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2021-04-30-accounts

THE CLINICAL ENDOCRINOLOGY TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2021

CONTENTS

Page 1 – 5 Trustees’ Report
6 Independent Examiner’s Report
7 Statement of Financial Activities
8 Balance Sheet
9 – 11 Notes to the Accounts
12 Detailed Income and Expenditure Account

Registered Charity No. 288679

THE CLINICAL ENDOCRINOLOGY TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2021

Reference and Administrative Information

Trustees

The following held office as trustees during the year:

Professor J M Connell (Chairman from 1[st] January 2012) Dr S G Ball (appointed 1[st] January 2012) Prof W Arlt (appointed 1[st] March 2015)

Trust Address C/O Appt. 3 The Fairfax 611A Wilmslow Road Manchester M20 6DR Advisors Bankers: Bank of Scotland Business Banking 300 Old Broad Street London EC2N 1HW Independent Examiner Nicholas Simkins FCA Park Lane Tamworth B78 3HX

1

THE CLINICAL ENDOCRINOLOGY TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 APRIL 2021

Structure, Governance and Management

Constitution

The trust is a registered charity constituted under a trust deed dated 6 December 1983 (revised 15 November 2012).

The registered charity number is 288679.

The objects of the charity are to fund research, quality improvement projects and educational studies related to the clinical field of Endocrinology in the UK. The trust gives grants to individuals and organisations whose work further these objectives.

Going forward, there is a requirement for the Trust to consider how best to secure a sustainable base of operation (registered address). Historically, the Trust has operated from an address within a UK University or NHS organisation. This changed following a review by those organisations re. potential liability within a changing legal landscape around charity regulation. More recently, the base of operation has moved to a private address. Going forward this too requires review, to mitigate risk and achieve a sustainable platform. This is to be key area of further work over the coming year as efforts to date have not secured an alternative arrangement.

Organisation of Trustees Meetings

Historically, the Annual General Meeting (AGM) has held yearly during the Society for Endocrinology BES Conference. Currently, following consolidation of processes, a move to reduce expenditure and in response to the SARS-COVID19 pandemic we have moved to e-based consultation. Where required, decisions impacting on Trust business are made through consensus building through e-communication. This has not proved problematic.

There was no AGM for the financial year in review. Decisions on future directions and management were taken through processes as noted- in line with the Trust’s processes becoming as lean as possible.

Recruitment and Appointment of Charity Trustees

Trustees are Senior Clinical Endocrinologists based in the United Kingdom. They are appointed by the Board of Trustees, and the Editorial Board of Clinical Endocrinology also has power to appoint. The term of office is usually 5 years.

Going forward over the coming year there is a requirement for key succession planning. While we have not been successful in progressing this agenda over the year in review, it is a major focus for the year ahead.

Induction and Training of Charity Trustees

On appointment, the CET Secretary/Treasurer sends all Trustees an induction package. This contains a copy of the original Trust Deed, a list of the current Trustees (and their contact details), Minutes of recent CET meetings and an up-to-date Financial Statement. They also receive literature explaining their obligations as a Charity Trustee.

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THE CLINICAL ENDOCRINOLOGY TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2021

Objectives and Activities

The objects of the charity are to fund research, quality improvement projects and educational studies related to the clinical field of Endocrinology in the UK. The trust gives grants to individuals and organisations whose work further these objectives.

Grant making policy

The charity periodically invites applications for funding of projects. Alerts and notices for submission are sent out through the Society for Endocrinology. Individuals and/or institutions are invited to submit a summary of their proposals in a specific format. The applications are reviewed against specific criteria, put together by the Trustees. The panel reviewing applications includes members of the Trustees who remain clinically or research-active. Annual feedback is requested from each project supported. The annual report outlines the activities of Trust in support of the Society for Endocrinology (SFE). These activities have been stable for several years.

Achievements and performance

  1. The Trust supports a series of visiting professorships and lectureships in or around key academic meetings.

  2. a. The British Endocrine Societies (BES) annual meeting

  3. b. The European Society for Endocrinology annual meeting.

  4. c. The SFE Clinical Update annual meeting

  5. The Trust supports the annual SFE Clinical update meeting, a multi-professional meeting providing education and training in Endocrinology.

  6. The Trust supports the provision of prize awards at the both the annual BES meeting and the annual Clinical Update meeting.

  7. The Trust supports Quality Improvement (QI) projects in the field of Endocrinology. No projects have ben supported over the financial year in question.

Financial Review

Performance, reserves and going concern

Total income of the charity for the year was £74,241 (2020:£78,159). Income is from an annual contribution from John Wiley & Sons Ltd, based on income generated from publication of the journal Clinical Endocrinology.

Expenditure in the year was £20,311 (2020:£43,385). Expenditure in the year has fallen from due to a £13,500 refund from the SFE, a consequence of an event we support having been cancelled as part of the national COVID-19 response.

