REGISTERED COMPANY NUMBER.. 06410445 IEngland and Wales)
REGISTERED CHARITY NUMBER.. 1121817
rt f the Trustees and
Financial Slalemenls for the Ye2r Ended 31 December 2023
lor
British Journal Of Anaesthesia
Acom
an
LiTnrted b Guarantee

British Journal Of Anaeslhesia
Contents of the Financial Slalemenls
for the Year Ended 31 December 2023
Page
Reference and Adminislralive Details
Report of the Trustees
Report of the Independent ALJdilors
12 10 15
Statement of Financial Activities
16
Balance Sheet
Cash Flow Statement
18
Notes lo the Cash Flow Statement
19
Notes to the Financial Statements
20 10 29
Detailed Stalernenl of Financial Activities
30 to 31

British Journal 01 Anaesthesia
Reference and Adminislralive Detai15
for the Yeai Ended 31 December 2023
TRUSTEES
M Brown Ir&signed 24111120231
Professor H F Galley
Dr S J Howell Director lappoinled 31112120231
Professor D G Lambert (resigned 31112120231
Professor D J Rowbolham
Professor M M R F Slruys
A R Absalom Treasurer
COMPANY SECRETARY
Professor H F Galley
REGISTERED OFFICE
3rd Floor
56 Wellinglon Street
Leeds
West Yorkshire
LS1 2EE
REGISTERED COMPANY
NUMBER
06410445 (England and Walesl
REGISTERED CHARITY
NUMBER
1121817
AUDITORS
Thomas Coombs Limited
3365 The Pentagon
Cenluryway
Leeds
LS15 8ZB
Page 1

Brillsh Journal Of Anaeslhesia
Re
rt of the Trustees
for the Year Ended 31 December 2023
The Trustees present their annual report together with the audited financial slalemenls of the British JoLJrnal
ol Anaesthesia company Ihereinafter BJA Company I for the period 1 January 2023 to 31 December 2023.
The Trustees confirm that the Annual Report and financial slalemenls of the company ¢omply wilh the
current statutory requirements, the requirements ol the company's governing document and the provisions
of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021
leffeclive 1 January 20151 as amended by Update Bulletin 1 leffeclive 1 January 20151_
Since the BJA company qualifies as small under seGlion 383, the strategic report required of mediLJm and
large companies under The Companies A¢t 2006 Islrategic Report and Director's Report) Regulations 2013
15 not required.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal aim of the company as sel out in rts Memorandum of Association is lo advance and improve
theoretical and practical knowledge and skills in all branches of anaesthesia, crrtical care and pain medicine
and related topics.
Through this aim the BJA Company promotes the health, safely and welfare of all persons by Improving and
disseminating knowledge and skills of anaesthesia. ¢riti¢al care and pain medicine and thereby reducing the
suffering and dangers of anaesthesia and Surgery, by procuring the publication and disseminatitsn In any
suitable media of a journal In the above fields ol the best available quality from any legitimate source.
The journals I the Journals") published by the charity are called Brrtish Journal of Anaeslhesia l BJA I, BJA
Education, and BJA Open. BJA and BJA Open publish peer reviewed reports ol clinical and labgratory
investigations, reviews of other papers, exp0511ion of scientific theory, case studies and editoiials. BJA
Education principally publishes invited educational articles,
The journals are maintained by voluntary subscriptions andlor article processing charges and by such
revenue as may from time lo time accrLJe to the Journals from the publication of a journal.
The objects of the company are lo apply ils property. dire¢ted by the Iruslees 81 the discretion of the
company members. to the advancement and improvement of education of the public In anaesthesia and the
diffusion of kno¥￿edge ol new and improved methods of leaching and practising anaesthesia in all rts
bran¢hes.
The BJA company aims to publish and disseminate high quality research in anaesthesia and Ils related
subjects of acute and chronic pain and intensive care. It also aims lo educate anaesthelisls In all grades of
training and at the specialist level in recent developments within the speciality. It contributes to P051graduale
e(Iuc8tion in anaeslhesia by organising scientific symposia and by the publication of BJA Education
As a charity. rt aims to encourage and stimulate erudite research within the speciality by awarding research
grants.
Page 2

British Journal Of Anaesthesia
Re ort of the Trustees
for the Year Ended 31 December 2023
OBJECTIVES AND ACTIVITIES
Significant activities and outcomes
The principal activity of the BJA company is the publicats'on of the three journals.. BJA, BJA Education and
BJA Open. They generate Income frorn one or more of. personal subscriptions. institutional subscriptions
and inclusion in the publisher Elsevier's packages of Journals sold on subscription to libraries, article
processing charges lall articles in BJA Open, and article5 in the BJA for which the authors choose open
acces5 publicalionl, and payments from affiliated organisations.
The BJA is the highest ranked anaesthesia journal in the world by Journal Impact Factor19.1 in 20241, and
by 5-year impact factor. Impact factors are the most widely used impact metric for Scientif￿ journals. and
are the basis for rankings ol journals in the Journal Citation Report published annualty by Clarivate
Analytics. In 2023, there wère 2112 submissions, second only to the peak of 2482 in 2020 due lo COVID-19,
bul 9010 higher than in 2022 119291. Submissions were from 68 dTfferenl countries, with China, USA, UK,
France and India leading. A lolal of 365 articles were accepted for publication in 2023. The countries with
the highest numbers of articles a¢¢epled were USA, UK. China, Australia and Canada. There were two
special issues in 2023. on Thoarcic Aneslhe5iology and respiratory Physiology and on Memory and
Aw8ienÈss in Anaesthesia.
The BJA editorial team. under the gLJidan¢è of Professor Hemmings has maintained Ils excellent
performance. with an overall time lo first decision of -9 days. The trustees wish to congratulate him on the
high quality of manus¢ripts and reviews contained in the Journal and for his work along wlh that ol the
whole editorial team. There were 10 other members of the Editorial team in 2023, four from the UK. three
from Australia, and one each from France, Gemiany, and Japan. The Iruslees also wish lo thank Leanne
Webb and Paula Jones from the EMD team lor their valuable secretarial and adminislralive as515tance.
both with this move and the day-to-day running of the journal.
Dr Tom Abbott IBJA social media editor 51nce September 20211, has continued lo work with members of the
Board lo expand the active presence on of the BJA on Twitter and other forms of social media. 11 is a
measure of the succe55 of Ihis work that the BJA had >35,000 XITwitterl followers In 2023. The BJA also
delivers online webinars in collaboration with the Royal College of Anaesthelists. These are effective means
of bringing key research findings lo a wider audience and are popul81 Wlth authors. researchers and
elinicians. An archive of BJA webinars was established in 2021 to ensure that these valuable resources
remain easily accessible.
BJA Education wa5 3Gcepled lor in¢lusion in Pubmed CenlTal IPMCI in 2021, with indexing of all issues
published after January 2018. 11 wa5 included in the Journal Citation Reports ol Impact laclors from 2023.
BJA Education is also indexed In Crtescore, an 8tternative jOLJmal metric calculated by Clarivate. Both
metrics havè improved In the last Nvo years, with an impact factor of 1.7 and a Crtescore of 3.5 for 2023.
Forty-five Inslilulions had online access lo BJA Educatitsn Ihrough Consortia and r8lat&d arrangements in
2023. Inclusion in Elseviar's ClinicalKey plattorm accounted for approximately half ol the incornè generated
by BJA Education in 2022. Usage of 8JA Education continues lo illciea5e year on year, wrylh full text arti¢le
downloads increasing from 699.337 in 2020 to over 2.072,773 In 2023. The Board wishes lo thank the
edilor-in-chief If BJA Education, Professor Jonathan Thompson, and his èditorial board for their work in
maintaining the high quality of the journal and Improving rts international profile and readership.
BJA Open an Open Access journal was added lo the stable ol BJA jouinals in 2021. Professor Philip
Hopkins was appointed as its Editor-in-chief in September 2021. and the first BJA Open editorial was
published In December 2021. Full text usage (downloads of &ither pdf or HTML versions of articles) during
2023 in¢reased to 124.855 (from 34,209 during 20221. The Board w15he5 to thank the Professor Hopkins lor
his work in growing thi5 journal.
The BJA Company received income tsf £995,402 from its publication activrties during 2023. This ine1uded
payments via Elsevier of £818,199. Over 20,000 Fellows of The Royal College of Anaeslhetisls received
acces5 to the BJA and BJA EduGation during 2023 and The College paid £198.236 to support this. In
addition more than 1000 Fellows of the College of Anaeslhetisls of Ireland and the Hong Kong College of
Anaestheti515 received access to the BJA and BJA Education during 2023, for which their colleges wll pay
£27.810. Additional cos15 of publication and distribution were absorbed within the Eisevier publication
budget.
Page 3

