value of thè future payments diswunled at a mark8t rale of interest. Finanoial liabilities classified as payablo vrilhin one year are not amortised. Trad@ creditors are obligations lo pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payable gre classified as current liabilities if payment is due within c>ne year or less. Derecognition of finanelal liabilities Financial liabil((ies are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 12. MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les (Contlnuedl 1.11 Employee benèflts If material, the cost of 8ny unused holiday entitlement is recognised In the period in which the employee's setvices are received. 1.12 Retlrement bgnefits P?yments lo defined eonlribLrtlon retirement benefit schèmes are charged as an expense as they fall due. Crltlcal aceountlng estlmatgs and Judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions 8boLJt the carrying amount of assets and liabilities that are not readily appar8nl from other sources. Thè estimates and associated assumplions are based on historical Èxperien￿ and other factors that are considered to be relevant. Aclu21 results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongolng basis. Revisions lo accoiinting estSmales are recognised in the period in which the estimate is revised where the revision affects only that period, or in th& period of the revision and future periods where the revision affects both current and future periods. Income from charitable actlvlties Ullrestrlcted funds 2024 Unrestrlcted funds 2023 Course fees 350,618 271,950 In¢¢)me from investments Unrestricted Unrestrict8d funds funds 2024 2023 Income from listed investments Interest receivable 11,963 189 12,533 12,152 12,536 Expenditure on ralslng funds Unrestriettd Unrestrictod funds funds 2024 2023 Fundraising and publiclty staging fundraising events 1,896 3,540 13 MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charltable activltles Course Donatlons gxpondlture and grants 2024 2024 Total Course Donations expenditure and grants 2023 2023 Total 2024 2023 Dlrect costs Staff costs Depre¢iation and impaimient Course costs Rent Insurance Paslage and slalionery IT costs Legal and professional fees Investment management fees Sundry expenses 163.016 163,D16 160,965 160,985 21.843 112.356 5,910 905 6,316 7,081 21,843 112,356 5.910 905 6,316 7.081 22,260 88.017 5,910 912 6,058 8,150 22,260 88,017 5,910 912 6,058 6,150 4,299 4,299 5,998 5.998 5,994 13,522 5,gg4 13,522 6,256 11,054 6,25e 11,054 341.242 341,242 313.580 313,580 Grant funding of activities 1s@8 note 71 Share of support and govemance costs (see note 8) Governance 11,529 11,529 19,372 19,372 7,20D 7,200 8,4DO 8,400 348,442 11,529 359,971 321,980 19,372 341.352 Analysls by fund Unrestricted funds 348,442 11.529 359.971 321,980 19,372 341,352 Grants payable Donations and grants 2024 Donatlons and grants 2023 Grants to instilullons112 grantsl- Education and training Other 384 3,467 1,581 10,388 3.851 11,967 Grants lo individuals120 granlsl 7,678 7,405 11,529 19,372 14- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 Support costs 8upport Gov8rnance osts costs 2024 Support Governanc8 costs costs 2023 Audit fees Audit fees12022 underprovisionl 7.200 7,200 7.2CM) 7,200 1.200 1,200 7,200 7,200 8,400 8.400 Analysed béfvften Charitable actlvities 7.200 7,200 8,400 8,400 Net movemenl In funds 2024 2023 The net movement in funds is slateé after chargingllcr8diting}'. Fees payable the audit of the charity's financial gtatements Depreciation of owned tsngible fixed assets 7,20LI 21,843 8,400 22,260 10 Trustees None of the Iruglees {or any persons connected with them) received any rernun8ration, expenses or benefits duting the year. Employees The average monthly number of @mployees during the year was.. 2024 Numb9r 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 152,803 8.752 1,461 148,728 9,653 2,584 163,016 160,%5 15- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employo9s Icontlnuedl The number of ernplDyees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Numb•r £60,001- £70,000 £70,C￿l - £80,000 Remunoratlon of key managemont pgrsonngl The k8y management personnel of the charity comprise the trustees and the execulive committee which includes the Chief Executive Officer, the Company Secretary. Dr T Dixit, Dr B Perritt gnd Dr K Jones. The employee b&nefits of the key management personnel are £126,303 (2023.. £110,492). 