OBSTETRIC ANAESTHETISTS ASSOCIATION
TRUSTEES ANNUAL IiEPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30TH SEPTEMBER 2025

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guaralltee)
CONTENTS
Page
Legal and Administrativo Information
Report of the Executive Committee
2to9
Independent Audilors Report lo the Members
IOto13
Statement of Financial Activities
14
Balanr¢ Sheet
15
Cash Flow Statement
16
Noles to the Financial Statements
17to27

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A CompAny Limited By Gllarantee)
LEGAL AIW ADMtNISTRATIVE INFORMATION
Page I
Charlty number:
1111382
CompAny nllmber:
05540014
Tru$te&s and Executive Committee members at 30 September 2025:
Dr N Lucas - President
Dr S Atmstrong- Honorary Secretary
Dr J Bamber- Honorary Treasurer (r¢signed 15 May 2026)
Dr Y Metodiev- Honorary Treasurer-Ele¢t (appointed 15 May 2025)
Drm Broom
Dr G Cro&singham
Professor S Devroe
Dr C Grove (Te5igned 15 May 2026)
Dr D Hughe$ (appointed 15 May 2025)
Professor R Kearns
Dr N Kennedy
Dr C K¢nyon
DY C Phillips (resigned 15 May 2026)
Dr Laura Robbins (appointed 15 May 2025)
Dr V (Rajveen) Sodhi
Dr N Tag¢ldin (resigned 15 May 2026)
Dr V Vankari (appointed 15 May 2025)
Otber Committee members {non-voting) It 30 September 2025:
PrOr￿S0r M Van de Velde- International Members representative
Dr K MaeLentwi- Royal College of Anaesih¢tists (RCOA)
representative
Regtstered office:
21 Portland Place
London
WIB IPY
Bankers:
National Westminsler Bank plc
149 Church Street
Bames
London SW13 9HS
Auditors:
Moore (South) LLP
City Gates
2-4 Southgate
Chichester
Wcst Sussex
P019 8DJ
]nvestment M*n#g¢T5-
Charles Stanley & Co. Limited
55 Bishopsgate
London
EC2N 3AS

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Cotnpany Limited By Guarantee)
REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED)
ENDED 30TH SEPTEMBER 2025
Page 2
The T￿tee$ (who are a]so the directors of the charitable company for the purposes of company law)
present their report and the fmancial statements of the ObstetrA¢ Anaesthetists, Association ('Ihe OAA"
or'kne charity"} for the year ended 30 September 2025. The financial 5tatenient5 have been pr¢par¢d in
accordance the charity's governing docum¢nt, applicable law and UK &¢¢oulliing standards (FRS
102 and the Charities SORP).
Governing Docurnent
The OAA w&s originally established a5 an unincorpora¢¢d asso¢iationio 1976 {charity number 272190).
A charitable company limited by gU￿antee WAS incorporated on 18 Augusr 2005 and regislered as a
charity on 20 September 2005 (registered charity lluD]ber l 111382). The assets and activities were
transferred to the company on l October 2005.
The Articles of Association were updated in 2009 to reflect tbe Companies Act 21x16 and revised injune
2021 to ensure complian¢¢ with current legtslation.
Objects
To promote the highest Standards of care for moth¢rs and babies through practice, education, training
and research in obstetric anaesthesi&
Trustees
Details of Tn￿tee$ serving during the year are shoM￿ on pag¢ l.
On 15 May 2025:
- Dr Damien Hugh¢s, Dr Laura Robbins and Dr Vinkati were elected Tn]stees
- Dr Gemtna Crossingham was fe-elected
- Dr Yavor Metodiev wa$ ele¢t¢d unoppos¢d as Treasurer-Elect
- Dr ShaliThi Sundaram and Dr Kirsty MacLennan retired at the end of their temis
On 15 May 2026..
- Dr Pooja K3math and Dr Ahmed Deabes were elected Truslees.
- Dr James Bamber, Dr Charlotte Grove, Dr Carolin¢ Phillips, and Dr Noha Tageldin retired at the end
of th¢ir ternis.
The Tn￿te¢S may appoint c(Fopted Mernbe￿ to the Executive Committee for specifie expertise. Co
opted members are not Trustees and have no voting rights.
MembeTsbip
The OAA has five classes of Membership.. Ordinary. Associate. Honoraryy Retired and Foreig
Associate.
All members may attend g¢nerat meetings. voting rights are restricted to Ordinary Members.
Structure, Govern2nee and ManagemeDt
The charity is governed by an Executive Cominittee comprising 1¥16 TTUSt¢¢s including President,
Secretary and Treasurer (and Elect roles where applicable). Trustees senTe three-year terms and may be
re-elected ollce. Three trainee representatives serve overlapping twTrY￿ tern￿.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
REPOR'f OTr I'HE EXECUTIVE COMMITTEE (CONTINUED)
Ef4DED 30TH SEPTLIVIBER 2025
Page 3
The E￿CutiVe Cominittee meets at least three times each year and op¢rat¢s through subcommittees
covering educatio￿. research and granls. comtnuni£ation& guidelines. quality improvcmenL survey4
rin8n¢e and public information. Subcommittees r¢port to the Executive Committee.
Administrative support is provid¢d under contract by the Association of Anaesthetists.
Appointnjent of Trustets
Tru51ees are elected by the membership inaccordance iyiththe charity's regulations. Electionresulis are
declared at the Annual Gelleral Meeting.
Trustee IndueÉion
New Trust¢e5 r¢Geive an induction covering legal responsibilities. governanc¢ docutnents. fllwicial
position and strategic plans.
Grant making policy
The OAA supports researcb and education through a Structured programme of grants and bursaries.
During the year. the Executive Comniittee review¢d the research funding SIn￿lUTe and discontinued
Small Research Grants due to limited uptake, increasing the number of Quality Improvement &
Innovation Grants ivhil¢ maintaining overall planned expenditure.
The OAA did not participate in the natio2￿] NIAA large grdnt scheme during ￿pOrting period and
will review ￿tt]re pgrticipation.
An exceptiona] grnnt award of £20.000 iyas given to Ih¢ Royal College of Anaesthetfsts as f￿anCIal
support for the NAP8: Complications of Regional Ana&sth¢STaproject ID recognition it will involve
obstetric anaesthetic care.
TabIe l. OAA Crant Awards 21124-2025
Date
Award T e
0511112024
Travel Burs
2511112024
Recl
ient/P
OAA re
resenlalion in Sri Lanka
Iloyal College of Anaesthetists
National Audit Projects
Llective in Vanuatu- J. Templeton.
Cardiff
WCOA Trav¢1 Bursary-Dr M.
Van de Velde
Elective in A
entina- E. Blettdis
ASM Buts
-DrP. Wela
¢dara
Poslpartum anal¥¢sia U5¢-DrfvL
ons. Edinbu
WCOA Travel Bursary-DrD.
Hu
ose
Amou
£20.000
0911212024
Medical Student Bursary
£750
09A1112025
Trnvel Bursary
£1,000
1310112025
1410312025
15JO&2025
Medical Student Burs
ASM Bursa
Quality Jinprovement
IDnoYation Grant
Trdvel Bursary
£750
£16.324
2810712025
£i.000
Totsl vaIue OAA Grants Awhrds: £41,824.

