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2025-12-31-accounts

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Registered number: 02877400 Charity number: 1030623

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CONTENTS

Page
Trustees' report 3–19
Reference and administrative details of the charity, 20
its trustees and advisers
Independent auditors' report 21–24
Statement of financial activities 25
Balance sheet 26
Cash flow statement 27
Notes to the financial statements 28–43

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

OBJECTIVES, STRATEGY AND ACTIVITIES

Charitable object

The primary charitable object of the British Pharmacological Society is to promote and advance the science of pharmacology, including clinical pharmacology, for the public benefit by fostering research, supporting education, publishing scientific journals, and facilitating the discovery, development and use of medicines.

Public benefit

Pharmacology is at the forefront of our fight to help ensure everyone can live healthy lives for longer. We use the term pharmacology to encompass all areas of the science of drugs and medicine, and we recognise that pharmacologists work across multi-disciplinary boundaries. Pharmacology makes a unique contribution to research to discover and develop new drugs, and to improving the use of existing drugs for better patient outcomes.

The British Pharmacological Society's purpose is, therefore, to promote and advance all disciplines of pharmacology in the discovery, development and use of medicines.

The annual objectives are designed to support the Society in the delivery of this purpose, and in turn, they bring advances in science, medicine and healthcare with the following public benefits:

The Society supports its members by offering access to scientific meetings,

networking events, opportunities for career development, access to journals, bursaries, education and training, and being part of a community. This enables Members to deliver cutting-edge science, leading to public benefit.

The Society delivers some of its activities via its wholly-owned trading subsidiaries; BPS Assessment Limited primarily provides e-learning and assessment solutions to support safe prescribing of medicines. Meanwhile, BPS Trading Services Limited focuses on offering business support products and services. Together, these companies are referred to as the “Group” in the financial statements.

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regards to the Charity Commission's general guidance on public benefit "Charities and Public Benefit".

Strategy 2025 to 2030

2025 served as an important bridging year for the Society, providing continuity between the conclusion of our previous strategic cycle and the development of a renewed long‑term direction for 2026-2030. In establishing a set of bridging objectives for 2025, the Society ensured that we remained committed to our purpose and our community, while also creating the space needed for thoughtful planning and engagement ahead of our next strategic phase. The objectives for our bridging year were placed under the following three pillars:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

Drawing on a year-long programme of workshops, consultations and iterative review, the development of our 2026–2030 strategy – Toward 100 years - has been shaped by a clear recognition that the Society has reached an important moment of change and opportunity. ‑ Beginning with a Trustee and Vice President workshop in March 2025 and followed by extensive ‑ engagement with staff, committees, early career, industry and international representatives, the process was intentionally collaborative and evidence‑led.

A central driver throughout was the need to build on the foundations of the 2022–2024 strategy while meaningfully addressing the shifts in the UK research and education environment, the pressures on Learned Societies, and the opportunities presented by new technologies and ‑ interdisciplinary collaboration. This reflective, forward looking approach has resulted in a strategy designed not only to strengthen our scientific influence and community connections, but also to ‑ prepare the Society for long term relevance and resilience as we progress towards our centenary in 2031.

The new strategy builds on our bridging objectives from 2025, refining and enhancing them to support us over the next five years as follows:

Our 2026 to 2030 Objectives: Towards 100 Years

Progressing pharmacology

We will:

Growing our community

We will:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

Sustainable growth

We will:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

OBJECTIVES, PERFORMANCE, ACHIEVEMENTS AND IMPACT IN 2025

In this section, you will find the agreed 2025 annual objectives together with the activities undertaken, results and impact of those activities.

Progressing our pharmacology priorities

We said:

We will advance the discipline of pharmacology, communicating its beneficial impact on animal and human health by:

What we achieved:

In 2025, the Society continued to strengthen its leadership in pharmacogenomics (PGx) and clinical pharmacology. We supported the management and development of the UK‑PGx and Stratified Medicine, which grew to 1,190 members, and successfully delivered the Network's Annual Meeting, with 130 attendees.

The Society secured an Innovate UK grant, in partnership with academic and industry collaborators, to establish a Centre of Excellence in Regulatory Science and Innovation in Pharmacogenomics (CERSI-PGx). Working closely with the University of Liverpool and Queen Mary University of London, we produced six eLearning modules to upskill regulators in core PGx topics. These eLearning modules launched in December 2025 and are freely available on the BPS platform. A new PGx Working Group was also established to coordinate and align related activity across the Society.

We said:

We will bring pharmacologists together so they can collaborate, debate, publish and ultimately make advances in therapeutic innovation by:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

What we achieved:

The BPS delivered 24 events throughout the year. These included the Annual Meeting, eight National Virtual Training sessions, multiple focus meetings, webinars, Specialty Registrar training sessions, and workshops. Overall, more than 2,500 registrations were recorded across all events.

‑ Pharmacology 2025 was a successful and well received meeting, attracting 785 registrations - an increase on 2024 and close to our target of 800 attendees. The event introduced several inclusivity initiatives, including live captioning, streaming of keynote sessions, an Early Career Researchers (ECR) reception, and a substantial expansion of bursaries. Trustees released funds enabling £106,607 to be awarded to 124 members, widening access and participation. Sustainability also ‑ remained a priority through plant based catering options, locally sourced ingredients, improved travel data collection, and partnership with a local charity.

We continued to strengthen strategic partnerships, contributing to scientific sessions at ASPET and the British Neuroscience Association (BNA) annual meetings (the latter jointly with The Physiological Society) and delivering events in collaboration with BNA, British Toxicology Society and the Federation for Innovative Drug Research Netherlands (FIGON). The Society also exhibited at EACPT and the London Biotechnology Show. Our relationships with university departments deepened further through joint conferences with the Universities of Cambridge and Oxford, with more planned for 2026 across the UK.

A major achievement in 2025 was the launch of our new website on 2 December, following extensive member involvement across discovery workshops, design testing and user feedback. The site improves navigation, accessibility and the discoverability of related content, fully aligned with Web Accessibility Guidelines. We also expanded our digital content output with the support of a newly appointed Community Content Officer, who continued to support our Content Board and delivered articles and blogs on a range of concepts across the year.

We said:

We will work with our community and stakeholders to use our resources and influence to make progress on the issues that matter to us by:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

What we achieved:

The Society continued to prioritise PGx as a key priority through its involvement as a stakeholder in the new CERSI-PGx project using an Innovate UK grant to take a central role in supporting NHS implementation through the development of new educational resources for regulators. As part of this project, updated guidance on PGx for assessing the effectiveness of clopidogrel treatment was published and disseminated through the Society’s journal British Journal of Clinical Pharmacology (BJCP). Additionally, the new MBBS Clinical Pharmacology Curriculum was launched in December 2025 which was a collaborative endeavour between the Society’s Clinical and Education and Training Committees.

The Society held regular meetings of the Education and Training Committee to foster networking and share projects. The Committee also ensured there has been a strong education presence at online and global events including our annual meeting and the upcoming World Congress of Basic and Clinical Pharmacology 2026 in Australia. In 2025 we created an Educator Network Bulletin which is sent to our educator network of over 350 contacts.

In 2025 there were 12,503 UK Prescribing Safety Assessment exam sittings in total across all medical schools in the UK, Ireland and Malta, as well as to Foundation Doctors. In addition, 7,559 mock sittings were delivered to penultimate year medical students. Supporting educational resources were developed to ensure doctors newly arriving in the NHS had the best opportunity to prepare for their UK PSA, with new videos and eLearning content made available on the UK Foundation Programme website.

Growing and connecting our community

We said:

We will review our membership provision and build an offer that is unique, inclusive, affordable and provides opportunities for members to connect with the Society at all stages of their career, by:

What we achieved:

The Society saw a significant increase in membership, passing 5,000 members for the first time. There were important increases in undergraduate level (21%) and early career (25%). Full Membership ended the year above 900 for the first time since 2021. We delivered the first BPS Live Prize Lecture webinar, creating an additional platform for prize recipients and opportunities for international members to access the lectures.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

Following a review of membership categories, benefits and fees, and benchmarking against other societies, it was agreed that membership offered good value for money. Fees were frozen except for Affiliate Membership, which was significantly reduced to reflect its value to healthcare professionals and others whose work brings them into contact with pharmacology. Benefits exclusive to different member categories are now better communicated on our new website.

