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2023-08-31-accounts

Company Number: 01618879 Charity Number: 284450

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS

31 AUGUST 2023

RSM UK Tax and Accounting Limited Third Floor, One London Square, Cross Lanes, Guildford, Surrey GU1 1UN

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT for the year ended 31 August 2023

The trustees present their report and the financial statements of The Worshipful Society of Apothecaries General Charity Limited (“the Charity”) for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association of the charitable company, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Charitable objectives

The registered charitable objectives for which the Charity was established are as follows:

Charitable activities

In pursuance of its overall goals, the Charity provides funding, principally by way of grants and donations, to individuals and institutions.

The current strategy of the charitable company is to provide funds as follows:

The Charity also operates the following restricted funds:

The William Farr fund was set up in 2003/2004, and its purpose is to provide a medal and honorarium in honour of William Farr LSA (1807‐1883) to be awarded to a medical practitioner who has made a significant contribution to the management of elderly people as part of their clinical or research work in the United Kingdom. Contributions from candidates from the broadest field will be considered and it is not intended to restrict recipients to geriatricians or gerontologists.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

The Colman Kenton fund was set up in 2004/2005 upon receipt of a donation from the estate of Dr Colman Kenton. The funds will be used to provide as many eponymous grants for medical students as can be accommodated from the income each year.

The Amalgamated fund was set up in 2004/2005 upon the transfer of net assets from The Society of Apothecaries Amalgamated Fund, a registered charity under common management and control. The funds, which have now been fully exhausted, are used for the relief of widows of members of the Society of Apothecaries left in necessitous circumstances, and for the relief of members of the Society of Apothecaries whom age, or infirmity has rendered incapable of further professional exertion, and who stand in need of pecuniary assistance, to be given by way of annuity or donation.

The Gillson Scholarship fund was set up in 2004/2005 upon the transfer of net assets from the Gillson Scholarship Fund, a registered charity under common management and control. The funds will be used to encourage original research in any branch of Pathology.

The Dr J Strickland Goodall Memorial Lecture fund was set up in 2004/2005 upon the transfer of net assets from the Dr J Strickland Goodall Memorial Lecture Fund, a registered charity under common management and control. The funds will be used to provide a medal or honorarium for a lecturer, or to cover the expenses of a lecturer, giving a lecture in Cardiology in memory of Dr Joseph Strickland Goodall every two years as part of the British Cardiovascular Society scientific conference.

The 400[th] Anniversary fund was established in 2010/2011 with a target of £150,000. The Society having an affinity with the Rhinoceros as it constitutes the crest on the Society’s Coat of Arms and to celebrate the anniversary of the Society’s Charter, it is intended that the 400[th] Anniversary Fund will pay for a number of Rhino electives to 3[rd] world countries by medical students, for an annual Apothecaries’ prize for registrars seeking consultant status and to support the conservation of the Rhinoceros.

The Hudson‐Rusby Prize fund was established in 2010/2011 to fund a prize to the best candidate taking the Society’s Diploma in the Medical Care of Catastrophes.

The Tanlaw fund was established in 2014/2015 following the receipt of a donation from Lord Tanlaw to be used to support educational grants awarded annually by the Charity. The educational grants awarded for each academic year are referred to as Society of Apothecaries Lord Tanlaw Education Grants.

The Ruth Hoffman fund was established in 2014/2015 following an agreement reached with the trustees of the Ruth Hoffman Will Trust. A donation will be received annually from the Ruth Hoffman Will Trust which will then be used to fund educational awards for medical students under the age of 25 that are referred to as Society of Apothecaries Ruth Hoffman Educational Awards.

The Gordon Bourne Bursary fund was established in 2017/2018 with a donation from the Middlesex Province Relief Fund, in memory of Dr Gordon Bourne, to fund educational awards for medical students at Barts that are referred to as Society of Apothecaries Gordon Bourne Educational Awards.

The Pamela Nisbet fund was established in 2019/2020 with a donation from Pamela’s husband to fund an educational award given in Pamela’s name.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

Indicators, milestones and benchmarks

In order to determine the success of the Charity’s activity in fulfilling its charitable objectives and supporting beneficiaries, the trustees monitor the following range of measures of performance:

Public benefit

The trustees have taken The Charity Commission’s general guidance on public benefit (contained within the recently revised guidance publication “Charities and Public Benefit”) and the specific guidance on public benefit (contained within the guidance publications “ The Prevention or Relief of Poverty for the Public Benefit” and “The Advancement of Education for the Public Benefit”) into consideration in preparing their statement on public benefit contained within this trustees’ annual report.

Trustees’ assessment of public benefit, benefits and beneficiaries

Given the relatively small size of the Charity and the extremely broad and diverse nature of its potential activities and beneficiaries, the trustees are able to consider delivery of public benefit case by case when determining whether or not to provide funds. On that basis, the trustees consider that the Charity continues to fulfil its charitable objectives for the public benefit.

Grant making policy

The trustees have set up one Charity sub‐committee, the membership of which is reviewed annually and comprises a minimum of four members of the full board of trustees and two members of the Society.

The Charity sub‐committee meets in July to consider applications for funding, primarily from medical and pharmaceutical students, their recommendations being ratified by the full board of trustees at their August meeting. Additional meetings are held as and when required during the course of any given year. Emergency grants are available through the year in specific circumstances.

