2022-12-31-accounts - The Society Of Musculoskeletal Medicine

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Charity registration number 802164

Company registration number 01700787 (England and Wales)

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr N Worth
	Miss F M Ottewell
	Dr G Cameron
	Dr D A Reid
	Dr E L Atkins MBE
	Mr J P Smith	(Appointed 13 June 2022)
	Mr G Hebenton	(Appointed 16 December
		2022)
	Mrs J Neilson	(Appointed 16 December
		2022)
Charity number	802164
Company number	01700787
Principal address	Somm
	4th Floor
	151 Dale Street
	Liverpool
	L2 2AH
Registered office	Somm
	4th Floor
	151 Dale Street
	Liverpool
	L2 2AH
Independent Examiner:	Jean Ellis BA FCA CTA
	DSG
	Castle Chambers
	43 Castle Street
	Liverpool
	L2 9TL
Bankers	Charities Aid Foundation
	10 St Bride Street
	London
	EC4A 4AD
Investment advisors	Quilter Cheviot Limited
	One Kingsway,
	London, WC2B 6AN

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE CONTENTS

	Page
Trustees' report	1 - 5
Statement of trustees' responsibilities	6
Independent examiner's report	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10 - 17

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Society of Musculoskeletal Medicine (SOMM) - formerly the Society of Orthopaedic Medicine - is an educational charitable company that was formed in 1979 to develop the seminal work of Dr James Cyriax MRCP and to promote the theory and the practice of musculoskeletal medicine.

SOMM provides a comprehensive programme of post graduate courses for physiotherapists and doctors that run primarily throughout the UK but invitations further afield are always considered and courses in Europe and South East Asia have been delivered in the past.

The Society has a committed team of tutors who have many years of experience practicing musculoskeletal medicine in many different arenas - NHS, sport, private practice and the armed forces. This brings diversity and interest in the courses and ensures a stimulating and varied learning experience.

The main objective of the Society during the past 12 months has been to sustain our ability to provide high quality musculoskeletal medicine training to result in better medical treatment for patients.

Our strategy has continued to focus on the need to strengthen our existing offering to current markets, in particular our international courses and our injection therapy courses.

Public Benefit

The objects for which The Society of Musculoskeletal Medicine has been established are:

To benefit the public through the promotion and advancement of musculoskeletal medicine.

We will provide education to facilitate the practice, study and publication of research within this field.

The trustees have paid due regard to the Charity Commission guidance on public benefit in deciding SOMM activities to be undertaken and have only pursued activities with a public benefit outlined below.

The core activity of the Society is the teaching of musculoskeletal medicine through Foundation course modules, which aim to provide students with a practical approach to the clinical diagnosis and treatment of musculoskeletal conditions.

The outcome is a public benefit through being diagnosed or treated by medical practitioners or allied health professionals that are trained in SOMM principles and subsequently have confidence to practise this important area of medicine.

There is public benefit gained through sharing knowledge in this way so that patients receive the best possible diagnosis and treatment from fully informed doctors and allied health professionals.

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

SOMM appointed a chair of education to resource a robust commitment to supporting our tutors and to promoting our courses.

We also addressed the need to sustain our teaching capacity following the loss of some key tutors.

During the last financial year, the Society delivered 7 foundation courses to 144 students..

The Society also provided further courses for students that have completed the diploma, encompassing modules on The Theory and Practice of Injection Therapy and Advancing Clinical Practice in Musculoskeletal Medicine.

We had 12 advanced modules (injection therapy, special tests etc) with 211 students.

Our collaboration with Queen Margaret University, Edinburgh continued with 1 student enrolling on the MSc Musculoskeletal Medicine in 2022.

Therefore, a total of 355 students were trained by SOMM in 2022.

Financial review

Total income for the period was £214,091 (2021: £241,738).

Total expenditure for the period was £255,577 (2021: £250,915).

