BMA FOUNDATION IA CHAEUTABLE ￿coRPORATED ORGANISATION)
PAGE I
FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER2024
CONTENTS
PAGB
Tn￿teeS 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
FINANc￿L STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024
TRUSTEES REPORT
The Trust6es present their report and fjnancial State￿tI￿ 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 absol￿te discretion detern]ine.
Income of the fllnd is applied ￿ the sole discretion of the Trustees to fith¢r medicAI research 8nd the fi￿er ed￿catIOn of
medical practitioners, medical students and research scientists. Each year the Trt￿teeS 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 FOU￿dation. 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 tYsea￿h scientists, and aim to support early stage career
researchers in advan¢iDg their research goals and piolle¢ring br¢akthroughs in n￿dical 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 t￿t 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 l￿de￿Al￿nI[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 r￿tarCh 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 f￿ar.¢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¢ inve51me￿YS 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 cOmpan￿S reveDlles, the
production and n)￿Ufac￿ue of tobacco alld the pr(Kluction and A￿lufacture 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 ￿e￿sment 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 t￿lIcY of grani rnakll)g. within annual in￿rne 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 ut11ts￿tr 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 reV￿tW 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 manag￿g 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........IConti￿Ued
Trustees are requ￿ed 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 L￿Ulse 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
AUD￿oRs
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¢ TT￿slee5 art rvponsible ti)r PTeparing the Trustees, Report al￿the fmawial statemtDts JD accordance with appllcoble
law and United Kingdom Accounting Stsndards IUDit¢d KingdcKn G¢ttErnlty Acwtwj A¢¢uunfing l*aL8ice). 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 prw￿lng thc8¢ fi1￿C￿l 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 3￿Y d¢p4rtwes dis¢lowl
and ￿p[arned in ¢be fitwi¢ial Mtaiemcnts.
PErpttre the finaTJcitiI Stalen￿nts on the going b&si5 s1n1￿5 it is inawKopriaté to prE8um¢
thot Ibe Chwity will continue in 0￿ratIon.
(iv)
(v)
The truswes are rwsiTrAlo for ke6piD8 Ptow accowjting records ￿l(￿ disclose with rt4soJJable 4￿raCY at any time,
the f￿#￿141 posÉtAon of the Charity a￿d 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¢8￿￿￿0￿5 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 ire￿￿1t1¢
This aDnualTeport apprO￿d 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
F￿ANCIAL 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 C￿h 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 stond￿dI02,Th¢ Financial Reporting Standard
applicable in the UK and Republic of Ireiall￿ (Lnited Kingdom Gellerally Accepted Aw)ullting Pl￿tice).
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 pre￿red in acwrdance with Unitrd kngdom Gen¢Tully Acceptsd Accounting
havc been Wepar￿1 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 appropri￿g 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 fin8￿cial stateTDents TS appropriate.
Based i)ll the wot* we have perfo￿e& 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¢ F￿ancIal 5t&trwellts ￿e a￿thOrISed 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 f￿cial
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 Inforn￿tiOn and we do not expre58 ally forni of
a55UTan¢e conclusion th¢reo
In connection with ow audit of the fman¢ia] sl8teTllents, ourTeSFKb￿Sll)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 ma1￿￿al 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 State￿ellts are not in agreaneDt with the accounting re￿rdS aftdrettll￿s.' 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 stateM￿ts 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 COntin￿e as
a going eoneem, disclosing, as applicabl¢. matter5 related to goiug concern alld using th¢ going wncern basis of
aceounting ut)less the Tn￿teeS either intend to ]iquidate the charity or to cease operatiOll4 or have no rcalistic
altern￿1ve 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 fill2￿cial 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 m￿Cri&l if, iDdiYtIk￿1Iy 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
I￿egUlaritIes. includiDg fra￿1 ar¢ instances of non-compliatice with laws and Tegulations. The Primary
Tesponsibilty for the prev¢ntion and detection of irregulerities including fr￿d 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 i￿egUlarltie5. 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 ery￿1red 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 p￿￿edureS to ideutify instances of non-compliance with
laws alld regulations, includitig obtsining additio￿1 corroix)rative evidence as required. Bxample5 of procedure5
included revi¢wing larg¢ ullusual fr￿￿¢t[onS. Tei'iewiDg I￿ge 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 transa￿lOnS 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 i￿VOlve deliE￿ate coD¢ealment by, for exa￿pIC, forgery,
Collusio￿ omission or Tntelltional misreprGsentation.
