Royal Medical Society Trust
Trustees’ Annual Report and Accounts Year Ended 31 August 2024 Scottish Charity No. SC011518
Royal Medical Society Trust
Contents of the Accounts for the Year Ended 31 August 2024
| Page | |
|---|---|
| Charity Information | 1 |
| Report of the Trustees | 2-3 |
| Report of the Independent Examiner | 4 |
| Statement of Receipts and Payments | 5 |
| Statement of Balances | 6 |
| Notes to the Accounts | 7-8 |
Royal Medical Society Trust
Charity information for the Year Ended 31 August 2024
Bank
Bank of Scotland 32a Chambers Street Edinburgh EH1 1JB
Independent Examiner
Accountants
Alexander Sloan LLP 1 Lochrin Square 92-98 Fountainbridge Edinburgh EH3 9QA
Solicitor
Lindsays, WS 19A Canning Street Edinburgh EH3 8HE
Investment advisors
Rathbones Stockbrokers George House 50 George Square Glasgow G2 1EH
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Royal Medical Society Trust
Trustees’ Annual Report for the Year Ended 31 August 2024
The Trustees present their Report and Accounts of the charity for the year ended 31 August 2024.
Governing Document
The Trust is unincorporated and is governed according to the terms of its Trust Deed.
Objectives and Activities
The Royal Medical Society was founded over 250 years ago by a group of six medical students as a forum to further their medical knowledge. In August of 1754, they were given a body for dissection and, a month later, after a social evening at a local tavern, agreed to meet fortnightly to read dissertations on medical subjects. On 19 December 1778, the Royal Medical Society of Edinburgh was incorporated by Royal Charter of George III.
A Charitable Endowment Trust, known as the Royal Medical Society Trust, was established on 20 March 1980.
The objectives of the Trust are to provide financial support for the Society, in particular the maintenance of the Society's premises, historical library, furnishings and equipment, and assistance with the costs of secretarial services, lectures and other meetings of educational value.
The contribution from the Trust for these purposes shall not exceed 75% of the Trust's total income, or the Trust's surplus for the year, whichever is the lesser, save in cases where the expenditure is required to safeguard the Society's premises.
Trustees
The Trustees who served during the year and up to the date of signature of the financial statements were:
Appointment of Trustees
The Trustees consist of a nominated Chairman and Treasurer, the elected Senior President of the Society as well as nominees from the University of Edinburgh Court, the Royal College of Surgeons of Edinburgh, the Royal College of Physicians of Edinburgh and an elected representative of the Society. The Trustees are elected based on their suitable knowledge and expertise.
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Royal Medical Society Trust
Trustees’ Annual Report for the Year Ended 31 August 2024
Organisational Structure
The Trustees are responsible for the overall direction and administration of the charity which is delegated to the permanent secretaries. The Trustees meet twice a year.
Trustees' induction and training
New Trustees are provided with information on obligations and responsibilities during their induction.
Risk management
The Trustees are aware that they are required to assess the major operational risks to which the Society is exposed and to put in place measures to mitigate these as far as possible. These risks include those to both the members of the Society and to visitors when in the Society's rooms. Working with the Royal Medical Society Council, the Trustees have responsibility to review all aspects of personal safety. In addition, the Trustees ensure that the financial aspects of the Royal Medical Society and Trust remain on a firm footing. A number of governance issues have been brought to our attention and we are working to address them.
Achievements and Performance
The Trust's income in the year was £51,123 (which includes £15,000 from realised investments) (2022-23 £35,938). The Trust had expenditure of £56,355 (2022-23 £50,860). The Trust continues to make a substantial contribution to the finances of the Royal Medical Society and The Trust also disbursed £8,635 in Travel and Study awards to students.
Financial Review
The charity reported a deficit of £5,232 in the year. Bank reserves total £8,064 at 31 August 2024. Investments held total £1,017,181 at 31 August 2024.
Reserves Policy
The Trust's reserves consist of its investment assets and the policy is to conserve and add to these. In order to do this the current annual breakeven position must be turned into a surplus by reducing the requirement of the Royal Medical Society for funds to balance its budget.
Investment Policy
Funds are invested in quoted investments with the aim of achieving a balance of income and capital growth, with a diversified risk profile. The Trustees engaged the services of Rathbones Stockbrokers and Investment Managers who managed the charity's quoted investments during the year.
6/3/2025
Approved by the Trustees on ............................ and signed on their behalf by:
Trustee
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Royal Medical Society Trust
Independent Examiner’s Report to the Trustees of Royal Medical Society Trust
I report on the Accounts of the charity for the year ended 31 August 2024 which are set out on pages 5 to 8.
