MA FOUNDA'fioN (A CHAIIITABLE INCORPORATED ORGANFSATION) PAGE I rtNANCIAL STATEMENTS foR TIIE YBAR ENDED 31 ST DECEMBER2025 CON'I"LNTS I'rustees Repoit and General Infornialion Audito Report Statenient of Financial A¢tivitL¢S Balance Sheet io Statement of Cash Flows Note5 to the Financial Stateinents 12- 19
BMA I-.OUNDATION FINANCIAL STATEMENTS FOR THF. YEAR ENDED 3 1ST DECEMBER 2025 'rRusTEES REPORT The Trustees present their report and fillsncial Statements of IIMA r,oundation (the oUndatIon,) for th¢ year ¢nded 3 1st Deceniber 2025. 'fhe finankn131 sLatetp.Ents have been prepared aecoTdai'.ce with die accounting policies Set out in note I and comply witFL Ibe trust deed. the Charities Act 201 l and Accollnting and Reporting by Charities.. Statement of RecoLnmerLded Practice applicable to charities preparino their accoiints in &ccordan¢e with the Financial Reporting Standirds &pplicable in the UK and Repoblic of Irelané effectÈve from 1st January 2019. OBJEcfIvKs AND AcfiviTIES I'he Trusiees are directed to holti capita: and illcome of the Foundation for sud) Charitable institlltion5 or charitabl¢ purpos¢s as the I'ruslees shall from time to tilne in their absolute discretion deten¢. Income of the fid is applied at the sole discrdion of the TNstees to fiwther medical researrh and the Curther cdllcation Of tnedical practitioners, medical siudents and re5¢arctL soienti5ts. Fach year the Trnsttes host & Tes¢3rch grants awards ceremony to ¢elebrat¢ the success of the projects fijnded and to raise fvllds io support medical Search. Through the BMA Foundation, th¢ BMA has a long history of supporting medical Sch and acadenic medicine Since l 539, and is the oldest medical oryanisation in the world to awaid nts dnd prizes to encourage and fih¢r medical T¢itareh. 'The grltS are awardcd to medical practitioiers. trLedical students and Tesearcb scientists, and aim to support early s(age career rescarchers in advancing their research goats and pioneering breakthrough5 tn medical science. Through our commilment, th¢ charity aitns to &¢Celera scieThtifi¢ discov[¢5 that will benefit patients a[ contribute to a healthi¢r, more resilienl society. l?ustees have had rtsgatd to the Charity CommissioD'S guidance on Public Bencfit. F,ach year, research grants tr>tsiling approxwnately £910,000 ar¢ awardcd to fiLDd b&8ic attd clinical illedical research. In 2025 the BfvIA Fouiidation aM"arded r&%-arch ndIng to different projects, acrnss a diverse range of researc topics, from arthritis its melltal illness to cancer. These grdnts are distributed through the Foundation. Thc BMA Foundation plans to continu¢ supporting the best Possible research and researchers, for the advÈncement of h¢alLh and the medical profes5101L GRANT MAKING POLICY STA'fEMF.NT The foulldatiOD h&8 established its grdnt making policy to achieve its objects forthe public benefit. 'I'he BMA foundation for Medical Research Grants are advertised widely on an annual b)si#, illcludllig on the BMA Found&Ltio websitg, social media plitfonns and dIt ernails to regi5ter¢d u5er5 and stllkehold¢rs. Winners are ratified by the BMA FoutLdation Trusiees. The BMA fiound8tion for Medical Ilesearth Grants encollrdge ?d furtber medical research. benef!ting botii applicaiits and th¢ gr¢aler publi¢. The BMA Foundation supw)rts a broad spectnllll of Tesea¥ch with the objective of elI.tna1lng andloT improving the treatner,t of Ynany conditiorts. This fvndiug low5 medical prof¢s5iolla15. medical studeiits and rescarch scientists the oppoitunity to eiiher eontinue researcb already pIogr or lo conjmencc iiew rescareli. P&£t winiiers of IJMA Foundation r¢search grants advocate that the projects they have worked on as a result of funding have contributed positiVEly to tILeir careei. progregsion. ACHIEVEMENTS AND PF.RFORMANCE During the year tho-fNstees made eiJo teen Iiew 3war& to the value of £1.136,617 {2024- fourteen award5 £819.787) which will be drawn down over a thrcc year petiod. subject to reporting guidelines and other remis and coiiditions bcing inel by the wiimffl's. Payments ¢orLtinue to be made against the previous year's committnents. FINANCIAL RF,VIEW lThc chaiily's in¢ome for the yeai. was £1.284.946 (2024- £1.25Q:T22). Nct grants amounted th £1.101,950 (2024.. £536,627) which after management and-dtninistratLOlI left a deficit (before iiL ve5tmep.ts gains and losses) of £170,464 (2U24.' surplus £444,413) which was &WTied over to the accumuld(ed bjnd. The fiftancial infornThtion 15 presented iii pound s(erling. Ai tho end of thc year the unrestricted reserves toialled £18,722,121 (?.024.' £17.098.489).
