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← Obstetrics Anaesthetists Association

2024-09-30-accounts

OBSTETRIC ANAESTHETISTS ASSOCIATION

TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2024

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee)

CONTENTS

Page
Legal and Administrative Information 1
Report of the Executive Committee 2 to 12
Independent Auditors Report to the Members 13 to 16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Financial Statements 20 to 30

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee)

Page 1

LEGAL AND ADMINISTRATIVE INFORMATION

Charity number: 1111382 Company number: 05540014

Trustees and Executive Committee members at 30 September 2024:

Dr N Lucas - President Dr S Armstrong - Honorary Secretary Dr J Bamber - Honorary Treasurer Dr M Broom Professor S Devroe (appointed 10/05/24) Dr G Crossingham Dr C Grove Professor R Kearns (appointed 10/05/24) Dr N Kennedy (appointed 10/05/24) Dr C Kenyon Dr K Maclennan Dr Y Metodiev Dr C Phillips (appointed 10/05/24) Dr V (Rajveen) Sodhi Dr S Sundaram Dr N Tageldin (appointed 10/05/24)

Other Committee members (non-voting) at 30 September 2024:

Professor M Van de Velde - International Members representative Dr F Plaat - Royal College of Anaesthetists (RCoA) representative Dr Damien Hughes - Education Subcommittee co-opted member Dr Robin Russell - Research and Grants Subcommittee co-opted member Registered office: 21 Portland Place London W1B 1PY Bankers: National Westminster Bank plc Scottish Widows 149 Church Street 15 Dalkeith Road Barnes Edinburgh EH16 5BU London SW13 9HS Auditors: Moore (South) LLP City Gates 2-4 Southgate Chichester West Sussex PO19 8DJ Investment Managers: Charles Stanley & Co. Limited 55 Bishopsgate London EC2N 3AS

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE YEAR ENDED 30TH SEPTEMBER 2024

Page 2

The Executive Committee who are the Directors of the charitable company (and trustees under the Charities Act 2011) present their report along with the financial statements of the charity for the period ended 30th September 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 19 to 21 and comply with the charity’s constitution and applicable law.

Governing Document

The Obstetric Anaesthetists’ Association (OAA) was formerly an unincorporated association formed under a constitution adopted on 26th March 1976, as amended on 23rd April 1999, and registered as a charity under number 272190.

On 18th August 2005, a company limited by guarantee was incorporated and granted charitable status on 20th September 2005 (Registered number 1111382). On 1st October 2005, the assets and activities were transferred from the unincorporated association to the new company.

The Memorandum and Articles of the OAA were updated in June 2009 to take account of the Companies Act 2006.

The Memorandum and Articles of the OAA were reviewed and subsequently updated in June 2021 to ensure compliance with existing legislation. BDB Pitmans LLP advised and facilitated this process.

Aims and Objectives

To promote the highest standard of management and care for the mother and baby through practice, education and training in Obstetric Anaesthesia or research in Obstetric Anaesthesia.

Trustees and co-opted Executive Committee members

Details of Trustees who have served during the year and since the year-end are set out on page 1.

On 10th May 2024, Professor Sarah Devroe, Professor Rachel Kearns, Dr Natasha Kennedy, Dr Caroline Phillips and Dr Noah Tageldin were elected as Trustees. Dr Rachel Collis, Dr Sarah Griffiths, Dr Damien Hughes and Dr Anna Wilkinson resigned as Trustees on 10th May 2024 following the completion of their elected term of office.

Professor M van de Velde was co-opted to the Executive Committee as a non-Trustee and as International Members representative. Dr F Plaat is a non-Trustee and a co-opted member in her capacity as the Royal College of Anaesthetists (RCoA) representative. Dr D Hughes and Dr Robin Russell are co-opted members of the Education Subcommittee and Research and Grants Subcommittee respectively.

Membership

The OAA currently has five classes of members:

  1. Ordinary Members (who must be medical practitioners practising in the UK or overseas).

  2. Associate Members (individuals who are not medical practitioners but are interested in the objects of the OAA and are admitted by the Executive Committee at its discretion).

  3. Honorary Members (individuals elected by ordinary members at the Annual General Meeting having first been nominated by a resolution of the Executive Committee).

  4. Retired Members (ordinary members may become retired members).

  5. Foreign Associate Members (medical practitioners practising in a reduced-fee country as designated by the OAA). This category of membership was added to the Regulations of the OAA on 14th March 2019.

All members are entitled to attend and speak at general meetings, but only ordinary members can vote.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

Page 3

Structure, Governance and Management

The OAA is run by an Executive Committee comprising a President, Secretary and Treasurer (and President, Secretary and Treasurer-Elect (if elected)). Unless otherwise determined by Ordinary Resolution, the maximum number of Trustees forming the Executive Committee is 16 and the minimum number of Trustees is 14. In addition, there are two trainee members with overlapping terms of office to ensure continuity. All officers and ordinary members hold office for a period of three years from their election, at the end of which they shall retire but are eligible for re-election to that office for one further consecutive term of three years. The trainee members hold office for a two-year term from the date of election, at the end of which they retire but are eligible for re-election for one further consecutive term of two years if they remain in an in-training post of employment. One elected Executive Committee position is restricted to a member employed as a staff and associate specialist in anaesthesia. The Executive Committee may appoint co-opted members who are invited to join the committee for specific purposes but do not have Executive Committee voting rights and are not Trustees. The structure and membership of the Executive Committee are defined by The Memorandum and Articles of the OAA and any amendments approved hereto by the regulations.

