Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
Registered number: 09651049 Charity number: 1175257
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Notes to the Financial Statements | 12 - 30 |
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Ian Sugarman (resigned 24 May 2025) |
|---|---|
| Munther Haddad (resigned 30 April 2024) | |
| Clare Rees | |
| Irene Miliken (resigned 24 May 2025) | |
| Catherine Bradshaw | |
| Sean Marven, President | |
| Alexander McDonald | |
| Erica Makin | |
| Dhanya Mullassery | |
| Mark Roberts | |
| Jonathan Sutcliffe (appointed 30 April 2024) | |
| Gregor Walker (appointed 24 May 2025) | |
| Joseph Curry (appointed 24 May 2025) | |
| Company registered number 09651049 Charity registered number 1175257 Registered office The Royal College of Surgeons 35-43 Lincoln's Inn Fields London WC2A 3PE Company secretary Catherine Meaden Independent Examiner M Hewett FCA DChA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers HSBC Bank plc 210 High Holborn London WC1V 7HD Solicitors Turcan Connell Princes Exchange 1 Early Grey Street Edinburgh EH3 9EE Investment Brokers Seven Investment Management 55 Bishopsgate London EC2N 3AS |
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the charity for the year to 31 December 2024. The annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019, effective 1 January 2019).
Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
OBJECTIVES AND ACTIVITIES
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due to the Charity Commission general guidance on public benefit.
The Association’s objectives are to advance education for the public benefit of paediatric surgery by carrying out paediatric research and publishing the useful results into the public domain and by fostering professional relations with allied health surgeons overseas. From January 2019 the membership included Allied Health professionals, including nurses and expanded our membership to medical students who showed an interest in Paediatric Surgery.
The Association’s objectives have been achieved through the following means:
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Annual International Congress : The congress in Sheffield marked our 70th Annual Congress, we had an exceptional number of delegates over the 4 days. The congress was held in an affordable location and Sheffield proved a popular location with delegates. The congress programme included invited international speakers and special interest group meetings looking at complex cases, symposia and a history session attended by many of our past presidents.
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BAPS Strategic Document : Work has resumed in ernest to update and finalise the BAPS strategic document, outlining in detail the principles and objectives of the association.
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Research : BAPS has supported research through different initiatives. Since the pandemic the funding for the Research Fellowship had been put on hold but discussions were initiated again in late 2024 to establish future fellowships. The Research Committee is under new leadership (bringing both clinical and basic science experience). At congress in 2025 there will be several meetings discussing research proposals for future work.
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RCS Ed Leadership programme : Annually funded (2024-25). Successful completion of this structured leadership programme run by RCS Ed. Funded by BAPS (in it’s second year) for a Paediatric Surgeon (Senior trainee/Consultant within 5 years of CCT) to learn and develop leadership skills; to empower involvement and feedback within the Association. The programme has been agreed for a third year (202526)
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Global Surgery : The Congress in Sheffield saw the arrival of a full complement of Hugh Greenwood Scholars and the second PESI Minocha Fellow. The Scholars enjoyed the opportunity of joining congress and the Global surgery session was well attended. Several overseas skills courses had also been run by members of the Committee, including visitors from Indonesia, Pakistan, India, and Africa. There was also a substantial donation to extend the work of the Overseas Skills course in the far East especially Nepal.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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Postgraduate Education : Two successful National Training Days were held in 2024, one at the congress in Sheffield, and the second in London as part of the Winter Meeting. The E-Learning platform is being reviewed along with other on-line resources for trainees.
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New Consultants : There was no New Consultants meeting in 2024, but will reconvene in 2025. There was also on-going work on mentoring and coaching for new Consultants.
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Members Newsletter : The membership receives information from the Honorary Secretary and president through regular email newsletters of events, courses of interest, research collaborations, national vacancies and grant opportunities. Additional communications are sent through social media including Bluesky, Facebook, Instagram and Linkedln.