BMA fouNDA'TION PAGE 3 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 TRUSTEES REPORT...,..../continued INVESTMENT I>OLICY The charity has adopted a total Trturo policy for its inves¢rneDts which the trwtees have agreed witli flie inve5tmeTht inwiagers. It is the Found&tion's policy to specifjcally exclude IvestMents in companie5 prcdominantly involved with i'i.ie extrydction of thermal coal or the production of oil frotn oivtar sands wlere tnes- are&% derive tnore than IODA of a ¢ompany's Irvenues, the production and ni&iufactwe of tobacco and the produaioD and tnallu%eture of amiameuts. It 15 the policy of the Foundation to rnaXlTtIlSB its investsnent income so that a wide range of good causes can be support¢d ¢a¢h year. RISK.TrIANAGEMfi prr As part ofthe foiindation risk rnanageinent framewoJ*, the Tntee$ r¢vi¢w the risk register every quarter. RESERVES POLICY An annual grant budg¥t is approved by the TTUStee5. It is linked to the budgeted it0£ less known recuffing costs. The Fioundation has significantreserves in which to draw in the event of a shortfall alld Trust£e5 feel it unnecessary to have additional fulld5 in pla¢e to Cover $hort ternjs needs. I)LANS FOII FUI'UIiL I'ERIODS It is the Trustees intEiiiion to continue the PTeseftt policy of grarLt nkin withtn a[Ual income for the foreseedble futurc. The size and nature of grants are revised annually oependent the extKckd annua] income. 'rhe Trust¢es continue to ty and maximise tre legacy in(otne by utilisinE the services of a legacy Notificatio Servictt and by raising awareness generally to try to masntain and iticrease Icgacies in fvturo. They also make d1ct reque51s to philanthropisrs and foundatio that sttpport medical research projects. Nicky Jayesinghe. CEO of the BMA FoundAtion ltrads tl)is worL Sl'RucfuRE GOVEI<NANCE Ahl) MANAGF.M£YT Th¢ Foundation is a rcgistered charity. llumb¢r 11927i3 and is constiiuted by Trust Deed dated 9th Deceinber 2020. Its objects are very wide rdnging. Thc'frustees Damed on page 4.have scrved during the year. The appoilltmEnt Df uustees is governed by the Trust Deed of the Charity. In ae¢ordance with the ¢on51imtion of the BMA Foundation. the BMA sole power to appoint Trustees of the Foundatio and the exer¢isc of such power is a matter for th¢ BMA Board of Directors. As per the process for the appointtnent of new Tru5tces, the BNLQ Board of Dircctors, BMA Foundatioii Tntee5, and BMA Foundation sccreL3riat ale invited to propose any siiiiable cand.;datts for consideration. The BMA Appointtnent and Ovetsight Subcominitee Teview all recoinnieiidations and dicidc which catLdidates will be put forward to th¢ BMA Board ofDirecrors fDr approval. Canoidates approved by the BMA B02rd will Ihen be invited to be BMA Follndation'frnsw. rru5tees are by virtue oftheir occupations familiar with tbe areas in which the Foundation makes grants. They are infomed tFll'ough Lhe Foundation's infTa5tnkcture of 2fty mdtters relating to Ch2rity Law and accounting requiremenL8 that they should b¢ awaiE of. 'Ihe Trustee5 hav¢ vcry wide llsvcstment poweTS to manage tho foulhdatl('S ets. The Trustees meet annLially to esS grant and loan applirations. Day to day administration is delegakd to the mcmbers of the BMA Foundation team and the TTU5tces receiv¢ reports at their eetitE85.
