REGISTERED COMPANY NUMBER: 01315642 (England and Wales) REGISTERED CHARrrY NUMBER: 274066 Reportofthe Trustees and Financial Ststemerts forthe Year Ended 31 August 2024 The Intematlonal College Of Orfgntal Medicine IU.K.l iimlted STrMndells LLP Chartered Accountants and Statutory Auditor Atlantic House 8 Bell ne Bellbrook Industrial Estate Uckfield East Sussex TN22 IQL
The Intematlonal llege Of Oriental Me(fi¢ine {U.K.) Limlted Contentsofthe Flnandal Ststements for the Year Ended 31 August 2024 Page Report of the Trustees I to 10 Report ol the IndependErt Audltor5 11 to IS ststement of nandal Acdvltles 16 Balan Sheet 17 to 18 Notes to the Ananclal Statements 19 to 31
The Internalional College Of 0errtaI Medkine {U.K.l Limited (ReBi5teTed number: 013156421 Report oftheTrustees for the Year Ended 31 August 2024 The trustee5 who are also director5 of the tharty for the purposes of the Companles Act 21XJ6, present thelr report with the financial statements of the chartty for the year ended 31 August 2024. The trustees have adopted the prow5ions of Accounting and Reporting by iTharities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBjEIVEs ANL> ANITIEs Objective5 and alms To effectively support the practice and leaming of traditional Acupuntture and its Integration with rnodern national health systems prwding an answer to the global crisis all national health seNites are experlendn8 today. ICOM'S objectives are: To put patients at the ntre of the dinlcal stsge and treatthem as indivlduals, encouragingthem to understand and take reSpolbilIty for theirown health. To reduce costs of effective medical intervention5 and benefit the community by prowdlng affordable specialistic complementarylalternative treatment To relieve pressure from the NHS treating disease5 that are nomially addressed using potentially dangerous medications like opioids and NSAID. To advance the education of thè public in the subject of Traditional ACupunttU. To advance the education of the students by prOdi and asslstlng them In galnlng a professional licentiate recognised by the British Acupuncture Coundl. In summary To provide, deliver and enhan the care and treatment of patients requiring medical treatment, healing the sick, care OF the poor and the aged and to engage, train, instrutt, educate and employ highly skilled Chinese Medical staff as necessary. Page I
The Intematlonal College Of Orfentsl Medldne IV.Kl Umlled {RStered number. 01315642} Rep)rt ofthe Trusteeg fortheyear Ended 31 Augiist 2024 OBJEcllvES AND AcnviTIES PubSi¢ benefft and Achlevements In shaplng our objectives for the year and planning our activttse5, the trustees have consIded the Charlty Commlsslon's guldance on publSc benefit, induding guidance 'public benefrt-. running a charity IPD21'. The achievments and artiwties above demonstrate the public benefit arising through the tharity's activities. ICOM is a W0d-renoWned acupuncturetralnlng college, founded by Drvan Buren in 1972. In its long history, ICOM has been a major contributor to the development of Acupuncture in the UK and one of the founders of the UK Acupunrture professlonal body: The British Awpuncture Counal. As the oldest College in the country, ICOM has strwed to instill In its graduates a sense of 501idarity and re5ponsibility4 healthy discipline, Tegard and reveren for the suffering of others combined th self-respett and the highest academic standards. In effecl, ICOM graduates are among the most important Chinese Medicine Scholar5 in the WesL Just to mention a few relevant examples: Giovanni Maciocaprolitlc authorof ainical textbooks whlch are essentlal readlngs In almost all western Chinese Mediclne ¢olleges/universities around the wodd (Europe, Russla, USA, Australla. New Zealand, Israel etr.) Peter Deadman and Mazin Al-KhafaliAuthors of the most pected and sold Polnt Locatlon Book produced by Western Scholars. Julian ScottALrthor of influential pediatric Acupuntture books Peter FirebraEeEditor of the Press company responsible for the dissemination In the UK of the aassical Approach to Acupuncture. Joan Duveenvan Buren's pupil who Is teaching extenVelY around the worfd. In 31most 50 year5 of practi the cdlege has linSed Acupuncttjre practltloners and treated thousands of patients in its clinic (last year the ICOM dlnic has admlnKstered 50(X) treatments) becDming a centre of attrattion for patients in the whole south of England. ICOM has helped hundred5 of patients to regain their health whereas other medical institutions have failed them. Although ICOM is only a Small IrtItUtIon, its Influen has reached the USA, Israel, Finland, and Australia where colleges are still following the footsteps of ICOM founder Dr Van Buren. In fatt, ICOM small tSasses a designed to make the journey oflts Students aknn to the traditional Chinese Pupii/fea¢her apprenticeship.. a balanced blend of academic rigour and pr8ctical clinical appllcations. At ICOM students leam that health and illness are not separate entlties but rather the two extrewTbe5 of a tontinuum where life unfolds. The more we move away from life and from the (wtimum yinlyang balan, the more we rnove towards illnes5. FINANCIAL REVIEW Flnanclal review The statement of financial activities showed net surplus of £104,433 12023 - £24,836) for the year and reserves Stsnd at £552,082 12023 £447,649). The financial position at the year end revealed by the Balance Sheet shows net eurrent assets or working capital of £171.063 12023 - £76,648>. The net book value of fixed assets held, all of whid) a used directlyfor tharitable purpose5, amounted to £381,01912023- £376.1241. Page 2
The Intematlonal College Of Orfentsl Medl(ine IU.Ll Umlted (ReStered number: 013156421 for the Year Ended 31 August 2024 FINANCIAL REVIEW Investment powers and poliry Under the MemorandLJm and Artides of Association, the charity ha5 the power to make any investment which the Trustees see fvc. The Trustees have considered the most appropriate policy for in¥tinE funds 2nd have found that sh deposits are the safest forn of inve5tmenL Reserves pollcy We do not have any material financial investments, and we do not hold onto any restritted funds. The only key fattor that may affert the financial position of the college Is a fletteasÈ of swdent numbers. The college has been proactive scheduling more Open Days lthe feedbad( Is positive $0 far, and we anticipate that our numbers vrill Increase) and intreasing our promotional athvltSes. However. to ensure the ongolng financial ablllty of the tharlty, ICOM continuesto develop and expand revenue streams, such as.. The furtherdevelopment of ourdassical acupuncture CPD program, (Continued Professional Development). We careftllly 5elert and platfomi experienced stho5ars and educators of ChIne Medicine with the vlew to cementlllg our reputation a5 the countries leading provider of acupunclure CPD'& The aim of our CPD'S endeavors is to eventualty treate a master's program of acupuncture at ICOM. The recruitment of carefully selected pracrttioners of various health modalrties, with a view to Increasln8 revenue stream5 for the college but alsowlth the eW to developing an integrated health center, e.g. we are in di5CU55ion with a gynecdogist and pediatrician who are looklng t05et UP 3 prlvate practlce at ICOM and tojoin our MU141sC1P1inaryteam. In collaboratlon with other acupuncturete3ching institutions, we are exploring avenues for mutually benefiaal collaboration. Part of ICOM'S five year strategic plan Is a retum to the higher education framework, to this end ICOM is preparing relewdnt emdence and documentation in adIneSS forthè appllcation for Office for Students. Golng ¢on¢em After maklng appropriate enquiries. the Trustees have a reasonable expettation that the charity ha5 adequate resources to continue in operational estenCe for the foreseeable future. For this reason. it continues to adopt the going concern basis In preparing the financial statemer)ts. STRUCTURE, GOVERNANCE AND MANAGEMEI Governing document The charity is controlled by its govemlng document, a deed oFtrusL and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2(X)6. Page 3
