FRIENDS OF RCSI
REPORT OF TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Registered Charity no. 1183659 Company Number: 11571364
FRIENDS OF RCSI
CONTENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 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 2023
The Trustees have pleasure in presenting their report together with the accounts of the Charity for the year ended 30 September 2023.
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 55 donations raising over £25,000 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 2023 were £25,433 (2022: £33,435) 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 cash reserves were £4,931(2022: £5,025) and these will be deployed in grant funding.
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FRIENDS OF RCSI
TRUSTEES REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Plans for future periods
Fundraising activities will continue with RCSI alumni and friends in the UK through events and various communications channels.
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 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
Jun 06 2024
Approved by the Trustees on ……………………and signed on their behalf by:
………………………………………
Aíne Gibbons
Trustee
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FRIENDS OF RCSI
REFERENCE AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Registered numbers | 1183659 |
|---|---|
| (Charity Commission for England and Wales) | |
| 11571364 | |
| (Companies House) | |
| Trustees | Nadeem Moghal (Chairman) |
| Aíne Gibbons | |
| Tom Browne | |
| Sheraz Daya | |
| Marylyn Poynter | |
| Tiong Ghee Teoh (Resigned April 2022) | |
| Rafael Gafoor (Appointed November 2023) | |
| Hilal Bahia (Appointed November 2023) | |
| 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 |
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FRIENDS OF RCSI
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE’S OF FRIENDS OF RCSI (‘THE COMPANY’)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2023.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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: …………….
Jun 06 2024
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FRIENDS OF RCSI
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2023
| 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 £ - 81 81 175 175 (94) 5,025 4,931 |
Restricted Funds £ 25,433 - 25,433 31,435 31,435 (6,002) 31,160 25,158 |
Total Funds 2023 £ 25,433 81 25,514 31,610 31,610 (6,096) 36,185 30,089 |
Total Funds 2022 £ 33,435 9 33,444 29,530 29,530 3,914 32,271 36,185 |
|---|---|---|---|---|
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
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FRIENDS OF RCSI
BALANCE SHEET
----- Start of picture text -----
AS AT 30 SEPTEMBER 2023 Company number: 11571364
2023 2022
Note £ £
Current assets
Cash at bank and in hand 30,089 36,185
Net current assets 30,089 36,185
Net assets 30,089 36,185
FUNDS
Unrestricted funds
General funds 8 4,931 5,025
Restricted funds 8 25,158 31,160
Total funds 30,089 36,185
----- End of picture text -----
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
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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.
Jun 06 2024
These financial statements of Friends of RCSI were approved by the Board of Trustees on ….............. and are signed on their behalf by:
Aíne Gibbons Trustee
The notes on pages 8 to 12 form part of these financial statements
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FRIENDS OF RCSI
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
Accounting convention
The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and 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 Companies Act 2006.
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.
Cash at bank & in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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FRIENDS OF RCSI
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2023
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 Income from: Investments Interest received Prior Year Interest received |
Unrestricted Funds £ - - Unrestricted Funds £ - - Unrestricted Funds £ 81 81 Unrestricted Funds £ 9 9 |
Restricted Funds £ 25,433 25,433 Restricted Funds £ 33,435 33,435 Restricted Funds £ - - Restricted Funds £ - - |
Total Funds 2023 £ 25,433 25,433 Total Funds 2022 £ 33,435 33,435 Total Funds 2023 £ 81 81 Total Funds 2022 £ 9 9 |
|---|---|---|---|
3 Income from: Investments
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FRIENDS OF RCSI
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
4 Expenditure on: Charitable activities
----- Start of picture text -----
|||||
|---|---|---|---|
|Support|Direct|Total Funds|
|Costs|Costs|2023|
|£|£|£|
|-|
|Grants Payable|31,435|31,435|
|Bank Charges|175|-|175|
|175|31,435|31,610|
|Prior Year|Support|Direct|Total Funds|
|Costs|Costs|2022|
|£|£|£|
|-|
|Grants Payable|29,520|29,520|
|Bank Charges|10|-|10|
|10|29,520|29,530|
----- End of picture text -----
All costs are directly attributed to activities
5 Net income/(expenditure) for the year
This is stated after charging:
----- Start of picture text -----
||||
|---|---|---|
|2023|2022|
|£|£|
|Independent examiner's fees|1,650|1,530|
----- End of picture text -----
The Independent examiner's fees for the year ended 30 September 2023 were paid and invoiced to RCSI (Irish Charity number: 20001957).
No Trustees have been reimbursed for their out of pocket travel expenses (2022: £0). No Trustee received any remuneration during the current or previous year.
Aggregate donations from Trustees, key management personnel and other related parties were £Nil (2022: £4,648).
6 Taxation
The charity is exempt from corporation tax on its charitable activities.
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FRIENDS OF RCSI
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2023
7 Movement in funds
For the year ended 30 September 2023
| Restricted funds Student Programmes Unrestricted funds General funds Total funds |
At 1 Oct 2022 £ 31,160 31,160 5,025 5,025 36,185 |
Income £ 25,433 25,433 81 81 25,514 |
Expenditure £ (31,435) (31,435) (175) (175) (31,610) |
Transfers £ - - - - - |
At 30 Sept 2023 £ 25,158 25,158 4,931 4,931 30,089 |
|---|---|---|---|---|---|
Restricted funds
Student Programmes support the expansion of RCSI’s scholarship programme, which celebrates excellence, breaks down barriers and unlocks opportunity for talented students. Career defining opportunities including international Clinical Elective placements and selection for the Research Summer School to gain practical laboratory and clinical experience under the supervision of a Principal Investigator are supported for the best and brightest students requiring financial assistance.
Prior Year
For the year ended 30 September 2022
| Restricted funds Student Programmes Unrestricted funds General funds Total funds |
At 1 Oct 2021 £ 27,245 27,245 5,026 5,026 32,271 |
Income £ 33,435 33,435 9 9 33,444 |
Expenditure £ (29,520) (29,520) (10) (10) (29,530) |
Transfers £ - - - - - |
At 30 Sept 2022 £ 31,160 31,160 5,025 5,025 36,185 |
|---|---|---|---|---|---|
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FRIENDS OF RCSI
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
8 Analysis of net assets between funds
| As at 30 September 2023 Other net assets Prior Year As at 30 September 2022 Other net assets |
Unrestricted Restricted General Total Funds Funds £ £ £ 25,158 4,931 30,089 25,158 4,931 30,089 Unrestricted Restricted General Total Funds Funds £ £ £ 31,160 5,025 36,185 31,160 5,025 36,185 |
|---|---|
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 £ - 9 9 10 10 (1) 5,026 5,025 |
Restricted Funds £ 33,435 - 33,435 29,520 29,520 3,915 27,245 31,160 |
Total Funds 2022 £ 33,435 9 33,444 29,530 29,530 3,914 32,271 36,185 |
|---|---|---|---|
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