BTrL4FOUNDATtON PAGE 4 FtNANCIAL STATEN(Evfs FOR THE YEAR ENDED 31STDECEMBEE12025 TRUSTEES REPORT ........IGontillued KEY D4IANAGETrIENT PERSoNlL REMtThJ IRaTIO) The Trnstees consider the Board of Trnstees and the CEO olthe BMA Foulldation for Medica] Researnh as ¢OEllPTising the key mallagement personnel of the Clrity in ¢lMrge of directing a1 controIIiDg tILe Charity and anagitig the day tts day operaiions of the charity. AU Tte¢S give their tinK freely and no $e rnllullerdtion was ld in the yw. Delails of tr(¥$ expeDSeS alld related party trau5actions are disGlosed iu note. to the 4cwuTts. TThsÉees are required to th'sclose all relevallt inlerest aThd gister thettL with the CEO of the BMAFoutLdation for edICal Research Grants and tn a¢cordance the Foundation's policy withdraw from decisions where a cont]ict of intcrcst arises. REFERENCE AND ADMINSTIL4TIVK INFOILMATION CURRENT TRLSTEES AND THOSE WHO ELIVE SERVED DURLNG THE YEAR PmfessorPbilip Banfield Neetamajor onathan AndnYCollInS Ratu Pragath Moorthy PTofessor Helen Louise Fisher PrOf)r A8hl¢y Wo(ykock CEO OF THE BMA FOUYDATION FOR MEDICAL RESEARCH N Jaytsin8be PRINCIPAL OFFICE British Medical Ass(Kiation BMA House Ta*tock Square London WCIH9JP REGISTERED CItARITY.YO. 1192733 COMPALYY NUMBER CE024325 BAT4kTRS CAFBaDk Cljarities Aid Foundation ?5 Kiugs Hill Kings Hill West %lalltDg Kent ME19 4TA FUND MATr4GERS Cbarl¢8 Statdey & CO3Y Limit¢d 25 Luke Street London EC2A4AR AUDoRs P15 & Co Ll Ac(xhuntants & stOry Auditors 115c Milton Road Cambridge CB4 IXE
BMA FOLfNDATION PAGE 5 FINANcL STATENIETrllS FOR THE YEAR ENDED JIST DECEMBER2025 TRUSTEES RBPORT........l¢ontiAued STATEME. OFTR17SITES RESPO_YSIBILrr The Tntstees are responsible for preparing th.e Truste¢s' Report aDd th? fjoallcial Stateellts ui Ordance wilhapplicoble law and Unlted Kinsdom A¢counting Star,Jards (United Kir4. doTC. G¢nrTrlly AGc¢pt¢dAr¢ounrll)g F-tice). Tile law appjicable to char2tie5 in EiLglaud and W&'u reqll the to prepare fiDatLciaI 8tst#]r.ents for each EllHncial y¢aT which give & truE and flir view of the stste of tbe affatts of the chsryty St of the iocomiog resources ar.d appli¢attoTh of resources of the dwity forthat period. la prtp2tin8 ¢119(atemen the ¢nTStees 8rE requited th.. S¢le¢t suitable ac¢oulltillg p)li¢ies and then app'ythem CO81tentIy. Obgerve themethodB ar.d pr'.nciples of the Charities SORP. MLke judgctncnts &Etd ¢stiEnatC3 tEKt are reLS0])ab'e and prudeaL Stat¢ wh¢thw appliGabl¢ a¢GouDting Stdar8 bcen follort 8ubjea to wJydep8rturcs disclosed and explaiied in the fitsan¢i81 ststemellts. Prepare the financiaI StateDllts onthe goinE con¢unbLsis it is itiappropriatrto we5Um¢ t[t the charity will contiuuo op¢ratlon. (ill (iv) (v) Tbe trustees Ére responsible for keepiug prop¢r accounting records which dtsclose with reasonable at any ttm4 the fmaDei posiJon of tbe charity to enable the to t$1]n &thtth£finallcial slatellLents comply with section 4 of the Chariti¢s Act 2011, tht Cknity (Acfjo"Jots and R6pDrtsl ReguLgtiolls and the provisioDS of tb.e Ttust De¢d. They ar¢ a150 r¢sponsible foT 8afE8uardin8 the of the charity (or (aktng re&qoDabl¢ steps for the prÈv6Dtion alld detection of fraud and other irreg[aritiey. This anuuaEreportW43 approyed by theTnkn on and si1¢d on their belHlf Prof&8501' PhilTrp Banfield Tntstee ror and on behf0f thts Tnt5tees
