## **THE TWJ FOUNDATION** ## **ACCOUNTS** **For the Year Ended** **5th April 2021** **Registered Charity No. 267212** **----- Start of picture text -----**
THE TWJ FOUNDATION
5TH APRIL 2021
PAGE
TRUSTEES' REPORT 1 to 4
INDEPENDENT EXAMINER'S REPORT 5
STATEMENT OF FINANCIAL ACTIVITIES 6
BALANCE SHEET 7
NOTES TO THE ACCOUNTS 8 to 10
**----- End of picture text -----**
## **THE TWJ FOUNDATION** ## **THE FORTY-EIGHTH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION** ## **Introduction** The TWJ Foundation offers annual overseas Major Fellowship grants to ENT Specialty Registrars on numbered otorhinolaryngology (ear, nose & throat) training programmes in the United Kingdom and Republic of Ireland who have passed the Intercollegiate FRCS examination. These TWJ Fellowships are available for six months to one year in overseas or UK university ENT departments, to specifically supplement the otological (ear) training of the Fellows. In this way the Foundation has supported advanced otological training for a large proportion of currently practising otologists in the British Isles. Clinical Fellowships are currently available in Auckland (New Zealand), Halifax (Canada), Cambridge (UK) and Vancouver (Canada), and an occasional Research Fellowship has been established in Toronto (Canada). The Foundation also offers annual Short Fellowship grants for Consultant Otolaryngologists working within the NHS with a special interest in otology to visit the 'Clinique Jean Causse' clinic in Béziers, France; the 'Radboud University Medical Centre' in Nijmegen, The Netherlands; and the 'European Institute for ORL, Sint-Augustinus' in Antwerp, Belgium. In addition, it sometimes makes available conference, educational, thesis and other small grants. It also funds the Pat Jobson Prize, which is awarded annually by the British Association of Audiological Physicians, from the Michael Cook Tinnitus Fund. ## **Background** The TWJ Foundation was founded in 1974 by Mr Pat Jobson and Mr David Wright in memory of Thomas Wickham-Jones to benefit otology and audiology within the NHS by the promotion of education and research. The Foundation currently has eight Trustees, two of whom are members of the Wickham-Jones family, one of whom represents the Higgs Charitable Trust and four of whom are members of the ENT UK. The Foundation has a capital value of £774,004 of which £12,525 is restricted. In the last financial year, investment income was £28,854 and combined expenses and governance costs were £6,593. ## **Trustees** The Trustees who served during the year were as follows:David A Wright MS FRCS (President) - retired as a Trustee 6th December 2021 C Martin Bailey BSc FRCS FRCSEd (Executive Chairman) Patrick Humphris MA David Jobson MRCOG Shakeel R Saeed MD FRCS Mark Wickham-Jones MA PhD Christopher Aldren MA FRCS Musheer Hussain MSc FRCS FRCP Tom Wickham-Jones PhD ## **Principal Address** The principal address of the Charity is: The TWJ Foundation ENT UK Office The Royal College of Surgeons of England 39-43 Lincoln's Inn Fields London WC2A 3PE Page 1 ## **THE TWJ FOUNDATION** ## **THE FORTY-EIGHTH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION (continued)** ## **Legal and Administration** Bankers: NatWest, 151 High Street, Guildford GU1 3AH. ## **Management and Governance Arrangements** The Trustees annually review the risks that the Trust faces. The investments are considered and rates of return reviewed. The administration of the TWJ Foundation is based at the offices of ENT UK, the national speciality association for otorhinolaryngology, located at the Royal College of Surgeons of England in London. This arrangement has provided useful synergies as well as reduced administrative costs. ## **Procedures and Policy for Grant Making and Risk Management** The Trustees aim to award at least one major fellowship per year plus smaller grants to enable individuals to attend specific courses. All candidates are required to provide a full CV together with a reference from their Head of Department and/or Training Programme Director. In addition, all candidates must have passed