## **THE TWJ FOUNDATION** ## **ACCOUNTS** **For the Year Ended** **5th April 2023** **Registered Charity No. 267212** **----- Start of picture text -----**
THE TWJ FOUNDATION
5TH APRIL 2023
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 FIFTIETH 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), Toronto (Canada), Vancouver (Canada) and Cambridge (UK). 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. Applications are also considered from final-year ENT Speciality Registrars in the UK and Republic of Ireland who have passed the Intercollegiate FRCS and have a special interest in Otology. In addition, the Foundation 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 Audiovestibular 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 represents the Higgs Charitable Trust and five are members of ENT UK. The Foundation has a capital value of £841,254 of which £12,525 is restricted. In the last financial year, investment income was £39,081 and combined expenses and governance costs were £8,158. The Foundation receives an annual grant from the Higgs Charitable Trust which in 2022/23 totalled £34,000.00 ## **Trustees** The Trustees who served during the year were as follows:C Martin Bailey BSc FRCS FRCSEd (Executive Chairman) Patrick Humphris MA David Jobson MRCOG (resigned 16/9/23) Shakeel R Saeed MD FRCS Mark Wickham-Jones MA PhD Christopher Aldren MA FRCS Musheer Hussain MSc FRCS FRCP Tom Wickham-Jones PhD Emma Stapleton FRCS Page 3 ## **THE TWJ FOUNDATION** ## **THE FIFTIETH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION (continued)** ## **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 ## **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 provides 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 fallen back during the past financial year as stock markets have reacted in response to international events and economic uncertainty. 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 one Major Fellowship and four Short Fellowships for the calendar year 2022, and one Major Fellowship and eight Short Fellowships for the calendar year 2023. Awards have now also been made for 2024. Several Short Fellowships have been deferred because of the COVID pandemic, which caused the associated courses to be cancelled. Fellowships are as follows: Page 2 ## **THE TWJ FOUNDATION** **THE FIFTIETH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION (continued)** ## **Major Fellowships 2022** Auckland, New Zealand - Ms Carol Xie - £25,000 ## **Short Fellowships 2022** Manchester Advanced Otology Course - Ms Manuella Cresswell - £750 (deferred from 2021) Béziers Course - Mr Paul Sooby - £750 Béziers Course - Mr Misha Verkerk - £750 Béziers Course - Mr Sam Cho - £750 ## **Major Fellowships 2023** Halifax, Canada - Ms Reshma Ghedia - £27,500 ## **Short Fellowships 2023** Nijmegen Course - Mr Ananth Vijendren - £1,000 (deferred from 2021) Nijmegen Course - Mr Hassan Mohammed - £1,000 (deferred from 2022) Nijmegen Course - Ms Rachel Edmiston - £1,000 Antwerp Course - Miss Kasia Konieczny - £750 Antwerp Course - Ms Clair Saxby - £750 Antwerp Course - Mr Alistair Mitchell-Innes - £750 Béziers Course - Mr Bhav Patel - £750 Béziers Course - Ms Priya Sethukumar - £750 ## **Major Fellowships 2024** Auckland, New Zealand - Ms Elinor Warner - £27,500 Vancouver, Canada - Ms Hannah Lancer - £27,500 Cambridge, UK - Ms Rachael Lawrence - £27,500 ## **Short Fellowships 2024** Nijmegen Course - Mr James Howard - £1,000 (deferred from 2021) Nijmegen Course - Ms Elinor Warner - £1,000 (deferred from 2023) Nijmegen Course - Ms Finella Shelton - £1,000 (deferred from 2022) Béziers Course - Ms Kimberley Lau - £750 (deferred from 2020) The 2024 Major Fellowships have not been included in the grants figure of £33,250 as they will be paid for from donations in 2023/24. ## **Future Plans** The Trustees have maintained cooperative links with the Graham Fraser Foundation, which funds an annual Fellowship in Otology & Cochlear Implantation 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 and 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. In addition, major TWJ Clinical Fellowships have been