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Sir Denis Browne Memorial Fund : The Association administers the Sir Denis Browne Memorial Fund which is registered as a charity with the Charity Commission (charity number is 254384). It is included in these financial statements as a restricted fund as its trustees are the members of the Executive Committee of the British Association of Paediatric Surgeons by Trust Deed dated 21 September 1967. The purposes of the Fund are as stated in note 17 to the financial statements.
ACHIEVEMENTS AND PERFORMANCE
REVIEW OF ACTIVITIES
Four Executive committee meetings per annum : The role of the Executive is to review and advise on the charitable activities of BAPS and includes the Trustees, regional representatives, President of the British Association of Paediatric Urologists, President of the British Association of Paediatric Endoscopic Surgeons, Chair of the SAC, Royal College of Surgeons of England Representative, Representative of the Association of Surgeons of Great Britain and Ireland, and representative from the Nurses and paediatric surgery Trainees, and a lay member. The Executive also review all guidance and standards documents and approve allocation of funds for charitable activities. All Executive and Trustee work resumed in hybrid format so that those unable to travel could still participate in meetings.
Two CounciI meetings per annum : The purpose of these meetings are to engage members in activities of the Association, provide information on relevant research and quality improvement projects to all members. The meetings also act as an appropriate platform to inform members of changes relevant to the practice of Paediatric Surgery.
Active Committee’s : Research, Ethics & International Affairs Committee.
Active subspecialty groups : The Association has various subspecialty interest groups namely; Trauma - UK Paediatric Colorectal Group (UKPCG) – Children’s Upper Gastroenterology Group (CHUGS). Face to face meetings were held at both winter and summer congresses. The popularity of the SIG’s continues to grow.
BAPS representatives sit on the following committees : Council of the Royal College of Surgeons of England Intercollegiate Examination Board - Specialty Advisory Committee (SAC) for Paediatric Surgery - Paediatric Liaison Committee (including the Association of Paediatric Anaesthesia (APA) and Royal College of Paediatrics and Child Health (RCPCH)) - British Society of Paediatric Gastroenterology, Hepatology and Nutrition Federation of Surgical Specialty Associations - Paediatric Critical Care and Specialised Surgery for Children Expert Stakeholder Panel - Specialised Surgery in Children Clinical Reference Group. BAPS Executive officers continued to be engaged with the Federation of Surgical Specialty Associations (FSSA) whose president is the outgoing president of BAPS, as well as the Royal College of Paediatrics and Child Health (RCPCH) and the
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Association of Paediatric Anaesthetists (APA). This enables communication between allied groups providing care to children.
INVESTMENT POLICY AND PERFORMANCE
Team Asset Management Limited have the long term management of our investments. An investment portfolio is in place ensuring ethical grounds in keeping with the association. This precludes investing in tobacco companies, or those involved in arms manufacture.
FINANCIAL REVIEW
The Association's income is mainly derived from membership subscriptions and the return on its investments. Income raised towards the Annual International Congress was £181,020 (2023: £144,849). Annual congress expenditure incurred was £148,319 (2023: £119,153).
Total income for the year was £415,237, (2023: £335,064) and total expenditure was £327,647 (2023: £336,223) resulting in net surplus for the year of £87,590 (2023: deficit of £1,159) before gains on investments. In 2024 there were gains on investments of £34,361 (2023: gains of £53,371) leading to an increase in funds of £121,951 (2023: increase of £52,212).
Closing unrestricted funds at the end of the year were £274,639 (2023: £200,678) and restricted funds of £648,316 (2023: £600,326), making total funds carried forward of £922,955 (2023: £801,004).
RESERVES POLICY
The Executive Committee monitors the income and expenditure on a regular basis and takes investment decisions at periodic meetings. The Trustees' policy is to retain sufficient unrestricted reserves to meet its obligations and to ensure financial stability. The Executive Committee consider approximately 12 months of expenditure (or about £300,000) to be the appropriate level to comply with the stated policy of meeting the Association's financial obligations and ensuring financial stability.
