REGISTERED CHARTfY NUMBER: 231839 MEDICAL RESEARCH COi]NCIL STAFF BENEVOLENf FUND ASSOCIATION Fingnct41 Stat¢m¢nts for tbe YvAr Erjded 30 Septemb¢r 2023 Xcittadtn AuditÈn8 crtered Accountants and Statutory Auditors Becket House 36 Old Jewry IA>ndon EC2R 8DD
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENf FiD ASSOCIATION Contettts of tbe Financial Statements fw the year end¢d 31J Septen)ber 21123 P8ge Rtport of the Trnstees I to 3 Report of the Indepelldent AdItorS 4 to 6 Statemellt of Fin8ClaI Activitie5 B4lan£e Sh¢¢t Notes to the FiDalleial stateme15 9 to 13 Detailed Statement of FinAnei81 Activiti¢s 14
MF,DICAI. RF.SFARCH COUt*ClL bTAVF BKNEVOLENf FUND A&SOCIA'lIOt4 Report of the Trustees for the year tlld¢d 30 Septslltber 2023 Th¢ trustees present their T¢POrt with the thmncial stalem¢tts of the charity for the ycar ended 30 September 2023. The ttugtees haye adopted thc provisions ijf Ac¢ouDting a[ Reporting by Charities.. Ststement ot Recommehded Practite applicable lo ¢lwities prepaxtng their a¢wunts in aOrdanCe with the Financial Reportirlg Standard &ppli¢able in the UK Republic of Ireland (FRS 1021 (efftctive l January 2019). OWJECTIVES AND ACTIVITIES Objectlves alms ThE objeGtives of the AssociRtion are to provide relief for neccssitous persons and the d¢ndertts who are or hav¢ been %taff of the Medical Research Cowjcil in tIK UK or en)ployed ot] International c(>JJlracts. Slgnlficatst ketivitit Th¢ Assotyidtion receive5 its main fijnding from voluntary mottthly dollatiOS from employees of the Medi(xl Research CokttKiI and from its investment income. The kno¢iation c4X)tinues make loans to SUTtable applicants at a very Tnodest rat¢ of itrterestor interest free. Th¢ Con]mitte¢ of ManageTnent rnet regularly and undert¢)ok regular reviews of new and existing c&ses, as well a5 the annual reYi¢w of ntS paid quart¢rty at Christmas. Contributions received are Ativested thncver possibl¢ and investmeth performan¢¢ was broadly in line with mark¢t expectations, given th¢ perforniance of global equity markets duringthe period to 30th September. Achievements and performant• Given the objectives as stated above. the Commilltt 0fmaDageKlll consider that th¢ test of public benefit is MEL Risk Mgnagethent The major risks to which the charity is exposed, as identified by the Cornmittec of Managemenl have be¢n reviewed ad sys¢¢m$ or pro¢¢dur¢s have been established to D]anage those risk& The comtnittee purchased charity insurance for the firsl time in Swember 2017, which is re]Mved aT]m]ally. The major risk the ¢hatity 15 posed to, as idethifi¢d by th¢ Tn&ees, isthethreat to the financia] security of the chwity from re¢ent volatility investment markets and insuffiGitnt inv¢sknents and member tributIOnS which could lead to disinvestsM)t to cover cash flow. The principal iLncertaiTtty for the ch8Tity is the ¢ons¢quence of the Higher Education & Research Act 2017, which has seen Mlic absorbed lltso a new research body called the United Kingdom Research and tntlovation (UKRt). together wtth findingm¢rnb¢rs willing to join the committ<¢. Grantmlg The Comtnittee of mgement have power in their absolute disrtion lo grant Telief in any case or to refi]se T61ief without assigning any reason thcrcfor4 and to decide the alrUnt of any relief and whether it shall be afforded by donation, periodic grants or loan {at orfree of int¢restl. Fill8iici#I position The surplus ot. income over &NKnditure amoutrted to £54,352 compTising a SLtrplus movement of funds during the year of £18,836, together with an unre4lised gain on the investment portfDlio of £35,516. Inv¢stment poliey 4d objectives The main investment objecttve 1% the s¢Gurity of assets, hence the spread of investments atnongst three Tecognised charitable fid rn2nagers. The &ssets under mAnagun£nt F0] in Itne with global equity markets during the year to 30th Sept¢mber. Reseryes policy It is the pjlicy of the charity to al to cover annual eX[ilTe froln incorne generated during th¢ year. Consequently the reserves are held at a sufficient level to generate an adequate income streanL Disinvest111 1[ be required if cash flow 15 iffiCIent to cover benefit pgyments. Pa8e I
