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2023-03-31-accounts

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

Company registration number: 00485984 Charity number: 221171

MEMBERS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2023

THE RAHERE ASSOCIATION (A company limited by guarantee)

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Association, its Members of the Executive 1
Committee and advisers
Members' report 2 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 15

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE ASSOCIATION, ITS MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Members of the Executive Committee

Professor J H Shepherd, Chair

H R Fergie W P Hawkes Professor C J Knight OBE E M Law J Fay Dr E Rowland P Southern A Thompson Dr V Wolstenholme

Company registered number 00485984 Charity registered number 221171 Registered office St Bartholomews Hospital West Smithfield London EC1A 7BE Accountants Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers Natwest Current Account P O Box 204 1 Hatton Garden London EC1P 1DU Investment Adviser CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET

Page 1

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Members present their annual report together with the financial statements of the The Rahere Association for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Members' report and a directors' report under company law. The Members confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Association qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objects of the charity remain unchanged, being the provision of help to patients and staff at St Bartholomew's Hospital and to generally improve its facilities.

The Executive Committee consider that all the work carried out by the Association is for charitable purposes and consider that they have complied with the Charities Act requirement to have had due regard to the guidance on public benefit published by the Charity Commission.

Achievements and performance

a. Review of activities

The Association has during the year given help to patients and staff of St Bartholomew's Hospital and this has included:

The Association intends to continue its activities in providing help to patients and staff of St Bartholomew's Hospital and to generally improve its facilities.

The income and expenditure and the financial position of the Association are shown in the financial statements.

Page 2

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Going concern

After making appropriate enquiries, the Members have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Review of the Year

Total income for the year amounted to £203,810 with total expenditure amounting to £276,796 and losses on realisation on investments of £184,799 leaving a defecit of £257,785. Accumulated reserves amounted to £5,161,279 and these funds will be used for future activities. Our investments have performed well in total since acquisition giving us not only substantial capital appreciation for the future but also an increased annual income. Funds available are sufficient to permit the Association to continue to operate at least into the medium term.

c. Reserves Policy

The members are of the opinion that the present level of funding together with the current level of unrestricted reserves is adequate to support the continuation of the activities of the Association in the medium term. The members also consider the financial position of the Association to be satisfactory.

Structure, governance and management

a. Constitution

The Rahere Association is constituted under a Memorandum of Association dated 24 July 1950 and is a registered charity; Charity number 221171.

b. Methods of appointment or election of Members

The management of the Association is the responsibility of the Members who are elected and co-opted under the terms of the Memorandum of Association.

c. Risk Management

The members have assessed the major risks to which the Association is exposed, in particular theose related to the operations and finances of the Association, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Plans for future periods

In the forthcoming year the Association intends to continue its policy of making small grants to patients to enhance their wellbeing and to enable early return home and return to work where possible.

Page 3

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Members' responsibilities

The Members (who are also the directors of the Association for the purposes of company law) are responsible for preparing the Members' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Members to prepare financial statements for each financial year. Under company law, the Members 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 Association and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Members are required to:

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

Approved by order of the members of the board of Members and signed on their behalf by:

................................................ 0B426151581148E... H R Fergie Trustee Date: 14-Nov-2023

Page 4

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

INDEPENDENT EXAMINERS' REPORT

Independent examiner's report to the Members of The Rahere Association ('the Association')

I report to the charity Members on my examination of the accounts of the Association for the year ended 31 March 2023.

Responsibilities and basis of report

As the Members of the Association (and 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 Association 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 the Association's accounts 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 Association 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.

This report is made solely to the Association's Members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Association's Members those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Association and the Association's Members as a body, for my work or for this report.

DocuSigned by: Signed: Janice Matthews FCA [Janie634F24DE92A4471... Mattlews

Dated: 15-Nov-2023

Menzies LLP

Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP

Page 5

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
2
Other trading activities
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
Total expenditure
Net expenditure before net (losses)/gains on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
funds
2023
£
35,598
4,146
164,066
203,810
13,746
263,050
276,796
(72,986)
(184,799)
(257,785)
5,419,064
(257,785)
5,161,279
Total
funds
2023
£
35,598
4,146
164,066
203,810
13,746
263,050
276,796
(72,986)
(184,799)
(257,785)
5,419,064
(257,785)
5,161,279
Total
funds
2022
£
40,287
5,575
108,365
154,227
32,413
207,550
239,963
(85,736)
371,109
285,373
5,133,691
285,373
5,419,064

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 8 to 15 form part of these financial statements.

Page 6

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 00485984

BALANCE SHEET AS AT 31 MARCH 2023

2023 2022
Note £ £
Fixed assets
Investments 10 5,052,433 5,351,849
5,052,433 5,351,849
Current assets
Debtors 11 38,297 20,284
Cash at bank and in hand 75,291 56,807
113,588 77,091
Creditors: amounts falling due within one year 12 (4,742) (9,876)
Net current assets 5,161,279 5,419,064
Total assets less current liabilities 5,161,279 5,419,064
Total net assets 5,161,279 5,419,064
Charity funds
Unrestricted funds 13 5,161,279 5,419,064
Total funds 5,161,279 5,419,064

The Association was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Members and signed on their behalf by:

|DocuSignedby:
|HughFurgic|DocuSignedby:
|Nolun.Shepherd| |---|---| |................................................
H R Fergie
DocuSigned by:
| Hugh Furgic
0B426151581148E...|................................................
Professor J H Shepherd
DocuSigned by:
| Nolun. Shepherd
A25A86E664824A8...| |Date:
14-Nov-2023|14-Nov-2023|

The notes on pages 8 to 15 form part of these financial statements.

