Registered charity: 326398
SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
TRUSTEES Kathryn Burgess (Chair) Rosemary Boutle Brigitte Faubert Angela Duxbury Alaine Berry Peter Nimmo Christine Blakely Ross McGhee (Appointed 7 SECRETARY Richard Evans ADDRESS 207 Providence Square Mill Street London SE1 2EW INDEPENDENT EXAMINERS Tim Redwood FCA Crowe UK LLP 55 Ludgate Hill London EC4M 7JW CHARITY REGISTRATION NUMBER 326398
Kathryn Burgess (Chair) Rosemary Boutle Brigitte Faubert Angela Duxbury Alaine Berry Peter Nimmo Christine Blakely Ross McGhee (Appointed 7[th] April 2020)
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SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their report and the independently examined accounts for the year ended 30 September 2020.
AIMS AND OBJECTIVES
The Benevolent fund was established in 1983 as a registered charity and is governed by a trust deed dated 16[th] June 1983, and a Supplemental Deed of Trust dated 23[rd] November 2006. The objects of the charity are “the assistance and relief of persons in the United Kingdom being members (including student members) and former members of the Society and their dependants who are in necessitous financial circumstances and in particular such of them as are old, sick or incapacitated.”
PUBLIC BENEFIT
The Trustees have paid due regard to the guidance on public benefit published by the Commission in exercising their powers and planning the activities of the charity. The Trustees are satisfied that the Trust has charitable purposes as set out in the Charities Act 2011 covering the prevention and relief of poverty for the public benefit.
TRUSTEES AT 30 SEPTEMBER 2020
Kathryn Burgess (Chair) Brigitte Faubert Rosemary Boutle Angela Duxbury Peter Nimmo Alaine Berry Christine Blakely Ross McGhee
Ross McGhee was appointed as a new Trustee during the year. The responsibility for the overall management and organisation of the charity rests with the Board of Trustees. The Board comprising of seven Trustees are appointed by Society Council. (Note: Numbers exclude the Chair of the Board). Policies and procedures, together with a Handbook for the induction and training and guidance of trustees have been prepared and currently this is conducted according to need.
ACTIVITY IN THE YEAR
The Trustees met twice during the year to discuss management of the Fund, and strategy. Requests for assistance and the awarding of grants are regularly discussed via an online facility. Other activity between formal meetings of the Board also included follow up meetings with an outsourcing solution provider to improve the effectiveness of the application/advocacy element of administration.
Receipts for the year to September 2020 were £43,430, £35,365 more than 2019 mainly due to the receipt of an interim legacy receipt of £35,000 within the year, with the remaining £225,000 of the legacy expected to be received within the following year. Donations increased by £214 from £6,939 last year to £7,153 in the current year which was mainly due to increased fundraising activity offset by a personal memorial donation in the previous year.
A total of £1,082 was raised due to new fund raising activity that took place within the year. £378 of this was raised by the #Howyoudoing? fundraising campaign orchestrated by a group of health professionals at the Royal College of Physicians to say thank you to NHS staff during Covid-19 of which the SoR Benevolent Fund was one of a number of beneficiaries. The remaining £704 was raised as part of voluntary donations suggested in relation to those attending free online radiography lectures.
A £5,000 donation was made from the Society which is consistent with the previous year and receipts from the collections at Society meetings and College events around the UK have shown a decrease from £608 in the previous year to £401.
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SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
ACTIVITY IN THE YEAR (...continued)
Payments in the year amounted to a total of £15,868 compared to £8,280 in 2019. The rise was mainly due to the increase in number of awards made from three in the previous year to seven during the year. The total awards value during the year rose to £14,484 by £8,484 from £6,000.
The value of the investment fund increased during the year by £124 from £52,145 to £52,269. The short term deposit balance at 30 September 2020 was £49,141 and the Fund’s bank balance was £47,346. The aggregate of £96,487 represented an increase of £27,563 over the total of the balance of the year before.
The Trustees would like to thank the fundraisers and all those who have made donations in the year or otherwise supported the Fund and also UK Council for their continued support of the Fund.
INVESTMENT, RESERVES AND RISK POLICIES
Investment
In late 2018, in view of ongoing low interest yields on charity deposit schemes, the Trustees concluded that the current level of reserves held would support investment of funds without impacting on its ability to meet its charitable objectives.
