REGISTERED COMPANY NUMBER.. 10056475 (Ei IiglAiid and W42les) REGISTERED CIIARITY NUMBEI R: 1167764 Report of tlie Trustees and Uiiaudited Finaneial Stalemeiils foi. (he Year Fnded 31 Mai'ch 2024 foi" Liverpool Medicgl Students, Soeiety Kinsella Clarke Liiiiited 61 Stanley Iload Booile Merseyside L20 7BZ
LiiTei"pool Medical Studeiits, Society Contents of the fi iiianeial Statenieiits foi. tlie Ycai. Endcd 31 MAI'ch 2024 Pxge Repoi't of the Trustees Iiidepeiideiil E+ xamiiiei s Repoi'l Stlltenienl of Finaneial Aelivities Statemeilt of Finailcial Positioii Notes to tlie Finaiici81 Statements 10 10 14 Detlled Slateinent of Fiiittiicial Activities
Livei'pool Medical Students, Society Report ofthe Trustee5 ror tlie Yeai. Eiided 31 Mai'eli 2024 The ts-LlStees who al'e also diirctors of the chai'ity foi. the purposes of the Coinpanies Act 2006. pi'esenl tl)eii' report willi the f inaiici81 statenieiits OF tlie cliai'ity foi. the year ended I l March 2024. Tlie trustees liave adopted Ilie pi'ovisioiis (if Accountiiig and Repotting by Cliarities: Stateinent of Recojnmended Practice applicable to chai'ities pi'epariiig tl)eii' accouiils iii accoi'daiice with the fiiiancial Reporting Slaiidayd applicable iii the UIC aiid Republic of Irelaiid (FRS 102) (effective l January 2019). Page I
Livei'pool Medical Studen15' Society Repoi'l of tlie Ti'iJ5tees foi- tlie Yeai. Elided 31 MAt'el1 2024 OBJE+ CTIVES AND ACTIVITIES Sti'uctiii'ey govei'iiaiicc aiid Inaiiagetnent Natui'e of Govei-iiii)g Dociiii)ent and Iiow the Charity is Constituted 'I"he Livci'pool Medical Sttidents, Society is a cliai'itable student%, Society, whicli is devoted aiid Colni]tted Lo tlie acadeniie, welfai'e, social. exlra-cui'i'lCLilar. developiiieiil<il and chai'ilable giving needs of its Meinbei's. It pi'ovidcs tli8 sli'iicliiit and platfoiiii foi, all Mcilical Students stiidying iii Ilie Mei'seyside area to becoiiie involvcd iii a variety of actlvkties aiid Olltlets, allowing Iliem lo enricli their lives ¢ll)d becoinc divei%e and well-l'ounded p¢opl¢. Tlie So¢icty is a C1181'11able Coinpany limited by Guai?ntee. witlTroiit shal'e capilal, and govei'iied by Ai'ticles of Association and a Meinoi'aiidiiin. It was incoi-porated on l Oth Mai'cli 2016, and i'egistei'ed by tl)e Cliai'ity Coiiiinission foi. Englaiid aiid Wales on 21 st June 2016. 'riiese aiticles slate that- l. Tlic Livei'pool Medical Students, Society is colnItted to the acadeinic, welfai-e, social, extra-Guri'iculai', developJ)ieiital and charitable giving iieeds of ils Members. I"hese Aiticles have b¢eii ci'ealed to give tlie Ti'ustees 8utlioi.ity lo Inanage the affairs of the Society in a rnaler appi'opriate to those esiablished iii this docuineiit and tlie ethos of tlie Society, 11. Wheii the Trustees set to enacl constitiitional cliai)ge to Ihc Inake-iip of the Society's governance or structure, IL shall do so appi'opi'iately aiid pi'operly and with consideration to it5 Meiiibers. ii)ierests al all Liiiies. 111, The Society sl)all not affiliate lo any political party or religioiis organisation. IV. Tlie Society einbrace8 aiid endorses the proleclions, entitleii)enls and provisioiis of the Equality Act 2010 iii all So¢i¢l'y biisin¢s5 and imatters. V, Tlic Society endorses Ihe UK Govei'nineiit's & Cl)ief Medical Officers, guideliiies and i'ecoinineiidatioiis foi. I'esponsible alcohol Loiisiimplion in all of its eveiits aiid activities. Vl. The Society shall encolirage social integrntion at all levels. The Officers, Truslees, and Pull co1]71ttce