Charity Registration No. 276839
SOCIETY FOR MEDICINES RESEARCH
(SMR)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
SOCIETY FOR MEDICINES RESEARCH (SMR) LEGAL AND ADMINISTRATIVE INFORMATION
| Chairman | Dr M Hann | |
|---|---|---|
| Vice chairman | Dr S Butterworth | |
| Secretary | Mrs P Brown | |
| Treasurer | Dr R Davenport | |
| Trustees | Dr R Davenport | |
| Dr M Hann | (Appointed 4 December 2020) | |
| Dr S Butterworth | (Appointed 4 December 2020) | |
| Mrs P Brown | (Appointed 4 December 2020) | |
| Committee | Dr K Brown | |
| Dr P Jeffrey | ||
| Dr M Alavijeh | ||
| Dr G Macdonald | ||
| Dr S Skerrett | ||
| Dr M Konneh | ||
| Prof J Overington | ||
| Dr D Black | ||
| Dr I Gupta | ||
| Dr S Butterworth | ||
| Dr D O'Donovan | ||
| Dr L Lazarides | ||
| Dr M Swarbrick | ||
| Charity number | 276839 | |
| Principal address | Unit Q, Troon Way Business Centre | |
| Humberstone Lane | ||
| Thurmaston | ||
| Leicester | ||
| LE4 9HA | ||
| Independent examiner | Rishi Chandarana FCA | |
| BPC Chandarana+Co Limited | ||
| Chartered Accountants | ||
| Prebend House | ||
| 72 London Road | ||
| Leicester | ||
| LE2 0QR | ||
| Bankers | Bank of Scotland | |
| 14/16 Cockspur Street | ||
| London | ||
| SW1Y 5BL |
SOCIETY FOR MEDICINES RESEARCH (SMR) CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 10 |
SOCIETY FOR MEDICINES RESEARCH (SMR) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2021
The trustees present their report and financial statements for the year ended 31 May 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by 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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The objects of the Charity are the advancement of science relating to all aspects of drug research, primarily by providing a common meeting ground for all who are interested and involved in such research, with the purpose of furthering the education of such persons to be of ultimate benefit to the general public in the field of relief of sickness.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The funds of the Society were administered throughout the period under review by Dr R Davenport with professional assistance from The SMR Secretariat, Associaction Enterprises. The statement of financial activities have been reviewed by BPC Chandarana+Co Limited.
The accounting period under review ran from June 20 20 through to May 20 21 ; a period in which the Society's overall funds decreased from £ 40,567 to a total of £ 37,148 ; a decrease of £ 3,419 .
There was an increase in income from membership subscriptions (from £ 3,078 to £ 4,195 ), meeting sponsorship decreased (from £26,815 to £ 5,950 ) as did meeting registrations income (from £ 25,907 to £ 3,990 ). Operating costs fell (from £ 34,734 to £ 1,800 ) and support costs fell (from £ 20,248 to £ 16,399 ).
The SMR usually organise s four meetings during the year but this financial year ran 3 online meetings due to the COVID19 pandemic. The meeting scheduled for June 2020 was postponed to June 2021. The SMR physical venues vary but during this financial period all meetings were held online using the SMR bespoke Virtual Venue meeting platform. Between June and November 2020 there was no meeting activity at all. The first online meeting in December 2020 was 'Advances in Genetic Medicine' which attracted 63 online delegates. 'The Reality of Artificial Intelligence in Drug Discovery' held in March 2021 attracted 133 delegates and the third meeting 'Innovative early clinical trial designs and development strategies: evolution or revolution' (postponed from the previous financial year attracted 35 delegates. Meeting attendees for this year was down (231) on the previous year (273) however this is due to having held only 3 meetings. Caution should be exercised in such a comparison given the extenuating circumstances of this financial year. As always the Society is extremely grateful to both meeting sponsors and Companies who co-host scientific meetings.
The Society continues to maintain a stable operating balance commensurate with its scientific and educational remit and charitable status. The focus by the Officers and Committee in reducing operating costs has been very effective and should continue in the coming year. As always, increased efforts in expanding the profile of the SMR and ensuring that meetings are well advertised in advance will help in maintaining a sound financial footing.
The charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
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SOCIETY FOR MEDICINES RESEARCH (SMR) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate training is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Board's investment policy is to aim for safety commensurate with immediate and planned spending requirements. Accordingly, funds are held as cash balances and not invested.
It is the policy of the Trustees to retain a fund of such value as to provide for any unexpected expenditure on normal activities not covered by related income. The Trustees wish to safeguard the charity's ability to provide support in the future and aim to achieve this by judicious management of its resources.
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was established by a charitable trust deed on 13 October 1978, as amended 9 March 1993.
| The trustees who served during the year and up to the date of signature of the financial statements were: | The trustees who served during the year and up to the date of signature of the financial statements were: |
|---|---|
| Dr R Davenport | |
| Dr J Ritchie | (Resigned 4 December 2020) |
| Prof S E Ward | (Resigned 4 December 2020) |
| Dr P Weber | (Resigned 4 December 2020) |
| Dr M Hann | (Appointed 4 December 2020) |
| Dr S Butterworth | (Appointed 4 December 2020) |
| Mrs P Brown | (Appointed 4 December 2020) |
New trustees are inducted and trained by more experienced existing trustees including the Chairman, Secretary and Treasurer.
