BMA FOUNDATION IA CHAEUTABLE coRPORATED ORGANISATION) PAGE I FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER2024 CONTENTS PAGB TnteeS Report and General Infonnation Auditors Report Statsment of Financial Activitie5 Balance Sh¢et 10 Statement of Ca5b Flows Notes to the Finaticial Statements 12- 19
BMA FOUNDATION PAGE 2 FINANcL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 TRUSTEES REPORT The Trust6es present their report and fjnancial StatetI of BMA Foundation (th¢'FouDdation') for the year ended 3 1st December 2024. The f'Jwicial statements have been prepared in accordance with the accounting policies set out in note I and comply the trust deed, the Charities Act 2011 and Accounting and Rewrting by Charities.. Statelntnt of Recommended Practice applicabl¢ to charities preparing thei accounts in accordance with the Financial Repoit.ng Standards applicable in the UK and RepubLi¢ of Ireland effective from Est J4Duary2019. OBJECTIVES Af4D ACTtvrr The Trustees are dir¢ctd to hold capita] income of the Foundation for such charitable institutions or ciwitable purposes a5 the TTU5tee5 shall from time to tittte their absolte discretion detern]ine. Income of the fllnd is applied the sole discretion of the Trustees to fith¢r medicAI research 8nd the fier edcatIOn of medical practitioners, medical students and research scientists. Each year the TrtteeS host a research grants awards ceremony to c¢lebrnt¢ the succe5$ of th¢ projects funded and to r&se fimds to 5UPPOrt medical res¢arch. Through the BMA FOUdation. the BIIA ha5 a long history of sUPlX)rting medic41 research and academic m¢di¢in¢ since 1839, and is the oldest medical organisation itt the world to award grhnts and priz¢) to encourdge and fjjrther medical research. The grants axe awarded to medical prdctitioners. medical swdents and tYseah scientists, and aim to support early stage career researchers in advan¢iDg their research goals and piolle¢ring br¢akthroughs in ndical sciellce. Throuoh our comtnitmellt. tht charity aims to a¢celer&ie scietktific dis¢oYeries rhat will beneiit patients aftd contribute to a healthier. tnore i'esilient society. Trustees have had regard to the Charity Commission's guidance on Public BenefiL Eactl year, research grdnts totalling approximately £910,000 are awarded to fimd b&sic and clinical medical research. In 2024 the BMA FoundaiAon awarded res¢arch funding to diftyeronl projects: acr055 a diverse range of Tesearch topi, from arthritis to mental illness to cancer. These grants are distributed through the Foundation. The BMA Foundation plans to continue supporttnv th¢ best possbiSe research and researchers, for the adv8t)¢ement of health and tt rnedical profrsilon. GRANT MAKING POLICY STATEMEP4T The Foundaiion has esiablished its grdnt naking policy to achieve its Obj foT the public benefiL The BMA Foundation ft>r Medical Eiesearch Grdllts are advertised widely on an annual basis. including on the BMA website and in tkne British MedicalJournal. Applications are invit frorn Medi prncitiouer5, medical students andlor Tesearch scientists between Januarv and March. These are then ldeAlnI[Y assessed by expert reviewets. Winnen are ratified by the BMA Foundauon Truste¢5. I'he BMA Foundation for Medical Research Gra¢ encourage and fijrther medical research, benefiting both applicants and the greater public. The BMA Foundatiori 51IPPOrts & broad spectn]m of research w'ith the objective of eliThinaiirig aiidlor ilnproving the treatment of many conditions. This fithdsng a]iOWS edical prof&isionals, medical stsjdents and research scientists the opportunity to either continue research alTeady in progress or to commence new research. P85t winners of BMA Foundation rtarCh grants advooate that the projects they have work on as are5uIt of funding hav¢ contrbuted p05itiv¢ly to their career progression. ACHiif.VF.MF.NTS AND PERFORMANCE Duriug the yea2. the Trustees made foiJrteen new award5 to the v&l4e of £819.787 (2023.. ssxtcen awards £859,446) which 11[ be drawn down over a three year period, subject to reporting gllEdelines and other tertlls and colldititsns being tnet by the winners. Payments continue to be made against the previo yearfs commitinents. FINANCIAL REVIEW The charit15 income for the year was £1 ?$0,722 (2023.. £1,165,611). Net grallts amounted to £530,627 (2023-. £857,291) whieh after mauagemcit and administratioll left a sutplus (before investsnEnts sains and losses) of £444,413 (2023.. £92,548) which was carried over to th¢ accumu'ated fvnd. The far.¢1a[ infomjaiion is presenied in pound sterling. At the end of the year the unrestricted reserves totalled £17,098,489 P023.. £17,003,147).
