2024-12-31-accounts

Registered Company Number: 07008296 Registered Charity Number: 1133605

York Medical Society

(a Company Limited by Guarantee)

Trustees’ Annual Report and Financial Statements for the year ended 31 December 2024

York Medical Society

Contents

Page Charity Information ............................................................................................1 Report of the Trustees .........................................................................................2 Independent Examiner’s Report ............................................................................8 Statement of Financial Activities ...........................................................................9 Balance Sheet .................................................................................................. 10 Notes to the Financial Statements ....................................................................... 11

York Medical Society

Charity Information

Trustees

Dr Susan M Reaney Dr Mark V Roman Dr Timothy R J Hughes Dr Sarah B Anderson Dr Judith A Boffa (Resigned May 24) Dr Stuart Calder Prof James O Drife Dr Dariush Saeedi Dr Paul Blenkiron (Appointed Jan 24)

Dr Barbara Adams Dr Kathryn E Griffith Susan N Mitchell Dr John D Reid Prof Matthew D Morgan Dr Sarah E Watson Prof John B D Wright Dr William Robertson (Resigned Oct 24) Dr A Datta (Elected May 24 terminated July 24)

Treasurer

Dr John D Reid

Secretary Dr K E Griffith

Charity number 1133605

Company number 07008296

Principal and registered office

23 Stonegate York YO1 8AW

Independent Examiner

Jessica Lawrence FCA CTA Azets Audit Services Limited 12 King Street Leeds LS1 2HL

Bankers Barclays Bank Plc Parliament Street York YO1 1XD

Investment manager

Brewin Dolphin 12 Smithfield Street London EC1A 9BD

1

York Medical Society

Report of the Trustees for the year ended 31 December 2024

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, submit their report and independently examined financial statements for the year ended 31 December 2024 and confirm they comply with current statutory requirements. These accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 Jan 2019) as detailed in the accounting policies.

Reference and Administrative Details

The Charity Information page forms part of this report.

Structure, governance and management

York Medical Society is a company limited by guarantee (number 07008296) and a charity established by Constitution and registered with the Charity Commission (registered charity number 1133605).

Trustees are selected by virtue of holding office within the York Medical Society currently or in the past.

Objectives

The objectives of the Charity:

• The advancement and diffusion of medical knowledge amongst the medical profession, doctors in training, medical students, health care professionals and the general public by (but without prejudice to the generality of the foregoing):

• by providing opportunities for multi professional learning;

• to promote research for the public benefit in all aspects of medical science and to publish the useful results; and

• awarding bursaries, scholarships, maintenance allowances or grants tenable at any university, college or educational institution;

• The advancement of the physical and mental health of members of the medical profession;

• Such other exclusively charitable purposes according to the law of England and Wales as the Trustee in their absolute discretion determine from time to time.

The Society’s annual public lecture was held on 12th October 2024. Dr Gwen Adshead, forensic psychiatrist and psychotherapist at Broadmoor Hospital gave a lecture entitled ‘Killing Time – the work of a forensic psychotherapist’.

The usual series of meetings during the winter months for members and guests continues.

The Society’s rooms continue to be available for hire by any suitable organisation.

The Trustees consider that these objectives and the activities summarised above provide benefit both to those people who use the Society’s services and the wider public. In planning our activities for the year, we kept in mind the Charity Commission’s guidance on public benefit at our meetings. The society has been able to maintain its charitable donations and support schemes for the students of the Hull York Medical School.

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York Medical Society

Trustees

The following members of the Council of Management have held office since 1 January 2024.

Dr B Adams Dr K E Griffith Mrs S B Anderson Dr J D Reid Dr J A Boffa (Resigned May 24) Dr M V Roman Dr S Calder Dr S E Watson Prof J O Drife Prof J B D Wright Prof M D Morgan Dr T R J Hughes Dr S M Reaney Dr Avijit Datta (Elected May 24 Terminated July 24) Dr Paul Blenkiron (Appointed Jan 24) Dr D Saeedi Dr W T M Robertson (Resigned Oct 24) Miss S N Mitchell

These Trustees constitute Directors of the Charitable Company for the purposes of the Companies Act 2006. None of the Trustees had an interest in any of the Charity’s contracts either during or at the end of the financial year.