OBSTETRIC ANAESTHETISTS ASSOCIATION
{A Company Limited By Guarnntee)
REPORT OF THE EXECUTIVE COMMrrTEE (CONTINUED)
ENDED 30TH SEPTEMBER 2025
Page 4
Objeetives, Atllvlties and Public Bell¢fKt
The charitable objective of the Obstetric Anaesthetists, Asso¢iatii)n (OAA) is to promote safety in
malemity care.
In planning and reviewing its activities during 202¥25. th¢ Trustees had regard to the Clwity
Commission's piiblic benefit guidance {CC3 and CC15d). The Tn]stees considered how each activity
coniributes to improving the safery and qU￿lty ofobstetric anaeSth￿l¢ care andihereby b¢nefLts patients,
families and the wider publi¢.
The OAA delivers public benefit by..
- improving clinical stsThlards and saf¢ty in m*ernity services
- providing accessible information for parents and the public
- educating healthcare professionals involved in maternity C￿e
- supporting national quality improvement and data collection progr8rnmes
- disseminating research and evidence-based guidance
The ultim&t¢ b¢n¢ficiarxes are pregnant and postpartum patients and their babie4 with additional benefit
to healthcare professionals and NHS services through improved safety and quality of care.
Professional andPublte Communication
The OAA PTovid¢5 Tcliable public infom)ation aix)ut pain relief and anaesthesia during ¢luldbirth
through the dedicated website LabourPains.org. This 5UPPOrts inforni¢d decision-jnaking by parents and
improves engagement with maternity services.
During the year the website was red¢sign¢d lo improve navigatiojj, muliiliiigual access and readability
in line with publio heaith communication standards. Social media channels are used to diss¢min&te
infornLqtion more widely.
The OAA funds Open Access publication of its peer-r¢view¢d research, ellabling unrestricted public
and professional access to 5afety-related evide1￿e.
Public benefit: improved public understanding uf maleTnity care and wider access to safety inforllthtion.
Professional Guldance apzdLeadership
The OAA ¢ontributes expertise to national clinical standards and confidential enquiries into maternal
deaths. These activities support safer materllity s¢rYices across th¢ UK.
The OAA supported development of an open-acce55 quick reference handbook and mobile application
for obstetric anaestlieti¢ emergencies (7,052 downloads sitt¢e launch). These resources &s%ist clinicia￿8
in time-critical situations.
The OAA partnered WAththe Professional Records St8nd)rds Body to develop the Obstetri¢ Anaesthetic
Standard, designed to enable consistent recording of anaesthetic care in maternity records And future
national audit.
Public benefit.. improved clini¢al decision-making. learning from adverse outcomes, and safer c
delivery across maternity services.

OBSTETRIC ANAESTHETISTS ASSOCIATION
{A Company Limiled By Guary4ntee)
REPORT OF THE EXECUTIVE COMMITTEE (CONTINUFD)
YEAR EINDED 30TH SEVfEI￿lER 2025
Page 5
Objeellves, Actlvltles and Publle Benefit (¢ontlDued)
Professional Educulion Training
The OAA provides multidisciplinary education for healthcare professionals through meetings, courses
and recoTded learning resources.
Activities during the year sneluded..
- Joint multidisciplinary meeting with UK Maternal Cardiology Society (122 delegates and faculty)
- Thr¢¢-Day COu￿e (J94 delegate5 and faculty)
- Annual S¢ientitic Meeting (469 delegates ￿]d faculty)
- Fiv¢ years of recorded educational content available online
Education is delivered on a cost-recovery basis and is open to rel¢vant professional5.
Public benefit: improved pmfessional competen¢¢ leading to safer maternity (are for patients.
Leod¢rshlp in Quallty Improvement ofOb&telriCAnaesih￿IC Care
The OAA develops guidance and supports national quality improvementpro￿amMes to in)prove pati¢nt
s&fety.
During the year:
- good-pra¢li¢¢ guidance on intrathecal catheters was published
further clinical guidelines ivere developed for the use of remiftntanil labour analgesia and for the
matLagement women with Arnold-chiari malfomiations
- the OAA contributed to Éhe NHS England Mateinity Outcovnes Signal System
a nationa] anaesthetic data standard was developed in collaboration with the Professional Records
Standards Body
- member surveys supported seryÉee evaluation
The Regional Societies Liaison Group wa5 re-established to share best practi¢¢ and promote dialogue
bettyeen obstetric anaesihetists in UK maternity units.
The OAA also contributes to national programmes including the UK Obst¢tri¢ SurveillanGe Sy5ten
EaGh Baby Counts and MBRRACE-UK.
Public benefit- identification of safety risks, dissemination of best practice and continuou5 improvement
of mat¢rnity care outcomes.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Lirnited By Guarantee)
REPORT OF TItE EXEcirrIvE COMMrrTEE (CONTINUED)
YEAR ENDLD 30TH sE￿EMBER 2025
Page 6
Financial review
Overnll fillancial review summarised in table below".
2022
2023
21124
202S
Actual
Actu21
rtual
Grant in¢otne
22.600
Cfynlribution to Overh￿d9
22,61N
OAA Subscriptio￿ illcome
It￿.. IJOA and P¢￿)IF01￿1 publishing costs
l¢ss'. PCH mentrrship adTrirLiStrHtion costs
less.. AOA administratton costs
251,758
261,511
246.201
253.404
250,629
(87.1707)
{98.493)
{I(K),7081
191,] 16)
194.3671
{118.%3)
45,788
1114,835)
48J83
1130.6121
14381
{146,318)
15,970
(173,4631
1172011
Colliributiou to ov¢rhe2d5
Surplu5 on m¢¢titi8s in¢ludAng sp)Dsorthip
Re￿arth gralltspayable
Trav¢1 gnd Outrea¢h Meetitigs ￿ants
payable
Burwies
40,705
60,643
9Y)J63
24,279
189,669)
13.157
(18,056)
(9,J15)
(2,192)
121,9801
136,3241
12.0001
17501
{3,350)
{i.0001
(1.000)
{3.5001
fjrgnts WTitt¢n b%k
2,62S
842
48.472
Dollations payable
Contributiom to overhud5
22.649
48,414
66,633
{65,548}
19,805
Oth¢r
126137
l51.185
135,863
116,433
111,466
Net illtome before other e%pouditure
195.274
247,782
217,377
66,855
13fi670
Amortisation
(20,933)
{55,488)
(58.9311
Managemen( adminI￿ration 8overJwice
l%et suiplllsl(deficit) for year
(excluding gaims on investments)
(59,6511
13S,623
184.003)
11(J2,907)
93537
{233,001)
1221,634)
{132,7331
1549941
163,779

