2025-12-31-accounts

Annual Report and Accounts for the year ended 31 December 2025

Company No. 3470316 Charity No. 1067124 The British Society for Rheumatology is a company limited by guarantee

BSR Annual Report and Accounts 2025

Contents

Introduction	3
Trustees’Annual Report	4
Environmental, social and governance (ESG)	5
Activities and impact	11
Financial review	19
Independent Auditor’s Report to the Trustees of	22
The British Society for Rheumatology
Financial statements	36
Notes to the financial statements	34
Reference and administrative details	57

BSR Annual Report and Accounts 2025

Introduction

Reaching the mid-point of our current strategy in 2025 was a good opportunity to take stock, not just of everything we’ve delivered but also our impact. Our fantastic team of staff, volunteers and community of members ensures that everything we do brings huge benefit to the specialty. As we move into the second half of our strategic period, we are embracing opportunities to improve and innovate, and are ambitious about what we can achieve.

This appetite for innovation was well illustrated by our guidelines programme. Alongside a busy schedule of updates to existing guidelines, we launched a new guideline on foot health in inflammatory arthritis. At the same time, we published an update to our first living guideline. Originally published in September 2024, the guideline for managing people with Behçets uses living methodology, ensuring that the recommendations will always be kept up to date.

The team behind our medical journal Rheumatology Rheumatology focused their attention on the future, moving the journal online to create a more sustainable and accessible publication, whilst Rheumatology Advances in PracticeRheumatology Advances in Practice launched a mentoring scheme to support the next generation of peer reviewers.

A new education strategy pitched our ambition to be the leading provider of education for the rheumatology multi-disciplinary team (MDT). A bumper year of digital content, hands-on clinical training, and integration of patient experience into our educational offer got the strategy off to a brilliant start, with 90 – 100% of participants reporting that they would change their practice following a BSR course.

Against the persistent backdrop of a challenging environment for clinical practice, our work to influence change in national policy remained vital and we continued to support our members to maintain excellent care whilst working to influence improvements in the system around them.

We lobbied national officials for a crossgovernment response to the concerning shortages of triamcinolone products, while at the same time a committed group of our rheumatology pharmacists moved at pace to create guidance on choosing evidence-based alternatives, offering a vital resource to their colleagues and reassurance to patients and their families.

Similarly, our MDT Advisory Council alerted us to the need for practical support for BSR members handling the growing demand for advice lines. Working with an expert group of nurse members, we co-designed a new suite of e-learning modules to boost knowledge and resilience in the rheumatology MDT.

The MDT Advisory Council provides vital current insight into the professional challenges facing our members. We can then seek to address these challenges through a combination of practical resources and longer-term policy influence. As our Council-led homecare medicines campaign for better provider accountability came to fruition with national improvements in late 2025, it was a reminder that impact often takes time, spanning multiple annual reports, but steadily helping us progress towards our vision of the highest quality care for rheumatology patients.

As part of our ambition to be a high-impact membership organisation, we are committed to positively supporting our staff team – creating a working culture that enables them to do their best work on behalf of BSR members, continuously develop, and have their achievements celebrated. As we closed the year, we were thrilled that 100% of our staff believe BSR is a good place to work and 92% said they are proud to work here.

The achievements in this report are a tribute to that staff team and our members. It is hard to express the extent of our gratitude to the 974 volunteers who contributed a staggering 22,497 hours to BSR during last year. Member-led and expertly delivered outputs allow BSR to thrive and ensure our impact continues to grow. Thank you to everyone involved.

Dr Jo Ledingham President

Sarah Campbell Chief Executive

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BSR Annual Report and Accounts 2025

Trustees’ Annual Report

The Board of Trustees confirm that this report and financial statements comply with the current statutory requirements (Charities Act 2011 and Companies Act 2006), the Charity’s own governing documents, and the requirements of the Charities Statement of Recommended Practice (Financial Reporting Standard 102) issued by the Charity Commission.

Charitable objectives

The Society’s objectives are to promote for the public benefit:

The advancement of education, research and training of the multidisciplinary team;

• The development of clinical and scientific knowledge about arthritis, musculoskeletal and autoimmune rheumatic conditions;

The advancement of health by the improvement of standards of clinical care in paediatric, adolescent and adult rheumatology.

Public benefit

The Trustees have taken the Charity Commission’s general guidance on public benefit (contained within the revised guidance publication ‘Charities and Public Benefi Charities and Public Benefit) into consideration when referencing public benefit, as contained within this Trustees’ Annual Report.

BSR Strategy 2023 - 2027

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BSR Annual Report and Accounts 2025

Environmental, social and governance (ESG)

Governance

The British Society for Rheumatology is a registered Charity and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £1 to the assets of the Society in the event of the Society being wound up during the period of membership or within one year thereafter.

The governing documents of the Charity are its Memorandum and Articles of Association dated 24 November 1997 and last amended 1 May 2019.

Organisational structure

The Society’s Board of Trustees is its governing body. It is responsible for the strategic direction of the Charity’s work and has put in place an agreed strategic plan, which sets out the work of the Society for the period of January 2023 to December 2027.

The Board of Trustees is advised by BSR’s MDT Advisory Council, which serves as the Charity’s senior advisory body.

The Trustees have also established other committees, sub-committees, and working groups to assist the Society and its Board. These committees and groups support the general activities of the Charity to help the Society deliver its strategic aims.

The Trustees have delegated the day-to-day management of the operations of the Society to the Chief Executive Officer, who reports to them on a quarterly basis. The Trustees approve an annual operational plan, which sets out the Chief Executive Officer’s responsibility for planning and developing the activities, services and internal strategies of the organisation to meet the agreed strategic plan and overseeing its staff team. The Chief Executive Officer is supported by a senior management team and the wider staff.

BSR has three main departments: Operations; Practice and Quality; and Marketing, Events, Education, & Membership.

Composition of the Board of Trustees

The Board of Trustees is the governing body of the Charity and may include any of following officers: President (and Chair of the Board), Treasurer, up to four nonmedical Lay Trustees, Vice President representing health professionals in rheumatology, including nurses, allied health professionals, pharmacists, psychologists, and physician associates, Chair of the Trainees Committee, and up to five other member trustees. Terms of office are for three years with the opportunity to stand for re-election for a second term of three years. Lay Trustee terms of office are three years.

Recruitment, appointment and elections The Charity recruits all its trustees through a process of election, with the exception of the non-medical Lay Trustees, who are appointed following a process of shortlisting and interview with a panel of members from the Nominations and Appointments Committee. When a trustee is coming to the end of their term of office, the Charity promotes the vacancy through its website, newsletter and social media to members of the society. To stand for an elected trustee position, candidates must be members of the Society and seek two to six members of the Society to support their nomination. If the number of candidates exceeds the number of vacancies, a ballot of the Society's voting members is conducted.