Relationships with related parties

The operations of the Charity are integrally linked to those of the Society of Apothecaries of London (“the Society”) and the Charity is fundamentally reliant upon the continued support of the Society to maintain its on‐ going existence. This is particularly relevant in the case of the staff that manage the day‐to‐day activities of the Charity, whose services with the exception of a part‐time administrator are provided by the Society each year at no cost to the Charity.

The Society’s ancient hall provides a central venue for all trustees’ meetings and is the administrative headquarters of the Charity. Some operational costs incurred by the Charity are either paid for directly or recharged to the Charity by the Society. However, no attempt is made to identify and account for any additional notional staff, facilities, and other administrative costs that the Charity might be incurring, or the gift‐in‐kind being donated by the Society on the grounds that any such attempt would be highly subjective.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

Representation on other bodies

The Charity does not currently pursue its charitable objectives through trustee representation on any bodies other than the Court of Assistants of the Society of Apothecaries of London.

ACHIEVEMENTS AND PERFORMANCE

Activities and events

During the year, the Charity provided funding from its unrestricted general funds in support of 61 (2021/2022: 36) undergraduate medical students, the Lord Mayor’s Charity and various other charities.

Small prizes for academic achievements were given to one medical student from each of: St George’s, King’s College, St Bartholomew’s & the Royal London and University College London for excellence in the field of General Practice or Pharmaceutical Medicine, no award was given to Imperial College as no submission was made; and to a student at Christ’s Hospital School and at the City of London Academy.

The Colman Kenton fund provided grants to two (2021/2022: six) undergraduate medical students who were studying at London medical schools.

Fund raising concluded for the 400[th] Anniversary fund during 2017/2018 following the end of the Anniversary Year, having exceeded the original target total of £150,000. Funds raised are to be used to provide student electives and encouragement to junior doctors to celebrate the anniversary of the Charter. During the year, Rhino elective grants were awarded to five (2021/2022: ten) medical students

The Tanlaw fund was established in 2014/2015 following the receipt of a donation from Lord Tanlaw to be used to extend the number of educational grants awarded annually by the Charity in July. The educational grants awarded for each academic year are referred to as Society of Apothecaries Lord Tanlaw Education Grants. Two awards were given in 2022/2023 (2021/2022: six).

The Ruth Hoffman fund was established in 2014/2015 following an agreement reached with the trustees of the Ruth Hoffman Will Trust. A donation will be received annually from the Ruth Hoffman Will Trust which will then be used to fund educational awards for medical students that are referred to as Society of Apothecaries Ruth Hoffman Educational Awards. Three awards were given in 2022/2023 (2021/2022: three).

The Society of Apothecaries Gordon Bourne Educational Award was given during 2022/2023 to one (2021/2022: one) medical student.

The Pamela Nisbet Educational Award was given during 2022/2023 to one (2021/2022: one) medical student.

The William Farr Medal was inaugurated in 2006 to recognize significant contribution by a medical practitioner to the management of elderly people. The William Farr Medal is awarded to medical practitioners who have made a particularly significant contribution to the management of elderly people as part of their clinical or research work in the United Kingdom. The 2023 medal was presented to Prof Jugdeep Dhesi u/c C. MB ChB, PhD, FRCP.

The Hudson Rusby Leigh Prize was inaugurated in 2011. Presented by the families of Liverymen Dr Eric H Hudson 1902‐1990, Dr N Lloyd Rusby 1905‐1988 and Dr A George Leigh 1909‐1968, is awarded to the candidate gaining the best result in one year for the Diploma in Conflict & Catastrophe Medicine. The 2023 recipient was Dr Rachel Austin.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

The Apothecaries Prize was created in 2017, to mark the Society’s 400th anniversary year, the Apothecaries Prize is awarded to a doctor at pre‐consultant level or those in pharmacy training who have written a published paper on medical therapeutics or public health medicine. The 2023 recipient was Dr Sizheng Steven Zhao.

Impact of activities and events

The trustees consider that 2022/2023 has been a good year for the Charity, with increased levels of giving from the Society's members. Applications for funding have been as high as ever, with awards to medical students being provided as funds have allowed. The revised scheme for selection of medical and pharmaceutical students has continued to work very well and gives the Committee more effective direction in the award of the educational grants. The Charity has also been able to sustain its level of support for causes associated with the City of London.

FINANCIAL REVIEW

Financial results of activities and events

The Charity received unrestricted voluntary income of £96,830 (2021/2022: £76,929) and generated investment income from its unrestricted assets of £65,746 (2021/2022: £56,861). The Ruth Hoffman fund received donations amounting to £6,000 (2021/2022: £6,000) and the Pamela Nisbet fund received donations amounting to £Nil (2021/2022: £3,149).

In addition, the Charity’s restricted investment assets generated £18,537 (2021/2022: £14,645) of investment income.

Grant making

The expenditure of the Charity providing funding by way of grants and donations to individuals and institutions is clearly set out in note 6 to the financial statements. The total of such expenditure out of unrestricted funds amounted to £101,990 (2021/2022: £117,817) and out of restricted funds amounted to £25,149 (2021/2022: £30,227).

Reserves policy

The Charity’s principal recurring source of annual incoming unrestricted resources continues to be investment income derived from the Charity’s investments portfolio and interest received on cash deposits.

Whilst ad hoc donations and more regular donations under the Gift Aid scheme received from individual members of the Society continue to be an important additional source of incoming resources for the Charity, the trustees are keen to avoid reliance upon declining voluntary income to supplement the annual budget for providing funding. The intention of the trustees that every medical school in England and Wales receives at least one grant each year has been fulfilled and most Schools now receive at least two grants.