Reserves policy

The society’s funds are in a very strong position since the sale of 23 Stonegate in March 2018. The cash reserves are maintained at a level adequate to meet 24 months running costs.

The society’s reserves policy is listed below.

1. Statement of Purpose / Philosophy

1.1 York Medical Society (YMS), founded in 1832, is a company limited by Guarantee with charitable status whose objectives are as listed above.

Amongst YMS furtherance powers are;

To provide facilities for training medical practitioners and other health care professions.

To promote facilitate support or provide classes, conferences, courses seminars lectures, workshops, demonstrations and other events.

1.2 The financial objectives of YMS are;

To at least maintain the real value of the assets whilst generating a stable and sustainable investment return to fund grant and charitable giving.

To be able to provide facilities for meetings, conferences etc.

To encourage junior doctors to enter the annual foundation prize for the best research or audit project conducted in the region that will lead to a publication.

YMS would expect to generate an investment income of 3 – 4% per annum.

1.3 YMS has approximately £1.6m of investment assets. These are the bulk of the charity’s assets and finance the society’s activities. The inflation measure most relevant to YMS’s expenditure is the Consumer Price Index.

1.4 YMS aims to distribute grants of between £10k and £20k per annum but this can vary from year to year depending on grant making opportunities and investment returns.

1.5 The trustees of YMS have delegated decision making on investment matters to the finance subcommittee, with advice from Brewin Dolphin.

1.6 In March 2018 YMS sold 23 Stonegate to York Conservation Trust (YCT) for £1.6m. This has released the society from the financial problems of running a complex old property. YMS decided to lease back from YCT a suite of rooms on the ground floor suitable for the society’s aims and use.

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York Medical Society

Report of the Trustees for the year ended 31 December 2024 (continued)

• 1.7 This large capital sum has been invested to generate funds to ensure the ability to give grants whilst also securing the future ongoing costs of renting the rooms.

• 1.8 The capital sum will allow the society to buy a property in the future should the need arise.

2. Board-Designated Operating Reserve Fund Balance

2.1 In December 2024 YMS had a total of £85,588 in two Barclays bank accounts. This figure covers two years’ operating costs without drawing down from capital and thus allows for a longterm investment strategy.

2.2 The funds derived from the proceeds of the sale of 23 Stonegate in 2018 were placed in an investment fund with Brewin Dolphin. Value at 31 December 2024 - £1.67m

2.3 YMS subscriptions generate £17K per annum. The membership fees will continue to be reviewed regularly.

2.4 The income from venue hire (letting out of the society’s rooms to members and outside organisations) is now back to pre-pandemic levels.

2.5 YMS does not expect any additions to its reserves.

3. Use of the Board-Designated Funds

• a. A finance subcommittee is answerable to the full board. This consists of a chair and three other board members.

• b. The group has responsibility for agreeing strategy and monitoring the investment assets. The Group meets six-monthly to review the portfolio, including an analysis of return, risk and asset allocation. Performance will be monitored against agreed benchmarks, and against the investment objective of a return of 3% - 4%, whilst maintaining the capital reserve and increasing this over the long term.

• c. The investment fund will be managed by a fully accredited FSA independent financial advisor(s) IFA. The finance committee will decide which IFA(s) to appoint.

• d. The investment fund will be used to generate an investment income and only after approval of the full board will any money be taken from the capital fund.

• e. Access should if practical be a two-signature mandate. There should be four people who can sign documents to allow for ill health, holidays etc.

• f. There are no circumstances whereby money can be withdrawn from the investment funds without approval of YMS board.

• g. Interest dividends etc should be paid into a separate day to day account so that they may be easily distributed.

• h. Should the sum in the day-to-day account(s) rise above £120K this would be transferred to the investment account or donated as the finance subcommittee decides is appropriate.

• i. The finance subcommittee will report to YMS board every six months.

• j. The IFA(s) must attend an YMS board meeting once a year.

• k. The currency of the funds will be Sterling.

