512. RSA: Scientific and Medical Network Charitable Trust Acc. 2006: PO Box 11 Moreton in Marsh

8/3/2019 512. RSA: Scientific and Medical Network Charitable Trust Acc. 2006: PO Box 11 Moreton in Marsh

1/11

SCIENTIFIC AND MEDICAL NETWORKCHARITABLE TRUST

TRUSTEES' REPORT ANDAUDITED FINANCIAL STATEMENTS

FOR TH E YEAR ENDED 31 DECEMBER 2006

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2/11

SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTCONTENTS

Charity informationTrustees' Annual ReportIndependentAuditors' ReportStatement ofFinancial ActivitiesBalance SheetNotes to the Financial Statements

Page

1

2 to 345

67to9


3/11

SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTCHARITY INFORMATIONFOR THE YEAR ENDED 3 1 DECEMBER 2006Legal and administrative detailsCHAIRMAN OF TRUSTEES Janine Edge, M.A., M.Sc.TRUSTEES

AUDITORS

BANKERS

J a n in e E d g e , M.A., M . S c .Dr P a u l F i lm o r e , B . S c . , Ph.D., M.Inst. P. , C.Phys., M.B.A., ILTM, F R S AOonagh M Harpu r , B . A .R u p e r t Stewart-Smith M.A.M a x G a s c o y n e Payne, M.A. , B . S c .Spofforths L L P1 Horsham GatesNo rt h S t ree tHorshamWes t Sussex RH13 5PJL l o y d s TS B PLCShrewsburyS h r o p s h i r e

CHARITY REGISTRATION NUMBER 2 952 67

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTTRUSTEES' ANNUAL REPORTFOR THE YEAR ENDED 3 1 DECEMBER 2006The Trus tees submi t t hei r annual report and th e audited financial statements fo r th e year ended 31 December 2006 . Th e Trustees haveadopted th e provisions of the Sta tement of Recommended Practice (SORP) "Accounting and Report ing by Charities" issued i n March 2005 inpreparing th e annual report and financial statements of th e charity.Structu re , governance and managementTh e Scientific and Medical Network Charitable Trust was es tabli s hed by a Trust Deed dated 1 July 1986 and registered by t he Cha ri tycommission on 1 7 October 1986.ObjectsTh e Charity's objects a r e the advancement of learning and religion in any part of th e wor ld b y t h e s tu dy of th e var ious aspects of Truthrepresented through arts, th e sciences and a ll religions in w hich may be found spir itual t ruths necessary fo r man's fullest developmentthrough h is understanding th e laws of life and living.Trustees

Chairman of TrusteesJanine Edge, M.A., M.Sc.Trustees

Janine Edge, M .A ., M.Sc. D r Paul Filmore, B.Sc., Ph.D. , M.Inst., P. C.Phys . , M.B.A.Oonagh M Harpu r , B.A. Ruper t S tewar t-Smi th M.A.Max Gascoyne Payne, M.A., B.Sc.Th e Trus t is managed by th e Board of Trustees. Th e existing Trustees have th e power to appoint new Trustees when a vacancy a ri ses .The Trus tees do not ret ire by rotation so new trustees are only appointed when a vacancy ari ses a s a result of ret irement or removal ,o r w hen specialist knowledge is needed. Th e methods adopted fo r recruitment of a new trustee, and th e procedures to be adopted fo rinduction, are therefore decided by th e exis ting trus tees in th e l ight of the part icu la r vacancy to be filled. No policies and procedures haveb e e n adopted fo r ongoing training of trustees.

Principal addressP O Box 11Moreton- in-MarshGloucestershi reGL56 OZF

Objec ti ves , ach ievemen ts , performance and financial reviewTh e T rus t aims to ach ieve its object ives t h rough its sup po r t of th e Scientif ic and Medical Network ( "SMN") ( com pa ny num be r 4 5 4 4 6 94 ,char i ty numbe r 1101171 ). T h is a s soc ia ted char i ty was set up to undertake activities former ly conducted by th e Trust and h a s s im ila robjects to the Trus t .During th e yea r , th e T ru s t made a g ra nt of14 ,000 to SMN fo r the ir genera l projects a n d 7, 50 0 fo r educa t i ona l pro jects. Th e T rus treceived a dona t ion o f s h a re s v a lu e d at 72,525 f r om th e GB Blaker Char i table Trus t . TheTrustees have d e s ig n a te d t h es e f unds to beused specif ically fo r educa t i on p ro jec ts unti l 1 January 2 0 2 7 wh e n an y r ema in in g ba lan ce s h all b e t ransferred to i n c ome f unds .

Investment po l i cyTh e investment policy of th e Trus t is to invest in low risk inves tments wh ich maintain a balance between capital growth and investmentincome and the t ru s tee s consider that this investment object ive was me t during 2006.Future plansT h e charity plans to continue to suppor t the activ i ties of S M N by th e making of grants a s approved b y the t rus tees from time totime.