Accordingly, the trustees have continued to adopt a deliberate policy of reinvesting a proportion of incoming resources each year. The trustees have set a target annual funding requirement for the Charity of £75,000 of recurring unrestricted incoming resources, which they feel will enable a more stable budgeted level of giving to be achieved.

On the basis that this target is to be met by returns on the Charity’s unrestricted investments portfolio and unrestricted cash deposits, and at a target rate of income return of 4%, the trustees will try to accumulate free reserves until the implied target level of £1,875,000 has been reached. At 31 August 2023, the free reserves of the Charity amounted to £1,942,050 (31 August 2022: £1,988,082).

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

In addition to free reserves, the Charity had designated reserves of £123,807 (31 August 2022: £196,336) and also restricted reserves of £1,084,373 (31 August 2022: £1,099,878) carried forward at the balance sheet date and available to further the relevant restricted purposes fund‐by‐fund.

Investments policy

Under the rules of the governing document of the Charity, the trustees have wide ranging powers to invest the funds of the Charity as they see fit within the scope of the laws and regulations applying in the United Kingdom. In practice, the trustees’ take advice from the Charity’s investment managers on appropriate investments, which will meet the requirements of their investment strategy derived from the reserves policy as described above.

The trustees’ current investment strategy is to maintain a low‐risk portfolio of investments that achieves an overall level of capital growth whilst also generating adequate levels of investment income. The trustees aspire to avoid investment in anything that they consider to be socially, environmentally, or ethically unsound.

The investment performance is regularly reviewed by the trustees, who meet at least annually with the Charity’s investment managers, and receive quarterly reports from the investment managers on the investment portfolios.

In the current unusual economic climate, capital and income returns on the Charity’s investment assets are well below the trustees’ requirements, but until conditions in financial markets improve the trustees are aware that volatility is highly likely to persist.

Risk and corporate governance matters

As a board, the trustees are risk averse, and will therefore do everything in their power to minimise the Charity’s exposure to risk at all times. Risk management and corporate governance matters are seen as the collective responsibility of all members of the Court, who are fundamentally assisted in fulfilling this responsibility by the Clerk to the Court.

The trustees have a formal risks management process for the Worshipful Society of Apothecaries and are extending this to cover the Charity. They maintain a risks’ register and are adopting the same approach for the Charity. Risk management is embedded as a principle in the way in which the trustees manage the Charity, and the consideration of the Charity’s exposure to actual or potential risks is implicit in the trustees’ decision‐making processes.

With no property or staff directly involved with this Charity, the trustees consider that the current major risks to which the Charity is exposed to be the loss of administrative support given by the Society, a lack of demand for grants, and a catastrophic loss on the invested assets. The former risks are considered to be remote and, as far as possible, mechanisms are in place to mitigate the latter.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

PLANS FOR FUTURE PERIODS

Future strategy

The trustees’ long‐term goal for the Charity is to secure its financial stability in perpetuity, so that it can continue indefinitely to provide funding to suitable beneficiaries. The Charity’s reserves and investments policies are derived directly from this long‐term goal, and are therefore, the key to the Charity’s future strategy.

Future activities and events

The Charity will continue to review the selection process for medical student grants. The Charity will continue to review the level of grants made to causes linked with the City of London, making adjustments where deemed appropriate and affordable. The Charity does not anticipate any major change in the main direction of its stated policy of assisting medical and pharmaceutical students, nor in its secondary policy of assisting appropriate City of London causes and other general educational activities.

Impact of activities and events

In view of the above expectations for the activities that the Charity will undertake in 2022/2023, the trustees will use the following targets to assess the Charity’s performance and success in providing funding for beneficiaries:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and history

The Worshipful Society of Apothecaries General Charity Limited is a registered charity, and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £1 to the assets of the Charity in the event of the Charity being wound‐up during the period of membership, or within one year thereafter.

The Charity was originally set up by The Society of Apothecaries of London (“the Society”) to promote and encourage the study and practice of the art and science of medicine, surgery and pharmacy, for public benefit and the advance of public education. The Charity is principally funded by contributions from members of the Society, and also by occasional grants and donations from other sources.

The Worshipful Society of Apothecaries General Charity Limited was incorporated on 2 March 1982 and became a registered charity on 6 April 1982. The Charity is governed by the rules and regulations set down in its company Memorandum and Articles of Association as last updated on 2 March 1982.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

Organisational structure

The trustees of the Charity, who are also the directors of the company, are the governors of the Committee of Management of the Charity. The governors of the Committee of Management are the members of the Court of Assistants of the Society of Apothecaries of London (“the Court”).

The overall strategic direction of the Charity is determined by the trustees, who meet five times a year to consider all matters of relevance to the Charity. The Annual General Meeting is held in March.

The trustees have set up one Charity sub‐committee, the membership of which is reviewed annually and normally comprises four members of the full board of trustees and two members of the Society. The Charity sub‐ committee meets in July to consider applications for funding, primarily from medical and pharmaceutical students, their recommendations being ratified by the full board of trustees at their August meeting. Additional meetings are held as and when required during the course of any given year. For the duration of the 400[th] Anniversary Appeal, an Appeal sub‐committee was instituted which has now become the sub‐committee responsible for recommending the award of the Apothecaries prize and Rhino Electives for ratification by the full board.

The trustees have delegated the day‐to‐day management of The Worshipful Society of Apothecaries General Charity Limited to Mr Royle and his team of staff based at the Charity’s administrative offices. Mr Royle is the Company Secretary and also the Clerk to the Court, and his team of staff are also all employees of the Society. The trustees supervise and control the use of the authority delegated to Mr Royle through reports, reviews, and agenda items received at their regular board meetings. The trustees and Mr Royle are the key management personnel of the Charity.

