BMA FOUNDATION (A CHARITABLE tNCORPORATED ORGANISATION) PAGE I F]NANCIAL STA TEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2023 CONTBNTS PAGE Trust¢¢s Report aud G¢ll¢ral Inf0T[)tiOn Auditors Report Statunent oFFinalTal Athivitie5 Balance Sheet 10 Ststement of C&sh Ftows li Notes to tbe Financial Statements 12-19
BMA FOUNDATION PAGE 2 FINANCIAL STATEMENfs FOR THE YEAR ENDED 3 1ST DECEMBER 2023 TRUSTEES REPORT Tlie Trustees preseDt thcir rcport and financial 5tatetnents of BMA Foundation (the'Foundation') for the year ended 3 1st De£ember 2023. The financial statements have been prepared iv. aecordance with the accounting policies set out in note I alld ¢omply with thc trust dced, the Charities Act 2011 and Accounling and ReportiDg b) Charities.. Statement of Recommended Practice applicable to charities preparino their Onts in a¢¢ordance with the Fiiiancial Reporting Standards applicable in the UK alld Republic of Ireland published oil 1st Jatlllary 2019. OBJEcfIvES AND ACTIVITIES The Trnstees are directed to hold capitsl and income of the Foundation for such charitable institutions or ¢haritabl¢ purp09es as the Tntstees stMiI from ttne to ¢itn¢ in their absolute dt%retiOR detrminc. Income of the lld is applied the sole discretion of the Trustees to fillttLer medical res¢8rth and the further education of medical practiÉioners and r¢search scienttsts. Each yEar the Trustees usually hold a research award5 cer¢Toony to celebrate the success of the projects funded, this w&$ reinstated in 2022 after a break due to COVtD 19. The BMA has a long historv of silPPOrting medical research and academi¢ m¢di¢ine. and is the oldest medscal organisation in the world to &w4rd grdttts and prizes to encournge and rther rnedieal research. The grar.ts are awarded to clinical acadetttic doctors and research scientists, and aitn to 5UPPOrt wot 1nDers in their re5wch and career development. Trust¢¢s have had regard to the Charity Commi&%ion's guidance on Public BenefiL Each year, rese&rch grants totalling approximately £910,000 are awarded to fvnd ba5zc artd clinical medical research. In 2023 the BMA Foundation awarded wearch fimding to diff¢renL projects, acros5 a diveTse range of reseaKh topi¢s, from arthritis tllental illn&85 to Cancer. These grants are dtstributed through the Foundatio The BMA Foundation plans to continue 5UPPOrtingth¢ best P055ible research and reseorch¢ts. for the advancement of heald) and the medical PTof¢5sion. GRANT.WAKING POLICY STATEMENT The Foundation has established its grdnt making policy to aehieve its objects for the public benefiL The BNL4 Foundation for Medical Research Grants are advertised widety on an annual basis: including the BMA website and inthe Btitish Mgdlcal Jottrnal. Applications are invited from medical practttioners andlor research scientists between January and March. These are then independently esSed by expert review¢rs. winne are ratified by the R¢s¢ar¢h Grant Trustee5. The BMA Foundation for Medical Research Grants encoUre and further medical re5¢ar¢h, benefiiing volh applicants and the greater pblic. The BfNfjA 5UPPOrts & broad 5pe£ttum of re5urch with the objective of eliminating andlor improving the treatment of many conditions. This fimding a]lows doctors alld research scienlists the opportup.ity to either contir.ue researc already ID pfoJD ess or to commence new research. Past winners of BMA Foundatioll reSeah grants advocate that the proje¢ts they have worked ott &s a result of funding have contribukd positively Èo thctr career progression. ACHtEVEMF,NTS AND PERFORMALNCE Ding the Ye the Trustees made 5iXt¢en new awards to the value of £859,446 (2022: thirtecn awards £735,9Q7) whicl) will be drawn down over a three year periiKL Paym¢nts COtinUe io be made against the previous yeavs commitments. FllNANCIAL REVIEW The charity & income for ihe year was £1,165,611 (2022.. £1,181.510)- Net grnnts at]]oUnt to £857,291 (2022.. £824,336) which after managemeat and administration lefi a su1v5 (before ini'estments gains and losses) of £92,548 (2022.. £141,281) which w&$ catTied over to the UmUlated fund. The fjnancial information is pre5en¢ed £sterling. At the end of tbe >rar the unT&StricÉ¢d resetves totaEled £17,003,147 (2022.. £17,733,059).