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
REPORT OF THE EXEcvfivE COlVlMrrTEE (CONTINUED)
YEAR D 30TII SEIryEMBER 2025
P8ge 7
lllvestmellt Po]iry
The OAA'5 investtnent policy is to manage its porrfolio on a medium-low risk basis. seeking long-terffl
capital growth while avoiding investment in wmpante5 Ivhose primary business involves tobacco.
gambling or arniaments.
For the year ended 30 September 2025 th¢ portfolio achieved a net return of 8.45Y• (2024: 11.55Yo'
2023: 2.49/0). The investment portfolio? managed by Charles Stanley. hold5 an MSCI ESG rating of A.
The F.xe¢utive Committee has unrestricted powers of inv¢stJnent and invests funds surplus to immediate
operational requirements. Charles Stanley acts as discretionary investment manager.
Re5erYes Policy
OAA maintains unrestricted reserYe5. a proportiotL ofivhich is designated to fund research and grant
awards. The value of grant cotnmittnents varies annually according lo the nun]ber and quality of
applications. Th¢ grant pl.0￿aMMe is regularly Teviewed to ensure fi￿dS are used effectively to improve
patient ¢ar¢ and r¢main financialty sustainable.
RescTves aTe held 10:
- meet existing ¢ommitments during income flvctuations
- supwirt strategic projects aligned with the OAA'S charitable objectives
- protect the organisation from e¢onDmic uncertainty
Economic conditions following (he COVID-19 pandetnic, ongoing gIobFd instability and inflationary
pressures have increased uncertainty in event income and membership affordability. As the OAA relies
prin￿rIlY on subscriptions andeducational event surpluses, reserves provide ¢ss¢niial financial stability-
In summer 2025 the Association of Anaesthetists gave 12 months, noti¢¢ that it would cease providing
administrative and event management services. The OAA has app)inied Adapta Consulting (UK) Io
assist in procuring a ffpla¢¢nient provider. During this Iransilion pBriod reserves provide opei'ational
5ewrity.
Unrestricted funds have abo been used to:
- meet grant Con￿lI1￿ents and adniinistrative costs
- fvnd a digital platform upgrade (compl¢t¢d f¢briiary 2024" now amortised annu&lly)
- support inle17￿tiondI ed￿atIOn and quality improvement partnerships
Following completion of the digttal transfornthtion project. cashAow nianagem¢nt is being reviewed to
optimis¢ retums on ¢ash balances.
The Trustees aim to maintain unrestricted reseryes sufficient to fund >5 year5 of core expenditure and
reseatch ¢ommitm¢nts without 5urplu5 income, equivalent to approximately £l.Om41.5m. This reflects
uncertainty An fi]ttwe course income and membership levels. Th¢ ws¢rve5 policy ivill be reviewed if
in¢om¢ b￿DIIIeS con5lStently moTe predictable.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
REPORT OF THE EXECUTIVE COMMITTEE (CONTINUED)
YEAR Ef4DED 30TH SEPTEMBER 2025
Pag¢ 8
Risk Management
The Executive Committee regularly reviews organisationa] risks with support from th¢ SecrelarRat.
External consultan¢y (Adapta) previously reviewedgoyernance and GDPRcotnpliance. Implementstion
of a new rnembership and event CBM system has strengthened dat& protection proccsses.
The most significanl current oper8tionaJ risk is the transition to a new administrative and event
managem¢nt provider. The Trustee5 are m8n&ging this through external consldtsncy support and
transition planning.
Future Plans
The OAA intends to ¢ontinue operating tbrough membership sllbscriptions and educational activities in
sUP￿rt of its ¢h8riiable objective.. improving the safety and quaiity of obsletsi¢ anaesth¢tic care for
mothers, birthing people and babies.
Planned priorities include:
- maintaining education and training Pro￿an)m¢S
- developing clinical guidance and resources
- supporting rese￿￿ atld quality improvement initiatives
- promoting inclusion of obstetTiC ￿aesthetiC data within nationaI maternity datasets
- coJnpleting transilion to & new athninistrative se￿1¢e provider
The adrninistrative transition presenis sh()rt-term uncertainty. but the Trustees consider the OAA
financially stable and able to continue operating eff¢ctiv¢ly.
Statement of Truste&s r£gponsibilities
The truste¢s (who are also directors of the OAA for the purposes of wmpany law) are responsible for
prep￿illg ihc Trustces, Annuaj Report (including the Strategic Report} and th¢ financial statements in
accordance with applicable law andunited Kingdom Accounting Standards (United Kingth)m G¢n¢raily
Accepted A¢¢ollnting Practice)-
Company law requires the Tn￿eeS to prepare fmancial statetnents for each f￿ancIal year, wl)i¢h give
a true and fair view of the state of affairs of the charitable company and of the inming resources and
application of resources. in¢luding the income and expenditure, of the charitable Company for that
period. Ill preparing these financial stat¢m¢nts. th¢ Trust¢es are required to:
select suitable accounting policies and then apply them consisÉently'
obsetve the methods and principles in the Charities SORP 2019 (FRS 102)"
make judgements and estimates that are reasonable and prudenl"
stste whether applicable UK Accounting Standards have b¢¢n followed. subject to any ￿aterial
departures disclosed al￿ explained in the financial stttementg.
pr¢pare the financial statements on a going concern basis unless it is inappropriate to presume tlLat
the charitable comp8J)y will c¢Jnlinue in operation.
The Tn]stees are responsible for keeping adequate arcounling Tecord5 that disclos¢ with reasonable
accuracy at any time th¢ fitwcial positiDn of the ¢harilable company Imd enable them to ensure that the
fmancial stst¢ments comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the charitable company and hen¢e for taking reasonable steps for the prevention and
det￿tion of fraud and other irregularities.

OBSTETRIC ANAEsfHETISTS ASSOCIATION
(A Company Limited By Guarantee)
REPORT OF THE EXECUTtVE coivIMirfEE (CONTINUED)
YEAR ENDED 30TH SEPTEMBER 2025
Page 9
Provi510ll of information to Auditors
Each Executive Committee member. At the time of approving this report, has confllmed Éhat:
so far as that committee memb¢r is awaTe, there is no relevant audit iDforn)ation of whi¢h the
chaTitsble ¢ornpany'5 auditor5 are unaware" and
they have taken all steps that ought to have been taken as a ¢ommittee memberto be aware of any
informationneeded bythe charitable company's auditors in connectionivith preparingtheir r¢port
and to establish that the charitabl¢ Compa￿'S auditor5 are aware of that infonnation.
Auditors
Th¢ audiiors. M(K)re (South) LLP, will be proposed for reappointment in accordance with section 144
of the Charities Act 2011.
Thi5 report has been prepared in accordance with the Statements of Recommended Pra¢ti¢c
AccouThting and Reporting by Charities. In pr¢p￿]ng this r¢pvrt, the directors have taken advantage of
the small companies exemplions provided by section 415A of the Colnpanies Act 2006.
Approved by the tn]stees on 22 June 2026 artd signed on their behalf:
Dr Yavor Metodiev
Obstetric Anaesthelists, As$0¢iation
21 Portland Place
London
WIB IPY