Method of recruitment, appointment, election, induction and training of trustees

The trustees of the Charity, who are also the directors of the company, are the governors of the Committee of Management of the Charity. The governors of the Committee of Management are the members of the Court of Assistants.

Recruitment, appointment and election

When the number of members of the Court falls below 24, the Master of the Society declares a vacancy and calls for the nomination of candidates from amongst all the Liveryman of the Society. The responsibilities and duties of a member of the Court, including those of charity trusteeship, are made clear to all candidates nominated for election.

A nominations committee chaired by a Past Master considers all applications and interviews a short list of the most appropriate candidates. Candidates to the number of vacancies are then proposed to the Court. And at the following meeting of the Court, an election by ballot is conducted by the remaining members of the Court to appoint the new member.

To the extent that certain specific skills and qualities are considered desirable in a new trustee the members of the Court will naturally tend to elect the candidate with the most suitable range of those skills and qualities.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

Induction and training

Having been briefed on the nature of the role of a member of the Court prior to election, the responsibilities and duties are reiterated to the new member upon appointment by the Clerk to the Court. In relation to the role of a trustee of the Charity, a selection of the most up to date guidance available from the Charity Commission is provided to the new trustee, together with information on how and where further relevant information may be obtained.

In terms of on‐going training for trustees, the Clerk to the Court keeps abreast of regulatory and legislative developments as they apply to the Charity through contact with the Charity’s professional advisers and regulators. Training will then be arranged and provided to the trustees as and when a need arises or is identified.

Sub‐committees

Other than the sub‐committees as described above, the Charity does not make use of any other sub‐committees through which to organise its activities and to fulfil its charitable objectives.

Trustees’ responsibilities in the preparation of financial statements

The trustees (who are also the directors of The Worshipful Society of Apothecaries General Charity Limited for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees are preparing the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice and applicable law).

Under company law, the trustees must not approve financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

Independent examiner

Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Limited has indicated her willingness to continue in office.

Statement as to disclosure of information to the independent examiner

The trustees and directors at the date of approval of this trustees’ annual report confirm that so far as each of them is aware, there is no relevant information of which the Charity’s independent examiner is unaware, and the trustees and directors have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.

REFERENCE AND ADMINISTRATIVE DETAILS

The trustees of the Charity, who are also the directors of the company, are the governors of the Committee of Management. The governors have held office since 1 September 2022, as follows:

Air Vice Marshal A K Mozumder Master Dr J J C Holliday Immediate Past Master Dr J E Neild Senior Warden Dr D B Jefferys Junior Warden Prof M J G Farthing Honorary Treasurer

Mr N L Wood Dr R G H Bethel (resigned 29 August 2023) Dr P J H Tooley Dr J C Moore‐Gillon Dr R N Palmer Dr D W Adams Dr C G Mackworth‐Young Prof M N Rossor Prof J Anderson

Dr P O'Mórdha Prof F J Wilcox Dr T D Baker Prof C M Nutting Prof L G A Martini Dr L N Winter‐Dean Dr T J V Yates (appointed 23 June 2023)

The principal address of the Charity and the registered office of the company is the offices of The Worshipful Society of Apothecaries General Charity Limited at Apothecaries Hall, Black Friars Lane, London EC4V 6EJ.

The Charity is registered under the charity number 284450, and the company is incorporated with the company registration number 01618879.

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

TRUSTEES’ ANNUAL REPORT (Continued) for the year ended 31 August 2023

The trustees have made the following professional appointments:

Solicitor: Rosling King LLP, 55 Ludgate Hill, London EC4M 7JW
Accountant: RSM UK Tax and Accounting Limited, Third Floor, One London Square,
Cross Lanes, Guildford, Surrey GU1 1UN
Independent Examiner: Kerry Gallagher FCA DChA of RSM UK Tax and Accounting Limited,
Davidson House, Forbury Square, Reading, Berkshire RG1 3EU
Banker: Coutts & Co, 440 Strand, London WC2R 0QS
Investment Manager: Waverton Investment Management, 16 Babmaes Street, London SW1Y 6AH

Mr N Royle, who is the secretary to the Committee of Management and the company secretary, is the senior member of staff responsible for the day‐to‐day management of the Charity.

EXEMPTIONS FROM DISCLOSURE

No exemptions from the disclosure requirements applicable to a small charity have been taken in this trustees’ annual report.

FUNDS HELD AS CUSTODIAN

Although the Charity maintains restricted funds to deal with income that is earmarked for a particular purpose by donors, sponsors, and other funders, The Worshipful Society of Apothecaries General Charity Limited does not hold any funds, and the trustees do not anticipate that it will in the future hold any funds, as custodian for any third party.

This report was approved by the trustees on 19 March 2024, and was signed for and on behalf of the board by

Nick Royle

………………………………….. Secretary Mr N Royle

22 March 2024

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

I report to the trustees on my examination of the financial statements of The Worshipful Society of Apothecaries General Charity Limited (‘the charitable company’) for the year ended 31 August 2023, which are set out on pages 13 to 25.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit go beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Kerry Gallagher

Signed: ………………………………………… Name: Kerry Gallagher FCA DChA Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: FCA

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Davidson House, Forbury Square, Reading, Berkshire RG1 3EU

04/04/24 Date…………………………..

