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2021-08-31-accounts

Charity Number: 233234

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS

31 AUGUST 2021

RSM UK Tax and Accounting Limited Third Floor, One London Square, Cross Lanes, Guildford, Surrey GU1 1UN

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT for the year ended 31 August 2021

The trustees present their report and the financial statements of the Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London (“the Faculty”) for the year ended 31 August 2021.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charities Act 2011, the governing document of the Faculty, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Charitable objectives

The registered charitable objectives for which the Faculty was established are to foster and extend more general interest in medical history and to attract the co‐operation of general historians, so that work in this field may be co‐ordinated with wider historical studies.

Charitable activities

In pursuance of its overall goals, the Faculty disseminates information on the history and philosophy of medicine and pharmacy. This is principally achieved by organising courses, seminars, lectures, and meetings.

Membership of the Faculty is open to the public, and as far as possible the public are encouraged to take an interest in the work of the Faculty.

The Faculty also operates the following restricted funds:

The Archives fund was set up in 2002 in support of the Archives of the Society which generates funds and meets costs. The archives are available for public use under the supervision of the Clerk of the Society.

The Geoffrey Flavell fund was set up in 2004 upon receipt of a legacy from Mrs Flavell bequeathed to the Faculty in memory of Geoffrey Flavell, Mrs Flavell’s late husband. The legacy is used to meet the costs of the Flavell Lecture on the history of cardiothoracic surgery, which is held every two years, and also assisting with the funding of courses and examinations for undergraduates.

The Friends of the Archive fund was set up in 2005 and raises money from membership and donations in order to fund occasional projects in support of the Archives of the Society, as circumstances allow.

Indicators, milestones and benchmarks

In order to determine the success of the Faculty’s activity in fulfilling its charitable objectives, the trustees monitor the following range of measures of performance:

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

Public benefit

The trustees have taken The Charity Commission’s general guidance on public benefit (contained within the recently revised guidance publication “Charities and Public Benefit”) and the specific guidance on public benefit (contained within the guidance publication “The Advancement of Education for the Public Benefit”) into consideration in preparing their statement on public benefit contained within this trustees’ annual report.

Trustees’ assessment of public benefit, benefits and beneficiaries

Given the relatively small size of the Faculty, the trustees are able to consider delivery of public benefit case by case when determining how best to disseminate information through its activities each year. On that basis, the trustees consider that the Faculty continues to fulfil its charitable objectives for the public benefit.

Grant making policy

When resources permit, the Faculty offers grants to undergraduate students taking the Faculty’s courses on the History of Medicine and the Ethics and Philosophy of Healthcare or entering the associated Diploma examinations. These grants are publicised by the Faculty and by the Society and made known to medical schools.

All undergraduates taking a degree at a university or similar higher education establishment in the United Kingdom are eligible to apply for these grants, and they should do so by writing to the Faculty’s principal address in advance of the closing start date for the course or examination. Bursaries towards the cost of the examination fee are allocated on a first‐come first‐served basis. This area has been reviewed by the Faculty to ensure wider and fairer distribution with no disadvantage to the Faculty and changes will apply in the coming year.

Relationships with related parties

The operations of the Faculty are integrally linked to those of the Society of Apothecaries of London (“the Society”) and the Faculty is fundamentally reliant upon the continued support of the Society to maintain its on‐ going existence. This is particularly relevant in the case of the office space and resources used by the staff that manage the day‐to‐day activities of the Faculty, which are provided by the Society each year at minimal cost to the Faculty.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY

OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

The Society’s ancient hall provides a central venue for all trustees’ meetings, the majority of Faculty organised courses, seminars, lectures, and meetings, and is the administrative headquarters of the Faculty. Some operational costs incurred by the Faculty are either paid for directly or recharged to the Faculty by the Society. However, no attempt is made to identify and account for any additional notional staff, facilities, and other administrative costs that the Faculty might be incurring, or the gift‐in‐kind being donated by the Society on the grounds that any such attempt would be highly subjective.

Representation on other bodies

The Faculty does not currently pursue its charitable objectives through trustee representation on any bodies other than the Court of Assistants of the Society of Apothecaries of London.

