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2021-12-31-accounts

The Royal Surgical Aid Society Operating as Dementia Carers Count

Company No. 00515174 (England and Wales) Registered Charity No. 216613

Trustees Annual Report and Financial Statements for the year ended 31 December 2021

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustee Annual Report and Financial Statements For the Year to 31 December 2021

TABLE OF CONTENTS

Company Information 3
Report of the Trustees 4
Independent Auditor's Report 12
Financial Statements
Statement of Financial Activities 17
Balance Sheet 18
Cashflow Statement 19
Notes to the Financial Statements 20

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustee Annual Report and Financial Statements For the Year to 31 December 2021

COMPANY INFORMATION

Registered name:
Operating name:
Trustees and Board of Directors:
Chief Executive Officer:
Company Secretary:
Registered Office:
Auditors:
Bankers:
Investment Managers:
Company number:
Charity numbers :
Website:		 The Royal Surgical Aid Society
Dementia Carers Count
Amanda Houlihan (Chair, resigned June 21)
Anthony Burch
Catherine A'Bear (appointed Chair June 21)
Darren Garner (resigned June 22)
Darren Humphreys (appointed June 21)
David Goodridge
Gaynor Hillier (appointed June 21)
Haider Husain (appointed June 21)
Julie Flower
Lee Marple (resigned June 21)
Richard Drummond
William Burnand
Claire Goodchild (until December 21)
Melanie Blanksby (Acting CEO from May 21)
Tom Espley (appointed May 22)
David Warren (appointed February 21/
resigned May 22)
John Misselbrook (resigned February 21)
CAN Mezzanine
7-14 Great Dover Street, London, SE1 4YR
Moore Kingston Smith LLP
9 Appold Street, London EC2A 2AP
Barclays Bank PLC
1 Churchill Place, London, E14 5HP
Sarasin and Partners LLP
Juxon House, 11 St. Paul's Churchyard, London,
EC4M 8BU
00515174
216613 : Charity Commission, England and Wales
www.dementiacarers.org.uk

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

REPORT OF THE TRUSTEES

Remembering Claire Goodchild

Claire Goodchild, our CEO, was diagnosed with cancer in 2021 and sadly died in December of that year. She joined Dementia Carers Count in 2015 and made an important contribution to our work during her time with us. The Trustees, and everyone at DCC, are grateful for her work and years of dedication, whilst we mourn her passing.

Governance and structure

The R charity is registered as a company limited by guarantee and governed by its articles of association. The articles were last amended on 6 July 2022. It is governed by the board of trustees. Trustees act as trustees under applicable Charity law and as directors under applicable company law. It is a charity registered with the Charity Commission, number 216613. Since August 2022 the charity is registered with the Office of the Scottish Charity Regulator.

The articles dictate that anyone acting as a trustee of the charity is also a member of the charity for for the time being trustees are the only members.

The trustees are responsible for the overall strategy and direction of the charity. The day to day running of the charity is delegated to the Chief Executive Officer and the Senior Leadership Team. There is one subsidiary company, which was inactive during the period.

Trustees

Trustees are recruited through open-source adverts and independent search processes, supported by external recruitment advisors, after job descriptions are prepared. These are informed by a skills-audit of the existing board. Trustees are appointed by a majority vote at a meeting of the board.

All new trustees are offered our Governance Handbook and to training where required. All trustees have committed to engaging with the Carers Advisory Panel.

Carers Advisory Panel

The Carers Advisory Panel advise and guide us on our strategy and operational development. Made up of current or former carers, the Carers Advisory Panel offers us real-life experience and perspective, so that we can fine tune our services to ensure we offer the best possible services to carers of people with dementia.

We are honoured that the Carers Advisory Panel offers us their expertise, knowledge and wisdom.

Pay Policy for senior staff

Senior management are remunerated in line with sector benchmarks and all senior staff appointments, pay and award changes are approved by the board.

Public Benefit

The t , including and planning future activities. We aim to structure our business model so that we can fully fulfil our

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

charitable purpose and make our ground-breaking services accessible to everyone who will find benefit in participating in them.

History

The Royal Surgical Aid Society (RSAS) was established in 1862 to provide surgical aids for the poor, funded through subscriptions from philanthropists and industrialists who referred their workforce to the charity. The advent of the NHS meant that the state took responsibility for the provision of such services.