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Compally Limited Bv Guarantee)
INDEPENDENT AUDrroRS REPORT TO THE MEMBERS
YEAR ENDED 30TH SEPTEMBER 2025
Page 10
Opinion
We have audited the financial statements of Obstetri¢ Anaesthetists Association (the 'charitable
company,) for the year ended 30 September 2025 which ¢ompTiS¢ Statement of Financial Activities,
Balan¢¢ sheet. Cash Flow StatemenL and related and notes to the financial ststen)ents, including a
summary of significant accounting policies. The financial reporting framework that has been applied in
their PTeparalion is appli¢able law ajid United Kingdom Accounting Standords, including Financial
Reporting Standard 102 the Finonci￿ Reporting Standard applicablg in the UK ond R¢publi¢ of Ir¢land
(United Kingdom Generally Accepted A¢¢ounting Pra¢tic¢).
In our opinion the fllLancial statements..
give a true and fair view of ihe state of the ch8ritable compally's affairs as at 30 September 2025,
and of its incoming resouTce5 ¥JKi application of resour¢es. including its income and expenditure,
for the year then ended.
have b¢¢n prop¢rly prepared in accordance with United Kingdom Generally Accepted A¢¢ouuling
Practice. 2nd
have b¢en prepared in accordance witlL the requirements of the Chariiies Act 2011.
Ba515 for OPiUiDll
We conducted our audit in accordance with Internation￿ stand￿ds OIL Auditing (UK} (ISAS (UK)) and
applicable law. Our responsibilities under Ihose standards are further d￿Cribed in the Auditor's
responsibilities for the audit of the financial statements s¢¢tion of our r¢port. We we independent of the
charitable company accordance with the ethical requirements that aye relevant to our audit of the
fU￿]GIal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordan¢t with these requirements. We believe that the audil evidence we
have obtained is sufficient and appropriat¢ lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have ¢on¢lud¢d that the trustees, use of the going concem basis
of a¢counting in th¢ preparation of the fllwicial statements is appropriate.
Based on th¢ work we have perfornied. we have not identified any material wicertatnties relating to
events or conditions that, individL￿11Y or collectively, may signifioant doubt on the charitable
company's ability to ¢ontinue as a going concern for a period of at least rwelve months from when the
f]nancial statements are authorised for issue.
Our responsibilities and the responsibilities of the trLLStees with respect to going cort¢em are described
in the Televant se¢tions of this report.
OtheT iDforniatio
The other inforniation Comprises the inforniation included in the annual reporL other than the financial
statements and our auditor's r¢port thereon. The truste￿ are responsible for the other information. Our
opinion on the fitthncial ststements does not ¢ov¢r th¢ other infomation andwe do not express any fomi
of assurance conclusion thereotL.
ItL connecLTon with our audit of the financial statements. our responsibility is to read the other
infomiation and, in doing so, consider whether the other infornation is materially ifLconsistent with the
financial statements or our knowledge obtained in the Course of the audit or othenvi5e appears to be
materially Tnisstated. If we identify suoh material An¢onsist¢ncies or apparent material rnisstatements,
we are required to detenninewhetherihis gives rigeto &m8terial misstatement in the financial statements
themselves. If, b￿ed on the work we have p¢rfomi¢d. we ¢onclude that there is amaterial misstatement
of this other inforniation, we are required to report that fact.

OBSTETRIC ANAESTHETISTS ASSOCIATION
{A Cojnpany Limited By Guarantee)
INDF.PFNDvNf AUDITORS REPORT TO THE IVIEMBERS (CONTINUED) Page I I
YEAR ENDED 30TH SEpfEMBER 2025
Other iDforniAtion (continued)
We have nothing to report in this regard.
Matters on whieh we are required to report by eIception
W¢hav¢ nothing lo report in respect of the following mattersin relation to which the Charities (Accounts
and R¢potts) Regulation 2008 require us to report to you if. in our opinion:
the infomiation given in the trustees. report 15 inconsistent in any materia] respect ivith the financial
statements. or
sufficient accountinu records have not been kept,. or
the financial ￿ate]nentS are not in agreement with the accounting records; or
Ive have not rrfeiyed all the information and explanations we requirc for our audit.
Responsibilities of trustees
As explained more fully An the trust¢¢S' T¢spoll5ibilitie5 ststement set out on page 8, the tn￿tee$ (who
are also the directOTS of the charitable company for the purposes of compatw law) are T¢sponsible for
the preparation of tlie finan¢iiil slalements and for being satisfied that tlley give atrue and fair view. and
for such internal eontrol 8S th¢ tr1￿ceS determiiie 15 necessary to enable the prcparntion of financial
slatements that ￿e free from material misststement, whether du¢ to fraud or error.
tnpreparing the fil￿)etaI statements, the truslees are responsibl¢ foras5¢55ing the charitable company's
ability lo continue as a going concern, disclosin& as applicable, Matte￿ related to going con¢em and
sing the going concern basi5 of accoiinting unless the trusl¢¢b either intend to liquidate ihe charitable
company oi. to cease opei'ations, or have no realistic alternative bul to do so.
Auditor'$ re$ponsibilities for the audit of the ffftillcial Jtalcments
Wehave been appointed as auditor undersection 144 of the Charities Act2011 andreport in a¢¢ordance
with the Act and relevant regulations mad¢ QT having effect thereunder.
Our objectives ar¢ to obtain reasonable assurance aboutiyhether the fmaneial stAtem¢nts a5 a whole are
free from material misstatenient. Ivhether due to fraud or error, and to issue 8n auditor's rcp(Trrt that
i￿[udeS our opinion. Reasonablc assurance Ès a high level of assuranc¢ but is not a guarantee that an
audit condueted in a¢¢otdance with ISAS (UK) will always detect am&terial misstat¢ment when it exists.
Misstatements can arise from fraud or em)r and are COA￿ldered mat¢rial if, individually or in the
aggregate, Ih¢y could reasonably be e.xpected to infiuence the economie d¢cisioTrs of users laken on th¢
basis of these financial statements.
A further dtwription of our responsibilities for th¢ audit of the financial ststements is located on the
Financial Reporting Coiincil's ivebsite at: www.frc.org.uklaudilorsrestM)nsibilities. This description
fornis part of our auditor's report.
ITregularities, including frau¢L are instances of non-compliance with laws and regulations. We design
pro¢edures in line with our responsibiliti¢s. outlined abuve, to detect material misstatements in r¢spe¢t
of irregularities. including fraud. The ¢￿ellt to which our procedur¢s are ¢apabl¢ of dciccting
iwdarities. including frdud is delailed below.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
INDEPENDENT AUDfroRS RFPORT TO THE MEMBERS {coNfINUED) Page 12
YEAR ENDED 30TH SEFfEMBER 2025
Eiplanatioll as to what extent the audit w*s eotssldered ¢aPAble of dcteetlng irregularities,
Aoeludltsg fraud
The objectives of our audit in respect of fraud, are. to identity and &qsess the risks of material
misstatement of the finan¢ial ststements due to fraud- to obtain sufficient appropriate audit evidence
regarding the assessed risks of rnalerial inisstatment due to fraud, through designing and implementing
appropriate responses to ihose assessed r￿kS,. and io respond appropriately to inslan￿b vf fraud or
suspected fraud identified during th¢ audit. However, the primary re5poDsibility for the prevention and
detection of fraud rests with bottL management and those charged with governance of the charitable
ompany.
Our approa¢h was ￿ follows:
The engagement partner selected staff for the audit who had appropriate knowledge of the client and
who had th¢ required ¢otnp¢t¢nce and skilts to be able to identify or recognise non-compliance with
laws and regulatio￿.
We assessed ihe risk of irregularities as part of our audit planning> and ongoing Teview, including
those due to fraud, management override was identified as a signifi¢anl fraud risk. This is due to the
ability to bypags ¢ontrols through inappropriate expenditure and a¢¢ounting policies adopted.
The entity awar(ts grant fi￿ding, the correct inclusion of which w&$ identified as a significant risk
due to the risks ￿soCialed completeness and cul off of expenditure.
We obtsined an understanding of the l¢gai and regulatory requirements applicable to the eharity and
we ¢onsidered the most SI￿)ifICant to be Ch&rites Act 2011, the Charity SORP, and UK fman¢ial
reporttng standards as i59ued by the Finan¢ial Reporting Council. We considered how the charitable
comp&ny complies with these requirem¢Thts by discussions with manLcpement and those charged with
govemance.
We enquired of management and tbose charged with governance as to any known instan¢¢s of non-
compliance or swpected non-compliance with laws glld regulations. Consideration was also made
of the internal controls in pla¢e to o)itigate the identified risks.
We assessed the control environm¢nt, documentingthe systems, Controls 2nd processes adopted. 'tThe
audit approach incoryorated a combination of controls ithere appropriate, analyli¢al review and
substantive proccdures involving tests of transactions and balances. Any irregularities noted were
discussed wilh mallagement and addAtional corrnbordtive evidence was obtained as required.
To address the risk of fraud through llLanegeniat ov¢ttide we..
p¢rfonned analytic￿ procedures to identify any unusual or unexpected rel&tionsbips'
tested journal entries to identify any unusual transa¢tions',
tested items of expenditure to 8￿Ure that they were valid and appropriate"
assessed whether judgements and assumptions made in deternining the accounting estimates were
indicative of potential bias. ar
reviewed the disclosures within the financial statements to ensure they meet the requirem¢nts of the
accounting stendards and relevant legislatLQII.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Compally Limited By Guarantee)
IIIDEPENDENT AUDITOIiS REPORT TO TIIE MEMBERS (CONTINUED) Pag¢ 13
YEAR ENDED 30TH SEPTEMBER 2025
ExplaDatioD #s lo what extent the audit was eonsidered ¢#pable of detecting irregularities,
including fraud (eontiDued)
In response to the completeness and but off of grant expenditure ive-.
obtained a listing of grants payable duringthe period ensuring they were appropriately reflected with
the financial statements.
obtained third party ¢onfirniation of receiN to ensure that the grant has been made to a bona-fide
individual or entity.
revi¢i¥¢d conditions attached to research grants ensuring that co￿lit10nS have be¢tt met prior to
recognition within the fEnancial stal¢menls' and
reviewed minut&s of meetings to en$￿￿ that all grants committed have been included with the
fiik2ncial st&tements.
There are inherent limitations in our audit procedures described above. Th¢ JllQTe ￿MoVed that laws and
regulatiow ar¢ from r]nancial transactions. the less likely it is that we 3Yould become awar¢ of non-
compliance. Auditing standards also limit the audit proc¢dures required to identify non-compliance iyith
laivs and r¢gulalivns to enquiry of the directors and other management and the inspection of regulatory
and legal corrc5pondence. if any.
MateTial mis5talements that arise due to fraud Can be harder to detect than those Ihat arise from e￿or as
they may involve deliberate cotLcealm¢nt or Gollusion.
Use of our report
This report is made solely to the charitable company's tnislees. as a body. in a¢cordan¢e wilh Part 4 of
the Charities (Accounts and Reports) Rcgulalions 2008. Our audit work has been undertaken so that we
might state to the charttable ¢ompany'5 T￿￿teeS those matters which ive are required to state to th¢m in
an auditor's report aiid for no other purpose. To the fullest extent p¢rtThitted by law, we do not accept or
assume tresponsibility to any party other than the charitable company. the charity's Trusl¢es. as a
b(Kiy, for our audit iyork, for this report. or for the opinion we have fornied.
èa/
Moore (South) LLP
Chart¢red AG¥ountants
Stathtory Auditor
City Gtttes
24 Southgate
Chi¢h¢51er
West Sussex
P019 8DJ
Date 24 June 2026
Moore (South) LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for
appoinlmenl as auditor of a ¢ompany under section 1212 of the Companies Act 2006.

