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REGISTERED COMPANY NUMBER: 00346326 (England and Wales)
REGISTERED CHARITY NUMBER: 312895














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 May 2024

for

The West London Hospital Medical Trust

The West London Hospital Medical Trust






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 15

The West London Hospital Medical Trust (Registered number: 00346326)

Report of the Trustees
for the Year Ended 31 May 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives, activities and public benefit
The principal activity of the charity is the advancement of medical education and research.

The charity aims to promote knowledge, learning and research in medical and allied sciences.

The public benefit is reflected in the award of financial grants to sponsor medical personnel in the pursuit and development of their skills via education and training in addition to other awards to medical institutions. As such, the trustees have complied with their duty to have due regard to guidance published by the Charity Commission on public benefit.

ACHIEVEMENT AND PERFORMANCE
The charity's income is derived from investments and the main achievements of the charity this year as in previous years is the continued provision of grants and awards to individuals and institutions in the furtherance of the charity's objectives.

FINANCIAL REVIEW
During the year investment income and interest of £22,929 (2023: £20,861) was received, and grants awarded by the trustees amounted to £10,296 (2023: £17,524). The accumulated funds increased from £773,848 to £880,539.

The principal funding policy is to ensure investment income is sufficient to cover the provision of grants and awards to further the charity's objectives and to ensure its future viability. Reserves are held at levels to ensure the charity is able to meet its objectives in future years.

The Articles of Association authorise the trustees to invest in such securities, other investments and property as they see fit.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governance
The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.

The charity is organised so that the trustees meet regularly to manage its affairs. The chairman of the trustees presides at all meetings. The minimum number of trustees is seven and the trustees have the power to appoint additional trustees to a maximum of ten at their discretion.






The West London Hospital Medical Trust (Registered number: 00346326)

Report of the Trustees
for the Year Ended 31 May 2024

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00346326 (England and Wales)

Registered Charity number
312895

Registered office
53 Sunningfields Road
London
NW4 4RA

Trustees
Mr J W A Ramsay Surgeon
Mr P M Dawson (resigned 6/5/2024)
Mr J P A Haldane Estate Proprietor
Mr A Swainston-Harrison Artist Management Assoc
Mr D Peterson (resigned 6/5/2024)
Mrs R K Hogben Surgeon
Mr P Ziprin Consultant Surgeon
Ms J E Haldane None
Mr J M Kinross Surgeon
Ms A N Di Marco Surgeon

Company Secretary
Mrs N Lewis

Independent Examiner
Ian Jenkins BSc FCA
Swindells LLP
Chartered Accountants
Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 29 October 2024 and signed on its behalf by:





Mrs R K Hogben - Trustee

Independent Examiner's Report to the Trustees of
The West London Hospital Medical Trust

Independent examiner's report to the trustees of The West London Hospital Medical Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Ian Jenkins BSc FCA

Swindells LLP
Chartered Accountants
Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX

19 November 2024

The West London Hospital Medical Trust

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 May 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM

Investment income 3 9,873 13,056 22,929 20,861

EXPENDITURE ON
Charitable activities
Grants awarded - 10,296 10,296 17,524
Website development - 264 264 264

Other resources expended 6,848 - 6,848 6,170
Total 6,848 10,560 17,408 23,958

Net gains/(losses) on investments 3,769 97,401 101,170 (22,596 )

NET INCOME/(EXPENDITURE) 6,794 99,897 106,691 (25,693 )


RECONCILIATION OF FUNDS
Total funds brought forward 115,834 658,014 773,848 799,541

TOTAL FUNDS CARRIED FORWARD 122,628 757,911 880,539 773,848

The West London Hospital Medical Trust (Registered number: 00346326)

Balance Sheet
31 May 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1 - 1 1
Investments 10 118,522 690,420 808,942 707,771
118,523 690,420 808,943 707,772

CURRENT ASSETS
Cash at bank 10,445 85,270 95,715 92,211

CREDITORS
Amounts falling due within one year 11 (6,340 ) (17,779 ) (24,119 ) (26,135 )

NET CURRENT ASSETS 4,105 67,491 71,596 66,076

TOTAL ASSETS LESS CURRENT LIABILITIES 122,628 757,911 880,539 773,848

NET ASSETS 122,628 757,911 880,539 773,848
FUNDS 12
Unrestricted funds 122,628 115,834
Restricted funds 757,911 658,014
TOTAL FUNDS 880,539 773,848

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


The West London Hospital Medical Trust (Registered number: 00346326)

Balance Sheet - continued
31 May 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2024 and were signed on its behalf by:





Mrs R K Hogben - Trustee

The West London Hospital Medical Trust

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs include costs of the preparation and examination of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters.

Tangible fixed assets
Depreciation has been provided on a straight line basis so as to write off the furniture, fittings and equipment over their expected useful lives.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments
Investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities.

Website
Website development expenditure incurred in the development of educational resources is written off to the statement of financial activities in the year in which it is incurred.

3. INVESTMENT INCOME
2024 2023
£    £   
Other fixed asset investments 22,154 20,810
Deposit account interest 775 51
22,929 20,861

4. GRANTS PAYABLE
2024 2023
£    £   
Grants awarded 10,296 17,524

The total grants paid to individuals during the year was as follows:
2024 2023
£    £   
Simpson Smith Bursaries 10,272 15,500
Simpson Smith Memorial lecture fees and expenses 24 2,024
10,296 17,524


The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. SUPPORT COSTS
Governance
Management costs Totals
£    £    £   
Other resources expended 3,758 3,090 6,848

Support costs, included in the above, are as follows:
2024 2023
Other
resources Total
expended activities
£    £   
Trustees' remuneration etc 474 -
Sundries 34 34
Accountancy and secretarial 3,250 3,250
Reporting Accountants' fee 3,090 2,886
6,848 6,170

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.