The full Executive Committee meets at least three times a year. Executive Committee members are involved in at least one of the following subcommittees: Education, LabourPains (formerly ‘Information for Mothers’), Research and Grants, Surveys, Investment and Finance, Communications, Guidelines, Quality and Outcomes and ad-hoc working groups. All these subcommittees are expected to meet at least once a year and report directly to the full Executive Committee. The company officers meet as often as required to discuss any outstanding business.

The Association of Anaesthetists (AoA, formerly the Association of Anaesthetists of Great Britain and Ireland) are contracted to assist the Executive Committee in the day-to-day administration of the OAA.

Recruitment of Trustees

The procedure for the nomination and election (which may be held by postal or electronic ballots) of ordinary Executive Committee members is defined in the OAA’s regulations.

The results of the election of ordinary Executive Committee members and the trainee members are declared at the first Annual General Meeting following the election.

Trustee induction and training

New Trustees are given a short, informal training session to familiarise themselves with the charity and the context within which it operates. This session covers:

  1. Obligations of Trustees.

  2. Documents which set out the operational framework for the charity.

  3. Resourcing and the current financial position, as set out in the latest published accounts. 4. Future plans and objectives.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) ENDED 30TH SEPTEMBER 2024

Page 4

Grant making policy

The OAA continues to promote research and education by funding grants and bursaries. The OAA administers and peer reviews applications for grants submitted between April and September, with decisions on these grant applications made in May and October, respectively. The value for the OAA Grant Awards was reviewed and the Executive Committee approved an uplift in grant award value at its meeting on 21st September, which was recorded in the meeting minutes. The grants available include three Quality Improvement and Innovation Grants funded up to £20,000 per grant and eight Small Research Grants funded up to £5,000 per grant. Each financial year, the OAA funds one Large Research Grant of up to £100,000, administered and awarded by the National Institute of Academic Anaesthesia (NIAA). Funded bursaries include five ASM bursaries of up to £1,000 per grant, two medical student bursaries of up to £750 per grant and five travel and education bursaries of up to £1,000 per grant. The total sum of potential grant awards is £211,500. The terms and conditions for these grants are available on the OAA and NIAA websites. The value of the grants is reviewed annually by the Executive Committee.

There were two rounds of peer-reviewed research grant applications in 2023-2024. In September 2023, we received the following: one Large Research Grant application, one Small Research Grant application, five Quality Improvement and Innovation Grant applications, and two travel bursary applications. After peer review, the following applications were successful: one Small Research Grant was awarded with a value of £5,000 and two Quality Improvement and Innovation Grants were awarded with values of £19,942.15 and £8,843.09.

In April 2024, we received the following: three Large Research Grant applications, two Small Research Grant applications, four Quality Improvement and Innovation Grant applications, and one travel bursary application for the OAA Annual Scientific Meeting (ASM). After peer review, the following applications were successful: one Small Research Grant was awarded with a value of £4,786 and two Quality Improvement and Innovation Grants were awarded with values of £19,908 and £16,190. In addition, a travel bursary for the OAA ASM was awarded with the value of £1,000.

The OAA awarded grants to the value of £90,699.24, an increase from £23,730 in 2022-2023.

Table 1. OAA Grant Awards 2023-2024

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----- Start of picture text -----
Award Date Grant Type Reference Purpose/ Amount
Name, Centre
Global Anaesthesia
Development £15,000.00
16/03/2023 International IG-2023-01 Partnerships/ZADP
Placental Transfer of
Sugammadex £5,000.00
15/12/2023 Small Grant SG-2023-02 - Dr Blesser, Leuven
Ethnic Disparities in Obs
Anaesthesia £19,942.15
15/12/2023 Quality Improvement QIIG-2023-01 - Dr Hinton, Oxford
Wechsler IQ after
prenatal GA £8,843.09
15/12/2023 Quality Improvement QIIG-2023-02 - Dr Devroe, Leuven
ASM Bursary
24/03/2024 Bursary ASM-2024-02 - Dr Dhar £1,000.00
Fetal Rabbit Anaesthesia
Neurotoxicity £19,908.00
10/06/2024 Quality Improvement QIIG-2024-01 - Dr Brenders, Leuven
----- End of picture text -----

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) ENDED 30TH SEPTEMBER 2024

Page 5

10/06/2024 Quality Improvement QIIG-2024-02 Assessment of Virtual
Reality Training
-Dr Fukuta, Bristol		 £16,190.00
24/06/2024 Small Grant SG-2024-01 PRILOOC
-Dr Desai, London		 £4,786.00
Total £90,669.24

Objectives, Activities and Public Benefit

During 2023-24, the Trustees continued the activities of the OAA to deliver the key objective of promoting safety in maternity care. We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and planning our future activities. The Trustees have considered how the planned activities will directly contribute to the aims and objectives of the OAA.

Professional and public communication

Communications with the profession, membership and general public are recognised as valuable work for the OAA. The LabourPains subcommittee leads on communications with the general public. It is a key aspect of the OAA’s work for public benefit – to provide credible and accessible information to parents on matters relating to the provision of anaesthesia and analgesia during childbirth. This information is hosted on a separate website domain (accessible through the OAA website portal) called LabourPains.org, formerly LabourPains.com.