MEDICAL RFSEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION Rewjrt of the Trustees for the yeAr ended 30 Sept¢nknr2023 STRUCTURL GOVERE4ANCE AND MANAGEiwIEiYr Govorning d[met The operdtions of the AoCIatiOn ar¢ subjrct to the Fund Rule& 1#5tupdated in 2013. Cbarity coustitutlo The Association is a registeryl charity [Enalld & Wales): number 233839. There arc thret officcTS of the Asso¢iion and a management commit1¢6. These are all CODtrÉbuting memb¢n of the Association and are elected by the mcmbcrs. Recruitmellt and gppointm¢nt of llew trustees Pol11a1 n¢w Go]nThittee nkmbers must be cothTibuting member5 of the knlation and are invited to observe at a committee meeting. Thty tnust be nDmillatcd by other Gontributin8 meJnber8 and then offer th¢mselves for election at the AGM. Deci5ioll m8kiDg Ail d¢cissous are made collwtively by the comtrrittee. Any deeisions made outside ()f ¢omnuttee rlleetings must br swrted by 6 members ofthe Gommittee and rattfied atthe next twting. Rlsk m8nHgement The majot risks to which the Gharity 15 extK>sed. &8 identified by the Committ¢e of ManagemenL have betn revÉewed and Syste or procedures have been ¢5tabli5ked to mage those risks. Th¢ ¢omrnitt¢e purchas¢d charity insurance for the first time in Septembcr2017, which is rcnewed annually. ThE Inajorriskthe charity is exwd to, as identified by ibe Trustees. is th¢ thr¢at tt> fina11 security of the ¢hATity from cent volatilÈty in investnent nwk¢is and insuffi¢i¢nt income from investtt%nts artd membcr contributions which could ld to disinvestment to cover Cash flow. Th¢ prinGipal uncthainty for the eharity is the ¢on5equ¢n¢e ot the Higher Education & Research Act 2017, which h sccn MRC. &bsDrhed intr) a new re5Earch body called the Ullited Kll]gdom Research and Innovation {UKRD. together wlth fitIllE menth¢rs willingto join the committee. Objectives Actlvllies for Publie Benefit REFERENCE AT4D ADMINISTRATIVE DETAIts Registered Cbfirity lumber 233839 Princiwdl address 7th Floor Caxtt)n House Tvthill Stre¢t London SWIH9NA Trustees MPTIn (Chairman) J Clerktn (Secretary} V Cox (Treasurer) J Sawkins S Whjtock C Moody D Poor AM Philp C Soares Page 2
M&DICAL RESEARCH COiJNCIL sfAFF BENEVOLEPa FUND ASSOCIATION Rep)rt of the Truste for the year ended 311 September 2023 REFERENCE AND ADMINJSTRATIVE DETAILS Auditvrs Xeilladin Auditing Chartered Ac¢ouDtants Stathtory Auditors Be¢ket Hoe 36 Old Jewry London BC2R8DD TRUSTEFS, RESPONSIBILrrY srATEMENr The trustees Art responsible for preparin8 the Re[ of the Trust¢es and the financial st&tsments in accordaTKe with applicable law and Unitcd Kingdom Accrjunting StaodaTds (Ur]ited Kingdom tienerdlly A¢¢ept¢d A¢counting PradieE). The law appliGqbl¢ to charilies in England and Wales. the Charities Act 20T1, Chority (Ac4thunts and Reports) Regulations 2008 and the provi5iOJ]s of the Érnst deed requires the tnteeS to prepare flltsncial statements for each finan¢ial ye4r which give a trut and fair view of the state of affairs of the d)aTity and of the Incomin8 resources and application of resouw¢& includittg the In¢On and expenditur< of the charity for tljat period. In preparing tho firtancial statETRenty the trustee5 are required to select suitable accounting policiu and then epply them ¢on5i5tetrtiy' obs¢rv¢ the thodS and principles in the Charity SORP- meke judgements al ¢stimat¥& thdt ar¢ reasonable and prudent: prepare the financia] statements on the going concern basis lesS it is inapprtipriate io presume that ihe charity will continue in busin¢ss. The twsts¢s rponSIble for keeping proper accounting records which disclose with reasonable accuracy 21 any tim¢ the financial position of the charity and to ¢rtab16 them to ensure that the ffinanci statempnts compty with the Charities Act 2011. the Charity {Accounts and Reporfrs) Regul&tic)ns 2008 the provisions of the trst deed. TW are also resF4)nsible for safeguarding the assets of the charity and herKe for taking trasonable st¢P5 for th¢ prevetrtion and detection of fraud and other irregularities. Th¢ ttwtees met regularly during the year to revÉ¢w existing cases of need and consider new applications for financial assistance. llje Inistees nK>nitored cash flow. filtaI and dat& risk, and considered tlie charills approa¢h to Eif¢Gtive governance g¢nernlly. /f/42) ZJ24- Approved by order of the 4rd of trustees ot)........................ .... .. .......... 8tKE si1 on its behalf by.. M Pilrtwi (Chairman)-'frustee P8ge 3
Report of the llldepeDdent Amditors Èo the TTUStees of MedieAI Regeareh Coulltil Staff Benevolent FuDd As8oeiatio W¢ have audited the fman¢iai stat¢ments of Medical Research co¢1] Staff B¢nwolent Fm)d Awciation (the 'char5ty') foT tht y¢ar ended 30 Scpt¢Tnb¢r 2023 which comprise the Ststtmeut of Fit]ancial Activitie5. the Balance Sheet and notes to thc finaocial ststennt4 including a summary of sigtiiricL ac¢owiting policies. The rtnan¢ial poT1]ng framework that has been applied in thesr preparation is applicable law and United Kingdom Accowiting Standards (United Kingdom G¢n¢ralty A¢¢epted Accounting Prgcti¢x}. In our opinion the financial statemcnt5: give a trye and fair view of th¢ state of the ¢hgrity's affairs as at 30 September 2023 and of its inMing UrceS al applLCHtion of resource4 forthe year then ended,. have been properly prepared in accordance with lJDited Kingdom Generally Accepted Accounting Practice. and have been prepared accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance Internationd Standards oll Auditing (UK) {ISAs (UK)) aT appltcable law. Ow responsibilities under those stId8TdS are fi]rther described in the Auditors, responsibilities for the audit of the fit&2ncial Statements section of our report. We ar¢ tndepend¢nt of th¢ ¢harity in a¢¢ordanoe with the ethical requirenKTrts that are rek¥ant to our audit of the fDRncial SeMe[rtS in the UK including the FRCS Ethical Standard. and wt have fvifilled our other ethica] reswnsibtlities in atrordaTt¢e 11 ihes¢ requirtx¢n1 We bdi¢ve tlxt thE aJIt evidence we have obtained is 5ufficicnt and appropriate to provide a basis for our opinion. Conclusions relatlllg to going Coeern auditing the fitwicsal statenmts, we have concluded that the trustees. use of the going concern basis of accoulrting in the pTeptiOn of the finala1 statements is approptiite. Based on the work we have FerforThkd, we have not iderrtified any material h]ncertainties relatins to events or conditions tha4 individually or ¢o]ltivelY, may significant doubt on th¢ ¢harity'8 ability to continue as a going Colrn for a period of at Ica8t Th¥elve months from when the financial statements are affthorised for issue. Ow resp(msibilities atMI the resEK)n5ibilities of the IntteS wryth respect to going concern are described in the relevant sections of this report. Other informAtion The trustees are responsible for tlie other information. The other infonn&tion comprise5 the information inclLLded the Annual Rwort, other thaTL the fiTICial sfatements and our Keport of the Independent