| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended |
| 31st January 2018 |
| for |
| Safer Medicines Trust |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended |
| 31st January 2018 |
| for |
| Safer Medicines Trust |
| Safer Medicines Trust |
| Contents of the Financial Statements |
| for the Year Ended 31st January 2018 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 to 7 |
| Notes to the Financial Statements | 8 to 10 |
| Safer Medicines Trust |
| Reference and Administrative Details |
| for the Year Ended 31st January 2018 |
| TRUSTEES | K Archibald (Director) |
| J Bailey |
| W D Corson |
| B Gajek |
| COMPANY SECRETARY | R Macklin |
| REGISTERED OFFICE | 272, Regents Park Road |
| Finchley Central |
| London |
| N3 3HN |
| REGISTERED COMPANY NUMBER | 02747551 (England and Wales) |
| REGISTERED CHARITY NUMBER | 1039411 |
| INDEPENDENT EXAMINER | Spencer Hyde Limited |
| 272 Regents Park Road |
| London |
| N3 3HN |
| Safer Medicines Trust |
| Report of the Trustees |
| for the Year Ended 31st January 2018 |
| 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 31st January 2018. 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| Safer Medicines Trust is established to :- |
| a) undertake and advance research into the effectiveness and benefit to the general public of medical experiments on |
| animals; |
| b) provide information and to educate the public as to the results of such research; |
| c) do any other charitable activity. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities and achievements |
| We are delighted that Rebecca Ram MSc joined us in early 2017 as our Scientific Consultant. Rebecca holds an MSc in |
| Toxicology with Bioinformatics and has worked as a Clinical Data Manager at University College London Hospital, and in |
| pharmaceutical clinical trials for GlaxoSmithKline. She was a Project Manager of cancer clinical trials and whole genome |
| sequencing for Genomics England, as part of the 100,000 Genomes Project. Since joining Safer Medicines Trust, she has |
| also taken on the role of Communications Officer for the Alliance for Human Relevant Science. |
| Together with a number of in vitro technology companies and fellow charity the Dr Hadwen Trust, now Animal Free |
| Research UK, we launched the Alliance for Human Relevant Science at the House of Commons in February. The event was |
| hosted by Sir David Amess MP and was a great success, with huge enthusiasm for the initiative from a packed audience. A |
| report was published in the journal ATLA and is available on our website, along with videos of the short talks from the day. |
| Our Pharmaceutical Director, Dr Gerry Kenna has taken on the role of leader of the Alliance, which has been steadily |
| growing since the launch. Gerry continues to lead a number of working groups in various international consortia concerning |
| human drug-induced liver injury. He gave a presentation at the International Society for the Study of Xenobiotics meeting in |
| Rhode Island - his slides can be viewed on our website. He also presented a short toxicology course at Cambridge University |
| and a module of an MSC course at Surrey University on "How non-animal approaches can aid the design and selection of |
| safe drugs" - his slides are on our website. Gerry attended the launch of the new Canadian Center for Alternatives to Animal |
| Methods and was an advisor at its Strategic Visioning Workshop. He also contributed to a workshop of the new international |
| Preclinical Innovation and Patient Safety initiative. |
| The journal Expert Opinion on Drug Metabolism & Toxicology published a review article by Dr Kenna entitled: "Human |
| biology-based drug safety evaluation: scientific rationale, current status and future challenges", which showed that animal |
| tests are unable to assess the risk of idiosyncratic adverse drug reactions, while in vitro assays can detect the chemical insults |
| that lead to such effects. Effective safety prediction requires integration of data from multiple in vitro assays, each |
| addressing different mechanisms of toxicity. Dr Kenna co-authored a chapter in the book "Drug-Induced Liver Toxicity", |
| seeking to institutionalise an in vitro hazard matrix approach in place of animal studies within the pharmaceutical industry. |
| We responded to a consultation on the use of primates (NHPs) by the EU Scientific Committee on Health, Environmental |
| and Emerging Risks. We highlighted the abundant data demonstrating the lack of relevance of NHP data to many human |
| biological processes, diseases and toxicities. Kathy Archibald co-wrote a chapter for a forthcoming book on Animal |
| Experimentation: Working Towards a Paradigm Change and an article pending publication in the Journal of Animal Ethics. |
| FINANCIAL REVIEW |
| Reserves policy |
| The Trustees have resolved to establish reserves with a reputable UK bank for future funding activities of the charity, and the |
| Trustees have powers of investment in such assets as they see fit. |
| Safer Medicines Trust |
| Report of the Trustees |
| for the Year Ended 31st January 2018 |
| FINANCIAL REVIEW |
| Financial Review |
| During the year, the Charity raised £39,754 (2017: 242,441) as voluntary donations including generous legacies from Edith |
| Harrison and Lorna Tarleton. |
| These funds were used to promote the campaigns and educations through attendance at several conferences and events and |
| overhead expenses. |
| As shown in the Statement of Financial Activities, the Charity still holds £221,476 (2016: £263,587) which will be used as |