BMA FOUNDATION PAGE 3 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 TRUSTEES REPOIiT.......Jci)ntiuued INVESTMEDrf POLICY Th¢ ¢harity adopÈed a totsl retum policy for its inv¢5tsThellts wbich the trteeS bave agreed with the i]AV¢5tmentmanagers. It is the Foundation's policy to specificalty exclude investments in compaDi¢s predomingntly involved with the Extraction of thermd wal or th¢ production of oil from oiLtr SadS where th¢se areas derive more th8n IO% of a compallgs revenues. the production aDd mallu&CtLe of tobac¢o and the production and manufactwe 0fallnan. It is the policy of the FoundAtion to maxitwse its invagtsll¢nt itKome 50 that a wide Tange of good causes c&n be supported each year. RISK MANAGEMENT As part of the Foundation Ti5k nwiagement fra¢wo the BMA Foundution goiDg forwwd will bave the risk r¢ster reviewed quarterly by the Foundation TTtLStees. The Foundation stsff maintain an overview and a5se5smeDt of potential risks on ongoll)g basis and any Concen are escalatedto the Tn for fither consideration and impl¢mentstioD of y miti8ations as appropriate. RESERvs POUCY An annual graui blldgei is approv by the Trnst£5. Et is ]ink¢d ty the budgeted income less tecuThiDg costs. The FoLmdation h8s sigllifi¢allt res¢rves lli which to draw inthe event of & ghortfall and feel it u[¢¢¢saryl9 have additioual fulld5 in place to cover shon terms need& PLANS FOR FUTtIRE PEIUODS It 18 the.rn intention to continue the pr65ent policy of grantmakitig, withiD annual income for the fores¢eAble fitture. The size hnd llature of grallts gr¢ r¢vis¢d annually dependent on the ¢xpected annual illcome. The Tnte¢S continue to ty aDd maximise future legw tocome by utiIi5ing the services of a legw Notification Seryi¢e 8md by raising &warene8s generally to tyto maintain and incrwe lewies iti future. They a150 direct requests to philanthropists aDd foundations th&t SLWOrt medical Searth projects. Nicky JaY¢Sing CEO of the BMA Fouodatio lead% thi5 wo. STRUCTURE GOVERNANCE AND MANAGEMENT Th¢ Foundation is & r¢gisfered Chyrity, ]wmber 1192733 al is COD5tittrted by Trust D¢Ed dated 9th Dece]nber 2020. Its objects are very wide rdmgnig. The Trustee5 named on page 4 have during the year. The apI0]Ment of trtee5 És governed by the Trust Deed of the Charity. In ac¢ordaD¢e with tbe Constition of the BMA FouDd&tion. the BMA has sole power to appoilltTrustees of the FodtiOn, and the exer¢i5e of such power is a nmtter lor the BMA Board of Dirtcthrs. As per the process for thE appoilltin¢nt of new Tnjstees, the BMA Board of Directors BMA Foundatson Trustee4 aDd BMA FouDdatiOll 5ecretaTiat are invited to prow8¢ ally suitsble candidates for consideTrtioll. Th¢ BMA AppoiDnnent and Oversigbt Subcormitttt review all reGommendations and decide which ealldidates will put fOnd to the BMA Bojrd of Direetors for approva]. cdidateS approvEd by the BMA Board will then be invited to be BMA Foundation Trustees. Trustees are by virnje of their occupations fwlliliar with the in whicb the Foundation m8ke8 grgnts. They are informed through the Foundation'5 infraStnttre of any matters rekting to Chatity tAW 8nd accounttng reqUiremts that they should be aware of. Tbe TrteeS have very wide 1tivestmelltp0we to thage tbe Fouudation's a. The Trustees me£t allThualty to I$S grant 4TKI loan apPlii0rL9. Day to day admtllTstratiOD is delegatsd io the rn¢mlKrs of th¢ BMA teaTr and the TnL8tees receive reN>rts at their meelings. KEY MANAGEMENI T PERSONTrIEL REMuRATION The Trust¢e5 CQll5idu the Board of Trustees and the CEO of th¢ BMA FouDdation for Medical ReS¢b as comprising tlte key ]nanagement persL)miel of the Cbarity in cknge of directing and controllÉng thE chaEity and ?aging the day to day operations of the charity. All Trustees give their timE freely alld no tnjstee remunerntioll wa5 ld in the year, Detatls of trustees ¢xpeD5es aud lated partytransactions are disc105cd iu Dote 2 to the aexowts. Trustees are requir&l to disclose all relevant inteTG8t and register them with the CEO ofth¢ BMA Foundation for M¢di¢al Rearth Grants dnd IR aordance with the Fi)Undl0.8 p)li¢y withdraw from dls[00S wher¢ a conflict of irjterest ariS.
