The Association of Clinical Biochemists Benevolent Fund

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1 Charity number: The Association of Clinical Biochemists Benevolent Fund Report and financial statements

2 Contents Page Reference and administrative details 1 Trustees' report 2-4 Independent examiner's report 5-6 Statement of financial activities 7 Balance sheet 8 Cash flow statement 9 Notes to the financial statements 10-12

3 Reference and administrative details Trustees Dr G McCreanor, President & Chairman Dr W J Marshall, Treasurer & Secretary Dr H G J Worth, Trustee Dr G S Challand, Trustee Dr J H Horner, Trustee Charity registered number Principal office Accountants Bankers c/o The Association for Clinical Biochemistry and Laboratory Medicine Tooley Street London SE1 2TU Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL HSBC Bank Plc 281 Chiswick High Road Chiswick London W4 4HJ Page 1

4 Trustees' report The Trustees present their annual report together with the financial statements of The Association of Clinical Biochemists Benevolent Fund for the year 1 January 2016 to 31 December The financial statements have been prepared in accordance with the accounting policies set out on page 9 of the attached financial statements and comply with the charity's Deed of Trust, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective from accounting periods commencing 1 January 2015 or later. Structure, governance and management Constitution The charity is governed by a Deed of Trust dated 24 October 1967 as amended by Deed and Resolution dated 15 May Method of appointment or election of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The Trustees meet on an ad hoc basis to consider issues. Day to day decisions in relation to the organisation and management of the Fund are contracted to a third party. New Trustees are appointed by the Trustees with reference to the needs of the business and the particular attributes of the individuals under consideration. Induction and training of new Trustees is conducted by the Secretary. Key management personnel remuneration The Trustees consider the board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration or expenses were paid in the year. Policies and objectives The objective of the charity is the help of necessitous persons who are or have been members or employees of the Association whether they are subscribers to the Fund or not and the dependents of deceased or disabled past or present members or employees of the Association. Achievements and performance Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Review of activities The net outgoing resources for the period were 9,842 (net incoming resources for ). Page 2

5 Trustees' report (continued) Financial review Principal risks and uncertainties The Trustees have reviewed the major risks to which the charity is exposed and established systems to mitigate them. The Trustees consider the principal risk facing the charity to be its dependence on the Trustees' own time and energies, voluntarily donated. Reserves policy It is the policy of the charity to maintain unrestricted funds which are adequate to fulfil the objectives of the charity, subject to the limitations placed on the use of funds which has resulted in reserves building up to the current level. Any surplus funds are held in investments or short term deposits to help maintain the income levels for future years. Amounts have been paid to beneficiaries over the past few years and the Trustees will endeavour to find suitable persons whom the charity can help. Other considerations Public benefit The Trustees have given due consideration to Charity Commission published guidance on the public benefit requirements. The Trust constitutes a public benefit entity as defined by FRS 102. Page 3

6 Trustees' report (continued) Trustees' responsibilities statement The Trustees 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). The law applicable to charities in England & Wales 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 income and expenditure of the charity for that period. 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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); make judgements and accounting 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; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustees on and signed on their behalf by: Dr W J Marshall Trustee Page 4

7 Independent examiner's report Independent examiner's report to the Trustees of The Association of Clinical Biochemists Benevolent Fund I report on the financial statements of the charity which comprise the Statement of financial activities, Balance sheet and Cash flow statement, with the related notes. This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 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 and the charity's Trustees as a body, for my work or for this report. Respective responsibilities of Trustees and examiner The charity's Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to: examine the financial statements under section 145 of the Act; follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below. Page 5

8 Independent examiner's report (continued) Independent examiner's statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the Act; and to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Signed: Dated: Mark Worsey FCA for and on behalf of Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL Page 6

9 Statement of financial activities Income Note Unrestricted funds 2016 Total funds 2016 Donations ,281 Total income ,281 Total funds 2015 Expenditure Charitable activities 10,840 10, Total expenditure 2 10,840 10, Net income / (expenditure) before other recognised gains and losses (9,842) (9,842) 663 Net movement in funds (9,842) (9,842) 663 Reconciliation of funds: Total funds brought forward 52,993 52,993 52,330 Total funds carried forward 43,151 43,151 52,993 All activities relate to continuing operations. The Statement of financial activities includes all gains and losses recognised in the year. All the charity's activities derived from continuing operations during the above two financial periods. The notes on pages 10 to 12 form part of these financial statements. Page 7

10 - Balance sheet As at 31 December 2016 Current assets Note Cash at bank and in hand 44,922 53,611 Creditors: amounts falling due within one year 4 (1,771) (618) Net current assets 43,151 52,993 Net assets 43,151 52,993 Charity funds Unrestricted funds 5 43,151 52,993 Total funds 43,151 52,993 The financial statements were approved by the Trustees on and signed on their behalf, by: Dr W J Marshall Trustee The notes on pages 10 to 12 form part of these financial statements. Page 8

11 Cash flow statement Cash flows from operating activities Note Net cash (used in)/provided by operating activities 6 (8,689) 1,281 Change in cash and cash equivalents in the year (8,689) 1,281 Cash and cash equivalents brought forward 53,611 52,330 Cash and cash equivalents carried forward 7 44,922 53,611 Page 9

12 Notes to the financial statements 1. Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Charities Act The Association of Clinical Biochemists Benevolent Fund constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in Sterling and rounded to the nearest pound. 1.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 1.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. 1.5 Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 10

13 Notes to the financial statements 2. Analysis of charitable expenditure Charitable expenditure 2016 Total 2015 Grants paid 10,000 - Accountancy , Trustees' remuneration None of the trustees received any remuneration in respect of their services, nor reimbursement of expenses during the period. The aggregate remuneration to key management personnel was therefore nil ( nil) 4. Creditors: Amounts falling due within one year Trade creditors Loan from The Association for Clinical Biochemistry and Laboratory Medicine Accruals 840-1, Statement of funds Unrestricted funds Brought Carried Forward Income Expenditure Forward General funds 52, (10,840) 43, Reconciliation of net movement in funds to net cash flow from operating activities Net (expenditure)/income for the year (as per Statement of financial activities) (9,842) 663 Adjustment for: Increase in creditors 1, Net cash (used in)/provided by operating activities (8,689) 1,281 Page 11

14 Notes to the financial statements 7. Analysis of cash and cash equivalents Cash at bank and in hand 44,922 53,611 Total 44,922 53, Related party transactions During the year, The Association for Clinical Biochemistry and Laboratory Medicine, a company of which Dr G McCreanor and Dr W J Marshall are directors, provided a loan to the charity of 931 ( nil). At the year end this amount was still due. The loan is interest free and repayable on demand. Page 12

The Association of Clinical Biochemists Benevolent Fund

The Association of Clinical Biochemists Benevolent Fund Report and financial statements for the year ended 31 December 2017 Charity number: 254213 Contents Page Reference and administrative details 1 Trustees