Charity number: 229227
Barts and The London Alumni Association Benevolent Fund
Report and financial statements For the year ended 31 July 2020
Barts and The London Alumni Association Benevolent Fund
Contents
For the year ended 31 July 2020
Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report ...................................................................................................... 9 Statement of financial activities ..................................................................................................... 10 Balance sheet ............................................................................................................................... 11 Notes to the financial statements ................................................................................................. 12
Barts and The London Alumni Association Benevolent Fund
Reference and administrative information
For the year ended 31 July 2020
Charity number 229227 Country of registration England & Wales Registered office and operational address c/o Development and Alumni Engagement Directorate Queen Mary University of London Mile End Road London E1 4NS Trustees Trustees who served during the year and up to the date of this report were as follows: Professor Gerald Libby President Dr Thomas Dolphin Vice-President Dr Andrew Hobkirk Vice-President Dr Chris Mercer Vice-President Dr Peter Mills Treasurer Professor Brian Colvin Dr Stephanie Dowker Mr David Maclean Professor Paul Wright (Resigned 31 December 2019) Bankers Barclays Bank Plc 240 Whitechapel Road London E1 1BS Solicitors Taylor Wessing 50 Victoria Embankment London EC4Y 0DX Independent Joanna Pittman FCA Examiner Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
The Trustees present their report and the independently examined financial statements for the year ended 31 July 2020.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
Purposes and aims
The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.
Following a Deed of Variation, dated 16 December 2014, the Barts and The London Alumni Association Benevolent Fund was instated as the renamed merger of two historical funds, The London Hospital Medical Club Benevolent Fund and The London Hospital Dental Club Benevolent Fund, which were respectively established in 1911 and 1983.
The charity’s original Deed of Trust specifies that the ‘income of such portion thereof as the Council shall think fit shall be used for relieving necessitous cases occurring among former present or future London Hospital students and those depending on them or helping or benefiting them or any of them’. As outlined in the Report for 1999/2000, on the advice of the Charity Counsel, the Trust Deed was partly modified to define more precisely those entitled to help from the Fund. In a Deed of Variation these are denoted as ‘students and former students of medicine and dentistry who attend or attended either of the following institutions and the dependents of such persons: The London Hospital Medical College, and The St Bartholomew’s and The Royal London School of Medicine and Dentistry in the Queen Mary and Westfield College’ (now known as ‘Queen Mary University of London’).
The Trustees confirm that in planning the activities of the Barts and The London Alumni Association Benevolent Fund they have given careful consideration to how the charity has fulfilled its charitable objectives and that its beneficiaries are individuals with little or no means.
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
Achievements and performance
The charity's main activities and who it tries to help are described below. All its charitable activities focus on grant making and are undertaken to further Barts and The London Alumni Association Benevolent Fund’s charitable purposes for the public benefit.
Achievements and performance
The Trustees have met on three occasions: 18.09.19, 15.05.2020 and 20.07.2020.
General
The level of student debt continues to rise alarmingly, and debts in the order of £70,000 are not uncommon by the time undergraduate medical and dental students qualify. Many students’ debts are considerably higher, causing a great deal of anxiety.
Hardship grants
The Trustees make one-off grants to students in financial hardship on the recommendation of the School of Medicine and Dentistry’s Benevolence Committee. It is no longer common practice to ask recipients to repay all or part of the sums they have received.
No hardship grants were awarded to medical or dental students in 2019-20.
New eponymous and reinstatement of existing awards
In 2015, the late Dr Richard Callander Hudson (The London, Medicine MBBS, 1957) left a generous bequest to the Barts and The London Alumni Association Benevolent Fund for the purpose of providing grants to clinical students of Barts and The London School of Medicine and Dentistry, who are in financial difficulty. This bequest has enabled the Trustees, in consultation with the School’s Student Finance Manager, to introduce a number of new eponymous awards as well as the reinstatement of existing awards. These are as follows:
Electives Bursaries
Elective Bursaries are made on the recommendation of the Head of Elective Studies at the School of Medicine and Dentistry. By the final year most students have accumulated debt which could jeopardise their ability to undertake an elective overseas, and the Trustees set aside a certain amount each year which is then allocated following the advice of the Committee, although no individual grant higher than £500 is allowed. A condition of such grants is that the students must provide a short report of their elective experience for use in alumni communications.
