Torbay Medical Research Fund
For
31 December 2020
Charity Number 261932
Torbay Medical Research Fund
Financial Statements
Year Ended 31 December 2020
| Contents | Pages |
|---|---|
| Members of the Board and Professional Advisers | 1 |
| Trustees’ Annual Report | 2 - 5 |
| Independent Examiner’s Report to the Trustees | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 13 |
Page 1
Torbay Medical Research Fund
Members of the Board and Professional Advisers
| Charity number | 261932 |
|---|---|
| The Board of Trustees | Mrs S K Austen – Chairman |
| Mr C Siegle – Hon. Secretary | |
| Mr P B M Cliff (resigned 15/03/21) | |
| Mr J D Pike (retired 11/05/20) | |
| Mr I C Currie | |
| Dr J M Goldman | |
| Mr C M Linton | |
| Mr S MacDermott | |
| Independent Examiner | Bishop Fleming LLP |
| Chartered Accountants | |
| Century House | |
| Nicholson Road | |
| Torquay | |
| Devon | |
| TQ2 7TD | |
| Bankers | CAF Bank Limited |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Solicitors | Kitsons |
| Minerva House | |
| Orchard Way | |
| Edginswell Park | |
| Torquay | |
| Devon | |
| TQ1 7FA | |
| Investment Managers | Brewin Dolphin |
| Vantage Point | |
| Woodwater Park | |
| Pynes Hill | |
| Exeter | |
| EX2 5FD |
Page 2
Torbay Medical Research Fund
Trustees’ Annual Report
Year Ended 31 December 2020
The trustees present their report along with the financial statements of the charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the Charities Statement of Recommended Practice (SORP) (FRS 102) 2[nd] edition.
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing document
The Torbay Medical Research Fund (formerly known as Torbay Hospital Special Medical Projects & Research Trust Fund) is constituted by deed of trust dated 21 October 1970 and is a registered charity, number 261932.
The principal office of the charity: Sigma House
Oak View Close Edginswell Park Torquay Devon TQ2 7FF
Recruitment and training of trustees
The Deed of Trust provides that there shall always be a majority of trustees who are not medically qualified. The trustees seek to achieve a balance on the board of trustees between professional disciplines such as law and accountancy, business experience and medical qualification. Recruitment has hitherto been conducted by way of personal contact and the induction of trustees is carried out by the chairman and the secretary.
Organisational management
The Torbay Medical Research Fund is conducted and managed by the trustees who may exercise all such powers of the fund.
The board of trustees consists of the chairman, secretary and several other trustees in order that the total number of trustees shall not be less than five nor more than twelve.
Risk management
The trustees have established systems to investigate significant risks against the charity assets. The trustees actively review, on a regular basis, all significant risks which could adversely affect the charity in terms of its key assets, identified as investments, cash and bank balances. The trustees also ensure that every research project is carefully reviewed by the trustees and the medical advisory committee as well as being viewed by the Health Research Authority (HRA), an NHS Research Ethics Committee where applicable and the Medicines and Healthcare products regulatory Authority (MHRA) where applicable in accordance with HRA requirements and regulations. Research projects will also be reviewed by the Research Sponsor (usually the employing organisation of the Chief Investigator). Funds are generally not released for any particular project until the relevant approvals have been received.
OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
Charitable objects
The objects of the charity are the preservation and protection of health and the relief of sickness by the furtherance of medical, dental, health and care research projects directed to that end by members of the medical, dental, health and care professions practising under the auspices of the Torbay and South Devon medical, dental, health and care community within the area administered by Torbay and South Devon NHS Foundation Trust and the publication of the results of all such research.
Public benefit statement
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
Page 3
Torbay Medical Research Fund
Trustees’ Annual Report
Year Ended 31 December 2020
Aims and objectives
The trustees aim to finance medical, dental, health and care research projects by medical, dental, health and care professionals working at Torbay Hospital or within the Torbay and South Devon NHS Foundation Trust area and to generate a sound reputation for medical, dental, health and care research at Torbay Hospital.
Strategies to achieve the year’s objectives
The trustees have been working with Torbay and South Devon NHS Foundation Trust to promote the work of the trust and to this end there is now:
-
Torbay Medical Research Fund website which provides updates of grants awarded, calls for funding and the work of the trust. http://www.torbaymrf.info
-
Regular research calls out to Torbay and South Devon NHS Foundation Trust staff, primary care clinicians working across Torbay and South Devon as well as local academic organisations who may be working in partnership with health and care colleagues locally.
-
Three meetings per annum to enable timely consideration of applications.
Activities
During the year the trust was able to accept requests for two new research projects and additional funds for one ongoing research project, amounting to £204,789 in total, for which free reserves were available.