BMA FOUNDATION PAGI=. 4 FINANCIAI. STATEMLN'I"s foR'fi IE YLAIi ENDED 3 1ST Dr.CEMTSf.R 2023 'I"RIISI'EES REPORT .......Jcontinued KEVERENCE AND ADMtNSTRATIVE INFORMATION CURIIEN'f TRUSTEF.S AND THOSF. WHO TrIAVF SERVED DURING THE YLAR Profcssor Da.C Parveen Kutnar (resigncd November 20231 Dr Trevor PiLk=rsgill lThomas Peter Grinyer (resi.trned November 202il Professor Baroness Ilora Gillian Fiii la) ofLlandaff Proyssor Sir sabaraarn Arulkumaran FRC()G Pro.essor Philip Banficld NCe Major Jonathan Anthony Collin5 (appointed Novoniber 20231 CE() OV I'HE BMA TrOUP4DATION FOR fvIBDICAL KESEARCH N Jayesinghe PRINCIPAL OFFICE British Ml¢al Association BMA Ho Tavi5tk Square IA>ndon WC114 9JP IIEGISI'ERFD CTrIARITY NO. 1192733 COMPANY NUMBER CE024325 JJANKY.IIS CAFBank Charitie5 Aid Foundation 25 ThgS Hill Avelle Kii)gs Iqill West Malling Keni ME19 4TA FUND MANCERS Charle5 Stanley & Colnpany l.imited 25 Luke Street Londo F.C2A 4AR AUDITORS Prentis & Co LLP Cliaitered Ac¢ollntznts & Strdtutory Auditors 115c Milt(>n lioad Cambridge
BMA FOUNDATION PAGE 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2021 TRUSTEES REPORT........Icontlntl STATEMEWT OF TRUSTEES R Y,SPONSIBILITIES The Trustees are respollsible for preparing the Trusiees, Rerth and the fmancial statements in accordance with applicable law and United Kingdom Accounting St&id2rds {United Kingdom Generally Accepted Accounting Prdcts¢e). The law appltcable to charities in England and Wales re4uiIes the trusteeg to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that perÉixL In preparing these fan¢1 statements, the trust are required to.. Select suitable ac¢ounting PDlicies and then apply t11 eonsistenlly. Obserye'he methods and prir.ciples of the Chartties SORP. Make judgements and estimates that are reawnable and prud-nt. Slats whether applioble aceollnting startdatds have beer followe(L subject to any departures dtsclosed and explained in the financial statements. Prepare the financial 5tstements on the goillg Goncern basis urtle55 tt is inappropriate to presume that the charity will continue in operniion. (iv) Iv) The trustees aTe responsible for k£cptng proper accounting records which disclose with reasonable accurdcy at time, the financial position of the charity and to etthl¢ them w ascertain the fllRttcia] stAtements comply w th section 4 of the Charities Act 2011, th¢ Charity (Accounts and RqJorLs) Kegulation5 and the provisions of the Trust Deed. They are also responsÉble for safeguarding the assets of the charity and heDce for tsking reasonable steps for th¢ prevention and detection of fr&l and other irregulariries. This annual report was approved by the TNstees OD ¢>y 109 li1 and signed on their behalf Professor Philtp Banfield Trustee For and on behalf of the Trustees
BMA FOIINDATION PAGE6 FINANCIAL STATEMENfs FOR THE YEAR ENDED 31ST DECEMBER 2023 REPORT OF THE INDEPEN'DEKt AUDrroRS TO THB TRUSTEES OF THE BMA FOUTrtDATION OPINION We have auditedthe fLnarLcial statem-nts of BMA FouDdation forthe yearendsl 31 Deceb2o23 whicii comprise the Stat¢triEnt oEFinancial Activitie5, the Balanc¢ SneeL the s&emen1 of Cash Flow5 and the related notES. The fEllan¢ial reporting fraeOrk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inGluding Finanfjial Reporting stand I¢Y2"The Financia] R¢portiDg Standardapplirable ill the UK and Republic of Ireland" ILnited Klllgd0. GeneraLv AccepRd Accoanting Practic¢>. This reEX)rt 15 mad¢501elv to the TNstees. as abody, in accordance with theCharitie5 Act 2011. Our auditwotkhas been undertaken so thatwe ]ghtState10 the charity's Trnstees those matters we are required to State to them in an audito., report and for Tho other pury)ose. To dLe fllllest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and the charifir's Trusttes &$ 8 body) for our audit work, for this repor¢ or for the opinions we have fornied. In our oplOn the financial statements: give a true and fair view of the straL of the chty.5 affairs as at 31 December 2023, and of its incoming resources and vp11tIon ofresources, for the then ended; have been properly prepared inacc(the¢with UnitedKingdtsmG¢nerallyAccepted AccountingPractice' have beell Ptepared in accordance with th¢ requirrnients of th¢ Chsritie5 Act 2011. BASIS OF OPINION We conducted our audit in acc4Jrdance wtth International Standard% on AuditÈn(r (UK) {ISAs (UK)) and applicable law. Ourresponsibilities underthose standards are furtherdescribed in theAuditor's respon)ibilities fortheauditof the financial statements section of our report. We are Indedent of the charity in accordan¢e with the etliical requirements that are relevant