We said:

We will grow our membership, building a diverse pharmacological community that is engaged and connected with the Society so that they feel able to contribute to all aspects of the Society’s work, by:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

What we achieved:

Throughout 2025, the Society strengthened its support for Clinical Pharmacology and Therapeutics Trainees (StRs). We developed a monthly online training programme with input from Clinical Committee members, complemented by regular ‘Trainee Bulletins’ highlighting internal and external opportunities. Trainees were also provided with Society literature to promote the specialism within their own institutions. A dedicated in‑person training day was delivered at the Annual Meeting, offering opportunities to present work and receive recognition. Three StR Subcommittee meetings were held, contributing to policy development and fostering several collaborative projects.

The Society also achieved significant regional impact by establishing strong institutional engagement through a cross-university engagement event involving ten universities in the South of England. This event was organised collaboratively by several of the Society’s Ambassadors and aimed to bring together Undergraduate pharmacology students to exchange knowledge and network. Alongside this the BPS worked to build relationships with universities elsewhere in the UK through online channels and through outreach events like the Cambridge University Pharmacology Department Away Day where staff members presented on BPS Publications and the Benefits of membership.

Our Ambassador Scheme adopted a strategic “quality over quantity” approach. Following a rigorous Engagement Committee selection process, five new ambassadors were appointed, bringing the total network to 28. While resources this year were focused on expanding the Early Career Pharmacologists Advisory Group (ECPAG), this has strengthened the foundation of the scheme. Plans for 2026 include optimising activity reporting and deepening engagement with those universities that offer standalone pharmacology degrees to support membership growth.

We also said we would:

And against these goals, here’s how we did:

‑ The Society continued to deliver high quality professional development opportunities for Early Career Pharmacologists. Highlights included the Early Career Life Scientists’ Symposia, with a focus on industry pathways, and a partnership with Sense About Science to provide media and public ‑ affairs literacy training. Our international presence grew through co funding symposia in Portugal and Nigeria, supporting over 400 delegates and enhancing the Society’s global reputation among early career scientists.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

We also made significant progress in embedding the early career voice within governance structures. The Early Career Pharmacologist Advisory Group (ECPAG) expanded to 25 members, including—for the first time—five undergraduate representatives, ensuring that the full member ‑ journey is reflected in our decision making. Early career members played key roles in flagship events, including leading career discussions with senior members. A new advocacy pathway was also established, enabling early career representatives to speak for the Society in Parliament and laying the groundwork for our policy work in 2026.

In our Industry Sub Committee meetings across the year, we had valuable discussions about the best approach to further our industry engagement and partnership goals. As a result of this, industry engagement, including the development of Industry Ambassadors, has been embedded in our 2026-2030 strategy.

Our events, activities, publications and governance remained informed by our EDI Vision, however the creation of unified plan has been moved forward to form an enabling objective within our new strategy.

Supercharging our society

We said:

We will grow our income so that we can deliver new initiatives that support current and future members, by:

What we achieved:

In 2025, income generation through event sponsorship and partnerships proved challenging. This provided a valuable opportunity to reassess our approach, and we have begun developing new strategies to diversify and strengthen future income streams. We continued to build high‑value ‑ strategic partnerships. The Society co delivered the Cambridge Ion Channel Forum with AstraZeneca and Metrion Biosciences and is exploring more opportunities for collaboration.

To improve the quality and sustainability of future partnerships, we developed a new framework for assessing partnership proposals, incorporating project management principles such as clearer scopes, timelines, business cases and resource planning.

We said we would:

And here’s what we achieved for our journals:

We continued to experiment with new channels to raise the visibility of our journals, including ‑ sharing editors’ picks and highlighted papers on Reddit across both pharmacology specific and

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

general science communities.

Journal performance remained strong. Our journals portfolio saw 17% growth in output in 2025, driven by a 36% increase in submissions. Growth has been particularly notable from China, now our largest source of submissions. While this has contributed to increased output, there has been associated increased pressure on peer review capacity.

At the point of publication over 60% of the Society’s portfolio is now open access either directly through Gold Open Access or via transformative agreements, and we continue to work with our authors, editors and community to understand the publishing needs of our community through Open Access.

We said we would grow our income by:

In this area, here’s what we achieved:

In BPSA, sales performance remained robust. Income was £0.45m, with a renewal rate of 97.5% and within 3% of a stretching budget. We closed the year with 46 accounts, including 25 on multi‑year agreements.

A notable development was the launch of the EPS Simulator in August 2025, extending the platform’s capabilities by offering more authentic prescribing scenarios to support formative assessment and team‑based learning.

In 2025 we also secured a substantial donation to significantly increase our PhD training programme, which will now allow us to offer both the AJ Clark Studentship and Sir David Jack Scholarship, supporting 50 students over the next 10 years.

We said:

We will ensure the charity’s governance structure provides plenty of opportunities for member involvement, by:

What we achieved:

A significant number of recommendations from the 2024 review were completed or progressed in 2025 such as creating more opportunities for Trustees and staff to collaborate, which included

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

strategy sessions and informal meetings, together with improved communications, focusing Council meetings on strategic issues, conducting a Trustee skills audit and updating the language in Trustee recruitment materials to encourage diversity and inclusivity. The review of the governance structure was deferred to enable development of the new 2026-2030 Strategy to be completed. The governance structure review is now scheduled in 2026, shortly after the launch of our new strategy in February 2026; the review will ensure we have the correct structure in place to deliver our new strategic plan.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

The Consolidated Statement of Financial Activities on page 25 reports the financial performance of the “Group” (collectively the Society and its wholly-owned trading subsidiaries, BPS Assessment Limited and BPS Trading Services Limited). The Balance Sheets on page 26 provide details of the Group’s, and the Charity’s, financial position at the year end, where “Charity” refers to the Society when viewed as a separate legal entity.

For the year ended 31 December 2025 the total funds of the Group have increased by £4,719,140 (2024 - £641,867 Increase). The overall increase is made up of a decrease in unrestricted funds of £399,667 (2024 - £604,219 increase) and an increase in restricted funds of £5,118,807 (2024 - £37,648).

Net losses on investments totalling £170,705 (2024 - gains of £230,015) have contributed towards the overall movement in funds and are entirely attributable to unrestricted funds.

The resulting balance of total funds at 31 December 2025 amounted to £11,068,276 (2024 - £6,349,143) of which £5,413,445 (2024 - £5,813,112) are the unrestricted funds of the Society.

Incoming resources

Incoming resources for the year totalled £9,863,328 (2024 - £4,742,376) which is an increase of 108.0%.

This substantial increase is mostly attributable to Donations and legacies which totalled £5,147,687 (2024 - £51,243). The Society was delighted to receive a major donation from the family of Sir David Jack which has made possible the establishment and launch of the Sir David Jack PhD Scholarship, a transformative new funding programme. This initiative honours Sir David’s pioneering contributions to respiratory medicine and his enduring impact on pharmacology.

The Society was also grateful for a further significant donation from the Dollery family

which will extend the Sir Colin Dollery Clinical Pharmacology Training Award that was established in 2022.

Charitable activity income from journal publishing, which is ordinarily the Society's main income source, has decreased by 0.1% to £3,528,716 (2024 - £3,531,732).

Member numbers increased by 15.0% to 5,308 (2024 - 4,613) and most of this increase is in categories that pay much less such as early career and undergraduate members. Membership subscription income increased by 0.8% to £113,104 (2024 - £112,178). Educational income decreased by £19,175 to £620,280 (2024 - £639,455) most of which is attributable to a small decrease in restricted income for Prescribing Safety activities.

Scientific meetings income decreased by £64,932 to £252,780 (2024 - £317,712). This decrease is mainly attributable to holding fewer meetings overall in 2025 compared with 2024 and lower than anticipated sponsorship income.

Other income totalled £5,800 (2024 - £10,162).

Investment income was £115,067 higher at £194,961 (2024 - £79,894). The increase is attributable to the donation received during the year to establish the restricted fund for the Sir David Jack PhD Scholarship.

Expenditure on charitable activities

Expenditure on charitable activities totalled £4,967,940 (2024 - £4,300,927) which is a 15.5% increase of £667,013.