The OAA has contracted a copy editor and a social media consultant to support it’s professional and public communication through its websites (www.oaa-anaes.ac.uk and www.labourpains.org) and social media channels. In addition, the OAA has commissioned new photographs and illustrations to promote inclusivity and communication with members, the health services community and the public. The OAA uses website analytics to monitor how the websites are being used.

The LabourPains Subcommittee is reviewing all its text resources to enhance readability and consistency. Once updated, these resources will be translated into multiple languages and available on the LabourPains website. A web design team has also been commissioned to redesign the LabourPains website, making translated resources more accessible to professionals and the public. The LabourPains social media accounts, including Instagram, are also regularly updated.

The OAA has continued its policy of funding Open Access to its own publications that have been submitted and accepted for publication in peer-reviewed journals. This has improved the accessibility and dissemination of important work to the wider community. A recent example of this is the publication in Anaesthesia of the OAA guideline, “Intrathecal catheter placement after inadvertent dural puncture in the obstetric population: management for labour and operative delivery” (https://doi.org/10.1111/anae.16434) published in September 2024.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Objectives, Activities and Public Benefit (continued)

Professional guidance and leadership

The OAA continues to offer professional guidance and leadership on obstetric anaesthesia at both national and international levels, as well as on broader maternity care issues. Examples include contributions from OAA Executive Committee members to the “Provision of Anaesthetic Services for an Obstetric Population” chapter in Guidelines for the Provision of Anaesthetic Services published by the Royal College of Anaesthetists. The OAA also supports the Confidential Enquiry into Maternal Deaths by assisting MBRRACE-UK in recruiting national anaesthesia assessors.

The OAA has supported the development of a quick reference handbook of clinical guidelines for obstetric anaesthetists in collaboration with other professional societies. This open-access work was published in 2024 to support obstetric anaesthetists in delivering high-quality care to patients. To make it easily accessible, the OAA commissioned an app developer to create a version of the handbook for mobile using iOS and Android platforms.

The OAA has partnered with the Professional Records Standards Body to fund a project developing an information standard for implementing a national anaesthesia dataset in maternity settings. This work will build on the OAA’s National Obstetric Anaesthetic Database (NOAD), which was previously used to audit patterns of practice and complications of anaesthesia, and existing OAA research into key quality indicators identified as being most relevant to obstetric anaesthesia (https://theprsb.org/obstetricanaestheticstandard).

Professional education and training

Providing education to obstetric anaesthetists and allied professionals is a core activity of the OAA, supported by an annual rolling programme of meetings and other activities.

The OAA has continued its programme of joint multidisciplinary educational meetings in collaboration with other professional societies. These joint meetings are very popular, offering valuable opportunities for knowledge-sharing and networking across specialities. In October 2023, a successful one-day joint meeting was held with the British Society of Haematologists in the Royal College of Physicians; 119 delegates and 14 speakers attended. The income from this meeting was sufficient to pay all the meeting’s expenses reflecting its strong support and engagement.

The Three-Day Course in 2023 attracted 330 delegates, a slight decrease from 399 in 2022, partly attributed to rescheduled event dates. Delegate feedback was overwhelmingly positive, reflecting the event's quality and impact. The programme, developed by Dr Nuala Lucas, featured 27 speakers, including four virtual presenters via Zoom, ensuring a broad range of expertise. Despite a few lastminute speaker cancellations, the event ran smoothly, with Church House in Westminster, London, once again serving as an excellent venue and PresPro effectively managing speaker support. The course continues to be a cornerstone of the OAA’s educational offerings.

The Annual Scientific Meeting 2024 was held as a fully in-person event at the International Conference Centre (ICC) in Birmingham on 9th-10th May 2024. The meeting attracted 518 paying delegates, a strong turnout despite being slightly lower than 2023 (584). The two-day programme featured 20 faculty members, including chairs, alongside 10 top poster/Felicity Reynolds prize oral presenters. There was a mixture of lectures and panel discussions, with all recordings available to delegates via the OAA website. The ICC was chosen for its excellent facilities, central location and reputation, ensuring a successful and engaging event.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Objectives, Activities and Public Benefit (continued)

Professional education and training (continued)

The development and publication of the OAA Quick Reference Handbook (Obs QRH), led by Dr Kirsty Maclennan, has been a major workstream. The Obs QRH is a collection of action card guides for medical and resuscitation emergencies in hospitals. These guides are intended to help multidisciplinary teams care for women and people who give birth and their babies. Its publication was greeted warmly and it has been widely recognised as an essential resource for obstetric anaesthetists. Notably, it was shortlisted for the prestigious HSJ (Health Service Journal) Awards, highlighting its impact on patient safety and clinical practice.

For many years the OAA has recorded its events and with the launch of our new digital platform (membership system and website), accessing these recordings has become much easier for members. Meeting recordings are now hosted on a user-friendly Vimeo platform, providing seamless access. Recordings from the past five years are freely available to all members, supporting their continued professional development and education.

