OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

CHARITY REGISTRATION NUMBER: 1058821

British Society for Genetic Medicine Unaudited Financial Statements

For the year ended 31 March 2024

British Society for Genetic Medicine

Financial Statements

Year ended 31 March 2024

Pages
Trustees' annual report 1 to 7
Independent examiner's report to the trustees 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 to 18

British Society for Genetic Medicine

Trustees' Annual Report

Year ended 31 March 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Reference and administrative details

Registered charity name British Society for Genetic Medicine Charity registration number 1058821 Principal office 1 Naoroji Street Islington London WC1X 0GB The trustees Dr Gemma Chandratillake, Vice-Chair Ms Dimitra Georgiou, Chair Dr John Dean, Secretary Prof Peter Farndon, Treasurer Independent examiner Philip Owen FCCA ACA Rostance Edwards Limited 1 & 2 Heritage Park Hayes Way Cannock Staffordshire WS11 7LT

- 1 -

British Society for Genetic Medicine

Trustees' Annual Report (continued)

Year ended 31 March 2024

Structure, governance and management

Constitution

The Society is a registered charity and governed by its constitution dated 1 January 1996 as amended by resolution in September 1996, September 1999, January 2013, October 2017 and October 2023.

Organisational structure and decision-making policies

The Trustees are the officers of the Society and have overall responsibility for the Society. They are assisted in their function by an executive committee.

The Trustees comprise the chair, vice- chair, general secretary and treasurer of the society.

The Executive Committee consists of the officers (the "trustees"), one representative from each of the Constituent Societies and Specialist Interest Groups (usually the chair), and the chairs of sub-committees set up by the Executive Committee with specific remits (for example, Scientific Programme, Conference, Education and Training, Ethics and Policy, Media and Communications).

In order to ensure that the Executive Committee maintains an overview of genomics policy and delivery in all nations of the UK, representatives from Northern Ireland, Wales and Scotland also participate.

The British Society for Genetic Medicine Executive Committee has adopted the Charity Governance Code (https://www.charitygovernancecode.org) as the basis for its governance principles. The administration of the BSGM is carried out on its behalf by the Royal Society of Biology.

Executive committee (as at 31st March 2024): Chair, BSGM: Demetra Georgiou Vice-chair, BSGM: Dr Gemma Chandratillake Secretary, BSGM: Dr John Dean Treasurer, BSGM: Prof Peter Farndon

Chair, Association for Clinical Genetic Science: Prof Rob Taylor Chair, Association of Genetic Nurses and Counsellors: Roberta Rizzo Chair, Cancer Genetics Group: Dr Katie Snape Chair, Clinical Genetics Society: Prof Diana Baralle Chair, Fetal Genomics Group: Vacant

Scientific Programme Committee Chair: Dr Florentina Sava Conference Co-ordination Chair: Flora Joseph Education and Training Chair: Jennie Bell Ethics and Policy Chair: Dr Tara Clancy Media and Communications Chair: vacant

Devolved nations' representatives: Northern Ireland: Dr Shirley Heggarty Wales: Sian Morgan Scotland: Catriona Corsie

- 2 -

British Society for Genetic Medicine

Trustees' Annual Report (continued)

Year ended 31 March 2024

Objectives and activities

The objectives of the charity as set out in the 2023 constitution are:-

For the public benefit, the promotion, protection and preservation of good health, by any means deemed appropriate by the Executive Committee from time to time, including by:

a) The promotion, encouragement and advancement of the study and practice of clinical genetics and genomics.

b) The advancement of education, research and innovation in clinical genetics and genomics.

c) The promotion of public awareness of genetics and genomics as they relate to health and disease.

d) The support of professions contributing to applications of genetics and genetics in the health care systems of the United Kingdom.

e) The making available of informed opinion on issues of public interest in relation to genetics and genetics.

f) The provision of a forum to co-ordinate and assist as appropriate the activities of the Constituent Groups.

g) The co-operation and collaboration with other national and international societies which promote the study and practice of clinical genetics and genetics.

The British Society for Genetic Medicine is an independent professional body. It is an umbrella organisation of professional associations, including the Clincial Genetics Society (CGS), Association for Clinical Genomic Science (ACGS) and Association of Genetic Nurses and Counsellors (AGNC) and special interest groups including the Cancer Genetics Group (CGG) and newly formed Fetal Genomics Group (FGG). The member associations are referred to as constituent societies or specialist interest groups. In In addition, the BSGM has its own individual members who are not necessarily members of a constituent group. The common purposes of the membership is the promotion, encouragement and advancement of genetic and genomic science in clinical and research practice for the public benefit.