The Internatlonal College 01 Orfental Medldne {U.K.l Llmlted (Reglstered number: 013156421 Reportofthe Trustees forthe Year Ended 31 Augit 2024 The International College of Odental MedSclne IUKI Limed Is regtstered as a company liwnited by guarantee and not having Share capital. Its operations are 8ovemed by its Memorandum and Articles of Assouation IM&AAI. The International College of Oriental Medicine IUKI Limited was re@5tered at Companies House on 31 Mav 1977 under regnstration number 01315642 and the tharity is registered with the Charities Commisslon on 22 September 1977 under reference number 274066. Recruitment and appointment of new tfustees As set out In the Articles of A550Ciation the chair of the Trustees 15 norrTinated by the other Truste. The directors of the organisation are also the (harity Trustees lor the purposes of charity law. The Board of Trustees has power to appoint additional Trustees as It sees fiL The Trustees have no beneficlal Interest In the company other than as members. The Trustees are also the directors of the company. All of the Trustees are members of the company and guarantee to contribute £1 in event of winding UP. Indurtlon and tralnlnB of newtrustees The Tru5tee5 maintain a good working knowledge of charity and company law and best practice by regular ading of charity press articles and s(rutiny of Companies House, Charity Commission and other Government and voluntary organisation advisory websltes. New Trustees are &Ven copies of the Memorandum and Article5 of Association and copies of previous mlnutes and attend an indudon se5slon glven by an experIend TrLee. Related parties The charity ha5 relationship5 Wth related parties and other tharthes and organisations with whlch It co- operates in pursuTt of its charitable objective5. Page 4
The Intemational Qlllege Of Orfental Medicine IU.K.l Limited (Regtered number: 013156421 Reportof theTrustees for thè Year Ended 31 August 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Management and governan The College'5 mission statemert To be a ntre of eXllenCe for acupuntture teachin& health re and research by the contemporary applI110n of dassical acupuncture. The 5nternatlonal College of Oriental Medicine IUKI Ltd is the oldest Acupuncture teaching institution in the UK and one of the oldest In Europe. The cDllege, cornmonty known a5 ICOM, founded ir) 1972 and since 1977 has had Its resldence in the company owned building in East Grinstead. ICOM is a registered charity which aims at formlng highly 5peaalised practiong acupuntturists over a period vawng from (full tlme student engagement) to five year5 Ipart time student enga8ementl. Struciure of internal management and go¥emance The day-to-day management and administration of the College Is carrled out by the Management Team, comprfslng of the General Manager, Student Administrator, Communications Executive and Academic Researcher headed by the Principal. Besides 2 fv11-time members (Student Administrator) and (Communications Executive) the others all work part-time. The Team meets monthly and occasionally attended by 8 representative from the Board of Govemors. The Management Team is accountable to and guided by the Board of Govèmors. Our ten Governtsr members are drawn from a variety of professional CkgroundS other than and Including Oriental medldne; an elected faculty representative is also represented there. They a responslble for the overall Institutlonal and academic dirertion and strategic plannlng. They oversee the actiwties of the Prinapal (Accountable ofFicerl ensurlng that the charlty is carrylng out its purpose5 for the public benefit (the primary stskeholders being patients and students), complylng Wth the current legislation in the be interest of the college Students and dinic patients and respol1Y managlng the college resources. The Principal reports to the Govemor members at Board Meetings $0 that any new policy the Pro8ramFne Committee or the Management Team may propose is independently ratified by the Board. The Programme Comtnittee comprises all course leaders and supportteaching 5tsff120 part time lerturersl who meet twi a year to review academlc standards, dlscuss and evaluate course material, monitor course development and delivery and ensu the ofvgoing development and enhancemerit of learnlng and teathing accordirkgto the followingthree main drivers: I Student feedback..The Student C(Ale8e Representative reports fomially to the Programme Committee andlor through student representatives for each group during meeting5 with the ManagementTeam t(metabled once a term. 2 Student performance Facu professional or pedagogic development inpuL External relevant partners Page 5
The Intematlonal College 01 Orlental Medlclne lu.) Umlted {Reglstered number. 013156421 fortheyear Ended 31 August 2024 StRUCTURE. GOVERMNCE AND MANAGEMENT The College continues to engage with, and ensure compliance with all required prOcses. policies and requiremènts of the Brltish Acupunrture Actreditstion Board IBAABI which 15 its professional and statutorv partner. ICOM completes an annual monttoring report each year IAMAFI and the Institutional dinical 5elf-audit report (lAl for the BrttÉsh Acupunrture Counal. The award the students re1ve is the same as all Students have received since 1977, the Ucentlate in Acupunrture, offering entry to professional rewstration in the UK with the British Acupuncture Counal IBACCI. Operatlons of Internal managemeftt and gownance As per the guidelines of The Higher Education Code of Governan, ots and the Nolan Prfndples of Public fe, ICOM Eoverning body. ha5 independent members who a fft and proper certified,. its constitution, terms of reference and regulations are available on Companies House,. keep5 a register of relevant conflicts of interest,. protetts the reputation of ICOM by reviewirE all the pdiciesthat are in pla,. In order to fulfil ICOM rnission statemenL monitor5 howthe ManagementTeam and Programme Committee enforce and follow those policles,. the Board record5 these aCtbvIti in the minutes of meetings which provide evldence of how the Board maintsin5 oversight of the in5titution'5 compliance with