British Journal 01 Anaesthesia
Re ort of the Trustees
for the Year Ended 31 December 2023
OBJECTIVES AND ACTIVITIES
An Important secondary activity Is the support of educational and academic activrties. As mentioned the
BJA Company supported the provision of the BJA and BJA Education to Fellows of the Royal College ol
Anaesthelists. the College of Anaeslhetisls of Ireland and the Hong Kong College of Anaesthelisls. Atthough
the Colleges paid agreed amounts for each Fellow receiving the journals. the BJA subsidised the difference
behNeen this and Ihe individual subscription costs for the journals for all Fellows. As with all the activrty of
the company, our work with this partner supports medical education and impacts on improving patient care.
Support of other educational aclivties continued during 2023. The 8JA company sponsoreij panels al
Anaesthesia 2023 in May (Birminghaml, Euioanaeslhesia 2023 in June (Glasgowl, and the PoslGraduale
Assembly in Aneslhesiology in December (New York). The BJA continued ils support and sponsorship of the
Anae51helic Research Society Spring Scienlili¢ Meeting in June Imanchesterl.
The total spend on symposia in 2023 was £27,118.
The third objective and a¢livily of the BJA company is lo provide financial support lor research, education
and clinical irnprovemenl In anaesthesia. During 2023, the BJA company supported two rounds of awards of
"RCOAIBJA grants" 8dminislered by the National Inslilule of Academ￿ Anaeslhesia INiAAI.
For the first round the NIAA Grants Commrttee made one awards wrth a value of £98,993, to Scott Bowen
and co-workers from th& University of Leèds, for a project enlitled 'Abnormal calcium homeostasis as a
mechanism of acute diaphragm weakness In sepsis"
For the second round the NIA4 evaluated 8ppli¢ations lor PhD grants and (only this yearl special
Centenary Grants. The PhD grants awarded were 11 Professor Shafaq Sikandar. Peripheral opioid
modulation of acute and persislenl posloperalive pain, Funded to the requested sum of £106.866 and 21 Dr
Michael Wilson, Mechanisms of early maciophage aclivalion and sensitisalion during VILI. funded to the
requested sum of £116,514. The two Centenary grants awarded were.. 11 Dr Tom Abbott, A major n8tion81
platfortn trial to improve outcomes after surgery and increase diversity in surgical research - the PROTECT
project. Funded lo the requested sum of £299.853 and 21 Dr Henrike Janssen, PRECARB
mechanistic
randomised placebo-conlrolled trial investigating the ellect of carbohydrate preloading on perioperative
inflammation and organ injury. Funded to the requested sum of £299,993.
Since 2020 the BJA Company has contributed lo joint 6JA-ESAIC (European Society of Anaesthesiology
and intensive Carel grants. This developed from the collaboration between ESAIC and the British Journal of
Anae51hesia Charity lo enhance clinical practice in the field of Anaeslhesia. The rules are that applicants
should have received their highest degree IPhD, MD, DMD, DVM, or ￿U1ValentI no more than 5 years
(basic scientist- clinitianl bèfore 1 January in thè year the Grant was awarded. For clinicians holding more
than one qualifying degree le.g. MD PhDI or with a clinical specialist degreelboard ¢ertifi¢ation, the limè
since thè first dègree may not exceed ten years before 1 January in the year the Grant was awarded.
Awards are funded on a 50150 basis by the BJA company and ESAIC. During 2023. grants of É60 000 ea¢h
were awarded to 11 Pascal Smuld8rs, Analgesic Effects of Dexamelhasone In Regional Anaeslhesia.. Back
lo the Eleclrophysiological Basics in a Human-lnduced Pluripotent Stem Cell Model. University Amsterdam.
The Netherlands and 21 Christoph Dibiasi. Is anli-faclor Xa activity associated with venou5 Ihromboemboli
events in critically ill patients receiving enoxaparin lor pharmacological thrDmboprophylaxis? University
Vienna, Austria. These were ioing grants and so the c05t lo BJA was É30.000 each.
As in previous years. du11ng 2023. the BJA company funded 10 John Snow Anaeslhesia Inleicalaled Awards
each with a value of £2.000. some ol which had been accounted for in 2022. Finally the BJA Company also
made donations lo support research in the departmen15 hosting the edrtors of the BJA, the editors-in4hief of
the BJA, BJA Education and BJA Open. and the chair, adminislralion and financial Iruslees of the charity.
Page 4

British Journal Of Anae5thesia
Re ort ol the Trustees
for the Year Ended 31 Decernber 2023
OBJECTIVES AND ACTIVITIES
The charity Continues lo have an agreement with the Medical Research Council to fund up lo two Clinical
Research Training Fellowship5 ICTRFI annually, with the Costs shared equally be￿een the MRCIBJA.
These prestigious awards support research training fellowship and PhD program for trainee ¢linical
academics who are identified as having the potential to become academic leaders of the future. These are
handled vi8 usual MRC mechanisms but one ol the Trustees participate5 in the final interview process. No
awards were made during 2023.
Taken together the lolal amount of funding awards for research and clinicai infraslruclure for 2023 was
£919.842. Awarded funds are only paid once the inslilulions ol the applicants have submitted a valid
Invoice. This figure Is after an adiuslment in 2023 for a grant previously awarded where the study then did
not take place, as disclosed in the notes lo the financial slalements leading lo a negative figure of £85.026.
The Charitable adivities of the BJA Company have wide ranging Impacts. The support that the Bharily
provides for the production and distribution of the BJA and BJA Edu¢ation enhances the practice of
anaesthetists both in the UK and across the world, SD improving care for patients. The charity has an
Inlegraled approach lo providing 5UPPOrt lor research in anaesthesia that has an impact al all levels. The
project grants awarded by the charity ensure that funding Is available lor specific prqecls of direct benefrt to
anaesthesia and related specialties. The charity supports research fellc>wships jointly funded with the
Medi¢al Research Council and from lime to lime make5 joint awards with other funders. This allows us to
make larger awards than would otherwise be possible, effectively doubling the availab￿ funds foi these
awards. Finally. the charity makes a direct contribution lo supporting iesearch infraslru¢lure in anaesthesia
both through support lor proie¢ls such as the National Institute of AcadeTNiC Anaeslhesia, the UK
Perioperative Clinical Trials Network and the BJA Research Forum.
The tru51ees confirm that due consideration was and is paid to the advice of the charities commission on
public benefrt,
Policy and ProGe55 for thfr Award of Grants
These are governed by the BJA Company Grants Committee. The Grants Cornmrttee is currently chaired by
Profèssor Mi¢hel Struys. To ensure that 9Tant award5 do not reduce funds for publication of the BJA. BJA
Education and BJA Open. which is the core objective of the charity. grant awards are funded frorn the
Investment surplus of the company. Project gran15 and 3-year PhD sludenlships are offered. PhD awards
are paid as a single inslalmenl so that these do not incur grant liabilities extending over several years.
During 2023 the BJA Company also supported a collaborative grant with the ESAIC (European Society of
Anaesthesiology and Intensive Caie Medicine).
Grants made by Ibe Charty are advertised within the structure of the National Institute of Academi¢
Anaesthesia INIA41 on whi¢h the BJA Company has representation at both the NIAA Board and Resèarch
Council. BJA Company liaisés wffch th6 NIAA over the advertisement of all BJA Companygrants. Mernbers
of the BJA Editorial Board serve on the NIAA Grants Committee as appropriate.
The NIAA process used by the BJA Company uses Internal and external assessors for Its grant
applications, and the forms, as with all the gfanls, are designed and the awards executed, according
lo the standards sel by national grant awarding bodies such as the MRC and Wellcome Trust. Grants
awarded by the BJA Company are eligible IDr National Institute for Health Research Portfolio status due to
the independence and rigoi of Ihtt grant review and awards process. Significantly. the BJA Company is
membei of the Association of Medical Research Charities.
The Joint BJA - ESAIC Inlerrialion81 grant 15 governed by a steering committee comprising 2 BJA comp3ny
Trustees l¢hair and the Grant Director) and two members of the ESAIC Board (President and the Chair
Re5eaich Committee Chair). Applications are managed by ESAIC staff at their headquarters in Brussels.
Two roLJnd of peer review (first short application, folSowed by full application for the best 10 appliGationsl
using both internal and external reviewers guarantee high-level and objective judgment of the grant quality.
Page 5