Scientific meetings expenditure at £1,374,903 was a 37.5% increase of £374,886 over the previous year (2024 - £1,000,017). Due to a budgeted increase to the number of bursaries.

Expenditure on educational activities at £1,677,257 was a 24.6% increase of £330,703 over the previous year (2024 - £1,346,554) due to an expected increase of costs in BPS Assessment Limited, largely relating to increasing consultancy and recruitment costs.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

Journal publishing costs decreased by £31,421 to £1,557,373 (2024 - £ £1,588,794); reflecting decreased publisher costs and Society support costs associated with publishing.

Due to awarding more prizes and awards, the expenditure increased by 5.1% (£10,277) to £213,285 over the previous year (2024 - £203,008).

Capital expenditure

Capital expenditure totalled £65,640 for a combination comprising development of the new website that was launched in 2025, implementation of a new accounting system and enhancements to the prescribing assessment platform.

the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Grant making policies

The Society's policy is to make grants that advance its objectives, i.e., to promote and advance pharmacology, and to comply with the terms of any restricted or designated funds from which grants are provided. Applications are invited from individuals or institutions suitably qualified or active in the discipline. Appropriate committees decide who will receive grants. In the case of a few minor grants, authority to make decisions on applications is delegated to individual officers or senior staff.

Reserves policy and designated funds

The balance on General Funds of £3,593,694 (2024 - £4,012,429) represents the reserves of the Society. The Trustees consider that the Society’s reliance on publishing income is the predominant determinant of the level of reserves required and have calculated that a level of £2,250,000 would allow the Society to fulfil is commitments to its members both in terms of operations and activities over a period of one year if the Society’s publications income failed or were severely reduced as well as covering other potential adverse scenarios. The reserves reported at 31 December 2025 therefore represent 160% of the requirement.

The Trustees recognise that reserves exceed the current target level and will consider the appropriate use of this surplus in line with the Society’s charitable objectives, including potential designation for strategic investment or future activities aligned to the new strategy: 2026 – 2030, Towards 100 years.

The Trustees have continued to designate funds, as shown in note 21, in accordance with the Society's financial strategy. The balance on the Prizes & Awards Fund is being maintained, via a transfer from the General Funds, at £1million to part-fund both current and future generations of beneficiaries.

After making appropriate enquiries, the Trustees have a reasonable expectation that

Investment policy and performance

The Society holds investments with a value totalling £9,106,315 at 31 December 2025 (2024 - £4,126,806) which are all with CCLA. £3,956,425 (2024 - £4,126,806) is held in their COIF Charities Investment Fund and £5,149,889 (2024 - £Nil) is held in their COIF Charities Deposit Fund. The portfolio is managed by appropriate staff.

The COIF Charities Investment Fund recorded a total annual return in 2025 (net of fees) of -1.95% and the COIF Charities Deposit Fund recorded a total annual return in 2025 (net of fees) of +4.21%. The returns compare to the Asset Risk Consultants (ARC) steady growth charity index of +9.3% and the inflation-linked benchmark of +6.4% (Consumer Price Index, CPI, +3%). The significant underperformance relative to benchmarks of the COIF Charities Investment Fund has been closely monitored by Finance Committee and Trustees throughout the year, involving regular dialogue and review with CCLA. Close monitoring is being continued into 2026 and funds available for investment have therefore been retained in the COIF Charities Deposit Fund for the time-being.

The Trustees’ main objective for the Society’s investments has been to seek steady income and capital appreciation, providing long-term protection from inflation and more specifically to provide funds to

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

meet medium to long-term liabilities with funds invested for the long term (10+ years).

The Trustees have delegated the day-to-day management of the investment portfolio to investment management companies. During 2025 the Society’s portfolio was managed by CCLA.

The investments are managed in accordance with the principles of the Society’s investment policy which was approved in September 2022 following a substantial review by a working group of Finance Committee. The policy prohibits investment in tobacco and integrates environmental, social and governance (ESG) considerations into investment processes and ownership practices. In addition, to maintain an impartial position, the policy also prohibits direct investment in pharmaceutical companies. The Society's investment strategy works together with its reserves policy and seeks to provide against sudden loss of income from its traditional activities and in particular loss of income from its publishing activities.

Strategic benchmarks and structured reporting enable the Society to regularly review the performance of its portfolio. Finance Committee met regularly throughout the year to perform such reviews which in turn were reported to Council.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Reference and administrative details of the charity, its trustees and advisers are shown on page 20 of the financial statements.

In 1994, the Society became a Company Limited by Guarantee and therefore has no share capital. In the event of its winding up, the members' liability is limited to £1 each. The Society's governing document is its Articles of Association, the current version of which took effect from 30 November 2021.

The Trustees

The Trustees are also the company Directors of the British Pharmacological Society. The Companies Act imposes similar legal duties on company Directors.

The Trustees of the charity for the year under review are below, with details of their attendance at the four Council meetings held in 2025 (2024 – four meetings).

Elected Officer Trustees Elected Officer Trustees
President M Caulfield 4/4
President Elect C Wainwright 4/4
Honorary
Treasurer		 S Kennedy 4/4
Elected Trustees
A Zorn 2/4
J Ritter 4/4
M Spedding 3/4
N Hyland 4/4
F Ahmad Khan 2/4
A Hobbs (Resigned
on 31/3/2025)		 1/1
Appointed Trustee
E Briffa 4/4

The Council of Trustees comprises between nine (minimum) and twelve (maximum) Trustees. The President (Chair), PresidentElect and Honorary Treasurer are elected by the Voting Members. Other Trustees (of whom at least one represents industry, one represents clinical pharmacology, and one is an Early Career Pharmacologist) are either elected by the Voting Members or appointed by Council.

Council appoints Appointed Trustees based on their skills, knowledge and experience, choosing them to support the Society in delivering its charitable purposes.

Trustees’ main legal responsibilities are as follows:

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

The maximum number of appointed Trustees is one third of the total number of Trustees, and so cannot exceed four.

Trustees are elected to serve for periods of between three and four years, depending on office. Elections to Council take place each year and only members in good standing may be nominated as elected Trustees. Appointed Trustees have the same responsibilities and powers as elected Trustees and any such appointment shall be for such period as Council determines, subject ordinarily to a maximum of two terms of up to three years each, after which any person so appointed may be eligible for election as a Trustee (including as an Officer) by the Voting Members, but shall not be re-appointed by the Council until a period of at least three years has elapsed after expiry of their term of office.

Member participation in the Society’s charitable mission is crucial to shape the future direction of the Society’s activities. This is why most members are Voting Members who can self-nominate for elected roles.

Role descriptions have been produced for Trustees which are regularly reviewed to ensure they reflect the Society’s strategic aims. The role descriptions specify the knowledge, skills and attributes required. A skills survey of Trustees is undertaken regularly which helps determine their training requirements and Trustees attend training annually.

When considering elections for, and appointment of Trustees, Council follows the requirements of the Society's constitution, the Charity Commission’s Governance Code for Trustees and Guidance Note CC30 of the Charity Commission:

for the recruitment of new trustees" and in addition to taking account of diversity issues, trustees must "look at what skills, knowledge and experience are needed to make sure that the charity is well governed and is run effectively, efficiently and appropriately to its size and complexity".

Committees and Management Group

Council has ultimate responsibility for all aspects of the Society's activities, with the exception of those matters which must be decided by a general meeting of the members. The Council focuses on strategy and delegates all but key strategic and financial decisions to five core Committees, each chaired by a Vice President or Officer, who have significant autonomy and control over their budgets.

The core Committees report back to Council. These reports cover risk management. Members of these Committees comprise both Trustees and/or elected Vice Presidents, together with other Members and some nonmembers. Financial management is delegated to the Finance Committee, chaired by the Honorary Treasurer. The journals are managed by the Society's Publications Team, which refers as appropriate to the President Elect, Council and Management Group, and in turn delegates responsibility to the journals' Management and Editorial Boards. Presidents, together with other Members and some non-members.

Council has delegated responsibility for the general management of the Society's activities to a small Management Group, chaired by the President, to oversee the dayto-day operations of the Society. The other members of the Group are the President Elect, Honorary Treasurer and Chief Executive. The Trustees employ a Chief Executive, who is responsible for executing the decisions of Council and for the day-today management of the Society's resources. The Chief Executive reports back to Council and Management Group on performance against the objectives of the Society.