sliall eiicoui'agc incliisively and represenlatioii of all Meinbers at all tiines. In addilioii, the Objectives of the Socieiy, approved by Ilie Charity Coiiunission for EJ)glaiid and Wales, are.. I , The pi'olection, advanceiiient, fiiitheiynce and piM)snotion of the iiiterests of ils Mei)Ibei's and Aluinni Associaies 41 all titiie5' 2. '1'he tuithei'ing and piY)Inotion of acadeinic excellence amoi)g its Meinbers tlii'oiigli the l)olding of I'egulai. teaching pi'ogi-ammes gild the promotion of aCade1le events, rcvision lecliires, and othei. siich seiiiinai's, pi'esenlalioi)s aiid tuloi'ials. 3. The eiicoiirageinent and oi'ganisation of fundrdisuig for local and natiODal iEgistei'ed charities. 4. Providing pastoi'al support lo protect, thrther, advance and proinote the physical, iiieiital, eillotioiial aiid develoi)niental wellbeing and welfai'e of tts Meii)bers at all linies. 5. The encoiirageinent of social integi'ation and eamardderie omong its Meinbers in the organisation of a I'hnge of ciirriculai. ai)d exli'acuii'icular activities ¢liid events of a .wcial, sporling, acadeniic, vocational. cultui'al, cliai'itable aiid pi'ofessioiial nature. 6. Tlie holding of nieetings al which the mordl, illtellectual. vocational, teGlmical and al'listic intei'ests ot its Meiiibei's al'e encoui'aged. 7. Tlie encoui?gement and organisatTOli of sporting activities ainong its Meiiibei's. 8. Tlie disseimin8tion of infoi'ination Itgarding the Society and its Meiiibers tly'ougl) tlie publicatioii of an official Society jourii81, namely ' Sphinctei and Iliroiigh the iise of ali 01ClaI Society inteinet website, and appi'opriale social iiiedia, Page 2
Livei'po()l Medical Students, Society Report of the TTU5tees foi. tlle Year li iided 31 Ma I'eli 2024 Govei'iiance The Boai'd of Ti'uslees Oiir Boai'd of Ti'iistees is responsible for ei)siiring the organisation I'einaiiis fil for piirp05e, and foi. 5ettiiig the sti'ategy or the orL?anisatioi) in consultation with the Officers of the Society and the Full Conunittee. It also appi'oves all chaiiges to Ilie Ai'ticles of Association, Ihc aiinual trustees, repoit aiid accounts (this docuineiit), and Iiionitors the Society's activity, throligh the 0]Ce].s. The Boai'd sliall ireet at least once pei. year aiid be I'esponsible for ovei'seeing the governaiice aiid adiniiiisti'alioii ot the Society ¢iiid iiiay exei-cise all tlie poweis of the Society. A Meeling of tlie TISteeS at wliich a quoruii) is pi'eseiil, iii accoi'dai)ce witli Ai'licle I l. I I, Inay exci'cise all powers exei-cisable by the 'fi'ustees. Thc Ti'uslee5 shall defei. to tlie Officers of the SocieLy With biisiness relating to the day-to-day I'iiimiiig of Ilie Society. Tlie Officei'8 sliall ddvise tlie Boai'd I'egarding Society conv¢ntioii not codified iii these tiCleS, I'elating to every Inattei. I'eqliested. The Meinbership of tlie Boai'd of Trustees is defiiled as follows: At least S ineinbei-s who previoiisly lield, or ciii'i'ently hold stlidenl ii)einbersliip of the Society One iiieiiibei. iiiusl liave a legal qualification Onc Ineii)ber will be the ciii-renl l.loiioraiy Life Pi'esident (when in use) One ineinbei- will be, oi. liave beei). ai) Honoraiy President of Ilie society At least 3 ineinbers will liave pi'eviously been, or curi'ently air Officeis or Ineinbei's of the society A staff meinber from the Liverpool School of Medicine, noiminated by tlie University. Governance - The Officers of th¢ Soci¢ty 'riii'ee student OffiLei's riiii tlie day-to-day biisiness of tlie Society, The