BNIA FOUNDATtON PAGE 6 FtNANCIAL STATEMEKES FOR THE YEAR ENDED 31ST DECEMBER 2025 REPORT OF THE INDEPEXDEwf AUDITORS TO THE TRUSTEES OF THE BMA FOUNDATtON We have audited th¢ fwancial $tat¢ments of BMA Foundation for the yeJr ended 31 Decenther 2025 which comprise t1 statlle1]t of Financial Activities, BanCe SheeL the Ststemellt of Cash Flows and the related n)tes, Th: tyMao¢t81 reportiFLg fraDiework that has been applied th theirpreparatioo is applicable law and Utiited KlldOrn Accounting Standards, in-luding Finan-ial Reporting Standard 102'The Fin8ncialRewrtllLg Stand applicable in the UK and Republic of Irelond" (Unld kn"ngdom Generally A4)ted Accounttng Practice). In our opinion the financial statements: gsve a ttue and fair view of the state of the cban"ty's affairs as at31 December2025, ad of its incornillg resources and application of resources, for the year then ende(. ave been properly prepared in aeeordall with Utiited Kingdom Generally Accepted Accounting Practice. atLd ave been prepared in accordance witb the requirements of the Charities Act 201 I. BASIS OF OPINION We conducted OUraLt inacctsrdallee i¥ith Int¢rnational Stalldèrds on Auditing (UK) {ISAs (UK)) and applicable law. Our r¢5ponsÉbi]ities under th(e st8lldards gre furth¢r described in the Auditor's responsibiliti&E for the audit of the FuClaI ststemenL8 section of our Iq)orL We are iwlepejdent of tbe ehariry ID atcoknGC Witb the ethical requirerllerLiS tbat are relevallt to our audit of the finan¢i&l stalemenrs ill the UK: illcludillg the FRL'S Ethi¢&l StarAdart and the provision$ availabEe for small entiiies, in the cirwnistsnc¢s set out ill llDte 5 to the rGial statements, and we have fidfilled our other ethibal responsbl Iliti in ac¢onIall th these 14uirEments. Wc b¢li¢ve that the audit evidcDce we bave gbtsined is sufficient and appropriate to pr(>vide a basts for our opinion. GOING CONCERN In auditing the finallcial stateD]ents, we baye concluded that the fouttdatiQD's we of the going ¢ollGem basis of accounting the pr¢paration of the financiat statements is appropriate. Based on tkne work w¢ hav¢ perforniixl. we haye not identified any m&teriBI ullcertaiuties relating to events or onditiow tbat, iudiYi<b&lly or collectively. nY ¢&si Silfi¢allt doubt OD th.e Foundatioa's abiLiiy to contiiiuE as a going concem fora periodof at least twelve from when the financia] stateMts are autlLori&ed foris5ue. Our responsililities and trke re8ponsl)itities of the FouThdaiiott with rwt to going concern are describd tb¢ relevant sections of this rq)ort OIHER IINFOILMATION The other infornkntion comprises tbe inforniation ittclllded in the Tntstttg. ReporL other thall the funClaI 8tateniei)ts and our auditor's report thereon. TheTntsteG4 are rponSiblE for the Trustees, Report Our opiniojj on the fjnancial stal¢m¢nts doe8 not cover tbe other tnforn]ation and w¢ do not expre&s ally fom of assvrance ¢onclusiim thereoD. tn Gi)llnEGli07] witb our atsdii of tbe fiEthnGial ststements, ourK8pDll5ibility is to read the Tntr¢s, Report and. IA do&uE 50, CODsider whcthtr the TnIst. Report is materially illcoll5iStent the finallcial statcmcnts or Dur kllowledge obtain6d in the audit or otherwise appear5 to be &tlaIlY ls5[ated. If we identify su¢li material