The fund aims to achieve long term capital growth in excess of inflation through investment in a wide ranging portfolio. This will be kept under regular review and an agreed investment policy has been adopted in order to safeguard the capital resources of the Fund. The policy considers the level of risk of the investment strategy, investment management selection, investment restrictions and its ethical policy which precludes investment in armaments and tobacco stocks.
Reserves
The charity’s cash reserves, excluding the investment fund, amounted to £96,487 at 30 September 2020. The Trustees wish to hold sufficient reserves to be able to ensure continuity in the operation of the charity in the event of a large variation of income and/or increase in applications for financial assistance. To address this inherent uncertainty the Trustees deem it prudent to aim to hold the equivalent of two years’ income in a readily accessible deposit account and a minimum of three years’ income equivalent on deposit on appropriate notice. Trustees note that the reserves are currently not in line with the reserves policy due to the receipt of the first payment in respect of a significant legacy. The policy will be reviewed in the coming year.
Risk
The Trustees have reviewed the major risks facing the fund at each meeting.
11 / 2 / 21 Mrs Kathryn Burgess Chair of the Trustees ……………………………… on …………………..
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND
I report on the accounts of the Society of Radiographers Benevolent Fund for the year ended 30 September 2020, which are set out on pages 6 to 8.
Use of my report
This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s 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, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s 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 accounts. The charity’s Trustees consider an audit is not required for this year under section 144 of the Charity’s Act 2011 (the 2011 Act) but that in accordance with the constitution an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act as instructed by the Trustees;
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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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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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tim Redwood Chartered Accountant Crowe UK LLP 55 Ludgate Hill London EC4M 7JW 25 February 2021
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SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND RECEIPTS AND PAYMENTS ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| NOTES Receipts Donations 3 Gift Aid reclaimed 5 Legacies Bank interest Total Receipts Payments Awards made Printing and marketing Bank charges Trustee expenses 4 Independent exam fee Sundry expenses Total payments Net of receipts/(payment) Unrealised gain on Investment Fund Cash funds last year end Cash funds this year end |
Unrestricted funds 2020 £ £ 7,153 501 35,000 776 43,430 14,484 - 72 437 840 35 (15,868) 27,562 124 68,925 96,487 |
Last year 2019 £ £ 6,939 174 - 952 8,065 6,000 547 41 772 792 128 (8,280) (215) 1,506 69,140 68,925 |
Last year 2019 £ £ 6,939 174 - 952 8,065 6,000 547 41 772 792 128 (8,280) (215) 1,506 69,140 68,925 |
|---|---|---|---|
| 1,506 | |||
| 69,140 | |||
| 68,925 |
The notes on page 8 form part of these financial statements
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SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND STATEMENT OF ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2020
| INVESTMENT ASSETS Multi Asset Multi Manager Investment Fund CASH FUNDS Short term deposit Cash at bank Total cash funds OTHER MONETARY ASSETS Gift Aid due 5 |
2020 £ 52,269 49,141 47,346 96,487 - |
2019 £ 52,145 |
|---|---|---|
| 48,365 20,560 |
||
| 68,925 168 |
Approved and authorised for issue by the Trustees on 11[th] February 2021 and signed on their behalf
Chair of the trustees Kathryn Burgess
The notes on page 8 form part of these financial statements
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SOCIETY OF RADIOGRAPHERS BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the Benevolent Fund’s accounts are as follows:
a) Accounting treatment
The financial statements have been prepared on a receipts and payments basis.
b) Payments
Awards are granted to individuals and not institutions. None of the Trustees are remunerated.
2. TAXATION
No provision for taxation is required on these accounts.
3. RELATED PARTY TRANSACTIONS
The Society of Radiographers has the power to appoint members of the Board of Trustees of the Society of Radiographers Benevolent and therefore both are related parties. £407 was donated from collections made by the Society’s Regional Committees and National Councils compared to £608 in the prior year. The Society of Radiographers incurred £1,440 redesigning Benevolent Fund application forms as the first stage of bringing on board an outsourced solution.
The Society of Radiographers donated £5,000 to the Society of Radiographers Benevolent Fund during the year and £5,000 in the prior year.
The Society of Radiographers provides administration support to the Society of Radiographers Benevolent Fund’s Board of Trustees.
4. Trustees Expenses
Travel expenses totalled £437 for three Trustees (2019: £772 for seven Trustees).
5. Gift Aid
No Gift Aid was due at the end of the period as the £333 claim for tax year 2019/20 had been received within the current financial year along with the £168 that was due from the previous tax year 2018/19.
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