With an increasing number of organisations now hosting obstetric anaesthesia meetings, the OAA is striving to maintain its strong position by delivering high-quality events featuring excellent speakers and engaging programmes. Ensuring registration levels remain sufficient to cover rising costs and prevent financial losses has become a key focus, highlighting the challenges of operating in an increasingly competitive market. Despite these pressures, the OAA remains committed to offering outstanding educational opportunities that continue to attract delegates and uphold its reputation for excellence.

Leadership in quality improvement of obstetric anaesthetic care

The OAA provides leadership in the quality improvement of obstetric anaesthetic care through its Guidelines, Quality and Outcomes, and Surveys subcommittees.

The Guidelines Subcommittee is focusing on its strategy to develop good practice guidance on various topics important for clinical practice which are not already covered by other national or international guidelines. The first topic selected for consideration was the management of intrathecal catheters which was published on schedule in September 2024 in the peer-reviewed journal Anaesthesia ( https://doi.org/10.1111/anae.16434) and has already been cited. Work on a guideline on the use of remifentanil for labour analgesia is currently in progress.

The Quality and Outcomes Subcommittee (QOSC) continues to support and contribute through its representatives on the NHSE committee, the Maternity and Neonatal Outcomes Group, established in response to a recommendation from the Kirkup East Kent report, Reading the Signals . This committee is tasked with producing a national clinical measurement tool to provide an early signal when maternity and neonatal services might be developing safety issues, enabling early preventive intervention. The OAA informed the committee about barriers to our specialty and recommended including obstetric anaesthesia care indices in a national measurement tool to improve routine data collection. The QOSC has highlighted this deficit in published letters in peer-reviewed journals and by a submitted report to the Royal College of Anaesthetists. To address this concern, the QOSC secured support from the Executive Committee and OAA funding for collaborative work with the Professional Records Standards Body. They will work together to create an information standard to enable the introduction of a national dataset for anaesthesia in maternity settings. This work will build on the OAA’s National Obstetric Anaesthetic Database (NOAD), which was previously used to audit patterns of practice and complications of anaesthesia, and existing OAA research into key quality indicators identified as being most relevant to obstetric anaesthesia (https://theprsb.org/obstetricanaestheticstandard).

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Objectives, Activities and Public Benefit (continued)

Leadership in quality improvement of obstetric anaesthetic care (continued)

For many years the OAA has provided a peer review system by which members can submit approved surveys to other members on subjects relevant to obstetric anaesthesia. The results of these surveys provide valuable information to assist with improving care quality. As part of the OAA’s investment in its digital platform, a new survey system was developed based on SurveyMonkey software. This new system is a vast improvement on the previous system, which had limited usability and technical problems. There were 15 surveys submitted to the new survey system of which eight were approved for dissemination to the membership.

As part of its outreach efforts, the OAA set up a liaison group inviting representatives from regional obstetric anaesthesia societies to take part. The inaugural OAA Regional Societies Liaison Group (RSLG) meeting was held in Summer 2018 to develop the relationship between the OAA and UK regional obstetric anaesthesia societies. The COVID-19 pandemic disrupted the RSLG's activities, but it has since been revitalised to strengthen relationships and networking among organisations, supporting best practices in obstetric anaesthesia nationwide.

The OAA continues to contribute to several projects of national public health interest. There is OAA representation on the steering committees of the UK Obstetric Surveillance System, the Royal College of Gynaecologists ‘Each Baby Counts’ project and the UK Maternal Confidential Death Enquiries (MBRRACE-UK). We remain a trusted source of consultation for professional and governmental bodies, OAA members, and the public.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Financial review

Overall financial review summarised in table below:

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2020 2021 2022 2023 2024
(Actual) (Actual) (Actual) (Actual) (Actual)
OAA subscription income 230,706 251,758 261,511 246,201 253,404
less: IJOA and Pencil Point publishing costs (91,767) (87,007) (98,493) (100,708) (91,116)
less: PCH membership administration costs (780) - - - -
less: AoA administration costs (126,726) (118,963) (114,835) (130,612) (146,318)
Contribution to overheads 11,433 45,788 48,183 14,881 15,970
Surplus on meetings including sponsorship 6,493 40,705 60,643 90,363 24,279
Research grants payable (18,725) (18,056) (9,315) (21,980) (89,669)
Travel and Outreach Meetings grants (750) - (2,192) (750) -
payable
Bursaries (1,018) - (3,350) (1,000) (1,000)
Grants written back 3,866 - 2,628 - 842
Donations payable (685) - - - -
Contribution to overheads (10,819) 22,649 48,414 66,633 (65,548)
Other income 128,408 126,837 151,185 135,863 116,433
Net income before other expenditure 129,022 195,274 247,782 217,377 86,732
Amortisation - - - (20,933) (55,488)
Management,administration and governance (79,166) (59,651) (84,003) (102,907) (233,001)
Net surplus/(deficit) for year 49,856 135,623 163,779 93,537 (221,634)
(excluding gains on investments)
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OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Investment policy

The OAA’s investment policy is for its portfolio of investments to be managed on a ‘medium-low’ risk basis for long-term growth without investing in companies whose prime area of business is tobacco, gambling or armaments. For the year ended 30[th] September 2023, the investment portfolio had a net portfolio return of 11.55% compared to a loss of 9.76% in the previous 12 months. The OAA investment portfolio managed by Charles Stanley has an MSCI ESG (environmental, social and governance) rating of AA.