Audito the. Our opinion on thc financial ststements docs not covcr the othcr inf0mtion al, excw to the cxtent otherwise explicitty stsled in reporL we do not express any fonn of assurdn¢e conclusion thereon. In eonne¢tion with our audit of the financial statemclkts. our ttsponsibility is to read the other infomiation and, in doing so, consider whether the other intornTrtion is materially inconsistent with the financial statements OT our knowledge obtai1 in the audit or otherwise appeaTS to be materially misstated. If we identify 8uch material incon5iStencies or apparcnt materÈa] mi5statemet we are r4uired to detertntne whether this 8ives riSE to a material misst&trment in fillancial ststcmcnts thcmselvcs. If, bssed on thc Work we have rfornrf we c4)nclude that thcrc is a mat¢rial misstatanent of this other Énfomwtron. w¢ ar¢ r¢qUIr to report that fact. W¢ have nothin8 to report in this regard. Mattenp which wc arc required to report by c%ceptlo We have nothing to report in respect of the following matters Nvhere the Charities (Accounts and Reports) Regulations 2008 requires US to rep)rt to you if. in our opinion.. the infonnation given in the Report of the Tnt is IncolStent in any material respe¢t with the finan¢ial statements. or 5uffiGi¢nt a¢GouDting CordS have not becn k¢pt' or the financial *tatel¥ are nnt in a£m¢nt witb the ae¢aunting tEcords 8nd r¢tun)s; or we have not received all the infOrntiOn and explanalions we require for ow audit. Pag¢ 4
Repurt of the llldependeDt Auditors to ¢h¢ Trus¢e¢J of Medical Rese#rch Council Stsff BellevoR¢nt Fund As50ci4tioD R¢SnSIbIlItieS of trustees As explained Thre fijlly in the Te¢s, Respon5ibilTties StateE the tru8te¢s ar¢ responsible for the preparation of ihe fJnan¢ial ¥idternents' whirh give a true and fatr Yi¢w, and for such internal control as trugtees d¢temiine is necessary to enable the preparation of finanGial Statements that 8r¢ free from mat¢rial misstsiemenL whcther due to fraud or ettor. In prepaEing the financial statements the trustees are responsible for a5scssins the charity's ability to ¢oDtinue a gOiFJg con¢¢m, diKlositi& as applicable. matters related to going concern and uging the going conccrn b&sis of accounting Un] the trustees either intend to liquidat¢ the charity or to cease operation4 or have tjo Tealisti¢ alt¢rn¥tive but to do so. Ollr respollsibilities for the alldit oftbe finacIal Stateents We have been appointed a8 auditors under gection 144 of th£ CharAti£5 Act 20118[ r¢port in a¢¢ordance with the Act and relevant r¢gulations made or having effect thercunder. Our objve$ are to obtatn r¢&sonable a&surdnce about w]th the financial sthtemertts as a whole are free fro tnateri&l rnlsstat¢nnt, Mthether due to fraud or tm)r, and io issue a Report of the Independent Auditorslhat in¢ludcs OUT opinion. Reasonable assurance is a high level of 0ssuran¢¢, but is not a gu¥rdntee an audit CODdu¢t¢d in accordat with ISAS (UK) will always dtct a Tnaterial misstat¢1 when it exists. Misstatements can arise from fraud or emir and are COldered Tnaterial if, individually or in th¢ agsregate. they ctwld reasonably be expected to infiuenc£ ihe economic decisions of wers takcn on thc basis of fiJJanGial Statements. The exteni to which our procedures &re Lxpable of detecting Arregularitie& including frwd is detsiled below: - Identify and ass¢ss the risk of nlgterial misst4tement of the financiat statem¢nrs wh¥thu due to fraud or erroT. d¢si8n and ptrfomi audit prOdureS respoDsive to those risks. and obtsin audit evidence that is sufficient and appropriat¢ to providc a basis for ow opinioTr. The risk of not detectins a Materi misstatement resu]ting frojn fraud is higher than for one resulting from crror. as fraud