President, The Tieasurei, aiid Tlie Seci'elaiy. Tlie5e al'e Ilie de-lacto execlilives of the Chai'ity and Iwn all aclivilies. They ale IEplaced once evely 12 11)oiitlis fol lowii)g eleclioiis via seci'el bal lol ev¢i'y Mai'ch. We follow the convcntion laid out in the Education Acl 1994 iii that Ihey cg11 sei've a Inaxiiniiin of two teiins of office. The Otficeis are affoi'ded considerdble delegated powers by Ilie Ti'ustees lo carl'y out their diities effectively, and report back to Ihein regularly, as duly constituted iii Il)e Ai'Licles of AssociatlOLI. Governaiice - The Full Coixinittee Filial ly, The FLIII Coiminittee of the Socfftety coi)sisls of 37 Inembei's who are led by tlie Officei3 and cai'iy out a wide poi'lfolio of I'ole5 Irlated to the woi'kinES and eveiils of the Society. Goveriiance- A[Ual General Meeting (AGM) The Society's AGM is held each March, wheie all business of the previous year 15 discLissed and saw tlu'ee iiew Ol¢e1'S elecl'ed and tlie new Coi)Iinitte¢ Mei)Ibers al'e installed as appi'opi'iale. The Aimlial Genei'al Meeliiig took place oil the 21st of Mai'ch 2024. Page 3
LivL41'pooI Medical Studeiits, Soeie(y Rep()rt of tlle Trllstees for the Ye#i' Ci Jideil 31 Mdi'eh 2024 OBJlli CTIVES AND ACTIVITIES Cliai'ity objectives aild activities uiiderlal<ei) iii i'elatioii lo tliese objects 'riie Socicly's objeLts al'e the advaiiceinent of educatioi) of Medical Students in Mei'seyside foi. tlie i)ublic benefit by in particulai. biit not exclusively by.. Tl)e pi'oleclioi), advancemeiit. furthei'aiice ai)d promotion of the iiiteresls of its Meinbei's and AILiiniii Associalcs at all liine8,' The tiirthei'iiig and pi'oimolion of acaden)ic excellence ainong ils Meii)bei¥ Il)rough Ihe holdiiig of regiila1' teacl)iiig i)I'oy'aiiiiiies and the proiiiotion of academic events, revisioii lectUlES, ond otliei. such seininars, pi'eseiilations aiid tiitoi'ials. The eiicourageinent aiid orgaiiisation of fiindi'aising for local and national I'egislered cliarities- Providii)g pastoral siipport lo protect, further. advance and proinote the physic<il, meiilal. einottoiial and developiiienlal wellbeing and welfare of ils Meinbeis al all lin)es' The eiicourageliieiit of social integ]'ation aiid cainaradei'i¢ &mong its Members in the oi'gaiiisation of a l'ange of CLifi'icLilai' and ¢xli'a¢LlI'I'iciilar a¢liviti¢s and events of a social, spoiting, acadciiiic, vocalioi)al, ciiliui'al, chai'ilabl¢ aiid professioiial natui'e. Tlie lioldiiig of in¢elitigs at which Ili¢ mordl, int¢llectual, vocational, technical and aitistic int¢resls of its Meinbei's al'e ei)COLlI'aged, 'rhe eiicoui'ageiii¢iil and oi'ganisation of sporling activities amoiig its, Meinbei's. The disseniiiiatioii of infortnation regarding the Society and it5 Meiiibers Iliroiigl) the publication of an oificial Society jOLlI'iial, iiamely 'Spliiiictei and tl)I'oiigh the use of an official Society internet websiie, aiid 8ppI'opI'iale social iiiedia, Piiblic Beiiefil Slateineiit 'rhe 'l'i'iistees liave given diie considei'alioi) lo Chai'ity Coininission publislicd guidaiice 01) Ilie opei'alioii of tlie public benefit i'¢quii'¢iii¢iit aiid air satisfied that Ihe charity Ineets these I'equiren)enls. I.MSS Activities 202312024 Tlie 2021124 fiiiancial year was ai)oiher siicce55fi11 year foi- the LMSS pi'oviding social, acadeinic, pastoral and chai'ilable oppoi'tunities fur all Ineinbei's, studeiils at tlie University of Livei-pool Scliool of Medicine and Alu1111. We have contiiiiied to collaboi'ate with the Medical