relevant legislation and regulations- acts as a uitical friend, including athsing on strategyand its effectiveness; monitors the quality of educational provi%on ensuring that the requirements of all the external bodies IBAABI are Satisfied. reviews regularly ICOM'5 financing overseeing- o the artivities of the Student Administrator, who108s In the SLC funds on our dedicated seNer, and the Bursar, who processes these monies. o the activities of the Clinic and College income and expenditure5; o these CordS are then are audited and cerbfied by an independent accountant. This is achieved through a strong partnershlp with the Management Team and Programme Committee whose artivities are coordinated by the Prinapal supported by the Academic Adwsory Board. An elected member of the programme CmIttee IFaculty Representativel always sits at Board meetings to ensLJre that the students, patlents and staff members voices are heard. To increase clarity in reporting. the Academic Advisory Board are Invited to Board Meetings and ad h¢x de51Ened Strategy days. Conversely. a member of the Board is customarily invited to Management Team and Programme Committee Meetings to hear directly the voice of caff and students. (Furthermore, one of the directors is a member of the general public and patient of the ICOM clinic.) Finally, Board member5 have acces5 to 311 actiwties of the Management Team IMinute5 of meetin8s, Plannin& Notes and digttal Ihatsl through MS Office365 digital platform in order to ensure that, even though the Board of Governors meets three times a year, the Is a ConnU0us exchange of informaiion between the ManagementTeam 2nd the Board. Page 6
The Intsmational College Of Orlental Mediilne IU.Ll Limrted {Rstered number: 013156421 Report ofthe Trustees forthe Year Ended 31 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The members of the Programme Committee are speaalists andlor prattitioners in their own fields, mostly in acupuntture and other areas of Chinese mediane or conventional medicine. Ml leaders of academic courses are qualified teaching profeSonal5, whereas ainical courses are led by senior practitioners with at least 15 vears Df clinical experience. Collettively they a respon%ble for enhanment actions as part of the course monitorin& annual monitorin& assessment monitorin& response to extemal examiners commentaryi and student feedback. Student feedback is collated via fomial course evaluations, the Student College Representative reporting formally at Programme Commtttee Meeting> Students, PortFolio presentation las part of their professional development module) and throu8h specifically timetsbled meetin85 btheen student representatives and relevant members of the Management Tearn. Programmo CDmmittee membèrs, supported by the Sdent administrat¢X, also have pastoral wellbeing duties and att as personal tutors who meet thelr tutees at least On per terni Ibeing available to offer additional SUPPOrt If Yequlredl. A selected group of teaching staff consttLute5 the clini¢ sUpervir5, team Vdho are responsible for the students, technicallclinical education as well as the transmission of the ethical values Informing Acupuncture Snterventlon as lald (xrt in the British Acupuncture Ccrtjnal IBACCI Ccmle of Conduct. Thls comblnatlon of professlon31 teathing skills and small da55 sizes results in a high level of personal student SLJPPOrt and attention which is Èwidenced by the commendations receive(J by The Brsh Acupuncture Accreditation Board IBAABI. Extemal stakeholders The award has been developed by the college programme team, Input from students, Unlverslty colleagues, exiemal examiners and the professional body. The validated programme has been designed to meet key UK higher education requirements. It meets the UK Quality Code for Higher Education requirements and leve15 of learnin8. The college fdlows traditional HE practice in that each full year of study enables students to goin 120 credits and over three full years, the award of 3f1 credits. The leaming OLrtcomes of each course Ilnk back dlrectly to the overarthing aims of the programme. The asse55ment opportunities are caFullY designed to meet leaming outcorne5 and the standards set for the award are appropriate for quallficatlons at the level. Academlc Standards External Examlner Appointed by ICOM, one of the role5 of External Examiners IEEI is to ensure that Integrty and appropriateness of academic Standards are maintained. Page 7
The Intemafjonal College Oforfental Medlclne IU.Ll Llmltod IRetsered number. 013156421 Report of the Trustees forthe Year Ended 31 Augusl 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Professional accreditation by the professional acupunctu body IBAABI entaits annual and periodic monitoring of the programme. The ICOM programme continues to meet the requirements of the BAAB In terms of content, leaming hours, ¢linlc hour5 and codes of practice, ewdenced in the mapping of all courses to the Standard5 of Education and Training for Acupuncture 2011 (sAl and following the rule5 of the BAAB Accreditation Handbook The BACC'S SETA have informe(l all parts of the ¢urriculum and leaming outcomes for the programme. The programme has been designed to pèrmtt those srvdents who successfully ctsmplete 311 courses at each levol of the programme to satisfy the expectations and reqU1ments of the SEtA, thus equlpp5ng them wlth the professlonal standards and 5kilts of the healthcare practtuoner In acupuncture. Successful graduates are ell8lble for prof¥slonal registration with the BACC The BACC Standards of Prdctice for Acupuncture ISPAI are the set of professional standards to which all practitioner5 must comply. and these reflert much of the leaming and teaching taking pla within the programme. The renewed accreditation visits are comprehensive and incjude observing letture5, observlng cllnit supervision. meetings with management team, letturers, and students, exarrtining all institutlonal d¢xumentadon 5ncludlng financial accounts, resource5, and faalities management. The Unlverslty conduded in thelr malor review in 2017 that 'lCOM are subjeci to both QM and BAAB monitorlng processes wlth each havlng a dlfferent appmach.. The Unlversity are reassured th8t the BAAB ensures a bespoke QA pro$5 whlch is developmental, rigorous. illuminating and has produced an excellent result for ICOM. ICOM considers this to be a very important developmental process which enables them to be critical and to enhance standards prOf510n31IY." The BAAB approved the programme unconditionally in April 2022 and awarded the maximum period of accreditation 16 years) at tts latest major periodic rewew. ICOM wa5 in partnership with The University of Greenwich from 2011 2018, and we are in the pro55 to re-enter the higher education framework and a university pathershlp. CHAC ICOM, through its longstanding foundlng OF. and a5¥atIon wth, the Counal of Heads of Acupuncture Colle8es ICHACI is attively involved in discussions of educalional stsndard5 and quallty and in sharing best prattl and staff development opportunitles. REFERENCE AND ADMINISTRATIVE DEfAiLS Re8lstered Company number Q1315642 IEngland and Wales) Reglstered tharify number 274066 Page 8
