513. RSA: Scientific and Medical Network Charitable Trust Acc. 2007: PO Box 11 Moreton in Marsh

8/3/2019 513. RSA: Scientific and Medical Network Charitable Trust Acc. 2007: PO Box 11 Moreton in Marsh

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SCIENTIFIC AND MEDICAL NETWORKCHARITABLE TRUST

TRUSTEES ' REPORT ANDAUDITED FINANCIALSTATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2007


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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTCONTENTS

Charity informationTrustees' Annua l Repo rtIndependent Auditor'sReportStatement of Financial ActivitiesBalance SheetNotes t o th e Financial Statements

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUST

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2007Legal and administrative detailsCHAIRMAN OF TRUSTEES Janine Edge, M.A ., M.Sc .T R U S T E E S

AUDITOR

B A N K E R S

Janine E d g e , M.A., M.Sc.Dr Paul Filmore, B.Sc., Ph.D., M.Inst. P. , C .Phys. , M.B.A., ILTM, FRSAOonagh M Harpur, B.A.Rupert Stewart-Smith M.A.Max Gascoyne Payne, M.A., B.Sc.Spofforths L L P1 Horsham GatesNorth StreetHorshamWest Sussex RH13 5PJLloyds TSB P L CShrewsburyShropshire

CHARITY REGISTRATION NUMBER 295267

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TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2007The Trustees submit their annual report and the audited f inancial statements fo r the year ended 31 December 2007. The Trusteeshave adopted the provisions of the Statement of Recommended Practice (SORP) "Account ing and Reporting by Charities" issued inMarch 2005 in prepar ing the annual report and financial statements of the chari ty .Structure, governance and managementThe Scientific and Medical Network Charitable Trust was established by a Trust Deed dated 1 July 1986 and registered with the CharityCommission on 17 October 1986.ObjectsThe Charity's ob jects are the advancement of learning a n d r e l ig io n in a n y p a rt o f the world b y the study of the various a s p e c t s of Truthrepresented through a rts , the s c i e n c e s a n d a ll r e l i g i o n s in which may b e found s p i r i t u a l t r u t h s n e c e s s a ry for m a n ' s fullest developmentthrough h is understanding the l a w s of l i f e and l i v i n g .Trustees

Chairman of Trustees

Janine Edge, M .A. , M.Sc .Trustees

J ani ne Edge, M .A ., M.Sc. Dr Paul Filmore, B.Sc . , Ph.D ., M.Inst. , P. C.Phys., M.B.A.Oonagh M Harpur, B.A. Rupert Stewart-Smi th M.A.Max Gascoyne Payne, M.A., B.Sc.The Trust is managed by the Board of Trustees. The existing Trustees have the power to appoint new Trustees when a vacancyarises. The Trustees do not retire by rotation so new trustees are only appointed when a vacancy arises as a result of retirement orremoval, or when specialist knowledge is needed. The methods adopted fo r recruitment of a new trustee, and the procedures to beadopted fo r induction, are therefore decided by the exist ing trustees i n the light of the particular vacancy to be filled. No policies andprocedures have been adopted fo r ongoing training of trustees.

Princ ipal addressPO Bo x 11Moreton-in-MarshG loucestershireGL56 OZF

Object ives, achievements, performance and financial reviewThe Trust aims to achieve it s objectives through it s support of the Sc ient if ic and Medical Network ( "SMN") ( company number4544694 , charity number 1101171). This associated charity was set up to undertake activities formerly conducted by the Trust andhas similar objects to the Trust.During the year, th e Trust made a grant of 20,000 to SMN for their general projects and 4,000 fo r educational pro jects . The Trustreceived a donation of shares valued at 63,510 f rom the G B Blaker Chari tab le Trust . The Trustees have designated these asaddit ional funds to be used specif ical ly for education projects until 1 January 2027 when any rema in ing ba lance sh all b e transferredto general i nc ome funds .

Investment policy

The investment policy of the Trust is to invest in low risk investments which maintain a balance between capita l growth andinvestment i ncome and the trustees consider that this investment ob jec ti ve was met during 2007.