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account) for the year ended 31 August 2023

Unrestricted Restricted Total Total
Funds Funds 2023 2022
Notes £ £ £ £
INCOME FROM:
Donations and legacies 2 96,830 6,000 102,830 86,078
Investments 3 65,746 18,537 84,283 71,506
______ _
TOTAL 162,576 24,537 187,113 157,584
EXPENDITURE ON:
Charitable activities
Grants and donations 6 (101,990) (25,149) (127,139) (148,044)
Governance and other costs 6 (87,228) ‐ (87,228) (10,384)
______ _
TOTAL (189,218) (25,149) (214,367) (158,428)
Losses on investments 7 (91,919) (14,893) (106,812) (308,473)
______ _
NET EXPENDITURE FOR THE YEAR
AND NET MOVEMENT IN FUNDS (118,561) (15,505) (134,066) (309,317)
RECONCILIATION OF FUNDS
Fund balances brought forward
at 1 September 2022 2,184,418 1,099,878 3,284,296 3,593,613
________ __
FUND BALANCES CARRIED FORWARD
AT 31 AUGUST 2023 11 2,065,857 1,084,373 3,150,230 3,284,296
================================ ========

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THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account) for the year ended 31 August 2022

Unrestricted Restricted Total Total
Funds Funds 2022 2021
Notes £ £ £ £
INCOME FROM:
Donations and legacies 2 76,929 9,149 86,078 69,665
Investments 3 56,861 14,645 71,506 66,829
______ _
TOTAL 133,790 23,794 157,584 136,494
EXPENDITURE ON:
Charitable activities
Grants and donations 6 (117,817) (30,227) (148,044) (94,198)
Governance and other costs 6 (10,382) (2) (10,384) (7,729)
______ _
TOTAL (128,199) (30,229) (158,428) (101,927)
(Losses)/gains on investments 7 (201,433) (107,040) (308,473) 565,197
______ _
NET (EXPENDITURE)/INCOME FOR THE YEAR
AND NET MOVEMENT IN FUNDS (195,842) (113,475) (309,317) 599,764
RECONCILIATION OF FUNDS
Fund balances brought forward
at 1 September 2021 2,380,260 1,213,353 3,593,613 2,993,849
________ __
FUND BALANCES CARRIED FORWARD
AT 31 AUGUST 2022 11 2,184,418 1,099,878 3,284,296 3,593,613
================================ ========

Page 15

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

BALANCE SHEET as at 31 August 2023 Company Number: 01618879

as at 31 August 2023
Company Number: 01618879		 as at 31 August 2023
Company Number: 01618879		 as at 31 August 2023
Company Number: 01618879		 as at 31 August 2023
Company Number: 01618879
__________________
2023 2022
Notes £ £
FIXED ASSETS
Investments 7 2,954,801 3,054,915
CURRENT ASSETS
Debtors 8 21,932 21,150
Cash at bank and in hand 189,482 215,887
_ _
211,414 237,037
LIABILITIES
Creditors: Amounts falling due within one year 9 (15,985) (7,656)
_ _
NET CURRENT ASSETS 195,429 229,381
__ __
TOTAL ASSETS LESS CURRENT LIABILITIES
& NET ASSETS 3,150,230 3,284,296
======== ========
THE FUNDS OF THE CHARITY
Restricted income funds 11 1,084,373 1,099,878
Unrestricted income funds 11 2,065,857 2,184,418
__ __
TOTAL CHARITY FUNDS 12 3,150,230 3,284,296
======== ========

For the year ended 31 August 2023, the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 (the Act) relating to small companies.

The trustees’ and directors’ responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements on pages 13 to 25 were approved by the trustees and authorised for issue on 19 March 2024, and are signed on their behalf by

A K Mozumder

……………………………….. Master

Air Vice Marshal A K Mozumder

22 March 2024

Page 16

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

1. ACCOUNTING POLICIES

Company information

The Worshipful Society of Apothecaries General Charity Limited (the charitable company) is a private company limited by guarantee incorporated in England and Wales. The registered office and principal place of business is at Apothecaries Hall, Black Friars Lane, London EC4V 6EJ. The charitable company’s principal activities are disclosed in the trustees’ annual report.

Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and under the historical cost convention, except as modified for the annual revaluation of fixed asset investments.

Within the definitions of FRS 102, the charity is a public benefit entity.

The financial statements have also been prepared in accordance with the accounting policies set out in detail below and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association of the charitable company, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Going concern

The trustees have reviewed the financial forecasts for the charitable company and have in particular considered its anticipated income and expenditure commitments for a period of at least twelve months from the date of approval of these financial statements. Despite the continuing uncertain economic outlook, the trustees believe that the charitable company has adequate resources to continue in operational existence for at least the next twelve months and to meet all of its liabilities during that period as they fall due. For that reason, the trustees continue to adopt the going concern basis in preparing the financial statements.

Income

General donations and other similar types of voluntary income are brought into account when receivable and donated income is included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income.

Legacies are recognised upon receipt or on an accruals basis if the charitable company has been notified of an impending distribution, the amount is materially quantifiable, and receipt is expected. Otherwise, legacies are treated as a contingent asset only.

Investment income is accounted for on a receivable basis once the dividend or interest has been declared. All other types of income are accounted for on an accruals basis and recognised as income when earned by the charitable company.

Page 17

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

1. ACCOUNTING POLICIES (Continued)

Expenditure

Expenditure is allocated directly to the charitable company’s principal activity or as governance costs, where the costs can be so identified. All other costs are apportioned between those same categories on the basis of the trustees’ estimate of the relevant allocations.