15 grants totaling £7,500 were made to medical students and 13 grants totaling £4,500 were awarded to dental students in the year ended 31 July 2020. The latter includes the Jimmy Batstone and Stephanie Dowker Dental Elective Bursaries of £500 each.
Intercalated Degree Scholarships
The Trustees instituted Intercalated Degree Scholarships up to a maximum of £1,000 each, which have been awarded since 2004, to five students per annum have received these scholarships. In
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
addition, three new eponymous Intercalated Degree Scholarships of £1,000 each were implemented in 2018-19 to commemorate the service of past Presidents of BATLAA; the Brian Colvin, Christopher Hudson and David McLean Intercalated Degree Scholarships.
A total of £8,000 was awarded to eight medical students in 2019-20; all eight of the recipients received First Class Honours. No Intercalated Degree Scholarships were awarded to dental students in 2019-20.
Medical Excellence Scholarships
Geoffrey Flavell Bursaries
The Geoffrey Flavell Bursaries have been funded by a legacy of £20,000 in memory of Geoffrey Flavell and therefore issued from a sinking fund, provided 10 recipients, reaching its tenth and final year in 2014-15. Each total award is of £2,000: £1,000 in the student’s first year and £500 in each of the subsequent two years. The last award was made in 2016-17 as the funds for this bursary had been exhausted. Following the Richard Callander Hudson bequest, the Geoffrey Flavell Bursary was reinstated in 2018-19.
In 2019-20, a total of £1,500 was awarded; one student has been awarded the first instalment of £1,000 and another the second instalment of £500.
Richard Callander Hudson Bursary
In commemoration of Dr Richard Callander Hudson and his generous bequest, the Trustees have introduced the Richard Callander Hudson Bursary since 2018-19, in line with the structure of the Geoffrey Flavell Bursary as above. This provides the recipient with a total award of £2,000: £1,000 in their first year and £500 in each of the subsequent two years.
In 2019-20, a total of £1,500 was awarded; one student has been awarded the first instalment of £1,000 and another the second instalment of £500.
Paul Wright Dental Excellence Scholarships
The Paul Wright Dental Excellence Scholarship, established in 2009 to mirror the Geoffrey Flavell Bursaries, is awarded to a first year dental student who receives the highest marks in the Fundamentals of Dentistry exam in January. It provides recipients with a total award of £2,000 each: £1,000 in their first year and £500 in each of the subsequent two years. To date 10 students have either been fully supported or are currently in receipt of the Scholarships.
In 2019-20, a total of £2,000 was awarded; one award of £1,000 to a new recipient as their first instalment and two awards of £500 each, were issued to two students who respectively received their second and final instalments each.
Alastair McDonald Memorial Prize
This Prize fund was established in 2013 in memory of the late Dr Alastair McDonald, a cardiologist at The London, to support an annual essay prize of £1,000 on a broad topic of medical ethics. The
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
first award was issued in 2014-15 and the funds – held by the School of Medicine and Dentistry - have supported five Prize winners (the final prize was awarded in 2018-19). The Alastair McDonald Memorial Prize was reinstated in 2019-20 and awarded by the BATLAA Benevolent Fund: a total of £1,000 was awarded to one student.
Financial review
The BATLAA Benevolent Fund’s primary source of income are investment holdings, the dividends of which are used to pay student awards. These constitute the charity’s primary expenditure. The income received varies on an annual basis and is dependent upon the performance of the investments.
In 2019-20, the income was stable as the distributions were smoothed by the fund managers in order to provide a consistent income. In July 2020, the Trustees approved the selling of their nonmanaged investment holdings with M&G Charifund, Blackrock, FP CAF Equity Fund and COIF to purchase more units in the Cazenove Charity Multi Asset Fund Portfolio.
In addition, the Fund has a small number of long-standing regular donors who donate via annual standing orders. This year, the Fund lost two standing orders, which has caused a minor loss of income. The Fund sometimes receives one-off individual donations, which can vary from year to year. In 2019-20, the funds received individual donations totalling £650.