ACHIEVEMENTS AND PERFORMANCE

Activities and events

The activities of the Faculty were inevitably disrupted by the global impact of COVID‐19 with venues for courses and events having to be closed and therefore all of the Faculty’s interactions having to move on‐line. However, despite these difficulties, during the 2020/2021 academic year, the Faculty organised and funded the following:

Also, during the year, the Faculty continued to provide support for the Archives of the Society of Apothecaries through the Archive fund and the work of The Friends of the Archive.

Impact of activities and events

The Faculty courses and lectures were run entirely online, and were well supported in 2020/2021, and the eponymous lectures had an average audience of 80 to 100 (2019/2020: 85 to 90). The Fellowship scheme had 130 (2019/2020: 115) members with an average 15 to 30 online (2019/2020: 15 to 20) supporting seminars in the History and Philosophy of Medicine.

FINANCIAL REVIEW

Financial results of activities and events

The Faculty recognised voluntary income of £3,444 (2019/2020: £6,134), investment income of £2,267 (2019/2020: £4,337), and income from the dissemination of information of £44,652 (2019/2020: £46,862). The Faculty spent £68,430 (2018/2020: £67,192) disseminating information, including £3,540 (2019/2020: £3,300) on governance matters.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

Grant making

The Faculty gave grants to six (2019/2020: No) undergraduate students, who took the history of medicine exam in 2020/2021, and grants to four (2019/2020: No) undergraduate students, who took the philosophy of medicine exam in 2020/2021.

Reserves policy

In recent years, the costs to the Faculty of disseminating information through the organisation of courses, seminars, lectures, and meetings has exceeded income directly generated from those attending the courses, seminars, lectures, and meetings.

In order to encourage continued interest in the history and philosophy of medicine and pharmacy, the trustees want the Faculty to be able to offer such subsidised courses, seminars, lectures, and meetings in perpetuity. They do this by providing the Hall as a venue for these events, and through provision of other in‐kind support.

Whilst ad ho c donations continue to be important additional source of income for the charity, the trustees are keen to avoid reliance upon voluntary income to supplement the annual budget for organising courses, seminars, lectures, and meetings.

The charity’s principal recurring source of annual income continues to be investment income derived from the Faculty’s investments portfolio. Therefore, the trustees have continued to adopt a deliberate policy of reinvesting investment income each year.

The trustees have set a target annual funding requirement for the Faculty of £20,000 of recurring unrestricted income, which they feel will enable a more stable budgeted level of expenditure to be achieved.

On the basis that this target is to be met by returns on the Faculty’s unrestricted investments portfolio, and at a target rate of income return of 4%, the trustees will continue to accumulate free reserves until the implied target level of £500,000 has been reached.

At 31 August 2021, the free reserves of the Faculty amounted to £106,660 (31 August 2020: £105,061).

In addition, the Faculty was holding £5,287 (31 August 2020: £4,360) in designated funds and £118,814 (31 August 2020: £104,074) in reserve for restricted purposes.

Investments policy

Under the rules of the governing document of the Faculty, the trustees have wide ranging powers to invest the funds of the Faculty as they see fit within the scope of the laws and regulations applying in the United Kingdom. In practice, the trustees take advice from the charity’s investment managers on appropriate investments, which will meet the requirements of their investment strategy derived from the reserves policy as described above.

The trustees’ current investment strategy is to maintain a low risk portfolio of investments that achieves an overall level of capital growth whilst also generating adequate levels of investment income. The trustees aspire to avoid investment in anything that they consider to be socially, environmentally or ethically unsound.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

The investment performance is regularly reviewed by the trustees, who meet at least annually with the Faculty’s investment managers, and receive quarterly reports from the investment managers on the investment portfolios.

In the current usual economic climate, capital and income returns on the Faculty’s investment asset are well below the governors’ requirements, but until conditions in financial markets improve the trustees are aware that volatility is highly likely to persist.

Risk and corporate governance matters

As a board, the trustees are risk averse, and will therefore do everything in their power to minimise the Faculty’s exposure to risk at all times. Risk management and corporate governance matters are seen as the collective responsibility of all members of the Court, who are fundamentally assisted in fulfilling this responsibility by the Clerk.

The trustees do not have a formal risk management process, nor do they maintain a risks’ register. Risk management is embedded as a principal in the way in which the trustees manage the Faculty, and the consideration of the charity’s exposure to actual or potential risks is implicit in the trustees’ decision‐making processes.