At 31 December 2025 the Society had 24 full time equivalent staff, and used specialist consultants as required.

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BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

Member contribution

The Society benefits significantly from voluntary work by its Members in the organisation of meetings, editing and reviewing manuscripts, service on Committees and panels, and many other activities. The Trustees thank these Members for all this hard work, given in Members’ free time. The Society could not function successfully without Members’ support.

The Society, Council and Members participate actively in the wider bioscience community, both in the UK and internationally. This includes collaborative funding of research and education initiatives, and the hosting of scientific meetings. Details of these activities are included in the section on Objectives and Achievements, listed on pages 5 to 8.

Remuneration of key management personnel

In determining appropriate levels of remuneration for staff, the Society aims to provide overall packages of terms and conditions that are affordable by the Society, competitive in the market, and will help to attract, retain, and motivate high quality individuals capable of achieving the Society’s objectives. The Society wishes to ensure that staff are fairly rewarded for their individual and collective responsibilities and contributions to the Society’s overall performance.

The Society believes that remuneration should contain both discretionary cost of living and non-recurring performance-related elements, and that these elements should relate both to the performance of the Society and the state of its finances.

Council retains overall responsibility for remuneration and employment benefits and has delegated the operation of such matters to Management Group and Finance Committee (overall affordability).

When considering recommendations for performance awards and any changes to salary, Management Group are provided with individuals’ performance compared with set objectives and targets, and benchmarking information. External data on general

inflation and wage inflation is considered when considering any cost-of-living award.

Risk assessment

The Council has a Risk Policy and a Risk Register, which provide the framework and controls for the management of risks. The Risk Register is reviewed on a continuing basis by the Finance Committee, who then report to Trustees. Risk management is an integral part of the Society’s business processes.

The prime risk to which the Society is exposed continues to be financial, particularly in respect of the income from our journals. Although the Trustees are reassured by the publishers that a catastrophic loss of income is unlikely in the short to medium term, the Society’s reliance on publishing income means this risk is the predominant determinant of the level of free reserves held by the Society according to its Reserves Policy. Other significant risks identified derive from this primary risk and include the risk that existing and potential business development activities do not result in significant alternative, sustainable sources of net revenue.

The Trustees have also identified the financial risk associated with exceptionally volatile market conditions and the underperformance relative to benchmarks of the COIF Charities Investment Fund which is being monitored and dealt with as noted in the "Investment policy and performance" section on page 15

Fundraising

The Society does not actively engage in any significant fundraising as described in guidance from the Charity Commission “Charity fundraising: a guide to trustee duties (CC20)”, and so has not engaged a professional fundraiser or commercial participator to carry out any fundraising activities, and has therefore not subscribed to any fundraising standards or scheme of fundraising regulation. No complaints have been recorded about any fundraising activity, and the Society does not fundraise in any way that could be expected to unreasonably intrude or place undue pressure on vulnerable people and other

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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

members of the public to give money or other property to the Society.

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees (who are also Directors of the British Pharmacological Society for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law requires the trustees 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 and of its income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

This report was approved by the Trustees on 26 March 2026 and signed on their behalf by:

C Wainwright President

Page 19

BRITISH PHARMACOLOGICAL SOCIETY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Trustees

E Briffa M Caulfield

M Caulfield until 31 December 2025 A Hobbs until 4 April 2025 N Hyland S Kennedy until 31 December 2025 F Khan from 1 January 2025 J Ritter M Spedding C Wainwright A Zorn until 31 December 2025 S Maxwell from 1 January 2026 H Giles from 1 January 2026 A Siddique from 1 January 2026 Y Shamsaldeen from 1 January 2026

Key management personnel

Independent auditors

N Issar-Brown Chief Executive Buzzacott Audit LLP K Banham Director, Scientific 130 Wood Street Programmes, Policy, and London EC2V 6DL Partnerships M Poole Director of Finance, Bankers Business and Cooperative Bank plc Commercial Operations 25 Islington High Street London N1 9LQ

Charity registered number 1030623 Company registered number 02877400 Company Secretary M Poole

Barclays Bank plc Unit 4, 2 Churchill Place, Canary Wharf London E14 5RB

Solicitors

Registered office

The Schild Plot, 16 Angel Gate, City Road, London EC1V 2PT

Mishcon De Reya Africa House, 70 Kingsway London WC2B 6AH

Investment managers

CCLA One Angel Lane London EC4R 3AB

VAT consultants

Haslers Chartered Accountants Old Station Road Loughton IG10 4PL

Page 20

BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Opinion

We have audited the financial statements of British Pharmacological Society for the year ended 31 December 2025 which comprise the group statement of financial activities, the group and charitable parent company balance sheets, the group statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with

Page 21

BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 22

BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 23

BRITISH PHARMACOLOGICAL SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH PHARMACOLOGICAL SOCIETY

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

24 April 2026

Shachi Blakemore (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Page 24

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Investments
3
Charitable activities
4
Other
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL EXPENDITURE
Net (losses) gains on investments
NET INCOME / (EXPENDITURE)
Transfers between Funds
21
NET MOVEMENT IN FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
21		 Restricted
funds
2025
Unrestricted
funds
2025
Total
funds
2025
£
£
£
5,146,408
1,279
5,147,687
104,974
89,987
194,961
158,688
4,356,192
4,514,880
-
5,800
5,800
5,410,070
4,453,258
9,863,328
-
-
-
316,263
4,657,227
4,973,490
316,263
4,657,227
4,973,490
-
(170,705)
(170,705)
.
5,093,807
(374,674)
4,719,133
25,000
(25,000)
-
5,118,807
(399,674)
4,719,133
536,031
5,813,112
6,349,143
5,654,838
5,413,438
11,068,276		 Restricted
funds
2024
Unrestricted
funds
2024
Total
funds
2024
£
£
£
50,845
398
51,243
-
79,894
79,894
171,547
4,429,530
4,601,077
4,000
6,162
10,162
226,392
4,515,984
4,742,376
-
29,597
29,597
213,744
4,087,183
4,300,927
213,744
4,116,780
4,330,524
-
230,015
230,015
12,648
629,219
641,867
25,000
(25,000)
-
37,648
604,219
641,867
498,383
5,208,893
5,707,276
536,031
5,813,112
6,349,143

All activities relate to continuing operations.

The net income of the parent Society itself amounted to £4,641,748 (2024 net expenditure: £760,057) The notes on pages 28 to 42 form part of these financial statements.

Page 25

BRITISH PHARMACOLOGICAL SOCIETY

REGISTERED NUMBER: 02877400

BALANCE SHEETS

FOR THE YEAR ENDED 31 DECEMBER 2025

Note
FIXED ASSETS
Intangible assets
13
Tangible assets
14
Investment in subsidiaries
15
Investments
16
CURRENT ASSETS
Debtors
17
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:amounts falling due after
more than one year
19
NET ASSETS
CHARITY FUNDS
Restricted funds
21
Unrestricted funds
Unrestricted designated funds
21
Unrestricted general fund
21
TOTAL FUNDS		 Group
Group
2025
2024
£
£
102,556
90,501
717,187
710,180
-
-
9,106,315
4,126,806
9,926,058
4,927,487
1,453,592
1,179,853
792,130
1,043,515
2,245,722
2,223,368
(984,595)
(685,821)
1,261,127
1,537,547
11,187,185
6,465,034
(118,909)
(115,891)
11,068,276
6,349,143
5,654,838
536,031
1,819,744
1,800,683
3,593,694
4,012,429
5,413,438
5,813,112
11,068,276
6,349,143		 Charity
Charity
2025
2024
£
£
102,556
90,501
717,187
710,180
2
2
9,106,315
4,126,806
9,926,060
4,927,489
1,529,143
1,307,169
275,478
646,915
1,804,621
1,954,084
(650,062)
(450,673)
1,154,559
1,503,411
11,080,619
6,430,900
(118,909)
(110,933)
10,961,710
6,319,967
5,654,838
536,031
1,819,744
1,800,683
3,487,133
3,983,253
5,306,877
5,783,936
10,961,715
6,319,967

The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and were approved by the Trustees on 26 March 2026 and signed on their behalf by:

H Giles

Honorary Treasurer

The notes on pages 28 to 42 form part of these financial statements.