At 31 December 2024, the free reserves including designated funds (total general trust funds less those funds held as tangible or intangible fixed assets) were £271,357 (2023: £196,225). The free reserves of the Association excluding designated funds were £95,757 (2023: £22,779).
PLANS FOR FUTURE PERIODS
The main focus for the immediate future will be the generation of Workforce statistics to ensure the security of Paediatric Surgery for the next 10 years. Physician Assistants having an impact on training continues to be an issue. A new focus group on Neonatal surgery was established and work on setting guidelines for this important area will begin in earnest. The drafting of a strategic document was also in hand to ensure that the focus of BAPS remains relevant in the next 5 years.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
CONSTITUTION
The charity is registered as a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association dated 20 September 2017. It is a registered charity number 1175257.
The assets, liabilities and activities of The British Association of Paediatric Surgeons (an unincorporated charity), registered charity number 325122 were transferred to the new incorporated charity on 1 May 2018.
APPOINTMENT AND TRAINING OF EXECUTIVE COMMITTEE MEMBERS
The management of the charity is the responsibility of the Executive Committee Members who are elected, appointed or co opted under the terms of the Trust deed.
The Charity Commission guidelines are circulated to all new members.
During the year, Executive Committee members were briefed and updated on relevant changes in legislation and financial procedures and are aware of the new requirements and guidelines relating to their performance.
The Trustees in office during the year were as follows:
Irene Miliken Clare Rees Catherine Bradshaw Sean Marven Dhanya Mullassery Munther Haddad (resigned 30 April 2024) Ian Sugarman Alexander McDonald Erica Makin Jonathan Sutcliffe (appointed 30 April 2024) Mark Roberts
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Erica Makin Trustee Date: 10 September 2025
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity (and 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 charity 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 the charity's accounts 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
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My 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 work or for this report.
Signed: Dated: 15 September 2025
M Hewett
FCA DChA
For an on behalf of Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note INCOME FROM: Donations and legacies 2 Charitable activities 3 Investments 4 TOTAL INCOME EXPENDITURE ON: Raising funds 5 Charitable activities 6 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME BEFORE NET GAINS ON INVESTMENTS Net gains on investments NET INCOME Transfers between funds 13 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2024 £ 6,383 271,433 9,620 287,436 9,849 295,016 304,865 (17,429) 32,296 14,867 59,094 73,961 200,678 73,961 274,639 |
Restricted funds 2024 £ 124,496 - 3,305 127,801 - 22,782 22,782 105,019 2,065 107,084 (59,094) 47,990 600,326 47,990 648,316 |
Total funds 2024 £ 130,879 271,433 12,925 415,237 9,849 317,798 327,647 87,590 34,361 121,951 - 121,951 801,004 121,951 922,955 |
Total funds 2023 £ 81,293 241,341 12,430 |
|---|---|---|---|---|
| 335,064 9,296 326,927 |
||||
| 336,223 (1,159) 53,371 |
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| 52,212 - |
||||
| 52,212 748,792 52,212 |
||||
| 801,004 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 30 form part of these financial statements.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee) REGISTERED NUMBER: 09651049
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 12 NET CURRENT ASSETS / LIABILITES TOTAL NET ASSETS CHARITY FUNDS Restricted funds 13 Unrestricted funds 13 TOTAL FUNDS |
28,568 95,417 123,985 (49,266) |
2024 £ 3,282 844,954 848,236 74,719 922,955 648,316 274,639 922,955 |
18,502 43,126 61,628 (72,594) |
2023 £ 4,453 807,517 |
|---|---|---|---|---|
| 811,970 (10,966) |
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| 801,004 600,326 200,678 |
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| 801,004 |
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee) REGISTERED NUMBER: 09651049
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Erica Makin
Trustee Date: 10 September 2025
The notes on pages 12 to 30 form part of these financial statements.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The British Association of Paediatric Surgeons meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There were no significant estimates or judgements made by management in preparing these financial statements.