may involve Cullusi forgery, intentional omissions, misrq)resentations or ovthyide of internal colttrol. Obtain an under5taDding of internal ¢ontrol relevant lo the audit in ordcr to dc4ign audit procedures that arc appropriat¢ in the circumstances. not for the purposes of expressing an opinion on the eff¢¢tiY¢n&ss of the company's internal ntrOl. - Evaluate th¢ appropriatenE55 of eccoutrting policies used At the reasonabltAek8 of accoutrtin8 estimates and the rtlet¢d disclosures made by the director5. - Conclude on the apptropriatencss of the directors, u5¢ of the going con¢¢rn b8si$ of accounting a1, based on the audil evidence obtained. whether a matetial unccrtainty exists r¢]ated to ¢vent or conditions that may c&5t significant doubt on the ¢ompat)y's ability to continue as a going concern. Irw¢ ¢ooGlude that a rnaterial uncertsinty ¢xi$ts, are required to draw attention in our auditors rewjrt to the related diselosure in th¢ fUncIal 5tatem¢nts or. if such disclosura8 are inadequate to modify our opini¢m. Our conclusions are based on the audit evidence obtsin¢d up to thE date of our auditorf% reporL Ht>wever. futu events or condstio$ may cause the company to ee&se to continue as a going concern. .Evaluate th¢ overall presentotton. structure and cotht of the finarLial statements. including the dis¢losur&4. wlthEr the financial statements r¢pres¢nt the underlying transactions and everts a manner that achieves fair presentation. A rther description of our responsibilities for the audit of th¢ [nCial statements is located (In the Financia] Reporting COU]1.$ website at Mryvw.frc.or8.uklaudilorsresponsibilities. This descripli¢)n f0T5 Part of our Report of th¢ IndqKndent Auditors. Page 5
RÈport of Ihe TndepeTrdent Allditors to th¢ Thste¢s of Medit21 Research Council Staff Benevolent Fund A$tstSg1io Use of our ert Ihis rqK>rt Is nNqde sol¢ly to the charity's tnte¢s. as & btyjy. in accordance with Part 4 of the Charities (Ar¢A)unts' and Rcportg) Regulations 2008. Our audit work has been ulld¢rtaken so th&t we might state to the chariws trustees thos¢ matters we arc requircd to state ts) them in &r auditor5, fqKbrt and for no other purpose. To the fullest extent pemiitted by law, w¥ do not cePt or a&8ume resEK)nsibility to anyoD¢ other thom the charity and the charity'5 trustees as a tx)dy, for our audit work, for this reporL or fvr the opillioAs we have forni¢d. .JI ILJ,v'. Xeinadin Auditing Chartered Accountants and St¥tytory Auditors BeckntHou5C 36 Old Jewry London EC2R 8DD Page 6
EDICAI. RF.SF.ARCII COULYCIL SI'AVF BENEVOLENf FUND ASSOCtATION ststemtDt of Fln*DeRal Activities for the yegr 30 Septtmber 21123 2023 2022 Total UnT&stricted Restrtcted fid5 fijnd INCOME AND ENDOWMELYfS FROM Donations and legacies 3954 3.954 4,448 InY¢stment income ,099 27.099 21.521 Total 31.053 31,053 25,969 Exp£f4DITURE ON Charil¥ble g¢tiville% Grants paid Christmas grants Trnvel expenses 1.500 3,300 437 1.500 3JOO 437 13,650 2.500 6,980 6.980 5.797 Tot#l 12,217 12217 21,947 Net wdinsl(105ses) on investments 35,516 35.516 181,666) I¥ET INCOMFJ(EXP£L%DTfuR 54.152 54.352 {77,644) RECONCILIATION OF FUNDS Total fi]txJs brought fonvard 735,344 735,344 812,988 TOTAL FUF4DS CARRIED FORWARD 789.696 789,696 735.344 The teS fornj part of these financial statETnEnts Page 7
MEDICAI. RF.SF.ARal COUNCIL SlAF BENEVOLENr Fur4D ASSOCIATION B#lanee Sheet 30 Sept*thb¥r 2023 2023 Totsl funds 2022 Total fi]nd$ unr¢Stricd R¢strict¢41 fijnd Notes FIXED Investm¢nts 725.888 725,888 690,372 CURR ASSETS Debtors Lash at bank 50.453 25.355 50.453 25.3.55 32,141 18.831 75,808 75,808 50.972 CREDoR8 Allnts falling due within one year (12.1)00) (12.(100) (6.000) r4ETCURRETrIT ASSEI3 63.808 63,808 44.972 TOTAL ASSEI8 LE CURRENr 789,696 789,696 735,344 NET ASSETS 789.696 789.696 735,344 FUNDS 789,696 735.344 789,696 735,344 The fit)ancid $tatetn¢nts w¢r¢ approved by the Board of Trustee5 autIised foT issue - andwere signed on it8 behalf by.. oti M Pitnwi (Chairnian)- TrLL8t¢e The notei forni part of these fn&ncial stat£meDts Page 8
