Royal Medical Society
Trustees’ Annual Report and Accounts Year Ended 31 August 2024 Scottish Charity No. SC019898
Royal Medical Society
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
Charity information for the Year Ended 31 August 2024
Bank
Bank of Scotland 32a Chamber Street Edinburgh EH1 1JB
Accountants
Alexander Sloan LLP 1 Lochrin Square 92-98 Fountainbridge Edinburgh EH3 9QA Solicitor
Lindsays, WS 19A Canning Street Edinburgh EH3 8HE
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Royal Medical Society
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 Society is unincorporated and is governed according to the terms of its Constitution.
Objectives and Activities
The 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 19th December 1778, the Royal Medical Society of Edinburgh was incorporated by Royal Charter of George III.
The aim of the society is to organise activities and provide facilities to assist members (both undergraduate and postgraduate) to derive the utmost benefit from their time studying medicine in Edinburgh, to promote the discussion of topics of medical interest, to introduce members to areas of medicine not covered explicitly in the undergraduate curriculum, and to encourage a culture of discussion, debate and reflection among the membership. Many of the educational events are open to non-members.
The Society holds regular meetings from October to May at which lectures on medical themes are given by distinguished speakers, members' dissertations are read and practical demonstrations of medical techniques are given. In addition there are tutorials and other small group discussion and teaching sessions. The Society maintains a collection of manuscript dissertations and some historical medical works not available elsewhere in Edinburgh and these are available for inspection and consultation by scholars.
Members have 24-hour access to the Society's premises which include a large meeting hall, a library, a computer room, a clinical skills room (with microscopes and other learning aids), a coffee lounge, a fully equipped kitchen and shower facilities.
The rooms are made available either free or for a nominal fee to other medical voluntary or charitable organisations within Edinburgh - usually ones run by, or with a strong input from, medical students.
Trustees
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Royal Medical Society
Trustees’ Annual Report for the Year Ended 31 August 2024
Appointment of Trustees
The Society is managed by an elected Council, comprising fifteen office bearers. There are also three other non-Council posts subject to annual election. The Royal Medical Society's Trustees have a supervisory role in the running of the Society. 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.
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 Council and 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. Council is continuing to review all aspects of safety in the rooms, looking at fire regulations and general personal risks. The Trustees also have some responsibility in this area as well as ensuring that financial aspects of the Society 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 Society continued to carry out meetings, talks, tutorials and events being carried out online.
Financial Review
Total Income for the year was £62,532 (2022-23: £50,185). Membership subscriptions for the year totalled £3,880 (2022-23: £2,795). Donations from the Royal Medical Society Trust were £47,000 (2022-23: £37,500). Other income sources include sale of white coats and festival letting was £11,652 (2022-23: £9,090).
Total expenditure was £58,751 (2022-23: £63,214).
In summary, there was a net receipt position of £3,781 (2022-23: net payment of £13,029).
The charity had bank balances of £4,952 at 31 August 2024, all held in General Funds. The Society holds assets in the form of the Society’s property at 5/5 Bristo Place, Edinburgh, and is owed funds from the Royal Medical Society Trust.
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Approved by the Trustees on……………………….and signed on their behalf by:
Trustee
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Royal Medical Society
Independent Examiner’s Report to the Trustees of Royal Medical Society
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
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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 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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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.
es
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Date:
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Royal Medical Society
Statement of Receipts and Payments for the Year Ended 31 August 2024
| Notes Receipts Members' subscriptions Contribution from Royal Medical Society Trust Room hire Activities and functions Sales of goods Total Receipts Payments Raising funds Purchases of goods for resale Transaction fees Other functions costs Sub-Total Charitable Activities Staff costs Heat and light Insurance Repairs and maintenance Cleaning Printing, postage and stationery Telephone Computer costs General expenses Accountancy and bookkeeping Subscriptions Donations Sub-Total Governance Costs Independent examiner's fee Total Payments Net Receipts/(Payments) for the year |
Unrestricted Funds 2024 Total £ 3,880 47,000 9,000 1,806 846 62,532 825 170 60 1,055 19,918 9,333 8,015 230 7,728 231 - 3,181 1,700 6,486 374 500 57,696 - 58,751 3,781 |
Unrestricted Funds 2023 Total £ 2,795 37,500 6,923 1,181 1,786 50,185 764 127 312 1,203 18,681 6,607 7,448 309 8,308 488 - 5,112 430 4,636 - - 52,019 720 53,942 (3,757) |
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The Notes form an integral part of these Accounts.
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Royal Medical Society
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 Assets 3 Debtors Held by payroll provider 5 Due from Pleasance Festival company Liabilities Independent Examiner's Fee Due to Royal Medical Society Trust 6 Accountancy and bookkeeping |
2024 Total £ 1,171 3,781 4,952 4,952 4,952 103,580 930 10,000 10,930 410 30,666 1,965 33,041 |
2023 Total £ 4,928 (3,757) 1,171 1,171 1,171 103,580 1,247 9,000 10,247 750 10,434 1,000 12,184 |
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Approved by the Trustees on….............................. and signed on their behalf by:
Trustee
The Notes on pages 7 and 8 form an integral part of these Accounts.
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Royal Medical Society
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 Assets
As indicated on the Statement of Balances, Fixed Assets of £103,580 represent the net book value of the property as at the year ended 31 August 2021 when the financial statements were prepared under the Charities Statement of Recommended Practice (FRS102). The net book value of the property is its historic cost when the Centre was built in 1975 and not its current market value.
| 4. Bank and cash in Hand Comprising Cash at bank Cash at hand 5. Amounts held by payroll provider and staff costs Opening Balance Held at 1 September 2023 / 2022 Paid by RMS to payroll provider client account Interest received Amounts paid in net salaries Amounts paid to HMRC Closing Balance Held at 31 August 2024 / 2023 |
2024 £ 4,952 - 4,952 2024 £ 1,247 19,918 12 (16,911) (3,335) 931 |
2023 £ 1,149 22 1,171 2023 £ 1,237 18,681 10 (15,883) (2,798) 1,247 |
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The Royal Medical Society pays over salary costs to a designated client account held by its payroll provider, Alexander Sloan Accountants, which in turns makes the payments for net salary and to HMRC.
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Royal Medical Society
Notes to the Accounts for the Year Ended 31 August 2024
6. Contributions from Royal Medical Society Trust 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 (to)/from 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 (to)/from 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) |
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7. Trustees remuneration
The trustees received no renumeration or expenses in the year (2023: Nil).
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