to our audit of the fmanei&l statements in the UK inclwling the FRC'S Ethical Standard, and the proyisions avaiLable for small enL'ties: in the circumstance5 set out in note 5 to the financial statemeTrts, 2nd we have fuifdled our other ethical responssbilities in accordance with these requirements. We belieY¢ tliat the audit evidence we have obtained L5 S[cleA1 and &ppropriate to provide a b&%is for our opiiiion. GOING CONCERN In auditing the fsn&ncial siatetnent%, we have concluded thai the FourLdation's use of th¢ going concern basis of accounting in the pr¢pardtiou of the [anCiat sthtements is appmpriate. Based on the work we have perfortne(L w¢ have not identified any material uncertainties relating to events or conditionsthat, individ.aally or coll¢ttively, may cast signifi&wt doubton the Fowldation's ability to con:inu¢ as & going cOnrn for a period of At least twelve months from when the fmancial slat¢rnents are authorised fDr issue. Our respollsibilities and the responsibilities of the FoundatioTh wtth re5P¢Ct to going concem are described in the rel¢vant sections of this reporL OTHER ENFORMATION The other inforniation corTrpris¢s the iDfom]ation included in the Trusitts. ReporL otheT than the financial statements ano our auditor's report thereon. The Tn1% are responsibl¢ for the Trustees. Report. Our opinion on the fmancial statem¢nts does not ry)ver the other infomiation and w¢ do not ¢xpress any foTm of assurance Conclusion thereoD. In conneclion with our audit of the financial statements, our re5ponsibili is to read the Trustees, Report and, doing so, cot]sider whether the Trustees. Rep)rt is mat¢rialiy inconsistent with the fJnaD.cial statements or our knowledge obtained in the audit or otherwise appears be materially misstated. If we identify such tnatersal iricon5iStencic5 or apparent material Tuisstatements. we aTe required to detemjine whether there is a naterial misstatenent in the fLiancial Statects or arnaterial mlsstatement of the other iDformation, If, based on the WOLk we hav¢ pcrfoTmed, we conclude that there 13 a material misstatemeni of th&s other information, we arc required to report thai f&¢L W¢ have nothing to report in this rega
BMA FOUNDATtON
PACE 7
FINANCIAL STATEMENTS FOR THE YFAR ENDED 31ST DMBER 2023
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BMA FOUNDATION
MAftERS ON NVHtCH WE APE REQLIRED TO REPORT BY EXCEPTtON
We have nothing to report in respect of the following mattsr5 in relation to which the Charities (Accoullts and
Reports) Regulations 2008 require us to r¢port ¢0 you if, io ow opinion..
.e infonnation given in the fllwcial statements is inconsistent in any material respectwith iheTrustees'
Report,. o".
sufficient accounting records have not been kept or
the financial statements are not in agreement with the accouniing re¢onts and returns. or
we have notreceived all the information and explanations we require foT our &udiL
RESPONStBILITIES OF TRUSTEES
As explained w¢orefully in tht Tru5tee5' respotLsibilittes statement set outon page 5. theTTUSteesare responsible foT
the preparation of the fULcId1 5tstem¢nts and for being 5atisf:ed that they give a rrue and fair view. and for such
intemal control as the Truste¢s dBt¢rniine is necessary to enai)le thepr¢par8tion offinancKal statements thatar? free
from material nii5Stalement, whether due to fraud or error.
lry preparing the flnancial 5tstem¢nts, the Trnstees are responsible Eora55essing thecharity's ability to continue as
goittg concern, di5c195ing, applicable, matters Tel* to going ¢oncem and using the going concern basis of
accounting unless the Trustees either intend to liquidate the charity or to Ce operations. or have no rEalistic
alternative bul to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDtr OF THE FINAN'CIAL STA TEMENTS
We have been appoinied as auditor under section 144 of the Charir(es Act 2011 and report in acci>rdattce with the
Act and relevant regulations made or having effect ther¢und¢r.
Our Objectiv are to obtain reasonthle &55twaDce alM)Utwhether the fitwicial ststements as a whole are free from
aterial missiatement, whether due to fraud or error, and to issue an auditor's Teport that includes our opinion.
R¢a50nable assurance is a high level oFassurdnce, is not aguarantee that all audii conducted in accordance with
ISAS (UK) will always detect a rnarerial tnisstatetnent when it exists. Misstacements can &ise froin frattd or error
and are considered material if, individually or in the aeIe, the) could r&wnably b¢ expe¢t¢d to influence the
economic deci%ions of users t&ken on the knis of these fillanciai st&temen(s.