Scliool and value oiii- relatioiisliip with and guidance froii) Pi'ofessoi. Hazel Scott, Il)e Dean of Livei'pool Medical School. The pi'ocess of tinancial supervisioi) from oiir Truslees ha5 Colltinued. Any spending less thali £250 is appi'oved by oiii, Olficei's, willi any spendiiig ovei. Iliat amount approved by Ihe Cliair or DepuLy Chaii. of Ilie Bo81'd (Di. Bi'iaii O'coiinoi. aiid Di. Cathei'ine Lewis-jones). We hktve niainlained good relations with the Deiiti5t's and Vet's societies as pait of the A550ciation of Cllliical Societies (AC8) nieelings. We held oiii. anniial Medics vs Dentist5 vs Vets vs Pliysios Cliarity Spoils day iii Oclobei., Il was ali excelleiit day, raising moDey aDd collecting doi)ations for Soiith Liv¢rpool food Baiik. We hav¢ also ¢ontlliiied to i'aise work with the Liverpool Guild of Students to provide Bystander Ti7iniiig lo all coniinittee Inenibei3, Oiice again, Ihe LMSS lias liosled its favourite social evenls iiicluding Siiii)Inei' Ball 2023, Gi?d Ball 2023, Eiid of 4tli Year Pai'ty. Gl'and RoLiiid. Am)LIAI Ball aiid Midcourse Ball. A iiew social event was added tliis yeai. iii aid of Woi'ld Ment21 Flealth Day, this was a tiifting woi'kshop and was very well r¢ceived by our meinbers. Fi'oin an acadeinic pei'spective, in March we hosted our atlliiial Surgical Case Pitsentation Evening, wl)ich Mi.. Johti Tayloi. kii)dly siippoits us with. We also hosted an Ordinary Meeting with oui. guest speakiiig beiiig Iiol'able Aliiii)ni Di. Nigel Jones, who spoke about his esteeined careei. in the field of Spoits MeAJicine. The Society continiied it5 fundraising effort5 tliis year. Oui. Novemb¢r ClTrarity Dinners raised £1181 foi. the Puik Ribbon Fuuiidalioii aiid £1125 foi. tlie Whilechapel Ceiitre. Page 4
Livei'pool Medical Studeiits, Society Report ofthe Ti'ustces foi. the Ye21- EiidLd 31 Mxrch 2024 OBJEf CTIVEI S AND ACTIVITIES Oiii. Cliarity Repi-eseiitative5 1'ai5ed an iinpressive £1 1,000 for their choseii chai'ities of Claii'e Hoiise Children's Hospice aiid KIND T.iveipool. Tliis was acliieved Illili} a variety of eveiit4 ovei. the year. includiiig i-affles at ii)any of oiii. events and also dedicated charity evLiits. Tl)e fii-st of these events was tlie Yoi'k5hire Th]'ee Peaks liike wliich I'aised £6702.56. This was followed by Sti-iclly Coiiie Dancing wliicl) I'dised £2359. Theii. filial eveiit of Ilie year was a Chai'ity Cycle whicli L'aised £200. '1"his is 8noth¢i' extreinely successfLEI yeai- foi. Ihe LMSS Cliarities, and we al'e extreiiiely pi-oud I 11)is year we welcomed 157 new iiieinbei's lo tlie society witli gi'eat engageinent froin ineinbei3 aci-oss all five yeai. gi'oiii)s tliroligliout Iliv yeai.. We welcoined oui. new ineii)bers witli a vai-iety of eveiils diii'iiig Fi'esheis'lW¢lcoille Wcek, ii)cliidii)E oul. Welcoine Eveniiig and Leclui-e, Livei'pool Bus Toui., Bowling and Biles event and Mentoi. Mentec. New foi. Ihis yeai. is the creolion of our Elective Fuiid, wl)icli gives grants lo iwo foui'th year 5tLtdeiits. This allows Iliei)I to coiiiplele an Elective placeineiit in Disaster Medicine, in collaboi'ation with ihe cllai'ily Saviiig Lives Inteiiiational. I'lie Trustees and Officers have Qonliniied to woi'k together to et]sure the longevity of tlie Society, as well as sti'eiigtheni11g I'elationships witl) Alu1]11 and with the Ui)ivei'sity to #ckiiowledge and honour our history. bLIt also Inove the LMSS foiivai'ds as it celebrate5 Its 150th aiiiiiversary. Tlie Flonoi'ai'y Li fe Pi'esidenl was Pi'ofessor Louise