The Intern1081 College Of Orfental mldne iu.Kl Llmlted IReglstered number: 01315642) Report ofthe Trustees for the Year Ended 31 AUgt 2024 Règlstered offlce Van Buren House Green Hedges Avenue East Grinstead West Sussex RH19 IDZ Trustees A M Brooks Retired Chartered Engineer G W D K Calcutt (hartered SuNeyor Ms A & Edwards Aeupuncrurfst Anil Interfalth Mlnlsrer R J Elliott Lecturer T O W Ings Princlpal (appointed 111/20241 R J link5 c0MerCIal Director Mrs S L Major Acupuncturist Dr S Sumar International Development (appnted 13112120231 H Chummun Course Co-ordinator, University Of Gree Ire5igned 417120241 D W Jinks Chartered SuNeyor Iresigned 2112120241 Mi55 H R Ledson Healthcare Assistant E Basagni Principal Iresigned 31112120231 Company Secretsry MrsAM Gunter Auditors Swindells LLP Chartereé Accountants and Statutory Audltor Atlantic House 8 Bell Lane Bellbrook Industrial Estate Uckfielé East Sussex TN22 IQL STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees Iwho are a150 the directors of The Intemational College Of Orlental Medicine IU.K.l Limited for the purp05e5 of company lawl are responsible for preparing the Report of the Trustees and the finanoal statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel indudin8 Financial Reporting Standard 102 "ThÈ Flnancial Reporting Standard applicable in the UK and Republic of Ireland" Page 9
The International Co]lege Of Oriental Mediclne IU.ILI Limited {ReStered number. 013156421 Report oftheTrustees forthe Year Ended 31 Au8115t 2024 srATEMENT OFTRUSTEES, RESPONSIBILmES- contlnued Q>mpany law requii 2$ the tnJrtee5 to prepare fin3nual statements for each financlal year which give a true and fair vlew of the state of affairs of the charitsble company and of the incoming resource5 and appliratlon of re50urce5, induding the income and expenditure, of the thartsuEe rompany for that perit)d. In prèparing thosÉ financial statements, the trLLStees are required to sÈlett sultsble accounting pdiaes and then apptythem coyslstentty; observe tho method5 and principles in the Charity SORP: make judgeTnents and estimates that are reasonable and prudent. pr&pare the financial statements on the goinÈ concem basi5 unless is inappropriate to presume that the ¢haritsble company will continue in business. The tsu5tees are responslble for keeping propel accountin8 records wh¥th dlsdose with reasonable accurd¢V al ny tlme the financial positlon of the chaTttable company and to enable them to ensure that the flnancial statemènts comply with the Companies Act 2006. They a.* also respon5i?le for safeguarding the assets of the charitable company and hence for tsking Teasonable steps for the preve.ition and detÈrtion of fraud and other Irregularitie5. In so faras thetnjstees are aware.. ther? 15 no relevant audit info:"mation of which the dritable compaftvs aurff(ors are unaware: and the trustees have taken all steps that they ought to have taken to tr.ake themselve5 awafft of any relevant audit infomiation and to establi4h that the auditors are aw3re Df that Infomiatton. AUDITORS The audito, Swindelts LLP. will be proposed for rwppointmentatthe forthcoming Annua,, General Meetlng. Approved by order of the bo3r(l of trUee$ orh............ ... . and signed on its behalf by.. Mrs S L MajDr-TrustÈÈ Page 10
Report ofthe Independeth Audltorsto the Members of The Intsrnalional College Of Or•entsl Me(fKine IU.Kl Limlted Oplnlon We have audited the finanoal statements of The International College Of Oriental Medlcine IU.K.l Llmited (the 'charitable company'l for the year ended 31 AuSt 2024 whith comprise ihe Statement of Financial Actlvides, the Balan Sheet and note5 to the finanual statements, induding a summary of signthcant accountlng policies. The financial reporting framewoTk that has been applied in their preparation is applicable law and United ngdom Accountlng Standards (United Kingdom Generally Ac£Èpted Accounting Practice), including Financial Reporting Standard 102 The Financial Reportlng Standard applhcable in the UK and Republic Df Ireland,. In our opinion the financial statements.. give a true and fair view of the state of the tharitsble company's affalr5 as at 31 August 2024 and of it5 incoming resources ané application of resour, induding Its income and expenditure, for the year then ended- have been prDpeAy prepared in accordance with Unried knngdom Generally Accepted Accounting Prattice, Including Financial Reporting Standard 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland,, and have been prepared in accordan with the requirements of the Companies Act 2(MJ6. Basss for opinion We condutted our audit in accordance with Intemational Stsndards on Audsbng IUKI IISAS IUK}l and applicable law. Our responslbllities under those standards are further described in the Audrf(ors' SpOnSIbl11t1eS for the audit of the financlal statements section of our reporL We are independent of the charitable company in accordance wTth the ethical requirements that are relevant to our audit of the financial statement5 in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan wth these requirements. We believe that the audit emdence we have obtained 15 SLffitlent and appropriate to provide a basis for our opinion. Concluslon5 relatlng to going conrn In auditing the financial 5taternertts, we have concluded that the tnjstees, Use of the 8oin8 conrn basis of accoLJnting in fhe preparation of the finanaal statements is appmpriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or cdlectively, may (ast significant doubt on the charitsble company's ability to continue as a going conrn for a period of at least twelve month5 from when the tinancial statements are authori5ed for Issue. Our reSpsibIlItieS and the responsibilities of the trustees with respert to gDing COnM are descrfbed in the relevant sections of thls report. Page 11
Rep)rt¢)f the IndependentAudllorstothe Member5 of The Intematlonal College Of Orlentsl Medldne {U.K} Limited Other Infomiatlon The trustees are responsible for the other information. The other informat6on comprlses the information included In the Annual Report, other than the finanual statements and our Eleport of the Independent Auditors thereon. Our opinion on the finanaal statements does not cover the other Infomiation and, eXpt to the extent otherwise explicitlystated in our report, we do not expr anyfom) of assurance conclusion thereon. In connectlDn with our audit of the financial 5tstemerrts, our respon51bllity is to read the Other Informatlon and, in doing so, consider whether the other information is materially inconsistent wth the flnanclal statements or our knowledge obtained in the audtt or otheNdise appears to be materially mlsstated. If we identify such material inconsistendes or apparent material misstatements, we are requirtd to determine whether this gives rise to a material misstatement in the finanaal statements themselves. If, based on the work we have performed, we condude that there is a rnaterial misstatement of thls other informatton. we a required to rep¢Jrt that facts We have nothin8 to report in this