BMA FOUNDATtON PAGE 3 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEN(BER 2D24 TRUSTEES REPORT.......Jcontinued INVESTMEiST POLICY The ¢harity has adopted a total return policy for its tnVE5ttnents whi- .b the ttustees have agreed with the inve5tsner.t managers. It is the Foundation's policy to specificall) exclud¢ inve51meYS companies predominantly involved with the extrdction of thermal coal or the production of oil from oiV* sands wbere these areas derive more than IO°/o of a cOmpanS reveDlles, the production and n)Ufacue of tobacco alld the pr(Kluction and Alufacture of armaments. 11 is the poli¢y of the Foundation to maximise its investmeoi incorne 50 that & wide range of good caL%es call be supported Each RISK MANAGEMEffT As part of the Foundation risk manag¢mer,t framewojk (he BMA Foundation Lroing forword will have the risk register reviewed quarterly by th£ FouTLdation Trustee%. The Foundation sraff mainthin an overview and esment of potential risks on an ongoing basis and ally concerns are escaIated the Trustee5 for fiTrther consideration and implement&tion of any mitsgatioi as appropriate. RESERVES POLICY An anllual grant budget is approved by the Tntstee5. It is linked to the budgeted income less known recurring costs. The Foundation sitrnificant reserves in which to draw in the event of a shortfall aDd Trustees feel it unnecessary to have additional funds in pl&¢e to ¢over short t¢rn]s needs. PLANS ITOR FUTttRE PERIODS It is the Trustees intention to continue the presellt tlIcY of grani rnakll)g. within annual inrne for the for&s¢uble future. The size natwe of grants are reyised anllually dependent on the expected aDnual income. The Truste¢s continue to ty rnaxilnise fu¢ur¢ l¢gacy inCo.e by ut11tstr the services o( a legacy Nocification Se[Ce and by raising awareness generally io ty w maintain and increase legacies in fitture. Thej also make dire¢[ requests to philanthropists and fotmdations that support ¥Dedical research projects. l¢ki Javesinghe, CEO of the BM.4 Foundation lead5 thi5 work. STRUCTURE GOVERNAIYCE AND MLNAGEMEiYr ThB Foundation is a r¢gi5tered charity, number 1192733 and is constituted by TrLL%t Deed dated 9th Ikcernber 2020. Its objects are very wide ranging. The Trustees named on page 4 haye served during the ycar. The appoin(ment of trustees is governed by th¢ Trust Deed of the Charity. In accordance with the constitution of the BMA Foundation: the bas sole power to appoint Trustees of the Fowidatio and the exercise of such power is a matter for the BMA Board of Directors. As per the process for the appointrnent ofnew Trustees. the BMA Board of Directors. BMA Found&ion Trustees, &Dd BMA Foundation secr¢taTiat ar¢ iiivited to prowse any suitable candidates for ¢ousiderntion. The B.4fjA Appointment alld (h'eisight Sllbconunittee reVtW all recomniendations atLd decide whicfr. candidates will be put fonvard to the B.MA Board oFDirecion for 4)proval. Candidates approved by the BNIA Board will then be invited to be BMA Foundation TrusteB5. Trustees are by virtue of their occupations familiar with th¢ ar ID which the Foundation makes grants. They are infornied through the FoundatiOTh'S Infrastructure of any matten latI11g to Ckarity tAw and accounting vquireTnents that they should be aware of. The Trustees have very wide Investment powers to manage the Fouudation'5 assets. The Trusteos meet annually to assess [It aDd Ilmn applications. Day to day admirllstration is d¢legated to the eMberS of the BMA Foundation team and the Trllstees receive reports at their meetings. KEY MANAGEMENT PERSONNEL REMLNERATION The TTUStee5 ¢ollEider the Board of Trustees &nd the CEO of the BMA lioundation for Medical Research as comprising the key martagemeni personnel of the Charity in charge of directing and controlling the charity and managg the day io day operations of the charity. Al. Trustees give their txme freely and no trustee remuneratsoll was paid in th¢ y¢2r. Det&i15 of trustpes expens and related party tr&n5a¢tions ay disclosed in note 2 ro the accounts.