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Induction and training

All trustee positions include a period of induction and training before the start of their term, which may include attending Board meetings and other such committee meetings as observers; this comprises external training courses including an understanding of governance and finance training. Internal training is delivered throughout the year as part of the Board’s commitment to personal development. Trustees also undertake specific external training as is relevant to their role, for example on investments and risk. The Finance and Risk Committee undertake an annual review of their performance, which is used to identify and training requirements.

All trustees sign a declaration of interest form at the beginning of their term of office, and then on an annual basis until the end of their term. The Charity has produced a Code of Conduct and Declarations of Interest policy as guidance material for its committee members.

A business ethics and anti-bribery policy is used by BSR to ensure staff and trustees are aware of the expectations in this area.

Equity, Diversity and Inclusion (EDI) is a spotlight topic for trustees on an annual basis, and the Board, alongside the senior management team (SMT), assesses how recruitment practices for new trustees and committee members can be as inclusive as possible.

Memorandum of understanding

The Society may reimburse the employers of the President in relation to the amount of time and services provided to the Charity, which is considered to exceed that of all other trustees. In 2025, Portsmouth Hospitals University NHS Trust received reimbursement from the Society in relation to the exceptional services provided by Dr Ledingham between 1 January and 31 December 2025. Permission has been received from the Charity Commission for this reimbursement.

In addition, the Society reimbursed Birmingham Women’s and Children’s Hospital NHS Foundation Trust for the period 1 January 2025 – 31 December 2025 for the services provided by Dr Penny Davis as Vice-President Paediatric and Adolescent Rheumatology. Dr Davis is not a trustee of the Society.

BSR Committee Structure

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Governing Body Board of Trustees
MDT Advisory
Advisory Body Council
Governance Remuneration Finance & Risk Nominations
Committees Committee Committee & Appointments
Committee
Clinical Affairs Education Heberden
Committee Committee Committee
Professional
Task Committees
Registers and Trainees
Journal Committee
Research Committee Committee
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BSR Annual Report and Accounts 2025

Pay policy for senior staff

The pay of the senior staff is reviewed annually and in accordance with the Charity’s pay policy. In view of the nature of the Charity, the senior management benchmark against pay levels in other similar organisations of a comparable size. Pay for senior staff is reviewed and agreed by the Remuneration Committee – a sub-committee of the Board of Trustees and chaired by the Treasurer. A budget is set by the Remuneration Committee to recognise performance against agreed objectives delivered in line with our organisational values, according to the pay policy, and subject to affordability annually.

People and Culture

Our organisational culture links directly to our mission. Our staff team ensure we keep our members and the wider rheumatology community at the core of our work. Decisions about which activities we choose to pursue, and how we do that in practice, are guided by our organisational values. To ensure we all live our values, the staff team co-created a values behaviour framework which is revised annually in collaboration with the whole staff team in line with our one team approach. This provides a practical set of expectations we all have of each other. We give our team high levels of autonomy and trust, have high expectations of them, and this means we get high levels of performance.

We regularly review our Employee Value Proposition, to make BSR an employer of choice. We know that our benefits are sector leading, and employee wellbeing remains a key pillar of our People and Culture strategy. That means our team can continue to provide the best possible support to the rheumatology community. We continue with our 31.5 hour working week, which is acknowledged by the 4 Day Week Foundation, and continue to explore ways we can ensure staff time is used as efficiently as possible, which includes investment in digital solutions. We also continue to be verified by Flexa for our hybrid and flexible work offering.

We continue with our monthly all-staff days, which bring our whole staff team together for workshops and focused sessions. These provide key opportunities to discuss our culture, ways of working and strategic items, ensuring collaborative approaches and encouraging curiosity and creativity.

We provide regular internal training for all staff on key topics such as performance management, psychological safety, leadership and management. In 2025, we invested in leadership coaching for the SMT and heads of department.

Alongside this, we continue to run quarterly pulse surveys to obtain valuable feedback from staff. In December 2025, 100% of staff who responded agreed BSR was a good place to work and 92% told us they were proud to work for BSR and were empowered to do meaningful work . This reassures us that we are on the right track with our organisational culture and we will continue to review staff feedback and ideas.

We are particularly proud of these survey results because in early 2025 we undertook an organisational restructure. This was to ensure our team is best set up to deliver our mission, and that our annual staffing costs remain affordable in an increasingly uncertain and volatile geopolitical environment.

We’re proud of the improvements we made to our gender pay gap again this year. As of 1 April 2025:

Mean gender pay gap as of the snapshot date was -1.2% in favour of women (In 2024, -6.1% in favour of women).

Median gender pay gap was 0.4% in favour of men (In 2024, -3.4% in favour of women).

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BSR Annual Report and Accounts 2025

Equity, Diversity and Inclusion (EDI)

Our organisational Equity, Diversity and Inclusion strategy was co-created by the whole staff team, and we continue to hold each other accountable for ensuring we keep progressing in this area. Some internal successes against this strategy for 2025 are:

• Anonymised recruitment process for staff, which has been instrumental in reducing unconscious bias at the shortlisting stage.

• Creating inclusive internal ways of working across the organisation.

• Training for staff on menopause and neurodiversity.

• Continued our Mental Health First Aider staff group, who also run wellbeing staff sessions throughout the year.

Our EDI strategy also encourages EDI focus within our events and across delivery in BSR projects. Some key achievements in 2025 include:

• Introduction of an interactive map at annual conference which highlighted inclusive spaces available around the venue, and was well received by delegates. 72% of delegates who responded confirmed they found the new map useful to their experience .

• A continued focus on wellbeing at our events. Our annual conference included a fun run for on-site delegates and two online mindfulness meditation videos.

• Increased engagement with our event app in 2025, with 892 unique users catching up on annual conference content after the event . This allows for delegates to watch sessions at their own pace and with the option of full screen slides.

• An equality assessment has been introduced as part of the scoping process for our clinical guidelines. This ensures that any ethnic or social groups that have particular needs in relation to the topic under review will be considered. Exclusion of any group from the population covered by the guideline should also be identified when setting the key questions, and reasons given for their exclusion.

Photo: Participants of our Annual Conference fun run

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72%
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of delegates who responded confirmed they found the venue map useful to their experience

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BSR Annual Report and Accounts 2025

Sustainability

We have made good progress against our sustainability strategy, which runs alongside our organisational strategy. In 2025, we:

• Held our 2025 AGM online only, which proved successful. This reduced travel and resources required and improved accessibility for attendees.

• Continued to ensure our London office is as sustainable as possible, making improvements where needed. Examples include introducing a paperless visitor sign in process and putting the office heating on timers.

• Improved the sustainability impact of our digital use. We recycled our broken office computer hardware; in doing so we avoided emissions of 2525kg CO₂e . We also continue to use Microsoft products, which aim to be carbon negative, water positive, and zero waste by 2030.

• Set the goal of ensuring that by the end of our current strategy period (December 2027), we aim to be able to measure our organisational carbon footprint.