Kenny. STRUCTURE, GOVERNANCE AND MANAGEMINT Govei'iiiiig docuineiit TELe cliai'ity is controlled by its governing docuineiit, a deed of trust, and constitLiles & liiniled coinpany> IiLnited by Liai'ill)lee, a5 defiiied by the Coinpanies Act 2006. RCI FEI Rli NCC AND AT)MINISTRATIVE DE%TAIL Registei'ed Compaiiy iiutThbei' 10056475 (Ei)glaiid aiid Wales) Registered Cl)ai'ity nuniber 1167764 Registei'ed office l.MSS office, School of Medicine Cedai. Hoiise Ayliloii Stiret Livei'pool Merseyside L69 3GB Trustees Di. IC Kelly Doctoi. (re8igned 21.5.24) Di. r J Cole Doctoi. Pi'ofessor J P Icingsland Doctoi. Dr A J Booiie Doctoi- (i'esigned 2.6.23) Dr C M Lewi5-Jones Doctor Di. T .[ Gi'eeiilialgli Doctoi. C A Findl(iy Doctoi. Di. C A Waldon Docloi. Di. A M Gi'iffin Doctor Di. B D O'coiinoi. Doctor Dr J D O'Doniiell Doctor Di. M J Paton Doctor (i'esigned 23.6.23) Di- J M Cul'ti3 Doctor (appointed 20.2.24) Di. J C Doughty Doctor (appointed 20.2.24) Di. P J Hall Doctor Di. D P JokLnson Doctoi- (appointed I1.5.23) Page 5
Livei'pool Medical Studeiits, Society Rcpoi-t of the Trustees (or the Year Ei)ded 31 M2rLlI 2024 Rfi FEI11[I NCE AND ADMINISTRATIVE DEITAILS Coiniiany Seei'etg I'y E( W Bani)ei' Iiidei)endeIit Ci xa niiiiei. Siiiioii Kii-kl)ain FCCA Kinsella Clai'ke Liinited 61 Stanley Road Bootle Mei'seyside L20 7BZ Appi'oved by order of Ihe boai'd of knStees on....... i.l.l Il.l..ly. ................ and signed oil its behalf by: Di. B D O'connoi" . Ti"ustee Page 6
Indei)ekideiit Ei xxiniiiei s Ileport to tlie Ti'ustees ()f Livei'pool Medical Students, Society liidepclldei)t examiiier's report to tlie li'iistees of Livei'pool Medical Studeiit5' Society ('the Coiiipaiiy,) I I'epoi't to tlie chai'ity tiiistees on Iny exatninatioji of the accouiits of the Con)paiiy for Ilie yeai. ended 31 Mai'ch 2024, Respoiisibilities and basis of report As Ilie chai'ity's Ii'LlStees ot tlie Coiiipany (and also its diyectois for the piii'poses of coinpany law) you al'e I'espoiisible toi. tl)e i)i'eiJ8r8tioti of the aeeounls in accoi'dance with the requiieinents of the Companies Act 2006 (Ihe 2006 ALt'). Having satisfied niyself that 11)e accoiints of the CoInpany are not i'eqiitred to be audited undei. Part 16 of tlie 2006 Act and al'e eligible for indeperLdeiit exaiiiiiialioii, I Irport lll IEspect of niy exaillination of youi. cliai'ity's accouiits as cai'ried out uiidei. Section 145 of the Chai'iti&s Acl 2011 ('Il)e 2011 Act,). In cai'ryiiig out iiiy exainiiiatioii I l)ave folloived tlie Dii'cctiuns given by tlie Charity Commission undei. SectTOn 145(5) (b) of the 201 l Act. Indepen(lent examiner's 5tatemei)t I liave coJni)leted Iny exaininalion. I confwm that no inatters l)ave conie to niy atteiition in coiinectlOT) Witli Ilie examiiiation Eiving IMe calise to believe: accountinL) i'ecords wei'e not kept in respect of the Company I'equired by Seclion 386 of Ilie 2006 Act. oi, tlie accoiiiils do not accord with those records. or Ilie accounts do not ¢oinply with Ihe accouiiting i'eqiiireinents of Seclioii 396 of the 2006 Act otlier tliaii aiiy I'eqiiireii)ei)I Ilial Ilie accoiinls give a true and fair view whicli is not a Inatter considei'ed as pait of an iiidepeiideiit exainination. oi. Ilie accoui)t% l)ave not been pi'epared in accordance with the Ineihods and pi'inciples of the Stateineiit OF RecoiThiiended Pi'8¢¢ice foi, accoiinting and I'epoiiing by cliai'ities (applicable lo cliai'ilies pi'epaillng Ilieir accouiits ILI accoi'(lan¢e with the Financial Reporting Standard applicable in the UK ai)d Republic of li'eland (fRS 102)), I have no conceiilq and have coine ac1.0 no other matters in coni)eclion with the exainination to wljicli atteiitioii slioiild be drawn iii tliis I'eport in oi'dei. to eiiable a piDper understai)ding of the accounts to be iiaclied. Siinoii Kii'khain FCCA Kinsclla Clai'ke Liinited 61 Stanley Road Bootle Mei'seyside L20 7BZ Dalc.. Page 7