The net deficit for the year prior to gains and losses on investments was £41,846 (2021: £9,177). Losses on our investments of £41,095 during the year (see note 10) meant that our final position was a deficit for the year of £82,581 (2021: surplus for the year of £29,734 following gains on investments of £38,911).

At the end of 2022 the fixed asset investments were valued at £192,384 (2021: 260,549)

The Society has a current bank account which at the year-end totalled £30,190 (2021: £48,213).

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Investment policy

£192,384 is held in a broad range of investment fund, with an overarching conservative objective in order to minimise risk and safeguard the funds.

Quilter Cheviot is the appointed investment advisor, and they manage SOMM funds on a discretionary basis. This enables an improved speed of decision-making as the appointed investment managers are authorised to move funds according to market conditions.

The Council has requested that portfolio of investments be managed cautiously, within agreed parameters.

The Society Manager and Treasurer receive regular investment performance reports from Cheviot Asset Management, and can access real time valuations at any given juncture

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Risk policy

The Council has assessed the major risks to which the charitable company is exposed.

These have been identified as follows:

Dependency on key funders, NHS constraints and failure to meet funding target;
Dependency on key personnel - ensure that succession planning is in place;
Failure of course programme, declining number of students: and
Poor investment performance.

The following measures were implemented to address these risks:

Position our courses as a lever to support the NHS strategy of supporting the management of musculoskeletal conditions; .
Appointment of a chair of education; and
Continue our relationship with our appointed investment manager, who has the authority to act on a discretionary basis, to reinvest funds (with agreed parameters) to maximize current market conditions.

The Council is satisfied that HR, legal, IT and Health & Safety obligations currently have sufficient control systems in place.

All risks continue to be thoroughly reviewed annually.

Structure, governance and management

The organisation is a charitable company; limited by guarantee (registered in England and Wales No.01700787) originally formed in 1979 and was incorporated on 11th January 1983. The company was established under a Memorandum of Association, which established the objects and powers of the company and is governed by its Articles of Association.

The charitable company was registered with the Charities Commission (registered number 802164) on 17[th] January 1990 as a charity for the benefit of the public in relieving sickness by promoting and advancing the use, study and science of orthopaedic medicine and by providing facilities for treatment, education, study and research therein.

The charitable company changed its name from The Society of Orthopaedic Medicine on 21 January 2013.

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr N Worth Miss F M Ottewell Dr G Cameron Dr D A Reid Dr E L Atkins MBE Mr J P Smith (Appointed 13 June 2022) Mr G Hebenton (Appointed 16 December 2022) Mrs J Neilson (Appointed 16 December 2022) Mrs E J Goodlad (Resigned 17 February 2022) Mr D Muir (Resigned 29 August 2022)

Members of the Council are elected/re-elected at the Annual General Meeting by the membership.

According to SOMM’s constitution, 1/3 of elected Councillors will retire by rotation at each Annual General Meeting, with those that have been longest in office being first to retire. Officers of the Society are exempt from retiring for re-election partway through their term of office.

Some of the trustees are remunerated by the Society of Musculoskeletal Medicine (SOMM) for their professional services in teaching musculoskeletal medicine on behalf of SOMM. The Society governance includes strict policies and procedures that are in place to safeguard the organisation against any potential conflict of interest that might arise through such remuneration.

No Council members are remunerated for their trusteeship services.

Trustee Recruitment and Appointment

SOMM’s constitution requires that Councillors be elected to office by the membership.

A call for nominations was sent to all SOMM members in advance of the Annual General Meeting. Additionally, SOMM Council has the power to co-opt individuals.

All co-options are valid for 1 year until the date of the next Annual General Meeting, at which point Council may decide to renew the co-option.

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Trustee Induction and Training

All newly-elected trustees are sent an induction pack which includes the following items:

Trustee job description
Council terms of reference
Minutes from last twelve months council meetings
SOMM governance review
SOMM constitution
Business plan
Risk assessment
Charity Trustee’s Handbook
Code of Good Governance
SOMM contacts list
Charity Commission information and link to their website
Council performance review

SOMM trustees are the main decision-makers for the organisation, and the trustee board is known as Council.