There are no restrictions on the OAA’s power to invest. The Executive Committee is responsible for investing any amounts surplus to the organisation’s immediate requirements as they deem fit. Investment brokers Charles Stanley actively manage these investments.

Reserves policy

It is the policy of the OAA to maintain unrestricted funds, some of which are designated for the funding of research and other grants. The current potential total liability for grant awards is £211,500 per annum, although the actual expenditure depends on the number and quality of grant applications, which cannot be predicted. The grant award policy is regularly reviewed to ensure that OAA funds allocated towards research and grants are utilised for maximum benefit to improving patient care and that the grant award sums are financially sustainable for the OAA.

All funds are maintained at a sufficient level to safeguard the current level of the OAA’s commitments during periods of unforeseen income variation and to allow for future investment in projects that will enable the organisation to further achieve its objectives of improving care in obstetric anaesthesia. The recent economic consequences following the COVID-19 pandemic and the current war in Ukraine, with increased economic inflation and the cost-of-living crisis, have demonstrated the value of this prudent strategy, particularly as the OAA investment portfolio is exposed to national and international volatility. In addition, increasing costs to the OAA for organising educational events and the impact of the costof-living crisis on our membership make the projected income from OAA events uncertain. As the OAA’s income relies on membership subscriptions and surplus income from its educational events, our current reserves provide organisational financial stability and reassurance during these unpredictable times.

Since 2017-2018, the OAA has used the unrestricted funds to meet its commitments to grant awards and administrative costs. The reserves have also allowed the OAA to invest in upgrading its digital platforms so they are fit for the future and enable the OAA to continue functioning effectively. The project was completed in February 2024 and now the capital expenditure is reflected as an annual amortisation cost on our accounts. Following the completion of the digital transformation project, the OAA’s cashflow is to be reviewed to ensure the best return is obtained for cash held on account.

To improve maternal health and care worldwide the OAA has also devoted funds to support the professional education of obstetric anaesthetists in other countries. In addition, the OAA has allocated funds to quality improvement projects including partnerships with other national organisations such as the National Perinatal Epidemiology Unit and Professional Records Standards Body.

Currently, the OAA maintains unrestricted reserves sufficient to service current expenditure and investment in research requirements for 3-5 years, assuming no surplus income to replace reserves expenditure. This is in the range of £1,500,000 to £1,900,000. This is on the basis that future surplus income from courses cannot be assumed, and the current number of members and subscription income is not guaranteed. This reserves policy will be kept under review, particularly if the organisation’s income improves in the future.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Risk management

The Executive Committee regularly reviews organisational risks and systems with advice and support from the Secretariat supplied by the Association of Anaesthetists. An example of this process is that in 2019, the OAA commissioned the consulting firm Adapta to examine the organisation’s risks and systems regarding General Data Protection Regulation (GDPR). The implementation of our new membership and event customer relationship management (CRM) system will facilitate implementation and adherence of good GDPR compliance.

Future plans

The Executive Committee intends for the OAA to continue operating in the same way for the foreseeable future by running courses and obtaining subscriptions from members. This supports the highest standards of management and care for mothers and people who give birth and their babies through practice, education, training, and research in obstetric anaesthesia.

The OAA will continue to work on the development of current and new resources to advance the agenda of improving the quality and value of obstetric anaesthetic care in the UK and internationally. The OAA will continue its work with partners to advocate for better recording of obstetric anaesthetic care within national maternity datasets and to facilitate the delivery of these ambitions.

Statement of Trustees responsibilities

The trustees (who are also directors of the OAA for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

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Provision of information to Auditors

Each Executive Committee member, at the time of approving this report, has confirmed that:

Auditors

The auditors, Moore (South) LLP, will be proposed for reappointment in accordance with section 144 of the Charities Act 2011.

This report has been prepared in accordance with the Statements of Recommended Practice – Accounting and Reporting by Charities. In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by the trustees on 15[th] May 2025 and signed on their behalf: Lanlis

Dr James H Bamber Honorary Treasurer Obstetric Anaesthetists’ Association 21 Portland Place London WIB IPY

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS YEAR ENDED 30TH SEPTEMBER 2024

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Opinion

We have audited the financial statements of Obstetric Anaesthetists Association (the ‘charitable company’) for the year ended 30 September 2024 which comprise Statement of Financial Activities, Balance sheet, Cash Flow Statement, and related 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 Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS (CONTINUED) Page 14 YEAR ENDED 30TH SEPTEMBER 2024

Other information (continued)

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulation 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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 trustees either intend to liquidate the 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS (CONTINUED) Page 15 YEAR ENDED 30TH SEPTEMBER 2024

Auditor’s responsibilities for the audit of the financial statements (continued)

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.

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 charitable company.