British Journal 01 Anaeslhesia
Re
rt of the Trustees
for the Year Ended 31 December 2023
OBJECTIVES AND ACTIVITIES
Volunteers
The production ol the BJA. BJA Education and BJA Open depends heavily on the acttvty of a numbei of
commilled volunteers recruited from academic departments ol anaeslhesia and health serV￿e$ in the UK
and the rest of the world15ee Editorial Board mèmbership). Honoraria ale paid lo the editors of the BJA and
the editor-in-chiel and associate edilor-in-chief of BJA Education. The rest of the editorial board contributes
on a voluntary basis withoLJt remuneration. The work of the editorial board is supported by a laiger
inlernatitsnal group of reviewer5 who contribute to the high academic standing of the BJA by their voluniary
work_
FINANCIAL REVIEW
Investment performance
During the year. the investment portfolio increased in value frorn £ 22,439,229 at 31 December 2022 to E
23.81D,585 al 31 December 2023. Income from investments was £779,539 in 2023 as compared with
£651.515 in 2022. The inve51menl income of the charity 15 used lo fund the research grants awarded by the
charty. Any surplus above expenditure on grants remains available for reinveslmenl and our investment
managers Evelyn Partners have been reqLJesled lo Continue lo grow the investment income.
Powers of Investment and Investment Policy
In accordance with the terms of the company's constilulion, the Iruslees invest and hold lo the order of the
¢Dmpany. monies al its disP05al in accordance with advice from the company's investment advisors. For
ethical reasons, the Iruslees have Instructed Evelyn Partners lo avoid Investment In loba¢¢o companies.
alcohol, and arm8men15 companies.
Reserves policy
There are two main facets to this policy.
i. The charity's reserves policy Is to maintain a sufficient level of resÈNes to enablè opèrating activities lo
be mainlained, taking a¢¢ount of potential risks and ctsntingencies that may occasionally arise. The PDIicy Is
reviewed annually by the Iruslees.
BJA Company has no restricted reserves. The charity's lolal unreslricled reserves include rts investments in
Bank of Scotland and HSBC, and a portfolio of investments managed on behalf of the trustees by Evelyn
Partners at their Glasgow office.
The reserves are sel aside to meet financial risks associated wrth conlingen¢ies and uncertainties ielaling lo
its operating activities according lo ils charitable objectives. The risks include.
the continued publication ol BJA for al least 3 years in the event of a ¢ollapse in subsGribei income,"
the provision for an orderly windino-down of operations in the event of a significant adverse event that is
outside the control Df the charty".
the funding of any legal Gall on the charity which is outside the sum of our insurance.
ii. The reserves als) take a¢¢ount ol the ¢ompanl5 aim lo provide educational activities and charrtable
resear¢h grants on an annual basis. The current reserves held by the BJA Company are deemed by the
Trustees lo be sufficient lo meet the obligations of the ¢harity and to mitigate the risks noted above. During
the COVID-19 yèars 12020 - 20231 the Company spent less than Intended on research grants. To make up
for this the BJA Company increased it's spend on Charitable activities during 2023, with a total spend of
£1,592.099,. which inclL)ded £919,842 on research grants and awards. Ttte BJA Company expects lo
maintain direct spending on anaeslhelic research grants and related activities consistent with available
investment income in the Coming year
Page 6

British Journal Of Anaesthesia
Re
rt of the Trustees
lor the Year Ended 31 December 2023
FUTURE PLANS
The primary mean5 by which the charity deliver5 on Ils aims is the publication of the BJA, BJA Education
and BJA Open. These journals disseminates knowledge. skills ancl research findings which are Central to the
delivery ol safe care for the patients of today and advance of clinical practice In the years lo come.
The Iruslees and board will work to maintain the impacl factor of the BJA and modify Ihe strategy of the
journal as necessary lo achieve these aim5. There is a link between high impact factoi and quality of
submissions and quality of eventual publications drives readership citation and further increases in impact
fa¢lor. The academic reputation of the BJA supports and fosters an academic community of board
members, authors and reviewers that collaborate on research. disseminate Important findings and provide
leadership in the development of the speciaty.
The journals also provide opportunities for continuing medical education ICMEI and continuing professional
development ICPDI, which helps ¢lini¢ians lo maintain their registration and ievalidation with their
professional regulators. BJA Education produces lesl material lrnulliple choice questions) lo accompany
every main article PLJblished in the BJA. Clini¢ians who read an article and complete the lesl su¢cessfully.
accompanied by sell-reflection, can claim CMEICPD creLlils (awarded by the RCOAI. In addition lo Ihis the
BJA Education has been awarded a¢credilalion by UEMS-EACCME, the a¢¢rediling b￿Y for medical
education recogn15ed by most European countries and by the USA and Canada. This has increased the
international appeal of the journal. supports our educational mission and SLJPPOrt OLJr aclivrties and materials
used lo prorllole ourjournals.
A major effort was madè to celebrate 2024 as the cèntenary year of the BJA. During the current accounting
year a centenary task force designed an exciting suite of activities that align wrth our charitsble objects.
There will be enhanced conlenl in the journal with associated ehanced social media activty. In addition
there will be a SLJite of Gentenary sessions at main anaesthesia meetings and an exciting webinar
programme. As Teported above, we funded (wo centenary career development grants with a combined value
01 £600k. We are keen to support the next generation of rising stars and this initiative complements our
funding ethos from medGial school lo senior re5earGh aGlive academics and clinicians.
We will work more closely wlch our affiliated partners.. RCOA. CAI and HKCA as we believe collaboration
brings bènefits that far exceed individual charitable a¢tivrty. We will, of ¢ourse, retain our individuality in line
with our objects. Specific inilialives will be educational and support of mutually beneficial research activity.
Our partners are listed but we can increase our appeal by further partnering activity and we will look to other
European contries and their so¢ieliÈs during the ¢oming year.
As noted previously we are reviewing our procedures for the appointment of Trustees. We are addressing
challenges wrth our abilty to appoint new Tiuslees lo ensure and that opportunities for Trusteeship ale
available lo colleagues across the Boards of all the BJA JouTnals whilst rnaintaining the high callibre of
these appointments.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govèrning document
The Gharily is controlled by ils governing document, a deed of Irusl. and Conslitules a limrted company,
limited by guarantee, as defined by the Companies Act 2006.
Charity constitution
Constitution
Brrtish Journal of Anaesthesia is a company limited by guarantee which was incorporated on 26 October
2007 number 6410445 and its governing documènt is its Mémorandum and Articles of Association. The
Articles were updated In 2018.
The company was recogn15ed as a charity by the Charity Commission on 4 December 2007 and allocated
th8 charily nLJmber 1121817. The Company has also registered with the Office of the Scottish Charity
Regulator and was recognised as a Scottish charity by them on 27 August 2008, nurnber SC 039825.
Page 7