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTTRUSTEES' ANNUAL REPORTFOR THE YEAR ENDED 31 DECEMBER 2006

Reserves

Th e Trust does no t maintain a specific am o un t o f g en er al fu nd s a s m o n ie s w i l l no t b e donated u n l e s s sufficient f u nds a r e avai labl eRisk As se s smen tTh e T ru s tee s rev iew f inancial and o the r risks when appropriate and have established procedures to ensure that a ll transactions andprojects are p roper ly authorised.StatementofTrus tees ' ResponsibilitiesTh e Trustees ar e respons ible for preparing t he r epo rt and financial statements in accordance with appl icable law and UnitedKingdom Generally Accepted Account ing Practice.

Under th e Char it ies Act 1993 th e Trustees are required to prepare a statement of accounts fo r each f inancial year which gives atrue and fai r v i ew of th e state ofaffairs of th e charity at th e end of th e year and of it s incoming resources and application ofresources in th e year. In preparing the s ta tement, the Trustees ar e required to :select suitable accounting policies 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 mater ial departures disclosed and explained in th e statement of accounts;prepare th e accounts on th e going concern basis unless it is inappropriate to presume that th e charity willcont inue i ts operations.

Th e Trus tees are responsible fo r keeping proper accounting records which disclose with reasonable accuracy at any t ime th efinancial position of th e charity a t tha t t ime and to enable t he T ru s tees to ensure that any sta tement of account prepared by themcomplies w ith th e regulations under Section 42(1 ) of the Char it ies Act 1993 . They are also responsible fo r safeguarding th e assetsof th e c har ity and hence fo r taking reasonable steps fo r the prevent ion and detec t ion o f f raud and other irregularities.This repor t wa s a p pr o ve d b y t he b oar d on 4U , V - ZOq and s ig ne d o n behalf o f the b oa rd by

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTI NDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

W e have audited th e f i n a n c i a l s t at emen ts o f t he S c i e n t i f i c a n d Medical Network Charitable Trus t fo r th e year ended 3 1 December 2006which c o m p r i s e th e S t at emen t o f F i n a n c i a l A c t i v i t i e s , th e Balance Shee t and t he r el at ed notes. Th e s e f inancial s ta tements have b e e np r e p a r e d in accordance wi th th e a c c o u n t i n g p o l i c i e s s e t out therein.Th is r epo rt is made solely to th e charity's trustees, a s a body, in accordance with Section 4 3 of th e Char it ies Act 1993 and regulationsmade under section 4 4 o f tha t Act. Our audit work has been undertaken so that we migh t state to the char it y ' s trustees those matterswe are required to state to th em in an auditor's report and fo r no other pu rpose. To th e ful lest extent permitted by law, we do notaccept o r assume responsibility to anyone other than th e c har ity and t he charity 's trustees as a body, fo r ou r audit work, fo r this report,or fo r th e opinions we have formed.

Respect i ve responsibi l i t ies of trustees and auditorTh e responsibilities of trustees fo r preparing the Trus tees ' Annual Report and the f inancial statements in accordance with applicable lawand United Kingdom Accounting Standards (United Kingdom Generally Accep ted Account ing Pract ice) are set ou t in the Statement ofTrustees' Responsibilities.We hav e been appointed as auditors under section 43 of the Char it ies Act 1993 and report in accordance wi th the regu la tions made undersection 44 o f t hat Act. Our responsib i li ty is to audit th e accounts in accordance with relevant legal and regulatory requirements andInternational Standards on Auditing (UK & Ireland).We repor t to y ou ou r op inion as to whether th e f inancial statements give a true an d fair v iew and ar e proper ly in accordance with theCha r it ie s Ac t 1993. We also repor t to y ou if , in our o p in io n, t h e T ru s t ee s ' Annua l Repor t is n ot c on s is te nt w it h th e f inancial statements ,if t h e c h ar it y h as no t kep t p roper accounting records, o r if w e have no t received al l t h e inf o rma t ion and explanations w e requ i re for ouraudit.We read th e Trustees ' Annual Repor t and consider t he imp l ica t ions for ou r repor t if w e become aware of an y appa rent m iss ta tementswith in it .

Basis of opinionWe conducted ou r audit in accordance with International Standards on Auditing (UK & Ireland) issued by t he Audi t Practices Boar d. Anaudit includes examination, on a test basis, of evidence relevant to th e amounts and disclosures in th e financial statements. It alsoincludes an assessment of the signi f icant estimates and judgements made by th e trustees in th e preparation ofth e f inancial statementsand of whether th e accounting policies a r e appropriate to the char it y 's circumstances, consistently applied and adequately disclosed.We planned and performed ou r audit s o as to obtain a ll th e information and explanations which we considered necessary in order toprovide u s wi th su f f ic ient evidence to give reasonable assurance t ha t th e financial statements a r e free from material mis-statement,whether caused by fraud or other irregularity or error. In forming ou r op in ion we also evaluated the overall adequacy of the presentat ionof information in th e financial statements.