The accounts have been presented for a period longer than one year, given that the yearend has been changed to align with the calendar year, and as such, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2 GOING CONCERN
The Trustees have reviewed the financial position of the Association and have reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.
1.3 INCOME
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Dividends are recognised once the dividend has been declared and notification has been received of the amount. This is usually advised to the Association by the Investment Broker.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Association; this is normally upon notification of the interest paid or payable by the Bank.
Annual Congress income is recognised in the period in which the congress is held.
Donations are recognised by the Association upon receipt.
Other income from charitable activities is recognised in the period to which it relates.
1.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.4 EXPENDITURE (CONTINUED)
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Support costs including governance costs are those costs incurred directly in support of expenditure on the objects of the Charity.
Governance costs are those incurred in connection with administration of the Association and compliance with constitutional and statutory requirements.
Expenditure on raising funds relates to the Investment Broker's management fees and are recognised in the period to which they relate.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
1.5 FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
Furniture, fittings and equipment- 25% - 33% straight line Website - 33% straight line
1.7 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 LIABILITIES
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Association anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.11 FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.12 PENSIONS
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
1.13 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2024 Restricted funds 2024 £ £ Donations - 39,496 Grants - 85,000 Other donations 6,383 - 6,383 124,496 TOTAL 2023 13,980 67,313 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 £ Membership subscriptions 60,465 Annual congress 181,020 Other UK member activities 29,948 271,433 4. INVESTMENT INCOME Unrestricted funds 2024 Restricted funds 2024 £ £ Dividend and interest from investments 9,620 3,305 TOTAL 2023 9,256 3,174 |
Total funds 2024 £ 39,496 85,000 6,383 130,879 81,293 Total funds 2024 £ 60,465 181,020 29,948 271,433 Total funds 2024 £ 12,925 12,430 |
Total funds 2023 £ 77,562 - 3,731 |
|---|---|---|
| 81,293 | ||
| Total funds 2023 £ 67,122 144,849 29,370 |
||
| 241,341 | ||
| Total funds 2023 £ 12,430 |
||
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Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment management fees | 9,849 | 9,849 | 9,296 |
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable activities TOTAL 2023 |
Activities undertaken directly 2024 £ 201,858 180,180 |
Support costs 2024 £ 115,940 146,747 |
Total funds 2024 £ 317,798 326,927 |
Total funds 2023 £ 326,927 |
|---|---|---|---|---|
In 2023, £27,814 was spent from restricted funds, with the balance being met from unrestricted funds.
Page 16
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Annual Congress expenditure Munther Haddad prize IAC Overseas Skills courses IAC Hugh Greenwood Travelling Fellowship award Joint meeting UK member meeting costs, training days Other event costs Members' database ANALYSIS OF SUPPORT COSTS Wages and salaries Office costs Bank interest and charges Exchange rate variance Reversal of prior year accruals Professional fees Other Trustees' general expenses Executive costs Other accountancy fees (governance) Independent Examiner's fees (governance) Internal audits and surveys |
Total funds 2024 £ 148,319 - 16,782 6,000 - 27,790 - 2,967 201,858 Total funds 2024 £ 97,876 30,901 3,725 553 (30,688) 3,562 2,561 516 4,629 3,402 (1,097) 115,940 |
Total funds 2023 £ 119,153 150 24,684 2,980 9,951 18,381 1,448 3,433 |
|---|---|---|
| 180,180 | ||
| Total funds 2023 £ 93,964 20,259 5,885 2,701 - 4,203 9,624 2,298 4,481 3,332 - |
||
| 146,747 |
Page 17
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. INDEPENDENT EXAMINER'S REMUNERATION
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's independent examiner in respect of: | ||
| Independent Examination | 3,402 | 3,250 |
| Other services | 4,629 | 4,481 |
8. STAFF COSTS, KEY MANAGEMENT PERSONNEL, TRUSTEES' REMUNERATION AND EXPENSES
| Staff costs were as follows: Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 89,973 5,204 2,699 97,876 |
2023 £ 86,879 4,479 2,606 |
|---|---|---|
| 93,964 |
The average number of persons employed by the charity during the year was as follows:
| Staff The average headcount expressed as full-time equivalents was: Staff |
2024 No. 2 2024 No. 1 |
2023 No. 2 |
|---|---|---|
| 2023 No. 1 |
No employee received remuneration amounting to more than £60,000 in either year.