In the early 1950s, the trustees took the opportunity to divert the charit s investments to provide care homes for older people.

board agreed that our future focus should be on supporting family carers of people with dementia. This decision emerged from the findings from several commissioned pieces of research to advise on the state of services for our aging population.

In June 2018, Dementia Carers Count was adopted as the working name for the Royal Surgical Aid Society to reflect this renewed mission and purpose. The purposes of the charity as set out in its governing document are:

the relief of need and the promotion of health and wellbeing among persons affected by dementia and other degenerative neurological disorders, including carers of people with dementia and such disorders, their families and friends, particularly but not exclusively by:

Vision and Mission

Our vision

To nurture a generation of family carers of people with dementia to feel confident, supported and heard.

Our mission

To provide welcoming environments for family carers of people with dementia and inspire them to learn and connect with each other; to make sure they are empowered to continue caring for others and themselves and to invest in a programme of insight, alongside policy and campaigning work,

There are 700,000 family and friends caring for persons with dementia in the UK. There are over 100 daily, and the family carer is expected to flex and adapt to the pe

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

We are the national charity dedicated to family and friends who are caring for someone with dementia. Our range of face-to-face and online courses provide an opportunity to learn, connect and develop strategies which support the wellbeing of family carers and people with dementia.

Activities and Achievements in 2021

With the support of our board, our whole organisation has worked to refresh its approach to focus on reaching as many as possible of the 700,000 families impacted by becoming unpaid carers of people with dementia.

The forced isolation of the pandemic meant finding other ways to deliver services for carers. We invested in our Virtual Carers Centre to provide access to advice and support from our team of health, care and legal professionals. During 2021, we:

Mindful that we all access information in different ways, we continue to build a range of accessible content, including video, audio and useful downloadable information which complements our short and less formal online events.

This work provided invaluable support to the people we could not reach face-to-face. We were all too aware that the impact of the pandemic meant that we could not have as much face-to-face time with carers as we would have liked.

At the same time, we have visited and worked with communities and partners across the UK:

Organisational development and strategy review: Plans for the future

Learning from the experience of the pandemic and reflecting on the number of dementia carers that we were not reaching, during 2021 we reviewed our strategy. Working in collaboration with our board, the Carers Advisory Panel and our team, we reviewed how the resources available could be best used to support dementia carers. A new strategy for 2022-26 was agreed by our board in December 2021, which identified four priorities:

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

1. Significantly increasing carer reach and inclusivity

We have brought forward our reach targets from 2024 to demonstrate the deliverability of our charitable purpose, used evidence-based services to inform the organisation and drive its USP, including conducting research to inform our Equality, Diversity and Inclusion strategy.

2. Achieving a stronger voice; Investment in policy & campaigns

We will aim to increase awareness about the challenges that family carers face, working with government, the general public and the third sector, and to cement our position as the expert in family dementia care.

3. Investigating innovative new routes to market We will drive accelerated service reach and use funding opportunities to provide new routes to market, including partnerships, joint ventures, and acquisitions , as well as marketing campaigns with these specific objectives in mind.

4. Moving to financial sustainability

We will focus on increasing our income generation, managing our operating costs and looking to increase our investment returns so that at the end of this strategic period, we strive to deliver sustainable financial surpluses that in turn allow us to further our purpose.

Underpinning this new direction is a 2022 budget operating deficit of £829k representing investment in fundraising team and marketing, and further deficits over future years. As the size of fundraised or earnt income increases then the deficits will reduce until DCC becomes financially self-sustaining.

The strategic review considered the previously planned purchase of a building to create a Carers Centre where courses could be held. This plan has been dropped for the current strategic period, in order to focus on the above priorities, which we hope will allow us to focus our efforts to reach a greater number and more diverse group of carers.

Volunteers

In addition to the Carers Advisory Panel and the trustees - all of whom are volunteers - we also benefit from a dedicated group of volunteers who support the charity through formal and informal fundraising and community events. The group of circa 70 Ambassadors deserve special recognition for their support in promoting, fundraising for, and advocating for our charity and for dementia carers more widely.

Equality Diversity and Inclusion

A full audit assessing Equality, Diversity and Inclusion was undertaken through Q4 2021 by The Clear Company (an external advisor). Following the receipt of a comprehensive report and summary recommendations, a plan of action to address key points was prepared. Good progress is being made to address the areas that the board considered to be our priorities in the short term. A governance structure is now in place to ensure these changes become common place within DCC.