With none of the Worshipful Society of Apothecaries’ property or staff directly involved with this Faculty, the trustees consider that the current major risks to which the charity is exposed to be the loss of administrative support given by the Society, a failure of the membership of the Faculty or some similar indication of a failure in public interest in the Faculty’s activities, and a catastrophic loss on the invested assets. The former risks are considered to be remote and, as far as possible, mechanisms are in place to mitigate the latter.

PLANS FOR FUTURE PERIODS

Future strategy

The trustees’ long‐term goal for the Faculty is to secure its financial stability in perpetuity, so that it can continue indefinitely disseminating information through the organisation of courses, seminars, lectures, and meetings. The Faculty’s reserves and investments policies are derived directly from this long‐term goal, and are therefore, the key to the charity’s future strategy.

Future activities and events

In 2021/2022, the Faculty will continue to encourage as much participation as possible in all of its activities and events with particular emphasis on both increases in the number of students on the courses and in the number of Fellows continuing their academic activities.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

Impact of activities and events

The effects of COVID‐19 continue to persist and the Faculty has adapted its approach to activities and events in accordance with government guidelines. In view of the above expectations for the activities that the Faculty will undertake in 2021/2022, the trustees will use the following targets to assess the charity’s performance and success in providing funding for beneficiaries:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and history

The Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London was originally set up by the Society of Apothecaries of London (“the Society”) in 1959 as the Faculty of the History of Medicine and Pharmacy and changed its title to the Faculty of the History & Philosophy of Medicine and Pharmacy in 1973.

The Faculty is governed by the rules and regulations set down in the resolution that was used to set it up on 3 April 1959 and became a registered charity on 11 June 1964.

Organisational structure

The trustees of the Faculty are the members of the Court of Assistants of the Society of Apothecaries of London (“the Court”). The overall strategic direction of the Faculty is determined by the trustees, who meet five times a year to consider all matters of relevance to the charity.

Ms Briony Hudson was elected President of the Faculty from April 2020 for a term of three years. An Executive Committee of the Faculty, which is chaired by the President of the Faculty, is elected by the Faculty at each Annual General Meeting and is delegated powers by the trustees to run the day‐to‐day business of the Faculty. The Executive Committee meets four times a year before lectures, to consider the activities of the Faculty and their financial implications. The governors annually appoint a Visitor and a Deputy Visitor to the Faculty, who are ex officio members of the Executive Committee. These Visitors report to the trustees at the five meetings of the Court that are held each year.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

The implementation of day‐to‐day management of the Faculty is dealt with by Ms Maria Ferran, the Faculty Manager, under the supervision of the Executive Committee. She is line managed by Mr Nick Royle who is Treasurer to the Faculty. Mr Royle is also the Clerk to the Society, and his team of staff are also all employees of the Society. The trustees supervise and control the use of the authority delegated to the Executive Committee, to the Faculty Manager, to Mr Royle through reports, reviews and agenda items at their regular board meetings. The members of the Executive Committee are the key management personnel of the Faculty.

Method of recruitment, appointment, election, induction and training of trustees

The trustees of the charity are the members of the Court of Assistants of the Society of Apothecaries of London.

Recruitment, appointment and election

When the number of members of the Court falls below 24, the Master of the Society declares a vacancy and calls for the nomination of candidates from amongst all the Liveryman of the Society. The responsibilities and duties of a member of the Court, including those of charity trusteeship, are made clear to all candidates nominated for election.

At a specified meeting of the Court, proposers of candidates speak about their nominee’s suitability and qualities, and letters of support for, and the curriculum vitae of, candidates are tabled for review by the members of the Court. At the following meeting of the Court, an election by ballot is conducted by the remaining members of the Court to appoint the new member.

To the extent that certain specific skills and qualities are considered desirable in a new trustee, the members of the Court will naturally tend to elect the candidate with the most suitable range of those skills and qualities.

Induction and training

Having been briefed on the nature of the role of a member of the Court prior to election, the responsibilities and duties are reiterated to the new member upon appointment by the Clerk. In relation to the role of a trustee of the Faculty, a selection of the most up to date guidance available from the Charity Commission is provided to the new trustee, together with information on how and where further relevant information may be obtained.