The Association considers its key management personnel to be the Trustees, who all give their time and expertise without any form of remuneration or other benefit in kind (2023: £Nil)
The charity paid Trustee expenses (including costs of attending conferences on behalf of the Association), which were either paid to the Trustee or directly to a third party on their behalf, during the year which totalled £2,050 (2023: £9,624) for 4 (2023: 6) Trustees.
Page 18
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. TANGIBLE FIXED ASSETS
| COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for the year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Office equipment £ 1,554 - 1,554 736 389 1,125 429 818 |
Computer equipment £ 4,602 899 5,501 967 1,681 2,648 2,853 3,635 |
Other fixed assets £ 64,787 - 64,787 64,787 - 64,787 - - |
Total £ 70,943 899 |
|---|---|---|---|---|
| 71,842 | ||||
| 66,490 2,070 |
||||
| 68,560 | ||||
| 3,282 | ||||
| 4,453 |
Page 19
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 1 January 2024 Revaluations Cash movement At 31 December 2024 |
Listed investments £ 776,055 34,361 - 810,416 |
Cash £ 31,462 - 3,076 34,538 |
Total £ 807,517 34,361 3,076 |
|---|---|---|---|
| 844,954 |
All the fixed assets investments are held in the UK.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The Association outsources the investment portfolio management to an investment management company called Seven Investment Management. Seven Investment Management is operating an investment policy that provides for a degree of diversification of holdings within different unit trust investments and fixed interest products. The Association has invested in a number of unit trusts in order to protect the Association's exposure to volatility in the market. Since 2017 the risk factor of the portfolio has been 6.
The Association does not invest in tobacco companies, or those involved in arms manufacture or other activities deemed to be harmful to children at large.
The Association does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term growth and annual income.
The Association has no material investment holdings in markets subject to exchange controls or trading restrictions.
Page 20
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. DEBTORS
| DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income |
2024 £ 12,558 - 16,010 28,568 |
2023 £ 11,535 345 6,622 |
|---|---|---|
| 18,502 |
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank overdrafts Trade creditors Deferred income Accruals and deferred income Deferred income at 1 January 2024 Resources deferred during the year Amounts released from previous periods |
2024 £ - 608 - 48,658 49,266 2024 £ 26,155 28,832 (26,155) 28,832 |
2023 £ 672 1,951 100 69,871 |
|---|---|---|
| 72,594 | ||
| 2023 £ 27,254 26,155 (27,254) |
||
| 26,155 |
Deferred income relates to membership subscriptions received in advance of the period.