Trustees' expenses
2024 2023
£    £   
Trustees' expenses 474 -

7. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 10).


The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM

Investment income 8,866 11,995 20,861

EXPENDITURE ON
Charitable activities
Grants awarded - 17,524 17,524
Website development - 264 264

Other resources expended 6,170 - 6,170
Total 6,170 17,788 23,958

Net gains/(losses) on investments (10,629 ) (11,967 ) (22,596 )

NET INCOME/(EXPENDITURE) (7,933 ) (17,760 ) (25,693 )


RECONCILIATION OF FUNDS
Total funds brought forward 123,767 675,774 799,541

TOTAL FUNDS CARRIED FORWARD 115,834 658,014 773,848

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023 and 31 May 2024 245
DEPRECIATION
At 1 June 2023 and 31 May 2024 244
NET BOOK VALUE
At 31 May 2024 1
At 31 May 2023 1

The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 June 2023 707,771
Revaluations 101,171
At 31 May 2024 808,942
NET BOOK VALUE
At 31 May 2024 808,942
At 31 May 2023 707,771


UK held direct investments listed on the International Stock Exchange:-
2024 2023
£    £   
M & G Charifund and Charibond - 95,582.38 income units (2023 -
95,582.38 income units)

338,647


319,254
Schroder Inst Overseas Equity Fund - 32,322.61 income units (2023 -
32,322.61 income units)

470,294


388,517
808,941 707,771

Historical cost at 31 May 165,401 165,401



The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 24,119 26,135

12. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.6.23 in funds funds 31.5.24
£    £    £    £   
Unrestricted funds
General fund 115,834 6,794 - 122,628

Restricted funds
Memorial Fund 182,252 33,938 (216,190 ) -
Simpson Smith Bursaries 261,106 29,252 216,190 506,548
Mrs Simpson Smith Grant 214,656 36,707 - 251,363
658,014 99,897 - 757,911
TOTAL FUNDS 773,848 106,691 - 880,539

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 9,873 (6,848 ) 3,769 6,794

Restricted funds
Memorial Fund 1,471 - 32,467 33,938
Simpson Smith Bursaries 7,057 (10,272 ) 32,467 29,252
Mrs Simpson Smith Grant 4,528 (288 ) 32,467 36,707
13,056 (10,560 ) 97,401 99,897
TOTAL FUNDS 22,929 (17,408 ) 101,170 106,691


The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.6.22 in funds funds 31.5.23
£    £    £    £   
Unrestricted funds
General fund (1,178 ) (7,933 ) 124,945 115,834
Joyce Mogford bequest 124,945 - (124,945 ) -
123,767 (7,933 ) - 115,834
Restricted funds
Memorial Fund 184,889 (2,637 ) - 182,252
Simpson Smith Bursaries 274,112 (13,006 ) - 261,106
Mrs Simpson Smith Grant 216,773 (2,117 ) - 214,656
675,774 (17,760 ) - 658,014
TOTAL FUNDS 799,541 (25,693 ) - 773,848

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 8,866 (6,170 ) (10,629 ) (7,933 )

Restricted funds
Memorial Fund 1,352 - (3,989 ) (2,637 )
Simpson Smith Bursaries 6,483 (15,500 ) (3,989 ) (13,006 )
Mrs Simpson Smith Grant 4,160 (2,288 ) (3,989 ) (2,117 )
11,995 (17,788 ) (11,967 ) (17,760 )
TOTAL FUNDS 20,861 (23,958 ) (22,596 ) (25,693 )

Restricted funds
The primary purpose of restricted funds are to fund the annual Simpson Smith lecture held within Imperial College of Science, Technology and Medicine, the Simpson Smith bursaries and the development of educational resources.

Of the 95,582.38 units held in M & G Charifund and Charibond, 17,310.05 units are held for Simpson Smith Funds.

Unrestricted funds

The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. MOVEMENT IN FUNDS - continued

The primary purpose of unrestricted funds are to fund the charity's objectives at the discretion of the trustees.

Movements in Fair Value Reserves





At 1.6.23



Movement
in year


Transfers
between
funds




At 31.5.24
Unrestricted funds
General 22,209 3,769 - 25,978
22,209 3,769 - 25,978
Restricted funds
Memorial Fund 173,387 32,467 (205,854 -
Simpson Smith Bursaries 173,385 32,467 205,854 411,706
Mrs Simpson Smith Grant 173,389 32,467 205,856
520,161 97,401 - 617,562

Total Fair Value Reserve 542,370 101,170 - 643,540


Transfers between funds

At the annual general meeting held on 12 December 2023, the trustees agreed to merge the Memorial fund with the Simpson Smith Bursary fund from which travel grants and bursaries are awarded. The transfer of funds took place on 31 May 2024.

13. RELATED PARTY DISCLOSURES

During the year, honorarium totalling £3,000 (2023: £3,000) was paid to officers of the charity for accountancy and secretarial services. At the balance sheet date, the company owed officers of the charity the sum of £3,000 (2023: £3,000) for such services.


The West London Hospital Medical Trust

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. MEMBERS' LIABILITY

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.