In terms of on‐going training for trustees, the Clerk keeps abreast of regulatory and legislative developments as they apply to the Faculty through contact with the Faculty’s professional advisers and regulators. Training will then be arranged and provided to the trustees as and when a need arises or is identified.

Sub‐committees

In addition to the Executive Committee as described above, the Faculty also makes use of a further sub‐ committee that organises the annual eponymous lecture programme.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

Trustees’ responsibilities in the preparation of financial statements

The trustees of the Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The 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 state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to:

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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. 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.

The trustees are responsible for the maintenance and integrity of the charity 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.

Independent examiner

Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Limited is the independent examiner for the year ended 31 August 2021 and has indicated her willingness to continue in office.

Statement as to disclosure of information to the independent examiner

The trustees at the date of approval of this trustees’ annual report confirm that so far as each of them is aware, there is no relevant information of which the charity’s independent examiner is unaware, and the trustees have taken all steps that they ought to have taken as trustees to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

REFERENCE AND ADMINISTRATIVE DETAILS

The trustees of the Faculty have held office since 1 September 2020, as follows:

Prof J Anderson Master Prof M J G Farthing Immediate Past Master Dr J J C Holliday Senior Warden Air Vice Marshal A K Mozumder Junior Warden Dr D W Adams Honorary Treasurer

Mr N L Wood Dr R G H Bethel Dr P J H Tooley Dr J C Moore‐Gillon Dr R N Palmer Dr C G Mackworth‐Young Prof M N Rossor

Dr P O'Mórdha Dr J E Neild Prof F J Wilcox Dr T D Baker Dr D B Jefferys Prof C M Nutting (appointed 18 June 2021)

The principal address of the Faculty is the offices of the Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London at Apothecaries Hall, Black Friars Lane, London EC4V 6EJ. The charity is registered under the Charity number 233234.

The trustees have made the following professional appointments:

Solicitor: Rosling King LLP, 10 Old Bailey, London EC4M 7NG
Accountant: RSM UK Tax and Accounting Limited, Third Floor, One London Square,
Cross Lanes, Guildford, Surrey GU1 1UN
Independent Examiner: Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Limited,
Davidson House, Forbury Square, Reading Berkshire RG1 3EU
Banker: Coutts & Co, 440 Strand, London WC2R 0QS
Investment Manager: Rathbones Investment Management, 1 Curzon Street, London W1J 5FB

Mr N Royle, who is the Clerk to the Court and an ex officio member of the Executive Committee, is the senior member of staff responsible for the day‐to‐day management of the Faculty.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY

OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2021

EXEMPTIONS FROM DISCLOSURE

No exemptions from the disclosure requirements applicable to a small charity have been taken in this trustees’ annual report.

FUNDS HELD AS CUSTODIAN

Although the Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London maintains restricted funds to deal with income that is earmarked for a particular purpose by donors, sponsors, and other funders, the Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London does not currently hold any such funds, and the trustees do not anticipate that it will in the future hold any funds as custodian for any third party.

This report was approved by the trustees on 16 March 2022, and was signed for and on behalf of the board by

N S Royle

………………………………….. Clerk and Treasurer of the Faculty

Mr N Royle

22/03/22

….…………………………………

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

I report to the trustees on my examination of the financial statements of the Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London (‘the charity’) for the year ended 31 August 2021, which are set out on pages 12 to 23.

Responsibilities and basis of report

As trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s financial statements 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.

An independent examination does not involve gathering all the evidence that would be required in an audit, and consequently, does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit go beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

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 reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 financial statements to be reached.

Kerry Gallagher

Signed: …………………………………………

Name: Kerry Gallagher FCA DChA Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: FCA

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Davidson House, Forbury Square, Reading, Berkshire RG1 3EU

…………………………..

24/03/22

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2021

Unrestricted Restricted Total Total
Funds Funds 2021 2020
Notes £ £ £ £
INCOME FROM:
Donations and legacies 2 2,123 1,321 3,444 6,134
Charitable activities
Income from disseminating
information 3 42,262 2,390 44,652 46,862
Investments 4 1,323 944 2,267 4,337
______ _
TOTAL 45,708 4,655 50,363 57,333
EXPENDITURE ON:
Charitable activities
Costs of disseminating information 7 (65,399) (3,031) (68,430) (67,192)
______ _
TOTAL (65,399) (3,031) (68,430) (67,192)
Gains/(losses) on investments 8 22,217 13,116 35,333 (9,679)
______ _
NET INCOME/(EXPENDITURE) FOR THE
YEAR AND NET MOVEMENT IN FUNDS 2,526 14,740 17,266 (19,538)
RECONCILIATION OF FUNDS
Fund balances brought forward
at 1 September 2020 109,421 104,074 213,495 233,033
_______ _
FUND BALANCES CARRIED
FORWARD AT 31 AUGUST 2021 12 111,947 118,814 230,761 213,495
=============================== =======