the Intercollegiate FRCS examination by the time the Fellowship commences and must provide a logbook of their operative experience, including that gained in any postings overseas. All CVs, references and qualifications are checked and confirmed. For smaller donations the Trustees will ensure that the course or research work will be beneficial to the candidate's work. All the centres providing the training and research are known to the Trustees: and the Trustees are in regular contact with the host departments. All beneficiaries are required to write a report of their experiences. ## **Achievements and Performance of the Trust** The value of the Foundation's investments has improved during the past financial year as stock markets have recovered from the initial effect of the coronavirus pandemic. The Trustees are enormously grateful to David Wright and the Jobson Foundation, which transferred all its remaining capital assets to the TWJ Foundation in January 2021 (£54,508 in M&G Charifund units). A relatively high level of cash reserves means that the TWJ Foundation remains in a sound financial position, and has been able to continue developing its Major Fellowships. The Trustees of the TWJ Foundation were pleased to award two Major Fellowship for 2020, both of which were able to go ahead despite COVID-19 travel restrictions. However, Short Fellowships had to be deferred because the associated courses were cancelled on account of the pandemic. Specialist Registrars and Consultants have undertaken periods of training in centres of excellence abroad as follows: ## **Major Fellowships 2020** Halifax, Nova Scotia, Canada - Mr Gaurav Chawdhary - £25,000 Auckland, New Zealand - Ms Louise McMurran - £25,000 Both Fellows were able to take up their posts, with 14 days' quarantine on arrival. ## **Short Fellowships 2020** Deferred because all linked courses were cancelled on account of the coronavirus pandemic Page 2 ## **THE TWJ FOUNDATION** ## **THE FORTY-EIGHTH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION (continued)** For 2021 overseas Fellowships and grants have so far been awarded as follows: ## **Major Fellowships 2021** Vancouver, Canada - Mr Robert Grounds - £25,000 Cambridge, UK - Mr Jameel Muzaffar - £25,000 ## **Short Fellowships 2021** Vancouver, Canada - Mr Waseem Ahmed - £5,000 All other Short Fellowships were again deferred because the linked courses were cancelled on account of the coronavirus pandemic. Theses Grant 2021 - Mr Haroon Saeed - £7,500 For 2022 overseas Fellowships have so far been awarded as follows: ## **Major Fellowships 2022** Auckland, New Zealand - Ms Carol Xie - £25,000 ## **Short Fellowships 2022** Nijmegen Course Ms Hala Kanona - £1,000 (deferred from 2021) Nijmegen Course - Mr Ananth Vijendren - £1,000 (deferred from 2021) Nijmegen Course - Mr James Howard - £1,000 Nijmegen Course - Mr Hassan Mohammed - £1,000 Beziers Course - Ms Manuela Cresswell - £750 (deferred from 2021) The 2022 Major Fellowship has not been included in the grants figure of £67,250 as it will be paid for from donations in 2021/22. The Trustees have been most grateful to receive donations from the TWJ Travelling Club and a legacy from the estate of Robert Malins, as well as the transfer of assets from the Jobson Foundation mentioned above. ## **Future Plans** The Trustees have maintained cooperative links with the Graham Fraser Foundation, which funds an annual Cochlear Implant Fellowship to Sydney, Australia. The activities of the two Foundations are complementary, and since 2012 they have been collaborating over the interviewing and appointment of Fellows which has worked well. Cooperative links have also being forged with the Colledge Family Memorial Trust, which funds overseas Fellowships mainly in the fields of rhinology, laryngology and head & neck surgery. Major TWJ Clinical Fellowships are well established in Auckland, New Zealand with Professor Michel Neeff; and in Halifax, Nova Scotia, Canada with Professor David Morris. Fellows go to Auckland every two years and to Halifax every three years. A link with Toronto has been