Our approach was as follows:

To address the risk of fraud through management override we:

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS (CONTINUED) Page 16 YEAR ENDED 30TH SEPTEMBER 2024

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

In response to the completeness and cut off of grant expenditure we:

In response to the risk of fraud through revenue recognition we:

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

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

Use of our report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s Trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, and the charity’s Trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

Moore (South) LLP Chartered Accountants Statutory Auditor

City Gates 2-4 Southgate Chichester West Sussex PO19 8DJ

Date 9[th] June 2025

Moore (South) LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) YEAR ENDED 30TH SEPTEMBER 2024

Page 17

Notes Total Total
Unrestricted Unrestricted
Funds Funds
2024 2023
£ £
INCOME FROM
Charitable activities 3 467,857 516,611
Other trading activities 4 336,662 352,434
Investment income 5 33,175 29,630
------------------------------- -------------------------------
Total income 837,694 898,675
========================================= =========================================
EXPENDITURE ON
Raising funds 6 10,870 10,116
Charitable activities 7 1,033,927 782,719
Other 8 14,531 12,303
------------------------------- -------------------------------
Total expenditure 1,059,328 805,138
========================================= =========================================
Net gains on investments 14 107,085 7,085
Net incoming resources (114,549) 100,622
------------------------------- -------------------------------
Net movement in funds (114,549) 100,622
Reconciliation of funds
Total funds brought forward 18 2,031,469 1,930,847
------------------------------- -------------------------------
Total Funds Carried Forward 18 1,916,920 2,031,469
========================================= =========================================

The notes on pages 20 to 30 form part of theses financial statements

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) BALANCE SHEET YEAR ENDED 30TH SEPTEMBER 2024 REGISTERED COMPANY NUMBER: 05540014

Page 18

2024 2023
Note £ £ £ £
Fixed assets
Intangible asset 13 512,891 536,524
Investments 14 1,253,672 1,124,023
------------------------------- -------------------------------
1,766,563 1,660,547
========================================= =========================================
Current assets
Debtors 15 136,946 215,264
Cash at bank and in hand 497,264 514,391
------------------------------- -------------------------------
634,210 729,655
Creditors: Amounts falling due
within one year 16 (483,853) (358,733)
------------------------------- -------------------------------
Net current assets 150,357 370,922
------------------------------- -------------------------------
Total assets less current liabilities 1,916,920 2,031,469
========================================= =========================================
Charity Funds
------------------------------- -------------------------------
Unrestricted Funds 18 1,916,920
=========================================		 2,031,469
=========================================

For the year ending 30th September 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. However, an audit is required in accordance with section 144 of the Charities Act.

Directors’ responsibilities:

These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

On behalf of the Board: Wan la) Dr James H Bamber Honorary Treasurer

Approved by the Board on 15[th] May 2025

The notes on pages 20 to 30 form part of theses financial statements.

Page 19

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) STATEMENT OF CASH FLOWS YEAR ENDED 30TH SEPTEMBER 2024

2024 2023
Note £ £ £ £
Cash flows from operating activities
Net cash provided by operating
activities 21 4,117 91,750
Cash flows from investing activities
Dividends received 33,175 29,630
Proceeds from sale of investments 178,841 71,495
Purchase of investments (212,411) (121,847)
Purchase of intangible fixed asset (31,855) (232,961)
------------------------------- -------------------------------
Net cash used in investing activities (32,250) (253,683)
------------------------------- -------------------------------
Change in cash and cash equivalents
in the reporting period (28,133) (161,933)
Cash and cash equivalents at the
beginning of the reporting period 585,192 747,125
------------------------------- -------------------------------
Cash and cash equivalents at the end
of the reporting period 557,059 585,192
========================================= =========================================
Analysis of cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 497,264 514,391
Cash held by stockbroker 59,795 70,801
------------------------------- -------------------------------
Total cash and cash equivalents 557,059
=========================================		 585,192
=========================================

The notes on pages 20 to 30 form part of theses financial statements.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH SEPTEMBER 2024

Page 20

1. ACCOUNTING POLICIES

(a) Company Status

The company is limited by guarantee and has no share capital. The company is incorporated in England & Wales. The directors of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The address of the registered office is given on page 1 of these financial statements. The nature of the charity’s operations and principal activities are explained in the Trustees Report.

(b) 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 (FRS102), Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared on a going concern basis under the historical cost convention as modified by the inclusion of investments at market value. The financial statements are prepared in sterling which is the functional currency and have been rounded to the nearest pound.

The charitable company 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 or note.

(c) Going Concern

The Trustees have prepared detailed budgets and forecasts and on review of these consider that it is appropriate for the financial statements to be prepared on a going concern basis which assume that the Charity will continue to exist for a period of at least twelve months from the date the audit report is signed.

(d) Incoming Resources

Income from Charitable activities includes course registration fees, along with course and meeting sponsorship and is recognised when the Charity is entitled to the income. Income received for courses post year end is deferred.

Income from other trading activities includes subscription income which is received for the calendar year, amounts relating to periods beyond the year end are treated as deferred income. Royalty income is recognised when the Charity is entitled to the income, it is virtually certain that the resource will be received and when the value can be measured with sufficient reliability.

Investment income is accounted for in the period in which the charity is entitled to receipt.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH SEPTEMBER 2024

Page 21

1. ACCOUNTING POLICIES (continued)

(e) Resources Expended

(f) Allocation of Support Costs

(g) Intangible Fixed Assets

(h) Fixed Asset Investments

Investments are recognised initially at cost, which is transaction price less transaction costs. Subsequently, the investments are included at closing mid market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

(i) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

(j) Cash at Bank and in Hand

Cash at bank and in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

Page 22

1. ACCOUNTING POLICIES (continued)

(k) Current Asset Investments

Current asset investments include cash or cash equivalents with a maturity of greater than three months but less than one year, from the date of acquisition or opening of the deposit.

