REGISTERED COMPANY NUMBER: 11761835 (England and Wales) REGISTERED CHARITY NUMBER: 1185650
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 January 2021
for
Patient Safety Watch
Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
Patient Safety Watch
Contents of the Financial Statements for the Year Ended 31 January 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
Patient Safety Watch (Registered number: 11761835)
Report of the Trustees for the Year Ended 31 January 2021
The Trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 January 2021. 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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Charity are to promote, preserve and protect the health of the public, in particular by carrying out research, making the useful results publicly available, and to provide and disseminate information and advice on safety and standards in patient care to policy makers, service providers and patients, in particular on how to prevent error and harm in healthcare.
This period was dominated by the global COVID-19 pandemic which had an unprecedented impact on the NHS and health systems throughout the world. This had a knock-on effect on our activities. In the first part of the period we focused our activities on finalising our research programme and then starting work on our first reports. Despite producing draft reports, with the NHS under immense pressure, it was decided that publishing research highlighting the levels and causes of avoidable harm could be both difficult and counterproductive. Difficult because data was being significantly affected by the highly unusual period we were operating in. Counterproductive because we did not want our first public work to add to the pressure frontline clinicians were working under. The difficult decision was therefore made to delay publication of any major research.
Instead, it was decided to focus on disseminating information and advice on patient safety and wider healthcare issues through the launch of a weekly email newsletter. This would support our charitable objectives by providing policy makers, service providers and patients with information on patient safety and other health issues as well as key insights from our expert Trustees. We also hoped that this newsletter would raise the profile of Patient Safety Watch and lay the groundwork for the publication of our research at a future date.
In setting its objectives and planning these activities the Trustees have considered the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Research Programme
We finalised our research programme and agreed it would focus on identifying the levels of avoidable harm and its causes within the NHS. We also established an advisory board of leading patient safety campaigners, healthcare leaders and frontline clinicians to help formulate this research programme.
In conjunction with our research partner, we started drafting two initial reports - one on the levels of avoidable harm in the NHS in England and the second on burn out and its relationship to harm.
Patient Safety Weekly Updates
Our Patient Safety Weekly Update was launched in September and we subsequently produced eighteen of these during this period. These updates were distributed each week to around 800 opinion formers, healthcare practitioners, civil servants, politicians and patients. They were also shared with the World Health Organisation's patient safety network of around 1,600 patient safety experts. They highlighted key developments in health policy with a particular focus on patient safety issues. They were regularly reported in the national media and have helped establish us as a voice in this sector.
International and External Engagement
As decided last year we worked closely on the preparations for World Patient Safety Day inputting into the WHO's steering committee and discussing potential themes for the day. Our Trustees spoke at a number of events on the day itself sharing their expertise and raising the profile of our Charity.
Page 1
Patient Safety Watch (Registered number: 11761835)
Report of the Trustees
for the Year Ended 31 January 2021
FINANCIAL REVIEW
In the financial period 1st February 2020 to 31st January 2021, the Charity received income of £163,476 and incurred total expenditure was £188,706.
For the period ended 31 January 2021 the Charity had therefore recorded net expenditure of £25,230.
There was some concern that the global pandemic would impact our main source of income - namely paid for speaking events. However, as with many aspects of working life, the world adapted quickly and we were able to maintain a decent programme of virtual events that ensured a reasonable level of income.
A reserves policy of three months operating costs was adopted. In no single month did our end of month cash balance drop below this level.
It was decided in November to end the lease on our office. Given the change in working arrangements caused by the COVID-19 pandemic it was no longer necessary to maintain a physical office. This also helped save us £1,050 per month.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governance
The Charity is controlled by its governing document, its articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Company is controlled by its articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
New Trustees are appointed by existing Trustees by a majority vote.