12 Galns and losses on Inve$trnpnts Unrestrictgd Unrestrfcted funds funds 2024 2023 Gainslllosses) arising on.. Revalvalion of inv8Stm@nls Sale of investment 33,269 (1.2041 126,8651 13,4101 32,065 130,2751 13 Taxatlon Th& company is a registered charity and as such is exempt from taxation on its income so long as this is applied lor a charitable purpose. 16 MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tanglble fixèd assets Flxture$, fittings & equlprngnt Cornputèr software Total Cost At 1 April 2023 4,527 109,215 113,742 At 31 March 2024 4,527 109.215 113,742 Depraclation and Impalrmènt Al 1 April 2023 Depreciation charged in the year 4,527 43,686 21,843 48.213 21,843 At 31 March 2024 4,527 6S.529 70,056 Carrylng amount Al 31 March 2024 43.686 43,686 Al 31 March 2023 65,529 65,529 15 Flxed asset Investments L15ted Investments Cash In portfolio Total Cost or valuatlo Al 1 April 2023 Additions Valuation changes Movement in Cash Disposals 438,482 24,668 33,269 15,857 454,139 24,668 33.269 1,899 121,S021 1,899 121.802} Al 31 March 2024 474,617 17,556 492,173 Carrylng amount At 31 March 2Q24 474,617 17,556 492,173 Al 31 March 2023 438,482 15,657 454,139 17- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Flxed asset Investments (Contlnuedl 2024 2023 Investments al fair value comprise.. UK fixed UKequity Overseas @quity Allemative Mixed 64,146 121,823 218,480 50,365 19,803 {64,189} {118.359} 186,764 49,282 19,888 474,617 438,482 Fixed asset investments revalued At the year end the investments had a cost of £371,66612023 - £367.7271 . 16 Debto 2024 2023 Amounts falling du8 wlthln one year: Prepayments and accrued income 1,696 543 17 Credltors: amounts falllng due within one year 2024 2023 Other taxation and soeial security Other creditors Accruals and deferred income 3.687 3,678 300 12,760 23,054 26,741 16.738 18 Retlrement bènafit schemes 2024 2023 Defined contrlbution schemes Charge to profit or loss in respect of defined conlribution schemes 1,461 2,584 The charity operates a defined contribution pension sch&me for all qualifying employees. Thè ass8ts of the scheme are h?Id separately from those ofthe charity in an independently administered fund. 18- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricted funds The unrestricted funds of the charty comprise the un?xpended balances of donations and grants which are not subject to specific conLlrtions by donors and grantors as to how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources expended Gains and At31 March 108s6s 2024 General funds 521,930 362,770 1361,867) 32,065 554,898 Pr¢vlous year: At 1 April 2022 Incomlng re5ourcoS Resources expended Galns and At 31 March losses 2023 General funds 612.611 284,486 (344,8921 130,2751 521,930 20 Related party transaetions There weré ne disclosable related party transactions during th8 y@ar12023 - none). 21 Company Ilmlted by guaranlgfr The eharlty is a company limited by guarante& and does not have a share capital. Each of the members has undertaken to conlrtbute an amount not ex￿edIng £10 towards meeting the charity's debts in the 8venl of ils being wound up. 22 Cash gen8rat&d from operations 2024 2023 Surplusl(d8ficil} for the year 32,988 (90,681) Adjustments for.. Investment income recognised in statement of financial activities Loss on dlsposal of investments Fair value gains and losses on investments Depreciation and impairment of langibla fixed assets 112,1521 1,204 133,2891 21.843 {12.5361 3,410 26,865 22,260 Movements in working capital. Ilncrogselldecrease in debtors Increaselldecreasel in creditors {1,1531 10,003 5,549 {7,634} Cash g&nerated fromllabsorbed by} operatlons 19,444 {52,7671 23 Analysis of change5 In net funds The charity had ne material debt during the year. MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Nonvaudlt servlces providèd by audltor In common with many businesses of our size and nature we use our auditor to assist the preparation of the financial statements. 20-