inaugurated to Vancouver, Canada with Professor Brian Westerberg; and to Cambridge, UK with Professor Manohar Bruce (the Foundation's Page 3 ## **THE TWJ FOUNDATION** ## **THE FIFTIETH ANNUAL REPORT OF THE TRUSTEES OF THE TWJ FOUNDATION (continued)** first Fellowship in the British Isles). Fellows will go to each centre every three years. An old link with Toronto in Canada has recently been re-established with Professor John Rutka for a Fellow to go every three years commencing in 2025. ## **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 21st November 2023 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 2023 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 21st November 2023 Page 5 ## **THE TWJ FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 5TH APRIL 2023** |**General**
**Restricted**
**Note**
**Fund**
**Fund**
**INCOMING RESOURCES**
Donations
**2**
34,000
0
Investment Income
**3**
39,081
0
Contribution towards Administration Costs
453
0
**TOTAL INCOMING RESOURCES**
73,534
0
**RESOURCES EXPENDED**
**Charitable Activities:**
Grants for Otological Studies
**4**
33,250
0
Other Expenses
**5**
3,433
0
**Governance Costs**
Support Costs
**6**
4,725
0
**TOTAL RESOURCES EXPENDED**
41,408
0
**NET RESOURCES**
32,126
0
**OTHER UNRECOGNISED GAINS AND LOSSES**
Loss on Sale of Investments
**7**
-5,275
0
Unrealised (Losses)/Gains on Investm
**7**
-37,162
0
**NET MOVEMENT IN FUNDS**
-10,311
0
**BALANCES BROUGHT FORWARD**
839,040
12,525
**BALANCES CARRIED FORWARD**
£828,729
£12,525|**Total**
**2023**
34,000
39,081
453
73,534
33,250
3,433
4,725
41,408
32,126
-5,275
-37,162
-10,311
851,565
£841,254|**Total**
**2022**
32,000
33,726
500
66,226
29,750
1,811
4,500
36,061
30,165
0
47,396
77,561
774,004
£851,565| |---|---|---| Page 6 ## **THE TWJ FOUNDATION** ## **BALANCE SHEET** ## **5TH APRIL 2023** |**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**|**2023**
726,424
1,000
152,055
153,055
38,225
114,830
£841,254
828,729
12,525
£841,254|**2022**
768,861
1,000
116,204
117,204
34,500
82,704
£851,565
839,040
12,525
£851,565| |---|---|---| These Accounts were approved by the Trustees on the 21st November 2023 ---------------------------------------------Mr C Martin Bailey BSc FRCS FRCSEd Page 7 ## **THE TWJ FOUNDATION** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 5TH APRIL 2023** ## **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
GM Morrison Trust|**2023**
34,000
0
£34,000|**2022**
29,000
3,000
£32,000| |---|---|---| Page 8 ## **THE TWJ FOUNDATION** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 5TH APRIL 2023** |**3. INVESTMENT INCOME**
UK Quoted Investments
**4.GRANTS FOR OTOLOGICAL STUDIES**
Major Overseas Fellowships
Short Fellowships and other grants|**General**
**Restricted**
**Fund**
**Fund**
£39,081
£0|**Total**
**2023**
£39,081
**2023**
27,500
5,750
£33,250|**Total**
**2022**
£33,726
**2022**
25,000
4,750
£29,750| |---|---|---|---| 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|**2023**
235
384
694
936
1,184
£3,433|**2022**
255
374
120
900
162
£1,811| |---|---|---| |Included in the above figure is £127 (2022 nil) which was paid to trustees to
paid on behalf of the charity.
**6. SUPPORT COSTS**
Secretarial and Other Support Costs|reimburse expenses
**2023**
**2022**
4,725
4,500
£4,725
£4,500| |---|---| Page 9 ## **THE TWJ FOUNDATION** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 5TH APRIL 2023** |**7. INVESTMENTS**
Quoted Investments
48,800.790 M&G Charifund Units
Market Value at 6th April 2022
Sales at opening market value
Additions
Net Unrealised Loss
Market Value at 5th April 2023
Historical Cost at 5th April 2023
**8. ANALYSIS OF NET ASSETS BY FUND**
Fixed Assets
Net Current Assets
Fund Balance
**9. CREDITORS - Amounts falling due within one year**
Grants awarded
Support costs|**General**
**Fund**
726,424
102,305
£828,729|**2023**
768,861
-58,841
53,566
-37,162
£726,424
£468,150
**Restricted**
**Fund**
0
12,525
£12,525
38,000
225
£38,225|**2022**
721,465
0
0
47,396
£768,861
£469,092
**Total**
726,424
114,830
£841,254
34,500
0
£34,500| |---|---|---|---| ## **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 Audiovestibular Physicians. Page 10