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTTRUSTEES' ANNUAL REPORTFOR THE YEAR ENDED 31 DECEMBER 2007Future p l a n s

The chari ty plans to continue to support the activities of SMN by the making of grants as approved by the trustees from t ime tot ime.Rese rvesThe Trust does not maintain a specific amount of general funds as monies w i ll not be donated unless suffic ient funds are available

Risk assessmentThe Trustees review financial and other r i s k s when appropriate and have establ ished procedures to e n s u r e that a ll transactions andprojects are properly authorised.Statement of Trustees' responsibi l i t iesThe Trustees are responsible fo r preparing the report and f inancial statements in accordance with applicable law and UnitedKingdom Generally Accepted Accounting Practice.Under the Chari ties Ac t 1993 the Trustees are required to prepare a statement of accounts for each f inancial year which gives atrue and fair view of the s ta te o f affairs of the charity at t he end of the year and of its incoming resources and application ofresources in the year. In preparing the statement, the Trustees are required to :

select suitable accounting polic ies and then apply them consistently;make judgements and estimates that are reasonable and prudent;state whether applicable accounting standards and statements of recommended practice have been followed, subjectto any material departures disclosed and explained in the statement of accounts;prepare the accounts on the go ing concern basis unless it is inappropriate to presume that the charity willcontinue it s operations.

The Trustees are responsible fo r keeping proper accounting records which disclose with reasonable acc uracy at any t ime thefinancial position of the charity at that t ime and to enable the Trustees to ensure that any statement of account prepared bythem complies with the regulations under Section 42 (1 ) of the Chari ties Ac t 1993. They are also responsible for safeguardingthe assets of the charity and hence fo r taking reasonable steps fo r the prevention and detect ion of fraud and other irregularities.

This report was approved by the Trustees on 'L ~ h (-604 00d and signed on their behalf by

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTINDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

We have audited the financial statements of the Scientific and Medical Network Charitable Trust fo r the year ended 31 December2007 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. These financial statementshave been prepared in accordance wi th the accounting policies set out therein.This report is made solely to the charity's trustees, a s a body, in accordance with Sec tion 43 of the Charities Ac t 19 93 andregulations made under section 44 o f tha t Act. Our audit work has been undertaken so that we might state to the chari ty's trusteesthose matters we are required to state to them in an auditor 's report and fo r no other purpose. To the fullest extent permitted b ylaw , w e do not accep t o r assume responsibility to anyone other than the chari ty and the charity 's trustees as a body, fo r our audi twork, fo r this report, or fo r the opinions we have formed.Respect ive responsibilities of trustees and auditorThe responsibilities of trustees fo r preparing the Trustees' Annual Report and the financial statements in accordance with applicablelaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statementof Trustees' Responsibilities.We have been appointed as auditors under section 43 of the Charities Ac t 1993 and report i n accordance with the regulations madeunder section 44 o f tha t Act. Our responsibil ity is to audi t the accounts in accordance wi th relevant legal and regulatory requirementsand International Standards on Auditing (UK & Ireland).We re port to y o u our o p i n i o n as to whether the financial statements g i v e a true and fair view a n d a r e properly in accordance withthe Charities Act 1993 . We a l s o r e p o rt to y o u i f , in our o p i n i o n , the Trustees ' Annual R e p o rt is not consistent with the fi n a n c i a lstatements,i f the charity h a s not kept proper a c c o u n t i n g r e c o r d s , o r if w e have not received a ll the information and explanations w e require foro u r audit.We read the Trustees' Annual Report and consider the implications fo r our report i f we become aware of any apparentBasis of opinionWe conducted our audit in accordance with International Standards on Auditing (UK & Ireland) issued by the Audit Practices Board.A n audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the f inanc ial statements. Italso includes an assessment of the signi f icant est imates and judgements made by the trustees in the preparation of the financialstatements and of whether the accounting policies are appropriate to the charity 's circumstances, consistently appl ied andadequately disclosed.We planned and performed our audit so a s to obtain a ll the information and explanations which we considered necessary in order toprovide u s with sufficient evidence to give reasonable assurance that the f inanc ia l statements are free from materia l mis-statement,whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of theOpinionIn o ur op in ion the financial statements:

give a true and f ai r v i ew , i n a c c o r dance wi th United K ingdom Gene ra ll y A c cepted Ac coun ti ng Pract ice, of the s ta teof t chari ty's affairs as at 31 December 2007 and of it s i n coming resources and application of resources for theye hen e nded ; a ndh e een properly prepared in accordance with the Charities Ac t 1993 .