OpinionIn ou r opinion th e financial statements:- give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of t he s tateof th e charity's affairs as at 31 December 2006 and of its incoming resources and application of resources fo r th eyear then ended; and

- have On p roper ly p repared in accordance with th e Char it ies Act 1993.

Spofforths LL PChartered Accountants and Registered Auditors1 HorshamGatesNorth StreetHorshamWestSussexRH13 5P] 2 , R oLb>~V 2WI

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7/11

SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FO R THE YEAR ENDED 31 DECEMBER 2006Unrestr icted Restricted Permanent

No tes funds funds endowment 2006 2005fund

EIncoming resourcesVoluntary incomeDonations 7 2 , 5 2 5 - - 72,525 -Incoming r e s o u r c e s fromgenerated fundsInves tment income 14,018 - - 14,018 17,212

Total incoming resources 8 6 , 5 4 3 - - 86,543 17,212

Resources expendedCost o f g e ne ra ting f undsI nve s tment management cos ts 4 8 8 - - 488 -

Cos t of charitable activitiesCosts of grants made 21 , 500 - - 21,500 19,317Governance 1,410 - - 1,410 1,175

Total r e s o u r c e s expended 2 23,398 - - 23,398 20,492

Net outgoing r e s o u r c e s before 63 ,1 45 - - 63,145 (3,280)r e c ogn i s e d gains an d l o s se sO the r r e c ogn is ed ga in s and losses:Gain s o n investment assets 2 ,965 - 3 , 3 0 3 6,268 6,645

Net m o v em e n t o n f unds 66,110 - 3 ,303 69,413 3,365Fu n d s at 1]anua ry 2006 178,775 1,218 135 ,751 315,744 312,379Fu n d s at 31 December 2006 8 2 4 4 , 8 8 5 1,218 139 ,054 385,157 315,744

Th e notes on pages 7 to 9 form part of t hese f inancial statements . Pag e: 5


8/11

SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2006

Fixed a s s e t sI nves tments

Notes

2006

3 383,060Current a s s e t sC a s h at bank and in h and 10 , 506 27,492Credi to rs : amounts falling du ewithin one yearNetcurrent assets

(37, 409)

2 0 05E

325 ,661

2,097 (9,917)385,157 315,744

4 (8,409)

Fun d sPermanent endowment 5Unres t r i cted funds 5Rest r ic ted funds 5

139,054244,885

1,218135,751178,775

1 , 218

385,157 315,744

Th e f i n a n c i a l statTents were a p p ro v e d b y th e b o a r d o n 10 6 ~,`Z

Oonagh M Ha/

- - - ------------------------h e Edg e, M .A ., M.Sc. Ruper t Stewar t-Smith M.A.

Dr Paul Fi lmore, B.Sc., Ph.D. , M. Ins t . P ., C.Phys . , M.B.A., ILTM, FRSA

Th e notes on p ages 7 to 9 f or m p ar t of t hese financial s ta tements . Page: 6


9/11

SCIENTIFIC AND MEDICAL NETWORKCHARITABLE TRUSTNOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 3 1 DECEMBER 2006

1 PRINCIPAL ACCOUNTING POLICIESBasis ofaccountingThe f inancial statements have been prepared under th e historical cost convention, w ith th e exception of investmentswhich are included at market value. Th e financial statements have been prepared in accordance with the Statement ofRecommended Practice "Accounting and Reporting by Charities" published in March 2005 and th e Char it ies Act 1993.Fund accountingTh e unrestricted funds are available fo r u s e at the d isc re tion of th e trustees in furtherance of th e general objectivesof th e charity and which have not been designated f or o the r purposes.Restricted f u nds a r e f u n d s which a r e to b e u s e d in accordance w i th s p e c if ic r e s t r i c t i o n s i m p o s e d b y donors o r wh ich haveb e e n raised b y th e charity f o r particular p u r p o s e s . Th e cost of r a i s i n g an d administering s u c h f u n d s ar e c h a r g e d againstth e s p e c i f i c fund.Investment income is allocated to general unrestricted funds and investment gains are allocated between unrestr icted andendowment funds.Incoming resourcesA ll voluntary income is included in income on receipt except where th e donor requires th e sum to be invested to provideincome fo r th e Charity's purposes, in which case it is treated as a permanent endowment.Dona ti on s a re recogni sed as income when rece iv ed.Investment income is included in the accounts o n a receivable basis and includes amounts accrued for outs tanding refundsof tax deducted at source.Resources expendedA ll expenditure is accounted fo r on an accruals bas is and h a s been class i fied under headings that aggregate a ll costs relatedto th e category.InvestmentsInvestments a r e stated at market value at th e balance sheet date. The Statement of Financial Activities includes th e netgains and losses arising on revaluations and disposals t h roughout th e year.