British Journal Of Anaeslhesia
ort of the Tru51ees
foi the Year Ended 31 De￿mber 2023
STRUCTURE. GOVERNANCE AND MANAGEMENT
Appointment of trustees
The Charity may by Ordinary Resolution in General Meeting appoint an Ordinary Member lo be a Iruslee,
provided that the nLJmber of Iruslees would nol exceed the maximum permitted of six Ichair, finance trustee,
adminislralion Iruslee. Iruslee responsible lor business developrnenl and marketin9, and Iru51ee responsible
for governance. The revised Arti¢les of Association 2018 slate that there will be an exlemal nc>n-execLJlive
trustee.
A company member is any person who is a member ol the Charity of any class. The classes of membership
in 2023 were.. Ordinary Members and Affiliated Collegelsociely membeis.
The Trustees who served during the year were..
Dr S J Howell (Chairl
Professor H F Galley IAdminislralion Trusleel
Professor A R Absalom IFin8nce Trustee)
Professor D J Rowbolham (Governance Trusleel
Professor MMF Struys (Business Davelopmenl and Marketing Trustee)
The non*xeculive Iruslee position held by Mr. Brown became vacant on his appointment as chief executive
officer on 1 March 2D22. The position for an external non-executive trustee remains va¢ant. Advertisements
placed during 2020 and 2021 failed to identify suitable candidates. No advertisement5 were placed during
2023 pending the outcome of a governance review. The board plans lo re-advertise in 2024 and 2025.
Company administratSon
The chief executive officer Mr. Michael Brown has responsibility for the day-t￿aY adminislralion of the
ctsmpany. CLA Evelyn Partners Limited are the company's a¢countants and Mr Matthèw Barton of Evelyn
Partnèrs is the named company accountant. We are most grateful Mr Barton for his work and advice during
2023. The Company purchased financial and administrative support from the Event Management Direct
I'EMD") Ltd. Named staff ol EMD received and piocessed invoices on behalf of the BJA company.
named member ol EMD staff provided administrative support to the Governance Trustee and iecoided the
minutes of meetings of the charity. The BJA Company thanks EMD for the support that il provides.
Induction and training of new trustees
The company ha5 six Iruslees who are eommitted to seNing the charity to the best of their ability. The
trustees receive regular training on the Charity Acts and the requirements of the Charty Commission. Our
acGounlanl allends Trustee meetings as required and the Finance Trustee meets wlh him more regularly.
He advises and guides the trustees on ¢h8nges in the requirements for disclosure and compliance with the
legislation and on the inlerprelalion of the accounts lo newly appointed Iiustees.
The trugteeg 0130 meet twice yéarly wrth the eompany invèstmènt advisors (Evèlyn Partnèrgl who ars alBo
readily available to advisè on thè investment policy ol the company. Our accountant also attend5 these
meetings as needed. Finally, the company's audit()rs, Thomas Coombs Ltd. also advised on the Induction
and training of the trustees and provide relevant COLJrses lo the company as their client.
Page 8

Br(cish Journal Of Anaeslhesia
rt DI the Trustees
for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Key management remuneratlon
None Df the Iwslees are remunerated.
Mr. Michael Brown provides his services through his own company, Michael Brown Consulting Ltd. and Is
paid quarterly, on submission ol an invoice.
Professor Hugh Hemmings is the current editor-in-chief ol the BJA. Professor Jonathan Thompson is the
¢LJrrent editor-in-chief of the BJA Education and Profe550r Philip Hopkins Is the edilor-in-chiel of the BJA
Open. The edilors-in-chief of BJA, BJA Education and BJA Open, and editors of the BJA receive
remuneration, which is paid quarterly on provision of an invoice. Professor Hemmings provides his services
through his company, Hemmings Consullin9, and Professor Thompson through his corllpany Weslerby
House Editing Ltd. None of the individuals receiving remuneration ale Iruslees ol Ihe Company.
The BJA. BJA Education and BJA Open editorial team receive administrative assistance from EMD and
eill Gornell Medieal College (supporting Professor Hemmingsl. The company funds thi5 SUPPOrt.
Risk management
The BJA Company maintains a risk register. One of the Iruslees. Prolessor D.J. Rowbolham lakes
responsibility for ensuiing that this is regularly reviewed and updated by the tiustees. The Iruslees r￿Ul3￿Y
review the risks lo which the company may be éxposèd and the Chair and finance Iruslee liaise with its
insurance brokers, Circle Insurance Services Ltd, lo ensure appropriate insurance cover is in place. The
main risk identified is that ol libel although cases brought are extremely rare for monthly s¢ientifi¢ journals
such as the BJA. However, lo cover SLSch an eventuality. the company holds professional indemnity
insurance for the SLJM of £5 million lo cover worldwide risks. The company also mainiains cover for public
and products liability, employers, liability. management liability and crisis conlainmenl. In addition to this
cover. the trustees maintain al least £1 m of the company assets in a form that may be readily realised lo
meet any higher Claims should they arise. It is also the policy of the trustees to hold assets of at least £Sm
lo maintain production of the journals for 3 years in the event that income ceases. The 8JA Company
recognises the need to maintain funding for an orderly wnding-down of opeialions in the event of a
signrficanl adverse event that is outside the control of the charity or the funding ol any *al call on the BJA
which is outside the sum of our Insurance such that we would be able to meet these ¢ontin9encies frDrn the
available reserves. A 5ignifi¢ant risk Currently identified is that the present BJA regulations arè beginning 10
affect our ability lo recruit new direclor511ruslees. Vve are working towards. and making progress with, a
revised appointment procedure that will resolve this issue. Most of the risks identifièd in the last report have
been downgraded In severity. although we still regard fluclualion in financial markets as significant. BJA
operates according lo a suite of internal procedures, regulations and policies which are reviewed regular￿.
Page 9

British Journal 01 Anaesthesia
Re ort of the Trustees
for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Affiliation5
i. The Royal College of Anaesthelisls IRCOAI.
The RCc>A is the largest aff Ilialed partner ol the BJA company. Bc)th charf(ies aim lo mutually support
ongoing education and training of anaesthetisls who are Fellows & Members ol this College_ The BJA
benefits from the increased circulation obtained from providing the journal (to > 20.DOO fellows in 20231 and
association with an internationally highly respected anaeslhesia organisalion. This relationship musl be
viewed against the international aims of the BJA to educate an8esthelisls throughout the world. The RCOA
also undertakes international activities but ils primary focus Is as the professional body responsible for
anaeslhesia in the United Kingdom. The tNo ¢harrf(ies are independent bul work together whenever
appropriate to encourage research and education In anaeslhesia lor instance by the awarding of joint
BJIVRCOA research grants funded in full by thè BJA Company. To facilitate inleralions the RCOA has
appointed an affiliated College member to the BJA company and the BJA Company Chair is Co-opted to the
RCOA Council.
ii. The College of Anaeslhesiologisls ol Ireland ICAII,
The College (>f Anaesthèsiologists of Ireland became an affiliated partner of the BJA Company in May 2013.
Vvhilsl some members of the CAI are members of the RCOA, many are not and this affiliation resulted In full
acces5 to BJA and BJA Education for 787 anaesthetic colleagues In Ireland during 2023.
iii. The Hong Kong College ol Anaesthesiologisls.
The Hong Kong College of Anaeslhesiologists became an alfilialed partner ol the BJA Company al th&
bèginning of 2015. This affiliation resulted in lull acce55 to BJA and BJA Education for 616 anaeslhelic
colleagues in Hong Kong during 2023.
iv. The Facutty of Pain Medicine IFPMI of the UK.
The FPM is a partner organisation of the BJA company and a facutty of the RCOA. It is the professional
body responsible for the training, assessment. practice and ¢onlinLJing professional development of
specialist mediGal pra¢lilioners in the management of pain in the UK. It supports a multidisciplinary
approach lo pain Tnanagement informed by evidence-based practice and research. Members of the FPM
receive a subscripliDn lo BJA Education.
Facurty of Intensive Care M&di¢ine IFICMI of the UK
Like the FPM, the FICM Is a partner organisation of the BJA company and a lacully of the RCOA. 11 is the
professional and stslutory body lor the speCia￿Y ol intensive care medicine, and includes critical care
doctors. advanced critical Gare pra¢litioners, and critical care phamiacisls as members, who recèive a
SLJbscriplion lo BJA Educatitsn. The FICM works to promote edLJcation and standards. influence and deline
national policy, and improve Dulcomes for our critically ill patients and their families.
vi. Th& South African Society of Anaesthesiology ISASAI
SASA is a society partner for BJA Education and SASA is provided with 500 free subscriptions lo BJA
Education, lo support anaesthelisls working in rural areas.
Page 10