BMA FOUNDATION PAGE 4 FtNANCIAL STATEMEKfs FOR THE YEAR ENDED JIST DECEMBER 2024 TRUSTEES REPORT........IContiUed Trustees are requed to di5¢1ose all relevant interest and regi5ttr th.em with the CEO of the BMA Foundalion for Ntcdical Research Grants and in accordance with the Foundation's policy withdraw from decisions where a Collfiict of interst arises. REFERENCE AND ADMINSTRATtVE IhTORMATION CURRETrrf TRUSTEES AND THOSE W7to HAVE SERVED DURING THE YEAR Dr Trevor Pickersojll ProfessoT Baron¢ss Ilorn Gillian Finl&y of Llandaff Professor Sir Sabaratnatn ANlkumaran FRCOG Professor Philip Bgnfield Neet& Major Jonathan A0th0n Collins Ram Pragash Moorthy Professor Helen LUlse Fisher Profe&8or Ashley WIM)dwck CEO OF THE BDVIA FOUNDATION FOR MEDICAL RESEARCH N Jayesinghe PRIL¥CIPAL OFFICE British MgJica] Association Taiistock Square London WCIH9JP REGISTERED CHARrrY NO. 1192733 CO1¥ANy NUMBER CE024325 BANKERS CAFBaDk Chariiies Aid Foundation 25 Kings Hill A Yenue KiDgs Hill w.est Malling Kent ME194TA FUND MANGERS Charles Stsnley & Compally Limited 25 Luke Street LAyndon EQA 4A AUDoRs Prentis & Co LLP Cliartered Accountallts & Statutory Auditor5 115c Milton Road Catnbridge CB4 IXE
FOUNDATION PAGE 5 FtNANCIAL STATEMENTS TrOR YEAR ENDED 31ST DECEMBER 21Y24 TRUSTEES REPORT.......J¢ontinu>J STATF,MET4T OF TRusfEEs RESPON&$ Th¢ TTslee5 art rvponsible ti)r PTeparing the Trustees, Report althe fmawial statemtDts JD accordance with appllcoble law and United Kingdom Accounting Stsndards IUDit¢d KingdcKn G¢ttErnlty Acwtwj A¢¢uunfing laL8ice). The law appli¢abl¢ to ¢bariti¥s in Engl#nd and Wèies requires the trLLStr< lowepare fiftenci81.slateD]ents for each Floan¢i )rAr which giY¢ o tr¢ aDd fair vi¢w of th¢ gtrt¢ uf the atTair5 of the charily and of th¢ incoming Tegjurces WKI ttpplicdiM)nof Ye50tJrcts tsf the ehArtiy fot tb p¢riod. ID prwlng thc8¢ fi1Cl trust¢¢s Jre requitrd to.. Select suitabk accountu pt>licÈ&% and theTE apptythem consisrently. Observe the illEth(¥Js and principles of the Ch&TIiK5 SORP. Make judgements eAimatss are re&80nable and PTuthrt. stste whether applicabk #Ltotintin8 St8nd&Tds bvD followed subjttt to 3Y d¢p4rtwes dis¢lowl and p[arned in ¢be fitwi¢ial Mtaiemcnts. PErpttre the finaTJcitiI Stalennts on the going b&si5 s1n15 it is inawKopriaté to prE8um¢ thot Ibe Chwity will continue in 0ratIon. (iv) (v) The truswes are rwsiTrAlo for ke6piD8 Ptow accowjting records l( disclose with rt4soJJable 4raCY at any time, the f#141 posÉtAon of the Charity ad to *bk thmn to axertain tIMI the fmancial 5tht£m•Jts rotnply hith 5edion 4 of thè Ch#tities Act 2011. th¢ Charity (AccouDts mi R¢wrt5) R¢805 andthe provi$iDos of the Trust Ikt4L They aTe also resp(wible foT 5afe4utrding the of the clwity aybl h¢Dce for tskitigre&%ondble s¢¢ps for the pTevenliDn d det¢ction of fraud alld otber ire1t1¢ This aDnualTeport apprOd by the Tnlgtres on 30 loq12(>?S and siwd ON their behalf Professor Philip l)2nfield Tnjstee FDT and on behalf of thr Tntsttts
BMA FOUNDATION PAGE 6 FANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 REPORT OF THE INDEPENDENf AtJDfToRS TO THE TRUSTEES OF THE BMA FOUNDATION optNION We have audited the thancial statements of BMA Fouadation for the y¢ar ended 31 Deconber 2024 which comprise the Statement of Financial Activities. th¢ Balance Sh¢eL th¢ Slatewent of Ch Flows and tbe Tel&ted otes. Th¢ finattcial reporting framework that bas been app]i¢d in th¢it preparation is appiic2ble law and UDited Kingdoni Accoullting Stanthd4 including Financial B£poniDg stonddI02,Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireiall (Lnited Kingdom Gellerally Accepted Aw)ullting Pltice). In our opiThion the financial statetnents.. give a trlle and fair view of the state of the chwity's affairs as at 31 December2024, of its incoming resources ond application of resourc¢s, for th¢ year then ¢Dde4L" have beett properly prered in acwrdance with Unitrd kngdom Gen¢Tully Acceptsd Accounting havc been Wepar1 in accordance with the Twirelltents of the ChaEities Act 2011. BASIS OF OPIMON We condurted ouraudit accordauce with International StaDdards ou Auditing (UK) (ISAS (UK)) and applicable law. Our reSPQDsibiIities Ullder those swidards are fiwther described in the Auditor's reiponsll)ilities for the