| the programmes progress. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The Charity is controlled by its governing document, a Memorandum and Articles of Association, and constitutes a limited |
| company, limited by guarantee, as defined by the Companies Act 2006. |
| The company is limited by guarantee and therefore has no share capital. Each Trustee's guaranteed liability is limited to £1. |
| It is the view of the Trustees and stated in the Memorandum and Articles of Association that the surplus of funds is not |
| available for distribution to the Trustees but it is for the sole purpose of achieving the main objects of the charitable |
| company. |
| Recruitment and appointment of new 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 number of Trustees shall not be less than three but shall not be subject to any maximum. At every Annual General |
| Meeting (AGM), one-third of the Trustees who are subject to retirement by rotation or, if their number is not three or a |
| multiple of three, the number nearest to one-third shall retire from office, but, if there is only one Trustee who is subject to |
| retirement by rotation, he or she shall retire. Additional Trustees can be appointed by recommendation of the existing |
| Trustees or by standing for election at the AGM. |
| Induction and training of new trustees |
| All new Trustees, once elected, are inducted by the Chair Trustee, Ms K Archibald. All new Trustees are handed the |
| charity's organisational policies and documents. All Trustees are encouraged to attend regular training courses made |
| available through the NCVO, LVSC and other local voluntary support bodies such as HAVS, as well as utilising online |
| resources for Trustees and attend networking opportunities. |
| Statement on Public Benefit |
| The Trustees have referred to the guidance issued by the Charity Commission's general guidance on public benefit when |
| reviewing the Trust's aims and objectives and in planning its future activities. |
| In particular, we have considered how planned activities will contribute to the aims and objectives set. |
| 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 |
| Independent Examiner's Report to the Trustees of |
| Safer Medicines Trust |
| Independent examiner's report to the trustees of Safer Medicines Trust ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st January 2018. |
| 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 |
| Stephen McGuinness |
| Spencer Hyde Limited |
| 272 Regents Park Road |
| London |
| N3 3HN |
| 29th October 2018 |
| Safer Medicines Trust |
| Statement of Financial Activities |
| for the Year Ended 31st January 2018 |
| 2018 | 2017 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 263,587 |
| Safer Medicines Trust |
| Statement of Financial Position |
| At 31st January 2018 |
| 2018 | 2017 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 7 |
| Unrestricted funds | 221,476 | 263,587 |
| TOTAL FUNDS | 263,587 |
| Safer Medicines Trust |
| Statement of Financial Position - continued |
| At 31st January 2018 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31st January 2018. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 31st January 2018 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. |
| These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| Safer Medicines Trust |
| Notes to the Financial Statements |
| for the Year Ended 31st January 2018 |
| 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 2015)', 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. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer equipment |
| 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. |
| Vat |
| The charity is not registered for VAT (Value Added Tax). In common with many other similar charities, the |
| expenses are inflated by VAT, which cannot be recovered. |
| 2. | INVESTMENT INCOME |
| 2018 | 2017 |
| £ | £ |
| Deposit account interest |
| Safer Medicines Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st January 2018 |
| 3. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31st January 2018 nor for the year ended |
| 31st January 2017. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31st January 2018 nor for the year ended |
| 31st January 2017. |
| 4. | TANGIBLE FIXED ASSETS |
| Computer equipment |
| £ |
| COST |
| At 1st February 2017 and 31st January 2018 |
| DEPRECIATION |
| At 1st February 2017 and 31st January 2018 |
| NET BOOK VALUE |
| At 31st January 2018 |
| At 31st January 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other debtors |
| Tax | ( |
) | ( |
) |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Social security and other taxes |
| Accrued expenses |
| Safer Medicines Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st January 2018 |
| 7. | MOVEMENT IN FUNDS |
At 1.2.17 |
Net movement in funds |
At 31.1.18 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 263,587 | (42,111 | ) | 221,476 |
| TOTAL FUNDS | (42,111 | ) | 221,476 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 40,580 | (82,691 | ) | (42,111 | ) |
| TOTAL FUNDS | ( |
) | (42,111 | ) |
| Comparatives for movement in funds |
At 1.2.16 |
Net movement in funds |
At 31.1.17 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 67,327 | 196,260 | 263,587 |
| TOTAL FUNDS | 67,327 | 196,260 | 263,587 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 242,536 | (46,276 | ) | 196,260 |
| TOTAL FUNDS | 242,536 | (46,276 | ) | 196,260 |
| 8. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31st January 2018. |