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York Medical Society

Report of the Trustees for the year ended 31 December 2024 (continued)

• l. The funds should be invested “ethically”. This is a very wide term, but the investment subcommittee will make the final decision after discussion at a full board meeting. YMS will not invest in tobacco companies.

• m. The finance subcommittee will agree with the IFA on the level of risk that is acceptable to pursue the society’s aims. No funds should be placed in a “high” risk investment. The chair will complete any risk questionnaire on behalf of the committee but with the full cooperation and discussion with the other three members.

• n. The appointed IFA is responsible for the day-to-day management of the funds after agreeing an acceptable policy with the subcommittee.

• o. The IFA must report to the sub-Committee chair if the fund(s) fall by more than 5% over a to be defined time period.

• p. The subcommittee chair will receive a six-monthly report from the IFA.

• q. The operating reserves policy will be reviewed every 12 months by the finance subcommittee.

• r. The finance subcommittee must keep minutes of all its meetings and make these available to the full board.

• s. During the year, The Board accepted the Finance committee recommendation that the Society receive a fixed monthly sum from the Investments. Brewin Dolphin were in favour of this, and suggested it makes the month to month running of the fund easier for them.

Activities, achievements and performance

The Society’s programme of meetings included visiting speakers covering a diverse range of topics including:

• Medicine in the Mountains – Adventure from the Highpeak to the Himalayas – dr

• Shackleton’s Endurance. Antarctic Exploration and Sir James Wordie: Polar Crusader (191416) – Andrew Wordie (grandson of Sir James Wordie)

• The Effects of the Santorini Volcano – Dr Tamsin Mather

• The Fevered Fight: A Medical History of the American Revolution – Dr Martin Howard

• Martin Lister’s Venerable Bede: A History of a Physician from York who had an interest in Palaeontology – Dr Liam Herringshaw

• Swifts – A Talk and Art Exhibition – Jonathon Pomroy

• Astronomy – The Beginning and the End – Thomas Shutt

• The State of Nature in North Yorkshire – Professor Alistair Fitter

• Recent Advances in Parkinson’s Disease – Professor David Burn

• AGM and Presidential Valedictory address

The annual public lecture of the Society was given by Dr Gwen Adshead, forensic psychiatrist and psychotherapist at Broadmoor Hospital. Her Oration was entitled ‘Killing Time – the work of a forensic psychotherapist’ and was held at the Society’s rooms, with an audience of members and guests on Saturday 12th October 2024.

The society’s “Foundation Prize” evening was cancelled in 2024 due to lack of applications. This event allows junior doctors throughout the Yorkshire Region to present a piece of original research or audit for the “Foundation Prize’’ and prizes are awarded to five junior doctors.

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York Medical Society

Report of the Trustees for the year ended 31 December 2024 (continued)

Charitable donations were made to the following charities:

• Three Bears Foundation – overcoming pancreatic cancer

• Age UK

• Treasure Chest

• Louise Tebboth Foundation

• Scot Polar Research Institute

• Friends of Severus Hill

• Friends of Sierra Leone National Railways

• York Wildlife Trust

Financial review

• The society’s finances remain sound. Income from room-letting is almost back to pre-pandemic levels.

• During the year, the Board had to take extensive legal advice from an expert firm of Solictors which specialised in charity work, and had previously advised the Society on updating its articles, in the best interests of the Society. As part of this, we had to deal with the Charities Commission, The Information Commissioners Office as well as the local MP. This work has significantly affected the bank account values.

• The society’s reserves have not had to be used, but the Board has agreed to increase the monthly return from our Brewin Dolphin investments from £3750 pcm to £5000 pcm for a period of 12 months only.

• The investment value of the reserves - £1.67m by the end of December 2024.

• During 2024 the investment fund has generated a return of 9.35% which this is substantially better than the return in 2023, and is clearly enough for the Society’s needs.

• At last year’s AGM, I announced that the Board were exploring supporting disadvantaged students at Hull York Medical School, with funds over a number of years. In view of the cost of legal advice, this plan has had to be deferred for the moment.

• It is important for members to recognise that the Society uses the funds invested to generate income to further the aims of the Society and support its charitable donations. If the capital was reduced, income would fall accordingly.