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2020

Unrestricted Restricted Total Total
Funds Funds 2020 2019
Notes £ £ £ £
INCOME FROM:
Donations and legacies 2 4,758 1,376 6,134 1,945
Charitable activities
Income from disseminating
information 3 45,029 1,833 46,862 62,180
Investments 4 2,261 2,076 4,337 4,018
______ _
TOTAL 52,048 5,285 57,333 68,143
EXPENDITURE ON:
Raising funds
Investment management costs
‐ refunded ‐ ‐ ‐ 624
Charitable activities
Costs of disseminating information 7 (61,686) (5,506) (67,192) (79,004)
______ _
TOTAL (61,686) (5,506) (67,192) (78,380)
(Losses)/gains on investments 8 (5,941) (3,738) (9,679) 16,021
______ _
NET (EXPENDITURE)/INCOME FOR THE
YEAR AND NET MOVEMENT IN FUNDS (15,579) (3,959) (19,538) 5,784
RECONCILIATION OF FUNDS
Fund balances brought forward
at 1 September 2019 125,000 108,033 233,033 227,249
_______ _
FUND BALANCES CARRIED
FORWARD AT 31 AUGUST 2020 12 109,421 104,074 213,495 233,033
=============================== =======

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

BALANCE SHEET as at 31 August 2021

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY
OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON
BALANCE SHEET
as at 31 August 2021		 FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY
OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON
BALANCE SHEET
as at 31 August 2021		 FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY
OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON
BALANCE SHEET
as at 31 August 2021		 FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY
OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON
BALANCE SHEET
as at 31 August 2021
_____________
2021 2020
Notes £ £
FIXED ASSETS
Investments 8 229,093 163,035
CURRENT ASSETS
Debtors 9 20 ‐
Cash at bank and in hand 19,776 57,560
_ _
19,796 57,560
LIABILITIES
Creditors: Amounts falling due within one year 10 (18,128) (7,100)
_ _
NET CURRENT ASSETS 1,668 50,460
_ _
TOTAL ASSETS LESS CURRENT LIABILITIES
& NET ASSETS 230,761 213,495
======= =======
THE FUNDS OF THE CHARITY
Restricted income funds
Archive fund 12 864 464
Geoffrey Flavell fund 12 95,374 84,092
Friends of the Archive fund 12 22,576 19,518
Unrestricted income funds
Designated Diamond Patrons’ fund 12 4,547 3,360
Designated publicity fund 12 740 1,000
General fund 12 106,660 105,061
_ _
TOTAL CHARITY FUNDS 13 230,761 213,495
======= =======

The financial statements on pages 12 to 23 were approved by the trustees and authorised for issue on 16 March 2022, and are signed on their behalf by

……………………………….. Master

Prof J Anderson

……………………………..

23/03/22

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

1. ACCOUNTING POLICIES

Legal status

The Faculty of the History & Philosophy of Medicine and Pharmacy of the Worshipful Society of Apothecaries of London (the Faculty) is an unincorporated charitable trust registered as a charity with the Charity Commission for England and Wales under charity number 233234. The Faculty’s principal address is at Apothecaries Hall, Black Friars Lane, London EC4V 6EJ, and its principal activities are disclosed in the trustees’ annual report.

Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and under the historical cost convention, except as modified for the annual revaluation of fixed asset investments.

Within the definitions of FRS 102, the charity is a public benefit entity.

The financial statements have also been prepared in accordance with the accounting policies set out in detail below and comply with the Charities Act 2011, the governing document of the Faculty, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Faculty adopts the Charities SORP (FRS 102) as updated in January 2019, rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure has been necessary for the financial statements to show a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2019.