In particular, the Society has an interest in the provision of genetic and genomic services at a national level, and through the National Health Service, and is asked for reports and advice on important current or emerging issues. It has an active role in the Joint Committee for Genomic Medicine (a tripartite committee together with the Royal Colleges of Physicians and Pathologists). In conducting the Society's activities, the Trustees have given due regard to the guidance published by the Charity Commission on public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

- 3 -

British Society for Genetic Medicine

Trustees' Annual Report (continued)

Year ended 31 March 2024

Achievements and performance

The Executive has continued to meet monthly online, supported by the Royal Society of Biology (RSB). The monthly online educational offering to members continues to be a great success.

The Society has established an Equity, Diversity and Inclusion (EDI) working group which is placed within the Ethics and Policy workstream. The working group is supported by a patient representative and an industry expert in the roles of co-opted Chairs. BSGM has an EDI policy and work is underway to share best practice from constituent EDI groups and improve on the support and commitment offered by BSGM to its members and community in this area.

BSGM has introduced a new membership tier to enable specialists working in different fields of medicine, to join the Society. This could see clinicians who work in mainstream specialties and have an interest in genetics, joining our society to network and benefit from our educational offering.

Working with external bodies

The BSGM has continued to act as a source of expert advice, raising the profile of genomics, and supporting professionals in clinical and research practice by:

- 4 -

British Society for Genetic Medicine

Trustees' Annual Report (continued)

Year ended 31 March 2024

and Chair of NHS England. BSGM assumed the rotating responsibility for Chairing JCGM in January 2022, with Professor Anneke Lucassen serving as Chair.

BSGM Conferences/Meetings/Education

BSGM has been planning this years conference which will be hosted in London in November 2024.

The constituent and special interest groups of BSGM held conferences during the year as follows:

The BSGM conference, along with those of the constituent and special interest groups, are now routinely recorded with recordings being made available to members via the BSGM website.

This year saw the monthly "Lunch and Learn" webinar series grow further in attendance as well as on demand views.

BSGM held its Annual General Meeting for society members online on the 22nd November 2023.

Policy

BSGM worked to produce two important statements to guide clinical practice this year:

ACGS also has produced a key document:ACGS Best Practice Guidelines for Variant Classification in Rare Disease 2024

Communications

We have continued to interact well with the media. Our Twitter account continues to gain followers (now 3361, up 6% from 2023) and initiates tweets on a regular basis.

We have established a new LinkedIn page which has 283 followers and is rapidly growing. A media training day was arranged in October 2023 and a number of members from BSGM, UKCGG and AGNC attended.

A genetic counsellor has been recruited to the role of webmaster with an aim to keep the webpage updated.

From August 2022, BSGM has commissioned PET to produce regular blog posts for our website.

- 5 -

British Society for Genetic Medicine

Trustees' Annual Report (continued)

Year ended 31 March 2024

Financial review

Measure of performance

At the end of this financial year 2023-24 the income and expenditure accounts show a positive balance of income over expenditure, and the reserves have been able to be maintained. The incoming resources for the year were £124,156 (2023: £145,729) The society's activities have resulted in a surplus of £26 (2023: £7,101).

Reserves policy

Our accounting policy is to clear debts, ensure that expenditure can be met within the year from income, maintain reserves for regular and necessary liabilities and to earmark resources in line with policy objectives.

A) Reserves

Two regular and necessary liabilities are the annual conference and the administration. Because of increased costs, the reserve for the unrecoverable cost of a one day conference remains at £27,000 and reserve for one half year of payment to RSB for administration is £22,000.

B) Assistance with travel to educational events

£8,000 has been placed in a fund for applications to assist with travel expenses for educational events, to be assessed through an award scheme.

C) Doreen Fox Legacy Fund

The executive committee and AGM agreed that the legacy of £62,843 from a benefactor, Doreen Fox, would be used to assist the provision of specific educational initiatives. During this financial year, £6,586.80 (2023: £7,293.60) from the legacy was used to fund recordings of educational events which were made available online for all members of the society.

D) Genetics and Insurance Fund

This fund is being used to support a workshop on genetics and insurance issues.

- 6 -

British Society for Genetic Medicine

Trustees' Annual Report (continued)

Year ended 31 March 2024

Plans for future periods

The core professional activities of the BSGM will continue in 2024-25, and be developed through the work of the five sub-groups of the executive committee as outlined above. A major review of communications continues, as we would like to maximise the benefit of our affiliate membership offering. There is consideration as to how the Society can maximise its impact and consider issues of equality/equity, diversity and inclusion through its newly established EDI group.

The educational support to members has been strengthened with the continuation of monthly "Lunch and Learn" webinars, which are well attended and will continue to be provided. BSGM is looking forward to hosting our annual conference in November and will endeavour to support attendance by BSGM members.

