REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
The International Medical Education |
Trust |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
The International Medical Education |
Trust |
The International Medical Education |
Trust |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 | to | 14 |
The International Medical Education |
Trust (Registered number: 03931085) |
Report of the Trustees |
for the Year Ended 31 August 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 August 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 and aims |
Our charity's purposes as set out in the objects contained in the company's memorandum of association and the Charity Commission are: the relief of sickness for the benefit of all peoples through health and medical education and research in partnership with appropriate institutions, individuals and professionals throughout the world; and to promote a network of partnerships among individuals, groups and institutions between developed and developing countries for cooperation in agreed programmes of undergraduate and postgraduate medical education, speciality training, clinical service and research. |
The focus of our work |
Our main objectives for the year continued to be the higher training of all healthcare professionals, particularly those working with child refugees and those suffering from military conflict, extreme economic deprivation and food insecurity, natural disasters, including earthquakes and pandemics. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Not surprisingly, much of our work has been in war-torn countries in the Middle East and the Ukraine. In Gaza, throughout the year but particularly since October 7, IMET ran a very successful child mental health programme firstly from the rented Adam Centre ,then when bombed out, through mobile clinics offering mental health counselling, anti-starvation food parcels and health care for the children's parents, carers or family. Our CEO Dr Malik Zaben ran a programme of scholarships for destitute medical students in Jenin , Gaza and Al Quds. In addition, he organised with great difficulty clinical training visits to Dundee, Oxford, Cardiff and Glasgow University Medical Schools benefitting scores of students. We continued with our successful 6-year training programme in psychiatry in Irbid Jordan. In Syria we have supported the excellent Firefly International programme for children with special needs post civil war and then the massive earthquake on the Turkey border. In Uganda, we have funded a very successful visual impairment service in which hundreds of blind or near-blind patients had successful cataract operations at no cost to them. In Ghana we have partnered another charity called Action Through Enterprise in a programme for severely handicapped children and their Mums in one of the poorest areas in that country. Finally, in the Ukraine, we have supported hospitals and a medical research institute with staff funding and purchase of essential equipment. |
Principal funding sources |
We have raised our funds from a variety of UK donors including grants from the Asfari Foundation, the Galilee Trust, the Peter Barham Trust, the Merriman Trust and through many regular smaller donors. The remainder has been raised through very successful sponsored events including: the London Marathon; the climb of Mount Kilimanjaro by Trustee, Mrs Peri Bassatne; entertainment evenings/dinners live in the House of Lords organised by Ms Harriet Paul; the Ramadan campaign and many zoom events to raise emergency funds for Gaza and the West Bank. |
FUTURE PLANS |
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The organisation is a charitable company limited by guarantee, incorporated on 8 August 1992 and registered as a charity on 22 February 2000. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. |
The International Medical Education |
Trust (Registered number: 03931085) |
Report of the Trustees |
for the Year Ended 31 August 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles. They are recruited to bring expertise such as in health education, surgery, legal skills |
Organisational structure |
The charity has a Management Committee of up to 18 members who meet twice a year and are responsible for the strategic direction and policy of the charity. At present the Committee has 18 members from a variety of professional backgrounds ( e.g.medical education, surgery ,law, fundraising and so on) relevant to the work of the charity. Many of these Trustees actually play an active role in IMET activities overseas(e.g. surgery in Gaza under extreme war conditions). |
The day-to-day running of the charity is delegated to the Executive Committee comprising Three members (the CEO, The Events Manager and one for Corporate Development snd fundraising) |
Responsibilities of the Management Committee |
The overall responsibility of the Committee and Board of Trustees is to protect the public from false accounting and bad or corrupt practise. It also develops with other stakeholders the overall strategy of the charity so realistic as to be within the financial resources of the charity. Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis. The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the Management Committee who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