audit of the fiDaDrial 5taietnents Section of ow repoTL We 8re independeni of the chzrity in aecordgnce with the ethical requirements that are relevant io our audit of the finaDcial ststerncnts in the LX, including the FRC'S Ethical stalldar the provisions available for Small erttitie3, tn the circumslance5 Set ollt in 0t£ 5 to the financial 8t&tements, and we have fidfilled our other ethical responsiTrJilities in accordance Mryth these r¢quirements. We believe that the audit evidellce we have Obtsi[lI is sufficiellt and approprig to provi(k a Iwis for our opinio]L GOtNG CONCERN In auditing the fmallctal staternenty we bav¢ Conclud the Foundation'5 Us¢ of the going concern basis of accoullting in the preparation of the fin8cial stateTDents TS appropriate. Based i)ll the wot* we have perfoe& we hav¢ ]t id¢ntified any m•terial utteert&inties relating to ¢vents or conditions thaL individually or colle¢Tiv¢ty, m&y 51 signifiwt doubt on th¢ Foulldatiou's ability to contipue agoing couc£m for a period of at least twelve mODJths ftom wh¢n th¢ FancIal 5t&trwellts e athOrISed for issue. Our respoDsibilitits the rew)Dsibilittes of the Foundation wi(b re5pe¢t to going ¢ontern are described in the relevant sections of tbis repotL OTHER INFORNLIUON The otber illformation comprises the itifomiation included ID the T. RepotL oth¢r thall the fcial statetnents and our awlitOT'S Eepjrt there0 The TDJstees responsil)le for the Tnjstees, Report. Our opinion on the fwancial ststemellts do&4 not cover the other InforntiOn and we do not expre58 ally forni of a55UTan¢e conclusion th¢reo In connection with ow audit of the fman¢ia] sl8teTllents, ourTeSFKbSll)l]ity is to lead the Trustres, R¢port an(L i doing so, consider whethJ the Trustees, Report is TDateriatty inconsistent with the financial statements or our knowledge Ob¢aIn in the 8udit or otherwise appears to be malerially misstated. If we identify such material inconsistenctes or apparent ma1al mi5ststements. we are required to determine whether there is a mateTial rntsstatement in th¢ finallciai statemellL8 or a material misstatement of the othcr iDformatiOll. If, based on the wo we have perforn)e(L we coD¢lud¢ that ts a ttlerial llki5Statement of this other infonnation, we are required to report that fact. We have nothing to report ID this Tegard. MAfFERS ON WFUCH WE ARE REQUIRED TO REPORT BY EXCEFfioN We have nothing to rep(rt in respect of the following matters where the Charili¢s Act 2011 requires us to rty>rt to you tf, our opinÈoD-. the informatil)D giv in the finaDcial statements is incoDSlStent io anymat¢rial rt5pectwith the Twst¢es' Report; or sufficient accounting records have not been kept" or the f]nancial Stateellts are not in agreaneDt with the accounting rerdS aftdrettlls.' or we h&ve llot receiv all the infiJTtnation and explanations we require for our audit
BMA FoifNDATION PAGE 7 FINANCIAL STATEMEKtS FOR THB YEAR ENDED 3 1ST DECEMBER 2024 INDEPENDENT AUDJTOR'S REPORT TO TItE TRUSTEES OF BMA FOUNDAIION RESPONStBtLITIES OF TRUSTEES As explaitted mi)re fijlly in the TrustttS' 5$17)111tieS slatement set out Oll page 5, the Tnjstees 8re responsible for the prepardtion of the financial stateMts and for being satisfied that they give a true aJJd fair view. and for such internal Control as the Trustees deterniine is nccessary to eDable tbe preparation of fJnanciaI statements that are free from material misslatemenl whethu due to fr4ud OT ¢rrw. In prep8fiLg the fmwcial ststemeDL% the Tn areTespoDSÈble for&ssessing the dMrity's ability to COntine as a going eoneem, disclosing, as applicabl¢. matter5 related to goiug concern alld using th¢ going wncern basis of aceounting ut)less the TnteeS either intend to ]iquidate the charity or to cease operatiOll4 or have no rcalistic altern1ve but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We httve been &pp)itited as auditorunder section 144 of the Ch8fitie5 Ad2011 rq)ort in aocordaryc¢ with th¢ Act and relevantregulations made or havÈng effect thereunder. Our objectives are to obtain reasonabl¢ wuraDce about wbether the fill2cial stat¢ellts u a whol¢ ar¢ fr¢¢ fro material mis5ttttemenL whether due to fraud or e[. and to issue all auditor's r¢port that in¢lud&3 our opinio Reasonable &48urance is a higb level