Trustees are updated on SOMM activities and performance through regular email communications from the Society Manager, at Council meetings, strategic planning meetings, and any other ad hoc meetings.

Sub-committees include the Education Committee.

All Committees have specific Terms of Reference which outline their responsibilities and reporting structure. All sub-committees report to SOMM Council.

Council has agreed a target that all incoming trustees should attend formal trustee training, and has also proactively encouraged current trustees to attend such training. To date, 50% of current trustees either have already received formal training or are planning to attend a training course in the coming year.

The Society Manager manages the performance and administration of the organisation, and attends all Council

and Committee meetings.

Annual budgets are prepared by the Society Manager in collaboration with the office lead for finances and the Treasurer for approval by Council.

Council receives regular management accounts reports throughout the year.

Council has delegated authority for financial decisions up to the value of £10,000 to the Treasurer, and Society Manager, providing there is unanimity across the group. This policy is beneficial operationally because it enables timely decisions to be made and implemented.

Many action points have arisen including increasing financial, business and marketing skills on the Council, clarifying the relative roles of Society Manager and Council, increasing strategic activity, improving communications and decision-making.

Small company provisions

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The trustees' report was approved by the Board of Trustees.

Miss F M Ottewell

Trustees Dated: 15 December 2023

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors of The Society Of Musculoskeletal Medicine for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE SOCIETY OF MUSCULOSKELETAL MEDICINE

I report to the trustees on my examination of the financial statements of The Society Of Musculoskeletal Medicine (the charity) for the year ended 31 December 2022.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity (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 charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

1 accounting records were not kept in respect of the charity 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 accounts 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 for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of 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.

Jean Ellis BA FCA CTA DSG

Castle Chambers 43 Castle Street Liverpool L2 9TL

Dated: 15 December 2023

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

				Unrestricted	Unrestricted
				funds	funds
				2022	2021
			Notes	£	£
Income from:
Donations and legacies			3	-	1,000
Charitable activities			4	208,935	235,894
Investments			5	5,156	4,844

Total income				214,091	241,738

Expenditure on:
Raising funds			6	2,177	2,326
Charitable activities			7	253,400	248,589

Total expenditure				255,577	250,915

Net deficit for the year				(41,486)	(9,177)
Net gains/(losses)		on investments	10	(41,095)	38,911

Net movement in		funds		(82,581)	29,734
Reconciliation	of	funds
Fund balances at 1 January 2022				225,174	195,440

Fund balances at 31 December 2022				142,593	225,174

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
	Notes	£	£	£	£
Fixed assets
Tangible assets	12		6,161		4,563
Investments	13		192,384		260,549

			198,545		265,112
Current assets
Stocks	15	2,608		1,435
Debtors	16	13,008		16,602
Cash at bank and in hand		30,190		48,213

		45,806		66,250
Creditors: amounts falling due within	17
one year		101,758		106,188

Net current liabilities			(55,952)		(39,938)

Total assets less current liabilities			142,593		225,174
The funds of the charity
Unrestricted funds			142,593		225,174

			142,593		225,174

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 15 December 2023

Miss F M Ottewell

Trustee

Company registration number 01700787 (England and Wales)

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Society of Musculoskeletal Medicine is private limited company limited by guarantee registered in England and Wales. The registered office address is 4th floor 151 Dale Street Liverpool L2 2AH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably

10 -

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% reducing balance Fixtures and fittings 25% reducing balance Computers 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are valued at the lower of cost or selling price less selling costs, after making due allowance for obsolete and slow-moving items. Cost is calculated using the first-in first-out basis of valuation.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

11 -

THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Covid grant	-	1,000

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THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

4 Income from charitable activities

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Income from charitable activities	206,935	228,600
Income from beneficiaries services	-	5,044
Other income	2,000	2,250