COMPANY NUMBER 2877400

Page 26

BRITISH PHARMACOLOGICAL SOCIETY

REGISTERED NUMBER: 02877400

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

CASH FLOWS FROM OPERATING ACTIVITIES
Net movement in funds
Adjustments for:
Amortisation of intangible fixed assets
Depreciation of tangible fixed assets
Losses / (Gains) on investments
Dividends and interest received
(Increase) in debtors
Increase in creditors
NET CASH GENERATED BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to intangible fixed assets
Purchase of tangible fixed assets
Purchase of investments
Proceeds from sale of investments
Transfer to CCLA
Dividends and Interest received
NET CASH FROM INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at beginning of year
CASH AND CASH EQUIVALENTS AT END OF YEAR		 2025
£
4,719,133
46,399
180
170,705
(194,961)
(273,739)
301,792
4,769,509
(58,453)
(7,187)
(5,000,000)
(118,873)
(31,341)
194,961
(5,020,893)
(251,384)
1,043,515
792,131		 2024
£
641,867
49,870
1,674
(230,015)
(79,894)
(275,347)
118,134
226,289
(55,250)
-
(606,270)
4,576,294
(4,055,127)
79,894
(60,459)
165,830
877,685
1,043,515

Page 27

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Group is a public benefit group for the purposes of FRS 102 and the Charity is a registered charity established as a company limited by guarantee incorporated in England and Wales, and therefore the Charity has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011. The financial statements are presented in sterling and are rounded to the nearest pound.

1.2 Companies Act 2006

In accordance with Section 408 of the Companies Act 2006 a separate Statement of Financial Activities dealing with the results of the charity has not been presented.

1.3 Basis of consolidation

The Group financial statements consolidate the financial statements of the Charity and its subsidiary undertakings for the year.

All financial statements are made up to 31 December 2025. All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. The summary financial statements of BPS Assessment Limited and BPS Trading Services are shown in Note 15.

1.4 Going concern

The trustees have assessed whether the use of the going concern basis of preparation is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the group to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of these financial statements. In particular, the trustees have considered the groups forecasts and projections and have taken account of pressures on publishing income. The trustees have entered into a new publishing contract for the Society's principal two journals from 2023 - 2029 and are satisfied that the assumptions regarding future publishing income are reasonable. After making enquiries, the trustees have concluded that there is a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and that no material uncertainties exist. The group therefore continues to adopt the going concern basis in preparing its financial statements.

1.5 Fund accounting

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the Charity. The Trustees may, from time to time, set aside certain funds for specific purposes into separate designated funds. Such designations carry no legal restrictions and may be changed at the discretion of the Trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.6 Incoming resources

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured

Voluntary income and legacies

Voluntary income derived by way of donations and legacies to the Charity is included in full in the Statement of Financial Activities when the Society has the legal entitlement to receive the funds and the Trustees are accurately able to assess the amount of the donation or legacy and receipt is probable.

Membership subscriptions

Some membership dues are paid annually by the members for the year to 31 December. An amount of deferred income is recorded for subscriptions received in advance.

Educational Activities

This represents the income and expenditure associated with the delivery of the Society’s educational activities, including training courses, workshops, webinars and professional development programmes. Income is recognised in accordance with the Charities SORP based on when payment is received from the delegate, being the point in time at which the charity is entitled to the funds.

Page 28

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES (CONTINUED)

Scientific Meetings

This represents the income and expenditure relating to the organisation and delivery of the Society’s scientific meetings and conferences, including delegate income, sponsorship and exhibition receipts, and directly attributable event and support costs. Income is recognised in accordance with the Charities SORP based on payment being received, with income received in advance included within deferred income until the conference or meeting takes place.

Investment Income

This represents income generated from the Society’s investment portfolio, where income is recognised in accordance with the Charities SORP on an accruals basis, reflecting income earned in the period to which it relates. Income is recognised upon notification by the investment manager of interest earned in the period.

1.7 Resources expended

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Raising funds

These are costs associated with raising voluntary income and investment income for the Charity.

Charitable activities

These are costs associated with the Charity's charitable activities.

Journal publishing income and costs

This represents the income and expenditure relating to the Society’s journal publishing activities, being the British Journal of Pharmacology and the British Journal of Clinical Pharmacology. Journal income is derived from publishing and licensing arrangements, subscriptions, open‑access publication fees and associated sources. Journal expenditure includes editorial and peer‑review costs, production and distribution expenses, and the allocation of directly attributable staff and administrative overheads incurred in supporting these activities.

Grants awarded

Full provision is made for educational awards and bursaries when approved by the Trustees. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Allocation of overheads

Central overhead costs are allocated to activities on the basis of total direct costs:

2025 2024
Member services 5% 6%
Journal publishing costs 20% 20%
Educational activities 39% 36%
Projects and awards 3% 4%
Scientific meetings 32% 33%

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and are allocated to the activity they relate to. General support costs are allocated to charitable activities on the basis of total direct costs. The prior year percentages have been revised to provide an accurate comparison to the current year end accounts.

1.8 Intangible and tangible fixed assets, and amortisation and depreciation

All assets costing more than £2,000 are capitalised.

Fixed assets are stated at cost less depreciation. The residual value of the leasehold property is considered to be at least equal to the carrying value and therefore no depreciation has been provided as this would be immaterial. Amortisation and depreciation on other fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Intangible: Computer software & website - over 3 to 5 years straight line

Tangible: Leasehold property - none

Tangible: Fixtures & fittings - over 5 to 8 years straight line Tangible: Computer equipment - over 3 years straight line

Page 29

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.9 Revaluation of tangible fixed assets

Long leasehold buildings are stated at their deemed cost being the valuation at the date of transition to FRS 102. The charitable company previously adopted a policy of revaluing Long leasehold land and buildings and they were stated at their revalued amount less any impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.

1.10 Investments

Investments are stated at the mid-market value ruling at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

1.11 Other financial instruments

Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.

1.12 Company status

The Charity is a company limited by guarantee. The directors of the company are the Trustees named on page 20. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

1.13 Pensions

The Society is a Participating Employer in the Superannuation Arrangements of the University of London (“SAUL”). The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL’s assets at 31 March 2023 was £3,096 million representing 105% of the liabilities.

It is not possible to identify an individual Employer’s share of the underlying assets and liabilities of SAUL. The Society accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid (i.e. cash amounts) in accordance with paragraphs 28.11 of FRS 102.

As there was a Technical Provisions surplus at 31 March 2023, no deficit contributions were required following the 2023 valuation and there is no defined benefit liability (i.e. the present value of any deficit contributions due to SAUL) to be recognised by the Society.

The Society also contributes to a defined contribution scheme for the benefit of its employees and contributions payable are charged to the Statement of Financial Activities.

1.14 Recognition of liabilities

The Society recognises liabilities when there is a legal obligation to incur the liability and the amount can be reliably calculated.

1.15 Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements:

Page 30

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. DONATIONS AND LEGACIES

2. DONATIONS AND LEGACIES
Donations and grants
Donations and grants
3. INCOME FROM INVESTMENTS
Income from UK listed investments
Income from non-UK listed investments
Bank interest receivable
Income from UK listed investments
Income from non-UK listed investments
Bank interest receivable
4. INCOME FROM CHARITABLE ACTIVITIES
Membership subscriptions
Journal publishing income
Educational activities
Scientific meetings
Membership subscriptions
Journal publishing income
Educational activities
Scientific meetings		 Restricted
funds
2025
£
5,146,408
Restricted
funds
2024
£
50,845
Restricted
funds
2025
£
104,974
-
-
104,974
Restricted
funds
2024
£
-
-
-
-
Restricted
funds
2025
£
-
-
158,688
-
158,688
Restricted
funds
2024
£
-
-
171,547
-
171,547		 Unrestricted
funds
2025
£
1,279
Unrestricted
funds
2024
£
398
Unrestricted
funds
2025
£
88,904
-
1,083
89,987
Unrestricted
funds
2024
£
46,733
28,999
4,162
79,894
Unrestricted
funds
2025
£
113,104
3,528,716
461,592
252,780
4,356,192
Unrestricted
funds
2024
£
112,178
3,531,732
467,908
317,712
4,429,530		 Total
funds
2025
£
5,147,687
Total
funds
2024
£
51,243
Total
funds
2025
£
193,878
-
1,083
194,961
Total
funds
2024
£
46,733
28,999
4,162
79,894
Total
funds
2025
£
113,104
3,528,716
620,280
252,780
4,514,880
Total
funds
2024
£
112,178
3,531,732
639,455
317,712
4,601,077

Page 31

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5. OTHER INCOME

5. OTHER INCOME
Other income
Other income
6. INVESTMENT MANAGEMENT COSTS
Investment management fees
Investment management fees		 Restricted
funds
2025
£
-
Restricted
funds
2024
£
4,000
Restricted
funds
2025
£
-
Restricted
funds
2024
£
-		 Unrestricted
funds
2025
£
5,800
Unrestricted
funds
2024
£
6,162
Unrestricted
funds
2025
£
-
Unrestricted
funds
2024
£
29,597		 Total
funds
2025
£
5,800
Total
funds
2024
£
10,162
Total
funds
2025
£
-
Total
funds
2024
£
29,597

from 2025 onwards charges levied by CCLA are borne directly by the fund and are therefore not separately disclosed in the accounts.