re-established with a new TWJ Research Fellowship in Paediatric Cochlear Implantation & Otology with opportunities for clinical observation. The first Research Fellow worked with Professors Blake Papsin and Adrian James at the Hospital for Sick Children, Toronto during the year commencing July 2019. It is hoped that this will continue on an occasional basis. Page 3 ## **THE TWJ FOUNDATION** ## **THE FORTY-EIGHTH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION (continued)** In addition, new major TWJ Clinical Fellowships have been appointed to Vancouver, Canada with Professor Brian Westerberg; and to Cambridge, UK with Professor Manohar Bance (the Foundation's first Fellowship in the British Isles). Fellows will go to each centre every 3 years commencing in 2021. ## **Responsibilities of the Trustees** Law applicable to charities in England and Wales requires Trustees to prepare Financial Statements for each financial year which give a true and fair view of the Trust's financial activities during the year and of its financial position at the end of the year. In preparing Financial Statements giving a true and fair view, the Trustees should follow best practice and: - Select suitable accounting policies and then apply them consistently - Make judgements and estimates that are reasonable and prudent - State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the Financial Statements; - Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume the Trust will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Trust and which enable them to ensure that the Financial Statements comply with applicable law, regulations and the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved on behalf of the Trustees …………………………………….. C Martin Bailey BSc FRCS FRCSEd Date 6th December 2021 Page 4 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TWJ FOUNDATION** I report on the accounts of the Trust for the year ended 5th April 2021 which are set out on pages 6 to 10. ## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER** The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed. It is my responsibility to - examine the accounts under section 145 of the Charities Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and - to state whether particular matters have come to my attention. ## **BASIS OF INDEPENDENT EXAMINER'S STATEMENT** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below. ## **INDEPENDENT EXAMINER'S STATEMENT** In connection with my examination, no matter has come to my attention: - 1) which gives me reasonable cause to believe that in, any material respect, the requirements: - to keep proper accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or - 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Rosemary Unthank Chartered Accountant Felixstowe 14th December 2021 Page 5 ## **THE TWJ FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 5TH APRIL 2021** |**General**
**Restricted**
**Note**
**Fund**
**Fund**
**INCOMING RESOURCES**
Donations
**2**
71,508
0
Investment Income
**3**
28,854
0
Contribution towards Administration Costs
500
0
**TOTAL INCOMING RESOURCES**
100,862
0
**RESOURCES EXPENDED**
**Charitable Activities:**
Grants for Otological Studies
**4**
66,500
750
Other Expenses
**5**
2,093
0
**Governance Costs**
Support Costs
**6**
4,500
0
**TOTAL RESOURCES EXPENDED**
73,093
750
**NET RESOURCES**
27,769
-750
**OTHER UNRECOGNISED GAINS AND LOSSES**
Gain/(Loss) on Investments
**7**
154,077
0
**NET MOVEMENT IN FUNDS**
181,846
-750
**BALANCES BROUGHT FORWARD**
579,633
13,275
**BALANCES CARRIED FORWARD**
£761,479
£12,525|**Total**
**2021**
71,508
28,854
500
100,862
67,250
2,093
4,500
73,843
27,019
154,077
181,096
592,908
£774,004|**Total**
**2020**
20,500
37,312
1,025
58,837
49,250
2,390
4,500
56,140
2,697
-187,944
-185,247
778,155
£592,908| |---|---|---| Page 6 ## **THE TWJ FOUNDATION** ## **BALANCE SHEET** ## **5TH APRIL 2021** |**Note**
**FIXED ASSETS**
Investments
**7&8**
**CURRENT ASSETS**
Debtors
Cash at Bank
**CREDITORS - Amounts falling due within one year**
**9**
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**REPRESENTED BY**
