B A C A (2014) Ltd
(Company Limited by Guarantee without Share Capital)
Report and Accounts
30 September 2023
Company Number: 08986489 Charity Number: 1160635
B A C A (2014) Ltd Report and accounts Contents
| Page | |
|---|---|
| Company information | 1 |
| Report of the Trustees | 2 |
| Independent examiners report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of changes in equity | 9 |
| Notes to the financial statements | 10 |
B A C A (2014) Ltd Reference and Administrative Information
| Registered charity name | B A C A (2014) Ltd |
|---|---|
| Charity number | 1160635 |
| Company number | 8986489 |
| Trustees | Dr P H Dangerfield |
| Mr N Ashwood | |
| Dr B Choudray | |
| Dr M Swamy | |
| Dr C Brassett | |
| Secretary | Dr M Swamy |
| Correspondence address | Centre for Anatomical Sciences |
| Facility of Medicine | |
| Mailpoint 845 | |
| Southampton General Hospital | |
| Southampton | |
| SO16 7YD | |
| Registered office | 120 Walter Road |
| Swansea | |
| Wales | |
| SA1 5RF | |
| Bankers | Barclays Bank |
| Liverpool City Business Centre | |
| 48b - 50 Lord Street | |
| Liverpool | |
| L2 1TD | |
| Independent examiner | Alexander Accountancy |
| 12 Granary Wharf Business Park | |
| Wetmore Road | |
| Burton on Trent | |
| Staffordshire | |
| DE14 1DU |
1
B A C A (2014) Ltd Trustees' Report
The Trustees present their report, together with the Financial Statements of the Charitable Company for the year ended 30 September 2023. This report represents a trustees' report in accordance with the Charities Act.
The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015).
Trustees of the charity
The directors of the charity are the trustees for the purposes of charity law. The trustees who served during the year were as follows:Dr P H Dangerfield Mr N Ashwood Dr B Choudray Dr M Swamy Dr C Brassett
Governing document
B A C A (2014) Ltd is a charity and a company limited by guarantee and is governed by a Memorandum and Articles of Association adopted on 5th April 2014.
Objectives and activities
The objectives of the Association are:-
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1) To advance, for the public benefit, study and research into clinical anatomy and the disciplines relating thereto and to publish the results of such research.
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2) To promote and improve, for the public benefit, the science and practice of clinical anatomy.
The policy of the Association is to encourage study and research into clinical anatomy, from the application of knowledge of the anatomy of man and animals to the science and practice of medicine. Through its meetings and journal (Clinical Anatomy), the Association aims to publish the results of such research and to achieve educational and teaching excellence in clinical anatomy for all health professionals. Anatomy is interpreted in its broadest sense, to include gross anatomy, imaging anatomy in all modalities, microscopic anatomy and ultrastructure, development and growth before and after birth, neuroanatomy, biomechanics and the developing field of movement science. The Associations welcomes members from a variety of scientific and clinical disciplines.
Public benefit
The trustees have had due regard to the guidance published by the Charity Commission on public benefit.
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B A C A (2014) Ltd Trustees' Report
Review of the Year's Activities and Future Developments
The Association remains in a good position meeting its charitable aims with BACA beats, prizes, the art and essay competition. It has continued to function financially during the difficult times of the covid 19 pandemic and more recently the war in Ukraine and inflationary pressures. Our investments have recovered slightly, but are lower than the original investment due to market volatility.
Overall income, not including investment performance, has therefore been £5,687 rather than £4,079 last year. Subscription and royalty income has increased along with higher meeting expenditure. There has been an increase in reserves during the year of £9,255 because of surplus funds and investment gains compared with a reduction of £28,987 in the previous year. Within the last year our biggest expenses have been generated from electronic services to support meetings and the running of the Association. This has increased as we are now taking Stripe payments to help process membership and meeting registrations electronically. The fees to process these transactions have increased by 30%. Council costs have recommenced as well as fees for running courses as we begin to meet face to face again and we are also insured for adult learning.
BACA needs to keep its financial reserves within diverse resource’s to ensure their ability to function and resource developments in anatomical education and practice for patients and society in line with the associations aims. Our investments are monitored from the reports from Quilter Cheviott, spot checks through the internet and Quadros Financial Solutions. The asset risk is low and there is a potential for loss which is more than before.
