## **FRIENDS OF RCSI**
## **REPORT OF TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2021**
**Registered Charity no. 1183659 Company Number: 11571364**
## **FRIENDS OF RCSI**
## **CONTENTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**CONTENTS**|**PAGE**||
|---|---|---|
|Trustees’ Report||1 – 3|
|Reference and administrative information||4|
|Independent Examiner’s Report||5|
|Statement of Financial Activities||6|
|Balance Sheet||7|
|Notes to the financial statements||8 - 12|
**FRIENDS OF RCSI**
## **TRUSTEES REPORT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
The Trustees have pleasure in presenting their report together with the accounts of the Charity for the year ended 30 September 2021.
## **Charitable Purposes, Activities and Achievements**
The charitable purposes of the Charity are the advancement of education in medicine and health sciences including surgical science.
Friends of RCSI provides funding for research and educational activities in the programmes of RCSI in the fields of medicine and health sciences, including surgical science. This will benefit the public in the treatment of various illnesses and medical conditions, particularly through the high-level training and skills development of health professionals.
Friends of RCSI received 60 donations raising over £27,000 for the Charity in the year. The principal way the Charity raises funds is through fundraising activities with RCSI alumni and friends based in the UK.
Friends of RCSI is a charity that assesses RCSI grant applications in accordance with the Trustees’ grant making policy. RCSI is one of the four Royal medical colleges for the UK and Ireland. For over 200 years RCSI has played a major role in medical education and surgical training in Ireland. The College provides extensive education and training for healthcare professions at undergraduate and postgraduate level. Its activities are subject to the usual independent educational accreditations and oversights applicable to the courses/qualifications provided.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
## **Financial review**
The Charity's cash receipts for the year ended 30 September 2021 were £27,264.86 and consisted principally of fundraising donations received from RCSI alumni and friends.
## **Cash Reserves**
The Trustees consider that they don’t need to hold free reserves as a matter of course. The Charity employs no staff and has no contractual obligations. All grants made are discretionary and made out of funds that have been raised.
As at year end, the Charity’s free reserves were £5,026 (2020: £5,014) and these will be deployed in grant funding.
## **Plans for future periods**
Fundraising activities will continue with RCSI alumni and friends in the UK through various communications channels. In person events will not take place due to public health restrictions.
1
**FRIENDS OF RCSI**
## **TRUSTEES REPORT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Structure, Governance and Management**
Governing Document
Friends of RCSI was incorporated under the Companies Act 2006 as a private company on 17 September 2018. The company is limited by guarantee, and the situation of its registered office is in England and Wales. Friends of RCSI was entered on the Register of Charities on 31 May 2019.
Recruitment and Appointment of Trustees
New Trustees are recruited on the basis of the knowledge of the existing Trustees of suitable candidates. In selecting persons to be appointed, the Trustees shall take into account the benefits of appointing a person who is able by virtue of his or her professional qualifications or experience to make a contribution to the pursuit of the purposes of Friends of RCSI.
Selected candidates are appointed by a simple majority of the votes cast by the Trustees at a meeting.
New Trustees receive an Induction pack appropriate to their level of existing knowledge of and involvement with the Charity. As a minimum, new Trustees receive a copy of the Charity Commission publication CC3 – The Essential Trustee: what you need to know together with the Charity’s governing document and latest annual report and accounts.