Working with our local community

As part of our sustainability strategy, we aim to use local businesses where possible, for example to provide refreshments for meetings.

BSR also takes part in City of London events where possible, including engaging in local ward elections.

Cyber and data security

We have increased focus and investment in cyber security solutions and prevention measures in 2025, contributing to our overall data security. This includes:

• Completing a penetration (PEN) test on our main BSR website and portal as well as our audit platforms to identify and resolve any vulnerabilities.

• Obtaining Cyber Essentials and Cyber Essentials Plus certification.

• Updating our internal IT, data breach and data retention policies to ensure up to date guidance for staff.

• Introducing device and application management (MAM) to ensure BSR data is protected, even if a device is lost or stolen.

Cyber and fraud risks are a recurring item on the Finance Risk Committee agenda, and form a risk spotlight each year to ensure trustees are up to date with mitigations.

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Volunteer contribution

In 2025, the total amount of volunteers and volunteer hours (not including trustees) were:

Total volunteers: 974 Total volunteer hours: 22,497

BSR is incredibly grateful to all our volunteers, who give their time and expertise to support BSR’s mission.

Activities and roles include:

• Guidelines Steering Group and Guideline Working Groups

• National Early Inflammatory Autoimmune Diseases Audit (NEIAA) Patient Panel RheumatologyRheumatology and Rheumatology Advances in PracticeRheumatology Advances in Practice journals reviewers Journals editors, co-editors, associate editors, and editorial board members

• Patient organisation representatives on our Research and Registers committee Data and Monitoring Ethics committee members

• Research and Registers Committee Members

• Clinical Affairs Committee members

• MDT Advisory Council members

• Annual conference speakers, convenors, and abstract reviewers

• Case-based conference faculty, convenors and reviewers

• Michael Mason judging panel

• Heberden Committee members

• Education Committee members

• Digital learning board

• Education course steering group

• Trainee Committee members

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BSR Annual Report and Accounts 2025

Activities and impact

Guided by our strategic aims, 2025 has been shaped by collaboration and shared progress across clinical practice, research, service improvement, education and policy.

BSR strategic aim 1: We will promote excellence and drive up standards in the delivery of rheumatology services

We published our NEIAA annual report NEIAA annual report for 2025 which captured data from 96% of trusts across England and Wales , giving unique and unparalleled insight into performance against care metrics and the ability to pinpoint areas for improvement. The NEIAA data collection allows services to understand how changes affect care locally, while providing a clear national picture of performance against standards. An exemplar case study from Leicester demonstrates how NEIAA data has supported service redesign, resulting in faster assessments, quicker treatment and better remission outcomes within a year.

We launched our NEIAA dashboards, enabling services to benchmark results, understand local performance, and translate this into actionable, data-led improvement goals.

NEIAA dashboard

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BSR Annual Report and Accounts 2025

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Pictured: Nuffield Orthopaedic Centre (Oxford)
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BSR Registers Respondents highlight the importance of the knowledge generated for real-world clinical decision-making and patient discussions on treatment safety and effectiveness.

We published two clinical guidelines this year along with three guideline updates:

• Axial spondyloarthritis update

• Management of foot health in inflammatory arthritis

• Management recommendations for ANCA-associated vasculitis Prescription and monitoring of csDMARDs update

• First update for our guideline for managing people with Behçets – our first ever living guideline, giving teams up-to-date guidance based on the latest evidence as it becomes available.

• We identified four new ‘register champions’ across the BSR Rheumatoid Arthritis (BSRBR-RA) and Psoriatic Arthritis (BSR-PsA) registers, recognising outstanding clinical teams who go beyond participation to actively drive register recruitment, supporting the register teams to achieve milestone patient numbers (RA=+32,000; JIA=+3,700; PsA=+2,000) . The registers continue to transform real-world clinical data into evidence that informs guidelines, regulatory decisions, and international research collaboration. A 2025 survey of clinicians and local site teams reported a strong perceived value of the registers, with respondents highlighting the importance of the knowledge generated for real-world clinical decision-making and patient discussions on treatment safety and effectiveness.

• In response to shortages of triamcinolone products, an issue which has created particularly significant challenges for paediatric rheumatology teams, patients, and their families, we published a briefing providing clinicians with guidance on managing triamcinolone shortages.

• We endorsed the Getting It Right First Time (GIRFT) paediatric rheumatology report and are working closely with the GIRFT paediatric rheumatology team to support activity that will drive improvements in this important area. We have established a paediatric quality improvement network to share best practice, discuss quality improvement initiatives and enable colleagues from across the UK to connect.

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BSR Annual Report and Accounts 2025

BSR strategic aim 2: We will use our diverse, collective voice to inspire and activate changes that improve lives

• We worked tirelessly to highlight the issue of medicine shortages at government level, collaborating with the Department of Health and Social Care and the Medicines and Healthcare products Regulatory Agency, as well as charity and patient group partners.

• We contributed evidence to the House of Lords Public Service Committee inquiry into medicine security and were pleased to see the Committee take up our recommendations.

• We submitted responses to the Government’s 10 Year Health Plan for England and the 10 Year Workforce Plan, reflecting the priorities and pressures our members face.

• . We responded to NHS England’s review of postgraduate medical training, reflecting our trainee members’ concerns with dual accreditation in general internal medicine and continued workforce pressures.

• We continued to identify and respond to challenges facing the specialty thanks to the insights shared by our MDT Advisory Council. This included developing training to support the management of rheumatology nurse advice lines, publishing a briefing on the problems with shared care agreements, and lobbying government around shortages of important rheumatology drugs.

• The first BSR and GIRFT Rheumatology Clinical Fellow was appointed and is leading datadriven projects to support change and improvement in the specialty.

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Triamcinoclone
Shared care agreements
Review of postgraduate
medical training
NHS 10 Year Plan
Medicine shortages
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BSR Annual Report and Accounts 2025

Lupus Fatigue Interstitial lung disease

1,350 users accessed e-learnin g

Mentees in:

UK, Pakistan, Malaysia, Germany, Northern Ireland, Sudan, Oman, Kenya, Cameroon, India

BSR strategic aim 3: We will support all rheumatology professionals throughout their careers to keep learning and to excel

• We welcomed the new Editor-in-Chief of Rheumatology Advances in PracticeRheumatology Advances in Practice, Dr Mwidimi Ndosi. Mwidimi is an Associate Professor in Rheumatology Nursing and the first non-medic to take up editorship of a BSR journal.