regard. Opinions on other matters presuibed by the Companies Art Z(J)6 In our opinion, based on the work undertaken in the course of the audtt: the Information given in the Report of the Tru#ees for the finanoal year for which the financial statements are prepared is consistent wlth the finan¢lal statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on whith we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and Its enwronment obtalned in the coutse ofthe audit, we have not identified material mi55tatements in the Rep of the Tmstees. We have nothing to report In respett of the followng matters where the Companies Act 2CM)6 reqLJlres us to port to you if, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been recelved from brdnches not wsited by us- or the finanual statements are not in agreement the accounting retords and Zrn$,. or certain di5closuie5 of trustees, remuneration specified by law are not made; or we have not received all the infom)ation and explanations we require for our au(lit,' or the trusrees were not entled to take advantsge of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Tru5tee5. Page 12
Reportofthe IndependertAuthtorsto the Members of The Intemational College Of OrSental Medidne {U.Ll Llmlted Responslbllltles of trustees As explained more fully in the Ststement of Tru5tees' Responsibiltknes, the trustees Iwho are a150 the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being sab"sfied that they brive a true and fair wew, and for such internal tontrol as the trustees determine is necessary to enable the preparation of finanaal strdtement5 that are free from material misstatement. whèther due to fraud or error. In preparing the flnandal 5tstements, the trustees are responsible for assessing the charitable companvs ability to continue as a Boing concem, disclosin& as applicate, matters related to going concern and using the golng concern basis of accounting unless the trustees erffher intend to liquidate the charktable company or to cease operations, have no realistic altemative but to do so. Page 13
Report of the IndepÈndentAudllors tothe Members of The Intemalional College of Orfental Meddne IU.Ll Llmlted Our responslbllltles lorthe audit of the flnanclal ststements Our objectlves are to obtain reasonable assurance about whether the finanaal staternents as a whole are free frgm material misstatement, whether due to fraud or error, and to issue a Report of the Independent Audittsrs that Inc5udes our opinion. Reasonable assuran is a high level of assuran, but is not a gualantee that an audit condurted in accordance wth ISA5 IUK) wll alway5 detect a material misstatement when It exlsts. Misstatements can arise from fraud or eor and are considered material if, indiwdually or In the aggregate, they could reasonably be expected to infiuence the economic deasions of users tsken on the basls of these financial statements. Irregularities, induding fraud, are instances of non-complian th laws and regulations. We design procedure5 in line with our responsibilttie5, Outlined above, to detect materlal miutatements in respect of 5rreEularitie5, induding fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below= the company's intemal controls have been discussed wtth management and understood priorto our audit testing. Internal controls have been tested through walkthrough testin& to assess whether controls are adequate, whetherthey are being fdlowed, and whether irregularftles and fraud are prevented. deficienae5 in internal controls have been highlighted and explainedto management. along with recommendation5 a5 to how defiuencies can be improved and the risk of irregularlty and fraud occurrence miNimi5e(J. repr&entations have been promded by mana8ementthat the were no Identified cases of fraud or iranCeS of non-compliance during or since the accounting period. substantive testing has been carried out to test the validity of traactIOns. th entrie5 in the accounting system vouched to corresponding third party documentation and evidence of appropriate authorisation. Because of the inherent limitstions of an audÉL there is a risk th8t we wll not detect all irregularities, induding those leading to a material misststernent in the finanoal statements or nortrcompllance with regulatlon. This risk increa5e5 the more that c(113n wth a law or regulation 15 removed from the events and transartions refletted in the financial statements, as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentlonal con8]rnent. forgery. cotluslon. omlssion or misrepresentation. A further description of our responsibiltties for the audit of the financial statements 15 located on the Flnandal Reporting Council's website at www.frGorg.uklauditorsresponsibilities. Thi5 description forms part of our Report of the Independent ALsditors. Page 14
Reportof the IrKlependertt Audknrs to the Members of The International College Of Orlental Mediune IU.L) Llmlted Use of our report This report is made solely to the thadtable compary's members, as a boo*, in accordan with Chapter 3 of Part 16 of the Companles Att 2006. Our audit work has been undertaken so that we might stste to the charitable company's members those matters we are required to stste to them in an auditors, report and for no other purpose. To the fvllest extent pemiitted by law, we do not accept or assLJmÈ rpC>nsibIlity to anyone other than the charitable company and the tharitsble cornpanvs members as a body, for our audit work, for thls report, or forthe opinions we havefom)ed. nna Green Bsc FCA Isenior StstutoryAuditorl for and on behalf of Swindells LLP Chartered Accountants and Statutory Auditor Atlantic House 8 Bell Lane Bellbrook Industrlal Estate Uckfield East Su55ex TN22 IQL Date.. Page 15
The Internati¢)nal College Of Orlentsl Medlane IU.K.) Llmlted Statement of financial Actlvltles fortheyear Ended 31 August 2024 2024 UTrtrfrted fund 2023 Total fvjnds N¢)tes INCOME AND ENDOWMENTS FROM Donatlons and legacies 85,303 1,356 Charltable actlvltle5 Charitable activities 307,231 299.257 Investment income 8,259 4,331 Total 4W,793 304,944 EXPENDITURE ON Charftable activities Staff costs Dirert project cost5 Premises costs Support costs Governance costs 222,761 3,965 24,638 39,776 5,220 152,822 22,826 22,544 75,856 6,060 Total 296,360 280,108 NET INCOME 104,433 24,836 RECONaLIATION OF FUNDS Total funds brought forward 447,649 422,813 TOTAL FUNDS CARRIED FORWARD 552.082 447,649 The notes form part of these finanual statements Page 16
The Intematlonal College Of Orfental Medicine IU.K.l Limited {Regi5tered number: 013156421 Balance Sheet 31 August 2024 2024 Unrestricted fvnd 2023 Total funds Notes FIXED AS5Ers Tangible assets li 381,019 376,124 CURRENT ASSErs Debtors Cash at bank 12 104,712 i,iio 18,321 193.104 255,822 211,425 CREDITORS Amounts falling due within one year 184.7591 1134,7771 CURRENT ASSErs 171,063 76,648 TOTALASSs LESS CURREMT LIABIUTIES 552,082 452,772 CREDrroRS Amounts falling due after mDre than one year 14 15,1231 ASSErs 552,082 447,649 FUND5 Unrestricted funds 17 552,082 447,649 TOTALFUNDS 552,082 447,649 The notes fomi part of the5efinanaal ststements Page 17 continued...