SpofforthI LLPChartered Accountants and Registered Auditor1 Horsham GatesNorth StreetHorshamWest SussexRH13 5P JDate: 14 July 2008

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STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YE AR E ND ED 3 1 DECEMBER 2007

Incoming resourcesVolunta ry incomeDonations

Incoming resources from generated fundsInvestment i ncome

Total incoming resources

Unrestric ted Restric ted PermanentNotes funds funds endowment 2007 2006

fund E

63,51017,773

63,510 72,52517,773 14,018

81,283 - - 81,283 86,543

Resources expendedCost of genera t ing fundsInvestment management costs 706 - - 706 48 8Cost of char itab le acti v it iesCosts of g ran ts made 24 ,000 - - 24,000 21,500

Governance 1 ,175 - - 1,175 1,410

Total resources expended 2 25,881 - - 2 5 ,8 8 1 23,398

Net outgoing resources before 55,402 - - 5 5 , 402 63,145recogn ised ga ins and lossesOther recognised gains an d losses:Ga ins on investment assets 8,121 - 4,326 12 ,447 6,268

Net movemen t on funds 63 ,523 - 4,326 67,849 69,413Funds at 1 Janua ry 2007 244 ,885 1,218 139,054 385,157 315,744Funds at 31 Decembe r 2007 6 308,408 1,218 143,380 453,006 385,157

The notes on pages 7 to 9 form part of these f inancial statements. Page: 5


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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTBALANCE SHEETAS AT 31 DECEMBER 2007

Fixed assetsInvestments

Notes

2007

3 447,218Current assetsCash at bank and in hand 7 ,197 10,506Creditors: amounts falling duewithin one yearNet current assets

(8,409)

2006

3 8 3 , 0 6 0

5 , 7 8 8 2,097453,006 385,157

4 (1,409)

FundsPermanent endowment 5Unrest ri c ted funds 5Restr i c ted funds 5

143,380308,4081,218

139,054244,885

1,218

453,006 385,157

e n t s were approved by the Trustees on

US~v- _- ~L _ - r- -- - -- -- - -- - -- -- - -- - --nine Edge, M . A. , M . Sc .if lfl~ ~ \r. Rupert Stewart-Smi th M.A.

Dr Paul Filmore, B.Sc., Ph.D., M.Inst. P. , C .Phys. , M.B.A., ILTM, FRSA

The notes on pages 7 to 9 form part of these f inancial statements. Page: 6


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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2007

1 PRINCIPAL ACCOUNTING POLICIES

Basis of accountingThe financial statements have been prepared under the historical cost convention, wi th the exception of investmentswhich are included at market value. The financial statements have been prepared in accordance wi th the Sta tement ofRecommended Practice "Accounting and Report ing by Charities" publ ished in March 2005 and the Charit ies Act 1993.Fund accountingThe unrestricted funds are avai lab le for use at the discretion of the trustees in furtherance of the general objectivesof the chari ty and wh ich have not been designated fo r other purposes.Restricted funds are funds which are to be used in accordance with specif ic restrict ions imposed by donors or which havebeen raised b y th e charity fo r particular purposes. The cost of raising and administering such funds are charged against thespecific fund.Investment income is allocated to general unrestricted funds and investment gains are allocated between unrestricted andendowment funds.Incoming resourcesA ll voluntary income is included in income on receipt except where the donor requires the sum to be invested to provideincome f o r the Charity's purposes, in which case it is treated as a permanent endowment.Donations are recognised a s income when received.Investment income is included in the accounts on a receivable basis and includes amounts accrued fo r outstanding refundsof tax deducted at source.Resources expendedA ll expenditure is accounted fo r on an accruals basis and has been classified under headings that aggregate a ll costs relatedto the category.InvestmentsInvestments are stated at market value at the balance sheet date. The Statement of Financial Activities inc ludes the netgains and losses arising on revaluations and disposals throughout the year.