The investment portfolio is low risk to match the charities attitude to risk which is 4 on a scale of 1 to 10. The investment has recovered slightly durng the accouting period but continues to be subject to market volatility. Quandros have stated ‘That the markets have been volatile lately with everything that is happening, however after discussing it with the Discretionary Fund Manager they don’t see it being long term and that investments will recover'. The investment strategy will be reviewed on a regular basis with Quadros Financial Solutions.
Cash reserves are now above the £85,000 which is protected under the FSCS in the event that the bank gets into financial difficulties. An alternative bank is being considered along with other investment strategies such as Cash ISAs. Our remaining working capital within the banks may need to be divided between bank accounts to help with the running of the organisation from a membership and meetings perspective. No bank should have more than the insured amount with a ceiling of £85,000. During the year this could be breached so the risk registry rating for this is unlikely but catastrophic if it did happen.
Checks and balances need to be made. We have had significant issues in relation to changing the bank accounts and registered addresses. This has been resolved but may cause issues with handing over roles within the Association. Peter Dangerfield was appointed as deputy treasurer to help and support the treasurer. Currently the Treasurer, Membership Secretary and President have access to the bank accounts. The Stripe accounts are accessed by the Membership and Meetings Secretary. These will need constant review to ensure members are paying as things transition from standing order.
Our charitable aims remain the same, to advance, for the public benefit, study and research into clinical anatomy and the disciplines relating thereto, to publish the result of such research and also promote and improve the science and practice of clinical anatomy.
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B A C A (2014) Ltd Trustees' Report
An issue of unjustified retention of reserves has been raised and discussed as we need to support this part of our charitable activities. We have continued with the essay and art prizes and consider what our future criteria for this is as we transition back to in person meetings.Further sponsorships are currently being considered along with promotion through each anatomy department.
An enquiry into claiming Gift Aid from each donor has been made to the Inland Revenue (Query number28829112). A response to this is pending and if sucessful might offset some of our increased costs.
Risk management
The trustees have examined the major risks to which the Charity is exposed and are satisfied that the systems are in place to mitigate those risks.
Financial Review
Income for the year totalled £33,428 (2022 -£12,304).
The net incoming resources after expenses of £24,173 (2022 £16,683) for the year was £9,255 (2022 -£28,987). At the end of the financial year reserves were £330,411 (2022 £321,156). The adequacy of the reserves policy is reviewed annually.
Remuneration
No remuneration is paid by the charity.
Reserves policy
The charity's reserves policy is to build up an unrestricted reserve which is sufficient to enable the charity's activities to continue. The reserves are also intended to be used to support trainees by subsidy of membership dues, support for research presentations at meetings and for possible other support as it arises for clinical anatomical research or educational purpose.
Structural, Governance and Management
Organisation
The charity is organised under its constitution and comprises a membership of members and fellows. Its affairs are managed by a Council appointed by the members at an Annual General Meeting held as appropriate under its constitution. Its affairs are currently overseen by 5 trustees.
Trustees recruitment and appointment
Appointment of trustees is governed by the constitution of the charity. The council has the power to appoint new members to fill vacancies arising through resignation or death of an existing member. Such appointments require ratification at the following Annual General Meeting.
Induction and training of Trustees
Trustees have a full knowledge of the Association since they are drawn from active and past Officers. They all have full knowledge of the constitution, the policies and arrangements for the management of the affairs of the Association and its financial structures.
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B A C A (2014) Ltd Trustees' Report
Details of wider networks
The Association is an independent organisation which discharges its constitutional requirements to its members by holding regular meetings for the scientific and educational objectives. It is not a member of any umbrella organisation but maintains contacts with other bodies with interests in its field of activities as appropriate.
Relationships with related parties
The Association enjoys appropriate relationships with Higher Education, Research and Health Delivery bodies with interests in its field of activities. It also enjoys a close working relationship with sister organisations within the United States, the American Association of Clinical Anatomists (AACA) and the European Association of Clinical Anatomists (EACA). These relationship are further strengthened by the co-publishing activities of the Journal of Clinical Anatomy. It also has links to the Anatomical Society and the Human Tissue Authority.
Trustee's responsibilities in relation to the financial statements
Company law requires the Trustees as Directors to prepare accounts for each financial year which give a true and fair view of the state of the company's affairs and the surplus or deficit for that year. In preparing these accounts, the trustees are required to:
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1) Select suitable accounting policies and then apply them consistently.