The International College Of Oriental Medicine IU.Ll Llmlted (Reglstered number: 064z} alan Sheet- contlnued 31 Ai¥ust 2024 These financial Statements have beer prepareil Sn ¥CcOrdan with the E)rwslons appficable to charitsble companie5 subjectto the STnall cornpar.ie5 reglme. Th? finan tements werè ap?roved by the Board of TfteeS and authorised for issue on . and were Signed on behalf by: DLI... S L Major-Trustee The notes forffl part ofthese finanaal statemeftts Page 18
The Intematlonal ColÈ8ge Of Orlentsl Medldne IU.Kl Llmlted Notestothe Flnandal Ststements for the Year Ended 31 AuBUSt 2024 ACCOUNllNG POLICIES Basis of pparfn8 the flnan¢lal smements The financlal statements of the d)arttable Company, whlch Is a public benefrt entity under FRS 102, have been prepared In accordance wlth the U)artties SORP IFRS 1021 'Accounting and Reporting by Charities.. statement of Recommende(I Pra¢kn applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectTve I January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Att 2. The financial Statements have been prepared under the htorICal cost convention. The finanaal st2temerrt5 are prepared in 5terlin& whith is the funttional currency Df thè charlty. Monetaryamounts in the finanaal 5tstements are rounded tothe nearest L Judgements and key50urce50f esilmallon uncertalnty In the appli(3tion of the charity's accounting poliue5, the tru5tee5 are required to make judgments, estimates and assumpti¢)ns about the caryin8 amount of assets 8nd liabilities that are not readily apparent from other sources. The estlmates and associated assumptions are based on historical experience and other factors that a consldered to be relevant. Actual results may differ frorn these estimates. The estimates and undeding assumptions are reviewed on an On8n8 basls. Rèvlslons to accountlng estimates are recognised in the period in which the estimate 15 revised where the revlslon affects on that period, or in the period of the reision and future period5 where the re$lOn affects both current and future periods. Income All incorne is recognised in the Statement of Financial Athttses once the charity entitlement to the funds, it is probable that the income wll be received and the amount can be measured reliably. Grant Income Grants are credited tothe statement of financial artiwtses when the charity is entitled to the funds. Where entitlement to grants re¢ewable is dependent upon fvffilment of condthons withln the charty's contml, the income is recDgnised when the Is suffiaÈnt Qthdert that conditions will be met. Grants supportlng the core activities of the d)arity and no specific restrictions placed upon their use are included within donatlons and legaoe> Grants th* have specific restrictions p5aced upon their use are in¢luded within income from charitsble activities. Capital grants for the purchase of fixed assets are uedtied to restriCd incoming resouTte5 on the earlier date of when they are received or re1Vable. Depreaation on the lated fixed Sets is charged against the re5triLted fund. Donatio and lega¢ie5 Page 19 continued...
The Intemati¢)nal College Of Orlc*rtal Medldnè IU.L) Llmlted Notes to the Flnandal Statements- contlnued forthe Year Ended 31 August 2024 AccouNnNG POUCIES- contlnued Income Donations are recognised in the period in whith they are received. Legaty income is recognised when the charity's entitlement is judged to be probable and wherethe amount can be reliably measured. Contract income Income from charitable activrties include income recognsse(l as eamed las the related goods and service5 are providedl under contrart. Investment Income Investment income is included when receivable. Expendlture recognltlon Expenditure is recogni5ed once there is a le8al or constructive obligation to make a payment to a third party, it is probable that 5etdement will be required and the arllount of the obligation be measured Exponditure is classified under the followlng acriwty headings.. al Cost of raising funds comprlses costs of seeking donations and carrying out fundraising activities and their associated support Costs. bl Expenditure on charitable activities include expenditure associated with the main oblettives of the charity and include both directs costs and their 3550ciated support Costs. Allocatlon of support costs Support Costs are those funcborns that assist the work of the tharity but do not directly undertake charitable acrivities. Support Costs indude ba(k office costs, fiftan and administration personnel, P2yroll and governance costs whlch support the charitys programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on whlch support costs have been allted are set out in note 6. Tanglble flxed assets Depreciation is prowded at the followng annual rates in order to write off each a55et over its estifflated Useful life. Freehold property Library Fixture5 and rIng5 Computer eqtslpment 15% on reducing balance 15% on reduclng balance 15% on reduung balance 25% on reduong balance FehOld property is depreciated on the cabin element and other freehold improvements from 2021. The gain Dr loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asse¢ and is recognised in the statement of financial activities. Page 20 continued...