The Charity is administered by a Committee which meets regularly to discuss and implement policy and is directly responsible to the Board of Trustees. Trustees comprise the Chairman, an Honorary Treasurer and an Honorary Secretary, all of whom are appointed to the Board in accordance with the Rules.
The trustees' r eport was approved by the Board of Trustees.
Dr M Hann
Trustee Dated: 10 December 2021
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SOCIETY FOR MEDICINES RESEARCH (SMR) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOCIETY FOR MEDICINES RESEARCH
I report on the accounts of the charity for the year ended 31 May 2021, which are set out on pages 4 to 10.
This report is made solely to the charity's trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as 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 financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has no w been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Rishi Chandarana FCA
BPC Chandarana+Co Limited Chartered Accountants Prebend House 72 London Road Leicester LE2 0QR
Dated: 10 December 2021
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SOCIETY FOR MEDICINES RESEARCH (SMR) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Voluntary income - meeting sponsorship 3 5,950 - Charitable activities 4 8,185 - Activities for generating funds - Sale of meeting reports 5 2,220 - Investments 6 21 - Total income 16,376 - Expenditure on: Charitable activities Costs of charitable activities 7 1,800 - Support costs - Meeting registrations 7 13,048 - Support costs - subscriptions 7 3,351 - Total charitable expenditure 18,199 - Governance costs 1,596 - Total resources expended 19,795 - Net (expenditure)/income for the year/ Net movement in funds (3,419) - Fund balances at 1 June 2020 36,251 4,316 Fund balances at 31 May 2021 32,832 4,316 |
Total 2021 £ 5,950 8,185 2,220 21 16,376 1,800 13,048 3,351 18,199 1,596 19,795 (3,419) 40,567 37,148 |
Total 2020 £ 26,815 28,985 2,960 46 |
|---|---|---|
| 58,806 | ||
| 34,734 16,433 3,815 |
||
| 54,982 | ||
| 1,944 | ||
| 56,926 | ||
| 1,880 38,687 |
||
| 40,567 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SOCIETY FOR MEDICINES RESEARCH (SMR) STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2021
| Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Income funds Restricted funds Unrestricted funds |
2021 £ 18,384 23,259 41,643 (4,495) |
£ 37,148 4,316 32,832 37,148 |
2020 £ 11,710 32,540 44,250 (3,683) |
£ 40,567 4,316 36,251 40,567 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 10 December 2021
Dr R Davenport Trustee
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
1 Accounting policies
Charity information
Society for Medicines Research is a n unincorporated charity established by a charitable trust deed. The principal address is Unit Q, Troon Way Business Centre, Humberstone Lane, Thurmaston, Leicester, LE4 9HA .
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
The restricted fund is the Student Bursaries Fund which provides bursaries for students in need.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
1.4 Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
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SOCIETY FOR MEDICINES RESEARCH (SMR)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs represent costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination and grant audit fees and costs linked to the strategic management of the charity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less .
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BASIC FINANCIAL ASSETS AND LIABILITIES
Basic financial assets and liabilities , which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8 Direct taxation
As a Charity, the Society is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
| 3 Voluntary income - meeting sponsorship 2021 £ Meeting sponsorship 5,950 4 Charitable activities Subscriptions Meeting registrations Total 2021 £ £ £ Incoming resources from charitable activities 4,195 3,990 8,185 5 Activities for generating funds - Sale of meeting reports Unrestricted funds 2021 £ Non-charitable trading activities 2,220 6 Investments Unrestricted funds 2021 £ Interest receivable 21 |
2020 £ 26,815 Total 2020 £ 28,985 Total 2020 £ 2,960 Total 2020 £ 46 |
|---|---|
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
7 Charitable activities
| Costs of charitable activities Support costs - Meeting registrations Support costs - subscriptions £ £ £ Room hire 1,800 - - Refreshments - - - Mailing expenses - - - Printing expenses re meetings - - - Travelling expenses - - - Abstracts - - - Late event expenditure - - - 1,800 - - Share of support costs (see note 8) - 13,048 3,351 1,800 13,048 3,351 8 Support costs Subscriptions Meeting registrations £ £ IT costs 85 767 Secretariat 2,799 11,195 Committee expenses - - Bank charges 49 276 Telephone 51 460 Postage 26 9 Printing and stationery 101 101 Travel and subsistence - - Subscriptions to organisation 240 240 3,351 13,048 |
Total 2021 £ 1,800 - - - - - - 1,800 16,399 18,199 Total 2021 £ 852 13,994 - 325 511 35 202 - 480 16,399 |
Total 2020 £ 21,343 788 768 1,782 6,326 830 2,897 34,734 20,248 54,982 Total 2020 £ 2,706 13,444 1,348 1,197 504 36 503 110 400 20,248 |
|---|---|---|
Support costs have been allocated to activity cost categories on a basis consistent with the use of resources.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year and no expenses have been reimbursed to trustees during the year (2020-£Nil).
10 Employees
There were no employees during the year.
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
| 11 Debtors Amounts falling due within one year: Subscriptions Prepayments and accrued income 12 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income 13 Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 May 2021 are represented by: Current assets/(liabilities) 32,832 4,316 32,832 4,316 |
2021 £ 5,757 12,627 18,384 2021 £ 230 4,265 4,495 Total 2021 £ 37,148 37,148 |
2020 £ 5,017 6,693 11,710 2020 £ 123 3,560 3,683 Total 2020 £ 40,567 40,567 |
|---|---|---|
14 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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