Risk management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have identified the following as significant risks to the Charity: over-reliance on one source of income, COVID-19 implications, reputational damage, lower income than expected, and failure to secure a research partner. The Trustees are satisfied that appropriate measures are being taken to mitigate these risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
11761835 (England and Wales)
Registered Charity number
1185650
Registered office
5 Technology Park Colindeep Lane Colindale London NW9 6BX
Trustees
J R S Hunt MP J R Titcombe D Grunberg
Chief Executive
A J Smith
Page 2
Patient Safety Watch (Registered number: 11761835)
Report of the Trustees
for the Year Ended 31 January 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
Solicitors
Stone King LLP Boundary House 91 Charterhouse Street Barbican London EC1M 6HR
Bankers
Metro Bank Plc 1 Southampton Row London WC1B 5HA
Approved by order of the board of trustees on 22 October 2021 and signed on its behalf by:
J R Titcombe - Trustee
Page 3
Independent Examiner's Report to the Trustees of Patient Safety Watch
Independent examiner's report to the trustees of Patient Safety Watch ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Gedalia Waldman BA FCA Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
25 October 2021
Page 4
Patient Safety Watch
Statement of Financial Activities for the Year Ended 31 January 2021
| Year Ended 31.1.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 125,472 Other trading activities 2 32,800 Other income 3 5,204 Total 163,476 EXPENDITURE ON Charitable activities Charitable activities 166,432 Other 22,274 Total 188,706 NET INCOME/(EXPENDITURE) (25,230) RECONCILIATION OF FUNDS Total funds brought forward 78,148 TOTAL FUNDS CARRIED FORWARD 52,918 |
Period 11.1.19 to 31.1.20 Total funds £ 108,752 32,000 - |
|---|---|
| 140,752 50,946 11,658 |
|
| 62,604 | |
| 78,148 - |
|
| 78,148 |
The notes form part of these financial statements
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Patient Safety Watch
Statement of Financial Position 31 January 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 118 CURRENT ASSETS Debtors 9 1,800 Cash at bank 59,047 60,847 CREDITORS Amounts falling due within one year 10 (8,047) NET CURRENT ASSETS 52,800 TOTAL ASSETS LESS CURRENT LIABILITIES 52,918 NET ASSETS 52,918 FUNDS 11 Unrestricted funds 52,918 TOTAL FUNDS 52,918 |
2020 Total funds £ 186 1,800 84,973 86,773 (8,811) 77,962 78,148 78,148 78,148 78,148 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 October 2021 and were signed on its behalf by:
J R Titcombe - Trustee
The notes form part of these financial statements
Page 6
Patient Safety Watch
Notes to the Financial Statements for the Year Ended 31 January 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling £.
There are no material uncertainties regarding the going concern of the charity, and the Trustees are confident that the charity will continue to raise the funds to ensure the ability to continue to meet its day-to-day commitments and charitable activities.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33.33% on cost
Tangible fixed assets are stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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Patient Safety Watch
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Donated goods and services
Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.
Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.
Financial instruments
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Statement of Financial Activities.
Debtors
Basic financial assets, including trade and other debtors, are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortised cost.
Creditors
Basic financial liabilities, including trade and other creditors, are recognised at transaction price.
Government Grants
The charity recognises government grants received relating to the Job Retention Scheme on an accruals basis. The grants are recognised in the Statement of Financial Activities over the period in which the charity recognises the related costs for which the grant is intended to compensate.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| Period | ||
| 11.1.19 | ||
| Year Ended | to | |
| 31.1.21 | 31.1.20 | |
| £ | £ | |
| Fundraising speaking fees | 32,800 | 32,000 |
continued...
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Patient Safety Watch
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
3. OTHER INCOME
| Government grants SUPPORT COSTS Management £ Charitable activities 126,432 Other - 126,432 |
Year Ended 31.1.21 £ 5,204 Governance Other costs £ £ - - 19,274 3,000 19,274 3,000 |
Period 11.1.19 to 31.1.20 £ - Totals £ 126,432 22,274 |
|---|---|---|
| 148,706 |
4. SUPPORT COSTS
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Period | ||
|---|---|---|
| 11.1.19 | ||
| Year Ended | to | |
| 31.1.21 | 31.1.20 | |
| £ | £ | |
| Depreciation - owned assets | 68 | 17 |
| Independent examiner's fee | 3,000 | 3,000 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2021 nor for the period ended 31 January 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2021 nor for the period ended 31 January 2020.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Period | ||
|---|---|---|
| 11.1.19 | ||
| Year Ended | to | |
| 31.1.21 | 31.1.20 | |
| Administration | 1 | 1 |
continued...