In 2019-20, the expenditure towards awards increased by £1,000 from the previous year, as more students were in receipt of the instalment-based excellence bursaries which were reinstated in 2018-19.
Reserves policy and going concern
Trustees are under a duty to balance the needs of current and future beneficiaries of the charity. A charity needs to have sufficient reserves to allow it to cover known liabilities and contingencies, absorb setbacks and take advantage of change and opportunity. However, charities holding reserves that are greater than their needs will be subject to scrutiny and possible investigation by the Charity Commission.
Step 1: Understanding our funds
Our Balance Sheet for the Year ending 31[st] July 2020 shows:
Investments: £789,529 Net Current Assets: £29,169 Total: £818,698 Of which: Permanent Endowment: £410,124 Unrestricted Funds: £408,574
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
Our endowment funds are treated as a permanent endowment and are invested. Capital gains remain part of the endowment. Dividend income earned on the capital is unrestricted and can be used for grant making.
Step 2: Future Income Streams
Predicted in the Budget for the Year ending 31[st] July 2021: Donations: £750 Investment Income: £27,335
Step 3: Committed Expenditure
From the Expenditure Plan agreed at the Annual Business Meeting (ABM): Grants Payable: £27,000 Governance Costs: £3,600
The expenditure is fulfilling our core purpose and failure to make these awards would affect a large number of individuals. There is also the likelihood of demands for assistance from Alumni which is both unpredictable and rare.
Step 4: Developing a Risk Based Policy.
The risks of a decrease in income are real but the quantum of the potential reduction is low. The commitment to expenditure is on an annual basis but we regularly monitor income and re-plan expenditure. The risk of unpredictable demands for expenditure is low on an historical basis. We need reserves to cover our committed and unpredictable expenditure every year. Since much of our expenditure occurs at a predictable time of year, working capital should be sufficient to cover the grants, i.e. £27,000. Ideally, a contingency to cover unpredictable support might be £10,000.
Conclusion
The trustees wish to ensure they are able to meet their grant and cost commitments for at least the current and one subsequent year. Since income can be volatile, the general reserve should represent approximately one year’s worth of expenditure over and above the working capital together with a contingency to cover unpredictable expenditure. At current levels of activity the reserves should be approximately £40,000. At 31[st] July 2020 the general reserve was £408,574. This is a very comfortable financial position and is more than required for a reserve (see above). The Trustees have therefore decided to invest the majority of these funds to provide a long term income stream. This recognises the fact that these investments can be sold to release funds that nominally are held in reserve. A small amount of working capital, not exceeding £30,000 in cash at bank, should be retained for meeting predictable grants and day to day expenses.
Structure, governance and management
The organisation is an unincorporated charity registered as a charity on 13 March 1964 in England and Wales.
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
The charity is constituted under a trust deed dated 30 December 1911 as amended on 31 March 2001 as amended on 21 October 2014.
All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 4 to the accounts.
Appointment of trustees
The Trustees of the Fund are the Officers of the Fund, namely the President, Vice-Presidents and Treasurer for the time being of the Barts and The London Alumni Association, together with three Appointed Trustees nominated initially by each of the former associations (Barts Alumni Association, The London Hospital Dental Club and The London Hospital Medical Club). The term of office of the Appointed Trustees is five years, renewable once.
In addition there is a Treasurer of the Fund elected at the Annual General Meeting of the Association. The Treasurer serves for a period of five years, and is eligible for re-election.
Related parties and relationships with other organisations
The Barts and The London Alumni Association Benevolent Fund works closely with the Barts and The London School of Medicine and Dentistry, one of three faculties at Queen Mary University of London, to support students within the School with financial aid through the charity’s income.
Statement of responsibilities of the Trustees
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The Trustees are responsible for keeping proper accounting records that 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 Charities Act 2011. 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.
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Barts and The London Alumni Association Benevolent Fund
Trustees’ annual report
For the year ended 31 July 2020
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Trustees’ annual report has been approved by the Trustees on 7 December 2020 and signed on their behalf by
Dr Peter Mills Treasurer
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Independent examiner’s report
To the Trustees of
Barts and The London Alumni Association Benevolent Fund
I report to the trustees on my examination of the accounts of Barts and The London Alumni Association Benevolent Fund for the year ended 31July 2020.