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2) Make judgements and estimates that are reasonable and prudent.
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3) Prepare the accounts on the going concern basis unless it is inappropriate to presume.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the company and enable them to ensure the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the board of Trustees on 25 October 2023 and signed on its behalf.
Dr P H Dangerfield Trustee
5
B A C A (2014) Ltd Independent Examiner's Report
Independent examiner's report to the Trustees of BACA (2014) Ltd
I report on the accounts of the Trust for the year ended 30 September 2023, which are set out on pages 9 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts and have engaged with Alexander Accountancy to assist with this process. Core records, such as bank statements, invoices and receipts were made available to reconcile the opening and closing positions. The charity's trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.
It is my responsibility to:
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1) Examine the accounts under section 145 of the 2011 Act.
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2) To follow the procedures laid down in the general directions given by the commission under section 145(5)(b) of the 2011 Act.
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3) To state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you, as the trustees, concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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1) Which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met or
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2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Richard Faulkner FMAAT Alexander Accountancy 12 Granary Wharf Business Park Wetmore Road Burton on Trent Staffordshire DE14 1DU
25 October 2023
6
B A C A (2014) Ltd Statement of Financial Activities for the year ended 30 September 2023
| Income Charitable activities Investment performance Interest income Total Income Expenditure Charitable activities Net income Total funds brought forward Tax on profit Total funds carried forward |
2023 £ 29,261 3,568 599 33,428 (24,173) 9,255 321,156 - 330,411 |
2022 £ 20,724 (33,066) 38 (12,304) (16,683) (28,987) 350,143 - 321,156 |
|---|---|---|
7
Registered number: 08986489 Balance Sheet as at 30 September 2023
B A C A (2014) Ltd
| Notes Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Net assets Charity funds Unrestricted funds Total charity funds |
2023 £ 239,360 93,051 (2,000) 91,051 330,411 330,411 330,411 |
2022 £ 235,792 87,264 (1,900) 85,364 321,156 321,156 321,156 |
|---|---|---|
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtail an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Dr P H Dangerfield Trustee Approved by the board on 25 October 2023
8
B A C A (2014) Ltd Statement of Changes in Equity for the year ended 30 September 2023
| At 1 October 2021 Net income At 30 September 2022 At 1 October 2022 Net income At 30 September 2023 |
Share capital £ - - - - |
Share premium £ - - - - |
Re- valuation reserve £ - - - - |
Total charity funds £ 350,143 (28,987) 321,156 321,156 9,255 330,411 |
Total £ 350,143 (28,987) 321,156 321,156 9,255 330,411 |
|---|---|---|---|---|---|
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B A C A (2014) Ltd Notes to the Accounts for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
B A C A (2014) Ltd is a charitable company registered in England and Wales. The address of the registered office is given in the reference and administrative information. The nature of the charitable companies' operations and principal activities are set out in the Trustees' Report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16th July 2014 (as updated through Update Bulletin 1 published on 2nd February 2016), the Financial Reporting Standard appliable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1st January 2015.
The charity has applied Update Bulletin 1 published on 2nd February 2016 and does not include a Statement of Cash Flows on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
Income is included in the Statement of Financial Activities (SoFA) when the charitable company is legally entitled to the income after performance conditions have been met, it is probably that it will be received and the amount can be measured with sufficient reliability.
Donations are recognised on a receivable basis where the receipt of the donation is probable and can be measured reliably.
Income received from charitable activities e.g. subscriptions, royalties and meetings is recognised in the period that it is receivable and to the extent that goods have been provided or on the completion of the service.
Investment income is earned through the holding of assets for investment purposes such as bank deposits. Interest income is recognised using the effective interest method.
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B A C A (2014) Ltd Notes to the Accounts
for the year ended 30 September 2023
Resources expended
Expenditure is accounted for on the accruals basis and has been listed under headings that aggregate all the costs related to that activity.
Costs of generating funds are those costs incurred in attracting voluntary income. Charitable activities include expenditure directly associated with individual projects and support costs relating to those activities.
Governance costs are those incurred in connection with the management of the charitable company and its assets, organisation administration and compliance with constitutional and statutory requirements.
Funds
Restricted funds are accounted for in accordance with the terms of trust arising from the express or implied wishes of donors in so far as these are intended to be binding on the trustees.
Unrestricted funds are available for the charitable company to use at the discretion of the trustees to meet the objectives of the charitable company.