MEDICAL RESEARCH C.OIINCIL S'IA7 BENEVOLENT Fi AsgoctATtON Trlote8 to the Finyueial Ste¢llts for the year eDded 30 S•pt*mb¢r 2023 ACCOlIPNC VOLICILS BASIS OF PREPARING THE FTNANCIAI, STAI'EEIILNIS The fjnan¢ial statements of the charity, which is a publi¢ b¢tKfit entity under FRS 102, have been prepared in a(Kord&nce with the Charities SORP (FRS 102) 'Acwunting and Retx)rting by Charities.. Statement of Recommendcd Practice applicable Éo d)aritits preparin8 their COunts in accordaj¢ with the Financial Ryrting Standard applicable in the UK and Republic of Ir¢land (FRS 102) (effective l January 2019),, FInrI Rep(Trrting Standard 102 The Fin8nci&l Reporting Stsndord appliLdble in the UK and Republic of Ireland, and the ChaTities Act 2UI l. The financial statements have been prepared utxler the historical cost convention, with the exception of iDvestrnents which are Inc18ed at market va]ue, as rnodifjed by th¢ r¢valuation of certain &8sets. INCOME All income is reco]Sed the StatenwEt ofFinancial ArtivitiES once the charity entit]¢m¢nt to the it s probable that the in¢ome will be received and the amount ¢an llThbured reliably. Liabilities are recognised a5 &XPE[lIure as as there is a legal or constnKtive obligation committing th¢ charity lo that expenditur4 it Is probable that a transfer of e¢onomi¢ betfjts will be required in settlemttnt and th¢ amuunt ofthe obligatii>n ¢an be measur¢d reliably. Expenditure is accounted for on an a¢cnN]b' basis and has been cla&sifi¢d utJd¢r heading that aggregat¢ all cost relatsl to the Category. Where costs cat]noi b¢ directly attributed ts) particular headings th¢y havr been allocated to 4rtivities on a basis consistent with the of GJ7nts offered subjttt to conditions vknich hve beeffi met atthe year end date ar¢ noted a5 a commikn b no¢ as expenditure. TAXATION The rharity is exempt from tax on its dwitable aclivities. Unrestri(thl fimds Can be used inaco)rdan¢e with Gharitable obJtiveS at ihe di$etiOn ofthe trustees. liestricted fijnds can only be used for partieular rCStrict pw4es within th¢ objects of the charity. Restrictions aT%se when spe¢ified by the donor or wIl are rdised for particular restricted pwposes. Further explanation of the nattr¢ and purpose of eAch fund is included in the twtes to the fiÉw)ci81 statemeth8. 4VESTMENf ThCOME 2023 2022 DivideThls DeEK)51t account inter¢st 26,875 224 21,504 17 27.099 21,521 Page 9 conttDued...
MEDICAL RESEARCH COIJNCtL SfAFF BENEVOLEKf Fuf4D ASSOCIATION Notes to tbe fin4MciAI StstenJents- CO*tlled for the year ended 30 Seplember 2023 TRUSTFFSI RV.MUNRRATION AND BLN£FfI&• Thete were no trustees, TeJnuIw4tion or otlw bcnefits for the Ye eTthd 30 Scpkmber 2023 llOT for the ye4r ended 30 S¢ptember2022. TRUSTEES, EXPENSES Expenses were reirnbursed to trus¢ees to the value of £728 for the year cnded 30 SepteTtkn 2023 {20Z2: none). COMPARATIVES FOR THE STATEMENT OF D'INANCIAL AcrIvniEs unStrICted Restricted fimd Total fid5 COME ATr4D ENDOWMENIS FROM Donations and legacies 4,448 Investment income 21.521 21,521 TotAI 25,969 .969 EXPENDTfuRE ON Ch8rit&ble activitie Grants paid Chrisbnas gtwits 13,650 2,500 13.650 2,500 Other 5.797 5,797 Tgtal 21,947 21.947 Net gnO0s9es) on inv&sln)ents (81,666) {81,666) NET INCOTrtEI(EXPEIYDTTURE) (77.644) (77,644) RECONCILL4TJON OF FufiDS Totsl fi]Dds brought brward 812.988 812.988 TOTAL FiINDS CARRIED FORWARD 735.344 735,344 Page io ntinu¢d...