This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees 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 charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 Accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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2 The accounts do not accord with those records; or
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3 The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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.
Signed: Name: Joanna Pittman FCA Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 21 May 2021
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Barts and The London Alumni Association Benevolent Fund
Statement of financial activities
For the year ended 31 July 2020
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Unrestricted | Endowment | ||||
| funds | funds | Total | funds | funds | Total | ||
| Note | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations | 2 | 4,345 | - | 4,345 | 1,828 | - | 1,828 |
| Investments | 3 | 32,821 | - | 32,821 | 33,652 | - | 33,652 |
| Total income | 37,166 | - | 37,166 | 35,480 | - | 35,480 | |
| Expenditure on: | |||||||
| Charitable activities | |||||||
| Grant making | 4 | 33,466 | - | 33,466 | 32,072 | - | 32,072 |
| Total expenditure | 33,466 | - | 33,466 | 32,072 | - | 32,072 | |
| Net income before net (losses) / gains | |||||||
| on investments | 3,700 | - | 3,700 | 3,408 | - | 3,408 | |
| Net (losses) / gains on investments | 7 | (20,946) | (44,552) | (65,498) | 260 | (2,681) | (2,421) |
| Net movement in funds | (17,246) | (44,552) | (61,798) | 3,668 | (2,681) | 987 | |
| Reconciliation of funds: | |||||||
| Total funds brought forward | 425,820 | 454,676 | 880,496 | 422,152 | 457,357 | 879,509 | |
| Total funds carried forward | 408,574 | 410,124 | 818,698 | 425,820 | 454,676 | 880,496 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
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Barts and The London Alumni Association Benevolent Fund
Balance sheet
As at 31 July 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets: | |||||
| Investments | 7 | 789,529 | 855,220 | ||
| 789,529 | 855,220 | ||||
| Current assets: | |||||
| Cash at bank and in hand | 33,664 | 29,376 | |||
| 33,664 | 29,376 | ||||
| Liabilities: | |||||
| Creditors: amounts falling due within one year | 8 | 4,495 | 4,100 | ||
| Net current assets | 29,169 | 25,276 | |||
| Total net assets | 818,698 | 880,496 | |||
| The funds of the charity: | 9 | ||||
| Endowment funds | 410,124 | 454,676 | |||
| Unrestricted income funds: | |||||
| General funds | 408,574 | 425,820 | |||
| Total unrestricted funds | 408,574 | 425,820 | |||
| Total charity funds | 818,698 | 880,496 |
Approved by the trustees on 7 December 2020 and signed on their behalf by
Dr Peter Mills Treasurer
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
- 1 Accounting policies
a) Statutory information
Barts and the London Alumni Association Benevolent Fund is an unincorporated charity registered with the Charity Commission for England and Wales.
The registered office address is Queen Mary University of London, Mile End Road, London, E1 4NS.
b) Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. As a smaller charity, a statement of cash flows is not presented.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
d) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
e) Income
- Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
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1 Accounting policies (continued)
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f) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
- g) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
h) Fund accounting
Endowment funds are resources received by the charity that represent capital. Charity law requires the trustees to invest or retain and use the capital for the charity's purposes. Our endowment funds are treated as permanent endowment and are invested. Capital gains remain part of the endowment. Dividend income earned on the capital is unrestricted and can be used for grant making.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. The trustees can spend unrestricted funds for the charity's purposes.
i) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities includes the costs of grant making undertaken to further the purposes of the charity and their associated governance costs
j) Grants payable
Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
- 1 Accounting policies (continued)
k) Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.
l) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
m) Short term deposits
Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.
n) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- o) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
p) Financial instruments
The charity 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.
