Charity regSstration number NIC100784 (Northem Ireland) NORTHERN IRELAND RHEUMATISM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NORTHERN IRELAND RHEUMATISM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr G Wright DrA Taggart MsAQuinn Ms H McKeeman DrACaims DrA Bell Dr E Ball Mr R Kelly DrA Pendleton Ms J Monaghan Charity nurnber {Northern Ireland) NIC100784 Principal address Department of Rheumatology Musgrave Path HDspitsI Stod(mans Lane Belfast BT9 7JB Independent examlner GMCG LISBURN Century House 40 Crescent Buslness Park Lisbum BT28 2GN Banker5 Ulsler Bank Limtted 911 g3 Universtiy Road Belfast BT7 1NG
NORTHERN IRELAND RHEUMATISM TRUST CONTENTS Page TTUStees' report Independent exarninels report ststement of financial activities ststemenl of financial positson Notes to the finanual statements 7-12
NORTHERN IRELAND RHEUMATISM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financlal statements for the year ended 31 December 2024. The financial stalemenls have been prepared in accordance with the accounting polictes set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act (Northern Ireland) 2008 and "Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Objectives and activities The charity's objects include all aspects of education and training, for all medical, nursing and allSed health professionals working in the field of rheumatic disease within Northern Ireland. Activities carried out by the organi5alion supports medical, nursing and allied health professionals working in the rield of rheumatology in Northern Ireland to attend training and edu¢ational conferences to benchmark, netsvork, gain knowledge, skills and expertise in the field of rheumatology. The organisation also critically reviews and fiJnds appropriate research projects within the field of rheumatology in Northern Ireland. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what aclNrties the charity should undertake. Achlevements and perfomiance The charity cgntinues to support research and education amongst healthcare professionals who are involved in the care of patients with rheumatic disease within Northern Ireland. The charity has been able to support the training of medical professionals during this year. through the generous funding received from Novartis and other donors. Flnancial review The company had nel income in the year of £8,32812023 - net expenditure £8,146), leaving unre51ricted funds of £170.809 (2023 £159.075) and reslricled funds of £5,832 (2023 £9,238). The unrestricted funds are considered to be essential to provide sufficient funds lo cover any unforeseen costs which may arise and fulfil legal obligations of the charity in the event that current levels of income are not rnaintained. 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 eqtjivalent to between three and six month's expenditure. The trustees consider Ihal reserves al 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 additlonal funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks lo which the charity is exposed, and are satisfied that Systems are in place to miligale exposure to the major risks.
NORTHERN IRELAND RHEUMATISM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, govemance and management The charity was established by a charitable trust deed on 14 December 1992. The trustees who gerved during the year and up to the date of signature of the financial statements were- Dr G Wright Dr A Taggart M5 A Quinn Ms H McKeeman DrA Cairns DrABell Dr E Ball Mr R Kelly DrA Pendleton Ms J Monaghan The trustees shall elect from among their number the following Honorary Officers in each year at the annual general meeting; Chaimian, Honorary Secrelary and Honorary Treasurer. There is to be not less than three or more than tsvelve trustees at any time. TTUStees are appointed at the disGretion of existing trustees. The trustees. report was approved by the Board of Trustees. Ms A Quinn Ttustee Dated: .
NORTHERN IRELAND RHEUMATISM TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHERN IRELAND RHEUMATISM TRUST We report to the Irustees on our examination of the financial statement5 of Northem Ireland Rheumatism Trust (the charity) for the year ended 31 Decembei 2024. Responsibilities and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charitses Act (Northern Ireland) 2008. 11 is our responsibility to= examine the account5 under section 65 of the Charities Act (Northern Ireland} 2008., follow the procedures laid down in the general Directions given by Ihe Charity Commission for Northern Ireland under section 6519}Ibl of the Charities A¢t', and stale whether particular matters have come lo our attention. Basis of independent examlnerfs report We have examined your charity account5 as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Dire¢tion5 given by the Charity Commisslon for Northem Ireland under section 6519){bl of the Charitles Act. Our examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accovnls and seekir¢g explanations from you as charity trustees concerning any such matters. Our role is lo slate whether any material matters have come to our attention glving us cause to believe-. That accounting records were not kept in accordance with section 63 of the Charities Act That the a¢nts do not accord with those accounting records That the accouE7ts do not comply with the accounting requirements of the Charities Act That Ihere is further information needed for a proper understanding of the accounts lo be reached.