Going concern

The trustees have reviewed the financial forecasts for the Faculty and have in particular considered its anticipated income and expenditure commitments for a period of at least twelve months from the date of approval of these financial statements. Despite the inevitable negative impact of COVID‐19 and the continuing uncertain economic outlook, the trustees believe that the Faculty has adequate resources to continue in operational existence for at least the next twelve months and to meet all of its liabilities during that period as they fall due. For that reason, the trustees continue to adopt the going concern basis in preparing the financial statements.

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FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

1. ACCOUNTING POLICIES (Continued)

Income

General donations and other similar types of voluntary income are brought into account when receivable and donated income is included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income.

Investment income is accounted for on a receivable basis once the dividend or interest has been declared.

All other types of income are accounted for on an accruals basis and recognised as income when earned by the Faculty.

Expenditure

Expenditure is allocated directly to the Faculty’s principal activity or as governance costs, where the costs can be so identified. All other costs are apportioned between those same categories on the basis of the trustees’ estimate of the relevant allocations.

Grants payable are recognised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a liability.

Governance costs are the costs associated with running the Faculty as a registered charity under charity law as it applies in England and Wales. Currently, governance costs comprise solely the costs of the statutory independent examination.

Investments

The Faculty’s investments are included in the balance sheet at fair value (their market value). The gains or losses arising upon their annual revaluation are included in the statement of financial activities.

Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are therefore classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Page 17

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

  1. ACCOUNTING POLICIES (Continued)

Financial assets and liabilities

The Faculty’s debtors and creditors that meet the definition of either a financial asset or a financial liability are initially recognised at the transaction value and thereafter are stated at amortised cost using the effective interest method.

Fund accounting

The general fund comprises the accumulated surpluses of unrestricted income over expenditure, which are available for use in furtherance of the general objectives of the Faculty.

Designated funds are a particular form of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the trustees. The use of designated funds remains at the discretion of the trustees.

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the accounts. Amounts unspent at the year end are carried forward in the balance sheet.

DONATIONS AND LEGACIES Unrestricted Restricted Total Total
funds funds 2021 2020
£ £ £ £
Friends of the Archive donations 933 921 1,854 1,376
Other donation income 1,190 400 1,590 4,758
______ _
2,123 1,321 3,444 6,134
============================== =======
INCOME FROM DISSEMINATING Unrestricted Restricted Total Total
INFORMATION funds funds 2021 2020
£ £ £ £
Faculty membership fees 11,897 ‐ 11,897 13,699
Fellowship membership 5,715 ‐ 5,715 5,260
Course fees 20,146 ‐ 20,146 21,467
Lecture income 4,404 250 4,654 4,578
Friends of the Archive income ‐ 2,140 2,140 1,833
Other income 100 ‐ 100 25
______ _
42,262 2,390 44,652 46,862
============================== =======

Page 18

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY

OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

4. INVESTMENTS Unrestricted Restricted Total Total
funds funds 2021 2020
£ £ £ £
Income from investments listed on
a recognised stock exchange 1,323 944 2,267 4,337
============================== =======

5. CONTRIBUTION OF VOLUNTEERS

In addition to the trustees, the Faculty is also reliant upon the contributions made by members, who contribute significant amounts of their time in the delivery of charitable activities. The trustees are unable to estimate the contribution of volunteers in any meaningful or consistent manner, but they are grateful for the support that members continue to provide.

6. STAFF COSTS & GIFTS‐IN‐KIND

The Faculty does not employ any staff, nor does it incur any staff costs directly. The Faculty pays The Society of Apothecaries of London (“the Society”) for the services of the Faculty Manager. The trustees, the members of the Executive Committee and the Clerk to the Society are the key management personnel of the Faculty. The trustees and key management personnel received no remuneration for their services provided to the Faculty during the current or previous year, and additionally, the trustees were not reimbursed for any expenses incurred on behalf of the Faculty during the current or previous year.

The operations of the Faculty are integrally linked to those of the Society and the Faculty is fundamentally reliant upon the continued support of the Society to maintain its on‐going existence. Other than in respect of the Faculty Manager, this is particularly relevant in the case of the other staff that manage the day‐to‐day activities of the Faculty, whose services are provided by the Society each year at minimal, if any, cost to the Faculty.