OBSTETRIC ANAESTHETISTS ASSOCIATION
{A Company Limited By Guaraut¢e)
STATEMENT OF FINANCIAL ACTIVITIES
ncluding Income and Expenditure Account)
YLAR ENDED 30TH SEPTEMBER 2025
Page 14
Tr4oto Unrestricted
Funds
2025
Restrlcted
Fuuds
2025
Total
Fullds
2025
Total
Funds
2024
INCOME FROM
Donations and lega¢ies
Charitsble 8CtiYities
Other trdding activities
Lnv¢stsllent income
22,600
22,600
450,242
328,045
34.050
450,242
328,045
34,050
467,857
336.662
33,175
Tot*1 income
812.337
22,600
834,937
837,694
LXPENDITURE OTr4
Raising fund5
Charitable a¢iivities
Other
11,652
840,427
15,252
11,652
863,027
15252
10,870
,033,927
14,531
22.600
Total expenditure
867.331
22,61)0
889,9J I
1,059,328
Nel gains on investments
15
83,238
107,085
Net incorning resources
28.244
28.244
{114,549)
Iyet movement in fuod$
28,244
28,244
(114,549)
Reeolleiliation of fuDds
Tot21 funds brouglrt forward
19
1.916.920
1,916,920
2,031,469
Tot#1 Fllnds Carried Forsyard
19
1,945,164
1,945,164
1.916,920
The notes on pages 17 to 27 forni p8rt oftheses fin8nci&l ststements

OBSTETRIC ANAESTHETISTS ASSOCIA'fIoN
(A Company Limited By Guarantcc)
BALANCE SHELT
YEAR ENDED 30TH SEPTEIIIBER 2025
REGISTERED COMPANY NUMBER: 05540014
Page 15
2025
2024
r4ote
Fixed assets
Intangible asset
Jnvestments
14
15
453.960
1,359.516
512,891
,253,672
1,813,476
1,766.563
Currellt A33ets
Debtors
Cash at bank and in hand
16
137.448
368,109
136,946
497.264
505.557
634,210
Credi¢or5: Amounts falling due
ithin one year
Net eurrellt Issets
17
(373,869)
(483.853)
131.688
150.357
Total assets less eurrent liabilities
1,945.164
1,916,920
Ch*rity Fund5
Ullrestricted Funds
19
1.945.164
1,916.920
For th¢ year ending 30th Septsmber 2025 the company Trvas entltled to exemption fron] audit under
S¢¢tion 477 of the Companies Act 2006 relating to small companies. Hoiyevcr, an audit is reqiiired i
accord8nce with seetion 144 of tbe Charities Act.
Directors, responsibilities:
The metnb¢r$ have SLOt required the company to obtatn an audit of its fiAwn¢Aal statements for
the year in question in a¢¢ordance with section 476..
The directors acknowledge their re4K)nsibilities forcomplying with the requirements of the Act
with respect to accounting records and the preparation of financial statements.
These financial ststements have been prepor¢d in accordance ivilh the special provisions for small
compallies under part 15 of the Companies Act 2006.
On behalf of the Board:
Dr Yavor Metodiev
Honorary TreLsurer
Appmved by the Board on 22 Ji￿C 2026.
The notes on pages 17 to 27 fonn part of theses financial statements.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By GuArantee)
STATEMENT OF CASH FLOWS
YEAR ENDED 30TH SEPTENIBER 2025
Page 16
2025
2024
Lyote
Casb flows from operatiDg aetivities
Net c&sh proNTrded by operating
activities
23
(140.599)
4.117
Ca5b IIow5 from illvesting actiirytie5
Dividends re¢eived
Proceeds from sale of invesltn¢nts
Purch&se of investments
Purchase of intyngible fixed asset
Net ¢gsh used in investing activities
Change in cash and eash equivalents
the reportillg period
47,825
(104,484)
178,841
(212,411)
(31.855)
(22,609)
(32,250)
(163,208)
(28,133)
Cash 8md cash equivalents at the
beginning of the reporting period
Cash and cash equiv#l¢nly at the end
of the reptsrtillg period
557.059
585,192
393,851
557,059
Analysis of eash and eAsh equivaleDts
2025
2024
Cash at bank and in hand
Cash held by sto¢kbroker
368,109
25.742
497.264
59.795
Total cash aDd ¢qu1vxle￿t8
393,851
557,059
The notes on pages 17 to 27 fonn part of theses financial ststements.

OBSTFTRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
NOTY.8 TO THF, FINIINCIAL STATEMLfiTS
YEAR ENDED 30TH SEYfEMBER 2025
Page 17
ACCOUNTING POLICIES
(o) Compauy Status
The Company is limited by guaTantee and has no share ¢apilal. The ¢ompany is incorporafrd in
England & Wa]es. The directors of the company are the Tr￿te¢S named on page l. In the event
ofihe company beingwound up, the liability inrespect of the gi￿rantee is limitcd to £1 permember
of the company. The address of the registered otYi¢e is given on page l of these financial
slatements. The nature of the clwity's operations and principal activities are explain¢d in the
Truslees Report.
(b) Basls of Pr¢pAratloll
The finaneial statements have been ptepared in accordance with Accounting 8Jid Reporting by
Charitics: 8tatcmcnt of Rccommended Practice applicable to charities preparing their accounts in
ac¢oTdance with the Fitwicial Reporting Standard applic&ble in the UK and Republic of Ireland
{FRS102). Charities Act 2011 and th¢ Companies AGI 2006.
The financial statements are prepared on a goingconcern basis underthe historical cost convention
as modified by the incluslon of inYestJnEnts at niarket value. The financial statements are prepared
in st¢rling which is the funciional currency and have been rounded to the nearest pound.
The charitable company meets lh¢ defmition of a public benefit entity und¢r FRS 102. A5set5 and
liabilities are initially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy or note.
(¢) Goiug Concern
The TnL%tco8 have preydred detailed budgets and fore¢a5ts and on review of these consider that il
is appropriate for the fu￿ncial statements to be prepared on a going concern basis which assum¢
thatihe Charity will continue to exist for aperiod of at least twelve months from the date the audit
report is signed.
(d) llleoming Resources
Income from Grants is recogntsed when ihe charity has confirniation that the tnonie5 will be
received and can be Jneasured with sufficient i'eliabilily.
In¢om¢ from Charitable activities includes course registration fees. along with Course and meeting
sponsorship And is re¢ognised when the Charity is entitled to the incom¢. Income received for
¢OUTSe5 Post Ye￿ end is deferred.
Income from other trading activities includes subs¢ription income which is received for the
calcndar year. amounts relaliDg lo periods beyond ihe year end Ireated as deferred income.
Royalty inconie is recognised when the Charity AS entitled to the income. it is virtually certain that
the resource will be received and when the value can be measured with sufficient reliabAlity.
Investment income is acwunled for in the period in which the charity is entitled to rec¢ipt.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guaralltee)
NOTES TO THE FINAfiCIAL STATEMEiYrs
YEAR Ef4DED 30TH SEPTEMBER 2025
Page 18
AccoufqTING POLICJES (¢ontlDued)
(e) Resources Expellded
All expenditure is accouttted for on an accruals basis and is &nclusive of irrecoverable VAT.
Expenditur¢ is recognised where there is a legal or constructive obligation to make payments to
third parties, it IS Probable that the settleme]]t will b¢ r¢quir¢d 2nd the obligation can be measured
reliably.
Costs of raising funds wmprise the costs directly attributable to m&uaging the investment
portfolio activities.
Charitable a¢tivities &yenditure ci)rnprises those costs incurred by the ¢harity in th¢ delivery
of its actLVities and services for benefjciaries. It includes grants payable which are payments
ade to third parties in furtherance of the charitable objectives of the company. Single or
ulti-year grants 8re accounted for when either the recipient ha5 a r¢gsonabl¢ ¢xp¢¢tstion that
they will receive a ￿allt and th¢ trust¢¢s have agreed to paythe grant without condition, or the
recipient has areasonable expectation that they will receive a grant alld ony condition attaching
to the gratLt is outside of the control of the Charity.
Other ¢xpenditure represents those costs not falling into any other heading.
(Q Alloc4tion of Support Costs
Support costs are those functLons that assist the work of the charity but do not dIre￿lY relate to
eÉther Cost of ratsing fund5 or charitable a¢tivitic$. These c(Jsts are allocated between the
expenditure categories of the Charity on a basis de5igied to reflect the use of the resource. Costs
relating to a particujar artivily ar¢ allocat¢d directly whilst others are apportioned on an appropriate
basis.
(g) Intangible Fixed A3sets
Software is initially rccogDised at cost and is subsequently measured ￿ c05t less accumulated
amortisation. Amortisation is recognised 50 as to write-off the cost less their residual valu&s. over
their useful lives. Amortisation policy adopted beina 10 years for software costs (Digital Platforni).
(b) Fixed Asset Investments
Investtnents are r￿0￿]ised initially at cosL which is transa¢lioD price less transaction costs.
Subsequently. Ihe invesllllents in¢luded at closing mid market value &t the ba]ance sheet date.
Any sain or loss on tevaLuation is taken io the Stal¢ment ofFinan¢ial Activities.
(l) Debtors
Trade and other debt{>￿ are iecognised at the settleffl¢nt a￿ount du¢. Prepayments are valued at
the amount prepaid.
(i) Casb #t Bank aDd In Hand
CastL at bankknd in hand includes cash and shorttenn highly liquid investments with shortmatiwity
of three months or l¢ss from the date of acqui5ilion or opening of the deposit or similar account.

OBSTETRIC AINAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
NOTES TO TIIE FINANCIAL .8TATVMFNTS {COl￿NUED)
YEAR ENDED 30'1H SbYIEMBER 2025
Pag¢ 19
AccouiYfiNG POLlCtFS {eoDtinue(D
(k) Current Asset Investments
Current asset investments include cash or c￿h equiv81ents with a maturity of greater than lh￿e
onlhs but than one y¢ar. from th¢ dul¢ uf acquisition or opening of the deposit.
O) Creditors
Cr¢ditors and provision5 are recognised where the charity has ti present obligation r¢sulting from
a past event that iyill probAbly result in the transfer of funds to a third party and the 8mount due to
settle the obligation can be measured or estimated reliably. Creditors and provisions are llonnally
recognised at their settlement amount after allowing for any trade discounts due.
{Jll) Financial Instruments
The Charity only has fllwicial oss¢ls aThl financial liabilities of a kind that qualify &8basic financisl
instruments. Basic financial instrum¢nts are initially reCogni￿d at tran5adion value and
subsequently rn¢&sur¢d at their 5ettleillent value.
(n) Forelgn Ex¢baD%e Transaetions
Foreign currency transactions are initially recognised by applying to th¢ forcign currency amount
the spot exchange rate behyeen the functional currency and the foreign cun'ency at the date of the
transaction. Monetary assets and liabilities denominated in a foreign currency at the balance she¢l
date are translated using th¢ closing Tat¢.
(o) Funds
Unrestricted funds are donations and other income resources receivable or generated for the
objects of the charity without fth*her specifsed purpose and are available as genernl fund5.
DesI￿ted funds are unrcstrtcted fimds earmarked by the Executive Committee for particular
purposes.
Digital Platfornl - thi5 fund has been set up to specifically dogignate ￿llds allo¢at¢d to the
digital plarforn) projecL The cost of the project is lunded by ￿T¢￿ra1 funds.
Reblriil¢d fund5 are to be used for specific purposes ￿ laid doivn by the donor. Expenditure
which meets these criteria is charged to the fimd, together withaf2iralloeation ofmanagement
and sury>rt costs.
iv.
(p) T4s#tio
The charity is an exempt charity within the meaning of schedule 3 of the Charilies A¢i 2011 and
s considered to pas$ lh¢ IEs1s s¢t out in Paragraph I Schedule 6 Finance Act 2010 8nd th¢refor¢ it
meets the definition of a charitable company for UK corporation lax purposes.
JUDGEMENTS ATr4D KEY SOURCES OF ESTIMATION ulycERTA￿qTy
In the application of the charitable company's accounti￿ policie4 the Trustecs are required to
make judgements. cstimates and gssumptions abo￿ the carrying amount of assets and lTrabiltiie5
that are not readily apparent from oiher sources. The estiinates and associated as$utnptions are
b&sed on historical experience and other factors that are consid¢red tt> be r¢levant. Actual results
ay diff￿ from these estimates.
The estimates and underlying ￿SuMptIOnS are reviewed on an ongoing basis. Revisions to
Accowiting estimates recognised in the period which th¢ eblimale is revised where the revision
affects onlyihatperiod, or inthe period ofthe revision and futUTeperiods where the revision affects
both CWTent futtTrre periods.
The Tr￿￿teeS do not believe theye are any significant judgements or estimate&