THE ExfENT TO WHICH OUR PROCEDURES ARE CAPABLE OF DETEcfING IRREGULARITIES. cLuDING
F]L4UD
ItregU14It1cs, inrluding fraud. are instance5 ofil0n-p1ith¢c with laws andregulations, The prllnaryresponsibility
for the prevention and deteciion of irregularities including frdd rests witli both the managemenl and those charged
with gOverrn¢¢ ofthe parthership. We design procedure5 llJ.itk¢ with ourresponsibilitics, ouiliDedabove.to deteci
material mi55tatements in respect of irregularities. including fraud. The exteni to which our procedures are capable
of det¢ctillg iTregularities, including fraud is detail below-.
We have considered the nature ofthe industry and sertor, control euvironmenL laws and regulations oftl)¢ charity,
Charily Laws and regul&tions considered Include butwere not limited to, the Charities Act 2011, Charity SORP
and FRSIO2.
We have enquired with the managemeat in r¢gards to their own assessment of the risks of irregularities, inoluding
fraud. We also tnquircd of managetnent and those chapyed with govertthnce as to any known instances of non-
complianee or suspected noi-¢omplian£e with laws 8Dd regJlatLons.
We obtaincd relevant documentation and represeotstions in order to form an opinion on ptential irreglljarities,
in¢luding fraiid.
We c0115idered tbc opportliticS and incentives that may exist within the organisation for fraud.
Based on this understanding, we dcsi2ned 5pecif5c audit PTo¢ediwe5 to ideniify instantes of non-compliance with
laws and regulations, including obtaining additional cotToknive ev.'dence as required. Fxamples of pwcedures
itkclud¢d reviewing large and unusual transactions. reviewittg large and unexpected vjriances, reviewing journal
entries and reviewing relevant IEgal conrspolld¢uc
There are inherent 15mitations iti th¢ audit procedutts descr.bed abtsve, not least as s8pIlg is used under
International Auditing.StatLdar(ts, tberefore not ail transactions are reviewed. Therefi)re th¢r¢ is a risk we will nor
detect all irregularities illc:udtng those leadin
BMA FOUNDATION PAGE 8 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 NDEPENDENf AUDtTOR'S REPORT TO THE TRUSTEES OF BMA FOUNDATION USE OF AUDIT REPORT This report is made solel> to the charity's tnteE8. 85 & lJ(Klv, in acwdan¢e wirh Part 4 of the Chhrities (Accounts and Reporrs) Regulation 2008. Ouraudii work has been undenaken so that we might stste to the charity's trustees those matters we are r¢quired to State to thein in an auditor's rep)rtand for no other purpose. To the fvllest exteDt pernjitted by law, w¢ do not accept or assume responsibility to anyoiie other than the chariry ar.d the charity's tru as & body, for our audit work, for this rewrt, or for the opinions we have fonned. PRENTIS & CO LLP CHARTERED AccOUrArS & STA TUTORY AUDITORS 115¢ Milton Road Cambi'idge CB4 IXE Prenti5 & Co LLP is eligible to act as on auditor tn temis of section 1212 of the ComFani¢5 Act 2006.
or4 mcc4 *0 e4 mic IDn loo b j
BMA FOUNDATION PAGE 10 FINANCIAL STATEMENTS Foli THE YEAR ENDED 3 1ST DECEMBER 2023 BALANCE SHEET 2023 Total 2022 Totral Note FIXED ASSETS Investments 26,118,768 24,734,091 CURRENT ASSETS Debtors Cash it bank 123,929 1,135,647 1,259,576 lJ58,949 TOTAL CURRENT ASSETS 1.358,949 LIABtLITIE.S Creditors falling due withill one year NET CURREEff LtABILITIES io {2,684,704} (2,694,782) {1,32i,755} (1,435,206) 24,793,013 23298,885 NET ASSETS THE FUNDS OF THE CHAIUTY U[strICted fu]Ids iiestricted funds 17.003.147 7.789.866 17,733.059 5,565,826 Total fid8 24,793,013 23,298,885 The notes on pages 12 to 19 forrn part of these accounts and were approY¢d by the thJst¢es on 04 1 (¥?12ow and signed on their b¢half by. PRofESSOR PHILIP BANFIELD TRUSTEE