Several pieces of policy work are nearing completion and will be published during 2024-2025. Further pieces of work will be initiated during the coming year. The Ethics and Policy group has been working on a new policy on Direct to Consumer testing which will be expected to be published later in the year.

Following a survey of fetal genetics group members, the executive committee has concluded to rename the group Prenatal Genetics Group and increase its scope to cover all aspects of genomic care in the reproductive and prenatal period. We will oversee the expansion of this interest group and support its re-establishment with this broader remit.

Further work on establishing a new working group, named Emerging Technologies working group is under way; the new group will aim to address education, policy and guidance in new technologies such as therapies and AI/Machine learning.

Taking all these measures into account, the Trustees, executive committee and AGM all believe that the BSGM remains a going concern, and these accounts have been prepared on that basis.

The trustees' annual report was approved on 4 November 2024 and signed on behalf of the board of trustees by:

Prof Peter Farndon, Treasurer Trustee

- 7 -

British Society for Genetic Medicine

Independent Examiner's Report to the Trustees of British Society for Genetic Medicine

Year ended 31 March 2024

I report to the trustees on my examination of the financial statements of British Society for Genetic Medicine ('the charity') for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019

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

  1. accounting records were not kept in accordance with section 130 of the Charities Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

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

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Philip Owen FCCA ACA Rostance Edwards Limited Independent Examiner

1 & 2 Heritage Park Hayes Way Cannock Staffordshire WS11 7LT

- 8 -

British Society for Genetic Medicine

Statement of Financial Activities

Year ended 31 March 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 3,125 – 3,125 8,742
Other charitable activities 5 116,526 – 116,526 134,156
Other trading activities 6 – – – 140
Investment income 7 1,205 – 1,205 591
Other income 3,300 – 3,300 2,100
───────── ──── ───────── ─────────
Total income 124,156 – 124,156 145,729
═════════ ════ ═════════ ═════════
Expenditure
Expenditure on charitable activities 8,9 119,730 4,400 124,130 138,628
───────── ─────── ───────── ─────────
Total expenditure 119,730 4,400 124,130 138,628
═════════ ═══════ ═════════ ═════════
───────── ─────── ───────── ─────────
Net income and net movement in funds 4,426 (4,400) 26 7,101
═════════ ═══════ ═════════ ═════════
Reconciliation of funds
Total funds brought forward 255,705 8,800 264,505 257,404
───────── ─────── ───────── ─────────
Total funds carried forward 260,131 4,400 264,531 264,505
═════════ ═══════ ═════════ ═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 11 to 18 form part of these financial statements.

- 9 -

British Society for Genetic Medicine

Balance Sheet

31 March 2024
2024 2023
Note £ £ £
Current assets
Debtors 14 18,739 452
Cash at bank and in hand 261,592 309,828
───────── ─────────
280,331 310,280
Creditors: amounts falling due within one year 15 15,800 45,775
───────── ─────────
Net current assets 264,531 264,505
───────── ─────────
Total assets less current liabilities 264,531 264,505
───────── ─────────
Net assets 264,531 264,505
═════════ ═════════
Funds of the charity
Restricted funds 4,400 8,800
Unrestricted funds 260,131 255,705
───────── ─────────
Total charity funds 16 264,531 264,505
═════════ ═════════

These financial statements were approved by the board of trustees and authorised for issue on 4 November 2024, and are signed on behalf of the board by:

Prof Peter Farndon, Treasurer Trustee

The notes on pages 11 to 18 form part of these financial statements.

- 10 -

British Society for Genetic Medicine

Notes to the Financial Statements

Year ended 31 March 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is British Society for Genetic Medicine, 1 Naoroji Street, Islington, London, WC1X 0GB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

British Society for Genetic Medicine meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

- 11 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 12 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

- 13 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Financial instruments (continued)

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Sponsorship
Sponsorship 3,125 3,125 8,742 8,742
═══════ ═══════ ═══════ ═══════
5. Other charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Subscriptions/joining fees 116,526 116,526 96,241 96,241
BSGM AGM fees – – 37,915 37,915
───────── ───────── ───────── ─────────
116,526 116,526 134,156 134,156
═════════ ═════════ ═════════ ═════════
6. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Event income – – 140 140
════ ════ ════ ════
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Bank interest 1,205 1,205 591 591
═══════ ═══════ ════ ════