• With the use of artificial intelligence (AI) developing in healthcare, we have begun work on supporting the rheumatology community in this area, providing clarity in an often confusing space through reliable information and offering support to those championing the developments in technology whilst providing guidance on the risks. This included:

• A special issue on AI in rheumatology in Rheumatology Advances in Practice Rheumatology Advances in Practice

• The (Langu)Age of the Chatbot: An Update on Artificial Intelligence in Rheumatology session at BSR annual conference 2025

• In 2025 we ran a Rheumatology Advances in Practice Rheumatology Advances in Practice pilot mentoring scheme to provide an opportunity to those wanting to improve their peer review skills and gain an understanding of academic publishing and the editorial process. We took on 10 mentees from around the world (UK, Pakistan, Malaysia, Germany, Northern Ireland, Sudan, Oman, Kenya, Cameroon, India) and matched them with a group of our associate editors, covering multiple specialities such as vasculitis, spondyloarthritis, psoriatic arthritis, osteoarthritis, Systemic Lupus Erythematosus (SLE), rheumatoid arthritis, myositis, and MSK imaging.

“The mentoring scheme has been a rewarding experience. My mentee showed great enthusiasm and insight, and our discussions have been mutually beneficial. It's been particularly enlightening to learn about the challenges they face as an early-career reviewer. Our conversations about different approaches to manuscript review have led to refreshing exchanges of perspectives.” - Mentor

• Our e-learning platform was accessed by 1,350 users in 2025 . Content delivered included 10 new spotlight packages, meeting the demand for flexible, high-quality continued professional development (CPD). The most popular topics in 2025 include Lupus, interstitial lung disease (ILD) and fatigue .

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BSR Annual Report and Accounts 2025

• We delivered a one-day Patient Voices in Rheumatology course, which placed patient experience at the centre of learning. Attendees fed back that the day influenced their perspectives on patient care, including encouraging better collaboration across the MDT and being aware of the importance of language used with patients. The successes of the initiative will be further embedded throughout the educational programme in future years.

“An amazing day. I learned so much, thank you. I have never been to a course where I have written down so many useful quotes, taken away so much helpful advice, or been given such a vivid insight into the patient experience. All the speakers were impressive: well prepared, thoughtful, articulate, and passionate about their topic.” - Patient Voices attendee

• A new joint injection workshop supported trainees with essential hands-on skills.

• We have enhanced training opportunities available to rheumatologists and the wider MSK community through educational partnerships.

96% of delegates who attended our education courses stated that they will change their clinical Photo showing practice delegatesparticipating in a conference joint after injection session attending. 15

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BSR Annual Report and Accounts 2025

The Talking Rheumatology Podcast series continued to be a popular resource, with a total of 42,500 downloads in 2025, an increase of 30% on the previous year .

More than 2,000 delegates joined us in Manchester for our

• annual conference , an increase in delegates of 9% compared to 2024. 25% of attendees were new to conference, taking advantage of the diverse programme. We held networking events for the paediatric community, allied health professionals (AHP) and nurses. These were successful and likely contributed to continued strong attendance from nurses and AHPs, who made up 18% of delegates.

• 42,500 podcast downloads

88% of attendees said the conference met their professional development needs and 99% of delegates would attend again.

“[I enjoyed] listening to high quality lectures and highly specialised speakers. [The conference was] very informative and gave me ideas and inspiration for professional and service development.” - Annual Conference 2025 delegate

• The Garrod Award celebrates outstanding contributions to rheumatology by early-stage scientists from non-clinical backgrounds. The 2025 award was won by Dr Alexandros Mitropoulos, Research Fellow in Clinical Exercise Physiology at Sheffield Hallam University, for his work on the effects of a tailored exercise programme on pain and fatigue in people with systemic sclerosis.

• Our case-based conference in Cardiff offered focused clinical learning for consultants and earlycareer rheumatologists. The event saw a 13% increase in attendees compared to 2024, with 94% of those attendees saying they would change their way of practice as a result .

"Great cases and related specialty talks which were pitched for my level and will help my practice going forward" – Case-based Conference attendee

BSR strategic aim 4: We will build a supportive, inclusive and high-performing community

• In 2025 our community continued to grow, with over 500 new members joining and total membership reaching a three-year high.

• We also saw the highest increase in foundation trainees joining, reflecting our commitment to supporting early-career rheumatologists and the future of the specialty.

• Our paediatric network meetings continue to bring professionals together to connect, collaborate and share learning, creating meaningful impact across the specialty.

Pictured: Dr Alexandros Mitropoulos, Garrod Award Winner (2025)

“Joining the Paediatric AHPs Network has allowed me to collaborate with peers, share knowledge and experiences, and access education and resources. I’ve gained national rheumatology AHP contacts, valuable peer support, and a wider understanding of best practice. The network has been particularly valuable in building professional connections, working collaboratively, and supporting continuity of care across the rheumatology network. Developing and sharing resources has also been extremely helpful.” - Specialist paediatric occupational therapist Contents page

BSR Annual Report and Accounts 2025

We have started work on improving our internal systems and processes, with a focus on data and customer experience. This includes work on our booking process for key events, our direct debit platform, and reducing log-in issues with our portal (MyBSR).

88% of annual conference delegates who responded said they were satisfied with the ticket purchasing process.

88% of attendees said the conference met their professional . development needs

Looking ahead to 2026

2026 will see us start to gather data and plan for our new strategy for 2028 onwards, and we will be engaging with members as well as the wider rheumatology community to create this strategy.

BSR strategic aim 1: We will promote excellence and drive up standards in the delivery of rheumatology services

• 2026 will mark 25 years of the BSR biologics register – rheumatoid arthritis (BSRBR-RA), which has grown into one of the most influential national resources in rheumatology, helping to strengthen evidence, inform clinical guidance and improve patient care.

• BSR’s policy work will continue to set the foundation for excellence by defining what highquality care looks like, supporting healthcare professionals to deliver it, and influencing national systems to prioritise rheumatology.

• Through our delivery and continued development of NEIAA, we will increase the number of patients captured within the audit, support services to use the data to drive quality improvement, and enhance the audit’s design - including improving opportunities for data linkage - to provide deeper insights into real‑world performance and unwarranted variation.

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BSR strategic aim 2: We will use our diverse, collective voice to inspire and activate changes that improve lives

• We will be undertaking a comprehensive review of the current pressures, priorities, and opportunities impacting our members. This evidence will strengthen our advocacy, ensuring rheumatology is visible, valued and supported, and help to secure the investment, workforce capacity and recognition the specialty needs.

• We will co-develop a future vision for rheumatology: a strategic blueprint for service transformation, workforce planning, and the adoption of innovation. This vision will guide our advocacy efforts and shape the organisation’s long-term strategy.

• 2026 will see a focus on women’s health; with guidelines, webinars and spotlight podcasts dedicated to various topics surrounding the complexity of women’s health within rheumatology.

BSR strategic aim 3: We will support all rheumatology professionals throughout their careers to keep learning and to excel

• Our annual conference is returning to Scotland in April 2026, taking place at the SEC in Glasgow.

• The Michael Mason prize will be awarded in 2026, celebrating outstanding clinical or scientific research by an early-stage rheumatology researcher. This will be awarded at the annual conference in Glasgow.