of a53umce, but is not a guarthe that aD audit wlldu¢ted iu acwrdanr¢ with ISAS (UK) will 21wzys detect & material misstatemeni when it ¢xists. Mis5tat¢m¢nts cat] 13¢ from fraud or error aTJd are Considered mCri&l if, iDdiYtIk1Iy or ill the aggregal¢, they wuld r¢Jsouably be exp¢¢t¢d ttl influeTJce the economic decisions of users taken on the baqis of t&e5¢ fiuauGial stat¢ts. THE EXtENT TO WHICH OUR PR{EDUREs ARE CAPABLE OF DEfECTtNG IRRE(IULARITIES. INCLUDING FRAUD IegUlaritIes. includiDg fra1 ar¢ instances of non-compliatice with laws and Tegulations. The Primary Tesponsibilty for the prev¢ntion and detection of irregulerities including frd Tests with both the maDag¢Tnent alld thosE th2rged with governallce of the partDeTship. We d&sAgn procedures in line with our respoltsibilities, outlined aEKbve, to detect rDaterial Jnis5tatements in respect of iegUlarltie5. including fraud. The extent to which our proc¢dure5 are capable of deteaiug iThegularitie4 including fr&ud is detai]ed low.. We have ¢on5idered the DatUTe ofthe iDdLstywKI sector. ¢trol environmeni laws andregulations of the clmrity, Charity Lawg 2nd regulatiOll5 collsideTcd iD¢lW but were Dot limitedto. the Charities Act2011. CFotity SORP and FRSIO2. We have enquirfjj with the Tnanagement in regards to theirowi assessment of the risks of iffegulÈrities, tticluding fraud. We dso ery1red of Tnanagement alld those charged with governattce as to any inslAnces of non. couipliance or suspected non-compliance with laws alld regulations. We obtaiDed relevaut documentation and representations An ord¢r to foTm opinion OD potsntial itr¢guiarili¢4 including fraud. We considered the oppottunities and incartives that may ¢Xi5t within the OTgantsatioD for fraud. Based on this undetstandin& we designed spectfic Audit pedureS to ideutify instances of non-compliance with laws alld regulations, includitig obtsining additio1 corroix)rative evidence as required. Bxample5 of procedure5 included revi¢wing larg¢ ullusual fr¢t[onS. Tei'iewiDg Ige aTLd unexE>ected variances, reviewing journal entries andr¢viewing relevant legal ¢orre5wmden¢e. There are inherellt limitation5 in the audit proced)rn descnl)ed above, not least & sampling is used under tnternaliollal Auditing Stallda, therefore not all transalOnS are reviewed. Therefore there is arisk we will not detect all irregularities including those lethg io a mttterial mis5tateTnEnt in the finaucial siatemellts or non- compliaDce with regulations. The risk of not detecting B material mi5StateTnent due to fraud is a]so hiBb¢r than the risk of not deteeting one from error, &% fraud aY iVOlve deliEate coD¢ealment by, for exapIC, forgery, Collusio omission or Tntelltional misreprGsentation. A furtber d¢slption of our responsli Jilitiey for the audit of the f¢181 stateffjent5 is locAted on the Financial Reporting Council¥ website at.. www.frc.org.uklauditorsresw)nsibiliii&. This de5CriPtioll fonn5 part of our auditor's report.
BMA FOUNDATION PAGE 8 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 DEPENDENf AUDITOR'S REPORT TO THE IRUSTEES OF BMA FOiJNDATION LSE OF AUDIT REPORT This report is rnle solely to the T• &8 a bcdy, ill ac(x)rdattce with the Charities Act 2011. Our audit work h&$ been undertaken so that we ]ght slate to the charity's Thistees those tterS we ate required to state to the in all auditors, teFX)rt and for rno otherpurpose. To the fullest extent p¢rmittedby ia*, we do not acttpt or assume responsIbility to allyone other iball the charity attd the charity's Trnstees as a body, for our audit work, for this rep , or for the opinions we have fonne 301091>1>15 PRENfis & CO LLP CHARTERED AccouKfANrs & STA TUTORY AUDETORS 115¢ Milton Road Cambridge CB4 IXE Pr¢ntis & Co LLP is ¢]tgible to 4Ct &s aD Judir Tll t¢rn)s of sedion 1212 of the CompaDA¢5 Ath 2006.
pcth C> 1>
BMA FOUNDATION PAGE IQ FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 224 BALANCE SHEBT 2Q24 I'orol 2023 'roto] Nots FIXE"D As8Frs knvestments 25,729.703 26,118,768 CURRENT ASSErs Debtors Cagh ai bllnk 134,7( 1.586.278 1.358,949 TOTAL CURRENT ASSErs 1.720.982 l J58,949 LIAIIIL11'1ES C'.rediu)rs falling due withtn year NET CURREFK LIABILITlb3 10 12.37L415) (2,684.704) (651,43.1) (1.325.755) 25,fJ78,270 24.793.013 NE'I. ASSE'rs THE FiJNDS OF THE CHARITY Unrtstri¢ted Yunds Restrided ffijnds 17,098.489 7,979,781 25,078270 17.003.147 7.7S9,866 ?4.}.]3 'rotal fLmd¥ Th¢ ttotes ott pa8es. 12 tr) 19 forn part of th¢ a¢¢ounts Jud w¢r¢ appTov¢d by the trS¢S on 3010 g l yots and signed on theitkthalf by. PROFESSOR PHILIP BANFIELD 'IRUSTEE