Grants payable are recognised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a liability.

Governance costs are the costs associated with running the charitable company as a registered charity under charity law as it applies in England and Wales. Currently, governance costs comprise solely the costs of the statutory independent examination.

Investments

The charitable company’s investments are included in the balance sheet at fair value (their market value). The gains or losses arising upon their annual revaluation are included in the statement of financial activities.

Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are therefore classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Financial assets and liabilities

The charitable company’s debtors and creditors that meet the definition of either a financial asset or a financial liability are initially recognised at the transaction value and thereafter are stated at amortised cost using the effective interest method.

Fund accounting

The general fund comprises the accumulated surpluses of unrestricted income over expenditure, which are available for use in furtherance of the general objectives of the charitable company.

Designated funds are a particular form of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the trustees. The use of designated funds remains at the discretion of the trustees.

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the accounts. Amounts unspent at the year end are carried forward in the balance sheet.

Page 18

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

2. DONATIONS AND LEGACIES Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Donations, bequests and legacies
received from individuals 96,830 6,000 102,830 86,078
============================= =======
3. INVESTMENTS Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Bank interest receivable on
short term cash deposits ‐ 442 442 63
Income from investments listed on
a recognised stock exchange 65,746 18,095 83,841 71,443
______ _
65,746 18,537 84,283 71,506
============================== =======

4. CONTRIBUTION OF VOLUNTEERS

In addition to the trustees, the charitable company is also reliant upon the contributions made by various interested parties, who contribute significant amounts of their time in the delivery of charitable activities. The trustees are unable to estimate the contribution of volunteers in any meaningful or consistent manner, but they are grateful for the support that members continue to provide.

5. STAFF COSTS & GIFTS‐IN‐KIND

The charitable company does not employ any staff, nor does it incur any staff costs directly. The trustees and the Clerk are the key management personnel of the charitable company. The trustees and key management personnel received no remuneration for their services provided to the charitable company during the current or previous year, and additionally, the trustees were not reimbursed for any expenses incurred on behalf of the charity during the current or previous year.

The operations of the charitable company are integrally linked to those of The Society of Apothecaries of London (“the Society”) and the charitable company is fundamentally reliant upon the continued support of the Society to maintain its on‐going existence. This is particularly relevant in the case of the staff that manage the day‐to‐day activities of the charitable company, whose services are provided by the Society each year at minimal, if any, cost to the charitable company.

The Society’s ancient hall provides a central venue for all trustees’ meetings and is the administrative headquarters of the charitable company. Some operational costs incurred by the charitable company are either paid for directly or recharged to the charitable company by the Society. However, no attempt is made to identify and account for any additional notional staff, facilities, and other administrative costs that the charitable company might be incurring, or the gift‐in‐kind being donated by the Society, on the grounds that any such attempt would be highly subjective.

Page 19

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

6. CHARITABLE ACTIVITIES Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Grants and donations:
Grants given to 77 (2021/2022: 61)
medical students 97,240 22,600 119,840 135,492
Donations to City of London charities and
other institutions 4,750 ‐ 4,750 4,325
Pensions to 0 (2021/2022: 2) individuals ‐ ‐ ‐ 3,165
William Farr honorarium and medal ‐ 1,149 1,149 3,062
400thApothecaries Prize ‐ 1,000 1,000 2,000
Hudson Rusby Leigh Prize ‐ 400 400 ‐
_______ _
101,990 25,149 127,139 148,044
Other costs:
Audrey Tucker room expenses 72,529 ‐ 72,529 3,664
Charity administration costs 7,528 ‐ 7,528 ‐
Lottery expenses 2,020 ‐ 2,020 2,000
Bank charges 1,229 ‐ 1,229 1,160
Sundry expenses 22 ‐ 22 20
Governance costs:
Independent examination fees 3,900 ‐ 3,900 3,540
_______ _
87,228 ‐ 87,228 10,384
_______ _
189,218 25,149 214,367 158,428
=============================== =======

Page 20

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

7. INVESTMENTS 2023 2022
£ £
Investments listed on a recognised stock exchange
in the UK at market value:
1 September 2022 3,054,915 3,370,103
Additions at cost 885,718 1,363,020
Disposal proceeds (879,020) (1,369,735)
Realised losses (104,690) (171,423)
Unrealised losses (2,122) (137,050)
__ __
31 August 2023 2,954,801 3,054,915
======== ========
At the balance sheet date, the market value of the portfolio comprised:
UK investments 2,023,798 2,286,407
North American investments 696,780 603,718
European investments 234,223 164,790
__ __
2,954,801 3,054,915
======== ========
Fixed income securities 230,861 47,544
Equities and unit trusts 2,723,940 3,007,371
__ __
2,954,801 3,054,915
======== ========

At the balance sheet date, the historical cost of the investments was £2,789,368 (31 August 2022: £2,902,754).