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SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTNOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2006

Total r e sou rces expendedInvestment Costs ofmanagement costs grants made Governance 2006 2005

EI nves tment management costs 488 - - 488 479Auditors remunerat ion - - 1,410 1,410 1,175Travell ing - - - 14 3General expenses - - - 103Donation to the Scientific and Medica l Network- general - 14 ,000 - 14,000 18,592- education pro jects - 7,500 - 7,500 -

4 8 8 2 1,5 0 0 1,410 23,398 20,492

There were no employees in th is y ear o r th e p rev ious year .No t rustee received any remuneration in respect of t he i r services a s a t rustee dur ing th e year (2005 -nil).No expenses were reimbursed in th e year ( 2005 -146) .

3 Fixedasset investments2006

325,66172,525(21,394)6,268

2 0 05f

351,072(79,500)47,4446,645

Market value at 1 January 2006AdditionsDisposalsMovement in cashNet realised and unrealised investment gainsMarket valueat 31 December 2006 383,060 325,661

2006 2006 2005 2005Co s t Market value Cost Market value

E E

17,000 Halifax 6.375% Notes 17,108 17,962 17,108 18,4534 , 000 M&G Securit ies Limi ted 29,068 64,448 29,068 55,4278 2 , 00 0 C ha ri ti es A id Income Fund 49,825 51,000 49,825 53,5012 , 760 A s soc ia ted B r it is h Foods 18,018 22,784 18,018 23,1563 , 4 00 B ank er s InvestmentTrust 12,750 13,634 - -2 ,000 BP 11,640 11,350 - -5 5 0 Rio Tinto 13,899 14,949 - -1,125 BAE Sys tems 4,447 4,790 - -2 ,100 Reed Elsevier 12,443 11,771 - -4 6 Comcas t Corporat ion 907 994 - -7,000 Close Finsbury Eurotech Tr u s t 2,660 2,625 - -96 9 Glaxosmithk l ine 13,779 13,023 - -3 8 Telent WTS - - - -Cash held b y s to ck brokers 153,730 153,730 175,124 175,124

340,274 383,060 289,143 325,661

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11/11

SCIENTIFIC AND MEDICAL NETWORK CHARITABLE TRUSTNOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 3 1 DECEMBER 20064 Cr ed it o rs : amo un t s fal l ing du e wi th in o ne y e a r 2006 2005

Accruals and de fe r red income 8,409 1,409Loan - 36,000

8 , 4 0 9 37,409

5 FundsAt 1 January Incoming Re s o u r c e s At 31 December

2006 resources expended Revaluation 2006

Permanent endowment fund 135 ,751 - - 3 , 3 0 3 139,054

Unrest r ic ted f undsGenera l f unds 178,775 13,778 (15,898) 2,354 179,009Designated f unds - e d uc at io n p r o j e ct s - 72,765 (7,500) 611 65,876

178,775 86 , 5 4 3 (23,398) 2 , 965 244,885

Re s tric ted f undNetwork Schools s p ea ke r serv ice 76 3 - - - 763GP Library pro ject 4 5 5 - - - 455

1,218 - - - 1,218

During th e year, t he t rus tees received a donation from G B Blaker Char i table Trust. Th e trustees have designatedthese funds fo r u s e on education projects until 1 January 2027 when any capital remaining wil l be transferred togeneral unrestricted funds.

6 Analys i s of assets between fundsUnrestricted Restricted Permanent Total

Fund balances at 3 1 December 2 0 0 6 funds funds endowment fundsare represented by : funds

Investments 2 4 4 , 0 06 - 139,054 3 8 3 , 06 0Cash 9 , 288 1,218 - 10 , 506Curr ent l iabi li t ies ( 8 , 409 ) - - ( 8 , 4 09 )

2 4 4 , 8 8 5 1,218 139,054 3 8 5 , 1 57

7 Intentions

Dur ing 2006 , the t rustees exp res sed an intention to make an additional grant of up to 20 ,000 to Th e Scientific and Medi ca lNetwork ( c ompany n umber 4 5 4 4 69 4 , charity number 1101171) if The Sc ient if ic and Medi ca l Network experienced severe cashf low p rob lems , and at th e reques t in wr i t ing by The Sc ien ti fi c and Medical Network . No reques t has s ince been made fo r th egrant.

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Documents

512. RSA: Scientific and Medical Network Charitable Trust Acc. 2006: PO Box 11 Moreton in Marsh