OBSTETRIC ANAESTHETISTS ASSOCIATION
{A Company Limited By Guarantee)
NOTES TO THE FINANCIAL STATE1￿ENrs (CONTINUED)
YEAR EfADED 30TH SEPTEMBER 2025
Page 20
DONATIONS AND LEGACIES
Unrestrlcted Restrleted
2025
2025
Total
2025
Total
2024
Grsnt Aneome
22,600
22,600
INCOIVIE FROM CHARfTABLE ACTIVITIES
2025
2024
Cours¢ registration fees
450,242
467,857
All income from charitsble activities An 2024 and 2025 was unrestricted.
INCOME FROM OTHER TRADING ACTIvrriES
2tr25
2024
OAA subscriptions
Royalties
Other income
250,629
76,996
420
253,404
82,868
390
328,045
336,662
All income from other trading activitie5 in 2024 and 2025 was unrestricted.
INCOME FROM INVESTMENrs
2025
2024
Dividends
34,050
33,175
Ail income from investments in 2024 and 2025 was unrestrictsd.
RAISING Fuf4DS
2025
2024
Investment Manager fees
11,652
10,870
All expenses for raising funds in 2024 and 2025 was unrestricted.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
NOTES TO TIIE FINANCIAL STATF.MF,NTS {CONTINUED)
YEAR ENDLD 30"IH SLYTEMBER 2025
Page21
& D￿£cr CHARrrABLE FXPENDTTURE
2025
2024
Courses 2nd meeting expenses
Inlenialional Journal ofobstelric Atiaeslhesia
and P¢ncil Point Newsletter
Website
Grants (note I l)
External conference costs
Professional services
Support ¢osts (nole 10)
Amortisation
437.085
443,578
94.367
20.451
(6,648)
1,909
42,000
214,932
58.931
91.116
36.509
89.827
9.311
126.000
182.098
55,488
863.027
1.033.927
Restricted (course meeting expenses)
UnrestTiCted
22.600
840.427
1.033.927
863,027
1,033.927
OTHER EXPETqDITURE
2025
2024
Audit fees
A¢countan¢y fees
Under &ccrued An previous year
Awards
13.936
941
io.iio
2.310
1.071
1.040
375
15,252
14.531
The costs above relate to the governance costs of the charity.
All governance costs for 2024 and 2025 were unrestricted.
10. SUPPORT COSTS
2025
2024
Postage and stationery
Bank aTLd credit card chaTges
Committee meeling expenses
Membership adniinistration
167
19.380
16,233
146,318
16,174
25,288
173,463
214,932
182,098
All support costs in 2024 and 2025 were unrestricted.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Compally Limited By Guarantee)
NOTES TO THE FINANCIAL STATEMENfs (CONfiNUED)
YEAR ENDED 30TH SEpfEMIIliR 2025
Page 22
11. GRANTS PAYABLE
Thes¢ constitute ¢ommitments made An the yegr
2025
21)24
Research gratts
Bursaries
Trnvel ￿antS
36.324
3,500
2,000
89,669
1,000
Totsl ￿allts payable
Monie5 retumed
41,824
(48,472)
90,669
(842)
Total gratLts
(6.648)
89,827
Allr¢search grants are madetorese2rch te2ms, bursaries and travel grants are inad¢ to individuals.
Grants to Institutions
University ofEdinburgh
Royal College of Praethestists
16.3?4
20.000
36.324
During the ye8r the unspent ￿allts of £210 (2024- £842) was repaid by one IwtitLLlion.
All grants to institutions ire made for research irLto the care of mothers and babtes in line with
their objective5. GrOj￿ to individuals ar¢ to aLtow practilioners from developing countries to
attend workshops and educational courses to improve the care they provide. who oth¢rwise do
not have the rtLeans to be able lo attend.
12. EXECUTIVE COMMITTEE cosrs
Th¢ Bxecuiive Committee rnembets or persons with whom they have family or business
connections have not received remimeration, dire£dy or indirectly* from the charity.
During the p¢riDd expenses were reimbursed to members of the Executive Committee a5 follows:
2025
2024
Travel and subsistence costs Yefunded to 18 members
(2024- 15 members)
14,114
13,655
At 30 September 2￿5 there was £765 in creditors (2024- £228).

OBSTETRIC ANAESTHETISTS ASSOCIATION
{A Company Limited By Guar8ntee}
NOTF.S TO THE FINANCIAL sTATEl￿E1￿Ts (coi¥rriNUED)
YEAR ENDED 30TII SEFfEMBER 2025
Page 23
13. STAFF COSTS
The Charity has no employees.
14. INfANGIBLE ASSETS
Sof¢TrYare
COST
Bought forward
Additions year
589,312
Carried forward
589,312
AMORTISATIOTrI
Bought fonvard
Charge for year
76.421
58,931
Carried forward
135.352
NET BOOK VALUK
As at 30 Sepl¢mber 2025
453.960
As at 30 September 2024
512.891
202S
2024
Opening market value
I.193,￿7
,053.222
Additions
Disposals
104.484
(47,825)
211411
(178,841)
1,250,536
83,238
1,086.792
107.085
Total gain on revaluations and disposa15
Closing market valiie
1,333,774
J,193.877
avatlable to inY¢st
25.742
59,795
Total of investments
1,359,516
1,253,672

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
NOTES TO THE FINAF4CIAL STATEMENTS (CONTINUED)
YEAR ENDED 30TII SEPTEMBER 2025
Page 24
15. INVESTMEi¥rrs (coo¢inued)
Market
Value
2025
Market
Value
2024
Qlloted investmellts
Fixed interest
Equities
PIoperty
Alternatives
242,017
924,703
31,648
135,406
206,212
857,506
34,987
95,172
1,333,774
1,193,877
Otber
Monies held by investment managers
25,742
59.795
1.359,516
1,25J,672
The investment income derAved from the inv¢stm¢nts listed above.
16. DEFfoRS
2025
2024
Trade debtors
Prepayments arLd accrued inco]n¢
335
137,113
5.391
13 1,555
137,448
136,946
tllcluded in acctued income is £22,600 which is Testricted (2024 - £Nil).
17. CREDITORS: AMouNfs FALLING DUE wfniiN ONK YEAR
2025
2024
Trade creditors
Grdnts payable (note 18)
Def?￿ed in¢ome
Accrued expenses
6,947
6.325
113,203
235,743
128,582
232,167
134,755
373,869
483,853
Included in deferred in¢ome are amounts of £87,255 (2024 - £74.668) relating to subscriptions
received in advance 2s well as course and sponsorship fees of £144,912 (2024- £161.075) relating
to post year end events. All brought fonvatd amounts wcrc rel¢ased in the year.