Plans for the future

• The Society continues to review its long-term future in view of current events, but one major initiative will include a drive to increase the number of “younger” members. Dr Tim Hughes, President, has been developing links with associated bodies to create a separate programme from the regular lectures to draw in younger Doctors to the rooms in the hope that some will join the Society.

• The monies given to other charities will be monitored closely and altered according to investment income.

• The Society will continue to offer the lecture programme meetings via a hybrid mix of in person and zoom audiences.

• The use of rooms for educational and social events will continue to be promoted.

• The Society will continue to support medical students with travel bursaries and fund the “Foundation” Prize for junior doctors.

• The Society will continue to support, local, national and international medical charities.

Report from Dr Tim Hughes President

• The Board has initiated the York Medical Society Partnership Programme which is directed to prioritising increasing the relevance of and engagement with the Society across our entire healthcare community, ensuring YMS remains a vital and supportive hub for all -particularly working- healthcare professionals not just doctors. By providing the space and supporting the organisation of different types of events to our usual Friday evening meetings, the programme encourages doctors, nurses, midwives, allied health professionals, researchers, and other healthcare workers to engage with the Society as a relevant and valuable resource in their professional lives. Through some free use of Society rooms and a £2,000 budget, it has supported events that enhance training, research collaboration, and charitable partnerships, including initiatives for junior doctors, GP registrars, researchers, and organisations like Parkinson’s UK and Treasure Chest (breastfeeding support). It also promotes ‘communities of practice’.

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York Medical Society

Report of the Trustees for the year ended 31 December 2024 (continued)

• It has launched, with Dr Nicola Gill, ‘The Art of Medicine’ Seminar series open to members and non -member health professionals in 2025 to explore the role of the creative arts in healthcare.

• Additionally, the programme includes a museum and curation partnership, working with the University of York to enhance the preservation and public and membership engagement with the Society’s historical collections, and working towards our collection gaining museum accreditation.

• Details of the programme are on our website, including some formal meeting evaluations. With 12 events booked for the 2024-25, the programme is actively strengthening connections, professional development, interdisciplinary collaboration, and historical engagement, ensuring the Society remains relevant and supportive to healthcare professionals at all levels in our city and surrounding areas.

Trustees and their statutory responsibilities

The Trustees (who are also directors of York Medical Society for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

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

• Select suitable accounting policies and apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business for the foreseeable future.

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

The financial statements were approved by the Board of Trustees and approved on their behalf on ……………………… 2024 by:

Dr John D Reid Trustee and Treasurer

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York Medical Society

Independent Examiner's Report to the Trustees of York Medical Society for the year ended 31 December 2024

I report to the charity trustees on my examination of the accounts of York Medical Society for the year ended 31 December 2024.

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the Charity (and also its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner’s Statement

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

1. accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or

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

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Jessica Lawrence FCA CTA Azets Audit Services Limited

………………………

12 King Street Leeds LS1 2HL

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York Medical Society

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2024

	Notes	2024 £	2023 £
Income from:
Donations		0	2,843
Subscriptions		17,120	16,688
Income from other trading activities:
Ticket sales		11,279	10,023
Meeting suppers		14,287	12,897
Income from investments:
Dividend income		28,854	44,437
Interest income		7,696	293
Other income:
Cleaning		1,404	1,404
Room hire		25,510	23,880
Total income		106,150	112,465
Expenditure on:
Raising funds	4	144,742	104,717
Charitable activities	4	8,905	10,462
Total expenditure		153,647	115,179
Net (expenditure)/income before other recognised gains/(losses)	6	(47,497)	(2,714)
Gains/(losses) on revaluation of investments	9	109,384	98,319
Net movement in funds		61,887	95,605
Funds brought forward	13	1,694,292	1,598,687
Funds carried forward	13	1,756,179	1,694,292

All funds of the Charitable Company for this and the previous year are unrestricted.

