2024-09-30-accounts

FRIENDS OF RCSI

REPORT OF TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Registered Charity no. 1183659 Company Number: 11571364

FRIENDS OF RCSI

CONTENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 2024

The Trustees have pleasure in presenting their report together with the accounts of the Charity for the year ended 30 September 2024.

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 57 donations raising over £87,000 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 2024 were £87,857 (2023: £25,433) 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 £5,056 (2023: £4,931) 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 events and various communications channels.

1

FRIENDS OF RCSI

TRUSTEES REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 2024

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.

14 May 2025 Approved by the Trustees on ……………………and signed on their behalf by:

………………………………………

Aíne Gibbons

Trustee

3

FRIENDS OF RCSI

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Registered numbers	1183659
	(Charity Commission for England and Wales)
	11571364
	(Companies House)
Trustees	Nadeem Moghal (Chairman)
	Aíne Gibbons
	Tom Browne
	Sheraz Daya
	Marylyn Poynter
	Rafael Gafoor
	Hilal Bahia
	Paula Cowan (Appointed October 2024)
	Martin Holt (Appointed October 2024)
	Owen Owens (Appointed October 2024)
	Maurice Jackson (Appointed October 2024)
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 2024

I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2024.

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: ……………….. 14 May 2025

5

FRIENDS OF RCSI

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2024

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 £ - 268	Restricted Funds £ 87,857 -	Total Funds 2024 £ 87,857 268	Total Funds 2023 £ 25,433 81
	268	87,857	88,125	25,514
	143	25,269	25,412	31,610
	143	25,269	25,412	31,610
	125 4,931	62,588 25,158	62,713 30,089	(6,096) 36,185
	5,056	87,746	92,802	30,089

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

AS AT 30 SEPTEMBER 2024	Company number: 11571364	Company number: 11571364
Note Current assets Cash at bank and in hand Net current assets Net assets FUNDS Unrestricted funds General funds 8 Restricted funds 8 Total funds	2024 £ 92,802 92,802 92,802 5,056 87,746 92,802	2023 £ 30,089
		30,089
		30,089
		4,931 25,158
		30,089

For the year ending 30 September 2024 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 ….............. 14 May 2025 and are signed on their behalf by:

Aíne 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 2024

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.

8

FRIENDS OF RCSI

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024

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 £ -	Restricted Funds £ 87,857	Total Funds 2024 £ 87,857
	-	87,857	87,857
	Unrestricted Funds £ -	Restricted Funds £ 25,433	Total Funds 2023 £ 25,433
	-	25,433	25,433
	Unrestricted Funds £ 268	Restricted Funds £ -	Total Funds 2024 £ 268
	268	-	268
	Unrestricted Funds £ 81	Restricted Funds £ -	Total Funds 2023 £ 81
	81	-	81

9

FRIENDS OF RCSI

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

4 Expenditure on: Charitable activities

Grants Payable Bank Charges Prior Year Grants Payable Bank Charges	Support Costs £ - 143	Direct Costs £ 25,269 -	Total Funds 2024 £ 25,269 143
	143	25,269	25,412
	Support Costs £ - 175	Direct Costs £ 31,435 -	Total Funds 2023 £ 31,435 175
	175	31,435	31,610

All costs are directly attributed to activities

5 Net income/(expenditure) for the year

This is stated after charging:

	2024	2023
	£	£
Independent examiner's fees	1,760	1,650

The Independent examiner's fees for the year ended 30 September 2024 were paid and invoiced to RCSI (Irish Charity number: 20001957).

No Trustees have been reimbursed for their out of pocket travel expenses (2023: £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 (2023: £Nil).

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 2024

7 Movement in funds

For the year ended 30 September 2024

Restricted funds Student Programmes Unrestricted funds General funds Total funds	At 1 Oct 2023 £ 25,158	Income £ 87,857	Expenditure £ (25,269)	Transfers £ -	At 30 Sept 2024 £ 87,746
	25,158	87,857	(25,269)	-	87,746
	4,931	268	(143)	-	5,056
	4,931	268	(143)	-	5,056
	30,089	88,125	(25,412)	-	92,802

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 2023

Restricted funds Student Programmes Unrestricted funds General funds Total funds	At 1 Oct 2022 £ 31,160	Income £ 25,433	Expenditure £ (31,435)	Transfers £ -	At 30 Sept 2023 £ 25,158
	31,160	25,433	(31,435)	-	25,158
	5,025	81	(175)	-	4,931
	5,025	81	(175)	-	4,931
	36,185	25,514	(31,610)	-	30,089

11

FRIENDS OF RCSI

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

8 Analysis of net assets between funds

As at 30 September 2024 Other net assets Prior Year As at 30 September 2023 Other net assets	Unrestricted Restricted General Total Funds Funds £ £ £ 87,746 5,056 92,802
	87,746 5,056 92,802
	Unrestricted Restricted General Total Funds Funds £ £ £ 25,158 4,931 30,089
	25,158 4,931 30,089

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 £ - 81	Restricted Funds £ 25,433 -	Total Funds 2023 £ 25,433 81
	81	25,433	25,514
	175	31,435	31,610
	175	31,435	31,610
	(94) 5,025	(6,002) 31,160	(6,096) 36,185
	4,931	25,158	30,089

12

Audit Trail

Document Details

Title Accounts for signature	Title Accounts for signature
File Name Friends OF RCSI TAR & Accounts YE 24.pdf
Document ID 3b465dd7f99f4065a07e5f501273e1c3
Fingerprint 5f3fdda145e0eb2cbf70f5ed2706d6b2
Status Completed
Document History
Document Created	Document Created by Karen Chelton ([e-mail]) Fingerprint: 5b77bb491ce2b6cbf5ce7ea6dac94d19	May 27 2025 09:14AM UTC
Document Sent	Document Sent to Aine Gibbons ([e-mail])	May 27 2025 09:14AM UTC
Document Viewed	Document Viewed by Aine Gibbons ([e-mail]) IP: 104.47.11.126	May 27 2025 09:41AM UTC
Document Viewed	Document Viewed by Aine Gibbons ([e-mail]) IP: 193.1.254.172	May 27 2025 09:41AM UTC
Document Viewed	Document Viewed by Aine Gibbons ([e-mail]) IP: 48.209.223.71	May 27 2025 09:42AM UTC
Document Viewed	Document Viewed by Aine Gibbons ([e-mail]) IP: 104.47.11.126	May 27 2025 02:45PM UTC
Document Viewed	Document Viewed by Aine Gibbons ([e-mail]) IP: 193.1.229.2	May 27 2025 02:45PM UTC
Document Viewed	Document Viewed by Aine Gibbons ([e-mail]) IP: 40.69.92.134	May 27 2025 02:45PM UTC
	Document Signed by Aine Gibbons ([e-mail])
	IP: 193.1.229.2
Document Signed		May 27 2025 02:47PM UTC

May 27 2025 02:47PM UTC

Document Sent

Document Sent to Joshua Kingston ([e-mail])

Document Viewed	Document Viewed by Joshua Kingston ([e-mail]) IP: 185.249.213.98	May 27 2025 02:47PM UTC
	Document Signed by Joshua Kingston ([e-mail])
	IP: 185.249.213.98
Document Signed		May 27 2025 02:48PM UTC
Document	This document has been completed.	May 27 2025
Completed	Fingerprint: 5f3fdda145e0eb2cbf70f5ed2706d6b2	02:48PM UTC