Grant making policy
The trust has established its grant making policy to achieve its objects for the public benefit to preserve and protect health and the relief of sickness by the furtherance of medical, dental, health and care research. The trustees will consider applications for amounts of any size. However, applicants must confirm application will be made for ethics approval where applicable. Under regulations relating to research involving the use of drugs, applicants will also have to comply with the requirements of the Medical Health Care Products Regulatory Authority (MHRA).
All grants are recognised in the Statement of Financial Activities on the date of commitment.
Volunteers
All the trustees are volunteers. Honorariums are paid in respect of the secretarial and accountancy services provided by non-trustees. The trust has no other volunteers or paid staff.
ACHIEVEMENTS AND PERFORMANCE
Review of activities and fund raising activities
The size of applications for grants has tended to increase, alongside the period of research. We are also seeing a greater range of research projects put forward for consideration across both health and social care, reflecting wider developments in the sector.
So far as fundraising is concerned, the trustees are keen to attract further legacies and bequests and a leaflet explaining its activities was planned, although has been put on hold whilst Covid measures around physical meeting spaces and paper leaflets remain largely in place.
Covid 19
When the charity trustees and advisors were unable to meet in person during the lockdown they adapted to holding their meetings remotely on-line and the applicants for grants made their presentations during these meetings. Operationally, the charity was therefore largely unaffected by the pandemic. Some of the projects in progress have been delayed by constraints arising from Covid measures, but such projects are generally now able to restart. This delays the payment of funds from the charity.
Page 4
Torbay Medical Research Fund
Trustees’ Annual Report
Year Ended 31 December 2020
Investment policy/performance
The investment portfolio is managed by Brewin Dolphin on a discretionary basis. The investment objectives are income and capital growth, subject to a moderate degree of risk. The trust restricts investments to exclude investment in companies which generate in excess of 5% of turnover from alcohol or tobacco. During the year the net gains and increase in market value of investments amounted to £71,393.
INFORMATION ON FUNDRAISING PRACTICES
The trustees monitor Fundraising practices on an ongoing basis at the board of trustee meetings.
The charity adopts the Fundraising Regulator standards and is committed to the Code of Fundraising practice.
The charity did not use the services of professional fundraisers or commercial participators during the year.
During the year the charity received no formal complaints arising from our fundraising.
GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020
Review
The income of the charity for the year comprised investment income of £54,739, a significant fall compared to 2019 when income was £76,104.
During the year, the charity made three grants for medical, dental, health and care research of £204,789 following acceptance of the projects for that purpose by the relevant committee. The trustees took the decision to write back to the Statement of Financial Activities £67,561 in respect of grants previously committed which are no longer to be paid because the projects involved will not be going ahead or have been completed.
The net outgoing resources before gains on investments amounted to £106,149. The net decrease in funds, after including the gains on investments of £71,393, amounted to £34,756 for the year. Unrestricted funds at the year end amounted to £1,957,550.
Reserves policy
The trustees have a stated policy of retaining free reserves to ensure money will be available in the immediate future to meet the annual administration costs and committed grant expenditure. Included in free reserves are investments that can be realised at short notice.
Page 5
Torbay Medical Research Fund
Trustees’ Annual Report
Year Ended 31 December 2020
ACCOUNTING AND REPORTING RESPONSIBILITIES
The trustees 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 & 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102) 2[nd] edition ;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by the trustees on 26 October 2021 and signed on their behalf by
SHARON AUSTEN
Mrs S K Austen - Chairman
Page 6
Torbay Medical Research Fund
Independent Examiner's Report to the Trustees
Year Ended 31 December 2020
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 7 to 13.
Responsibilities and basis of report
As the charity’s trustees 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 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 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
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 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 accounts to be reached.
Will Hanbury FCA CTA Bishop Fleming LLP Chartered Accountants 50 The Terrace Torquay TQ1 1DD
Date: 27 October 2021
Page 7
Torbay Medical Research Fund
Statement of Financial Activities (incorporating income and expenditure account)
Year Ended 31 December 2020
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total Funds|Total Funds|
|Funds|Funds|2020|2019|
|Note|£|£|£|£|
|Incoming resources|
|Donations and legacies|
|Investment Income|3|54,739|-|54,739|76,104|
|------------------------- ------------------------- ------------------------- -----------------------|
|-|
|Total incoming resources|54,739|54,739|76,104|
|============ ============ ============|==========|
|Resources expended|
|Costs of raising funds:|
|Investment management costs|15,202|-|15,202|15,509|
|Expenditure on charitable activities:|
|Charitable activities:|Grants|4|138,916|-|138,916|89,146|
|Governance costs|5|6,770|-|6,770|12,080|
|------------------------- ------------------------ ------------------------|---------------------|
|Total resources expended|160,888|-|160,888|116,735|
|============ ============ ============|==========|
|Net (outgoing) resources before transfers|
|and other recognised gains and losses|
|(106,149)|-|(106,149)|(40,631)|
|Transfers between funds|-|-|-|-|
|Other recognised gains and losses:|
|Realised and unrealised gain on|
|investments|6|71,393|-|71,393|352,780|
|------------------------- ------------------------ ------------------------|---------------------|
|Net movement in funds|(34,756)|-|(34,756)|312,149|
|Reconciliation of funds|
|Total funds at 1 January 2020|1,992,306|-|1,992,306|1,680,157|
|------------------------- ------------------------ ------------------------|---------------------|
|Total funds at 31 December 2020|1,957,550|-|1,957,550|1,992,306|
|============ =========== ============|==========|
----- End of picture text -----
All activities relate to continuing operations.