Respective Responsibilities of Trustees and Examiner
The charity’s Trustees are responsible for the preparation of the Accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity Trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Regulations does not apply. It is my responsibility to examine the Accounts as required under Section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. 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 seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the Accounts.
Independent Examiner’s Statement
In the course of my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
-
to prepare Accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
- to which in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
Date: 6/3/2025
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Royal Medical Society Trust
Statement of Receipts and Payments for the Year Ended 31 August 2024
| Receipts Investment income Notes Dividends received Proceeds from realised investments Total Receipts Payments Charitable Activities Grants paid 5 Computer and equipment costs Contribution to Royal Medical Society Independent examination fees Total Payments Net (Payments) for the year |
Unrestricted Funds 2024 Total £ 36,123 15,000 51,123 8,635 - 47,000 720 56,355 (5,232) |
Unrestricted Funds 2023 Total £ 35,938 - |
|---|---|---|
| 35,938 | ||
| 10,000 3,360 37,500 - |
||
| 50,860 | ||
| (14,922) |
The Notes form an integral part of these Accounts.
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Royal Medical Society Trust
Statement of Balances as at 31 August 2024
| Notes Bank and Cash in Hand 4 Opening balances Net Receipts/(Payments) for year Closing Balances Reserves General Fund Closing balances Assets Fixed Asset Investments 3 Due from Royal Medical Society 6 Historical Cost of Investments Liabilities Accountancy fees Independent Examiner's Fee |
2024 Total £ 13,296 (5,232) 8,064 8,064 8,064 1,017,181 30,666 686,141 1,050 385 1,435 |
Restated 2023 Total £ 28,218 (14,922) |
|---|---|---|
| 13,296 | ||
| 13,296 | ||
| 13,296 | ||
| 982,845 10,434 |
||
| 704,799 1,000 500 |
||
| 1,500 |
6/3/2025
Approved by the Trustees on ................................... and signed on their behalf by:
Trustee
The Notes form an integral part of these Accounts.
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Royal Medical Society Trust
Notes to the Accounts for the Year Ended 31 August 2024
1. Accounting Policies
Basis of Accounting
The Accounts have been prepared on a Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
2. Funds
General Funds
Encompasses all income and expenditure relating to the primary focus activity of the charity, other than those for which funding is restricted.
3. Fixed Asset Investments
The Trust holds investments which are managed by Rathbones. Dividends received are deposited into the Trust's bank current account on a monthly basis and these are accounted for in the Receipts and Payments accounts.
Fees paid to the investment manager come from the investments held and so are not recorded in the Receipts and Payments accounts. To aid transparency, disclosure reconciling the Investments opening and closing balances are noted below:
| Opening Balance Held at 1 September 2023 / 2022 Dividends received in the year Fees paid to investment managers Funds realised Transferred to the bank current account Market Valuation (Losses)/Gains in the period Closing Balance Held at 31 August 2024 / 2023 4. Bank and cash in Hand Comprising Current Account |
2024 £ 982,845 36,123 (8,877) 15,000 (51,123) 43,213 1,017,181 2024 £ 8,064 8,064 |
Restated 2023 £ 1,031,336 35,938 (8,690) - (35,938) (39,801) |
|---|---|---|
| 982,845 | ||
| 2023 £ 13,296 |
||
| 13,296 |
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Royal Medical Society Trust
Notes to the Accounts for the Year Ended 31 August 2024
5. Grants Paid
The Trust awards Travel and Study Awards to students. In the financial year to 31 August 2024, the Trust awarded grants worth £8,635 to 22 individuals (year to 31 August 2023, £10,000 to 25 individuals).
6. Contributions to Royal Medical Society and Amounts Due
The Trust agrees to make an annual contribution to the Royal Medical Society. The amount is calculated as being the lesser of: 75% of the General Fund income of the Trust or 100% of the surplus for the year, excluding the contributions themselves and proceds from realised investments).
For the year to 31 August 2024, the amount to be contributed to the Society has been calculated as £26,480.
| Opening Balance Owed from/(to) Society at 1 September 2023 / 2022 Amounts due to the Society based on calculation Amounts paid over to the Society in the year Paid by the Society on behalf of the Trust Paid by the Trust on behalf of the Society Correction to prior year note Closing Balance Owed from/(to) Society at 31 August 2024 / 2023 |
2024 £ 10,434 (26,480) 47,000 (1,008) 720 - 30,666 |
2023 £ (16,899) (19,165) 37,500 (1,320) 3,360 6,958 |
|---|---|---|
| 10,434 |
7. Trustees remuneration
The trustees received no renumeration or expenses in the year (2023: Nil).
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