Brf(ish Journal Of Anaeslhesia
ort of the Trustees
for the Year Endèd 31 December 2023
TRUSTEES. RESPONSIBILITY STATEMENT
The Trustees (who are also director5 of BJA Company for the purposes of company lawl are responsible for
preparing the trustees, report and the financial st31emenls in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicè).
Cornpany law requires the Iruslees to prepare financial stalements for each financial year. Under company
law the Trustee must not approve the financial 51alemenls unles5 they are satisfied that they give a true and
fair view of the slate Df affairs of the charitable company and of the incoming resources and applicalion of
re8QLJr¢es, including the income and expenditure, of the charitable company for that period. In preparing
these financial slalemenls, the Iruslee is required lo..
o select suitable a¢¢ounting policies and then apply them consislenlly",
o observe the methods and principles in the Charities SORP,
o make judgments and accounting estimates that ale reasonable and piudent,
o prepare the financial statements on the going con¢ern basis unless il is Inappropriate lo presume that Ihe
chairtable company will continue in operation.
The Iruslees are responsible for keeping adequate accounling records that are suffieienl lo show
explain the charilabl& company's Iransaclion5 and disclose with reasonable accuracy at any lime the
rinancial position ol the charitable ¢ompany and enable the finance director to ensure that the financial
statements comply with the Companies Act 2006. The finance and governance directors are also
responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps lor
the prevention and dete¢tion of fraud and tslher irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware. there is no relevant information las defined by Section 418 of the
Companies Act 20061 of which the charitable company's auditors are unaware, and each trustee has taken
all the steps that they OLJghl to have taken as a trustee In order to make them aware of any audit information
anol lo establish that the charrtable company's auditors are aware of that Information.
All the current trustees have taken all the steps that they ought lo have taken lo make themselves aware of
any information needed by the company's auditors for the purpose of their audit and lo establish that the
auditors are aware of that information.
so far 89 th8t trustee is 8W8re, there is no relevant audit information of which the charitable companls
auditors are unaware and
that the trtjslees have taken all Ihe steps that ought lo have been tsken as a Tiuslee in order lo be aware
of any relevant audit information 8nd to establish that the charitable company's audilois are aware of that
information.
AUDITORS
Following a tendering process conducted in late 2022. Thomas Ccx)mbs Ltd were appointed as auditors by
the board during lor the year ended 31 December 2023.
In preparing this r&port the trustees have taken advantage of the small companies exemptions provided by
section 415A of the Companies Act 2006.
This report has been prepared In accordance with the special provisions of Part 15 of thè Companies Act
2006 relating to small Companies.
Approved by order of the board of IIuslee5 on 15 October 2024 and signed on ils behalf by..
A R Absalom - Trustee
Page11

Re
rtofthe Inde
ndenl Auditors lo the Members of
British Journal Of Anaesthesia
Opinion
We have audited the finan¢i81 statements of British Journal Of Anaeslhesia Ilhe 'charilable compan511 for
the year ended 31 December 2023 which comprise the Statement ol Financial Activities, the Balance Shéet,
the Cash Flow Slalemenl and notes to the financial slalemenls, including a summary of significant
accounting policies. The financial reporting framework that has beèn applied in their preparation is
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptèd Accounting
Practice).
In our opinion the financial stalements.
give a true and fair view of the stale of the charrtable companls affairs as at 31 December 2021 and of Its
income and expenditure, for the year then ended,
have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
Vve conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable 18w. Our responsibilities under those $18ndards are further described in the Auditors.
responsibilities for the audit Df the financial slalemenls section of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant lo 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 lo provide a basis lor our opinion.
Conclusions relating to going concern
In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation Df Ihe financial statements is appropriate.
Based on the work we have performed, we have not Identilied any material uncertainties rdating to events
or conditions that, individualty or collectively, may cast significant doubt on the charitable Company'5 ability
tts continue as a going concern for a period of al least twelve months from when the financial statements are
aulhorised for issue.
Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described In the
relevant sections of this report.
Other infomiation
The Iruslees are responsible for the other information. The other information Gompri5es the inforrnalion
includèd in the Annual Report. other than the financial statements and our Report of the Independent
Audf(ors Ihereon.
Our opinion on the financial slatemenls does not cover the other Information and. except to the extent
olhepNise explicitly staled in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit ol the financial statements. our responsibility Is to rèad the other information
and. in doing so, consider whether the other inlDrmation Is materially inconsistent with the financial
statement5 or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we
identify such material inconsistencies or apparent material misslalements. we are required lo determine
whether this gives rise lo a material mi5slalemenl in the financial statements themselves. If, based on the
work we have performed, we conclude that there is a material misstalemenl ol Ihis other information. we are
r&quired to report that fact. Vve have nothing to ￿ptsrt in this regard.
Oplnlons on other matters prescrlbed by the Companies Act 2006
In our opinion, based on the work undertaken in the ¢our5e of the audit.
the Information given in the Report ol the Trustees for the linan¢ial year for which the financial
51alemenls are prepared 15 COnSiStenl with the financial slalemenls". and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
P3ge12

Re
ort of the Inde
ndenl Auditors lo the Members of
British Journal Of Anaeslhesia
Matters on which we are requirèd to rèport by exception
In the ligttt ol the knowledge and understanding of the charrtable company and rts enwronmenl obtained In
the course of the audit, we have not identified material misstalemen15 In the Report of the Trustees.
We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo
report to you if, in our opinion.
adequate accounting records have not been kept or returns adequate for tsur audit have not been
received from branches not visited by us.. or
the financial statemen15 are not in agreement with the accounting record5 and relurn5', or
certain disclosures of IrLJslees' remuneration spe¢ified by law are not made.. or
we have not received all the infoimalion and explanations we require for our audit", or
the trustees were not enlilled lo lake advantage ol the small companies exemption from the requirement
lo prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of tru$le*$
As explained more fully in the Trustees, Responsibilities Stalemeril, the Iru51ees (who are also the directors
ol the charitable Company for the purposes of ¢ompany lawl are responsible for the prèparation of the
financial slalemenls and lor being satisfied that they give a true and fair view, and lor such Internal control
as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from
material misslalemenl, whether due lo fraud or error.
In preparing the financial statements, the trustees aTe responsible for assessing the charrtable company's
ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using
the going concern basis of accounting unless the Iruslees either Intend lo liquidate the charitable company
or lo ce35e operations, or have no reali51ic alleinalive bul to do 50.
Page 13