The Intern1031 College Of Orientsl Mèdldnè IU.L) Llmtted Notss to the Anandal Statements- contlnued forthe Year Ended 31 August 2024 ACCOUNllNG POLICIES- contlnued Taxatlon The charity is exemptfrom CoTpOrati tax on its thèritable 3CbMties. Fun(k accountlng The general fund comprises those monies which may be used toward Meen8 the charltable oblectlves of the company at the diset10n i)f the Management Board. The restricted funds are monies raised for, and their use resknrted to, a specrfic purpose or donations subjecr to donor-lmposed ts)nditions. Pension costs and other pOStsreMent benefits The charitable company operates a defined contrfbutlon pension stheme. Contributions payable to the charitable company's pension scheme are charBed to the Statement of Financial Actimties in the period to which they relate. Volunteers and donatsd seThryces and facifrties Donited professional seNces and donated faolities are recognised as income when the charity has control over thè Item, any conditions ass¢xiated vthth the donated item have been met, the receipt of econom5¢ benefit from the use by the tharity Df the Item Is probable and that economic benefit can be measured reliably. In accordance the Charities SORP IFRS 1021, the general volunteer time is not recoBnised and refers to the trustees, annual rewtfor more infomiation about their contribution. On receipt. donated prOfeonal services and donated faalibe5 are recogni5ed on the basis of the value of the gift to the charity whith is the amount the tharity would have been willing to pay to obtain services or facilitie5 of equivalent economic benefit on the open market- a correspDnding amount Is then recoEnised In expenditure in the period of receipt. Debtors Trade and other debtors are recognised 8t the setdement amount due after any trade discount offered. ppaYMents are valued at the amount prepèid net of anytrade discounts due. Cash at bank and in hand Cash and cash equivalents indude cash in hand, deposit5 held at call wth bank5. (rther short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Credllors and prOSlon5 Creditors and provisions are recogni5ed when the (harity has a legal or construrtlve present obligation as a result Df a past event. it 15 probable that the thaTity wll be required tQ settle that obligation and a reliable esdmate can be made of the amount ofthe obligation. Page 21 continued...
The Intemadanal College 01 Orlental Medlclne {U.K.l Llmlte(I Notssto the Finandal Statements- continued forthe Year Ended 31 August 2024 ACCOUNTING POUCIES- contlnued The amount recognised as a provision is the best estimate of the eonsideratlon requlred to settle the present obligation at the reporknng end date, taking into account the risks and unrtaInt[e5 surrounding the obligation. Where the effect of the time value of money is rnaterial, the amount expecied to be required to settle the obligation is recognised at presenl value. When a provision is measured at present value, the unwinding of the discount is recognise(185 a fi.nan c05t in net incomellexpenditurel in the period in which it arises. Flnanclal Snstrurnents The charity ha5 elected to apply the prO510n5 of Sedon 11 'Ba¢ financial instruments, and Section 12 'Otherfinanaal instruments issues, of FRS 102 to all of its financial instruments. Flnanclal instrnjments are recognised in the charity's balan sheet when the chaty become5 party to the contractual prowsions of the instrument. Financial assets and liabilities are offset, wtth the net amounts presented In the financlal statements, when there is a legally enforable right to set off the recognised amounts and there Is an Intentlon to settle on a net basis orto reali5e the asset an(1 settle the liability simultaneously. Cash flow ststement The charity qualifies as a small company and advantage has been taken of the exemption PTowded by SORP IFRS 1021 amended by Bulletin 2, not to prepare a cash flow statement. DONATIONS AND LEGAaES 2024 2023 Donations Legacies Grant5 I,OOD 85,OCQ 303 356 85,303 1,356 Grants reived, induded in the above, are asfollows.. 2024 2023 Grant for boiler 303 356 Page 22 continued...
The Internatlonal CollÈKe OFOrfentsl Medicine IU.Ll Limited NDtestothe Finanffial Ststemerrt5- corrtlnued lor the Year Ended 31 Au8Wt 2024 INVEsfMENT INCOME 2024 2023 Dep051t a£Unt interest 8,259 4,331 INCOME FROM CHARITABLE ACTiwllES 2024 2023 Activity Charitable activtbes Charitable activttses Charttsble actiwties Charitable acrlvities Student fees Post graduate fees ainic fee5 Sundry receipts 232,221 14,851 5D,227 9,932 224,281 19,398 52,541 3,037 307,231 299,257 CHARITABLE ACTivmES COSTS Support costs (see note 61 Direct Costs Tota5$ Staffcosts Dlrert project costs Premises costs Support costs Governance costs 192,686 3,965 24,638 4,417 30,075 222,761 3,965 24,638 39,776 5,220 35,359 5,220 225,706 70,654 296,360 Page 23 continued...
The Intemational College Oforiental Medicine IU.K.l Limlted Notes to the Flnanaal Statements- contlnued forthe Year Ended 31 August 2024 SUPPORT COSTS Govemance Costs Management Totsls Staff costs Support Costs Governance costs 30.075 35,359 30,075 35,359 5,220 5,220 65,434 5,220 70,654 Support costs, included in the above, are as follow5: 2024 Total activities 2023 Total artiwties Staff Support costs Governance Costs Wages Insurance Telephone Postage and stationery Advertising Sundries Travelling 5ubsuiptions Professional fees Bank ch3rges Bank loan interest Depreciation of tangible and heritsEe assets Audr(ors' remuneration 30,075 30,075 8,716 2,112 2,517 1,696 7,581 2,226 1,781 47,424 8,620 1,793 2,278 1,734 3,130 2,249 1,485 87 2,021 1,563 8.716 2.112 2.517 1.696 7,581 2,226 1.781 1,976 922 1,976 922 5.819 5,819 5,220 3,472 6,06D 5,220 30.075 35,359 5,220 70,654 81,916 Page 24 continued...