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Members services
Journal publishing costs
Educational activities
Projects and awards
Scientific meetings
Analysis of Support Costs
Finance
IT
Staff costs
Policy & Public Engagement
Governance
Executive
HR
Premises		 Activities
undertaken
directly
2025
£
75,074
1,281,931
1,011,746
124,954
819,717
3,313,422		 Grant
funding of
Support
activities
costs
(Notes 8 & 9)
(see below)
2025
2025
£
£
-
70,048
-
275,442
124,888
542,772
40,779
47,552
108,233
450,354
273,900
1,386,168
Basis of
Allocation
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs		 Total
2025
£
145,122
1,557,373
1,679,406
213,285
1,378,304
4,973,490
Total
2025
£
154,366
192,858
727,376
68,828
70,119
48,515
78,578
45,528
1,386,168

Page 32

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (Continued)

Members services
Journal publishing costs
Educational activities
Projects and awards
Scientific meetings
Analysis of Support Costs
Finance
IT
Staff costs
Policy & Public Engagement
Governance
Executive
HR
Premises
8. GRANTS TO INDIVIDUALS
A J Clark Studentships
Bursaries
Ambassadors Scheme
Scientific Meetings		 Activities
undertaken
directly
2024
£
90,861
1,362,437
823,049
118,042
600,660
2,995,049
Number
2025
1
124
-
-
125		 Grant
funding of
Support
activities
costs
(Notes 8 & 9)
(see below)
2024
2024
£
£
-
71,693
-
226,357
115,221
408,284
36,410
48,556
27,715
371,642
179,346
1,126,532
Basis of
Allocation
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total direct costs
Total
Number
2025
2024
£
122,888
1
106,607
92
1,779
-
485
-
231,759
93		 Total
2024
£
162,554
1,588,794
1,346,554
203,008
1,000,017
4,300,927
Total
2024
£
59,466
154,436
673,683
51,751
68,970
27,114
40,992
50,120
1,126,532
Total
2024
£
105,928
25,796
1,410
-
133,134

Bursaries in 2025 consist of 124 grants (2024 - 92 grants) between £28 and £1,950 (2024 - between £46 and £1,421).

9. GRANTS TO INSTITUTIONS

Educational & outreach activities
Projects and awards (Guide to Pharmacology)
Scientific meetings		 Total
funds
2025
£
2,000
39,000
1,141
42,141		 Total
funds
2024
£
9,293
35,000
1,920
46,213

Page 33

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

10. GEOGRAPHICAL MARKETS

92% of the Charity's journal publishing income (2024 -91%) and 53% (2024 - 61%) of the turnover of BPS Assessment Limited (see Note 15) is attributable to geographical markets outside the United Kingdom. All other incoming resources are attributable to the United Kingdom.

11. NET INCOMING RESOURCES / (RESOURCES EXPENDED)

This is stated after charging:

Amortisation of intangible fixed assets
Depreciation of tangible fixed assets owned by the charity
Auditors' remuneration
Audit - Charity - current year
Other - Subsidiaries - Tax compliance		 2025
2024
£
£
46,399
49,870
180
1,674
23,630
22,219
4,200
4,920

During the year, no Trustees received any remuneration (2024 - £Nil).

During the year, 5 (2024 - 8) Trustees' travel and subsistence and other general expenses totalled £13,654 (2023 - £3,793).

Trustee indemnity insurance was purchased by the charity during the year to protect it from any loss arising from the neglect or defaults of its trustees, and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The premium is not separately identifiable within total insurance costs. The policy provides cover of £2,000,000

12. STAFF COSTS

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs		 2025
£
1,452,983
187,654
166,227
1,806,864		 2024
£
1,301,820
120,684
170,120
1,592,624

The average monthly number of employees during the year was as follows:

Total headcount
Full time equivalent basis
The number of higher paid employees was:
In the band £60,001 - £70,000
In the band £70,001 - £80,000
In the band £80,001 - £90,000
In the band £90,001 - £100,000
In the band £100,001 - £110,000
In the band £110,001 - £120,000
In the band £120,001 - £130,000		 2025
No.
26
26
2025
No.
1
4
-
1
-
2
-
8		 2024
No.
24
24
2024
No.
3
-
1
-
-
1
1
6

Pension contributions in respect of higher paid employees amounted to £107,212 (2024: £74,605).

Key management personnel include the Chief Executive together with senior staff reporting directly to the Chief Executive as shown in the legal and administrative page and totals 3 staff (2024: 3 staff). The total employee benefits of the charity's key management personnel amounted to £449,537 (2024: £438,345).

The Society accounts for its participation in SAUL as if it were a defined contribution pension scheme (see note 1.14). Contributions of £97,792 (2024: £103,038) were payable in the year with payments of £8,902 (2024: £10,720) outstanding at the year end.

Contributions into the separate defined contrubution pension scheme of £68,435 (2024: £66,902) were payable in the year, with payments of £8,687 (2024: £8,171) outstanding at the end of the year.

Page 34

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

13. INTANGIBLE FIXED ASSETS

Group & Charity

Intangible fixed assets comprise computer software and website.

Intangible fixed assets comprise computer software and website.
Cost
At 1 January 2025
Additions
Disposals
At 31 December 2025
Amortisation
At 1 January 2025
Charge for the year
Disposals
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Total
£
697,038
58,453
(193,523)
561,968
606,536
46,399
(193,523)
459,412
102,556
90,502

14. TANGIBLE FIXED ASSETS

Group & Charity

Long leasehold
property
£
Cost or Valuation
At 1 January 2025
710,000
Additions
7,187
At 31 December 2025
717,187
Depreciation
At 1 January 2025
-
Charge for the year
-
At 31 December 2025
-
Net book value
At 31 December 2025
717,187
At 31 December 2024
710,000		 Fixtures &
fittings
£
111,926
-
111,926
111,926
-
111,926
-
-		 Computer
equipment
£
12,615
-
12,615
12,435
180
12,615
-
180		 Total
£
834,541
7,187
841,728
124,361
180
124,541
717,187
710,180

Revaluation of fixed assets

The Society has applied the transitional arrangements of Section 35 of FRS 102 and used a valuation with an effective date of 1 January 2014 as the deemed cost of the long leasehold property. The valuation was performed independently on a Market Value basis by Altus Edwin Hill, Chartered Surveyors. The historic cost of the long leasehold property is £273,816.

The long leasehold poperty is owned under a 999 year lease from 25 December 1989.