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENf FUND ASSOCIATION Notes to the Stat¢ts- cvlltillued for tbe ye#r ended30 Sepltjnber 2023 FLXED ASSET ImsTMETrITs Listed investments MARK VALUE At l October 2022 Revaluations 6),372 35,516 AI 30 S¢pt¢mber 2023 72.5,888 NET BOOK VALUE At 30 8eptember 2023 725.888 At 30 Septen&Kr 2022 690.372 There htre no investtnent assets outside the UL Costor valuation * 30 September 2023 ts represtnted by: Listed investrnet Valu&tii)n in 2019 Valualion in 2020 vuation in 2021 Valuation in 2V22 Valuation in 2023 753,333 (94,149) 112,854 181,666) 35,516 725,888 DEBTORS: Amouiyfs FALLENC DUE wrrHIN ONE YEAR 2023 2022 Logus rEpayable PrepaYtlts and accrued 41.937 8,516 27.358 4,783 50.453 32,141 Page 11
MEDICAL RESEAR(II CO[CIL STAV BEhTVOLETrrr FUND A&SOCIATION Notes to the VlllsDcA81 StRtemeDts- eoDtinu¢d for tbe year ended 30 September 2023 CREDITORS: AMOUYI rs FAILING DUE wrritlN ONE YEAR 2023 2022 Other ¢reditor8 I2,0 Net movement in fimds At .10.22 At 30.9.23 Unrestriet¢d funds Resenfe Fund Accumulated Inrorne Fund Investment Re8erve 6248 349,197 37Y,899 325 53.544 483 6573 402.741 380,382 735,344 54,352 789,696 735.344 54,352 789,696 Netmovement in futKls, iluded in th¢ above as follows: Gains and losses Movement resources expa]dEd UllrÈstriTted funds Reserrft Fund Accumulated In¢LVn¢ Fund 325 30,728 325 53.544 483 (12,217) 35,033 483 31,053 (11217} 35516 54.352 31,053 (12,217) 35,516 54,352 CompAratiYes for movemext in fuRds Net nM)vement in fiuMIs At 30.9.22 1.1021 UnrestTjCted funds Reserve Fund Accumulatsd Incom¢Fund Investment Reserve 6,248 345,175 461.565 6,248 349,197 379,899 4,022 (81.666) 812,988 (77,644) TOTAL FufqDS 812,988 (77.644) 735.344 PaBe 12 continued...
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCtATION Notes lo the FirJ¥ncial StRtem2nts- continued for the year Énded 30 September 2023 MOVEMENT IN Vtir4D5. continued Comparative net Twv¢m¢nt in fimd& included in the above are as follo. Gain5 al lo&¥es Movem¢nt in fiJnd5 expend Unrestiicled funds Aecutnulated IncotneFund Investsnent Reserve 25.969 (21,9471 4,022 (81,666) (81.666) 25,969 (21,947) {81,666) (77.644> 25,969 (21,947) {81,666) (77,644) The Reserve Fund consists of bequests atmi donations in rcspcct of thi¢b the Testator or T)OnOT gives specific diwtion. It camnot be realistd except for the puryy)s¢ of reinvestment unie&g artd in50far the Chairman on th¢ recoMm¢tKlation of the Committee of Managetnent givas writiem consent to the re81i5ation of any part. The A¢Gumulatrd Income ,.1 consists ofthe unexpended income ofthe Association and is avthiiablE for ttle general purposes of the AsxKiation. The Investment r¢s¢rye r¢llts donrttlo thai hav¢ becn desigrd foT capital investme. RELATED PARTY DTSCLOSURES There were no related party transactioDs for the year end¢d 30 Stptember2023. Page 13
tEDICAL RKSKARCH COUNCtL STAFF BENEVOLENf FUND ASSOCIATION Det8iffted St8tement of Fin&neial Activities ror tbe yearended 30 SepteEther 201J 2023 2022 Don&tioDs and leg8cies Donations 3.954 4,448 Inve5tmellt ineome Divi(J¢nds Deposit account interest 26.875 224 21,504 17 27,099 21,521 Totsl iDcoming re8ouTres 31.053 25,969 EXPENDITURE Chgrltgble &ctivilles Grants to individuals 4,800 16,150 Support costs Mao8gem¢nt tnsurance Sundri¢s Accountancy fees 333 1,084 3,000 357 2,4(M) 4.417 1797 Covtroanee eosts Auditors, remuneralion 3,000 Totsl resources ex]led 11217 21.947 Net income 18,836 4,022 This page diK5 not forni part of the statuEory financi81 statements Page 14