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

Fundraising

Fundraising continues to develop and the total income for 2021 was £375k. This is a significant increase from previous years, where income was £67k in 2020 and £15k in 2019. A large part of the increase was an unsolicited legacy of £267k, for which we are very grateful.

Fundraising was mainly focused on applying for grants to support dementia carers. In addition, community engagement activities promoted giving donations and fundraising for DCC. The fundraising team consisted of Mankit Yau (Director of Development), Fran Ward (Head of Grants) and Yael Shotts (Community Engagement Officer). Further recruitment took place at the end of 2021 to support an increase in fundraising income for future years.

A legacy fundraising campaign was launched in September 2021 and a free will writing service is offered through Farewill. An investment of £7,200 purchased 100 wills that will encourage individuals to leave a legacy for DCC.

We are registered with the Fundraising Regulator and their Code of Fundraising Practice sets the standards that apply to fundraising carried out by all charitable institutions and third-party fundraisers in the UK. Anyone fundraising for DCC follows the Code of Fundraising Practice, and all its staff and volunteers adhere to both the Code and any internal policies to ensure safe, legal and ethical good fundraising practices have resulted in no complaints being received over the year.

policy statement

We strongly believe that everyone has the right to protection from abuse and neglect and to live a life characterised by inclusion and participation wherever they are, and that everyone has the right to lead a life where they fulfil their potential to lead dignified, healthy and secure lives.

We strive to ensure that all those with whom we work and have contact with can live a life free from:

Financial review

The charity is in a strong financial position as at 31 December 2021, with net assets of £9,782k (2020£9,985k). Income from donations, grants and legacies was £375k (2020-£67k), including a single significant legacy of £267k.

This income, together with £243k (2020- £253k) of income from investments, supported the operations of the charity. Overall, £1,272k (2020 - £1,045)was spent by the organisation to deliver the services in the year, to invest in the organisation and prepare for planned growth in the following year.

After gains on the value of investments, this resulted in a net decrease in funds of £203k, (2020-£280k) with the overall net assets having reduced from £9,985k to £9,782k

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

Investments

Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Trustees see fit, after obtaining advice from a financial expert. The current policy of the DCC is to invest long term funds with the aim of achieving growth at least in line with inflation, while holding shorter term funds with minimal risk, to meet cashflow requirements.

There is no investment in tobacco manufacturers, and both funds avoid investments in companies that earn more than 10% of their turnover from alcohol manufacture, armaments, gambling, or pornography.

Investment performance and strategies are reviewed at the Finance, Audit and Risk Committee, and Board meetings, and the investment policy reviewed at least annually

DCC holds £9.5m (2020 - in investments. These are managed by Sarasin and Partners. They are held in a short, medium and a long term fund:

Long term fund: £6.897m at 31 December 2021

Objective: To achieve long-term capital and income growth. This is achieved with a broadly diversified ts, together with diversified both by geography and by major investment themes. The fund may hold cash deposits from time to time where it would be in the interests of efficient management of the f anticipate that this strategy will provide a conservative investment vehicle with potential for achieving attractive long term total returns.

Performance: Performance is to be assessed against the return of the bespoke benchmark used by the Sarasin Endowments Fund and over the longer term, compared to the range of returns of the ARC Steady Growth Index.

Our Portfolio
Portfolio Benchmark
Performance over the 12 months to December 2021 10.4% 13.7%
Performance over 3 years to December 2021 13.1% 12.9%

Medium term fund: £2.216m at 31 December 2021

Objective: To achieve a consistently attractive level of income coupled with the potential for long term capital appreciation, whilst aiming to preserve the value of the capital over the shorter term. The portfolio will be fixed interest orientated with the remainder in a mix of global equities, convertible bonds, and cash.

Performance: Performance of the portfolio is measured against the Sarasin Income & Reserves Fund's composite benchmark index.

Our Portfolio
Portfolio Benchmark
Performance over the 12 months to December 2021 1.4% 1.0%
Short term fund: £394k at 31 December 2021

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

In addition to the medium- and longassets. The objective is to hold funds in the short term, or when investments have been sold, and funds not yet reinvested.