Liverpool Medical SliÉ(leiits' Society Stateiiient of fi inancial Activities foi. the Yeai. Ei nded 31 Mai'eli 2024 31.3.24 Uiireslricled fund 31..3.23 Total ruiids Notes INCOME AND CI NDOWMCI NTS FIIOM Doiialions and legauies 143,693 139,457 Othei. trading activities Iiivesliiienl iiicome 3.367 234 2,525 46 TotAI 147,294 l42,028 EXPENDITUIIE ON Raisii)g funds 162,449 131,973 Othei. 275 682 TotAI 162,724 132,655 NCI T INCOMEI(CI XPENDITURI) (15,430) 9,373 REICONCILIATION OF FUNDS Total fvnds broiight foiivard 51,443 42,070 TOTAL FUNDS CARIIIED VORWART) 36,013 51,443 The notes foi'm part of these Iinancial stateinents Page 8
Liverpoi)l MediLdl Studeiits, SoLiety Statemei)t of Fiiiaiieial Positioii 31 Mai-ch 2024 31.3.24 Total fuiids 31.3.23 'rotal fuiids Noles 41XEI D ASSEITS Tangible assets 533 808 CURREI NT AssftTS Stock5 Debtot3 Cash al baiik aiid in haiid 1,793 4,056 32,085 2,610 126 5I,702 37,934 54,438 CREDITORS Aiiioiiiils falliiig due withiii one year io (2,454) {3,803) NET CURREINT ASSEITS 35,480 50,635 TOTAL AS.SEI TS LESS CURRENT LIABILITll%S 36,013 51,443 NET ASSEI TS 36,013 51,443 FUNDS Iliii'esli'iclcd fLiiids 36,013 51,443 TOTAL fuTr4DS 36,013 51,443 Tlie cliarilable conipat]y is entitled to exen)ption fi'om alidit under Section 477 of the Compaiiies Act 200(? Foi. (lie yeai. elided 31 Mairh 2024. The Ineinbers have not I'equii'ed the conipany to obtain ali audil of its fiiiaiicial slaleinents foi. the year elided 31 Mai'ch 2024 in accoi'dance with Section 476 of the Coiiipanies Act 2006. The tii?slee5 ackniowledge their resp0115ibilities foi. (a) eiisiii'ing that the charitable coinpany keeps accounting i'ecoi'ds that comply witli Seclions 386 Bnd 387 of tlie Coinpaiiies Act 2006 and pi'epai'iiig finaiicial slateiiienls wliicli give a true at]d fair vi¢w of the slate of affaii's of Ihe cliaritable coinpany as at the end of each fiiiancial yeai. Hnd of its siiip1115 or deficit for each flliancial y¢ar in accoi-daiice willi the reqLiiremeiits of Seclioiis 394 ai)d 395 and which otlierwise coiiiply will) tl)e reqliiiriiieiils of tiie Coiiipaiiies Act 2006 1'elaliIig to financial slaleineiils. so far as applicable to the charitable coiiipaiiy. (b) Tl)cse financi¥11 .stateineiits l)14 ve beei) prei)ai'ed in accoix121Ice with the provisiolls applicablc to chai'ilible coiiii)aiiies SLibjeGt to tli¢ small conipanies i'egiine. The finaiicial slalemeiils weil appi'oved by tiie Boai'd OF Tiustees and aiitliorised for issue on 'Il.[IL.I. L and were signed on its behalf by.. B D O'connor- Ti"iistee The notes foiin pai-l of these financial statelneiits Page 9
LiiTei'pool MedicAI Students, Society Note5 to the Finai)ei#l Statements loi. tl)e Year li i)(led 31 Ma I'ch 2024 ACCOUNTING POLICIES BIisi5 of pi'epai'iiig tlie fiiianci81 statemei)ts Tlie fiiiancial stateinent5 of the chai'itable coinpany, wl)icli is a public benefit enlity uiidei. FRS 102, have been pi-epaiEd in accoi'dance with the Chai'ities SORP (FRS 102) 'AccouiitinL) and Repoiting by Cliai'ities.. Slateineiil of Rccoininended Practice applicable lo charities prepai'ulg tlieii. accounis iii a¢cordaii¢e will) Ilie Fiiiaiicial Reporling Staiiddrd