2
**FRIENDS OF RCSI**
## **TRUSTEES REPORT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Statement of Trustees’ responsibilities**
The Trustees (who are also directors of Friends of RCSI for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 30 May 2022 and signed on their behalf by:
A S Gibbons Trustee
3
**FRIENDS OF RCSI**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**Registered numbers**|1183659|
|---|---|
||(Charity Commission for England and Wales)|
||11571364|
||(Companies House)|
|**Trustees**|Nadeem Moghal (Chairman)|
||Anne Gibbons|
||Tom Browne|
||Sheraz Daya|
||Marylyn Poynter|
||Dr Tiong Ghee Teoh|
|**Registered Office**|10 Queens Street Place|
||London|
||EC4R 1BE|
|**Bankers**|Triodos Bank|
||Deanery Road|
||Bristol|
||BS1 5AS|
|**Independent examiner**|Joshua Kingston BSc ACA|
||Burton Sweet Limited|
||The Clock Tower|
||5 Farleigh Court|
||Old Weston Road|
||Flax Bourton|
||Bristol BS48 1UR|
|**Website address:**|www.friendsofrcsi.co.uk|
4
**FRIENDS OF RCSI**
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE’S OF FRIENDS OF RCSI (‘THE COMPANY’)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2021.
.
## **Responsibilities and basis of report**
As the Charity’s Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Joshua Kingston BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 30 May 2022
5
## **FRIENDS OF RCSI**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2021**
|**Note**
**Income from:**
Donations
**2**
Investments
**3**
**Total income**
**Expenditure on:**
Charitable activities
**4**
**Total expenditure**
**5**
**Total funds at start of year**
**7**
**Total funds at end of year**
**7**
**Net income/(expenditure) and net**
**movement in funds**|**Unrestricted**
**Funds**
**£**
-
19
19
7
7
12
5,014
5,026|**Restricted**
**Funds**
**£**
27,265
-
27,265
56,425
56,425
(29,160)
56,405
27,245|**Total Funds**
**2021**
**£**
27,265
19
27,284
56,432
56,432
(29,148)
61,419
32,271|Total Funds
2020
£
61,405
18
61,423
4
4
61,419
-
61,419|
|---|---|---|---|---|
The Charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
Comparative fund transactions are shown in note 10.
**The notes on pages 8 to 12 form part of these financial statements**
6
## **FRIENDS OF RCSI**
## **BALANCE SHEET**
**----- Start of picture text -----**
AS AT 30 SEPTEMBER 2021 Company number: 11571364
2021 2020
Note £ £
Current assets
Cash at bank and in hand 32,271 61,419
Net current assets 32,271 61,419
Net assets 32,271 61,419
FUNDS
Unrestricted funds
General funds 8 5,026 5,014
Restricted funds 8 27,245 56,405
Total funds 32,271 61,419
**----- End of picture text -----**
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## **Directors’ responsibilities:**
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements of Friends of RCSI were approved by the Board of Trustees on 30 May 2022 and are signed on their behalf by:
A S Gibbons Trustee
**The notes on pages 8 to 12 form part of these financial statements**
7
## **FRIENDS OF RCSI**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 30 SEPTEMBER 2021**
## **1 Accounting policies**
## **Accounting convention**
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 (or Companies Act 2006) and UK Generally Accepted Practice as it applies from 1 January 2019.
The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern.
## **Income**
Income from donations is included in income when these are receivable, except as follows:
I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods; II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.
Investment income is included
on a receivable basis.
## **Expenditure**
Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.
## _**Charitable Activities**_
Grants awarded are allocated to charitable activities.
Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.
## _**Governance costs**_
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.
## _**Allocation and apportionment costs**_
Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.
8
## **FRIENDS OF RCSI**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021**
## **1 Accounting policies** _**(continued)**_
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.
Further explanation of the nature and purpose of each fund is included in note 7 of the financial statements.