NORTHERN IRELAND RHEUMATISM TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF NORTHERN IRELAND RHEUMATISM TRUST Independent examine$ slatement We have completed our examination and have no concems in respect of the matters (l) to {4) listed above and, in connection w¢th following the Directions of the Chartty Commission for Northem Ireland, we have found no matters that requi drawing to your attention. GMCG LISBURN Century House 40 Crescent Business Park Lisbum BT28 2GN Dated:
NORTHERN IRELAND RHEUMATISM TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Totsl Unrestrlcted Restrleted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Investmen15 other income 27,580 2,762 200 27.580 2,762 200 27.015 2,265 27,015 2,265 Totsl Income 30,542 30.542 29,280 29,280 Expendlture on: Charitable activities 22.214 22,214 37,426 37,426 Total expenditure 22.214 22,214 37,426 37,426 Net incomellexp8nditurel 8.328 8,328 18,1461 (8.146) Transfers betsveen funds 3,406 {3,406) Net movoment In fundg 11,734 13,4C6) 8,328 18,1461 18,1461 Reconclllation of funds.. Fund balances al 1 January 2024 159.075 9,238 168,313 167,221 9,238 176.459 Fund balances at 31 December 2024 170,809 5.832 176,641 159,075 9,238 168,313 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continulng activities.
NORTHERN IRELAND RHEUMATISM TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 10 355 174,265 180.453 180,453 174.620 Creditors: amounts falling due within one year 11 13.812) (6,30n Net cuent assets 176,641 168.313 Income funds Restricted fiJnds Unrestricted fvnds 12 13 5,832 170,809 9,238 159,075 176.641 168.313 The financial statements were approved by the Trustees. authorised for issue on their behalf by., and signed on DrGWri Trustee
NORTHERN IRELAND RHEUMATISM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies Charity infomiation Northern Ireland Rheumatism Trust is an unincorporated charity registered with the Charity Commission In Northern Ireland. The principal office is Department of Rheumatology, Musgrave Park Hospital, Stockmans Lane, Belfast, BT9 7JB. 1.1 Accounting convention The finan¢ial statements have been prepared in accordance with Ihe charity's conslilution, the Charities Act 2011 and "Acctsunling and Reporting by ChaTlties'. Statement of Recommended Practice applicable to charlties preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefii Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charrties appiying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The finanaal statements are prepared in sleriing, which is the functional currency of the charity. Monetary amounts in these financial statemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Iruslees have a reasonable expectation Ihal the charity has adequate resource5 to continue in operational exislence for the foreseeable fulure. Thus the trustee5 continue lo adopt the going concern basis of a¢counting in preparing the fir¢ancial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of treir charitable objective5. Resiricted funds are subject lo specific condiliDns by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to Ihe financial statements. 1.4 Incoming resources Income is recognised when the charity is legally entitled lo it after any performance conditions have been met, the amount5 can be measured reliably. and it is probable that income will be received. Cash donations are recognised Dn receipt. Other donations are recognised once the charity has been noufied of the donation, unless performance condilions require deferral of the amount. Income tax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised at the time of the donation. 1.5 Re50urees expended Expenditure is recognised on an accrual basis as a liability is incurred. Charrtable expenditure comprises those cosls incurred by the charity in the delivery of ils activities and setvices for Its beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature to support them. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-temi liquid investments with original maturiiies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NORTHERN IRELAND RHEUMATISM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 '8asie Finan¢tal 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 paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statemeftts, when there is a legally enforceable rigm to set off the recognised amounts and Ihere is an intention to settle on a net basis or to realise the asset and settle the liability sirnultaneously. Basic financffal assets Basic financial assets. which include debtors and cash and bank balances, are initially rneaSvd at transadion pri including transaction costs and are subsequently carrted at amortised cost Using the effective interest method unless the arrangement constitutes a firTancing transaction, where the transactton is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets ctassified as re1vable within one year are not amortised. Basic financial liabiliti05 Basi¢ financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the aTrangement constitutes a financing transaction, where the debt instrument is mtrasured at the present value of the future payments discounted al a market rate of intest. Financial liabilities classified as payable within one year are not amortised. Debt in5trumenls are subsequently carrÈed at amortised cos( using the effective interest rate method. Trade creditors are obligation5 to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as non-ojrrent liabilities. Trade Creditors are recognised initialty at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial Ilabilities are derecognised when the charity's contractual obligations expire or are dischar9ed or ancelled. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 27,580 27,015
NORTHERN IRELAND RHEUMATISM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 Income from investrnents Unrestricted Unrestrfcted funds funds 2024 2023 Interest receivable 2,762 2.265 Other Income Unrestrlcted Unrestricted funds funds 2024 2023 Other income 200 Expenditure on charitable activltles 2024 2023 Direct Costs Training Database collection costs Bank charges Accountsncy 8.672 12.432 36,266 20 1,140 1,110 22.214 37.426 Analysis by fund Unrestricted funds 22.214 37.426 Des¢rlption of Charitable actlvlties Education, training. care and research into rheumatic and arthrsti"c disorders. Trustees During the year ended 31 December 2024 no payments were made lo trustees oflhe ttharity- Taxatlon The charity is exempt from taxation on its activities because all it5 income is applied for charitable purposes.
NORTHERN IRELAND RHEUMATISM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Transfers During the year the trustees transferred £3,406 from restrtcted funds to unrestricted funds for unspent funds. This was within Ihe tenns of the restricted funds provided. 10 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 355 11 Creditors: amounts falllng due within one year 2024 2023 Accnjals and deferred income 3,812 6.307 12 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Transfers At31 December 2024 Training - Abbvie Ltd Training - Roche Products Telemedicine- Abbwie Ltd Training - Novartis Inveslment 1.970 866 5,832 570 (1.970) (866) 5,832 (570) 9,238 (3,406) 5,832 10-
NORTHERN IRELAND RHEUMATISM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Restricted funds (Continued) Previous year: At 1 January 2023 Transfers At31 Decernber 2023 Training - Abbvie Ltd Training - Roche Products Telemedicine- Abbvie Ltd Training- Novartis Investment 1,970 866 5,832 570 1,970 866 5,832 570 9,238 9,238 Trainin -AbbVie Ltd Funding received for training course on developing skills in musculoskeletal ultrasound. Trainin - Roche Products Funding received for Vas¢ulilis meeting which Roche Products sponsored. Telemedicine - Abbvle Ltd Funding received for IT equipmenl for patient self-monitoring which wll benefit patientsl and or the NHS by improving technology and patient education. Trainin - Novartis Investment Funding received for training course on developing skills in musculoskeletal ultrasound with emphasis on the differential di8gnosis of musculoskelelal pathology and the practical use of ultrasound in diagnosis, treatment and monitoring of patients Wlth rhevmatic disease. 13 Unrestricted funds The unrestricted funds of the challty comprise the unexpended balances of donations and grants which are not subject lo 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 l January 2024 Incoming re$ourcgS Resources expended Transfers At31 December 2024 General funds 159,075 30,542 122,2141 3,406 170,809 Previous year: Ai 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 General funds 167,221 29,280 137.4261 159,075 11
NORTHERN IRELAND RHEUMATISM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 Decernber 2024: Current assetsl(liabilities) 170.809 5,832 176,641 170.809 5,832 176,641 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023: Current assetsl(liabilities) 159,075 9.238 168.313 159,075 9,238 168,313 12-