BMA FOUNDATION PAGEII FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 STATEMENT OF CASH FLOWS 2023 Total 2022 T'otal Note Net cash provided byl(used io) operating activitie5 12 (766,049) (665.706) Cash tlows frorn inve5tillg activities: tDteresl aryd dividends Bank interest Purchase of inv¢sttuents Proceeds fronL invesknents 940,404 988,895 32,044 1,557 (1,076,934) (1,939,433) 564,860 999,735 460,374 Net cash provided byllused ID) investill8 ttetivltieg 50.754 Chmge in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of t4e reportinLt period Cash and c&%h equivalents at the end of the reporting period (305.675) (614,952) 12 I,664.624 2.279,576 12 1,358.949 1,664,624
BMA FOUNDATtON PAGE 12 FINANCIAL sTATE1[s FOR THE YEAR ENDED 3 1ST DECEMBER 2023 NOTES TO THE FINANCIAL sTATEMs CHARrrY IThTORMATION BMA Foundatioo is a charitable incorporated org8nisation registeTeil with the Charity Commission on 9th December 2020. i) ACCOUNtll¥G POLICIES (a} BASIS OF PREPARATION AiYD ASSESSl¥fE.NT OF GOING CONCERN The financial atstement have beeo prepared iu accordance with tbe Ststement of Recor(Lmended P.Yctice.' Accounting and Reporting by CIwitie5 preparing their acwunts in acwrdance with ihe Financial Reporting Stlndard applicable in the UK and Republic of Ireland (FRS 102) issued on 1st January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charitics Aet 2011. The Foundation constitutes a public benefit entity defined by FRS 102. Th¢ financial sta(Ements hav¢ been prepared on a going concern basi5. Thi5 may not be appropTi&C because at 3 1st DeMber 2023 th¢ Ch7t¢S current liabiliiie5 exceeded its current ets bv £1,325,755 and total liabilities of the cbarity were £2.684.704. The charity 15 r-liant upon the CODtinu¢d support of trustees, bank and investments, but there is no eviden¢ to suggeit that this Mill not con(inue and that firther thnd5 will not be provided, as n¢c¢55ary. to enable the Charity W ¢OUtinu¢ &s a going ¢Onr[L. (b) INCOME RECOGNITION All income is recogntsed onc¢ th¢ charty bas entl? lement to the inc¢)me, it is probable that thc in¢un)e will be received and the amount of inci)tne can be m&2sUr r¢liablv. - Inv¢51ment income is accounted for when recetvable. Tax recoverAble relating to Invesunent income is accounted for in the same period a5 the related income. - Bequests are accouttted for when receivable. This is when certainty is established and the bque5t G&n be quantified. (c) £XPENDITURE HKCOGNITION Liabilities are rol$ed as expenditure as soon as there is a legal or consttitctive obligation corDmitting the charity to that ¢xp¢nditure, it is probabl¢ that s¢td¢tn¢nt will b¢ r¢quired &%d the atnount of obligation can be measured reliabl).. All e%pendiiure is accounted for on accruals basis. ChaTitable support expense5 and governance costs include all ¢xpenditure not directly r-lati4J g to the charitsble activity. Thi5 iTrclude5 costs of renting offIcE PreISes, feei for accouutancy and admlS(Tative support - Charitable grants paydble are refle(d in the accounts during the star in wbich the grant was made. and any amounts outstanding at the yEar end are included in current liabilities. When grants awarded expire un¢laÈmed tb.ey are recr¢dited. (d) VALLE ADDED TAX Value added i&% 15 noi recov¢rable by the Foundation, alld such i8 included in the relevant costs ill the Statrment of Financial ActLVlties. (t) COST OF RAISENG FLNDS The costs of generatitig fill)ds consist of Lilvesttntt management Costs and certain legal f¢es. (O FIXED ASSETS IryVESTf*lEhYS Investments are a forTn of basic fthanci&l insknent and are initially recognised at their transaction Ydlue 2nd SLbsequently measured at thci fair value a5 at the balance sheet dale u5in8 the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on thc revaEuation and disposal thrOUoUt the year. The Foundation does not acquire put option& derivatives or other complex financial instruments.