	208,935	235,894

5 Income from investments

	Unrestricted	Unrestricted	Unrestricted	Unrestricted
		funds		funds
		2022		2021
		£		£
Income from listed investments		5,107		4,843
Interest receivable		49		1

		5,156		4,844
Expenditure on raising funds
	Unrestricted		Unrestricted
		funds		funds
		2022		2021
		£		£
Investment management		2,177		2,326

6 Expenditure on raising funds

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THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

7 Charitable activities

	2022	2021
	£	£
Staff costs	70,658	56,724
Depreciation and impairment	2,057	1,524
Printing, postage and stationery	1,532	2,212
Telephone and interent	3,397	2,318
Insurance	316	209
Promotion and advertising	795	969
Rent and rates	8,230	7,399
Computer and website costs	2,173	1,960
Subscriptions	6,848	7,529
Repairs and renewals	847	2,700
Meeting costs	20,484	3,076
General expenses	3,565	4,399
Bank charges	2,112	2,961
Legal and professional fees	509	488
Accountancy	2,572	1,440
Courses and examination costs	127,305	152,681

	253,400	248,589

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021 - none).

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
	2022	2021
	Number	Number
Charitable activities	2	2
Employment costs	2022	2021
	£	£
Wages and salaries	69,523	55,299
Social security costs	497	876
Other pension costs	638	549

	70,658	56,724

There were no employees whose annual remuneration was more than £60,000.

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THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

10 Gains and losses on investments

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
Gains/(losses) arising on:	£	£
Revaluation of investments	(15,489)	30,683
Sale of investments	(25,606)	8,228

	(41,095)	38,911

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Tangible fixed assets
	Plant and		Fixtures and		Computers		Total
	equipment			fittings
		£		£		£	£
Cost
At 1 January 2022		5,646		8,254		5,984	19,884
Additions		-		350		3,305	3,655

At 31 December 2022		5,646		8,604		9,289	23,539

Depreciation and impairment
At 1 January 2022		5,564		7,710		2,047	15,321
Depreciation charged in the year		21		224		1,812	2,057

At 31 December 2022		5,585		7,934		3,859	17,378

Carrying amount
At 31 December 2022		61		670		5,430	6,161
At 31 December 2021		82		544		3,937	4,563

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THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fixed asset investments

				Listed
			investments
				£
	Cost or valuation
	At 1 January 2022			260,549
	Additions			78,912
	Valuation changes			(15,489)
	Movement in capital and cash accounts			(497)
	Disposals		(131,091)

	At 31 December 2022			192,384

	Carrying amount
	At 31 December 2022			192,384
	At 31 December 2021			260,549
14	Financial instruments	2022		2021
		£		£
	Carrying amount of financial assets
	Instruments measured at fair value through the statement of financial activities	192,384		260,549
15	Stocks
		2022		2021
		£		£
	Finished goods and goods for resale	2,608		1,435
16	Debtors
		2022		2021
	Amounts falling due within one year:	£		£
	Trade debtors	7,869		7,720
	Other debtors	282		2,422
	Prepayments and accrued income	4,857		6,460

		13,008		16,602

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THE SOCIETY OF MUSCULOSKELETAL MEDICINE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
		2022	2021
	Notes	£	£
Other taxation and social security		1,584	-
Deferred income		62,993	53,744
Trade creditors		13,778	31,266
Other creditors		18,221	18,373
Accruals		5,182	2,805

		101,758	106,188

Deferred income of £62,993 (2021: £53,744) relates to income received for future periods.

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1	January	Incoming	Incoming	Resources	Resources	Gains and	Gains and		At 31
		2022	resources		expended			losses	December
										2022
		£		£		£		£		£
General funds		225,174		214,091	(255,577)			(41,095)		142,593
Previous year:	At 1	January	Incoming		Resources		Gains and			At 31
		2021	resources		expended			losses	December
										2021
		£		£		£		£		£
General funds		195,440		241,738	(250,915)			38,911		225,174

19 Related party transactions

There were no disclosable related party transactions during the year (2021: none).

17 -