The notes on page 9 to 13 form part of these accounts.
Page 8
Torbay Medical Research Fund
Balance Sheet
31 December 2020
| Note | |||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| £ | £ |
£ |
£ |
||
| Fixed assets | |||||
| Investments | 6 | 2,513,890 | 2,457,699 | ||
| ------------------------- |
------------------------- | ||||
| Current assets | |||||
| Debtors | 7 |
3,253 |
3,724 | ||
| Cash at bank and in hand | 8 |
49,833 |
33,842 | ||
| ------------------------ | ------------------------ | ||||
| 53,086 | 37,566 | ||||
| Creditors: Amounts falling due | |||||
| within one year | 9 | (381,880) |
(327,485) | ||
| ------------------------- | ------------------------- | ||||
| Net current assets / (liabilities) | (328,794) | (289,919) | |||
| ------------------------- | ------------------------- | ||||
| Total assets less current liabilities | 2,185,096 | 2,167,780 | |||
| Creditors: Amounts falling due | |||||
| after more than one year | 10 |
(227,546) | (175,474) | ||
| ------------------------- | ------------------------- | ||||
| Net assets | 1,957,550 | 1,992,306 | |||
| ============ | ============ | ||||
| Represented by: | |||||
| Unrestricted reserves | 11 |
1,957,550 | 1,992,306 | ||
| Restricted reserves | 11 | - | - | ||
| ------------------------- | ------------------------- | ||||
| 1,957,550 | 1,992,306 | ||||
| ============ | ============ |
and are signed on their behalf by:
SHARON AUSTEN
Mrs S K Austen Chairman
The notes on page 9 to 13 form part of these accounts.
Page 9
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2020
1. General information
Torbay Medical Research Fund is an unincorporated charity.
2. Accounting policies
(a) Basis of accounting
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the 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) (SORP) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
(b) Going concern
The charity had net assets of £1,957,550 at the year end. Full provision is made for funding committed at the point an award is granted and many of these amounts are shown within creditors falling due within one year. The nature of the projects funded means payments are actually drawn over a longer period of time. In addition, the charity can liquidate holdings in its investment portfolio at short notice as funds are required. As a result, although the charity reports net current liabilities, it always has funds available to meet commitments as they fall due.
(c) Income
i) Investment income
Investment income is recognised when the charity has entitlement to the funds and it is probable that the income will be received.
ii) Donations and gifts
All monetary donations and gifts are credited to the Statement of Financial Activities when the charity has entitlement to the funds and it is probable that the income will be received.
iii) Legacies
Legacies are credited to the Statement of Financial Activities when the charity is advised by the personal representatives of an estate that probate has been granted, that payment is probable and the amount can be quantified with reasonable certainty.
(d) Expenditure
Expenditure, is recognised when there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants are recognised in the Statement of Financial Activities at the date they are committed.
(e) Investments
Investments are stated in the balance sheet at their market value at the balance sheet date. The SOFA includes the net gains and losses arising on the revaluations and disposals throughout the year.
Page 10
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2020
(f) Fund accounting
-
i) Unrestricted funds consist of those funds which the charity may use in the furtherance of its charitable objectives at the discretion of the trustees.
-
ii) Restricted funds consist of those funds whose use is restricted by either the terms of the appeal or by the terms of a bequest or similar donation specified by the donor.
(g) Taxation
The company is a registered charity and therefore is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
3. Investment income
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|2020|2019|
|Funds|Funds|Total|Total|
|£|£|£|£|
|Dividends and interest from|
|investments|54,711|-|54,711|76,033|
|Bank interest|28|-|28|71|
|------------------------- ------------------------- ------------------------- -------------------------|
|54,739|-|54,739|76,104|
|============ ============ ============ ============|
----- End of picture text -----
In 2019, of the total investment income, £76,104 was attributable to unrestricted funds and £Nil was attributable to restricted funds.