A furtber d¢s￿lption 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 rn￿le 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 Judi￿r 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 2￿24
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 tr￿S￿¢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
P￿c￿d5 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¢
gir￿￿g of the reporting peri￿1
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 ￿FOlL￿ATION
BMA Foundatioll is a charitable OTwisaiion registered the CharityConunÈssioJL OD 9th
i)
ACCO[INT￿G 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¢fj3￿a 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 fi￿d5 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 measu￿1 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 conmiitti￿g
t￿t charity to that expenditure. it is pmbable that settL￿ent will be reqUi￿d 9￿d the amo￿t 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 pa￿bI¢ 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&gttucnt ￿￿£￿ettt fA)sts and certain legal fees.
(D FIXED ASSETS IhWTMENTS
Inv¢thents are a form of b￿lC fiDallcial inStrUt￿llt 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 FIna￿la1 Activities a5 th¢y R¢3lis¢d gr¢iD5 al
losses on investments are calculated &$ the differtne¢ lthe¢n $21es proceeds and their opening caTrving
value or the]rpurch￿ vaIue if acquired subsequent to the first day of the fiDan¢ial yw. Ullr¢alised gaiD8
and I0￿e5 are calculated a5 the difference between the fair value atthe year Elld and their caTrsYng value.
Realised and u1￿callSed investment gain5 losses are combtneil in the Statement of Financial Activities.
(h) RFSTIUCTED FUNDS INCOME
ere monies are beld for restricted fijnds at the strrt of the yeAr 8th apprnpriate s]TrBre of investment
income is ￿aIt￿ to th05¢ funds.
(i) MERGED Accouf4TS
On Ist January 2021 the BMA Fouthion wa5 fortlled. The registered cbarity wa5 set up to Tn¢rg¢ tog¢th¢T
the four t￿st funds, ScholaT5bip Tru￿ Full￿ Joon Da**itis TnLSt Fund, TV Jatnes TnL8I and H C lioscoe
Fut￿.
The BMA Foundation will Continue to honourall of the Commits￿ fromthe PTevious fimd5. along
wlth any r¢striclions pl￿ed on fund5 already held.
T V James and H C Roscoe will be c0Tr8ideTed r&StrI￿ fullds within the BMA Foundation from 1st January
2021.
2)
RELATED PARTY TRANsAcfioJ's AND TRiJSTELS' EXPEIYSES AND REMUNERATION
The Trustees all give fr¢ety theirtime and exputise without any for￿ of rerouDerntion or other benefit in
cash or killd iEt the curreDtyegr or previow year. No eXF¢1￿ were paid to the Tru$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]re3trict￿I 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
F￿d3
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
Y￿r 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 [naD￿t￿ne￿I 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 FI￿ANCIAL STATEMBNrs
6)
ANALYSIS OF GRAfqTS
This It￿de 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 s￿goT]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 DO￿Trie
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 A￿eb 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 mar￿la Votruba
2024- Mr Al&sdair Wanvick & Dr Abrabatll Olvera Ba￿L09
James Tru51
2023 - Dr Anna Freeman
2024- Dr Imran Howell
H C
2023 - Dr Rishi Gl￿ta
2024. Dr Fateffjab Moheimani & Dr Laurence Pearn￿l
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 e￿p10Y 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 D￿ember 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 purc1￿eS ￿¢
reCogni￿d at the date of trdde cost (that is their t￿ts￿tion v8Iu¢).
No inve$tmth ¢omprise 5% or more of the totsl p)rrfolio valLsatilllL
9)
DEBTORS
2024
2023
Due within Due withi
one year
one year
Other debt
134.704
Jo)
CREDITORS
2024
Due within
one ye8r
2023
Due within
one year
Grallt wmrnttillents outstanding
AC￿
1351449
19,966
2.372,415
1668,514
16,190
1684,704
Thc tr￿e8 bave acuued &$ 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 USU￿lY drawTr over a period of 3 yeaLS. If a project wer¢ to be Co￿letrd 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 E￿￿ED 31 ST DECEMBER 2￿24
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) op￿ting 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 FOL￿d￿l￿n 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.