Re
rt ol the Inde
ndenl Auditors lo the Members of
British Journal Of Anaeslhesia
Our responsibilitie$ for the audit of the financial Statements
Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as 8 whole are
free from material misslalement, whether due lo fraud or error. and lo issue a Report of the Independent
Auditors that includes our opinion. Reasonable assurance is a high level of assurancé, bul is not a
guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl
when rt &X151s. Misslalemenls can arise from fraud or error and are considered material if, individually or in
the aggregate. they ¢ould reasonably be expected to influence the e¢onomic decision5 of users taken on the
basis of these financial slalements.
The extent lo which our procedures are Capab￿ ol detecting irregularities, Includi￿ fraud is detailed below
Irregularities, including fraud, are instances of non-compliance with laws and regUlat￿n$. We design
procedures in line wrth our responsibilities, outlined above, to delecl material misslalements in respect of
irregularities, including fraud. The extent to which our procedures are capab￿ of detecting itregularilies,
including fraud is detailed below".
Based on our understanding of the entity and industries in which il operates, we idenlifth the principal risks
of non-compliance with laws and regulations related to anti-bribery. ¢orruplion and fraud. We also
considered those law5 and reGulalions that have a direct Impact on the preparation of the financial
slalemenls such as the Companies Act 20Q6, tsx legislation snd the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021.
We assessed the su5ceplibility of the company's financial 51alemenls lo material mis51alemenl and how
fraud might oecur, including through discussions with the directors and discussions wrthin our audit team
planning meeting. We determined the principal risks wèré rèlated to posb'ng journal entries to manipulate
profits. and management bias in accounting estimates, especially prepayments and accruals.
To address the risk of fraud through management bias and override of controls. we..
PertDrmed analsrtical procedu￿$ to Identify any unusu81 ¢ir unexpected r&l81ionships
Identified and lesled Journal entries and identified any signrficant transactions that were unusual oi outside
the normal course of busines5.
Investigated the rationale behind significant or unusual transactions.
Challenged assumptions and judgements made by management in determining significant ac¢oLJnting
estimates. in particular in relation lo piepaymenls and accruals.
In response lo the risk of irregularities and non-compliance with laws and regulabons, we desgned audit
proc8dures which included, but were not limited lo..
Agrèèing financial statements dis¢losvres lo underlying supporting docurnenlalion.
Discussions with management of known or suspected Inst8n¢es of non-compliance wrth laws and
regulations.
At the completion stage of the audit. the engagement partner's review included ensuring that the team had
approached their work with appropriate professional sceplicism and thus the ¢apa¢ity lo identify
non-complian¢e with laws and regulations and fraud.
There are Inherent limitations In the audit procedures described above and the further removèd
non-compliance ol laws and règuSations is from the events and transactions reflected in the financial
slalement5, the less likely we would become aware of It. Also. the risk of not d8tecting a material
misslatemenl relating to fraud is higher than the risk ol not dete¢ting one resutting from error. as fraud may
involve deliberate concealment.
A further des¢ripliL)n of our responsibilitie5 lor the audit of the financial 51alements Is located on the
Financial Reporting Council's website at ww.frc.org.uklauditorsresponsibilities. Tnis description forms part
of our Report of the Independent Audilois.
Page 14

ort of the Inde
ndenl Auditors lo the Members of
Brrtish Journal Of Anaeslhesia
Usg ofour report
This report Is made solely to the charitable company's members, as a body, in accordance wlh Chapter 3 of
Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken so that we might state lo the
charrtablè company's members those matters we are required lo slate lo them in an auditor5, report and for
no other purpose. To the fullest &xtent permilled by law, we do not accept or assume responsibility lo
anyone other than the charitable company and the charitable company's members as a tx)dy. for our audit
work, for this report, or for the opinions we have forrned.
Christopher Datwin FCA Isenior Slatulory Audilorl
for and on behalf of Thomas Coombs Limited
3365 The Pentagon
Century Vvay
Leeds
LS15 8ZB
Date..
IÉ" Ocklr- 2LI2 ?
Page 15

British Journal Of Anaesthesia
Slalemenl of Financial Activities
Incor
oralin
an Income and Ex
nditure Ac¢ounl
for the Year Ended 31 December 2023
2023
Unreslri¢led
fLJnds
2022
Total
funds
Note5
INCOME AND ENDOWMENTS FROM
Charitable activities
charitable activities
995.402
1,171.276
Inveslrnenl Income
779,538
651,515
Total
1,774,940
1,822,791
EXPENDITURE ON
Raising fLJnds
62.902
70.095
Charitable a¢tlvltles
Charitable activities
1.592,099
1,418.525
Total
1.655,001
1,488,620
Nel gainsll105ses1 on investments
1.101,593
11,322,582)
NET INCOMEIIEXPENDITUREI
1,221,532
1988,4111
RECONCILIATION OF FUNDS
Total funds brought fopNard
22.299,241
23.287,652
TOTAL FUNDS CARRIED FORWARD
23,520.773 22,299.241
The notes fom part of these financial statements
Page 16

British Journal Of Anaeslhesia
Balance Sheet
31 Oecember 2023
2023
Unreslri¢ted
funds
2022
Tol31
funds
Notes
FIXED ASSETS
Investments
14
23,810.585 22,439,229
CURRENT ASSETS
Debtor5
Cash at bank
15
440,831
1,629.299
399,585
1,340,982
2,070.130
1,740,567
CREDITORS
Amounts falling due within one year
16
12.359,9421 11,880,555)
NET CURRENT ASSETS
1289,8121
1139.9881
TOTAL ASSETS LESS CURRENT
LIABILITIES
23,520,773 22,299,241
NET ASSETS
23,520.773 22,299,241
FUNDS
Unreslricled funds
17
23,520,773 22.299,241
TOTAL FUNDS
23.520,773 22,299.241
These financial sl8temenls have been piepared in accordance with the provisions applicable lo charitable
companies subject lo the small companies regime.
The financial slalements werè approved by the Board of Truslees and aulhorised for issue on
15 Octot>er 2024 and were signed on its behalf by".
/yt.
A R Absalom - Trust&8
The notes form part of these financial stslernenls
Page 17

British Journal Of Anaeslhesia
Cash Flow Ststement
for the Year Ended 31 December 2023
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
1222.0361
1361,3471
Nel cash used in operating activities
1222.0361
1361.3471
Cash flows from investing activities
Purchase of fixed assèt invèstménts
Sale of fixed asset investments
Interest received
Dividends received
11,495,212)
1,226.027
223.113
556.425
12,901.5361
2,026,628
118.138
533,377
Nel cash provided byllused Inl Investing aclivilios
510.353
1223.3931
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at thè
beginning of thè rgportlng period
288,317
1584.7401
1.340,982
1.925,722
Cash and ¢ash equivalents at the end
of the reporting period
1,629,299
1,34D,982
The notes form part ol these financial slalemenls
Page 18

British Journal Of Anaeslhesia
Notes lo the Cash Flow Slalement
for the Year Ended 31 December 2023
RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2023
2022
N&t incomellexpenditvrel for the reporting period las per the
Statement of Flnancial Activities1
Adjustments for:
IGainlAosses on investments
Interest received
Dividends received
Equalisalion on Investments
Investment adjustment lo opening cost
Increase In debtors
In¢r&ase in Creditors
1,221,532
1988,4111
11,101,593)
1223,1131
1556,4251
18881
310
141,2461
479,387
1,322,582
1118,1381
1533.3771
16,3351
1269,7751
232,107
Net cash used in operations
1222,0361
1361,3471
ANALYSIS OF CHANGES IN NET FUNDS
Al 111123
Cash flow
Al 31112123
Net cash
Cash al bank
1,340,982
288.317
1,629.299
1,340,982
288,317
1,629.299
Total
1,340,982
288,317
1,629,299
The notes form part ol these financial statements
Page 19