applicable in the UK aiid Repliblic of Ireland (FRS 102) (effective l Januai'y 2019),, Fiiiai)cial Reporting Standard 102 "rhe financial RepoilinL Slandill'd applicable iii the UK aiid RepLiblic of Ireland, and the Compaiiies Act 2006. The finaiicial slalemenls have been pi'epared undei. tlie hiyloi'ical cost convetition. Iliconie All iiitioine is ircogiiised in tlie Staleinenl of Financial Activities once the cliai'ity has entitleimeiit to Ilie fuiids, it is pi'obable that the income will be received aiid the ainoiinl cali be measiii-ed I'eliably, I xpenditui'e Liabilities al'e i'ecogtiised as expenditure as soon as there is a legal or consti'uctive obligalioii coinlnittiiig th¢ cliai'ity to Ihal cxpeiiditui'e, it is probable that a Iransfei. of ecoiioinic beerItS will be I'equiitd iii sclLleineiit and the aiiioiiiil ot the oblig?ation can be IMeasLired I'eliably. Expeiidilui'e is accouiited foi. on ali accruals basis and lias b¢on classified linder lieadii)gs that 9ggregale all cost ielated lo tlie calegoi'y. W]ieit cost8 caniiot be dit'ectly atti-ibiiled lo particiilai. headings they have been allocated to activities oli a basis consisleiit willi tlie use ot Irsources, Taiigible fixed assets Depi'eciatioi) is pi'ovided at the following annual rates in order to write off each asset over its est'iinated Lisefvl life. Fixtlires and fittin85 Coi)Ipul¢r equipinenl 250/0 011 reducing balance 33ty/0 on cost Sloeks Stocks al'e valiied at the lower of cost and net realisable value, aftei. iiiaki1 due allowance foi. obsolete and slow iiioviiig ileiiis. TAxAIiiJii lThe cliai'ity is exempt froin corporation tax on ils cl)arilable activilies. Fiiiid ACLounling Uill'esti'icted fuiids can be used in accordance with the charitable objectives at the disci'etioii of tlie ti'ltee. Restt'icted fui)ds can oiily be used foi. pai'licular resti'icted piirposes within the objeclb of (he ¢liarily. Resti'ictions arise wl)ei) specified by the doi)oi' or when fiinds are raised for pailiculai. IEsh'ictcd piirposes. Fui'tliei. explanation of the nature and purpose of each fuiid is inclLided in the iiotes to the financial stateilleiils. Hii-c puj-chasc and le$111g eommitmeiits Rentals paid under operatiiig leases al'e chai'ged to Ihe Statciii¢nt of FinBncial Activities on a sh'aiglit line basis ovei. the pei'iod of tlie lease. Page 10 coiitiiiued...
Livei'pool Medical Studeiits, Society Iyotes to tlie Finaneial Statenieiits - evntinued foi. Ilic Yeai. If iided 31 Mareli 2024 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Spoiisoi'ships 3.367 2,525 INVEISTMENT INCOMC 31.3.24 31.3.23 Deposit account inteirst 234 46 NKT INCOMEI(EXPCI NDITUIIE) Net incoine/(expenditui-e) is stated aftei. chargiti(cl.edit1n8j: 31.3,24 31.3.23 Depi'eciation - owned assets Fvenls aiid venlie hii'e 275 119,312 681 99,631 TRUSTEEI S, RFMUNERATION AND BENEFITS Tliei'e wei'e no tl'LlStees' ieinlinei'ation or othei- bei)efils for the yeai. ended 31 March 2024 nor for the yeai. eiid¢d 31 March 2023. Ti'ustees, e.xpeiises There wei'e no trustees, cxpenses paid for the year ended 31 Mairh 2024 iior foi. the year ended 31 March 2023. COMPARATIVEI S FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unt'esli'icted fund INCOME AND ENDOWMENTS FROM Donations aiid legacies l39,457 Olliei- ti-ading actLVities Inve5tsn¢nt lllcome 2.525 46 Total 142,028 EXPCI NDITURI ON Raising fuiids 131,973 Otl)ei' 682 Total 1.32,655 NET INCOME 9,373 IIICONCILIATION OF FUNDS Total ILEiids bi'oughi foi'wai'd 42,070 Page 11 coiiliiiiied...