Key risks and uncertainties

The Director of Finance is tasked with presenting and updating a risk assessment and management register to the Finance, Audit & Risk Committee for consideration and reporting exceptions to the board. The principal risks facing the charity as at December 2021, and the policies and procedures in place to mitigate them, were as follows:

Income: Risk that DCC does not have sufficiently detailed plans to deliver the planned ambitious income increases in the 5 year plan, as outlined above. This is mitigated by:

Brand awareness:

fundraising potential. This is mitigated by:

Reserves

In 2012 the charity was running care homes, operating as AgeCare. In that year the trustees decided to sell all these homes and embark on a new direction, providing services to the carers of those living with Dementia, this new venture being financed by the proceeds of the sale of care homes. It is the trustees policy that these funds be invested in these services so as to provide long term financial sustainability for the charity.

As at 31 December 2021, the charity held total funds of £9.8m, all of which were unrestricted. Of these, £9.1m were designated as at 31 December 2021. The trustees have designated funds in order

After taking account of designations, DCC has £684k in the general fund which is available for day-today use. The general fund serves to provide working capital and to finance day to day activities and operations.

The trustees have determined that it is appropriate to hold reserves representing at least six months of operating costs which would be £635k. The level of reserves in the general fund is slightly above this minimum level.

At the time this report was approved, the designated funds are under active consideration by the board to ensure that they are appropriate for the charity in its new strategic context. Reserves are being used to fund ongoing services and are held to serve the long term needs of the charity.

The Royal Surgical Aid Society - operating as Dementia Carers Count Trustees Annual Report and Financial Statements For the Year to 31 December 2021

Statement of trustees responsibilities

The trustees (who are also directors of the Royal Surgical Aid Society) are responsible for preparing the Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Principles (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the charity and financial information

Signature

The t was approved by the board of trustees on 28 September 2022 and signed on its behalf by:

Signature : ______ Date : Sep 29, 2022

Name / Position: David Goodridge / Trustee

The Royal Surgical Aid Society - operating as Dementia Carers Count For the Year to 31 December 2021

SURGICAL AID SOCIETY

Opinion

for the year ended 31 December 2021 which comprise the Statement of Financial Activities (incorporating the Summary Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial st basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the fi

The Royal Surgical Aid Society - operating as Dementia Carers Count For the Year to 31 December 2021

information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtaine annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

s 10-11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable comp

The Royal Surgical Aid Society - operating as Dementia Carers Count For the Year to 31 December 2021

concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The Royal Surgical Aid Society - operating as Dementia Carers Count For the Year to 31 December 2021

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state

The Royal Surgical Aid Society - operating as Dementia Carers Count For the Year to 31 December 2021

for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Finlayson (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

29 September 2022

9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

The Royal Surgical Aid Society Statement of Financial Activities for the year ended 31 December 2021

Note
Income and Endowments:
Donations and legacies
2
Investment income
3
Total Income
Expenditure:
4
Charitable activites
4
Total Expenditure
4
Net gains on investments
10
Net Expenditure
Gross transfers between funds
Net movement in funds
Total funds brought forward
14
Total funds carried forward
14
Raising Funds
Service Development		 Unrestricted
Funds
£'000s
325
243
568
21
1,201
1,222
452
(203)
-
(203)
9,985
9,782		 Restricted
Funds
£'000s
50
-
50
-
50
50
-
-
-
-
-
-		 Total
2021
£'000s
375
243
618
21
1,251
1,272
452
(203)
-
(203)
9,985
9,782		 Total
2020
£'000s
67
253
320
(5)
1,050
1,045
445
(280)
-
(280)
10,265
9,985

All amounts reported relate to continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

The notes at pages 20 to 27 form part of these accounts

Company number 00515174

The Royal Surgical Aid Society Balance Sheet

as at 31 December 2021

Note
Fixed Assets
Intangible fixed assets
8
Tangible fixed assets
9
Investments
10
Current Assets
Debtors
11
Cash at bank and in hand
12
Net Current Assets
Net Assets
Funds
Unrestricted Funds:
Designated funds
14
General fund
14
Restricted Funds:
14
Total Funds
15
Creditors: Amounts Falling
due within one year		 2021
£'000s
31
325
356
(89)		 2021
2020
£'000s
£'000s
2
6
9,507
9,515
23
580
603
(76)
267
9,782
9,098
684
-
9,782		 2020
£'000s
25
3
9,430
9,458
527
9,985
9,098
887
-
9,985

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The notes at pages 20 to 27 form part of these accounts

Approved and authorised by the Board on 28 September 2022 and signed on their behalf by:

Sep 28, 2022

Name : Catherine A'Bear Date:

Company number: 00515174

The Royal Surgical Aid Society Statement of Cashflows for the year ended 31 December 2021