Unrestricted
Restricted
**10**
**TOTAL FUNDS**|**2021**
721,465
500
119,679
120,179
67,640
52,539
£774,004
761,479
12,525
£774,004|**2020**
512,800
500
129,528
130,028
50,000
80,028
£592,828
579,633
13,275
£592,908| |---|---|---| These Accounts were approved by the Trustees on the 6th December 2021 ---------------------------------------------Mr C Martin Bailey BSc FRCS FRCSEd Page 7 ## **THE TWJ FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 5TH APRIL 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of Accounting** These Accounts have been prepared under the historical cost convention, with the exception that investments are valued at market value. The accounts are in accordance with applicable accounting standards, the Charities SORP (FRS 102) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011. ## **Taxation** The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. ## **Restricted Fund** The income and capital can be used to fund audiological training and research for tinnitus and audiological medicine. ## **Grants** Grants made to individuals or organisations are recognised when the offer is conveyed to the recipient. Where grants are awarded more than a year ahead the commitment is noted, but not accrued as expenditure. ## **Expenditure** Expenditure is included in the accounts on an accruals basis. ## **Investment Assets and Income** Investments have been valued at market value at the balance sheet date. Unrealised and realised investment gains and losses are shown net in the statement of financial activities. Investment income is recorded when receivable. |**2. DONATIONS**
The Higgs Charitable Trust
The TWJ Travelling Club
Legacy from the estate of Robert Malins
GM Morrison Trust (plus £500 contribution towards expenses)
The Jobson Foundation - all assets transferred to the TWJ Foundation|**2021**
0
7,000
10,000
0
54,508
£71,508|**2020**
19,000
0
0
1,500
0
£20,500| |---|---|---| Page 8 ## **THE TWJ FOUNDATION** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 5TH APRIL 2021** |**3. INVESTMENT INCOME**
UK Quoted Investments
**4.GRANTS FOR OTOLOGICAL STUDIES**
Major Overseas Fellowships
Short Fellowships and other grants|**General**
**Restricted**
**Fund**
**Fund**
£28,854
£0|**Total**
**2021**
£28,854
**2021**
50,000
17,250
£67,250|**Total**
**2020**
£37,312
**2020**
25,000
-750
£24,250| |---|---|---|---| The level of grants made in the year will depend on the availability of both suitable candidates and facilities able to accommodate a Fellow. |**5. OTHER EXPENSES**
Bank Charges
Advertisements
Travel expenses
Accountancy
Miscellaneous|**2021**
252
366
0
840
635
£2,093|**2020**
181
368
281
804
756
£2,390| |---|---|---| |Included in the above figure is £nil (2020 £599) which was paid to trustees to reimburse expenses
paid on behalf of the charity.
**6. SUPPORT COSTS**
**2021**
Secretarial and Other Support Costs
4,500|**2020**
4,500| |---|---| |£4,500|£4,500| Page 9 ## **THE TWJ FOUNDATION** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 5TH APRIL 2021** |**7. INVESTMENTS**
Quoted Investments
45,165.92 M&G Charifund Units
Market Value at 6th April 2020
Donation from Jobson Foundation
Net Unrealised Gain/(Loss)
Market Value at 5th April 2021
Historical Cost at 5th April 2021
**8. ANALYSIS OF NET ASSETS BY FUND**
Fixed Assets
Net Current Assets
Fund Balance
**9. CREDITORS - Amounts falling due within one year**
Grants awarded
Speaker expenses BACO 2021 Conference|**2021**
512,880
54,508
154,077
£721,465
£469,092
**General**
**Restricted**
**Fund**
**Fund**
721,465
0
40,014
12,525
£761,479
£12,525
67,250
390
£67,640|**2020**
700,824
0
-187,944
£512,880
£414,584
**Total**
721,465
52,539
£774,004
50,000
0
£50,000| |---|---|---| ## **10.RESTRICTED FUND - THE MICHAEL COOK TINNITUS FUND** This was endowed as a memorial by the family and friends of the late Michael Cook. The income and capital are used to support facilities, training and research in the field of tinnitus and audiological medicine, and to fund the Pat Jobson Prize awarded annually by the British Association of Audiological Physicians. Page 10