BMA FOUNDATION PAGE 11 FINANCIAL STATEfvtENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 STATEMENT OF CASH FLOWS 2024 Total 2023 Total Note Net eash provided byl{vsed in) opernting aetlYltie4 12 (1.037,542) (766,049) Cash flow5 from inv48ting actlvittes: Dlvidends amd gilts Bank intsrest Piwcbase of investments Pcd5 from iDVeStm¢nts 986,623 940,404 48,339 32,044 (3,01 E,529) (1,076,934) 3,574.842 564,860 1,598.275 Net cash provided byl{used I) investing activitlÉ 460,374 Change in Gash alld cth ¢quivalents in the rporting period CHsh and cash equivalents at th¢ girg of the reporting peri1 Cash and cash equivatents at the eod olthe reporting period 560,733 (305,675) 12 1,358,949 1,664.624 12 1,919.682 1,358,949
BMA FOUNDATION PAGE 12 FtNANCIAL STATEMENTS FOR THE YEAii ENDED 31ST DECEMBER 2024 NOTES TO THE FtNANCIAL STATEMENrs CHARITY FOlLATION BMA Foundatioll is a charitable OTwisaiion registered the CharityConunÈssioJL OD 9th i) ACCO[INTG POLICIES (a) BASIS OF PREPARATION ASSESSMEYf OF GOThG COliCERN The financial sr2temeni have been prepared in accord8nce with the St&tement of Recommended Practice.. Accounting and Reportit)g by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of trcland (FRS 102) issued on 1st January 2019 and the Financial Reporting Standard applicable in the Unite41 Kingdom and Republic of hTland (TrRS 102) 8T the Chariti¢s Art2011. Th¢ Foundation ¢oD$t&S a publi¢ Ixnefit entity as d¢fj3a by FRS 102. The financial statements have E*en prepared on a soing concern b&si5. This may not appTQPTiat¢ b¢¢2use al 315t Decem 2024 the charitys curreDt liabilities exceeded its cutmit &8sets bj. £6il.433 and totsl liabilities of the cb2Tity' werc £2,372,415. The chwity 15 tEiiaut up)u th¢ wDtiDued support of its trustees, b¥nk investments. but there is no evtdence to suggest that this will not continue and that fiwther fid5 wlll not be provide(L as necessary, to enable the ¢lwity to continue &8 a going concern. (b) LNCOME RECOGNITtON All in¢oTThe As recogDisEd ottce thE charity bas entitl¢tnettt tt> the income, it is probable that the ittcome will be received and the auK)unt of income can be measu1 reliably. - Inv¢stwent income is aCCQUTLt¢d for Wh re¢¢ivabl¢. Tax Throverable relalill8 to Investtnent income is accounted for in the same period &s the related income. - Bequests are wxowtted for when receivable. This is when certainty 15 establithed and th¢ bequest ¢attbe qualltified. (c) EXPEl%I)rruRE RECOGNITION Liabilities aTe recognised expcnditurc as 500Th as ther¢ is & legal or constructive obligation conmiittig tt charity to that expenditure. it is pmbable that settLent will be reqUid 9d the amot of obligation be mcasured rcliably. All expenditure is accouttied for on an accruals b&sis. Clwitabie support expenses 8md governauce COBts include all expellditure not directly relating to the cbaitable activity. This includ¢s costs of r¢ntitig office premise4 ftes for a¢eountallcy and administrntive supporL . Cbaritible grants pabI¢ are Teflectsl in thE accounts during the year in whith the grant was made. and any amounts outst8nding &t the year end are included in curreth iiabiiities. Wben grpnts awarded expire unclaimedtlKy recTedite(L (d) VALUE ADDED TAX Value 2dded tax is not recoverdble by the Foundation. aThl such is included inthe relevant costs in the State¢5)t of Financial Activities. (e) cosr OF RAISING FL'NDS The costs of generating fi]nd5 CODSiSi of inv>tucnt £ettt fA)sts and certain legal fees. (D FIXED ASSETS IhWTMENTS Inv¢thents are a form of blC fiDallcial inStrUtllt and aTe initialty recogllised atth¢irtransa¢tion value and Subsequently me&8ured at their fair value as at the baiaDce SI date USiDg the closing quoted Dwket price. The Statement of Financial Activitie5 include5 the Det gains and losses arising on the revaluation alld disposal througknut the year. The FovDd&Èion dot5 not acquire put options, derivfttives or other complex financial instrullTrents.