Tax
The charitable company is not required to register for VAT. All income and expenses include VAT where applicable.
The charitable company is also an exempt company for the purposes of UK corporation tax as an exempt charity per Schedule 3 of the Charities Act 2011 and it is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010.
Debtors and creditors
Debtors and creditors with no stated interest rate and receiveable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Liabilities
Liabilities are recognised when there is an obligation at the date of the balance sheet where it is probable that, as a result of a past event, there is an obligation for the transfer of economic benefit to settle the liability.
Liabilities are recognised at the amount the charitable company expects it will pay to settle the debt and where this can be estimated reliably.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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B A C A (2014) Ltd Notes to the Accounts for the year ended 30 September 2023
Going concern
The financial statements have been prepared on the going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the signing of the financial statements.
The budgeted income and expenditure is sufficient with the level of reserves for the charitable company to be able to continue as a going concern.
2 Company limited by guarantee
The company is limited by guarantee and has no share capital. On winding up of the company each member will contribute £1.
3 Income from charitable activities
| Donations Subscriptions Subscription Refunds Meeting Income Royalties 4 Income from investments Investment performance Interest received on cash deposits Analysis of expenditure on charitable activities Study and research into clinical anatomy 5 Support costs Office costs Governance |
Unrestricted 2023 £ 755 21,226 0 0 7,280 29,261 Unrestricted 2023 £ 3,568 599 4,167 Activities undertaken directly £ 20,736 20,736 |
Restricted 2023 £ - Restricted 2023 £ - Support costs £ 3,437 3,437 |
Unrestricted 2022 £ 1,288 15,108 0 0 4,328 20,724 Unrestricted 2022 £ -33,066 38 (33,028) 2023 £ 24,173 24,173 2023 £ 1,346 2,091 3,437 |
Restricted 2022 £ - Restricted 2022 £ - 2022 £ 16,683 16,683 2022 £ 1,643 1,985 3,628 |
|---|---|---|---|---|
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B A C A (2014) Ltd Notes to the Accounts for the year ended 30 September 2023
6 Independent examiner
The independent examination amounts to a fee of £2,000. (2022 £1,900).
7 Trustees' and key management personnel remuneration
None of the trustees received any remuneration during the year (2022 £0). Expenses amounting to £2,153.73 (2022 £0) were reimbursed to the trustees during the year for travel and support costs.
| 8 Employees The charity does not employee any staff 9 Tangible fixed assets Cost At 1 October 2022 At 30 September 2023 Depreciation At 1 October 2022 At 30 September 2023 Net book value At 30 September 2023 Investments Cost At 1 October 2022 Revaluation At 30 September 2023 10 Creditors: amounts falling due within one year Other creditors |
2023 Number 0 2023 £ 2,000 |
2022 Number 0 Office equipment £ 1,397 1,397 1,397 1,397 - Other investments £ 235,792 3,568 239,360 2022 £ 1,900 |
|---|---|---|
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B A C A (2014) Ltd Notes to the Accounts for the year ended 30 September 2023
11 Capital commitments
As of the year end date of 30 September 2023, there are no capital commitments that the charitable company has that are contracted for but not provided in the financial statements
12 Related party transactions
During the year the company made no transactions to any related parties.
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B A C A (2014) Ltd
Detailed Statement of Financial Activities for the year ended 30 September 2023
This schedule does not form part of the statutory accounts
| Income Expenditure Net income Total net income |
2023 £ 33,428 (24,173) 9,255 9,255 |
2022 £ (12,304) (16,683) (28,987) (28,987) |
|---|---|---|
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B A C A (2014) Ltd
Detailed Statement of Financial Activities for the year ended 30 September 2023
This schedule does not form part of the statutory accounts
| Income Donations Subscriptions Subscription Refunds Meeting Income Royalties Investment performance Interest Income Administrative expenses Charitable activities Meeting expenditure Legal and professional Prizes Cost of journals Bank charges Sponsorship Accountancy fees Council costs Website and software Insurance |
2023 £ 755 21,226 - - 7,280 3,568 599 33,428 9,975 - 700 6,246 - 1,150 2,091 2,270 1,346 395 24,173 24,173 |
2022 £ 1,288 15,108 - - 4,328 (33,066) 38 (12,304) 2,966 750 275 7,558 18 1,100 1,985 - 1,643 388 16,683 16,683 |
|---|---|---|
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