(l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(m) Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(n) Foreign Exchange Transactions

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(o) Funds

(p) Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees do not believe there are any significant judgements or estimates.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

Page 23

3. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
£ £
Course registration fees 467,857 516,611
========================================= =========================================
4. INCOME FROM OTHER TRADING ACTIVITIES
2024 2023
£ £
OAA subscriptions 253,404 246,201
Royalties 82,868 106,533
Other income 390 (300)
------------------------------- -------------------------------
336,662 352,434
========================================= =========================================
5. INCOME FROM INVESTMENTS
2024 2023
£ £
Dividends 33,175 29,630
========================================= =========================================
6. RAISING FUNDS
2024 2023
£ £
Investment Manager fees 10,870 10,116
========================================= =========================================
7. DIRECT CHARITABLE EXPENDITURE
2024 2023
£ £
Courses and meeting expenses 443,578 426,248
International Journal of Obstetric Anaesthesia
and Pencil Point Newsletter 91,116 100,708
Website 36,509 36,997
Grants (note 10) 89,827 23,730
External conference costs 9,311 6,432
Professional services 126,000 -
Support costs (note 9) 182,098 167,671
Amortisation 55,488 20,933
------------------------------- -------------------------------
1,033,927
=========================================		 782,719
=========================================

Page 24

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

8. OTHER EXPENDITURE

THER EXPENDITURE
2024 2023
£ £
Audit fees 10,110 8,700
Accountancy fees 2,310 2,200
Under accrued in previous year 1,071 193
Awards 1,040 1,210
------------------------------- -------------------------------
14,531 12,303
========================================= =========================================

The costs above relate to the governance costs of the charity.

9. SUPPORT COSTS

UPPORT COSTS
2024 2023
£ £
Postage and stationery 167 32
Bank and credit card charges 19,380 18,309
Committee meeting expenses 16,233 18,718
Membership administration 146,318 130,612
-------------------------------- -------------------------------
182,098
=========================================		 167,671
=========================================

10. GRANTS PAYABLE

These constitute commitments made in the year

2024 2023
£ £
Research grants 89,669 21,980
Bursaries 1,000 1,000
Travel grants - 750
------------------------------- -------------------------------
Total grants payable 90,669 23,730
Monies returned (842) -
------------------------------- -------------------------------
Total grants 89,827
=========================================		 23,730
=========================================

All research grants are made to research teams, bursaries and travel grants are made to individuals.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

Page 25

10. GRANTS PAYABLE (continued)

Grants to Institutions £
Ku Leuven University, Belgium 33,751
Global Anaesthetic Development Partnership 15,000
Oxford University 19,942
University Hospital Bristol NHS Trust 16,190
Guys and St Thomas Hospital 4,786
-------------------------------
89,669
=========================================

During the year the unspent grant of £842 (2023 - £Nil) was repaid by one Institution.

All grants to institutions are made for research into the care of mothers and babies in line with their objectives. Grants to individuals are to allow practitioners from developing countries to attend workshops and educational courses to improve the care they provide, who otherwise do not have the means to be able to attend.

11. EXECUTIVE COMMITTEE COSTS

The Executive Committee members or persons with whom they have family or business connections have not received remuneration, directly or indirectly, from the charity.

During the period expenses were reimbursed to members of the Executive Committee as follows:

2024 2023
£ £
Travel and subsistence costs refunded to 15 members
(2023 – 16 members) 13,655
==========================================		 13,155
==========================================

At 30 September 2024 there was £228 in creditors (2023 - £990).

12. STAFF COSTS

The charity has no employees.

Page 26

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

13. INTANGIBLE ASSETS

Software
£
COST
Bought forward 557,457
Additions in year 31,855
-------------------------------
Carried forward 589,312
=========================================
AMORTISATION
Bought forward 20,933
Charge for year 55,488
-------------------------------
Carried forward 76,421
=========================================
NET BOOK VALUE
As at 30 September 2024 512,891
=========================================
As at 30 September 2023 536,524
=========================================
NVESTMENTS
2024 2023
£ £
Opening market value 1,053,222 995,785
Additions 212,411 121,847
Disposals (178,841) (71,495)
------------------------------- -------------------------------
1,086,792 1,046,137
Total gain on revaluations and disposals 107,085 7,085
------------------------------- -------------------------------
Closing market value 1,193,877 1,053,222
Cash available to invest 59,795 70,801
------------------------------- -------------------------------
Total of investments 1,253,672 1,124,023
========================================= =========================================

14. INVESTMENTS

Page 27

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

14. INVESTMENTS (continued)

Market Market
Value Value
2024 2023
£ £
Quoted investments
Fixed interest 206,212 154,059
Equities 857,506 750,333
Property 34,987 29,042
Alternatives 95,172 119,608
------------------------------- -------------------------------
1,193,877 1,053,042
Other
Monies held by investment managers 59,795 70,801
------------------------------- -------------------------------
1,253,672
=========================================		 1,123,843
=========================================

The investment income was derived from the investments listed above.