- 14 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

8. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Direct costs 59,841 4,400 64,241
Support costs 59,889 – 59,889
───────── ─────── ─────────
119,730 4,400 124,130
═════════ ═══════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Direct costs 73,387 – 73,387
Support costs 65,241 – 65,241
───────── ──── ─────────
138,628 – 138,628
═════════ ════ ═════════
Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2024 2023
£ £ £ £
Direct costs 64,241
59,889		 124,130 138,628
════════
════════		 ═════════ ═════════
Analysis of direct costs
2024 2023
£ £
Subs to constituent societies 44,800 37,880
Membership of ESHG 8,501 5,985
Society meetings 10,940 29,522
──────── ────────
64,241 73,387
════════ ════════
Analysis of support costs
Analysis of
support costs Total 2024 Total 2023
£ £ £
Administration costs 39,662 39,662 36,672
Printing & marketing 11,247 11,247 18,740
Travel & subsistence 275 275 2,321
Governance costs 3,500 3,500 3,300
Bank charges 5,205 5,205 4,208
──────── ──────── ────────
59,889 59,889 65,241
════════ ════════ ════════
Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 3,500 3,300
═══════ ═══════

9. Expenditure on charitable activities by activity type

10. Analysis of support costs

11. Independent examination fees

- 15 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

12. Staff costs

There are no employees of the company and therefore no individual received remuneration of more than £60,000.

13. Trustee remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £Nil).

During the year travel expenses were reimbursed to one (2023: No) trustees amounting to a value of £275 (2023 - £Nil).

14. Debtors

2024 2023
£ £
Prepayments and accrued income 18,739 452
════════ ════
15. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,120 1,654
Amounts owed to constituent groups 1,180 20,179
Accruals and deferred income 12,035 23,102
Other creditors 1,465 840
──────── ────────
15,800
════════		 45,775
════════

Included in accruals and deferred income is £7,090 (2023:£13,327) of deferred income relating to subscriptions received in advance.

- 16 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

16. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At At 31 March
1 April 2023 Income Expenditure Transfers 2024
£ £ £ £ £
General funds 143,156 124,156 (68,440) (44,703)
154,169
Travel awards fund 8,000 – (5,041) 5,041 8,000
Conference fund 27,000 – – – 27,000
Administration fund 22,000 – (39,662) 39,662 22,000
Doreen Fox Legacy fund 55,549 – (6,587) – 48,962
───────── ───────── ───────── ────────
─────────
255,705 124,156 (119,730) – 260,131
═════════ ═════════ ═════════ ════════
═════════
At At 31 March
1 April 2022 Income Expenditure Transfers 2023
£ £ £ £ £
General funds 140,361 145,729 (93,952) (48,982)
143,156
Travel awards fund 8,000 – (710) 710 8,000
Conference fund 20,000 – – 7,000 27,000
Administration fund 17,400 – (36,672) 41,272 22,000
Doreen Fox Legacy fund 62,843 – (7,294) – 55,549
───────── ───────── ───────── ────────
─────────
248,604 145,729 (138,628) – 255,705
═════════ ═════════ ═════════ ════════
═════════

Travel awards funds

In place specifically to assist applicants with travel expenses for educational events, assessed through an awards scheme.

Conference fund

Reserve for the annual one day conference which is an unrecoverable cost.

Administration fund

Reserve for the annual administration payment to RSB in respect of administration.

Doreen Fox legacy fund

The income received as a legacy from a benefactor, Doreen Fox, has been placed in a fund for educational or public awareness initiatives.

Restricted fund

Genetics and Insurance fund

Income received to be used to facilitate a constructive dialog between the insurance industry, the genetics community and the public.

- 17 -

British Society for Genetic Medicine

Notes to the Financial Statements (continued)

Year ended 31 March 2024

16. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
At At 31 March
1 April 2023 Income Expenditure Transfers
2024
£ £ £ £ £
Genetics and insurance
fund 8,800 – (4,400) –
4,400
═══════ ════ ═══════ ════
═══════
At At 31 March
1 April 2022 Income Expenditure Transfers
2023
£ £ £ £ £
Genetics and insurance
fund 8,800 – – –
8,800
═══════ ════ ════ ════
═══════
Analysis of net assets between funds
Unrestricted Restricted
Total Funds
Funds Funds
2024
£ £ £
Current assets 275,931 4,400
280,331
Creditors less than 1 year (15,800) –
(15,800)
───────── ───────
─────────
Net assets 260,131 4,400
264,531
═════════ ═══════
═════════
Unrestricted Restricted
Total Funds
Funds Funds
2023
£ £ £
Current assets 301,480 8,800
310,280
Creditors less than 1 year (45,775) –
(45,775)
───────── ───────
─────────
Net assets 255,705 8,800
264,505
═════════ ═══════
═════════

17. Analysis of net assets between funds

18. Related parties

There were no related party transactions during the current or prior year.

- 18 -