• We will strengthen access to high quality learning by identifying and addressing the systemic barriers that limit professional development, and by advocating for the research funding, infrastructure, and protected time needed to support a thriving rheumatology workforce.

• Patient Voices in Rheumatology will be developed into a podcast series, to reach a wider audience and increase impact.

• We will run our clinical research fellowship, which aims to bridge the gap between clinical practice and research excellence with a 12-week programme of peer-led and facilitated sessions.

BSR strategic aim 4: We will build a supportive, inclusive and high-performing community

• We will continue our work on ensuring BSR is curious yet cautious around use of AI, with the development of our internal AI roadmap. Our Clinical Affairs Committee will also look to develop a policy position and guidance on the appropriate use of AI within the specialty.

• We will expand our policy and advocacy work by uniting individuals, professional groups, and partner organisations behind shared priorities for the specialty. By convening the rheumatology community and amplifying its collective voice, we will influence national policy discussions on workforce, service pressures, and the future of rheumatology practice.

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BSR Annual Report and Accounts 2025

Financial review

The detailed financial results of the Society’s activities and events are set out in the Statement of Financial Activities within the Financial Statements.

Reporting under FRS102, the net surplus for the year was £251,804 (2024: net loss £345,116). The total financial resources defined by unrestricted, restricted and endowment funds for the year were:

I ncome: £5,398,515 (2024: £4,840,317) Expenditure: £5,033,231 (2024: £5,467,181) Investment Loss: -£113,480 (2024: £281,748)

Principal Risks and Uncertainties

During 2025, the key risks for the Society were identified as follows: Viability of BSR registers leading to loss of income, reputational damage, lack of data on drug safety/efficacy and negative impact on associated staff members.

• Viability of BSR journals primarily due to changes through Open Access and advertising models changing, leading to loss of income.

Risk is a standing item at every senior management team meeting and is reported on a quarterly basis to the Finance and Risk Committee and the Board of Trustees. New risks are added as required, particularly in relation to external events or circumstances, such as AI and new technology.

BSR continued its sustainability review of its registers programme during 2025 and reported updated findings to the Board of Trustees in July 2025. The Board approved all suggested actions to mitigate risks, and continue to monitor this annually.

Risks were successfully mitigated in regard to BSR journals (with Rheumatology Advances in PracticeRheumatology Advances in Practice performing better than budget). Changes through Open Access have not occurred at a scale previously predicted by the publishing industry and, along with our publisher Oxford University Press, BSR has successfully improved the marketing approach to suit the new advertising landscape.

An overarching risk of overall financial viability of the organisation was added to the risk register to provide an overview of risk mitigations for all income streams for trustees. Major income streams remain as separate risks on the register in line with best practice. A new Business Development Team was recruited at the end of 2025, to provide more capacity and expertise around diversifying income streams.

Funding of Charitable Activities

The Society’s charitable activities were funded throughout 2025 by the Society’s rheumatoid arthritis and biosimilar registers, journals, conferences, educational courses and membership subscriptions. These sources of funding have allowed the Society to deliver its charitable objectives in relation to: advancing education through online conferences and events; research through registers work with the University of Manchester and University of Aberdeen; and training through practical courses. The Society, using the source funding, produced clinical guidelines, promoted best practice in rheumatology care and lobbied for changes in government policy.

Fundraising

The Society incurred no financial costs in any fundraising activity during 2025. The Society did not engage any external fundraiser and did not receive any complaints in respect of its fundraising activities.

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Reserves Policy

The Charity’s total reserves are £11,726,194 (2024: £11,474,390), of which undesignated free reserves stand at £8,737,405 (2024: £8,550,925), designated fixed asset and heritage assets at £2,841,897 (2024: £2,722,960) and restricted and endowment reserves at £146,892 (2024: £200,505).

The Trustees continue to monitor the spending from designated funds to ensure that it is being used in a timely manner for its set purpose.

The Society’s reserves policy is to hold a minimum of £3.4m (plus RPI) in free reserves to cover liabilities in the event of the Charity ceasing its operation. The Society’s current level of free reserves is greater than the required amount. In the event of reduced cashflow, and with the requirement that the overall balance of all bank accounts as a group should not be overdrawn, the Trustees have authorised the provision to sell investment units at any time of the year.

The Society plans its rheumatology conferences in advance to secure favoured venues. For 2025, the Society has engaged in venue hire contracts that require deposits and staggered payment plans, which are reflected in the balance sheet as current asset prepayments.

Investments Policy

Under the Articles of Association, the Trustees have the right to expend the funds of the Charity in such a manner as they consider most beneficial for the achievement of the Charity, and to invest surplus funds in the name of the Charity as they may see fit.

The Society continues to retain the COIF Charities Deposit Fund, the COIF Charities Investment Fund and a Direct Reserves Savings account.

All the account products have been designed for the charity sector and meet the Trustees’ current requirements. The COIF Charities deposit account has continued to provide a safe vehicle for funds that are required at short notice, with minimal risk of capital loss.

The Board of Trustees considers the current return on the Society’s cash assets to be as expected given the current investment approach.

Statement of Trustees’ Responsibilities

The Trustees (who are also the Directors of the British Society for Rheumatology for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have prepared financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company, and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP;

• Make judgements and accounting estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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 Companies Acts 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from the legislation in other jurisdictions.

Auditor The Society’s auditors are Moore Kingston Smith LLP.

Statement of the disclosure of information to the auditor

The Trustees at the date of approval of this Trustees’ Annual Report confirm that so far as each of them is aware, there is no relevant information of which the Charity’s auditor is unaware, and the Trustees have taken all steps that they ought to have taken as Trustees to make themselves aware of any relevant information and to establish that the auditor is aware of that information.

Funds held as custodian

Although the Charity maintains restricted funds to deal with incoming resources that are earmarked for a particular purpose by donors, sponsors, and other funders, the Charity does not currently hold, and the Trustees do not anticipate that it will in future hold, any funds as custodian for any third party.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the Trustees on 29 June 2026 and was signed for and on behalf of the board by:

Dr Jo Ledingham President

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Independent Auditor’s Report to the Trustees of The British Society for Rheumatology

Opinion

We have audited the financial statements of The British Society for Rheumatology (the ‘charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, including the Summary Income and Expenditure Account, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

• give a true and fair view of the state of affairs of the charitable company and the group as at 31 December 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

have been prepared in accordance with the requirements of the Companies Act 2006.

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 and the charitable company 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 Directors’ 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 charitable 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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, 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 the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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Independent Auditor’s Report to the Trustees of The British Society for Rheumatology

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.

Opinion on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or certain disclosures of Directors’ remuneration specified by law are not made; we have not received all the information and explanations we require for our audit

Responsibilities of Directors for the financial statements

As explained more fully in the Directors’ responsibilities statement set out on pages 4 to 5, the Directors 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 Directors 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 Directors are responsible for assessing the group and the parent charitable 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 Directors either intend to liquidate the group and the parent charitable 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 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.