Note
2021
£'000s
Cash generated from operating activities
Net cash provided by operating activities
19
(863)
Cash flows from investing activities
Investment income received
243
Purchase of property, plant and equipment
(8)
Additions of investments
(228)
Disposal proceeds of investments
2
Investment withdrawals
600
Net cash provided by / (used in) investing activities
609
Change in cash and cash equivalents in the reporting period
(255)
Cash and cash equivalents at the beginning of the reporting period
580
Cash and cash equivalents at the end of the reporting period
325
Analysis of cash and cash equivalents
2021
£'000s
Cash at bank and in hand
325
Short term Deposits
-
Total cash and cash equivalents
325
Analysis of changes in net debt
01-Jan-21
Cash Flows
£'000s
£'000s
Cash
580
255
Loans falling due within one year
-
-
Loans falling due after more than one year
-
-
580
255		 2020
£'000s
(928)
253
(2)
(3,462)
4,251
-
1,040
112
468
580
2020
£'000s
580
-
580
31-Dec-21
£'000s
325
-
-
325

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

1 Accounting Policies

Company Information

The Royal Surgical Aid Society is a private company limited by guarantee incorporated in England and Wales under the Companies Act 2006. The address of the registered office is CAN Mezzanine, 7-14 Great Dover Street, London, SE1 4YR. The nature of the company's operations in the year are stated in the Trustee's Report. The company's registration number is 00515174.

Basis of Accounting

These notes have been prepared on a going concern basis, under the historical cost convention modified for investments which

The financial statements have been prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £1,000.

The financial statements of the charitable company have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The charitable company is a public benefit entity for the purposes of FRS102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the 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 (The FRS102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. Based on the reserves held, the operating model, an assessment of risks, and forward looking budgets, the Trustees are comfortable that the charity is adequately resourced to continue in operation for the foreseeable future. At the date of sign off, the Trustees confirm there are no material uncertainties in relation to the going concern assumption. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

The principal accounting policies adopted in the preparation of the financial statements are set out below:

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to income, the economic benefit is probable and the amount can be reliably estimated. The following accounting policies are applied to income:

Donations and Legacies

Legacies and donations are accounted for and recognised when the charity becomes entitled to them, when the receipt is probable and when the amount can be measured reliably.

Grant income

Grants are accounted for on a receivables basis, when there is entitlement to the income, it can be measured reliably and the receipt is probable.

Investment Income

Investment income is accounted for when it becomes receivable.

Other Income

Other income is accounted for on an accruals basis providing

Expenditure

All expenditure is recognised in the Statement of Financial Activities (SOFA) when the services or goods have been received by

Fundraising and Publicity

Fundraising and publicity costs represent expenditure relating to the fundraising department.

Charitable Expenditure and Allocation of Costs

Resources expended are accounted for on an accruals basis. All costs are allocated between expense categories in the SOFA on

Governance

Governance costs comprise the cost of running the charity, including external audit, Trustees' legal advice and constitutional and

Fund Accounting

The charity maintains various types of funds as follows:

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

Unrestricted Funds

General unrestricted funds represent funds which are expendable at the discretion of the Trustees in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Designated funds are amounts which have been put aside at the discretion of the Trustees, and comprise a development fund equivalent to net proceeds arising from the sale of care homes. This has been designated by the Trustees to be invested in

Restricted Funds

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in note 14.

Operating Leases

Operating lease costs are charged to the statement of financial activities on a straight line basis over the period of the lease. All

Employee benefits

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii. Pension Costs

The Society operates a defined contribution pension scheme. Contributions are charged to the statement of financial activities in the year in which they fall due. At the year end contributions totalling £3,144 (2020 - £2,748) were outstanding.

Fixed Assets and Depreciation

Fixed assets are included in the financial statements at their cost, less accumulated depreciation, except freehold land which is not depreciated.

Depreciation is provided on all other assets to write off the cost or valuation of each asset over its estimated useful economic life

Furniture and fittings: - 20% per annum on a straight line basis Computer equipment - 33% per annum on a straight line basis

Individual items costing less than £250 are written off as an expense on acquisition.

Intangible Assets and Amortisation

Intangible assets are included in the financial statements at their cost, less accumulated amortisation.