Page 21

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2023		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2023		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2023		 NOTES TO THE FINANCIAL STATEMENTS(Continued)
for the year ended 31 August 2023
__________________
8. DEBTORS 2023 2022
£ £
Amounts falling due within one year:
Amounts due from The Society of Apothecaries of London 1,932 954
Accrued income 20,000 20,196
_ _
21,932 21,150
======= =======
9. CREDITORS 2023 2022
£ £
Amounts falling due within one year:
Amounts due to The Society of Apothecaries of London 8,300 65
Accruals and deferred income 7,685 7,591
_ _
15,985 7,656
======= =======
Deferred income:
Deferred income brought forward 316 80
Amounts released to income (316) (80)
Amounts received in advance 40 316
______ ______
Deferred income carried forward 40 316
====== ======
Deferred income carried forward comprises:
Lottery club income received in advance 40 40
Charity lunch income received in advance ‐ 276
______ ______
40 316
====== ======
10. FINANCIAL INSTRUMENTS 2023 2022
£ £
Carrying amount of financial assets:
Equity instruments measured at fair value 2,954,801 3,054,915
======== ========

Page 22

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

11. THE FUNDS OF THE CHARITY

THE FUNDS OF THE CHARITY
Balance at Gains/ Balance at
1 September (losses) on 31 August
2022 Income Expenditure investments 2023
Restricted income funds: £ £ £ £ £
William Farr fund 17,597 304 (1,000)
‐		 16,901
Colman Kenton fund 376,568 7,066 (6,000)
(5,991)		 371,643
Gillson Scholarship fund 57,011 936 ‐ 1,059 59,006
Dr J Strickland Goodall
Memorial Lecture fund 3,167 51 ‐ ‐ 3,218
The 400thAnniversary fund 310,166 3,219 (2,749)
(3,413)		 307,223
Hudson‐Rusby Prize fund 5,186 87 (400)
‐		 4,873
Tanlaw fund 322,834 6,874 (6,000)
(6,548)		 317,160
Ruth Hoffman fund ‐ 6,000 (6,000)
‐		 ‐
Gordon Bourne Bursary fund 2,500 ‐ (1,500)
‐		 1,000
Pamela Nisbet fund 4,849 ‐ (1,500)
‐		 3,349
__ _ _ _ __
1,099,878 24,537 (25,149)
(14,893)		 1,084,373
Unrestricted income funds:
General fund 1,988,082 162,576 (116,689)
(91,919)		 1,942,050
Designated funds:
Audrey Tucker educational fund
196,336		 ‐ (72,529)
‐		 123,807
__ _ _ _ __
3,284,296 187,113 (214,367)
(106,812)		 3,150,230
======== ======= ======= ======= ========
Balance at Transfers and Balance at
1 September losses on 31 August
2021 Income Expenditure investments 2022
Restricted income funds: £ £ £ £ £
William Farr fund 20,553 44 (3,000)
‐		 17,597
Colman Kenton fund 401,788 5,349 (4,003)
(26,566)		 376,568
Amalgamated fund 3,165 ‐ (3,165)
‐		 ‐
Gillson Scholarship fund 57,602 954 ‐ (1,545) 57,011
Dr J Strickland Goodall
Memorial Lecture fund 3,160 7 ‐ ‐ 3,167
The 400thAnniversary fund 344,431 2,037 (6,061)
(30,241)		 310,166
Hudson‐Rusby Prize fund 5,173 13 ‐ ‐ 5,186
Tanlaw fund 369,281 6,241 (4,000)
(48,688)		 322,834
Ruth Hoffman fund ‐ 6,000 (6,000)
‐		 ‐
Gordon Bourne Bursary fund 4,500 ‐ (2,000)
‐		 2,500
Pamela Nisbet fund 3,700 3,149 (2,000)
‐		 4,849
__ _ _ _ __
1,213,353 23,794 (30,229)
(107,040)		 1,099,878
Unrestricted income funds:
General fund 2,380,260 133,790 (124,535)
(401,433)		 1,988,082
Designated funds:
Audrey Tucker educational fund
‐		 ‐ (3,664)
200,000		 196,336
__ _ _ _ __
3,593,613 157,584 (158,428)
(308,473)		 3,284,296
======== ======= ======= ======= ========

Page 23

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

11. THE FUNDS OF THE CHARITY (Continued)

The William Farr fund was set up in 2003/2004, and its purpose is to provide a medal and honorarium in honour of William Farr LSA (1807‐1883) to be awarded to a medical practitioner who has made a significant contribution to the management of elderly people as part of their clinical or research work in the United Kingdom. Contributions from candidates from the broadest field will be considered and it is not intended to restrict recipients to geriatricians or gerontologists.

The Colman Kenton fund was set up in 2004/2005 upon receipt of a donation from the estate of Dr Colman Kenton. The funds are used to provide as many eponymous grants for medical students as can be accommodated from the income each year. For 2022/2023, this was four bursaries of £1,500 each (2021/2022: six bursaries of £2,000 each). Included within the closing balance on the fund are net unrealised gains arising on the revaluation of investments totalling £19,296 (2021/2022: £35,397).

The Amalgamated fund was set up in 2004/2005 upon the transfer of net assets from The Society of Apothecaries Amalgamated Fund. The funds are used for the relief of Widows of Members of the Society of Apothecaries left in necessitous circumstances, and for the relief of Members of the Society of Apothecaries whom age, or infirmity has rendered incapable of further professional exertion, and who stand in need of pecuniary assistance, to be given by way of annuity or donation.

The Gillson Scholarship fund was set up in 2004/2005 upon the transfer of net assets from the Gillson Scholarship Fund. The funds are used to encourage original research in any branch of Pathology. Included within the closing balance on the fund are net unrealised gains arising on the revaluation of investments totalling £7,510 (2021/2022: £5,391).

The Dr J Strickland Goodall Memorial Lecture fund was set up in 2004/2005 upon the transfer of net assets from the Dr J Strickland Goodall Memorial Lecture Fund. The funds are used to provide a medal or honorarium for a lecturer, or to cover the expenses of a lecturer, giving a lecture in Cardiology in memory of Dr Joseph Strickland Goodall every two years as part of the British Cardiac Society scientific conference.