Page 35

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

15. FIXED ASSET INVESTMENT IN SUBSIDIARIES

The Society's investment at the balance sheet date in the wholly-owned share capital of the following, unlisted companies, is as follows:

Called up share capital
BPS Trading Services Limited (incorporated 27 January 2016)
Turnover
Expenditure
Profit
Turnover
Expenditure
Profit
16. FIXED ASSET INVESTMENTS
Group & Charity
Market value
At 1 January
Additions
Disposals (realised gain of £184)
Transfer to CCLA
Revaluations
At 31 December
Historical cost
COIF Charities Investment Fund
COIF Charities Deposit Fund
Investments at market value comprise:
UK
£
Listed investments
-
UK
£
Listed investments
31,157
BPS Assessment Limited (company number 09973409; registered office 16 Angel
Gate, City Road, London, EC1V 2PT) commenced trading on 31 March 2017 and its
turnover, expenditure and profit are summarised as follows:
BPS Trading Services (company number 09973456; registered office 16 Angel Gate,
City Road, London, EC1V 2PT) commenced trading on 1 January 2022 and its
turnover, expenditure and profit are summarised as follows:
The following investment was noted as representing greater than 5% of the portfolio
value:
BPS Assessment Limited (incorporated 27 January 2016)		 2025
£
1
1
2
2025
£
454,352
394,496
59,856
2025
£
73,408
55,872
17,536
Listed
securities
2025
£
4,126,806
5,000,000
(31,341)
31,341
(20,491)
9,106,315
9,086,468
2025
43%
57%
CCLA Fund
£
9,106,315
CCLA Fund
£
4,095,648		 2024
£
1
1
2
2024
£
457,445
446,171
11,274
2024
£
137,833
119,933
17,900
Listed
securities
2024
£
3,811,688
606,270
(4,424,482)
4,055,127
78,203
4,126,806
4,055,127
2024
99%
0%
2025
£
9,106,315
2024
£
4,126,805

The above investments are in relation to unrestricted and restricted funds.

Page 36

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

17. DEBTORS

Amounts falling due within one year
Trade debtors
Amount due from subsidiary
Other debtors
Prepayments and accrued income		 Group
2025
£
313,327
-
166
1,140,099
1,453,592		 Group
2024
£
203,334
-
345
976,174
1,179,853		 Charity
2025
£
237,490
151,389
166
1,140,098
1,529,143		 Charity
2024
£
152,838
184,723
345
969,263
1,307,169

Prepayments and accrued income mainly represents journal publishing income due but unpaid at the year end.

18. CREDITORS

Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
298,159
118,438
148,844
419,154
984,595		 Group
2024
£
155,814
98,357
160,636
271,014
685,821		 Charity
2025
£
277,965
107,220
148,843
116,034
650,062		 Charity
2024
£
140,433
82,383
160,634
67,223
450,673

Included within other taxation and social security is an amount of £8,687 (2024 - £18,891) in respect of pension liabilities. Included within other creditors is an amount of £128,843 (2024 - £115,730) in respect of A J Clark studentship commitments, and £20,000 (2024 - £35,000) related to the Guide to Pharmacology grant.

Deferred income (Group & Charity)

The movement of deferred income, included within accruals and deferred income above is as follows:

At 1 January
Amounts Released
Amounts Deferred
At 31 December		 Group
2025
£
186,469
(186,469)
222,820
222,820		 Group
2024
£
150,566
(150,566)
186,469
186,469		 Charity
2025
£
23,171
(23,171)
19,242
19,242		 Charity
2024
£
8,277
(8,277)
23,171
23,171

Included within the group is £203,578 relating to BPS Assessment Limited (2024 - £163,298).

19. CREDITORS

Amounts falling due after more than one year

Grant awards - A J Clark studentships
Accruals and Deferred Income		 Group
2025
£
118,909
-
118,909		 Group
2024
£
108,933
6,958
115,891		 Charity
2025
£
118,909
-
118,909		 Charity
2024
£
108,933
2,000
110,933

Page 37

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

20. PENSION COMMITMENTS

The Society participates in the Superannuation Arrangements of the University of London (“SAUL”), which is a centralised defined benefit scheme within the United Kingdom and is contracted-out of the Second State Pension (prior to April 2016).

SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.

Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings (“CARE”) basis.

The Society is not expected to be liable to SAUL for any other current participating employer’s obligations under the Rules of SAUL, but in the event of an insolvency event of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Funding Policy

SAUL’s statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL’s benefits as they fall due (the “Technical Provisions”). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members’ accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2023. Informal reviews of SAUL’s position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustees and employers in June 2024 and will be reviewed again at SAUL’s next formal valuation in 2026.

At the 31 March 2023 valuation SAUL was 105% funded on its Technical Provisions basis. As SAUL was in surplus on its Technical Provisions basis, no deficit contributions were required. The Trustee and the Employers have agreed that the ongoing Employers’ contributions would fall from a rate of 21% of CARE Salaries to 19% of CARE Salaries from 1 September 2024.

Page 38

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

21. STATEMENT OF FUNDS

SUMMARY OF FUNDS

Group

Designated funds
General funds
Total unrestricted funds
Restricted funds
Total funds
Designated funds
General funds
Total unrestricted funds
Restricted funds
Total funds
Charity
Designated funds
General funds
Total unrestricted funds
Restricted funds
Total funds
Designated funds
General funds
Total unrestricted funds
Restricted funds
Total funds		 Brought
forward
2025
£
1,800,683
4,012,429
5,813,112
536,031
6,349,143
2024
£
1,796,975
3,411,918
5,208,893
498,383
5,707,276
Brought
forward
2025
£
1,800,683
3,983,253
5,783,936
536,031
6,319,967
2024
£
1,796,975
3,264,552
5,061,527
498,383
5,559,910		 Incoming
resources
2025
£
-
4,453,258
4,453,258
5,410,070
9,863,328
2024
£
-
4,515,983
4,515,983
226,392
4,742,375
Incoming
resources
2025
£
-
4,125,498
4,125,498
5,410,070
9,535,568
2024
£
-
4,468,842
4,468,842
226,392
4,695,234		 Resources
expended
2025
£
(235,908)
(4,421,319)
(4,657,227)
(316,263)
(4,973,490)
2024
£
(140,504)
(3,976,275)
(4,116,779)
(213,744)
(4,330,523)
Resources
expended
2025
£
(235,908)
(4,170,944)
(4,406,852)
(316,263)
(4,723,115)
2024
£
(140,504)
(3,810,944)
(3,951,448)
(213,744)
(4,165,192)		 Transfers
in / (out)
2025
£
254,969
(279,969)
(25,000)
25,000
-
2024
£
144,212
(169,212)
(25,000)
25,000
-
Transfers
in / (out)
2025
£
254,969
(279,969)
(25,000)
25,000
-
2024
£
144,212
(169,212)
(25,000)
25,000
-		 Gains /
(losses)
2025
£
-
(170,705)
(170,705)
-
(170,705)
2024
£
-
230,015
230,015
-
230,015
Gains /
(losses)
2025
£
-
(170,705)
(170,705)
-
(170,705)
2024
£
-
230,015
230,015
-
230,015		 Carried
forward
2025
£
1,819,744
3,593,694
5,413,438
5,654,838
11,068,276
2024
£
1,800,683
4,012,429
5,813,112
536,031
6,349,143
Carried
forward
2025
£
1,819,744
3,487,133
5,306,877
5,654,838
10,961,715
2024
£
1,800,683
3,983,253
5,783,936
536,031
6,319,967

The unrestricted general fund gains/(losses) comprises net loss on investments of £170,705 (2024 net gain of £230,015).

FUND TRANSFERS

The unrestricted general fund has been used to restore the prizes and awards designated fund back to £1m with a transfer of £189,329 (2024 £88,962). Additions to fixed assets totalling £65,640 have been funded by the unrestricted general fund (2024 £55,250).

Page 39

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

21. STATEMENT OF FUNDS (CONTINUED)

UNRESTRICTED DESIGNATED FUNDS Group & Charity

Prizes and awards
Fixed Asset
Total Unrestricted Designated funds
Prizes and awards
Fixed Asset
Total Unrestricted Designated funds		 Brought
forward
2025
£
1,000,000
800,683
1,800,683
2024
£
1,000,000
796,975
1,796,975		 Incoming
resources
2025
£
-
-
-
2024
£
-
-
-		 Resources
expended
2025
£
(189,329)
(46,579)
(235,908)
2024
£
(88,962)
(51,542)
(140,504)		 Transfers
in / (out)
2025
£
189,329
65,640
254,969
2024
£
88,962
55,250
144,212		 Gains /
(losses)
2025
£
-
-
-
2024
£
-
-
-		 Carried
forward
2025
£
1,000,000
819,744
1,819,744
2024
£
1,000,000
800,683
1,800,683

Prizes and Awards

This fund aims to provide income and capital growth to finance a proportion of the Society’s charitable grants to individuals. The amount of funding required is reviewed annually.

Fixed Assets

The Society owns one long leasehold property in London and a variety of other fixed assets. This fund represents the net book value of such assets.