Amortisation is provided on all other assets to write off the cost or valuation of each asset over its estimated useful economic life

Systems and software development - 33% per annum on a straight line basis

Investments

Investments are stated at market value. Dividends, other investment income and interest are accounted for on a receivable basis. Realised and unrealised gains and losses are shown as 'net gains/(losses) on investments' in the Statement of Financial Activites.

Financial Instruments

Cash and Cash Equivalents

Cash and cash equivalents include cash and cash at banks and in hand and short term deposits with a maturity date of three months of less.

Debtors and Creditors

Debtors or creditors receivable or payable within one year of the reporting date are claimed at their transaction price. Debits and credits that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payments discounted at a market rate of interest.

Financial instruments

The Company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

2
Donations and legacies
Other donations and legacies individually under £5k
Grants		 Unrestricted
£'000s
310
15
325		 Restricted
£'000s
-
50
50		 2021
£'000s
310
65
375		 2020
£'000s
67
-
67

All of current year and prior year donations income is unrestricted. Of donations and legacies income reported above, £310k are attributable to unrestricted funds (2020: £67k) and £50k attributable to restricted funds (2020: £Nil)

3 Investment Income
Investment Income
UK investment income and bank interest		 2021
£'000s
243
243		 2020
£'000s
253
253

All investment income is derived from quoted investments listed on the London Stock Exchange or unit trusts which are UK based. All of current year and prior year investment income is attributable to unrestricted funds.

4 Expenditure

Expenditure
Year to 31 December 2021
Charitable activites
Service Development & delivery
Cost of generating funds
Finance costs
Fundraising		 Staff
Costs
£'000s
970
-
-
970		 Other
Costs
£'000s
281
5
17
302		 2021
Total
£'000s
1,251
5
17
1,272		 2020
Total
£'000s
1,050
(8)
3
1,045

Total expenditure of £1,272k reported above is comprised of £1,222k attributable to unrestricted funds (2020: £1,045k) and £50k attributable to restricted funds (2020: £Nil)

Year to 31 December 2020
Charitable activites
Service Development & delivery
Cost of generating funds
Finance costs
Fundraising
5
Staff Costs
Wages and salaries
Social security costs
Pension costs
Other staff costs		 Staff
Costs
£'000s
616
-
-
616		 Other
Costs
£'000s
434
(8)
3
429		 2020
Total
£'000s
1,050
(8)
3
1,045
2021
£'000s
508
54
18
390
970		 2019
Total
£'000s
1,075
2
1
1,078
2020
£'000s
430
47
13
126
616

Included within other staff costs are payments made to individuals who are not employees of the Society but who are contracted for services, amounting to £390k (2020: £126k)

The average number of staff employed during the period was 13 (2020: 12) including 6 part time employees (2020: 4) working less than 35 hours per week.

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

Analysis of staff employed during the year 2021 2020
Service Development & Delivery 5 5
Fundraising 3 3
Finance 2 1
Administration 3 3

Key management personnel include the Trustees and the Chief Executive who acted during the period. The total employee benefits (including employer national insurance contributions) of the Charity's key management personnel was £90,584 (2020: £98,314). There was one (2020: one) key management employee in the year.

Number of employees that earned in the period: 2021 2020
£60,000 - £69,000 2 1
£70,000 - £79,000 1 -
£80,000 - £89,999 - 1

Retirement benefits totalling £10,807 (2020: £6,114) were paid to a defined contribution scheme on behalf of the higher paid members of staff disclosed above.

None of the trustees received remuneration or benefits in 2021 or 2020. Travelling expenses of £965 (2020: £302) were reimbursed to 7 Trustees (2020: 9)

6
Net Expenditure
Net expenditure for the financial period is stated after charging:
Auditor's remuneration
Audit fees (net of VAT)
Other services
7
Financing Costs
Bank charges
8
Intangible Fixed Assets
Cost
At 1st January 2021
Additions
As at 31 December 2021
Depreciation
At 1st January 2021
Charge for year
As at 31 December 2021
Net Book Value
At 1st January 2021
As at 31 December 2021		 2021
2020
£'000s
£'000s
12
12
2
3
2021
2020
£'000s
£'000s
5
(8)
5
(8)
2021
£'000s
Systems Development
78
-
78
53
23
76
25
2		 2020
£'000s
12
3
2020
£'000s
(8)
(8)
78
53
23
76
25
2

Intangible assets represent costs associated to the development of DCC Website (CMS) and Customer Relationship Management systems.