The Society’s ancient hall provides a central venue for all trustees’ meetings, the majority of Faculty organised courses, seminars, lectures, and meetings, and is the administrative headquarters of the Faculty. Some operational costs incurred by the Faculty are either paid for directly or recharged to the Faculty by the Society. However, no attempt is made to identify and account for any additional notional staff, facilities, and other administrative costs that the Faculty might be incurring, or the gift‐ in‐kind being donated by the Society, on the grounds that any such attempt would be highly subjective.

Page 19

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY

OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021
_____________
7. COSTS OF DISSEMINATING Unrestricted Restricted Total Total
INFORMATION funds funds 2021 2020
£ £ £ £
Direct costs:
Course expenses 22,717 ‐ 22,717 19,135
Lecturers’ fees & lecture expenses 1,055 92 1,147 2,114
Printing, postage, & stationery 283 ‐ 283 591
Grants awarded to ten
(2019/2020: no) undergraduates ‐ 2,933 2,933 ‐
Fellowship honorarium awarded to
two (2019/2020: two) individuals 2,100 ‐ 2,100 1,618
Archive expenses ‐ 3 3 203
Friends of the Archive expenses ‐ ‐ ‐ 5,303
Secretarial costs – Faculty Manager’s
costs recharged 34,344 ‐ 34,344 33,691
Other sundry expenses 1,360 3 1,363 1,237
Governance costs:
Accountants’ remuneration ‐
Independent examination fees 3,540 ‐ 3,540 3,300
_______ __
65,399 3,031 68,430 67,192
=============================== ========
8. INVESTMENTS 2021 2020
£ £
Investments listed on a recognised stock exchange at market value:
1 September 2020 163,035 203,371
Additions at cost 95,607 3,508
Disposal proceeds (64,883) (34,165)
Realised gains/(losses) 1,126 (2,759)
Unrealised gains/(losses) 34,207 (6,920)
_ _
31 August 2021 229,093 163,035
======= =======
At the balance sheet date, the market value of the portfolio comprised:
UK investments 217,121 163,035
North American Investments 11,972 ‐
_ _
229,093 163,035
======= =======
Fixed income securities 12,297 12,224
Equities and unit trusts 216,796 150,811
_ _
229,093 163,035
======= =======

At the balance sheet date, the historical cost of the investments was £158,108 (2019/2020: £129,720).

Page 20

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2021
_____________
9. DEBTORS 2021 2020
£ £
Amounts falling due within one year:
Amounts due from The Society of Apothecaries of London 20 ‐
======= =======
10. CREDITORS 2021 2020
£ £
Amounts falling due within one year:
Amounts due to The Society of Apothecaries of London 100 85
Amounts due to The Worshipful Society of Apothecaries
General Charity Limited 1,400 485
Accruals and deferred income 16,628 6,530
_ _
18,128 7,100
======= =======
Deferred income:
Deferred income brought forward 3,030 12,666
Amounts released to income (3,030) (12,666)
Amounts received in advance 12,888 3,030
_ _
Deferred income carried forward 12,888 3,030
======= =======
Deferred income carried forward comprises:
Course income received in advance 12,888 3,030
======= =======
11. FINANCIAL INSTRUMENTS 2021 2020
£ £
Carrying amount of financial assets:
Equity instruments measured at fair value 229,093 163,035
======= =======

Page 21

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

12. THE FUNDS OF THE CHARITY
Balance at Balance at
1 September Gains on 31 August
2020 Income Expenditure investments 2021
£ £ £ £ £
Restricted income funds:
Archive Fund 464 400 ‐ ‐ 864
Geoffrey Flavell Fund 84,092 1,194 (3,028)
13,116		 95,374
Friends of the Archive Fund 19,518 3,061 (3)
‐		 22,576
_ _ _ _ _
104,074 4,655 (3,031)
13,116		 118,814
Unrestricted income funds:
Designated Diamond Patrons’ fund 3,360 1,190 (3)
‐		 4,547
Designated publicity fund 1,000 ‐ (260)
‐		 740
General Fund 105,061 44,518 (65,136)
22,217		 106,660
_ _ _ _ _
109,421 45,708 (65,399)
22,217		 111,947
_ _ _ _ _
213,495 50,363 (68,430)
35,333		 230,761
======= ======= ======= ======= =======
Balance at Balance at
1 September Losses on 31 August
2019 Income Expenditure investments 2020
£ £ £ £ £
Restricted income funds:
Archive Fund 657 10 (203)
‐		 464
Geoffrey Flavell Fund 85,754 2,076 ‐ (3,738) 84,092
Friends of the Archive Fund 21,622 3,199 (5,303)
‐		 19,518
_ _ _ _ _
108,033 5,285 (5,506)
(3,738)		 104,074
Unrestricted income funds:
Designated Diamond Patrons’ fund ‐ 3,360 ‐ ‐ 3,360
Designated publicity fund ‐ 1,000 ‐ ‐ 1,000
General Fund 125,000 47,688 (61,686)
(5,941)		 105,061
_ _ _ _ _
125,000 52,048 (61,686)
(5,941)		 109,421
_ _ _ _ _
233,033 57,333 (67,192)
(9,679)		 213,495
======= ======= ======= ======= =======