Page 7

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Rahere Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the Association has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably . Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Association to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Association's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

1.4 Company status

The Association is a private company limited by guarantee. The members of the company are the Members named on page 1. The address of the registered office is disclosed on the company information page. In the event of the Association being wound up, the liability in respect of the gurantee is limited to £10 per member of the Association

1.5 Taxation

The Association is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Association is potentially exempt from taxation in respect of income or capital gains received within categories covered by 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 such income or gains are applied exclusively to charitable purposes.

Page 8

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.7 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Association anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.8 Financial instruments

The Association only has financial assets and financial 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.

1.9 Pensions

The Association operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Association to the fund in respect of the year.

1.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Members in furtherance of the general objectives of the Association and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

Legacies
Total 2022
Unrestricted
funds
2023
£
35,598
40,287
Total
funds
2023
£
35,598
40,287
Total
funds
2022
£
40,287

Page 9

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from other trading activities

Income from fundraising events

Annual appeal and other income
Total 2022
Investment income
Investment income
Total 2022
Investment management costs
Investment management fees
Total 2022
Unrestricted
funds
2023
£
4,146
5,575
Unrestricted
funds
2023
£
164,066
108,365
Unrestricted
funds
2023
£
13,746
32,413
Total
funds
2023
£
4,146
5,575
Total
funds
2023
£
164,066
108,365
Total
funds
2023
£
13,746
32,413
Total
funds
2022
£
5,575
Total
funds
2022
£
108,365
Total
funds
2022
£
32,413

4. Investment income

5. Investment management costs

Page 10

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Analysis of expenditure by activities

Provision of Hospital Facilities
Compassionate Grants
Medical Training
Support costs
Total 2022
Grant
funding of
activities
2023
£
20,782
200,516
10,126
-
231,424
177,833
Support
costs
2023
£
-
-
-
31,626
31,626
29,717
Total
funds
2023
£
20,782
200,516
10,126
31,626
263,050
207,550
Total
funds
2022
£
9,579
158,024
10,230
29,717
207,550

During the year £200,516 (2022: £158,024) was granted to 799 individuals (2022: 603). Those grants paid in respect of provision of hospital facilities were all payable to St Bartholomew's Hospital.

Analysis of support costs

Staff costs
Independent examination fee
Insurance
Office costs
Total 2022
Support
costs
2023
£
26,386
2,376
1,765
1,099
31,626
29,717
Total
funds
2023
£
26,386
2,376
1,765
1,099
31,626
29,717
Total
funds
2022
£
25,014
2,160
1,728
815
29,717

7. Independent examiner's remuneration

2023 2022
£ £
Fees payable to the Association's independent examiner for the independent
examination of the Association's annual accounts 2,376 2,160

Page 11

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes
2023
£
24,505
1,881
26,386
2022
£
23,239
1,775
25,014

The average number of persons employed by the Association during the year was as follows:

2023 2022
No. No.
Management and administration 1 1

No employee received remuneration amounting to more than £60,000 in either year.

The Association has one member of staff whose remuneration is detailed above. The Executive Committee deem themselves to be the Key Management Personnel of the Charity.

The Executive Committe received no remuneration or reimbursed expenses in the current or preceding year.

9. Members' remuneration and expenses

During the year, no Members received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Member expenses have been incurred (2022 - £NIL) .

Page 12

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10.
Fixed asset investments
Cost or valuation
At 1 April 2022
Withdrawal
Movements
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
All the fixed asset investments are held in the UK.
11.
Debtors
Due within one year
Other debtors
Tax recoverable
12.
Creditors: Amounts falling due within one year
Accruals and deferred income
2023
£
37,977
320
38,297
2023
£
4,742
Listed
investments
£
5,351,849
(100,000)
(199,416)
5,052,433
5,052,433
5,351,849
2022
£
19,952
332
20,284
2022
£
9,876

Included in Accruals and deferred income is £2,150 (2022: £7,500) relating to grants payable.

Page 13

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Statement of funds - prior year
Unrestricted funds
General Funds
Balance at 1
April 2022
£
5,419,064
Balance at
1 April 2021
£
5,133,691
Income
£
203,810
Income
£
148,657
Expenditure
£
(274,420)
Expenditure
£
(240,579)
Gains/
(Losses)
£
(187,175)
Gains/
(Losses)
£
377,295
Balance at 31
March 2023
£
5,161,279
Balance at
31 March
2022
£
5,419,064

Page 14

DocuSign Envelope ID: 8EF7A78F-1E92-49D5-A3B6-1B365BDD7715

THE RAHERE ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total
Unrestricted
funds
2023
£
5,052,433
113,588
(4,742)
5,161,279
Total
funds
2023
£
5,052,433
113,588
(4,742)
5,161,279

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total
Unrestricted
funds
2022
£
5,351,849
77,091
(9,876)
5,419,064
Total
funds
2022
£
5,351,849
77,091
(9,876)
5,419,064

Page 15