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FOR THE YE AR E ND ED 31 DECEMBER 2007

2 Total resources expendedInvestment Costs of ,

management costs grants made G overnance 2007 2006

Investment management cos ts 706 - - 706 488Auditors remuneration - - 1,175 1,175 1,410Donation to the Sc ienti fi c and Medical Network

- general - 20,000 - 20,000 14,000- educat ion projects - 4,000 - 4,000 7,500

706 24 ,000 1,175 25,881 23,398

No trustee received any remunerat ion or reimbursed expenses during the year (2006 -nil).

3 Fixed asset investments2007 2006

E EMarket value at 1)anua ry 2 007 383,060 325,661Additions 63,510 72,525Disposals (11,799) (21,394)Net realised and unrea lised investment gains 12,447 6,268Market value at 31 December 2007 447,218 383,060

2007 2007 2006 2006Cost Market va lue Cos t Market value

17 , 0 0 0 Halifax 6 . 3 7 5% Notes 17,108 17,802 17,108 17,9624,000 M&G Securit ies Limited 29,068 58,134 29,068 64,44882 ,000 Charities Aid Income Fund 49,825 49,762 49,825 51,0002 , 760 Associated British Foods 18,018 24,826 447,218 22,7843 , 4 0 0 Bankers Investment Trust 12,750 14,008 12,750 13,6342 , 000 BP 11,640 12,300 11,640 11,350550 Rio Tinto 13,899 29,244 13,899 14,9491 ,125 B A E Systems 4,447 5,603 4,447 4,7902 ,100 Reed E lsev ier 12,443 14,270 12,443 11,77146 Comcast Corporation 907 634 907 9947 , 000 Close Finsbu ry Eurotech Trust - - 2,660 2,6259 69 Glaxosmithkline 13,779 12,394 13,779 13,0233 8 Te lent WTS - - - -Cash he ld b y stock brokers 208,241 208,241 153,730 153,730

392,125 447,218 769,474 383,060

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FOR THE YEAR ENDED 31 DECEMBER 20074 Creditors: amoun ts f al lin g due w i th in one year 2007 2006

Accruals and deferred income 1,409 8,409

5 F u n d sAt 1 January Incoming Resources At 31 December

2007 resources expended Revaluation 2007

Permanent endowment fund 139,054 - - 4,326 143,380

Unrestricted fundsGeneral funds 179,009 13,527 (21,881) 5 ,145 175,800Designated funds - education projec ts 6 5 ,876 6 7 ,75 6 (4 ,000) 2 ,976 132,608

244,885 81,283 (25 ,881) 8,121 308,408

Restricted fundNetwork Schools speaker service 7 6 3 - - - 763GP Library project 45 5 - - - 455

1,218 - - - 1 , 2 18

During the year, the trustees received a donation from G B Blaker Charitable Trust. The trustees have designatedthese funds fo r use on education projects until 1 January 2027 when any capital remaining will be transferred togeneral unrestricted funds.

6 Analysis of assets between fundsUnrestricted Restricted Permanent Total

Fund ba lances at 31 December 2007 funds funds endowment fundsare represented by : funds

Investments 303,838 - 143 ,380 447,218Cash 5 , 9 7 9 1,218 - 7 ,197O the r net cu r rent liabilities (1,409) - - (1,409)

308,408 1,218 143,380 45 3,006

7 I n t e n t i o n s

During 2007, the trustees expressed an intention to make an additional grant of up to 37,000 to The Scientif ic and MedicalNetwork ( company number 4 5 4 4 6 9 4 , chari ty number 1101171) if The Scientif ic and Med ica l Network exper ienced severecash f low problems, and at the request in writing b y T he S c ie nti fi c and Medical Ne two rk . No request has s in c e been madefor the grant.

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513. RSA: Scientific and Medical Network Charitable Trust Acc. 2007: PO Box 11 Moreton in Marsh

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Transcript of 513. RSA: Scientific and Medical Network Charitable Trust Acc. 2007: PO Box 11 Moreton in Marsh