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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York Medical Society

Balance Sheet as at 31 December 2024

			2024		2023
	Notes	£	£	£	£
Fixed assets
Tangible assets	8		6,250		7,167
Investments	9		1,646,451		1,536,919
			1,652,701		1,544,086
Current assets
Debtors	10		4,428		5,766
Cash at bank and in hand			85,663		117,265
Cash held by brokers			19,287		38,514
			109,378		161,545
Creditors:
Amounts falling due within one year	11		(5,900)		(11,339)
Net current assets			103,478		150,206
Net assets			1,756,179		1,694,292
Funds of the charity
General – unrestricted	12,13		90,441		118,859
Designated – unrestricted investment fund	13		1,665,738		1,575,433
Total funds	13		1,756,179		1,694,292

For the financial year ended 31 December 2024 the Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. No member of the Charitable Company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The Trustees acknowledge their responsibilities for ensuring that the Charitable Company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the Charitable Company as at the end of the financial year and of its income and expenditure for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Charitable Company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Trustees on …………………… 2024 and signed on their behalf by:

Dr John D Reid Trustee and Treasurer

Company Registration Number: 07008296

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York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024

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

Company information

The Charity is limited by guarantee and does not have share capital. The liability of members is limited to £1 per member. The charity was incorporated in England and the registered office is 23 Stonegate, York, YO1 8AW.

Accounting convention

The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

York Medical Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The Trustees have at the time of approving the financial statements a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees have continued to adopt the going concern basis of accounting in preparing the financial statements.

Income

Income from all sources is recognised in full in the Statement of Financial Activities in the year in which it is receivable, for subscriptions and room hire this is in the year in which it is receivable and for ticket sales and meeting suppers this is in the year in which the event occurs.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of interest paid or payable.

Dividend income from investment funds is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of dividends paid or payable.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis.

• Charitable activities include donations made by the Charity in order to fulfil charitable objectives.

• Expenditure on raising funds includes expenditure which assist the Charity in optimising their income streams.

• Other costs include legal expenditure and the independent examination of the accounts.

Fund accounting

Funds held by the Society are unrestricted funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustees.

Staff costs

The costs of short-term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.

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York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Equipment

15% to 33% reducing balance

Investments

Investments are stated at market value at the balance sheet date.

The investment portfolio is held to generate returns and gains for the Charity and accordingly is designated as fair value through the Statement of Financial Activities. Under this designation the portfolio is re-valued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the Statement of Financial Activities.

Operating leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital. Bank overdrafts are shown within borrowings in current liabilities.

Debtors

Prepayments and accrued income represent time apportioned expenses or income to be recognised in a future accounting period.

Debtors, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Debtors are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Creditors are derecognised when, and only when, obligations are discharged, cancelled or they expire.

Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Pensions

The Charity operates a defined contribution scheme for the benefit of its employees. Contributions are charged to the Statement of Financial Activities in the year they are payable.

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York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

2. Critical accounting estimates and judgements In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

After review, the Trustees consider that there are no critical estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial statements.

3. Taxation

The Charity is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.

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York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

4. Analysis of expenditure

. Analysis of expenditure
	2024	2023
	£	£
Expenditure on raising funds:
Staff costs (Note 7)	33,194	25,389
Rent	20,000	20,000
Rates	3,019	2,884
Function expenses	25,978	23,635
Repairs and renewals	6,695	3,835
Cleaning	1,598	1,119
Lecture expenses	321	210
Light and heat	3,225	1,822
Insurance	5,374	5,485
Printing and stationery	3,659	2,228
Advertising	425	485
Telephone and postage	647	666
Accountancy, legal and professional fees	26,250	3,553
Bank charges	600	475
Investment management fees	10,630	9,813
Depreciation	2,364	2,706
Website costs	1,210	412
(Profit) in disposal of tangible asset	(447)	-
	144,742	104,717
Expenditure on charitable activities:
Donations and bursaries	8,905	10,462
Total expenditure	153,647	115,179

All expenditure on raising funds and charitable activities in the current and preceding year related to unrestricted funds.

5.	Total expenditure
	Year ended 31 December 2024	Staff costs £	Other costs £	Total £
	Expenditure on raising funds	33,194	111,548	144,742
	Charitable activities	-	8,905	8,905
	Total expenditure	33,194	120,453	153,647

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York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

5. Total expenditure (continued)

Year ended 31 December 2023	Staff costs £	Other costs £	Total £
Expenditure on raising funds	25,389	79,328	104,717
Charitable activities	-	10,462	10,462
Total expenditure	25,389	89,790	115,179

charitable activities on a specific basis.