Birtish Journal Of Anae5thesia
Notes lo the Financial Slalemenls
for the Year Ended 31 De¢ember 2023
GENERAL INFORMATION
British Journal of Anaeslhesia 15 a public benefit entity incorporated in the UK, and registered
England and Wales al 3rd Floor, 56 Wellinglon Street, Leeds, LS1 2EE under company registered
number 06410445. charity registered number 1121817 and Scottish ch8rty number SC039828.
STATEMENT OF COMPLIANCE
The financial slalements ol The British Journal of Anaesthesia have been prepared in compliance
with United Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The
Financial Reporting Standard applicable in the United Kingdom and the RepLJblic of Ireland, I'FRS
102,1, SORP IFRS 1021 and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires managernent lo exercise judgement in applying the
char((able company's accounting policies.
The following principal accounting policies have been applièd.
ACCOUNTING POLICIES
Basis of preparing tho financial statement5
The financial slalemenls of the ¢harrtable company. which is a public benef51 enltfy under FRS 102,
have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by
Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Rèpublic ol Ireland IFRS
1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial
statements have been prepared under the historical cost Convention, with the exception of
investments whieh are included at rnarkel value, as modified by the revaluation of certain assets.
Critical accounting judgements and key sources of estimation uncertainty
There were no material judgements and key sources of estimation in the preparation of the financial
statements.
Income
Income from investment assets
Dwidends are Included in the Statement of Financial Activities on an accrual basis.
Bank interest Is included gross of lax on a receivable bas1S.
Income - contributions from The Royal College of An•esthetist$ and other colleges
Contributions from Coll￿eS and other associations are accounted for on an accrual basis in the
period for which they are due.
Income - royalties
Roy811ies ieteived are accounted foi on a receipt basis. With r￿gardS lo the income of the charitable
company. following the move lo Elsewer. BJA now receives a royalty payment from Elsevier at a sel
amount and the Income generated and costs incurred by Elsevier do nDI impaGt on the BJA
thereafter.
Incomo - legacy
For legacies, enlillemenl is taken as the earlier of the dale on which either the charitable company is
aware that probate has been granted, the estate has been finalised and nolificalion has been made
by the execulorls) lo the Trust that a distribution will be made, or when a distribution is received from
the eslale. Receipt of 8 leyacy, in whole or in part. is only considered probable when the amount ca
be measured reliably and the charitable company has been notified ol the executor's intention lo
make a distribution.
Page 20

Brrtish Journal Of Anaeslhesia
Notes lo the Financial Slalements - continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES- Continued
General expenditure, project grants and research fellowships
The total of project grants and research fellowships is recognised in the financial slalements from the
date the awards are made.
Costs of generating funds are CDSts incurred in attracting voluntary income, and those incurred in
trading activities that iaise funds.
Charrtable activities and Governance Costs are ¢osts incurred on the charitable companls
educational operations, including support costs and costs relating lo the govemance of the charitable
company apportioned lo charrtable aclivilies.
Liabilities are recognised as expendilure as soon as there is a legal or ¢onslru¢tive obligation
committing the Journal to the expenditure. All expenditure is accounted lor on an acciual basis and
ha5 been classrfied under a heading that aggregate all cos15 related lo that category.
Grants offeied subject lo conditions which have not been mel al the year end dale are noted as a
cDmmilmenl but not a¢¢rued as expenditure.
Taxation
The charity is exempt from corporation lax on ils charitable activities.
Fund accounting
Unreslricled funds can be used in accordance with the charrtable objectives al the discreknon ol the
trustèès.
Reslricled funds can only be used for particular reslricled purposes within the objects ol the charity.
Restrictions arise when specrfied by the donor or when funds are raised for particular restricted
purposes.
Further explanation of the nature and purpose of each fund is included in the notes lo the financial
Statement5.
Tangiblè fixèd assets
Tangible fixed assets under the cost rnodel are slated al historical cost less a¢¢umulated
depreciation and any accumulated impairment losses. Historical c05t includes expenditure that is
directly attributable lo bringing the asset to the location and condition necessary for it to be capable
of operating in the manner intended by management.
Depreciation is charged 50 as lo allocate the c051 of assets les5 their residual value over their
estimated useful lives. using the slraight-line method.
Depreciation is provided on the following basis..
Computer Equipment
330/.
The assets, residual values, useful lives and depreeialion methods are reviewed, and adjusteil
prospectively if appropriate. or il there is an indication of a significant change since the last reporting
dale.
Gains and losses on disposals are determined by ¢omparing the proceeds with the carrying amount
and are recognised in the Slalemenl of Financial Aclivilies.
Valuatlon of invèstmenl assets
Page 21

British Journal Of An8esthesia
Notes lo the Financial Statements- continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES- continued
Investments held as fixed assets are staled at market value. Gains and losses on realisalion are
calculated by reference to cost ff bought during in the year and by reference to markèt valLJe al the
beginning of the year if held al that lime. Increases and decreases In market value againsl cost or
market value al the beginning of the year (if held at that timel are Ireated as unrealised gains and
losses for Ihe year. and are erediledlcharged to the Slalemenl ol Financial Activities.
Debtors
Trade and other debtors are recognised al the settlement amount after any Irade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and Cash equivalents
Cash at bank and in hand includes cash short lerrn highly liquid investments with a short maturity of
three months or less from the date of acquisition or opening of the dgposrt or similar account.
Creditors and provisions
Creditors and provision5 are recognised where the charity has 2 present obligation resulling frorn a
past event that will probably result in the transfer of funds to 8 third party and the amount due lo
settle the obligation can be measured or estimated reliably. Creditors and proVis￿nS are normally
recognised al their selllemenl amount after allo)wing for any trade discoun15 due.
Finan¢lal Instruments
The charitable company only has financial assets and linan¢ial li8bililies of a kind that qualify as
basic financial instru￿entS. Basic financial instruments are initially recognised al transaction value
and subsequently measured at their settlement value with the exception of bank loans which are
subsequently measured at amortised cr)sl using the effective interest welhod.
INVESTMENT INCOME
2023
2022
Dividend income
Depos(t account interest
Preference share interest
556425
12.029
211.084
533,377
1,613
116,525
779.538
651,S15
INCOME FROM CHARITABLE ACTIVITIES
2023
2022
Activity
Charrtable activities
Charitable activities
Charitable activities
Subscriptions
RCOA SLJbvenlion
Elsevièr royally income
121,0331
198,238
818,199
50,526
516,271
604,479
995.402
1,171,276
The negative figure on Subscriptions arises from the correction of an overestimation in a prior year.
Page 22

British Journal Of Anaeslhesia
Notes ID the Financial Slalemenls continued
for the Year Ended 31 December 2023
RAISING FUNDS
Inve$tment management C05t5
2023
2022
Ixveslmenl management fees
62,902
70,095
CHARITABLE ACTIVITIES COSTS
Grant
funding of
a¢tivrties
(see note
81
Direct
Costs (see
note 71
Support
costs Isee
note 91
Totals
Charitable activities
590,325
919,842
81,932
1,592,099
DIRECT COSTS OF CHARITABLE ACTIVITIES
2023
2022
EIC eosls
Insurance
General expenses
124 893
13,189
5,929
2,020
1.587
810
11,435
128,085
12,510
6,385
17,980
1.364
8,721
2,005
83
10,696
9,147
8,936
29,831
93,582
2,800
10,911
113
993
40,817
46,492
3.100
Bank chaige5
Irrecoverable VAT
Membership subscriptions
Edrtorial board meetings
BJA Education board rneeting5
ESA expenses
Annual retreats
Edilorial office costs
Edrtors, honoraria
Secretaries, honoraria
NIAA Infraslruclure
Overseas meetings IAUAI
Website costs
Consultancy
Edrtorial board travel
Symposia and workshops
19,155
64,784
159461
5,483
1,674
52,762
100,225
27.118
590,325
434,551
Page 23

British Journal Of Anaeslhe5ia
Notes lo the Financial Slalemenls continued
lor the Year Ended 31 December 2023
GRANTS PAYABLE
2023
2022
Charrtable activities
919.842
881.685
The lolal grants paid lo institutions during the year was as
follows.
2D23
2022
International 9ranls
Project grants
PhD grants
Donations
Jon Snow grants
Grants specifically relating lo Covid 19
MRC joint awaids
Grants returned
42,272
289.993
203,457
61.957
806.334
116.514
20.001
8.000
19.958
264,047
52.019
183.0261
919.842
881.684
SUPPORT COSTS
Governance
costs
Charrtable activities
81,932
Support costs, included in the above, are as follows..
Governance costs
3023
Charitable
aclivilies
2022
Total
activities
Auditors, remuneration
Legal fees
Travel - board meetings
Travel . other meetings
17,OCIO
61.447
3.485
8,700
77,014
15.553
1,022
81.932
102.289
10. AUDITORS. REMUNERATION
2023
2022
Fees payable lo the charity's auditors for the audit ol the charity's
financial slalemenls
17,000
8,700
2023 auditors, remuneration comprises £8,500 curTent year rernuneialion and £8.500 respect of prioi
year.
Page 24