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
NOTF.S TO THE FINANCIAL STATEMETrtrs (coiYrINUED)
YEAR ENDED 30TH SEvrt, MBER 2025
Page 25
18. RECONCILIATION OF GRANT COlVIKtTMENTS
2025
2024
Balance oiving at 1st October 2024
Commitments made in period (note 10)
Payments in periiMI
Written ba¢k
113,203
41.824
(106.555)
{48,472)
50.642
90,669
(28,108)
Balance oiytng at 30th September 2025 (note 17)
113.203
Written back NtAA research grant (£48,262) relates to previously recognised grant commitjnenls that
are no longer payable following r¢￿esSment of project requirements.
19. uTrfRESTRtCTED FUNDS
Desigtuted Fu&ds
General
Fund
Total
Infrastructure
Fulld
Crants Digital Unrealised
FuDd
Platforn
Gains on
IDves*menls
At 1st October 2024
Net incomingl(outgoing) resources
for the period belore net gainsl(IDss)
on investments
Amortisation of itrtati8I)le asset
Transfer grants co]llEtiilted period
TraD5fer of fi￿dS as designated grants
Total loss OTh r¢valuations atid disposal
of inveSt￿ent ass¢ts
150,000
809.982
512.891
443,690
357 1,9l6.920
(54.994) (54,994)
S8,931
(41.824)
19,218
(58.931)
41.824
(19218)
83,238
83,238
At 30th September 2025
150,000
832,588
453.960 526.928
(18.312) 1.945.164
Unrestricted funds at 30 September 2024
Designated Funds
Gentyal
Fund
Total
Infrastructure
Fund
Grants Digital UDrealised
Fund Plaiform
Inve5tmellts
At I st October 2￿23
Net Incomin￿{oUtgoIng) resources
for the period before net gainsl{10&8)
on investments
Addition of intallgible asset
AoLOrtisation Of intangible asset
Transfer grants coDullitted i￿ period
Trdnsfer of fi]nds as desigDated grdnts
Total 105s on revah￿tio1Is and disposal
of invesltnent assets
150.000
787,418
536.524 336.605
220.922 2,031,469
(221.634) (221,634)
(3 1.855)
55.488
89.827
(Il2J91)
31.855
(55.488)
(89.827)
111391
107.085
107.085
At 30th September 2024
150.000
809,982
512,891 443.690
357 1,916.920

OBSTETRIC ANAESTHETISTS ASSOCIATION
(A Company Limited By Guarantee)
NOTES TO THE FINANCJAL STATEMENTS (CONTINUED)
YEAR ENDED 30TH SEPTETrIBER 2025
Page 26
19. UIqRESTRICTED FUNDS {continued)
tnfrastru¢ture Fund - this fund has been set up to ensure that the charity has funds available to
cover Ihe costs of unforeseen changes in administration CirCu￿sts￿ces.
Grants Fund- this fund has been set up io ensw¢ that the charity has set aside sufficient funds to
e￿Ure that it can continue paying grants even in a ditri¢uli e¢onomi¢ climate.
To tliis end surpluses are r¢8ularly invested by our investment brokers, Chofles Stanley. The aim
is to eventually be able to fund future grants out of investment income generated.
Digital Platforni- this fund has been set up to specifically designate funds allocated to the digitaI
plarforni project. The cost of the project is f￿Aded by general funds. See intangibles asset note l3.
1the general fund is intet]ded to cover operationa] expenses for the next 6-12 months. Expenses
relating to courses and meetillgs are llot ¢ov¢red by this fund ￿ the course income is designed to
cover these costs. The cost of grants and donatiorLS is Govered by th¢ grants fund. Th¢ gene￿1
fund shows a defi¢iÈ as the ￿￿jO￿ty of the charity's reserves have been alloeated to designated
funds, in parti¢ular the grants fund and accwnulated investment gain5. These balances remain
available to support th¢ Ch￿Ity'S activities in line with the Irustees, iIltentions.
20. RESTRICTED Fuf4DS
2025
2024
At 1st Ociobsr 2024
Incorning resources- Visit Belfast
Outgoing resources
22,600
(22,600}
AI 30th S¢ptember 2025
The restri¢ted fund related to an ASM course to be held in Belfast.
21. AIYALYSIS OF NET ASSETS BETWEEN FUNDS
Year ended 30 September 2025
InfrAstrue¢llre
UDrt*lis¢d
Fund
gains on
(De512Dated) IDe8ignxted) (Dtqignated) Investme￿ts
(DesKgDal¢d)
Gr•nts
Digital
General
Fmlld
Totsl
Intangible r￿ed assets
Invesknents
D¢btors
Short terln deposits at
cash balances
Creditors
453,960
453,960
lJ59.S16
137,448
832,588
526,928
137,448
150.(M)O
218,109
368,109
(373.869) (373,869)
150,000
832,588
453.960
526.928
(18.312)
1,945,164

OBSTETRIC ANAE&•THETISTS ASSOCIATION
(A Company Limited By Guarnntee)
IYOTES TO TIIE FINANCIAL STATF.MF.Errs (CONTINUED)
YEAR ENDED 30'1H SEYtEMBER 2025
Pagc 27
21. AfiALYSIS OF NET ASSETS BETWEEN FUNDS (¢ontillued)
Year ended 30 September 2024
Infrastrucknre
Gr4nls
Dlgltsl
Unrealised
Fllnd
Fund
Plaéform
gains on
IDtsigll2ted) (Desigllaled) {DesIgDat￿1) Investments
(Designated)
Gelleral
Fund
Total
Intangible fixed assets
Inveskn¢nts
Debtors
Short terni deposits and
sh balances
CredAtors
512.891
512.891
1,253,672
136,946
809,982
443.690
136.946
150.(MM)
347.264
(483,853)
497,264
(483.853)
150.IN)O
809,982
512,891
443.690
357
,916.920
22. cO￿TROLLING PARTY
There is no ultimate controlling party.
23. RECONCILIATION OFFIET INCOME TO I¥ET CASH FLOW FROM OPERATING
ACTIVITIES
2025
2024
Net illcomel(outgoittg$) for the year
Amortisation
(Gains)ILoss¢s on investments
Dividends received
(In¢r¢as¢yDecrease in debtors
LDecrvdseylnerease in creditors
28.244
58,931
(83,238)
(34,050)
(502)
(109,984)
(114,549)
55,488)
(107.085)
(33.175)
78,318
125.120
Trlet eash flow from operating activities
(140,599)
4.117