The 400th Anniversary fund was established in 2010/2011 with a target of £150,000. The Society having an affinity with the Rhinoceros as it constitutes the crest on the Society’s Coat of Arms and to celebrate the anniversary of the Society’s Charter, it is intended that the 400th Anniversary Fund will pay for a number of Rhino electives to 3rd world countries by medical students, for an annual Apothecaries’ prize for registrars seeking consultant status and to support the conservation of the Rhinoceros. For 2022/2023, this was four bursaries of £400 each (2021/2022: no bursaries). Included within the closing balance on the fund are net unrealised gains arising on the revaluation of investments totalling £9,646 (2021/2022: £5,345).

The Hudson‐Rusby Prize fund was established in 2010/2011 following the receipt of donations to fund a prize to the best military candidate taking the Society’s Diploma in the Medical Care of Catastrophes.

The Tanlaw fund was established in 2014/2015 following the receipt of a donation from Lord Tanlaw to be used to extend the number of educational grants awarded annually by the charitable company in July. The educational grants awarded for each academic year are referred to as Society of Apothecaries Lord Tanlaw Education Grants. For 2022/2023, this was four bursaries of £1,500 (2021/2022: two bursaries of £2,000). Included within the closing balance on the fund are net unrealised gains arising on the revaluation of investments totalling £22,181 (2021/2022: £17,679).

Page 24

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

11. THE FUNDS OF THE CHARITY (Continued)

The Ruth Hoffman fund was established in 2014/2015 following an agreement reached with the trustees of the Ruth Hoffman Will Trust. A donation will be received annually from the Ruth Hoffman Will Trust which will then be used to fund educational awards for medical students that are referred to as Society of Apothecaries Ruth Hoffman Educational Awards. For 2022/2023, this was four bursaries of £1,500 each (2021/2022: three bursaries of £2,000 each).

The Gordon Bourne Bursary fund was established in 2017/2018 with a donation from the Provincial Grand Lodge of Middlesex, in memory of Dr Gordon Bourne, to fund educational awards for medical students at Barts and The London School of Medicine and Dentistry, that are referred to as Society of Apothecaries Gordon Bourne Educational Awards. An award of £1,500 was given in 2022/2023 (2021/2022: £2,000).

The Pamela Nisbet fund was established in 2019/2020 with a donation received from Pamela’s husband to fund an educational award given in her name. An award of £1,500 was given in 2022/2023 (2021/2022: £2,000).

Included within the General Fund are net unrealised gains arising on the revaluation of investments totalling £106,800 (2021/2022: £88,348).

The Audrey Tucker education fund is a designated fund, which was established in 2021/2022 to ring‐ fence a proportion of the legacy received in the will of Audrey Tucker to be spent by the charity on the new Audrey Tucker room at the Apothecaries Hall. The primary purpose of the Audrey Tucker room is to be a bespoke venue for the delivery of educational seminars, lectures and courses. In 2021/2022 a transfer of £200,000 was made to the designated fund from the General Fund against which expenditure by the charity on the room will be allocated.

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current
Fixed assets/
assets (liabilities) Total
As at 31 August 2023: £ £ £
Restricted income funds:
William Farr fund ‐ 16,901 16,901
Colman Kenton fund 348,844 22,799 371,643
Gillson Scholarship fund 43,850 15,156 59,006
Dr J Strickland Goodall Memorial Lecture fund ‐ 3,218 3,218
The 400thAnniversary fund 233,683 73,540 307,223
Hudson‐Rusby Prize fund ‐ 4,873 4,873
Tanlaw fund 283,572 33,588 317,160
Gordon Bourne Bursary fund ‐ 1,000 1,000
Pamela Nisbet fund ‐ 3,349 3,349
Unrestricted income funds:
General fund 2,044,852 (102,802) 1,942,050
Designated funds:
Audrey Tucker educational fund ‐ 123,807 123,807
__ _ __
NET ASSETS 2,954,801 195,429 3,150,230
======== ======= ========

Page 25

THE WORSHIPFUL SOCIETY OF APOTHECARIES GENERAL CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 August 2023

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Continued)
Net current
Fixed assets/
assets (liabilities) Total
As at 31 August 2022: £ £ £
Restricted income funds:
William Farr fund ‐ 17,597 17,597
Colman Kenton fund 365,491 11,077 376,568
Gillson Scholarship fund 47,333 9,678 57,011
Dr J Strickland Goodall Memorial Lecture fund ‐ 3,167 3,167
The 400thAnniversary fund 253,076 57,090 310,166
Hudson‐Rusby Prize fund ‐ 5,186 5,186
Tanlaw fund 304,402 18,432 322,834
Gordon Bourne Bursary fund ‐ 2,500 2,500
Pamela Nisbet fund ‐ 4,849 4,849
Unrestricted income funds:
General fund 2,084,613 (96,531) 1,988,082
Designated funds:
Audrey Tucker educational fund ‐ 196,336 196,336
__ _ __
NET ASSETS 3,054,915 229,381 3,284,296
======== ======= ========
  1. RELATED PARTY TRANSACTIONS

The charitable company is related to the following other charities by virtue of common management and administration by The Society of Apothecaries of London (“the Society”):

The Society operates a central cash management function, under which certain income is received and certain expenditure is incurred on behalf of the charitable company, and then reallocated by way of inter‐entity accounts. The position at the balance sheet date is reflected within debtors and creditors.

There were no other transactions undertaken with any other related parties during the current or previous year.