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Independent Auditor’s Report to the Trustees of The British Society for Rheumatology

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and the parent charitable company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Statement of Recommended Practice for Charities FRS102 (SORP FRS102), UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.

• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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Independent Auditor’s Report to the Trustees of The British Society for Rheumatology

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 for no purpose other than to draw to the attention of the charitable company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our work, for this report, or for the opinions we have formed.

Jonathan Aikens

Senior Statutory Auditor for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor. 9 Appold Street, London, EC2A 2AP

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Consolidated Statement of Financial Activities

for the year ended 31 December 2025

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BSR Annual Report and Accounts 2025

as at 31 December 2025

Group and Charity balance sheets

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Statement of cash flow

for the year ended 31 December 2025

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Accounting policies

Basis of accounting

The principal accounting policies, adopted judgements and key sources of estimation uncertainty in the preparation of the financial statement are as follows:

Basis of preparation

The financial statements have been prepared 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) – (Charities SORP 2015 (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The British Society for Rheumatology meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

General information

The Charity is a company limited by guarantee, incorporated in England and Wales (company number 03470316) and a Charity registered in England and Wales (charity number 1067124). The Charity’s registered office is Bride House, 18–20 Bride Lane, London EC4Y 8EE.

Consolidation

The accounts consolidate the financial statements of the British Society for Rheumatology and its wholly owned subsidiary, BSR Enterprises Ltd, on a line-by-line basis.

Transactions and balances between the Charity and its subsidiary have been eliminated from the consolidated financial statements. As permitted by Section 408 of the Companies Act 2006, no separate Statement of Financial Activities or Income and Expenditure account has been presented for the Charity alone.

Going concern

The Trustees have reviewed the organisation’s budget and financial plans including scenarios on registry, journals and conference income. They have concluded that there are sufficient reserves held at year end to create a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriate to prepare the charity and group financial statements on a going concern basis.

Income

Income from advancing knowledge, practice and standards is recognised in the year of the event and or when the Society is contractually entitled to do so, the latter applying to income received for the biologic registers. Biologic register income, in particular, is recognised under SORP 2015 income recognition criteria: probability, measurability and entitlement with the latter being determined by the patient recruitment requirement stipulated under each contract.

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Donations and other similar types of voluntary income are brought into account when received, except that donated income is included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income.

Grant income is recognised when the group are entitled to the income, when it is probable it will be received and when it can be measured reliably.

Investment income is accounted on a receivable basis once the dividend has been declared or the interest earned.

Letting of unused parts of the Charity’s premises generated operating lease income, which is recognised on a straight-line basis and is spread evenly over the lease period. Any income received for future periods is deferred until the appropriate period.

Credit is taken in the accounts for the proportion of subscriptions which are receivable in the financial period. All other types of income are also accounted for on an accruals basis.

Income received from services provided in relation to the registers is considered to be unrestricted as the income is considered to be from contracts rather than grants, and is recognised over the period of the contract.

Legacies are recognised when the charity is notified of an impending payment and are able to measure this with sufficient reliability in the relevant year, or a final estate account is agreed, whichever is earlier.

Expenditure

Expenditure is allocated to the Charity’s principal activity where the costs can be identified as being directly related to that activity. All costs that cannot be identified relating directly to the Charity’s principal activity are categorised as either support costs or governance costs.

Grants payables are recognised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a liability.

Governance costs are the costs associated with running the Charity as a charitable company, and in particular include a proportion of support staff costs, other support costs and audit fees. Support costs are allocated by staff time across activities.

Tangible fixed assets

All tangible assets purchased that have an expected useful economic life that exceeds one year are capitalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value over its expected useful life, as follows:

• Fixtures, fittings, furniture & equipment over 5 to 25 years Computer equipment over 3 to 10 years Freehold building - over 50 years

• Building works (AC etc) - over 2 to 25 years

BSR Annual Report and Accounts 2025

Change in accounting policy – freehold building.

The freehold building was revalued in 2023 and the portion of the building being used by the British Society for Rheumatology has been recognised as a fixed asset at cost less depreciation (NBV).

The remaining two floors used as investment property are recognised as investment property at fair value.

Investment property

Two floors of the building are used as investment property and recognised as fair value in the current financial year; the fair values have been restated for the prior years. The valuation has been determined by a qualified 3rd party.

Intangible fixed assets

All intangible assets purchased that have an expected useful economic life that exceeds one year are capitalised and classified as intangible fixed assets. Intangible fixed assets are stated at historical cost less depreciation.

Depreciation is provided on all intangible fixed assets at rates calculated to write each asset down to its estimated residual value over its expected useful life. The intangible assets are related to the CRM system setup and implementation, and the CRM system has been estimated to have a useful economic life of 7 years from the date of capitalisation.

Heritage assets

The Charity is the custodian of certain heritage assets in the form of the Heberden Library, which is a collection of modern and antiquarian books on rheumatism, gout and other allied conditions held at the offices of the Charity and at the offices of the Royal College of Physicians (RCP) and includes archives gifted to the Wellcome Institute.

The Heberden and BSR collections are for the use of members of BSR but are also open to other, bona fide researchers.

All books in the Heberden Library are for reference use and made available in the Wellcome reading room at the RCP, or at Bride House. Access is subject to the reading room regulations.

This collection is carried in the balance sheet at its 2024 market value on a “per title” basis, which was settled to be £40 per title.

Investments

The Charity’s investments are included in the balance sheet at their market value. The gains or losses arising upon their annual revaluation are included in the statement of financial activities.

Stocks

Stocks are valued at the lower of cost and net realisable value.

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Leased assets and obligations

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the statement of financial activities in proportion to the remaining balance outstanding. All other leases are operating leases, and the annual rentals are charged to the statement of financial activities on a straight line basis over the lease term.

Pension contributions

The Charity makes contributions into defined contribution pension schemes on behalf of certain employees. The assets of the schemes are held separately from those of the Charity in independently administered funds. The amount charged to the statement of financial activities in respect of pension costs is the total contributions payable for the year. Pension costs are charged to the unrestricted fund.

Staff redundancy payments

Termination payments are recognized as an expense in the Statement of Financial Activities (SoFA) when the charity is demonstrably committed to terminating the employment of an employee or group of employees, or providing termination benefits as a result of an offer made to encourage voluntary redundancy.

Fund accounting

The general fund comprises the accumulated surpluses of unrestricted incoming resources over resources expended, which are available for use in furtherance of the general objective of the Charity.

Designated funds are a particular form of unrestricted funds consisting of amounts which have been allocated or designated for specific purposes by the Trustees. The use of designated funds remains at the discretion of the Trustees.

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the accounts. Amounts unspent at the yearend are carried forward in the balance sheet.

Endowment funds are a particular type of restricted funds which are of a capital nature and are not available to be dispersed or otherwise expensed.