The Intematlonal College Of OTlental Medidne IU.Ll Umlted Notesto the Flnandal Staternents- contlnued for the Year Ended 31 A 2024 NET INCOME/IEXPENDITURE) Net incomellexpenditurel is stated after charwngjlcredtbngl.. 2024 2023 Auditors, remuneradon DepreciallDn- owned assets 5,22 5,818 6,060 3,472 TRusfEES' REMUNERA710N AND BENEFrrs During the year. two trustees received remuneration of £56.641 lone trustee for actlng as Princlpal and for providingteaching servIs. and one trustee for providing teaching servicesl Trustees, expenses There were no trustees, expenses paid for the year ended 31 August 2024 nor for the year ended 31 AuBust 2023. srAFF COSTS No employee received remuneration in excess of £fAJ.C(Q duringthe year. The key wnanagement personnel of the charity for the financial year comprised of the Principal, Dlrettor of Studie5, General Manager, Student Administrator and Communications Exeojtive. The total employee benefits of the key management personnel of the tharty were £126,587. The average number of full time equivalent employees was 6. The average monthly number of persons employed bythe tharty during the yearwas 1912023 '. 201 Page 25 continued...
The Intemallonal College Of Orfental Medldne IU.K.) Limrted Notesto the Flnandal Statements- contlnuèd for theyear ErKled 31 Aug1 2024 io. COMPARATIVES FOR THE ATEMENT0F FINANCIALAcnviTIES Unrestricted fund INCOME AND ENDOWMETrll5 FROM Donations and legacies 1,356 Charftable a¢tlvltles Charftable actlvities 299,257 Investrnent income 4,331 Totrl 304,944 EXPENDITURE OM Charitablè a¢ti¥ltles Staff $t5 Direct pr(trject costs Premlses costs Support costs Governance costs 152,822 22,826 22,544 75,856 Totsl 280,108 NET INCOME 24,836 RECONauATION OF FUNDS Total funds brought fonNard 422,813 TOTAL FUNDS CARRIED FORWARD 447,649 Page 26 continued...
The Intemational Colle8e 01 Orierrtal Mediune IU.L} Umited Notes to the Nnandal Statements- contlnued forthe Year Ended 31 Ast 2024 11. TANGIBLE FIXED ASSETS FtureS and fittings Freehold property Computer equipment Ltbrary TotaLs C05T At I September 2023 Addidons 395,015 10,713 8,294 65.818 27,251 496,378 10,713 At 31 August 2024 405,728 8,294 65,818 27,251 507,091 DEPRECIATION At I September 2023 Charge foryear 24,410 4,924 755 65 61,405 662 26,584 167 120,254 5,818 At 31 August 2024 29,334 7,920 62.067 26,751 126,072 NET BOOK VALUE At 31 August 2024 376.394 374 3,751 500 381,019 At 31 August 2023 370,EA)5 439 4,413 667 376,124 12. DEBTORS: AmOUs FALUNG DUE WITHIN ONE YEAR 2024 2023 Trnde debtors Other debtors Prepayments 6,835 85,[) 12,877 6,625 11,696 104,712 18,321 Page 27 contlnued...
The Intematlonal College Of Orfentsl Medidne IU.Kl Umlted Notesto the Ananaal Statements-contlnued forthe Year Ended 31 Aiyst 2024 13. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdraftslsee note 151 Trade creditors Social security and othertaxes Other creditors Accrued expenses Deferred govemment grants 5,312 3,950 3,615 64,285 5,880 1,717 12,205 3,233 2,033 109,226 6,060 2,020 84,759 134,777 CREDITORS: AMouTrifs FAWNG DUE AER MOREThAN ONE YEAR 2024 2023 Bank loans15ee note 151 5,123 LOANS An analysis of the maturity of loans isgiven below: 2024 2023 Amount5 falling due wthin one year on demand- Bank loans 5,312 12,2D5 Arnounts falling between one and two years: Bank loans- 1-2 years 5,123 Page 28 continued...
The Intrmati(bnal College Of Oriental Medi¢sne IlJ.L} Llmlted Notssto the Finandal Statements- contlnued for the Year Ended 31 August 2024 16. SECURED DEBTS The bank loan is secured by a fixed charge dated 14 January 2020 over the freehold property of the charlty. 17. MOVEMENTIN FUNDS Net movement in fund5 At 31.8.24 At 1.9.23 Unrestrlcted funds Generdl fund 447,649 104,433 552,082 TOTAL FUNDS 447,649 104,433 552,082 Net movement In funds. induded in the akN)ve are a5follows: Incoming resour Resources expended Movement in funds Unrestrlded funds General fijnd 400,793 {296.3601 104,433 TOTALFUNDS 4(Q,793 1296,3601 104,433 Comparativesfor movement In funds Net movement in funds At 31.8.23 At 1.9.22 UnTrstrlrted funds Getieral fund 422,813 24,836 447,649 TOTAL FUNDS 422,813 24,836 447,649 Page 29 continued...
The InternaOnal ColEege Oforientsl Medklne IU.ILI Limlted Notesto the Flnancial Statements- contlnued forthe Year EndÈd 31 2024 17. MOVEMENT IN FUNDS- contlnued Comparatlve net movement in fijrbds. includeil in the above are as follows: Incoming resources Re50urce5 expended Movement In fvnd5 Unrestrlcted funds General fund 304,944 1280,1081 24,836 TOTAL FUNDS 304,944 1280,1081 24,836 A wrrent year 12 months and prior year 12 months combined position is as follows.. Net mtrvement in fund5 At 31.8.24 At 1.9.22 Unrestrlded funds General fund 422.813 129,269 552,082 TOTAL FUNDS 422,81Y 129.269 552,082 A cuent year 12 months and prior year 12 months combined net movement in funds, iftcluded in the above are as follows.. Incoming resources Re5r)urces expended Movement in funds Unrestrirted fvnds Genoral fund 705,737 1576,4681 129,269 TOTAL FUNDS 705,737 1576,4681 129,269 Page 30 contlnued...
The Intsmational College Of Orientsl Medlane IU.IL} Liml*d Notestothe Flnandal Statements- conlinued for the Year Ended 31 Au8USt 2024 RELATED PARTY DISCLOSURES Payment to trustees and key management personnel are dlsdosed in note 8 & 9. Page 31