inconsistencie8 or appareut materi&) ltateMents. we are required to detet]nine Tr.bcth¢r there is a material ITiiS5tatement in tbe [3ClaI stateellts or a material misstalemellt of the other lDf0rlltEoIL tf. based on the work we have yerfonned, we conclude that there is a JJLaterial misslatement of this other illfornLatioll, are reqiiired to report that facL We h&ve nothing to report in thÈs regar b(ArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEpfIoN We have llothing to report in respect of tlie following maiters where the Charities Act 2011 requires us to report to yoii if, in ovi. opiiikon.. the irtfomialion given in thefLnancial statements is inconsiqtent u] any material re8p¢ct with teTrUS. suftLcient aCWUXLtuig records Iwve noi been kepl or t1 finanlial stst-meats are not in agttement Wttb the a¢c4)unting wnrds and retns. or we bave not re£eived ail iTrfornJatioA and explanatio] we reqll1 for our audil
BMA FOETrIDATION PAGE 7 FINANCIAL STATEmE[s FOR THE YEARENDED 3 1ST DECEKBER 2025 tNDEPENDENT AUDtroR'S REPORT TO THE TRUSTEES OF BMA FOtrNDATION RESPONSIBILITIES OF TRUSTEES As expl&ined more lly in the Trusteth, r¢spo08)i1iti $taternent set outott page 5. the Trnstets are respollsible for the preparation of the Fuwwigl stateents aTLd for being satisfied that they give a e alld fair view, and for such illternal control as the Trnstees deterniiTh¢ is lle¢ary to enable tbe preparAOn of fmallcial statements that are free from materiai misstatement, whether due to fraud or esror. In preparillg the financial statements, theTrustee5 aTerespol1e for ass18 the Clwity's ability to colltinue as a going COllrn, di5cIosinE, as applicable, ]natters rela•ed to going Coiwern alld u8iDg the going concem basis of a¢counting unless tILe Trn8tees either iotend to liquidate the charity or to eease operations, or have no realistic Itemative but to do 50. AUDrroR'S RESPONSIBELITIES FOR THE ALIDIT OF THE FtNANCiAL STATEMENrs We have been appo'ited as auditoi under section 144 of the CEariti&s A¢t 2011 and rtport in accordance with the Act and relevont reglllatiolls orhavitig effeci thernder. Our objectives are to Obtai reasonable &aDCe about whethertbe financial stateDJeuts a3 a whol¢ are free from material llLiSStatement. whether due Éo fraud or error, aDd io issue an audiior's report that illcludEs our opinion. ti¢asonable assurance is a high l¢N'el of assuranc4 but is not a gll8ratee that an audit conducted in awoidfittc with ISA$ (UK} wdl always detecl a maierial wisststement wheD jt exists. Misstatements can arise from fraud or error and are COllSLdered aterIal rf. indii'idually or tn the aggrega, they could reasonably be expe¢ted to intlu¢uce the e¢ottomic deConS of users takfn on the basis of these fi[ntial st&te]nents. THE ExfENT TO WHICH OUR PRoDUREs ARE CAPABI.E OF DEfECTING IRREGULARrrIES, INCLUDING FRAUD Irr¢glllaritipts, iti¢ItEding fraud. are instances of non-Mpl1allCe with laws and regulations. The prInry -vention at]d deie¢tioK of irreguJl rities including fizud Trsts with both the anagemlt responsibility for the p".