British Journal Of Anaesthesia
Notes to the Financial Statements continued
for the Year Ended 31 December 2023
11. TRUSTEES. REMUNERATION AND BENEFITS
Expensès of £1.772 12022.. £3.1501 were reimbursed lo Trustees in respe¢t of 10181 costs associated
with allending meetings throughout the year There were no related paty transactions.
Charrty Trustee Indemnity Insurance cover has been incurred by the Charrtable company al a cost ol
£1.406 12022 £1,406) for the year.
In addition, the Editors-in-chief of the bNo journals IBJA and BJA Education) who are the other 3 key
personnel. received remuneration of £124.693 12022. £128,085>.
Trustfje$' gxpgnses
There were no Iruslees, expenses paid for the year ended 31 December 2023 nor for the year ended
31 December 2022.
12. STAFF COSTS
There were no employee staff costs paid for the year ended 31 sl December 2023 noi for the year
ended 31 December 2022.
During Ihe year ended 31 December 2023, £61.100 12022". £40,8171 was paid lo Michael Brown
Consulting LILI, a company in which Michael Brown is a diredor. Payments were in relation lo
services provided lo the Charitable company by Michael Brown in his rolè as CEO of the Charity.
The key rnanagement pefsonnel of the Charitable company include the Iruslees and the
Edilors-in-chief DI the three journals IBJA, BJA Education and BJA Openl. Total costs to the
Charitable company ol the key management personnel during the year was £127,196 12022"
£149.5061.
The average monthly number of employees during the year was as follows".
2023
2022
Dirgclors
No employees received emolurnents in excess of £60,000.
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
INCOME AND ENOOWMENTS FROM
Charitable activities
Charrtable activities
1,171.276
Investment income
651,515
Totsl
1,822,791
EXPENDITURE ON
Raising funds
70,095
Charitable activities
Char(tabSe activities
1.418,525
Total
1.488,620
Page 25

British Journal Of Anae51hesia
Notes lo the Financial Statements continued
for the Year Ended 31 DeGeThber 2023
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued
Unrestricted
funds
Nel gainslllossesl on investments
11,322,582)
NET INCOMEIIEXPENDITUREI
1988.4111
RECONCILIATION OF FUNDS
Total funds brought forward
23,287,652
TOTAL FUNDS CARRIED FORWARD
22,299,241
14. FIXED ASSET INVESTMENTS
2023
2022
Shares
Profèssor M8pleson Legacy port folio
23,668,348 22,300.866
142,237
138,363
23,810,585 22,439,229
Additional infoTmalion 35 follows.
General
portfolio
MARKET VALUE
Al 1 January 2023
Additions
Disposa15
Revaluations
22.300.866
1.495.212
11,226,027)
1.098.297
Al 31 December 2023
23,668,348
NET BOOK VALUE
Al 31 December 2023
23,668,348
Al 31 December 2022
,300,886
The investments are wholly held in a portfolio managed by Evetyn Partners, fomierly known a5Tilney
in the UK. Within that holding there are non UK shares held.
Pagè 26

British Journal Of Anaeslhesia
Notes lo the Financial Statements - continued
for the Year Ended 31 Decembèr 2023
14.
FIXED ASSET INVESTMENTS- continued
Investments (neither listed nor unlisledl were as follows".
2023
2022
Profe550r Mapleson Legacy Cost
Mapleson Legacy additions
Professor Mapleson revaluation
138.363
138.363
3.874
142.237
138.383
Al 31 De¢embei 2023, no inclividual investment represented more than 5010 of the lolal investment
portfolio.
All invèstments are carried al their fair value. Investment in equities and fixed Interest securities are
all traded in quoted public mark&ls, prirN8rily the London Stock Exchange. Asset $al&s and purchases
are recognised at the dale of trade al cost Ilhal is their transaction value).
The significance of financial instrumen15 to the ongoing financial sustainability of the Charty Is
considered in the financial review and investment policy and performance sections of the Trustees,
Annual Report.
The main risk lo the Charity from finan¢ial inslrLJmenls arises from uncertain investment markets
resulting in variable income and Gapilal ielurns from the portfolio of assets.
Currency IranslaliDn risks ￿rna1n for those companies and bonds that are exposed lo overseas
earnings and asselg.
Liquidity risk is anlicipaled to be low as all assets are traded on recognised exchanges with good
liquidity and high trading volumes. The Charrty's portfolio has no material investment holdings in
markets subject lo exchange contro15 or trading restrictions.
The Charity manages investment risk by appointing professional investment managers and operating
an investmént policy that provides for a high degree of diversification of holdings wrthin investment
asset classes that are qLJOted on recognised stock exchanges.
The Chaiily does not make use of deiivalives and similar complex financial instruments as it takes
the view that Investments are held for their longer term lolal return. Whilst some level of volatility can
reasonably be expected, historic studies ol quoted financial instruments have shown that volatility in
any partrular five year period will normally be corrected.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Trade debtors
Other debtors
VAT
Prepayments and ec¢rued income
15.0681
81
20.108
425.809
26.665
372.859
440,831
399.585
Page 27

British Journal Of Anaeslhesia
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
16. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Trade creditors
Project. PhD and career development grants awarded not yet paid
Accruals and deferred income
79,524
1,845.207
435,211
85.953
1,336.857
457.745
2,359.942
1,880.555
The movements on outstanding grants was as follows".
2023
2022
Opening liability obligation
Grants awarded in year
Paid in year
1.336,857
919.842
1411,4921
1,357,606
881.685
1902,434)
C105ing liability obligation
1.845.207
1.336.857
17. MOVEMENT IN FUNDS
Net
movement
in funds
Al
31112123
Al 111123
Unre$triGted funds
General fund
Professor Mapleson Fund
22.160.878
138363
1,217.658 23,378.536
3.874
142.237
22,299,241
1,221,532 23,520,773
TOTAL FUNDS
22,299,241
1.221,532 23,520.773
Net movement in funds, included in the above are as follows".
Incoming
resources
Resources
expended
Gains and
losses
Movement
In funds
Unrestri¢ted funds
General fund
Proles50r Mapleson Fund
1.774.940
11.655,0011
1,097.719
3.874
1,217,658
3,874
1,774.940
11,855.0011
1,101.593
1,221.532
TOTAL FUNDS
1,774.940
11,655,001)
1.101,593
1,221,532
Page 28

British Journal Of Ana
slhesia
Notes lo the Financial Statements- continued
for the Year Ended 31 December 2023
17. MOVEMENT IN FUNDS - continued
Comparatives for movemènt in funds
Net
movement
in fLJnds
Al
31112122
Al 111122
Unr8Strict8d funds
General fund
Professor map￿sOn Fund
23,148,977
138,675
1988,0991 22,16J,878
13121
138,363
23,287,652
1988,4111 22,299,241
TOTAL FUNDS
23,287,652
1988,4111 22,299.241
Comparative nel movemenl in funds, included in the above are as follows..
In¢oming
resource5
Resources
expend&d
Gains and
losses
Movement
in funds
Unrestrlcted fund$
General fund
Professor Mspleson Fund
1.822,791
11.488.620) 11.322,2701
13121
1988.0991
13121
1.822,791
11.488.620) 11,322,582)
1988.4111
TOTAL FUNDS
1.822,791
11.488,6201 11.322,5821
1988.4111
The Professor Mapleson Fund represents funds very gratefully re¢eived by the charitable company
from the eslale of Professor Mapleson. The Iruslees have invested the legacy with a view to funding
an annual Mapleson lecturer lo present al a major meeting.
18. RELATED PARTY DISCLOSURES
The Charrty is undei the control of the Trustees as sel out on page 1.
Included within Project grants is an amount ol £Nil12022. £91,000) which was awarded to univei$ilies
al which Trustees work. There was no personal benefrt to the Trustees of these grants and they had
no input In the decision lo make the awards
Other than the transactions disclosed in nole 11 and 12 there were no further transactions with any
related parties during the year.
Page 29