BMA FOUNDATtON PAGE 13 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 NOTES TO TEtE FfNANCIAL STATETrAENTS The main form of financia] risk faced by the charity is that of vohti]ity in equity mad(ets and inycstmellt n]aTkets due to wider economic conditi(bn8. the attiuth of investors to invcstsnent risK and changes itt sentiD]eDt concerning equities 8JNI within p8rtÉcu]ar sectors ttnd sub sectors. (g) REALISED GAtNS LO&SES All gain5 aDd losses arc tskth to the staterne of FInala1 Activities a5 th¢y R¢3lis¢d gr¢iD5 al losses on investments are calculated &$ the differtne¢ lthe¢n $21es proceeds and their opening caTrving value or the]rpurch vaIue if acquired subsequent to the first day of the fiDan¢ial yw. Ullr¢alised gaiD8 and I0e5 are calculated a5 the difference between the fair value atthe year Elld and their caTrsYng value. Realised and u1callSed investment gain5 losses are combtneil in the Statement of Financial Activities. (h) RFSTIUCTED FUNDS INCOME ere monies are beld for restricted fijnds at the strrt of the yeAr 8th apprnpriate s]TrBre of investment income is aIt to th05¢ funds. (i) MERGED Accouf4TS On Ist January 2021 the BMA Fouthion wa5 fortlled. The registered cbarity wa5 set up to Tn¢rg¢ tog¢th¢T the four tst funds, ScholaT5bip Tru Full Joon Da**itis TnLSt Fund, TV Jatnes TnL8I and H C lioscoe Fut. The BMA Foundation will Continue to honourall of the Commits fromthe PTevious fimd5. along wlth any r¢striclions pled on fund5 already held. T V James and H C Roscoe will be c0Tr8ideTed r&StrI fullds within the BMA Foundation from 1st January 2021. 2) RELATED PARTY TRANsAcfioJ's AND TRiJSTELS' EXPEIYSES AND REMUNERATION The Trustees all give fr¢ety theirtime and exputise without any for of rerouDerntion or other benefit in cash or killd iEt the curreDtyegr or previow year. No eXF¢1 were paid to the Tru$te¢s dwillg the yw OT the previous ye. The British Medical Association provided staffing to the chartty for wthicb it clwged £168,960 (2023: £132,150) forth¢ year. No amoullts were outstalldiug at the y¢ar ¢nd. UJ]re3trictI Re5tri¢tsd Fuuds Funds 39) BEQUESTS GRAprrs Year ended 315t December 2024 Funds Pwbpa Chopra Grdnt Jon Moulton Folmdatioll Grant 40,000 123,704 24.oao 40,000 123,704 24,000 710 Other donations 710 710 187,704 188.414 Ullrestricted Restricted Ftmds Funds Total Fwjds Year ended 31st Deeember 21)23 Pusknpa Chowa Grant JOD Molllton Foundaiion Grant Other donations 71,500 121,tH)3 71,500 121,003 660 660 660 192,503 193,163
BhL4 FOUNDATION PAGE 14 FtNANCJAL STATE.MENTS FOR THE YEAR ENDED 3 1ST DECBMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 2024 2024 Unrestricted Restrfftcted Fd3 Fund5 2024 Total Funds 3b) INVESTMENT COmE Listed UK invesbnents 070,630 309,993 986,623 2023 Unrestrictrd Funds 2023 RestrACted Funds 2023 Totsl Fund5 Listed UK iTJveslments 645.780 294,624 940,404 4) CHARrrABLE AcrivrriKS Support and Clwitabl¢ Governance Activities Costs Yr ended 31st Decernber 21124 Grwts (see note 6) Bank cbarges Accountancy Audit fre R¢charged salarie5 Insurance Misc¢llaneous 536,627 536,627 60 9.348 4,680 168,960 2,046 8,868 9,348 4.680 108,960 2.046 8,868 536,627 193,962 730,589 Support alld Cbaritsble Governan( Activities Combined Total Year ended 31st Deeember 2023 GrnDts (see 6) BaT)k ¢harge5 Accounta Audit fee liccharg salaTie$ Insurance Miscellsueou5 857.291 857,291 85 8,136 2,406 131150 1,941 9,304 85 8.136 2,406 132.150 1.941 9,304 154,022 857,291 1.011,313 UDITORS, REMUNERATION The auditors. remuueratiDll CODStituted an audit fe¢ of £4,680 (2023.. £2,406) and [naDtneI accounts fees and tax work of £9J48 {2023'. £8,136) Mallagen)ent threat in relation to audit s¢ryic¢s". In cornrnoll wktb rna4J other busines5¢5 of SiEllilar siz£ and natur& the In employ the &uditOTS to &ssist with the prepantion of thc fmaucial 5talemeDts.
BMA FOUNDATION PAGE 15 FINANCIAL STATEhIBNTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO THE FIANCIAL STATEMBNrs 6) ANALYSIS OF GRAfqTS This Itde up of grant cooirnitmellts lo institutions anaiysed follows: 2024 2023 HeleD H IAWSOtt 202J . Professor Jonathall KoffrnaD & Dr Matthew Ausop 2024 - Dr Sar8h Mills & Dr Joajjne Cecil J(kgephine L*nsdell 2023 . Dr Jonathan Chuo Min Lee & Professor Sanjay Siuha 2024. Ms sgoT]kA Talukd¢r Vera IkbwD 2023- DrBo Sun 2023 - Mr Daniel Michalik & Professor Salib 2024- Dr Cbristopher McMurrdD & Jonathan Holiand Kathleen H8rper 2023 . Dr Ben K&th & Dr Tebseen Kban 2024- Dr Eva Galiza Dori5 Hillier 2023 - Dr Helen Harrckq 2024 - Professor A]exaDder MacGregor TPGullto 2023- Mrs Samantha DOTrie 2024. Dr Sattdhyd Trid]in(wty Krisljna J Moulton 2023 - {Covid)- Dr Caroline Jolley 2023 - (Lovid)- Dr AhTlanandaTr Dusbianthan 2023 - {Al) - Dr Pathnanabhan RaTnDardyan 2024- (St¢tll Cells) . PTofessor Lyle Armstrong & Professor David De¢ba 2024 . (Al) . Mr Aeb Miatt & Dr Adi) t4kha Margaret Ternple 2023 - Dr Mieke Heurich alld Dr fvf8Trella Bassetto 2024 - Dr Matth¢wNour & Dr Robert M¢Cur¢heon Dawklll and Strutt 2023 - Profe&gor marla Votruba 2024- Mr Al&sdair Wanvick & Dr Abrabatll Olvera BaL09 James Tru51 2023 - Dr Anna Freeman 2024- Dr Imran Howell H C 2023 - Dr Rishi Glta 2024. Dr Fateffjab Moheimani & Dr Laurence Pearnl Foundatio 2024. Dr Jonathan Quinlati & Dr Kanty Kumar (Joint) Pusbpra Chopra 2023 . Dr Susan Ayers 2024 . Dr Jonathan Quinlan & DrKallts (Joint) Plhilip Baker 2023 . MISS Paramits Ban]ah Other gr3nts aDd prizes Adjustment for grdllts unclaitlled Iwior years) 60,030 64,916 64,505 64,955 39,023 15,600 64,344 64,989 64,937 63,051 63,812 54,090 58.119 37,874 21,667 61,462 64,999 58,705 61,501 64J50 64,956 64.961 57.770 55.700 63,431 64,995 24,994 64,956 40,000 64.541 (283,160) 536.627 (2,155) 857.291 7) ANALYSIS OF STAFF COSTS The Foundation does not directly ep10Y aDy staff. A rechwge of adrninistrative costs, &ncluding staff tirDB ts Tecbarged to the charity by the Britisb Mtdical Assockation as shown in note 2.