BMA FOUNDATLON PAGE 13 FINANCIAL STATEMEWtS FOR THE YEAR ENDED 31 sr DECEMBER 202) NOTES TO THE FNANCIAL STATEMENTS The n)ain fortn of financial risK faced by the charÉiV i5 that of volatility in equity markets and investment markets due to wider economi¢ conditions, the attLiwde of investors to investtnent iisL and change5 in sentimeni concerning equities and within panicJlar sectors and sub sectors. (g) REALISED GAINS AND LOSSES All gains and losses are takeTh io tbe Statemenl of FIncIal Activities &8 they arise. Rtalised Eains and losse5 on investments are calculated as th- difference betWEen 5al¢s proceeds and their opening carrjing valLe or (heir PLtrchase vdue if acqllired subsequent to the firsi day of the fwan¢ia] y¢ar. Unrealised gains and losses are calculated as the differenc¢ betweell the fair value at the year end and their tarrying value. Re&lised and vnrealised investment gains and loss¢s are combitied in th¢ Statem¢nt of Financial Activitieg. (h) RESTRICIED FUNDS INCOME Where monies Le held for restricted funds at the stsrt of the year an appropriate share of investsnent income is credited to those fijnds. (i) MERGED AccouTrrrs On 1st Januarv 2021 the BMA Follndation w&8 fOred. The registered charity was set up to merge together the fourtrllst fund5, Scholarship Tnt Fund, Joan Dawkin5 Fund, TV James Tn]st and H C R05coe Trust Fund. The BMA Foundation will ¢ontinue to honow all of the colljffjitrnents from the previous trltst fuTrds, along with any restrictions placed fund5 aIready held. T V James and H C Roscoe will be ¢onsid¢r¢d resiricted fimds within the BMA Foundaiiotk from 1st January 2021. 2) RELATED PARTY TRANSAcfJoNS AND TRusfEES' EXPENSES AND REMLINERATION The TTU%tees all give freely their itine and expertise without any fonft of retnuneration (Fr other benefit in cash or kind in the cutTent year or previo5 year. No expeJL8es were paid ty the Trustee5 during the year or the previous year. The British Medical Association provid¢d staffing to the charity for which it charged £132,500 (2022.. £152,668) for thc yb&r. No omounts were outstattdillg at the year end. Uttr¢stri¢ted Restricted Funds Funds Total Fund5 3%) BEQUESTS AND GIUIYIS Ye#r eDded 3151 Dccember 2023 Pushpa Chopra Grant Jon Moultott Foundation Grant Other donations 71,500 121.003 660 121,003 660 660 192,503 193.163 Unrestricted Restricted Funds Funds Total FLmds Year ended 315t December 2022 wesleya As5ur4nce Jon Nloulton Foundation Grant Other donations 5,286 59,714 123,929 65,000 12i,929 1.147 190.076 1.147 6.433 183,643
BMA FOUNDATION PAGE 14 FtNANCtAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 NOTES TO TFtE FINANCIAL STATEMENTS 2023 2023 uteStriCted R¢stri¢t¢d Funds Funds 2023 Total Fund5 3b) tNVVSThIEiYf INCOME Listed UK investsnents 645,780 294,624 940,404 2022 Unrestricted 2022 Restricted Funds 2022 Total Ftsnds Listed UK investments 753,854 235,041 988,895 4) CHARITABLE ACTivrrtES Support and Clwitable Activities Goverllance Costs Total Year ended 31st December 2023 Grant5 (Ste note 6) Bank charges Accountancy Audst fee Recharged sataries Insurance Miscellaneous 857291 857,291 85 136 2,406 132,150 1,941 9,304 1,011,313 85 8.136 2,406 132,150 1.941 9,304 857,291 154.022 Support and Governance Costs Charii&ble Activities CoTnbilled Total Year ended 31st December 21122 Grants (5e¢ note 6) Bank charges Accountsncy Audit fee echarged salaries [n$nce Miscellaneo 824,336 824.336 106 8,760 6,930 152,668 1,798 10,938 106 8,760 6,930 152,668 1,798 10,938 824,336 181,200 1,005,5i6 5) AUDrroRS' REMUNERATION Thc auditors, reU¢ratioll conslituted an audit f£e of £2.406 (2022: £6,930) and management accounts fees and tax work of £8.li6 {2022- £8.760). Managcment threat in relation to llon Etudit services: IA COIL0 with many other businesses of similar size and nature. the trustees employ the auditors t(> assist with the preparation of the f[LCial stAtements.
BMA FOUNDATION PAGE15 rtNANCIAL STATEMENfs FOR THE YEAR ENDED 3 1ST DECEMBER 2023 NOTES TO THE FINANCIAL STATEMEKrs 6) AN.4LYStS OF GRANTS This tllade up of gralli cornmitments to irlsttkntiolls analysed follows.. 2023 2022 Helets H Lawso 2023- Professor Jonathan KDffman & Dr Matthew Ausop JosephoDe LaDsdell 2022- Professor Theresa McDoDagh & Dr Clare Ba]Jnister 2023- Dr Jonathan Chuo Min Lee & Profr5sor Sanjay Sinha VerA Down 2022- Dr Roberto Bellanti 2023- Dr Bo Sun 2023- Mr Daniel Michalik & Profe550r sa Kathlee Hgrper 2022- Dr Sudazshina murd & Dr Garfield 2023- Dr Ben Ka55tan & Dr Tehleen Khan Dori5 Hillier 2022- Dr Joshua Bennett 2023- Dr Helen Harros T P Gunton 2023 - Mrs SamanthA Downi¢ Seholarghip Trust 2022- Misg Elcna sheldon & Professor Christopher Burton 2022- Dr Sean Wright J Moulton 2022- (Stroke)- DT Maryna B&wlay 2023 - (Covid) - Dr Caroline Jolley 2023 - (Covid) - DT Ahilanandall Dushianthau 2023 - (AI)- Dr Padmanabhan Ramnaraydn Marg4ret Temple 2022- Dr Benjamin Perry 2023 - Dr Mieke Heurich and Dr Mar¢ella Bassetto Dawkin and Struti 2022- t)r DaYÉd WoJTrg 2023 - Professor Marcela Votnjba James Trust 2022- D.. Hans ithael Haitchi & Dr Alexandra Kremack 2023 - Dr Anna FrcernaD H C Roseoe 2022- Tr Thushan de Silva 2023 - Dr Rishi Gupta Foundation Iwesleyan) 2022 - Dr Mullingtoti & Dr Joues Pllshpra Chopra 2023- Dr Susan Ayers Philip Baker ?023- fvliss Paramita Baruah Other graDts and prizes Adjusttnent for grant awarded (prior y¢ars) Adjustment for grants unclaiTred Iprior years) 60,030 64,475 64,505 64.818 39,023 15,600 64.914 64,989 64,906 63,051 54,090 52,272 64,607 59.322 37.874 21,667 61,462 45,883 61,501 65,000 64,956 64,996 57,770 65,000 63,431 59,714 64,956 64.541 93,191 (4.7621 824,336 (2,155) 857,291 7) ANALYSIS OF STAFF cosrs The fouttdation does not directly employ anv staff. A recharge of admitListrative ¢05ts, including Staff time is recharged to the charity by the British Medical As50Giatiou as shovn in nots 2.