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

9 Tangible Fixed Assets

Cost
At 1st January 2021
Additions
As at 31 December 2021
Depreciation
At 1st January 2021
Charge for year
As at 31 December 2021
Net Book Value
At 1st January 2021
As at 31 December 2021
10
Investments
Total Investments
Market value at 1 January 2021
Acquisitions at cost
Disposals at brought forward market value
De-investment & Withdrawals
Unrealised investment gains / (losses)
Movement of cash held in investment portfolio
Market value at 31 December 2021 / 31 December 2020
Historic cost at 31 December 2021 / 31 December 2020
Investments, at market value, are held in the following funds:
Sarasin Endowments Fund Class A Inc
Market value at 31 December 2021 / 31 December 2020
Investments representing more than 5% of holding:
Sarasin Income and Reserves Fund Class A Inc
Sarasin Endowments Fund Class A Inc		 2021
£'000s
Computer Equipment
18
8
26
15
5
20
3
6
2021
2020
£'000s
£'000s
9,430
9,774
228
3,398
(2)
(4,251)
(600)
-
452
445
-
64
9,507
9,430
8,100
8,444
2021
2020
£'000s
£'000s
9,507
9,430
9,507
9,430
Units
Value
1,916,006
2,216,363
5,395,744
6,897,056		 2021
£'000s
Computer Equipment
18
8
26
15
5
20
3
6
2021
2020
£'000s
£'000s
9,430
9,774
228
3,398
(2)
(4,251)
(600)
-
452
445
-
64
9,507
9,430
8,100
8,444
2021
2020
£'000s
£'000s
9,507
9,430
9,507
9,430
Units
Value
1,916,006
2,216,363
5,395,744
6,897,056
26
15
5
20
3
6
2020
£'000s
9,774
3,398
(4,251)
-
445
64
9,430
8,444
2020
£'000s
9,430
9,430
Value
2,216,363
6,897,056

At 31 December 2021 the charity held 100% of the issued share capital of RSAS Trading Limited, an unquoted investment, the cost of which is £1. The company was dormant in 2021 and 2020. It is incorporated in England and Wales. At 31 December 2021, the aggregate capital and reserves of RSAS Trading Limited were £1 (2020: £1)

11 Debtors

11
Debtors
Other debtors
Prepayments and accrued income
12
Creditors: Amounts falling due within one year
Trade creditors
Pension contributions unpaid
Social security and other taxes
Accruals and other creditors		 2021
£'000s
4
27
31
2021
£'000s
34
3
16
36
89		 2020
£'000s
14
9
23
2020
£'000s
32
3
14
27
76

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

13 Taxation

The Royal Surgical Aid Society is exempt from tax on income and gains falling within Chapter 3, Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Reconciliation of Movement in Funds

Restricted Funds
Digital Infrastructure fund
Total Restricted funds
Unrestricted Funds
Dementia carers centre:
Property fund
Pilot programme fund
Research fund
Funds generation fund
Bursary fund
Designated Funds
General Fund
Total Unrestricted funds
Total funds
Designated Funds
Dementia carers centre:
Property fund
Pilot programme fund
Research fund
Funds generation fund
Bursary fund
Designated Funds
General Fund
Assistive technology fund
Supplementary support fund
Business development fund
Business development fund
Business implementation
fund
Professor of family care in
dementia
IT resource development
fund
Assistive technology fund
Business implementation
fund
Professor of family care in
dementia
IT resource development
fund
Supplementary support fund		 As at 31
December
2020
£'000s
-
-
4,000
1,361
86
165
46
-
500
440
1,000
1,000
500
9,098
887
9,985
9,985
As at 31
December
2019
£'000s
4,000
1,417
107
165
92
-
500
440
1,000
1,000
500
9,221
1,044
10,265		 Income
£'000s
50
50
-
-
-
-
-
-
-
-
-
-
-
-
568
568
618
Income
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
320
320		 Expenditure
£'000s
(50)
(50)
-
-
-
-
-
-
-
-
-
-
-
-
(1,222)
(1,222)
(1,272)
Expenditure
£'000s
-
(56)
(21)
-
(46)
-
-
-
-
-
-
(123)
(922)
(1,045)		 Transfers
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Investment
Gains
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
452
452
452
Investment
Gains
£'000s
-
-
-
-
-
-
-
-
-
-
-
-
445
445		 As at 31
December
2021
£'000s
-
-
4,000
1,361
86
165
46
-
500
440
1,000
1,000
500
9,098
684
9,782
9,782
As at 31
December
2020
£'000s
4,000
1,361
86
165
46
-
500
440
1,000
1,000
500
9,098
887
9,985