BMA FOUNDATION PAGE 16 FINANCYAL STATEMBNTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO THE FINANCIAL STATEMBNTS 8) INVESTLWENTS 2024 2023 MthEt value * 1st Janutry2024 Additions Disposals Net reali5ed gain{lOSseS> Net UDrealiaed {1o5s£sygaing Market value at 3 1st Dember 2024 26,118,768 3,011,529 (3,574,842) 73,718 (232,874) 25,396,299 19.499.292 24,205.114 1,076,934 (564,860) {43,296) 1.444,876 26,118,768 Historicat cost at 31st December 2024 19.765,299 C05t 2023 Market Value 2024 2024 2023 Lis¢¢d equity itivt5ttllents Capita] account 19.165,888 19,765,299 25.396,299 333.404 333.404 26.118,768 19.499292 19.765,299 25,729,703 26.118,768 All investtttents are carried at their fair value. Investments in equities alld fixed interest securities are all traded in quoted public markets. prAn1 the Londoll Stock ExchaDge. Asset sales and purc1eS ¢ reCognid at the date of trdde cost (that is their ttstion v8Iu¢). No inve$tmth ¢omprise 5% or more of the totsl p)rrfolio valLsatilllL 9) DEBTORS 2024 2023 Due within Due withi one year one year Other debt 134.704 Jo) CREDITORS 2024 Due within one ye8r 2023 Due within one year Grallt wmrnttillents outstanding AC 1351449 19,966 2.372,415 1668,514 16,190 1684,704 Thc tre8 bave acuued &$ a Itability grauts wbich be claimed over a peri of up to thre¢ y¢S. The rate of project prO¢S5lOn is outside of the control oftnst¢es who accr in 11 for the committnent. Trustees are aware that current liabiliti&% exceed currort ets. Thi5 bappeDs as liabilities foE grants awarded are USUlY drawTr over a period of 3 yeaLS. If a project wer¢ to be Coletrd rnQTe swiftly than the Val t[¢scale, it would be fillmled filll. If this bappened on dl projects simultaneously, bJnd5 would be thaw down from the investfftent rtfoliO to Verthe suujs due.
c4 r4 m ro t O m *ts ¢y%- CO P ¢y r4 r4 * m eoc 00 r4Tr r4 O vl 9 141111 0 9 Iliill TS D tsrJJ ouc)
- J tr4 121 1411 1111.11
BMA FOUNDATION PAGB 19 FINANCIAL STATLNrBirrs FOR THE YEAR EED 31 ST DECEMBER 224 NOTES TO THE FfNANCiAL STATEMENTS 12) RECONCILIATION OF INCOME TO NET CASH FLOW FROM OPERATING ACTIvrriES 2024 2023 Net incorne for the rew)rting peri (&s page 9 - SOFA) Adju5trrt¢nts foT', Dividends atml gilts from invesbnents Bank interestteceived LossesJ(gaing) on investjnents (Incr¢eYdecrease in debtors IDecrea5e) in creditOT$ Net ¢th provtded by1(ed in) opting 8£tiViIi¢s 285.257 1,494.128 (986,623) (48,339) 159,156 {134,704) (312,289) (1,037.5421 (940,404) (32,0441 (1.401,580) 123,929 (10,078) (766.049) ANALYSIS OF CASH AND CASH EQUtVALENTS 2024 2023 C&sb held under investrnents Cash at bank 333,404 1,586,278 1,358,949 1,919,682 1,358,949 13) LIABILrrY OF IVIEMBEILS TO coFrrRIBUTE TO THE ASSETS OF THE FOUNDATION IF IT ts WOLThD UP If the FOLdln is wouDd up, the Melljbers of th¢ FoUnd]0D are liable to contnl)ute to the wets of the Fouttdation such amount (butjwt more than £1) EDay be required.