6. Net expenditure for the year

This is stated after charging:	2024	2023
	£	£
Depreciation of tangible assets	2,364	2,706
Independent examination fee	1,375	1,475
Fees paid to the independent examiner for accounting services	1,375	1,475
Operating lease charges	20,000	20,000

Independent examiner’s fees disclosed above exclude VAT.

7.	Staff costs
		2024	2023
		£	£
	Staff costs comprise:
	Wages and salaries	31,313	23,850
	Social security costs	959	708
	Pension costs	922	831
		33,194	25,389

No employee received remuneration in excess of £60,000 (2023 – no employee).

The average number of employees (excluding Trustees) during the year was 4 (2023 – 3).

The Trustees are regarded as key management personnel. No Trustee received remuneration or benefits in this or the previous year. Trustees received reimbursement for out-of-pocket expenses totalling £nil during the year (2023 – £nil).

15

York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

8. Tangible fixed assets
		Equipment
		£
Cost or valuation
At 1 January 2024		54,289
Additions		1,447
Disposals		(551)
At 31 December 2024		55,185
Depreciation
At 1 January 2024		47,122
Charge for the year		2,364
Eliminated on disposals		(551)
At 31 December 2024		48,935
Net book value
At 31 December 2024		6,250
At 31 December 2023		7,167
9. Investments
	2024	2023
	£	£
Market value at 1 January 2024	1,536,919	1,468,827
Additions at cost	650,127	139,848
Disposals at market value	(649,979)	(170,075)
Realised and unrealised gains/(losses)	109,384	98,319
Market value as at 31 December 2024	1,646,451	1,536,919
Historical cost as at 31 December 2024	1,472,812	1,447,525
10. Debtors
	2024	2023
	£	£
Prepayments and accrued income	4,428	5,766
11. Creditors: amounts falling due within one year
	2024	2023
	£	£
Aged creditors	209	5,060
Accruals and deferred income	5,691	6,279
	5,900	11,339

16

York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

12. Unrestricted funds - general

2. Unrestricted funds - general
	2024	2023
	£	£
At 1 January 2024	118,859	110,648
(Expenditure)/income for the year	(47,497)	(2,717)
Gains/(losses) on revaluation of investments	109,384	98,319
Transfer (to)/from designated funds	(90,305)	(87,391)
At 31 December 2024	90,441	118,859

Designated funds

At 29 March 2018 £1,580,000 was placed on investment. This represented net proceeds of the sale of 23 Stonegate which the Trustees have invested with the intention of generating returns to support the charity into perpetuity. While the fund is expendable and as such is unrestricted, there are currently no plans to expend these funds. The balance at 31 December 2024 was £1,665,738 (2023 - £1,575,433) and represents the market value of amounts invested plus cash held with the broker.

13. Analysis of net assets between funds

At 31 December 2024	Unrestricted General	Unrestricted designated	2024
	£	£	£
Tangible fixed assets	6,250	-	6,250
Investments	-	1,646,451	1,646,451
Current assets	90,091	19,287	109,378
Current liabilities	(5,900)	-	(5,900)
At 31 December 2024	90,441	1,665,738	1,756,179
At 31 December 2023	Unrestricted General	Unrestricted designated	2023
	£	£	£
Tangible fixed assets	7,167	-	7,167
Investments	-	1,536,919	1,536,919
Current assets	123,031	38,514	161,545
Current liabilities	(11,339)	-	(11,339)
At 31 December 2023	118,859	1,575,433	1,694,292

All funds in the current and preceding year are unrestricted.

17

York Medical Society

Notes to the Financial Statements for the year ended 31 December 2024 (continued)

14. Operating lease commitments

At the reporting end date, the Charitable Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

	2024	2023
	£	£
Amounts falling due:
Within one year	20,000	20,000
Between two and five years	-	-
	20,000	20,000

15. Related party transactions

During the year, Trustees paid subscriptions of £nil (2023 - £370). These were charged at a nondiscounted rate.

There were no other related party transactions in this or the previous year.

18