During the year, direct charitable expenditure (including project grants, fellowships, prizes and overheads is lower than in previous years, reflecting the cancellation of some educational events due to the COVID-19 response; together with the postponement of QI-research grant provision at a time where the national healthcare focus was on the pandemic. Overheads have remained stable. In line with being a small charity, the Trust is committed to reducing overhead expenditure as much as possible.

3

THE CLINICAL ENDOCRINOLOGY TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2021

Consolidation of transactions is seen in larger elements of business with the SFE, each covering a number of individual commitments. Transparent processes are in place for review of specific elements contained within this ‘envelope’. All stakeholders agree that this approach streamlines processes, reduces overheads and enables function within a lean, low administrative-support system.

In 2021 there was a net surplus for the year of £53,930 (2020:£34,774)

The total unrestricted funds of the charity as at 30 April 2021 was £393,975 (2020:£340,045). The Trustees consider that the level and nature of the financial reserves at 30 April 2021 does not impact upon the assumption that the Charity is a Going Concern.

It is the policy of the charity to maintain funds (the free reserves of the charity) sufficient to cover management, administration and support costs; and to respond to emergency applications for grants, which may arise from time to time. Going forward, the level of reserves for budgeting purposes is set to be a minimum of £30,000 - £40,000. The trustees regularly review their total reserves and allocate funds for the future period as they see fit.

Risk Management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Trustees discuss emerging risks to the Trust as a small charity, given the importance of maintaining alignment within national corporate governance and charity governance recommended practice.

The Trust’s funds are held within a single account. This does constitute a risk, but one which we currently tolerating pending further discussions on how best to manage funds going forward.

The Trust has processes by which they review, identify and assess major risks and insure that controls have been put in place (where necessary) to mitigate these risks.

Plans for future periods

Going forward, the Trust supports a series of fixed commitments.

Additional plans forward plans include the following.

Setting criteria for funding Quality Improvement projects aligned with national priorities (in topic) and standards for national registration (in design). These discussions continue through the National Institute of Health Research.

4

THE CLINICAL ENDOCRINOLOGY TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2021

Public Benefit

The Trustees have considered the Charity Commission's requirement in respect of public benefit. In their view the charity continues to meet the criteria to satisfy the test. The Trustees Report describes the activities undertaken to further its purposes for the public benefit.

Statement of Trustees’ Responsibilities

The Trustees are required under the Constitution of the Charity to prepare the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)

The law applicable to charities in England & Wales requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its results for that period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy, at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Charity Constitution. They are also responsible for safeguarding the assets of the Charity and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by trustees and signed on their behalf by:

Professor S Ball

Secretary and Treasurer 19 November 2021

5

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CLINICAL ENDOCRINOLOGY TRUST

I report to the trustees on my examination of the accounts of The Clinical Endocrinology Trust (the Trust) for the year ended 30 April 2021, which are set out on pages 7 to 11.

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. 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's trustees as a body, for my work, for this report, or for the statement I have made.

Responsibilities and basis for report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the ACT”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 cause to believe:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

The Trustees have disclosed the impact of COVID-19 on the Charity and have taken all necessary action to identify the future risks associated with the operation of the Charity. The Trustees have assessed that the current and future financial position does not impact upon the assumption that the Charity is a going concern.

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 accounts to be reached.

Nicholas Simkins FCA 19 November 2021

Park Lane,Tamworth, B78 3HX

6

THE CLINICAL ENDOCRINOLOGY TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021

2021
2020
Unrestricted Unrestricted
Funds
Funds
£
£
Income and endowments from:
Charitable Activities
Share of profits of the journal “Clinical Endocrinology” 74,241
78,159
Total income 74,241
78,159
Expenditure on:
Charitable activities (Note 7) 20,311
43,385
Total expenditure 20,311
43,385
Net movement in funds 53,930
34,774
Total funds brought forward 340,045
305,271
Total funds carried forward 393,975
340,045
There are no recognised gains or losses other than those included above.
All activities are continuing.

The notes on pages 9 to 11 form part of these financial statements.

7

THE CLINICAL ENDOCRINOLOGY TRUST

BALANCE SHEET AS AT 30 APRIL 2021

CURRENT ASSETS
Bank account
CURRENT LIABILITIES
Accruals (Note 9)
Net assets
Unrestricted funds
Opening balance
Surplus for the year
Total funds		 2021
£
£
397,775

397,775
(3,800)

(3,800)
393,975
340,045
53,930
393,975		 £
343,645
(3,600)		 2020
£
343,645
(3,600)

340,045

305,271
34,774

340,045

The financial statements were approved by the trustees and authorised for release on 19 November 2021 are signed on their behalf by

Professor S G Ball Trustee

The notes on pages 9 to 11 form part of these financial statements.