Debtors

Trade and other debtors are recognised at the amount due after any discount offered. Prepayments are values at the amount prepaid net of any trade discounts due.

Creditors

Creditors are recognised where the Charity has a present obligation resulting from past events that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

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Creditors are normally recognised at the settlement amount allowing for any trade discount due.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash in hand, cash held with banks, and short-term deposits with an original maturity of up to 100 days that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value.

Foreign Exchange Policy

Foreign transactions are translated into sterling, at the point of being recorded into the Group's accounting system, using the spot exchange rate on the transaction date.

Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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Notes to the financial statements

for the year ended 31 December 2025

1. Voluntary Income

2025 donations were all classified as unrestricted funds

2024 donations have been re-classified as unrestricted (see note 15a)

Included in donation income is an amount of £310,000 (2024: £0) relating to 2 legacies.

Legacies are recognised when the charity is notified of an impending payment and are able to measure this with sufficient reliability in the relevant year, or a final estate account is agreed, whichever is earlier.

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2. Income from advancing knowledge, practice and standards

2a. Other trading income

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. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 3. Investment income funds funds funds 2025 2024 Bank interest receivoble on short term cosh deposits Rent reteivoble under operatin9 leases 107,615 107.615 143,063 85,895 85.895 85,895 Total Investment Income 193, 510 93,510 228,958 Income orising in the obove cotegories WQ5 011 unrestricted in both year5. Contents paLe

BSR Annual Report and Accounts 2025

4. Cost of advancing knowledge, practice & standards

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. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 5. Support and governance costs (2025) Support Governonee Totol costs 2025 Total costs 2024 Stoff costs15ee note 71 387,282 387,282 755,696 Stoff trainin9 and courses 40,906 40,906 26.765 Governonce spend 6.991 6.991 75.981 Webslte costs 24,998 24.998 43.052 Other computer Costs 132,706 132,706 73,822 Servicè th¢Jrges IncludSng Ilght and heat 65,084 65,084 67,816 Other off ic• costs 18,420 18,420 23.839 Insuron¢e 47.696 47.696 34.043 Repolrs ond mointenonce Equipment hire 15.504 15.504 16,710 21.137 21.137 35,331 Professionol subscriptions 19,835 19,835 17,766 Audit fe•s 21,842 21.842 2S,31S Leggl and profe5sionol lees 35.726 35.726 17,100 Bank credit card and income collection fees 37.979 37.979 37.186 Exchon9e rote vorlance 241 241 Depretiation.. Owned.. Tangible fixed asset5 70,897 70,897 92,080 Owned.. Intangible fixed assets 40.521 40,521 45,441 L95s on disposol gf os5etS CRM & new website (not copitalisedl 48,139 923,206 50.577 973.783 1.436,126 Support costs ore ollocoted to choritable octivities bosed on stoff time. Contents paLe

. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 6. Net income / (expenditure) for the year 2025 2024 This is stoted after charging: Operating leases - equipment Depreciotion Amortisation - Intongible Assets Audit fees 21,137 35,331 70,897 92,080 40,521 45,441 21,842 25,315 Contents paLe

BSR Annual Report and Accounts 2025

7. Staff costs

The Charity makes contributions to pension schemes on behalf of all employees and the total contributions payable during the year amounted to £94,886 (2024: £86.312).

The total employee benefits of the key management personnel of the Charity were £19,312 (2024: £19,783).

The total remuneration of key management personnel of the Charity was £353k (2024: £340k).

During the year, 1 trustee received £35,243 remuneration for services to the charity (2024: £58,920 for 2 trustees). The payment was made to the Trustees employer as compensation for their time via a Memoranda of Understanding. During the year, 8 trustees were reimbursed £3,357 for meeting expenses incurred on behalf of the Charity. (2024: £6,311 to 11 trustees).

Staff Redundancy Payments

During the period, the charity made 6 redundancies (2024: 1). The total cost of these redundancies/terminations was £23,933.45 (2024: £26,675).

These payments comprise statutory redundancy pay of £17,935.50 and enhanced/ex-gratia payments of £5,997.95. These payments were funded from general unrestricted funds.

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8. Tangible fixed assets

for the year ended 31 December 2025

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8a. Intangible fixed assets

for the year ended 31 December 2025

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9. Heritage asset - Group and Charity

9a. Heritage Asset - Group and Charity

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10. Investments - Group and Charity

10a. Investment properties - Group and Charity

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11. Debtors Amounts falling due within one year

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. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 12. Creditors 2025 Group 2025 Chority 2024 Group 2024 Chority Amount$ folling due within one yeor.. Trade creditors 539,877 2,070 353,613 250,439 538,028 2,070 274,540 248,899 411.307 411,307 Other creditors 6,156 469,903 426,590 24,097 42,884 6,156 414,803 420,590 23,097 42.884 Deferred income Accruols VAT Liobility Other tax ond social 5ecur5ty Pen5i9n poyable Amounts owed by 9roup undertokin9 42,821 924 42,821 924 2.040 1,189,744 1,109,322, 1,381,544 ,319,444 Contents paLe

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13. Deferred income reconciliation for the group

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14. Reconciliation of net income / (expenditure) to net cash flow from operating activities

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. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 15. The f unds of the Group (2025) Jonuory 2025 Transfers betweern funds Gains / Group totol Ilossesl 51 Oecembei funds 2025 Intome Expenditure Endowrnont fund5'. Endowment F¢Jnd 7T9,651 828 -828 -2,334 119,051 828 -828 -2,334 Restficted income Funds.. Spon501ed Prlzes Fund 10,122 10,122 Leauro Incom* Fvnd 19,387 -76Z 828 19,455 Donations 51,345 -51,345 Restrlcted Funds 80,854 -762 -$0,517 29,575 Unrestricted Fund5'. General Fund 8.550.92 5.397.687 -5,032.469 -67,592 -111.146 8,737,405 Unr•striet•d Gonorol Funds,, 6,550,925 5,397.667 -5,032.469 -67,592 8,737,405 Desl9noted Fund5 As$et Rfyseive Fvnd 2,W,96 -67,081 2,593,879 Herita9e Asset Fund 02.000 113,000 175,000 HQIP Fund 73.018 73,018 Oesl9noied Funds 2,722,960 118,937 2,841,897 Restficted & endowrnent fund 200.505 828 -762 -51,345 -2,334 146,892 Unro$iricted Funds.. 8,550,92S 5,597,687 -5,032,469 -67,592 8,757,405 Oe5igntsted Funds 2.722.960 118,957 2.841,897 11,474,390 5,398,515 -S,OJ3,231 -113,480 11,726,194 Contents paLe

. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 15. The f unds of the Group (2024) l Januory ?n?4 Income Expenditure beiwee Ilossesl Deeembi.I Endowment funds.. Endowment Fund 84,615 29,246 5,792 119,651 Restricted income funds.. Sponsored Prizes Fund 10,122 10,122 Lecture Income Fund 13.374 945 5,068 19.387 l)onotions 49,850 1,489 51,345 73.352 2,434 5.068 80,8S4 Restricted & endowment funds 157.905 2,434 34.314 5,792 200,505 Unrestricted funds.. General Fund 8.851,000 4,837,884 -5.467,182 53,267 275,956 8,550,925 Desi9hOted funds.. Asset Reserve Fund 2.748, 541 -87.581 2.660,960 Heritage Revaluotion Fund 62.000 02,000 2.810.541 -87.581 2,722,900 Reconcillotion ol lunds.. Oesi9noted funds Unrestricted funds 2.810.541 -87,581 2,722,900 8.851,000 4,837,884 -5.467,182 53,267 275,956 8.550,925 Endowment Funds 84.613 29,246 5,792 119.651 R•stricttd Fund5 73,352 2,434 5,068 80,854 11,819.506 4,840,318 -5.467,182 281,748 11,474,390 Contents paLe

BSR Annual Report and Accounts 2025

15. The funds of the Charity (continued)

Droitwich Medical Endowment and Income (Lecture) Fund

The Droitwich Medical Trust Lecture Permanent Endowment Fund was set up during 2013 upon the merger of BHPR with BSR. Originally, in 2004, a restricted donation of £60,000 was received by British Health Professionals in Rheumatology (BHPR) from the Droitwich Medical Trust Limited. The donation had to be treated as a permanent endowment to be invested by the Trustees so as to generate income which was then to be used to fund a lecture at one of the BHPR sessions at the combined annual Spring Meeting Rheumatology – the lecture to be known as the ‘Droitwich Medical Trust Lecture’. The Trustees sought permission to extend the use of the funds to include other educational activities linked to the lecture and this was approved. The fund collects the income generated by the permanent endowment which is then used to pay for the travel, registration and subsistence costs of the speaker giving the Droitwich Medical Trust Lecture and for providing an imposing, framed certificate to be awarded to the speaker. The fund can also be used to pay for education courses linked to the lecture.

Sponsored Prize Fund

The Sponsored Prizes Fund was set up in 2007 with amounts received from various sponsoring organisations to be awarded as prizes at BSB educational courses.

Designated Funds

Designated funds are funds ring fenced for the use of fixed assets of the charity. They include (1) the asset reserve fund, and (2) the heritage asset fund, which comprises the value of heritage assets.

During the year, the trustees created a new designated HQIP fund to show an approved underspend on a current contract. A transfer of £73,018 was made from the General Fund to this designated fund to cover anticipated costs in 2026.

Transfer between funds

The endowment fund and lecture income fund have been updated to reflect the valuation of the funds held by CCLA on 31st December 2025.

During the year, donations of £1,489 received in 2024 were reclassified as unrestricted following a review of the conditions under which they were donated.

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. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 16. Analysis of net assets between funds (2025) Net current Fixed ossets Totol Osseis Endowment luDds'. 117 317 117 517 Restricted income fund5'. Sponsored Prizes Fund Droitwich Medicol Trust Lecture Income Fund 10,122 10,122 Uniestricted income funds.. Generol Fund 8 737 40S 8.737,405 Donation5 Designoted Capital Asset Reserve Fund Heritage Revaluotion Fund HQIP Fvnd 2,593,879 175,000 2.593.879 175,000 11,623,001 29,575 11,720,194 Fixed as5et5 Net cuirerst 05sets AnolysSs of net ossets between funds 120241 Totol Endowment funds.. 119,651 119,651 Restrlcted income lunds.. Sponsored Prizes Fund Droitwich Medicol Trust Lecture Income Fund 10,122 19,387 51,345 10,122 19,387 51,345 Donations Unrestricted Income funds.. Generol Fund 5,933,520 2.017,405 8,550,925 Designoted Capital Asset Reserve Fund 2,660,960 2,600,960 Heritage Revaluotion Fund 02,000 8.776,131 2,698,259 11.474.390 Contents paLe

BSR Annual Report and Accounts 2025

17. Operating leases

18. Pension contribution

19. Related party transactions

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. ￿1$h$O￿tyl¢r BSR ￿n￿U£l Report and Accounts 2025 20. Trading subsidiary undertaking Turnover Cost of sales 1,080,320 -451,751 628,569 -80,257 542,312 542.512 1.085,663 -456,062 629,601 -127,033 501,968 501.968 Gross Profit Adminlstrotive costs Operoting profit Profit before tox and prolit for the finonciol year The ossets ond liabilities of the subsidiory ore.. 2025 2024 Current a55ets Creditors.. omounts folling due within one year Net Assets Share Copital and Reservès 542,312 $42,312 501,968 501,968 Contents paLe

BSR Annual Report and Accounts 2025

Reference and administrative details

Address

The principal address of the Charity and the registered office of the Company are the offices of the British Society for Rheumatology at Bride House, 18–20 Bride Lane, London EC4Y 8EE.

Registration

The Charity is registered under the Charity number 1067124 and the Company is incorporated with the Company registration number 3470316.

Legal & Professional Advisors

The trustees have made the following professional appointments:

Solicitor: Bates Wells & Braithwaite, 10 Queen Street Place, London EC4R 1AG Auditor: Moore Kingston Smith, 9 Appold Street, London EC2A 2AP

Bankers: National Westminster Bank plc, PO Box 2021, 10 Marylebone High Street, London W1A 1FH CCLA Investment Management Limited, 80 Cheapside, London EC2V 6DZ Nationwide Building Society, Nationwide House, Pipers Way, Swindon SN38 1NW

Our Trustees

The Trustees of the Charity, who are also the Directors of the Company, and certain Officers of the Society together comprise the Board of Trustees. The members of the Board of Trustees who are Trustees and have held office since 1 January 2025, are as follows:

Dr J Ledingham - Trustee, and President

Mr W Gregory - Trustee, and Vice President

Ms C Chivers - Treasurer

Dr E Murphy - Trustee

Dr A Madenidou - Trustee

Dr J Clinch - Trustee

Mr N Samuels - Trustee

Mr W Hiscocks - Trustee

Ms S Ryan - Trustee (appointed 26 June 2025 following 1-year co-option) Dr S Ellis - Trustee (appointed 26 June 2025)

Mr C Hurst - Trustee (resigned 26 June 2025) Dr S Steer - Trustee (resigned 26 June 2025)

Our Senior Management Team

The following key management personnel are the senior members of staff responsible for the day-to-day management of the Society:

Ms S Campbell Chief Executive Officer

Ms J Badley Chief Operating Officer

Mr N Walsh Director of Marketing, Events, Membership and Education Ms E Jackson Director of Practice and Quality

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British Society for Rheumatology, Bride House, 18–20 Bride Lane, London EC4Y 8EE Tel: [phone] E: [e-mail] W: rheumatology.org.uk