Page 21
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Research (Meeker) President Prize Outcome Activities Trainee Activities GENERAL FUNDS General Funds TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2024 £ 151,913 2,500 12,605 6,428 173,446 27,232 200,678 |
Income £ - - - 4,327 4,327 283,109 287,436 |
Expenditure £ - (1,750) - (423) (2,173) (302,692) (304,865) |
Transfers in/out £ - - - - - 59,094 59,094 |
Gains/ (Losses) £ - - - - - 32,296 32,296 |
Balance at 31 December 2024 £ 151,913 750 12,605 10,332 |
|---|---|---|---|---|---|---|
| 175,600 | ||||||
| 99,039 | ||||||
| 274,639 |
Page 22
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS (CONTINUED)
RESTRICTED FUNDS
| Sir Denis Browne Memorial Fund Hugh Greenwood Travelling Fellowship Fund Hugh Greenwood Overseas Skills Course E-Learning Project Fund Meeker Bequest Research Fund H Greenwood Paediatric Surgical Traveller Fund Improving Surgical Survival in Children in Nepal Dr Rameshwar Nath Minocha PESI-BAPS Travelling Fellowship David Lloyd Prize Munther Haddad Prize International Surgical Instruments TOTAL OF FUNDS |
99,068 49,366 88,522 85,341 148,673 38,487 45,314 33,772 583 1,200 10,000 600,326 801,004 |
3,305 - - - 25,776 - 85,000 13,720 - - - 127,801 415,237 |
- (3,000) (11,024) - - (3,000) (5,758) - - - - (22,782) (327,647) |
- (36,321) (11,696) - - 1,513 (12,590) - - - - (59,094) - |
- 2,065 - - - - - - - - - 2,065 34,361 |
102,373 12,110 65,802 85,341 174,449 37,000 111,966 47,492 583 1,200 10,000 |
|---|---|---|---|---|---|---|
| 648,316 | ||||||
| 922,955 |
Page 23
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS (CONTINUED)
General Funds
The General Fund encompasses all unrestricted activities of the charity. The trustees consider that the Annual Congress falls within the general activities of the Association.
Designated Funds
In previous periods separate designated funds existed for various BAPS awards, however in 2016 those funds were transferred into the general unrestricted fund. Due to the historic importance of the individuals named in the original designations, their names will continue to be recorded for future reference and are as follows:
Dr Irving A Meeker (Junior) Peter Paul Rickham
The Trustees have instead decided to set up a number of designated funds to cover specific expenditure categories, as follows:
Research (Meeker) - This fund will allow the continued provision of research fellowships of up to £32,500 per year, which have previously been met from restricted fund income.
Peter Paul Rickham Prize - This award was established in 1992 and was initially presented for the best publication in the Journal of Pediatric Surgery. Since 1994, the prize was awarded to the best paper presented by a trainee at the PPR prize session at the annual congress.
President Prize - This fund will allow a President's Prize to be awarded at the annual congress.
Outcome Activities - This will go towards support costs incurred in maintaining and providing clinical outcome information to members, including BAPS-CASS, Dendrite and SWORD.
Trainees Activities - This will support trainee members activities for the next two years.
Page 24
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS (CONTINUED)
Restricted Funds
The Sir Denis Browne Memorial Fund - This fund commemorates Sir Denis Browne, the first President of the Association. The purpose of the Fund is to make an annual award to mark outstanding contributions to paediatric surgery and furthering study and research into diseases affecting children.
Hugh Greenwood Travelling Fellowship Fund - This fund was established in 2006. Its purpose is to promote the advancement of paediatric surgery in developing countries by enabling paediatric surgeons in such countries to spend time in paediatric surgical units in the UK for periods of two to three months.
Hugh Greenwood Overseas Skills Course - This fund was established in 2007. Its purpose is to create a teaching course which will be run by BAPS members in overseas centres, the majority of which will be in developing countries. Its aim will be to encourage the exchange of surgical skills and experience between UK and overseas members.
E-learning Project - This fund was established in 2009. Funding was provided by the Department of Health for an E-learning project.
Meeker Bequest Research Fund - The Meeker Bequest Research Fund is directed to supporting Research Fellowships. The actual award made in respect of 2017 was less than the accrual and this has resulted in a write back of expenditure against this fund.
Hugh Greenwood Paediatric Surgical Traveller - This fund was established in 2013 and available to a BAPS member (trainee or up to 12 months of completion of training) who wish to travel to a developing country to contribute to the surgical practice of that country in respect of contemporary educational and clinical methods.
Hugh Greenwood Fund for Improving Surgical Survival in Children in Nepal - This fund was established in 2015. It is to be used to host projects, via Mr Simon Kenny, related to Nepalese paediatric surgical care.