8

THE CLINICAL ENDOCRINOLOGY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2021

1. CHARITY INFORMATION

The Clinical Endocrinology Trust is a charity registered in England and Wales No. 288679. It is an unincorporated charity governed by a trust deed dated 6 December 1983 (revised 15 November 2012).

2. ACCOUNTING POLICIES

a) Basis of accounting

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment assets and are in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities (SORP 2019)” effective 1 January 2019, the Charities Act 2011 and the FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (effective January 2015). The charity is a public benefit entity, so has applied the specific “PBE” prefixed paragraphs of FRS102.

The financial statements have been prepared for the charity as a single entity.

The financial statements are denominated in Sterling, which is the entity’s functional currency, and are rounded to the nearest whole pound.

The accounts have been prepared on a going concern basis as there are no material uncertainties about the charity’s ability to continue for the foreseeable future.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Charity's accounting policies (see note 3).

The charity has taken the available exemption under the Charities SORP (FRS 102) Update Bulletin 1, as a smaller charity, to not prepare a Statement of Cash Flows.

b) Income

Income represents a share of the profits of the journal Clinical Endocrinology published by John Wiley & Sons Ltd and amounts receivable from donations and related tax credits during the period.

c) Resources expended

Expenditure is recognised on an accruals basis.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the yearend are noted as a commitment, but not accrued as expenditure. Governance costs include costs primarily associated with the constitutional and statutory requirements of the charity.

9

THE CLINICAL ENDOCRINOLOGY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2021

3. ACCOUNTING ESTIMATES

In preparing the Financial Statements, the trustees are required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

There are no key assumptions or other sources of estimation that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year.

4. TRUSTEE REMUNERATION AND EXPENSES

No trustees received any remuneration or received reimbursed expenses in the year (2020: £Nil).

5. SURPLUS IS AFTER CHARGING

Independent examiner’s fees 2021
£
3,800		 2020
£
3,600

6. GRANTS TO INDIVIDUALS

Grants amounting to £Nil (2020: £Nil) were given to Nil (2020: Nil) individuals.

7. CHARITABLE ACTVITIES
Lecturer – honorarium
C E T – Pitt-Rivers Lectureship
C E T Lectureship
Lectureship expenses
SFE update meeting
SFE prizes
ECE prizes
Governance
Refund for CET 2020 *
Support for SFE Skills Academy
CET award		 2021
£
-
2,500
9,000
-
-
1,250
1,261
3,800
(13,500)
12,000
4,000
20,311
 2020
£
250
2,500
9,000
9,666
12,000
*1,250
5,119
3,600
-
-
-
43,385

10

THE CLINICAL ENDOCRINOLOGY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2021

8. STAFF COSTS

No staff were employed during the year (2020: nil).

No employees received employee benefits of more than £60,000

9. GOVERNANCE COSTS

Independent examiners fees accrual 2021
£
3,800
3,800		 2020
£
3,600

3,600

10. RELATED PARTIES

During the year, the trustees declared a connection between the charity and Clinical Endocrinology. In 2021 £Nil (2020: £Nil) was paid for subscription to the Clinical Endocrinology Journal.

The Society for Endocrinology was also supported by the charity with whom the charity also has a connection. £26,011 (2020 £34,666) was paid to SFE in relation to the annual meeting and prize funds, in additional a refund of £13,500 was received for cancelled events.

11. FUND BALANCES

All funds held at the year-end are unrestricted and to be used for the purposes of the charity.

Unrestricted
General
Prior Year
Unrestricted
General		 Balance
at
01/05/20
£		 Income
Expenditure
£
£		 Balance
at
30/04/21
£
340,045 74,241
(20,311)		 393,975
Balance
at
01/05/19
£		 Income
Expenditure
£
£		 Balance
at
30/04/20
£
305,271 78,159
(43,385)		 340,045

11

THE CLINICAL ENDOCRINOLOGY TRUST

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2021

Income
Wiley & Sons
Expenditure
Lecturer – honorarium
C E T – Pitt-Rivers Lectureship
C E T Lectureship
Lectureship expenses
SFE update meeting
SFE prizes
ECE prizes
Governance
Refund for CET 2020
Support for SFE Skills Academy
CET award
Total Expenditure*
Net incoming resources		 2021
£
£
£
74,241


74,241
-
2,500
9,000
-
-
1,250
1,261
3,800
(13,500)
12,000
4,000
20,311
20,311


53,930
 2021
£
£
£
74,241


74,241
-
2,500
9,000
-
-
1,250
1,261
3,800
(13,500)
12,000
4,000
20,311
20,311


53,930
2020
£
78,159

78,159
250
2,500
9,000
9,666
12,000
*1,250
5,119
3,600
-
-
-
43,385

43,385

34,774

12