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

14 Reconiliation of Movement in Funds (continued)

Restricted funds

Digital Infrastructure fund

Represents money received from Linbury Trust, to fund the development of DCC's digital infrastructure, including the online "Virtual Carers Centre"

Dementia Carers Centre Fund

The Dementia Carers Centre (DCC) will provide direct services to carers of people with dementia. This strategic development will be a building based service. The Dementia Carers Centre Fund facilitates the implementation of this initiative within the following categories:

DCC Property Fund

The DCC Property Fund represents the expected net cost of the purchase and refurbishment of the premises and land to house the DCC and its operations.

DCC Business Implementation Fund

The DCC Business Implementation Fund represents the forecast net DCC Centre deficit for the first five years, allowing development of a sustainable business model.

DCC Pilot Programme Fund

The DCC Pilot Programme Fund represents the delivery of a programme of pilot services over the coming year to assess and refine the range of services that will be provided through the DCC.

Research Fund

The Research Fund represents the 3 year funding commitment to research the experiences, needs and outcomes for dementia carers to enable the charity to constantly improve its services.

Professor of Family Care in Dementia Fund

The Professor of Family Care in Dementia Fund represents the 3 year funding towards the salary costs of a jointly funded post with the Association of Dementia Studies, University of Worcester.

IT Resource Development Fund

The IT Resource Development Fund enables funding for the implementation of a platform to provide online resources to dementia carers. This is expected to be developed over the next 12 to 18 months.

Assistive Technology Fund

The Assistive Technology Fund provides resource to enable the development of a showcasing facility for assistive technology for dementia carers. In line with the DCC Property, this is planned to be operational within the next 12 to 24 months.

Funds Generation Fund

The Funds Generation Fund provides resource to build income channels for fundraising over the next two years.

Supplementary Support Fund

The Supplementary Support Fund provides financial resources over a five year period enabling respite breaks for dementia carers.

Bursary Fund

The Bursary Fund exists to provide financial resources towards the cost of travel, accommodation and fees for dementia carers attending courses provided by DCC.

Business Development Fund

The Business Development Fund will allow investment over the next five years for the development of new product and services to both further the activities of the Charity as well as to provide income generation for future funding.

Unrestricted funds

The General unrestricted fund represents funds which are expendable at the discretion of the Board in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Transfers in year

There were no transfers during 2021 or 2020.

In 2020 a transfer of £nil was made out of general funds to fund new designated fund requirements approved within the year.

Company number 00515174

The Royal Surgical Aid Society Notes to the Financial Statements for the year ended 31 December 2021

15 Allocation of Net Assets between Funds

Year to 31 December 2021
General Fund
Designated Funds
Restricted Funds
Year to 31 December 2020
General Fund
Designated Funds
Restricted Funds		 Fixed
Assets
£'000s
8
-
-
8
Fixed
Assets
£'000s
28
-
-
28		 Investments
£'000s
410
9,097
-
9,507
Investments
£'000s
332
9,098
-
9,430		 Current
Assets
£'000s
305
1
50
356
Current
Assets
£'000s
603
-
-
603		 Current
Liabilities
£'000s
(89)
-
-
(89)
Current
Liabilities
£'000s
(76)
-
-
(76)		 2021
Total
£'000s
634
9,098
50
9,782
2020
Total
£'000s
887
9,098
-
9,985

16 Leasing Commitments

At 31 December 2021, the Charity had the following future minimum lease payments under non-cancellable operating leases:

Leases expiring:
Less than one year		 2021
£'000s
4		 2020
£'000s
4

17 Liability of the Members

The charity is incorporated as a company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute the sum of 25p in the event of the Society being wound up. The society provides and pays for professional liability insurance.

18 Related Party Transactions

There were no related party transactions in 2020 or 2021

19 Reconciliation of net income/(expenditure) to net cash flow from operating activities

Adjustments for:
Depreciation charges
Amortisation charges
Investment income
Net gains / (losses) on investments
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
Net cash (used in) / provided by operating activities
Net income/(expenditure) for the reporting period (as
per the statement of financial activities)		 2021
£
(203)
5
23
(243)
(452)
(8)
14
(863)		 2020
£
(280)
5
26
(253)
(445)
3
16
(928)

Company number 00515174