The Archive fund was set up in 2002 to reflect the fact that the Faculty received specific funding, including a National Lottery grant, towards the costs of operating the Archive of The Society of Apothecaries of London. The Faculty continues to receive specific donation income, which is used to cover some of the operational expenses of the archive.

The Geoffrey Flavell Fund was set up in 2004 when Mrs Flavell bequeathed the Faculty a legacy of £50,000 to be used to sponsor a bi‐annual lecture on a subject related to cardiothoracic surgery. The lecture is to be commemorated by the awarding of a medal bearing the name of Geoffrey Flavell, Mrs Flavell’s late husband. The first lecture took place during 2005. Included within the closing balance on the fund are net unrealised gain arising on the revaluation of investments totalling £15,262 (31 August 2020: net unrealised loss of £189).

Page 22

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

12. THE FUNDS OF THE CHARITY (Continued)

In 2005, the Friends of the Archive Fund was set up to raise money from membership and donations in order to fund occasional projects in support of the Archive of The Society of Apothecaries of London, as circumstances allow.

During 2019/2020, the trustees took the decision to set aside funds raised from supporters in the designated Diamond Patrons’ fund to be used in the future to pilot new initiatives, such as events with different formats and involvement in innovative partnerships.

During 2019/2020, the Faculty received an anonymous donation which the trustees have set aside in the designated publicity fund to be used to publicise the Faculty and its activities in the future.

Included within the General Fund are net unrealised gains arising on the revaluation of investments totalling £55,721 (31 August 2020: £33,504).

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Net current
Fixed assets/
assets (liabilities) Total
As at 31 August 2021: £ £ £
Restricted income funds:
Archive Fund ‐ 864 864
Geoffrey Flavell Fund 98,444 (3,070) 95,374
Friends of the Archive Fund ‐ 22,576 22,576
Unrestricted income funds:
Designated Diamond Patrons’ fund ‐ 4,547 4,547
Designated publicity fund ‐ 740 740
General Fund 130,649 (23,989) 106,660
_ _ _
NET ASSETS 229,093 1,668 230,761
======= ======= =======
Net current
Fixed assets/
assets (liabilities) Total
As at 31 August 2020: £ £ £
Restricted income funds:
Archive Fund ‐ 464 464
Geoffrey Flavell Fund 84,330 (238) 84,092
Friends of the Archive Fund ‐ 19,518 19,518
Unrestricted income funds:
Designated Diamond Patrons’ fund ‐ 3,360 3,360
Designated publicity fund ‐ 1,000 1,000
General Fund 78,705 26,356 105,061
_ _ _
NET ASSETS 163,035 50,460 213,495
======= ======= =======

Page 23

FACULTY OF THE HISTORY & PHILOSOPHY OF MEDICINE AND PHARMACY OF THE WORSHIPFUL SOCIETY OF APOTHECARIES OF LONDON

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2021

14. RELATED PARTY TRANSACTIONS

The Faculty is related to the following other charities by virtue of common management and administration by The Society of Apothecaries of London (“the Society”):

‐ The Worshipful Society of Apothecaries General Charity Limited

‐ Faculty of Conflict and Catastrophe Medicine of the Worshipful Society of Apothecaries of London

The Society operates a central cash management function, under which certain income is received and certain expenditure is incurred on behalf of the Faculty, and then reallocated by way of inter‐entity accounts. Unsettled inter‐entity transactions (where relevant) are shown above in debtors and creditors as at the balance sheet date.

There were no other transactions undertaken with any other related parties during the current or previous year.