Dr Rameshwar Nath Minocha PESI-BAPS Travelling Fellowship - This fund was established at the end of 2019 in memory of Dr Minocha with the intention to make an award to allow a fellow to attend the 2020 BAPS conference.
David Lloyd Prize - This fund was established with the intention to make an award at the Annual Congress.
Munther Haddad Prize - This fund was established with the intention to make an award at the Annual Congress.
Page 25
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS (CONTINUED)
International Surgical Instruments - This fund has been set up to buy instruments for the Overseas Skills courses. It is restricted to only buying instruments approved by the IAC.
Transfers are made between the unrestricted general fund and restricted funds, where excess costs on restricted funds have been met through unrestricted funds.
Page 26
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Research (Meeker) Peter Paul Rickman Prize President Prize Outcome Activities Trainee Activities GENERAL FUNDS General Funds - all funds TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2023 £ 151,913 540 2,500 12,605 6,428 173,986 18,725 192,711 |
Income £ - - - - - - 264,577 264,577 |
Expenditure £ - (1,750) - - - (1,750) (306,659) (308,409) |
Transfers in/out £ - 1,210 - - - 1,210 (1,210) - |
Gains/ (Losses) £ - - - - - - 51,799 51,799 |
Balance at 31 December 2023 £ 151,913 - 2,500 12,605 6,428 |
|---|---|---|---|---|---|---|
| 173,446 | ||||||
| 27,232 | ||||||
| 200,678 |
Page 27
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. STATEMENT OF FUNDS (CONTINUED)
RESTRICTED FUNDS
| Sir Denis Browne Memorial Fund Hugh Greenwood Travelling Fellowship Fund Hugh Greenwood Overseas Skills Course E-Learning Project Fund Meeker Bequest Research Fund H Greenwood Paediatric Surgical Traveller Fund Improving Surgical Survival in Children in Nepal Dr Rameshwar Nath Minocha PESI-BAPS Travelling Fellowship David Lloyd Prize Munther Haddad Prize International Surgical Instruments TOTAL OF FUNDS |
94,322 42,346 113,206 85,341 115,132 38,487 45,314 20,000 583 1,350 - 556,081 748,792 |
3,174 10,000 - - 33,541 - - 13,772 - - 10,000 70,487 335,064 |
- (2,980) (24,684) - - - - - - (150) - (27,814) (336,223) |
- - - - - - - - - - - - - |
1,572 - - - - - - - - - - 1,572 53,371 |
99,068 49,366 88,522 85,341 148,673 38,487 45,314 33,772 583 1,200 10,000 |
|---|---|---|---|---|---|---|
| 600,326 | ||||||
| 801,004 |
Page 28
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD
| Unrestricted funds 2024 £ Tangible fixed assets 3,282 Fixed asset investments 746,162 Current assets (425,539) Creditors due within one year (49,266) TOTAL 274,639 |
Restricted funds 2024 £ - 98,792 549,524 - 648,316 |
Total funds 2024 £ 3,282 844,954 123,985 (49,266) 922,955 |
|---|---|---|
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year TOTAL |
Unrestricted funds 2023 £ 4,453 712,896 (444,077) (72,594) 200,678 |
Restricted funds 2023 £ - 94,621 505,705 - 600,326 |
Total funds 2023 £ 4,453 807,517 61,628 (72,594) 801,004 |
|---|---|---|---|
Page 29
Docusign Envelope ID: 27736FF3-BBD8-4D36-9C52-BCAB362C8C6E
THE BRITISH ASSOCIATION OF PAEDIATRIC SURGEONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. PENSION COMMITMENTS
The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £2,699 (2023: £2,606). Contributions totalling £487 (2023: £490) were payable to the fund at the balance sheet date and are included in creditors.
16. RELATED PARTY TRANSACTIONS
During 2023, one of the trustees made a donation of £1,500 to the charity, to be used as prize money at future Annual Congresses. This has been included as a restricted donation in the Munther Haddad fund. No such donation was made in 2024.
There were no other related party transactions in the current or prior year.
Page 30