4. Charitable activities
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|2020|2019|
|Funds|Funds|Total|Total|
|£|£|£|£|
|Grants committed|204,789|-|204,789|147,781|
|Grants written off|(67,561)|-|(67,561)|(63,550)|
|Medical lecture costs|938|-|938|4,915|
|Sponsorship|750|-|750|-|
|------------------------- ------------------------- ------------------------- -------------------------|
|138,916|-|138,916|89,146|
|============ ============ ============ ============|
|Number of grants committed|3|5|
|============ ============|
----- End of picture text -----
The above grants of £137,228 (2019: £84,231) relate to funds committed for medical, dental, and health and care research by medical, dental, health and care professionals working in the Torbay Hospital or within the Torbay and South Devon NHS Foundation Trust area.
In 2019, of the total expenditure on charitable activities, £89,146 was attributable to unrestricted funds and £Nil was attributable to restricted funds.
Page 11
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2020
5. Governance costs
| Governance costs | ||||
|---|---|---|---|---|
| Unrestricted | Restricted |
2020 |
2019 | |
| Funds | Funds |
Total |
Total |
|
| £ | £ |
£ |
£ | |
| Sundry expenses | 60 | - | 60 | 60 |
| Honorariums | 5,750 | - | 5,750 | 11,000 |
| Legal and professional fees | 960 | - | 960 | 1,020 |
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | |
| 6,770 | - | 6,770 | 12,080 | |
| ============ | ============ | ============ | ============ |
In 2019, of the total expenditure on governance costs, £12,080 was attributable to unrestricted funds and £Nil was attributable to restricted funds.
6. Investments
| Investments | Cash | TOTAL | |
|---|---|---|---|
| £ | £ | £ | |
| Designated Funds | |||
| Market value at 1 January 2020 | 2,430,389 | 27,310 | 2,457,699 |
| Disposal proceeds | (456,099) | - | (456,099) |
| New investments in the year | 457,622 | - | 457,622 |
| Realised and unrealised gain | 71,393 | - | 71,393 |
| Cash withdrawn from the investments | - | - | - |
| Net cash movement | - | (16,725) | (16,725) |
| ------------------------- | ------------------------- | ------------------------- | |
| Market value at 31 December 2020 | 2,503,305 | 10,585 | 2,513,890 |
| ============ | ============ | ============ |
The historical cost of the investments at 31 December 2020 was £1,924,367 (2019: £1,866,197).
7. Debtors
| Debtors | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Investment income | 3,253 | 3,724 |
| ------------------------ | -------------------- | |
| 3,253 | 3,724 | |
| ============ | =========== |
Page 12
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2020
8. Cash at bank and in hand
| 8. | Cash at bank and in hand | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Cash at bank and in hand | 49,833 | 33,842 | |
| ------------------------ | -------------------- | ||
| 49,833 | 33,842 | ||
| =========== | ========== | ||
| 9. | Creditors – amounts falling due within one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Accruals | 3,960 | 3,875 | |
| Grants | 377,920 | 323,610 | |
| ------------------------ | -------------------- | ||
| 381,880 | 327,485 | ||
| ============ | ========== |
The grants are for commitments into future research in medical, dental, health and care advances.
10. Creditors – amounts falling due after more than one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Grants | 227,546 | 175,474 |
| ------------------------ | -------------------- | |
| 227,546 | 175,474 | |
| ============ | ========== |
The grants are for commitments into future research in medical, dental, health and care advances.
11. Funds
| Balance | Incoming/ |
Balance | ||
|---|---|---|---|---|
| at | (outgoing) |
Transfer | at 31 | |
| 1 January | for the |
between | December | |
| 2020 | year |
funds | 2020 |
|
| £ | £ | £ | £ | |
| Total general funds | 1,992,306 | (34,756) |
- |
1,957,550 |
| Total restricted funds | - | - |
- | - |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | |
| 1,992,306 | (34,756) |
- |
1,957,550 | |
| ════════ | ════════ | ════════ | ════════ |
Page 13
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2020
12. Analysis of net assets (between restricted and unrestricted funds)
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Net|Long|
|Current|Term|Fund|
|Investments|Liabilities|Liabilities|Balances|
|£|£|£|£|
|Restricted funds|-|-|-|-|
|Unrestricted funds|
|General funds|2,513,890|(328,794)|(227,546)|1,957,550|
|------------------------|------------------------|------------------------|------------------------|
|2,513,890|(328,794)|(227,546)|1,957,550|
|════════|════════ ════════|════════|
----- End of picture text -----
13. Trustees’ expenses
No trustees received any direct remuneration.
14. Related party transactions
Honorariums amounting to £6,000 (2019: £6,000) in respect of the services of treasurer are paid to Francis Clark, Chartered Accountants. Mrs S Austen, a trustee, is a partner in Francis Clark.