2 Income from donations
| Income from donations | ||||||
|---|---|---|---|---|---|---|
| Gifts Donated services |
Unrestricted £ 1,345 3,000 |
£ - - Endowment |
2020 Total £ 1,345 3,000 |
Unrestricted £ 1,828 - |
£ - - Endowment |
2019 Total £ 1,828 - |
| 4,345 | - | 4,345 | 1,828 | - | 1,828 |
- 3 Income from investments
| Income from investments | ||
|---|---|---|
| Total dividend income Deposit account interest Dividend income: M&G Charifund CCLA COIF Charities Investment Fund Cazenove CMAF FP CAF UK Equity Fund BlackRock Charities UK Bond Fund |
2020 Total £ 6,020 3,740 1,653 4,850 16,558 |
2019 Total £ 5,979 3,610 2,822 4,850 16,281 |
| 32,821 - |
33,542 110 |
|
| 32,821 | 33,652 |
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
4a Analysis of expenditure
| Student electives Student bursaries Student scholarships Student fellowships Accountancy, administrative and IE fees Investment management fees Other expenses Governance costs Total expenditure |
Grant making costs £ 12,000 5,000 8,000 1,000 - - - 26,000 7,466 33,466 |
Governance costs £ - - - - 6,720 1,796 (1,050) 7,466 (7,466) - |
2020 Total 2019 Total £ £ 12,000 12,100 5,000 4,000 8,000 8,000 1,000 - 6,720 3,820 1,796 1,811 (1,050) 2,341 33,466 32,072 - - 33,466 32,072 |
|---|---|---|---|
All grants are paid to individuals for relief of hardship and assistance in their education.
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
4b Analysis of expenditure (prior year)
| Student electives Student bursaries Student scholarships Accountancy, administrative and IE fees Investment management fees Other expenses Governance costs Total expenditure |
Grant making costs £ 12,100 4,000 8,000 - - - 24,100 7,972 32,072 |
Governance costs 2019 Total £ £ - 12,100 - 4,000 - 8,000 3,820 3,820 1,811 1,811 2,341 2,341 7,972 32,072 (7,972) - - 32,072 |
|---|---|---|
All grants are paid to individuals for relief of hardship and assistance in their education.
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
5 Related party transactions
There are no related party transactions to disclose for 2020 (2019: none).
During the year no trustee expenses were incurred or reimbursed (2019: nil).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
6 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
7 Listed investments
| UK Common investment funds: BlackRock Charities UK Bond Fund - LHMC Charities Official Investment Fund - LHMC BlackRock Charities UK Bond Fund - LHDC Charities Aid Foundation Units - LHDC Cazenove Charity Multi-Asset Fund Wider range M&G Charifund - LHMC Cash Investments comprise: Cash held by investment broker pending reinvestment Disposal proceeds Fair value at the end of the year Fair value at the start of the year Additions at cost Net gain / (loss) on change in fair value |
2020 £ 854,870 - (286,374) (65,498) |
2019 £ 857,291 - - (2,421) |
|---|---|---|
| 502,998 286,531 |
854,870 350 |
|
| 789,529 | 855,220 | |
| 2020 £ - 121,623 - - 381,375 - 286,531 |
2019 £ 33,962 116,913 4,432 181,475 402,321 115,767 350 |
|
| 789,529 | 855,220 |
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Barts and The London Alumni Association Benevolent Fund
Notes to the financial statements
For the year ended 31 July 2020
- 8 Creditors: amounts falling due within one year
| Accruals Grants payable |
2020 £ 3,720 775 |
2019 £ 3,600 500 |
|---|---|---|
| 4,495 | 4,100 |
9a Analysis of net assets between funds (current year)
| Analysis of net assets between funds (current year) | |||
|---|---|---|---|
| Creditors falling due within one year Investments Current assets Net assets at 31 July 2020 |
General unrestricted £ 379,405 33,664 (4,495) |
Endowment fund £ 410,124 - - |
Total funds £ 789,529 33,664 (4,495) |
| 408,574 | 410,124 | 818,698 |
9b Analysis of net assets between funds (prior year)
| Analysis of net assets between funds (prior year) | |||
|---|---|---|---|
| Net assets at 31 July 2019 Creditors falling due within one year Investments Current assets |
General unrestricted £ 400,544 29,376 (4,100) |
Endowment fund £ 454,676 - - |
Total funds £ 855,220 29,376 (4,100) |
| 425,820 | 454,676 | 880,496 |
10 Post balance sheet events
When investments were last valued (30 September 2020) the value of the portfolio was £802,014.
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