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 oFFinal￿Tal 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 ￿￿O￿nts 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 encoUr￿￿e and further medical re5¢ar¢h, benefiiing volh applicants and
the greater p￿blic. 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 reSea￿h 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
D￿ing 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 CO￿tinUe 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 su￿1v5 (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 tr￿teeS 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 Sa￿dS where th¢se areas derive more th8n IO% of a compallgs revenues. the
production aDd mallu&CtL￿e 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 fi￿ther consideration and impl¢mentstioD of
y miti8ations as appropriate.
RESERv￿s 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 Tn￿te¢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 ap￿I0]Ment of tr￿tee5 És governed by the Trust Deed of
the Charity.
In ac¢ordaD¢e with tbe Consti￿tion of the BMA FouDd&tion. the BMA has sole power to appoilltTrustees of the Fo￿d￿tiOn,
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 fOn￿d to the BMA Bojrd of Direetors for approva]. c￿didateS 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 infraStn￿ttre of any matters rekting to Chatity tAW 8nd accounttng reqUirem￿ts that they
should be aware of.
Tbe Tr￿teeS have very wide 1tivestmelltp0we￿ to th￿age tbe Fouudation's a￿.
The Trustees me£t allThualty to I￿$S grant 4TKI loan apPli￿i0rL9.
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 REMu￿RATION
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
R￿earth Grants dnd IR a￿ordance with the Fi)Und￿l0￿.8 p)li¢y withdraw from d￿ls[00S wher¢ a conflict of irjterest ari￿S.

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 sabara￿arn 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 M￿l¢al Association
BMA Ho
Tavi5t￿k Square
IA>ndon
WC114 9JP
IIEGISI'ERFD CTrIARITY NO.
1192733
COMPANY NUMBER
CE024325
JJANKY.IIS
CAFBank
Charitie5 Aid Foundation
25 ￿ThgS Hill Avell￿e
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........Icontlnt￿l
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 f￿an¢1￿ statements, the trust￿ are required to..
Select suitable ac¢ounting PDlicies and then apply t1￿1 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 li￿1
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 Dece￿b￿2o23 whicii comprise
the Stat¢triEnt oEFinancial Activitie5, the Balanc¢ SneeL the s&￿emen1 of Cash Flow5 and the related notES. The
fEllan¢ial reporting fra￿e￿Ork 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 op￿lOn the financial statements:
give a true and fair view of the straL of the ch￿￿ty.5 affairs as at 31 December 2023, and of its incoming
resources and vp11￿tIon 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 Inde￿￿dent 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 cOn￿rn 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 o*theT than the financial
statements ano our auditor's report thereon. The Tn￿1￿% 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 State￿c￿ts 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 D￿MBER 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 fUL￿cId1 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 a￿e￿Ie, 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
ItregU14￿It1cs, inrluding fraud. are instance5 ofil0n-￿￿p1ith¢c with laws andregulations, The prllnaryresponsibility
for the prevention and deteciion of irregularities including frd￿d rests witli both the managemenl and those charged
with gOverr￿n¢¢ 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 opport￿liticS 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 s8￿pIl￿g 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<r to a material rnissfatemenL in the financial ststemtnts or noii-
ompliance with regulations. The risk of not detecting a material mi>Statement due to fraud 15 also higherthan the
risk of not detectillg one from error, as fraud may involve d¢liberate concealment by. for example, forg¢ry,
collusion, omission or intentlollal misrepresentation.
A fvrther dtsyriplion of our responsibilities for the audii of the financial statw¢nts is located ei the Firt&ieial 116PDrting
Council'8 websi-.e at.. wvtw.frc.org.uklalldityt5rcswnsibililtts. This description fottlls part of our iudiiorfs'.eport.

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 tn￿teE8. 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 AccOU￿rA￿rS
& 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
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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 fi￿d8
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 sTATEM￿s
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 D￿eMber 2023 th¢ Ch￿7t¢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 ¢On￿r[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 r￿o￿l$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
Pre￿ISes, feei for accouutancy and adm￿lS(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 Lilvesttn￿tt 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 thrOU￿oUt 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 FIn￿cIal 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 fOr￿ed. The registered charity was set up to merge together
the fourtrllst fund5, Scholarship Tn￿t 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 previo￿5 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
ut￿eStriCted 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, re￿U￿¢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 COIL￿0￿ 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 V￿ue
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 Ca￿le￿ 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 $81¢8 al￿
reGo8nised at the da(e of tsad¢ rost (that i8 their transaction Val￿).
The only investnent to comprise of wore than 5Y• of the total wrtfolio valuation is Maitland Instititsional
Setvice5 Lrf No other tnvestD]ents rornprise 5¥0 or Dwre of the portfolio.
9)
DEBTORS
2023
Due withi
one ye
2022
Due wÈthin
one year
Awued inC0￿C
123,929
CREDrroi
2023
2022
Due within Due within
one year
one year
Grdltt comnjittllents outstanding
Accruals
2,668.514
16,190
2,684,704
2.564.877
129,905
2,694,782
The trustees have acc47ted &$ a liabilty ￿ants which ¢anbe ¢laTmed over a period of up to three ygus. The
rat¢ of proj¢ot prO￿Ssion is outside ofthe control of trllst￿ who a¢¢rue in full for tb¢ commitnTrent
Thlstees are aware that¢u￿ent 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¢.

Cw.
OmO•th7
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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 cop￿R[BuTE TO THE ASSETS OF THE FOU￿DATIoN 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