## **2 Income from: Donations**
|Donations
**Prior Year**
Donations
**3**
**Income from: Investments**
Interest received
**Prior Year**
Interest received|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
5,000
5,000
**Unrestricted**
**Funds**
**£**
19
19
**Unrestricted**
**Funds**
**£**
18
18|**Restricted**
**Funds**
**£**
27,265
27,265
**Restricted**
**Funds**
**£**
56,405
56,405
**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2021**
**£**
27,265
27,265
**Total Funds**
**2020**
**£**
61,405
61,405
**Total Funds**
**2021**
**£**
19
19
**Total Funds**
**2020**
**£**
18
18|
|---|---|---|---|
9
## **FRIENDS OF RCSI**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 30 SEPTEMBER 2021**
## **4 Expenditure on: Charitable activities**
|Grants Payable
Bank Charges
**Prior Year**
Bank Charges
All costs are directly attributed to activities
**Net income/(expenditure) for the year**
This is stated after charging:
Independent examiner's fees|**Support**
**Costs**
**£**
-
7
7
**Support**
**Costs**
**£**
4
4|**Direct**
**Costs**
**£**
56,425
-
56,425
**Direct**
**Costs**
**£**
-
-
**2021**
**£**
-|**Total Funds**
**2021**
**£**
56,425
7
56,432
**Total Funds**
**2020**
**£**
4
4
2020
£
-|
|---|---|---|---|
## **5 Net income/(expenditure) for the year**
The Independent examiner's fees for the year ended 30 September 2021 were paid and invoiced to RCSI (Irish Charity number: 20001957).
No Trustees have been reimbursed for their out of pocket travel expenses (2020: £0). No Trustee received any remuneration during the current or previous year.
## **6 Taxation**
The charity is exempt from corporation tax on its charitable activities.
10
## **FRIENDS OF RCSI**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 30 SEPTEMBER 2021**
## **7 Movement in funds**
## **For the year ended 30 September 2021**
|**Restricted funds**
The Darzi Scholarship
**Unrestricted funds**
General funds
**Total funds**|**At 1 Oct**
**2020**
**£**
56,405
56,405
5,014
5,014
61,419|**Income**
**£**
27,265
27,265
19
19
27,284|**Expenditure**
**£**
(56,425)
(56,425)
(7)
(7)
(56,432)|**Transfers**
**£**
-
-
-
-
-|**At 30 Sept**
**2021**
**£**
27,245
27,245
5,026
5,026
32,271|
|---|---|---|---|---|---|
## **Restricted funds**
The Darzi Scholarship will form part of the Aim High Scholarship Programme which provides high achieving students from economically disadvantaged backgrounds the opportunity to take up a place in the medical programme at RCSI. The Darzi Scholarship will help RCSI to continue to widen access and break down barriers for talented students with the ability and dedication to pursue a career in medicine.
## **Prior Year**
## **For the year ended 30 September 2020**
|**Restricted funds**
The Darzi Scholarship
**Unrestricted funds**
General funds
**Total funds**|**At 1 Oct**
**2019**
**£**
-
-
-
-
-|**Income**
**£**
56,405
56,405
5,018
5,018
61,423|**Expenditure**
**£**
-
-
(4)
(4)
(4)|**Transfers**
**£**
-
-
-
-
-|**At 30 Sept**
**2020**
**£**
56,405
56,405
5,014
5,014
61,419|
|---|---|---|---|---|---|
11
## **FRIENDS OF RCSI**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 30 SEPTEMBER 2021**
## **8 Analysis of net assets between funds**
|**As at 30 September 2021**
Other net assets
Prior Year
**As at 30 September 2020**
Other net assets|**Unrestricted**
**Restricted**
**General**
**Total**
**Funds**
**Funds**
**£**
**£**
**£**
27,245
5,026
32,271
27,245
5,026
32,271
**Unrestricted**
**Restricted**
**General**
**Total**
**Funds**
**Funds**
**£**
**£**
**£**
56,405
5,014
61,419
56,405
5,014
61,419|
|---|---|
## **9 Related party transactions**
There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements.
## **10 Comparative fund movements**
|**Income from:**
Donations
Investments
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Total funds at start of year**
**Total funds at end of year**
**Net income/(expenditure) and**
**net movement in funds**|**Unrestricted**
**Funds**
**£**
5,000
18
5,018
4
4
5,014
-
5,014|**Endowment**
**Funds**
**£**
56,405
-
56,405
-
-
56,405
-
56,405|**Total Funds**
**2020**
**£**
61,405
18
61,423
4
4
61,419
-
61,419|
|---|---|---|---|
12