BMA FOUNDATION PAGE 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 NOTES TO THE FfNANCtAL STATEMENTS 8) IVFSTMEKrs 2023 2022 MBL*et value at 1st January 2023 Additions Di$Frt)sal8 Net alised 0085esygaiDs N¢t ullrdised (losses}Igaius Market value at 3 1st Decemkn 2023 24,205,114 1,076.934 (564,860) (43,296) 1.444,876 26.118,768 25,832,974 1.939,433 (999,7351 (48,5361 (2.519,0221 24,205,114 19.212.561 HistOTiC21 cost at 31st Decernber 2023 19,765299 Cost 2023 Cost 2022 Market Vue 2023 2022 Listed equity nvestments Cash held at brokets 19,765299 19.212,561 26.118,768 528,977 19.765299 19.741,538 26,118.768 24,205,114 528.977 24.734.091 All investments are Cale atth¢ir fair value. lnvest¢llts in eASuiÉies 8nd fixed interest secwitie5 are all traded in quoted public maTkei4 PTinwtly the London Stock Excbauge. Asset $81¢8 al reGo8nised at the da(e of tsad¢ rost (that i8 their transaction Val). The only investnent to comprise of wore than 5Y• of the total wrtfolio valuation is Maitland Instititsional Setvice5 Lrf No other tnvestD]ents rornprise 5¥0 or Dwre of the portfolio. 9) DEBTORS 2023 Due withi one ye 2022 Due wÈthin one year Awued inC0C 123,929 CREDrroi 2023 2022 Due within Due within one year one year Grdltt comnjittllents outstanding Accruals 2,668.514 16,190 2,684,704 2.564.877 129,905 2,694,782 The trustees have acc47ted &$ a liabilty ants which ¢anbe ¢laTmed over a period of up to three ygus. The rat¢ of proj¢ot prOSsion is outside ofthe control of trllst who a¢¢rue in full for tb¢ commitnTrent Thlstees are aware that¢uent liabli ities exceed CUTrtnt assets. This bapp¢ns a5 liabililies for grants awarded are usuaity th7wn down over a period of 3 year5. If a project were to be completed more 9wiftly tha the usual tijllescale, it would be fjjnded in full. If this happclled on all projects simultaneousty. would be dNwn down from the investtnent portfolio to (xTrver the surD5 du¢.
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BMA FOUNDATION PAGE 19 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS 12) RECONCILIATION OF lE*COME TO NET CASH Ftnw FROM OPERATING AcrivrrIES 2023 2022 Net income ftsr the reportitl8 period per page 9- SOFA) Adjustments for.. Dividends and inter&st from investments InteT6St received (Gainsylosses on investments (Incr¢&8¢ydeere&%e Éll debtors IncreL8e/{decre&se) ill creditors Net cash provsded byl(used in) operating activiti& 1,494,128 (2,426,277) (940,404) (32,044) {1,401,580) l23,929 {10,078) {766,049) (988.8951 {1,5571 2,567,558 19,668 163,797 {665,706} ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash held under inYe$ttneDts Cash at batjk 528.977 1,135,647 1,358.949 1,358,949 1,664,624 13) LIABILITY OF MEMBERS TO copR[BuTE TO THE ASSETS OF THE FOUDATIoN IV IT IS WOUND UP If the Foundation is wound up, the Memoers of the Foundaiion are liable to contribute to the assets of the Foundation such atnount (but not more than £1) as may be require(L