The International Medical Education |
Trust (Registered number: 03931085) |
Report of the Trustees |
for the Year Ended 31 August 2024 |
Trustees |
Independent Examiner |
Kate Haynes Ltd |
129 Woodlands Road |
Little Bookham |
Leatherhead |
Surrey |
KT23 4HN |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The International Medical Education |
Trust |
Independent examiner's report to the trustees of The International Medical Education Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 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 |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
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. |
Kate Haynes ACA |
Kate Haynes Ltd |
129 Woodlands Road |
Little Bookham |
Leatherhead |
Surrey |
KT23 4HN |
11 December 2024 |
The International Medical Education |
Trust |
Statement of Financial Activities |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities | 4 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 85,171 |
The International Medical Education |
Trust (Registered number: 03931085) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 85,171 |
Restricted funds | - |
TOTAL FUNDS | 85,171 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 International Medical Education |
Trust (Registered number: 03931085) |
Balance Sheet - continued |
31 August 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 |
The International Medical Education |
Trust |
Cash Flow Statement |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 270,377 | (25,763 | ) |
Net cash provided by/(used in) operating activities | 270,377 | (25,763 | ) |
Cash flows from investing activities |
Interest received | 3,137 | 453 |
Net cash provided by investing activities | 3,137 | 453 |
Change in cash and cash equivalents in the reporting period |
273,514 |
(25,310 |
) |
Cash and cash equivalents at the beginning of the reporting period |
85,671 |
110,981 |
Cash and cash equivalents at the end of the reporting period |
359,185 |
85,671 |
The International Medical Education |
Trust |
Notes to the Cash Flow Statement |
for the Year Ended 31 August 2024 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.8.24 | 31.8.23 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
273,014 |
(25,310 |
) |
Adjustments for: |
Interest received | (3,137 | ) | (453 | ) |
Increase in creditors | 500 | - |
Net cash provided by/(used in) operations | 270,377 | (25,763 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank | 85,671 | 273,514 | 359,185 |
85,671 | 273,514 | 359,185 |
Total | 85,671 | 273,514 | 359,185 |
The International Medical Education |
Trust |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | 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. |
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. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The International Medical Education |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | DONATIONS AND LEGACIES |
31.8.24 | 31.8.23 |
£ | £ |
Donations |
3. | INVESTMENT INCOME |
31.8.24 | 31.8.23 |
£ | £ |
Deposit account interest |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
(see note |
5) |
£ |
Charitable | 443,347 |
5. | GRANTS PAYABLE |
31.8.24 | 31.8.23 |
£ | £ |
Charitable | 443,347 | 547,990 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
The International Medical Education |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 60,481 | 50,000 |
TOTAL FUNDS CARRIED FORWARD | 85,171 | - | 85,171 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Accruals and deferred income |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.9.23 | in funds | 31.8.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 85,171 | 67,514 | 152,685 |
Restricted funds |
Restriced donations | - | 205,500 | 205,500 |
TOTAL FUNDS | 273,014 | 358,185 |
The International Medical Education |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
9. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 584,017 | (516,503 | ) | 67,514 |
Restricted funds |
Restriced donations | 205,500 | - | 205,500 |
TOTAL FUNDS | ( |
) | 273,014 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.9.22 | in funds | 31.8.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 60,481 | 24,690 | 85,171 |
Restricted funds |
Restriced donations | 50,000 | (50,000 | ) | - |
TOTAL FUNDS | 110,481 | (25,310 | ) | 85,171 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 572,568 | (547,878 | ) | 24,690 |
Restricted funds |
Restriced donations | - | (50,000 | ) | (50,000 | ) |
TOTAL FUNDS | 572,568 | (597,878 | ) | (25,310 | ) |
The International Medical Education |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
9. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.9.22 | in funds | 31.8.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 60,481 | 92,204 | 152,685 |
Restricted funds |
Restriced donations | 50,000 | 155,500 | 205,500 |
TOTAL FUNDS | 110,481 | 247,704 | 358,185 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,156,585 | (1,064,381 | ) | 92,204 |
Restricted funds |
Restriced donations | 205,500 | (50,000 | ) | 155,500 |
TOTAL FUNDS | 1,362,085 | (1,114,381 | ) | 247,704 |
10. | RELATED PARTY DISCLOSURES |