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Patient Safety Watch
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
7. STAFF COSTS - continued
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Period | ||||
|---|---|---|---|---|
| 11.1.19 | ||||
| Year Ended | to | |||
| 31.1.21 | 31.1.20 | |||
| £110,000 | - £120,000 | band | 1 | - |
In the period ended 31.01.2020, no employees received emoluments in excess of £60,000.
The average monthly number of employees during the period was as follows:
| 2021 | 2020 | |
|---|---|---|
| Administration | 1 | 1 |
| Aggregate amounts payable in respect of the above class of employee is as follows: | 2020 £ 47,232 3,121 110 50,463 |
|
| 2021 | ||
| £ | ||
| Wages | 113,600 | |
| Social security | 10,468 | |
| Pension contributions | 1,314 | |
| Total | 125,382 | |
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| At 1 February 2020 and 31 January 2021 | 203 |
| DEPRECIATION | |
| At 1 February 2020 | 17 |
| Charge for year | 68 |
| At 31 January 2021 | 85 |
| NET BOOK VALUE | |
| At 31 January 2021 | 118 |
| At 31 January 2020 | 186 |
continued...
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Patient Safety Watch
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accrued expenses 11. MOVEMENT IN FUNDS At 1.2.20 £ Unrestricted funds General fund 78,148 TOTAL FUNDS 78,148 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 163,476 TOTAL FUNDS 163,476 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
2021 2020 £ £ 1,800 1,800 2021 2020 £ £ 4,792 5,186 255 625 3,000 3,000 8,047 8,811 Net movement At in funds 31.1.21 £ £ (25,230) 52,918 (25,230) 52,918 Resources Movement expended in funds £ £ (188,706) (25,230) (188,706) (25,230) Net movement At in funds 31.1.20 £ £ 78,148 78,148 78,148 78,148 |
|---|---|
continued...
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Patient Safety Watch
Notes to the Financial Statements - continued for the Year Ended 31 January 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 140,752 140,752 |
Resources Movement expended in funds £ £ (62,604) 78,148 (62,604) 78,148 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2021 (2020: £nil)
13. FINANCIAL ASSETS AND LIABILITIES
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at amortised cost | 60,847 | 86,773 |
| Financial liabilities measured at amortised cost | 3,255 | 8,811 |
| DONATED GOODS, FACILITIES AND SERVICES | ||
| 2021 | 2020 | |
| £ | £ | |
| Research | 40,000 | - |
| 40,000 | - | |
14. DONATED GOODS, FACILITIES AND SERVICES
Recognition and valuation of donated goods, facilities and services are accounted as donation in kind income valued at the cost incurred.
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Patient Safety Watch
Detailed Statement of Financial Activities for the Year Ended 31 January 2021
| Detailed Statement of Financial Activities for the Year Ended 31 January 2021 |
||
|---|---|---|
| Period | ||
| 11.1.19 | ||
| Year Ended | to | |
| 31.1.21 | 31.1.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 85,472 | 108,752 |
| Donated services and facilities | 40,000 | - |
| 125,472 | 108,752 | |
| Other trading activities | ||
| Fundraising speaking fees | 32,800 | 32,000 |
| Other income | ||
| Government grants | 5,204 | - |
| Total incoming resources | 163,476 | 140,752 |
| EXPENDITURE | ||
| Charitable activities | ||
| Research | 40,000 | - |
| Support costs | ||
| Management | ||
| Wages | 113,600 | 47,232 |
| Social security | 10,468 | 3,121 |
| Pensions | 1,314 | 110 |
| Postage & stationery | 282 | - |
| Advertising | 768 | - |
| Travel | - | 195 |
| Website | - | 288 |
| 126,432 | 50,946 | |
| Finance | ||
| Bank charges | - | 30 |
| Other | ||
| Rent | 10,836 | 2,844 |
| Legal & professional | 8,370 | 5,767 |
| Computer equipment depreciation | 68 | 17 |
| 19,274 | 8,628 | |
| Governance costs | ||
| Independent examination | 3,000 | 3,000 |
| Total resources expended | 188,706 | 62,604 |
| Net (expenditure)/income | (25,230) | 78,148 |
This page does not form part of the statutory financial statements
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