Liyci'pool Medical Studeiits, Socicti, Notes to Ilie Fiiiancial Statements - coiitiiiued foi. tlie Yexr i)ded 31 Ma I'ch 2024 COMPARATIVEIS FOR THE STATEMENT OF FINANCIAL AcfiviTIES- coiitinued Uw'esti'icled fiiiid TOTAL FUNDS CARRIE( D FORWAIID 51,443 TANGIBLE filXED ASSETS Fixlui'es and fitliiigs Coii)putei' eqLllI)Ineiit 'I'otals COST At l Api'il 2023 and 31 March 2024 1,092 1,700 2,792 DF.PIIECIATION Al l Api'il 2023 Cliai'ge toi. yeai. 851 86 1.133 189 1,984 275 At 31 M41'cli 2024 937 1,322 2,259 NET BOOK VALUE At 31 Mai'cli 2024 155 378 533 At 31 Mai'ch 2023 241 567 808 STOCI<S 31.3.24 31.3,23 Slocl(s 1,793 2,610 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Othej. debtors 'epayiMents 3,840 216 126 4,056 126 Page 12 continued...
Livei'p<iol Medical Studeiits, Society Tr4otes to tlie fi inllneial Statements~ eontinued foi- tlie Ycai- Elided 31 Mai'ch 2024 io. CREDITORS: AMOUNTS FALLING DUC WITHIN ONE YE( AR 31.3.24 31.3.23 Ti'ade ci'edilors Acci'uals and deferred income 1,379 2.424 2.454 2,454 3,801 MOVEMENT Iiy FUNDS Net Inoveinent in fiii)ds At 31.3.24 At 1.4.23 Uni'estricted fuiids Genei'al fui)d 51,443 (15,430) 36,013 TOTAL f4UNDS 51,443 (15,430) 36,013 Net Inovenient in ftiiids, included in the above are as follows: Incoining Irsouires Resources expeiided Moveineiil in fiii)ds Uii I'esli'lcled fiinds Geiiei'al tiind 147,294 (162,724) (15,430) TOTAL fiUNDS 147,294 (162,724) (15,430) CoinpAI'atlves foi. movement in funds Net Inoveinent in fiinds At 31.3.23 At 1.4.22 Uni"estrieted fiinds Genei'al fiiIid 42,070 9,373 51,443 TOTAL FUNDS 42,070 9,373 51,443 Coimporalive net Inovement in fiinds, incllided in the Ab(Jve 8re as follows: Incoinii)g resoiirces Resoui'ce5 expeiided Moveiiient iii funds UIire5tricted funds CJenei'al fuiid 142,028 (132,655) 9,373 TOTAL fi UNDS 142,028 (l32,655) 9,373 Page 13 coi)tiiiiied.
Livei'pool Medical Studeiits, Society Notes to tlic Fiilaiicial Statemeiils - coiilihlued roi. the Yeai. Ei Jided 31 Mai'cli 2024 12. REI LATED PARTY I)ISCLOSURES Tlieiy ivere no i'elated party transactions for tlie yeai. ended 31 Marcli 2024. Page 14
Liverpool Medical Studei)ts' Society Detailed Statenieiit of Finxilcial Aettvities fot. 11)e Ye21. Fiided 31 Mai'cli 2024 31.3.24 31.3.23 INCOME AND ENDOWMCI NTS Doiiatioiis and legacies Doiifilioiis Cliai'ity eveiit incume ii)einbei'ships 16.168 29,434 98,091 11,387 52,239 75.83l 143,693 139,457 Othei. tradiiig aLtiviti¢s Spoiisoi'ships 3,367 2,525 Ii)vestmeTIt inLome Deposit account int¢i'est 234 46 Total ii)comiiig i'csoui'ces 147.294 142,028 IXPCI NDJTURE Ilxisijig doiialioiis and legacies Bveiils aiid veniie l)ire Coin]iiittee eypenses Postage ai)d stationery Mei'chandise Bonatioiis given Accouiilancy SLibs¢ription Baith chai'ges Iiisuraiice 119,312 2,965 1,281 7,759 23,600 2,527 1,164 1,672 1,352 99,631 1,858 505 9,736 14,329 2,220 1,12f) 2.972 1,291 161,632 133,668 Otliei" ti'Ading activities Opeiiiiig slock Closing stock 2,609 (1,792) 914 (2,609) 817 (1.695) Other Fixtui'es and fittings Computei. eqliipiment 86 189 115 567 275 682 Total I'csoui'ces expended 162,724 112,65fj Net (expeiiditure)liiicoine (15,430) 9,373 This page does not foiTh part of the statiitoiy fiiiancial stateinents Page 15