15. DEBTORS

2024 2023
£ £
Trade debtors 5,391 2,680
Prepayments and accrued income 131,555 212,584
------------------------------- -------------------------------
136,946
=========================================		 215,264
=========================================

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023
£ £
Trade creditors 6,325 16,723
Grants payable (note 17) 113,203 50,642
Deferred income 235,743 163,842
Accrued expenses 128,582 127,526
------------------------------- -------------------------------
483,853 358,733
========================================= =========================================

Included in deferred income are amounts of £74,668 (2023 - £71,712) relating to subscriptions received in advance as well as course and sponsorship fees of £161,075 (2023 - £92,130) relating to post year end events. All brought forward amounts were released in the year.

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

Page 28

17. RECONCILIATION OF GRANT COMMITMENTS

2024 2023
£ £
Balance owing at 1st October 2023 50,642 52,577
Commitments made in period (note 10) 90,669 23,730
Payments in period (28,108) (25,665)
------------------------------- -------------------------------
Balance owing at 30th September 2024 (note 16) 113,203
=========================================		 50,642
=========================================

18. UNRESTRICTED FUNDS

Designated Funds Designated Funds General Total
Fund
Infrastructure Grants Digital
Unrealised
Fund Fund Platform Gains on
Investments
£ £ £ £ £ £
At 1st October 2023 150,000 787,418 536,524 336,605 220,922 2,031,469
Net incoming/(outgoing) resources
for the period before net gains/(loss)
on investments - - - - (221,634) (221,634)
Addition of intangible asset - - 31,855 - (31,855) -
Amortisation of intangible asset - - (55,488) - 55,488 -
Transfer grants committed in period - (89,827) - - 89,827 -
Transfer of funds as designated grants - 112,391 - - (112,391) -
Total loss on revaluations and disposal
of investment assets - - - 107,085 - 107,085
---- -- ------------------- ---- -- ------------------- ------------------------ -------- -- --------------- -------- -- --------------- -------- -- ---------------
At 30th September 2024 150,000 809,982 512,891 443,690 357 1,916,920
===================================== ===================================== =============================== =================================== =================================== =====================================
Unrestricted funds at 30 September 2023
Designated Funds General Total
Fund
Infrastructure Grants Digital
Unrealised
Fund
 Fund Platform Gains on
Investments
£ £ £ £ £ £
At 1st October 2022 150,000 767,978 324,496 329,520 358,853 1,930,847
Net incoming/(outgoing) resources
for the period before net gains/(loss) - - - -
on investments 93,537 93,537
Addition of intangible asset - - 232,961 - (232,961) -
Amortisation of intangible asset - - (20,933) - 20,933 -
Transfer grants committed in period - (23,730) - - 23,730 -
Transfer of funds as designated grants - 43,170 - - (43,170) -
Total loss on revaluations and disposal
of investment assets - - - 7,085 - 7,085
---- -- ------------------- ---- -- ------------------- ------------------------ -------- -- --------------- -------- -- --------------- -------- -- ---------------
At 30th September 2023 150,000 787,418 536,524 336,605 220,922 2,031,469
===================================== ===================================== =============================== =================================== =================================== =====================================

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

Page 29

18. UNRESTRICTED FUNDS (continued)

To this end surpluses are regularly invested by our investment brokers, Charles Stanley. The aim is to eventually be able to fund future grants out of investment income generated.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Year ended 30 September 2024

Infrastructure Grants Digital Unrealised General Total
Fund Fund Platform gains on Fund
(Designated) (Designated) (Designated) Investments
(Designated)
£ £ £ £ £ £
Intangible fixed assets - - 512,891 - - 512,891
Investments - 809,982 - 443,690 - 1,253,672
Debtors - - - - 136,946 136,946
Short term deposits and
cash balances 150,000 - - - 347,264 497,264
Creditors - - - - (483,853) (483,853)
---- -- ------------------- ---- -- ------------------- ---- -- ------------------- ----------------------- ---- -- ------------------- -------- -- ---------------
150,000 809,982 512,891 443,690 357 1,916,920
====================================== ====================================== ====================================== ================================ =================================== ===================================

Year ended 30 September 2023

Infrastructure Grants Digital Unrealised General Total
Fund Fund Platform gains on Fund
(Designated) (Designated) (Designated) Investments
(Designated)
£ £ £ £ £ £
Intangible fixed assets - - 536,524 - - 536,524
Investments - 787,418 - 336,605 - 1,124,023
Debtors - - - - 215,264 215,264
Short term deposits and
cash balances 150,000 - - - 364,391 514,391
Creditors - - - - (358,733) (358,733)
---- -- ------------------- ---- -- ------------------- ---- -- ------------------- ----------------------- ---- -- ------------------- -------- -- ---------------
150,000 787,418 536,524 336,605 220,922 2,031,469
====================================== ====================================== ====================================== ================================ =================================== ===================================

Page 30

OBSTETRIC ANAESTHETISTS ASSOCIATION (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 30TH SEPTEMBER 2024

20. CONTROLLING PARTY

There is no ultimate controlling party.

21. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024 2023
£ £
Net (outgoings)/income for the year (114,549) 100,622
Amortisation 55,488) 20,933
(Gains)/Losses on investments (107,085) (7,085)
Dividends received (33,175) (29,630)
Decrease in debtors 78,318 57,228
Increase/(Decrease) in creditors 125,120 (50,318)
------------------------------- -------------------------------
Net cash flow from operating activities 4,117
=========================================		 91,750
=========================================