UNRESTRICTED GENERAL FUNDS Group

UNRESTRICTED GENERAL FUNDS
Group
Total Unrestricted General funds
Total Unrestricted General funds
Charity
Total Unrestricted General funds
Total Unrestricted General funds		 Brought
forward
2025
£
4,012,428
2024
£
3,411,917
Brought
forward
2025
£
3,983,252
2024
£
3,264,552		 Incoming
resources
2025
£
4,453,258
2024
£
4,515,984
Incoming
resources
2025
£
4,125,498
2024
£
4,468,837		 Resources
expended
2025
£
(4,421,319)
2024
£
(3,976,276)
Resources
expended
2025
£
(4,170,944)
2024
£
(3,810,940)		 Transfers
in / (out)
2025
£
279,969
2024
£
(169,212)
Transfers
in / (out)
2025
£
(279,969)
2024
£
(169,212)		 Gains /
(losses)
2025
£
(170,705)
2024
£
230,015
Gains /
(losses)
2025
£
(170,705)
2024
£
230,015		 Carried
forward
2025
£
4,153,632
2024
£
4,012,428
Carried
forward
2025
£
3,487,133
2024
£
3,983,252

Page 40

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

21. STATEMENT OF FUNDS (CONTINUED)

Brought
RESTRICTED FUNDS
forward
Group & Charity
2025
£
Gary Price Fund
7,635
Paton Fund
3,390
Sir Colin Dollery Clinical Pharmacology Training Award Fund
189,250
BPS Equality, Diversity and Inclusion Prize Fund, sponsored by
AstraZeneca
3,000
Sir David Jack Scholarship Fund
-
E-Learning for Healthcare "Prescribe" Initiative Fund
113,923
Prescribing Safety Assessment
210,890
MRC Short Course in Translational Pharmacology Fund
4,612
Other prizes and awards
3,331
Innovate UK: Innovation Network in Pharmacogenomics
-
Total Restricted funds
536,031
2024
£
Gary Price Fund
7,635
Paton Fund
3,390
Sir Colin Dollery Clinical Pharmacology Training Award Fund
170,000
BPS Equality, Diversity and Inclusion Prize Fund, sponsored by
AstraZeneca
2,000
E-Learning for Healthcare "Prescribe" Initiative Fund
113,923
Prescribing Safety Assessment
193,492
MRC Short Course in Translational Pharmacology Fund
4,612
Other prizes and awards
3,331
Innovate UK: Innovation Network in Pharmacogenomics
-
Total Restricted funds
498,383		 Incoming
resources
2025
£
-
-
15,028
4,000
5,104,974
-
158,688
-
-
127,380
5,410,070
2024
£
-
-
31,250
2,000
-
171,547
-
2,000
19,595
226,392		 Resources
expended
2025
£
(150)
-
(18,025)
(1,000)
-
-
(214,553)
-
-
(82,535)
(316,263)
2024
£
-
-
(12,000)
(1,000)
-
(179,149)
-
(2,000)
(19,595)
(213,744)		 Transfers
in/(out)
2025
£
-
-
-
-
-
-
25,000
-
-
-
25,000
2024
£
-
-
-
-
-
25,000
-
-
-
25,000		 Carried
forward
2025
£
7,485
3,390
186,253
6,000
5,104,974
113,923
180,025
4,612
3,331
44,845
5,654,838
2024
£
7,635
3,390
189,250
3,000
113,923
210,890
4,612
3,331
-
536,031

Gary Price Fund

This fund, in memory of the late Dr Gary Price, is funded by a single donation from GlaxoSmithKline to support lectures at Society meetings.

Paton Fund

This fund was established jointly by Sir William Paton and the Society to support costs and expenses for those studying the history of pharmacology including ideas, techniques equipment etc. used in the development of experimental pharmacology.

Sir Colin Dollery Clinical Pharmacology Training Award Fund

This award provides a bursary to medical students undertaking an intercalated BSc in Pharmacology. The primary aim is to support the discipline of Clinical Pharmacology, which can be achieved by encouraging students to pursue Clinical Pharmacology as a specialty or by increasing basic pharmacology skills for students pursuing a career path within Industry.

BPS Equality, Diversity and Inclusion Prize, sponsored by AstraZeneca

The Society is committed to championing Equality, Diversity and Inclusion (EDI). This fund was established in 2020 to encourage our community to join us in this drive and to recognise efforts being made by members to create an equal, diverse and inclusive environment, within the candidate’s institute, other organisations, or across institutes or organisations.

Sir David Jack Scholarship Fund

The British Pharmacological Society has launched the Sir David Jack PhD Scholarship, a transformative new funding programme made possible by a generous donation from the family of Sir David Jack. This initiative honours Sir David’s pioneering contributions to respiratory medicine and his enduring impact on pharmacology.

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BRITISH PHARMACOLOGICAL SOCIETY

REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

21. STATEMENT OF FUNDS (CONTINUED)

E-Learning for Healthcare "Prescribe Initiative Fund"

This fund was provided by the Department of Health to facilitate payments to Society members contributing to the authoring and review of e-learning modules being developed between the Society and Department of Health, for the 38,000 medical students who train each year in the UK.

Prescribing Safety Assessment Fund

This fund arose through the transfer of the balance of funds of a project initiated by the Department of Health. The project will now be continued by the Society in conjunction with the Medical Schools Council to develop an assessment for final year medical students in prescribing.

MRC Short Course in Translational Pharmacology Fund

This fund was established by a capacity building grant from the Medical Research Council to enable the Society to develop and run a programme in 2010 in translational pharmacology that is suitable for eligible researchers from all biomedical disciplines involved in drug discovery and translational process.

Other prizes and awards

From time to time the Society receives donations to enable it to provide grants or prizes related to ad hoc projects or initiatives.

Innovate

The Innovate UK-funded Centre for Excellence in Regulatory Science and Innovation in Pharmacogenomics, led by the University of Liverpool, aims to develop guidelines for implementing pharmacogenomics in clinical practice and attract further investment in this field.

Subject to the above, the Society has sufficient resources to enable these funds to be applied in accordance with their respective restrictions.

22. RELATED PARTY TRANSACTIONS

During the course of the year the Society transacted with BPS Assessment Limited and BPS Trading Services, its wholly-owned subsidiary undertakings. The amounts owing to and from the subsidiary are included in notes 17 and 18. Any trustee expenses are included in note 11.

Other than the above there have been no further related party transactions.

23. POST BALANCE SHEET EVENT

Post Balance Sheet Event – Sale of Office Premises: The Society approved the sale of its office located at 16 Angel Gate, London. The Society has agreed to sell the long-leasehold interest in the property for £1.2 million, with contracts exchanged on 9th March 2026. As this transaction was not binding as of 31 December 2025, it is treated as a nonadjusting event in accordance with FRS 102 and IAS 10. No adjustment has been made to the 2025 financial statements for this planned sale.

Had the sale occurred before year-end, it would have resulted in an estimated net gain of £465K (sale proceeds less the property’s carrying value of £717K as of 31 Dec 2025). The sale is expected to complete by 20th April 2026, and the net proceeds will strengthen the Society’s cash reserves. Because the sale was finalised after the reporting date, no related amounts are recognized in the 2025 accounts. The Trustees have disclosed this event for transparency and will account for the resulting gain in the 2026 financial statements.

Page 42

BRITISH PHARMACOLOGICAL SOCIETY REGISTERED NUMBER: 02877400

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group

Intangible fixed assets
Tangible fixed assets
Investment in subsidiary
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Intangible fixed assets
Tangible fixed assets
Investment in subsidiary
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year		 Restricted
funds
2025
£
-
-
-
-
5,654,838
-
-
5,654,838
Restricted
funds
2024
£
-
-
-
-
536,031
-
-
536,031		 Unrestricted
funds
2025
£
102,556
717,187
-
9,106,315
(3,409,116)
(984,595)
(118,909)
5,413,438
Unrestricted
funds
2024
£
90,501
710,180
-
4,126,806
1,687,337
(685,821)
(115,891)
5,813,112		 Total
funds
2025
£
102,556
717,187
-
9,106,315
2,245,722
(984,595)
(118,909)
11,068,276
Total
funds
2024
£
90,501
710,180
-
4,126,806
2,223,368
(685,821)
(115,891)
6,349,143

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