- and those charged with governance of e partnership. We design procedures ill lirLe with oui. iesponbibilities, ouilinea above, to deteet material mitatents in re6pe£t of i¢gu12rtie4 i&Gluditig fraud. Thc extent lo w,hic our proce{heS ate capable of detecting irregulaTiti&s. in¢tudiNg fraud is detailed below.. We have consideredthe nattwe of the itidusty at sector. ¢outrolenviroDrnell( lawsandregu]atsons of tlie ch&tity. Charity Laws and regulations con8idere4 include&but We not jimiiel to, the Ctwities Act 2011. Charity SORP andFRSIO2. We have enquired witb the matLaEefftent itiregttrds to their own assessEnent of tbe risks of ittegulwitius. Éncluding fraud. We also enquired of anageent and those cbarged with governaace to atLy instaac¢s ot Il(>ll. compliance or suspected notL-compliance with laws aud re8ationS. We obt&illed relevant doc%llnentstion and represenfations in order to fonn an opiryioll on potential irregularities, includill8 traud. We consid¢red the opportunities alld incentAves that ma5. exjst within the org8tii&1tion for fraud. Based on this UndStandIg. we desigued specific audit pr(KcdurG8 to identify instances of uon-comp]iatLce with law8 al regulatiot]s, illcludiDg obtaining addition21 corroix)rative evidence as requ5red. ExampLes ofprocedures included reviewing targe and ullusuaL tsan5aGtioDs. VIeWing large and uncxptcted vaTianees, r¢viewinE joutoal entries and reiryewillg relevgllt legd corre5polldents. Ther6 are illherent limitations in the audit prwedures described above, noi least as sanwlitig is used under International Auditing Standards. therefore Tt all transactiolls ate tevicwed. Tberofoy tljere is arisk we will uot detect all irrewalariues including those leading to a nrIal rni&5taten]ellt in the fuiancial ststemenEs or nou- ¢ompltance with regatiOnS. The risk of not deiecting a mawia] Jni8StatetlleDtdi]e to fraud is als0 higher tknE the risk of noi detect(ng one IEOrn em>r, as fraud may ittvolve deliberate 0CCa]ment by, for exaLW)le, forgery. collusiott, on)issYon or intentional rnisrepresetLtatio A FL1]er dESGriPtion of our responsibilities for the audit of the Fjnancial siatements is lOted on Ihe F%naJci31 Reporting Councll's websile at.. .fr¢.Org.ukIaUdliorsresp(Mtslb1t1ticg. This des¢ripLioD fotULS part Of ovr auditorfs pOrt.
BMA FOUNDATION PAGE 8 FANCIAL STATENIEvfs FOR THE YEAR ENDED 31ST DECEMBER 2025 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BMAFoifNDATION USE OF AUDIT REPORT This report is made solely to the Tn]sLees, as a body, in accord the Charities Act 2011. Our audit work has been undertaken so that we might state to the drItv'S Trngrees those OLatters we are Tequir¢d to state to the in an auditors, report and for no otherputP05e. To the fidlest extentpemiitted by la.. we do no¢aGcept or assurllc responsibility to anyone other than the charity and the charity's TrtteeS as a Ix)dy, Eor our audit work, for this or for the opinions we have forn]ed. PREwfIs & CO LLP ACCOLryfANTS & sTAORy AUDrroRS 115c Milton Road Cambridge CB4 IXB Prentis & Co LLP is ell'ble to 8¢t ay an auditor in ¢ern15 of 8¢ction 1212 of the Compatiies Act 2006.
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BMA FOUNDATION PAGE IQ FINANCIAL gfATBMBIfft FOEi THEYEARENDED 318T DECEMBER2025 BALANCE SHE 2025 Totsl 2024 Total Nolr FIXED ASSETS Investments 28267,548 25,729,703 CURRENT ASSBTS Debtors Cash ttt baok 128,704 1,589,80A ,718,508 134,704 1.586,278 1.720,982 TOTAL CURRENf ASSETS LIABILITIES Crediton fajliig due wlthlli on¢ year NET ClRRErLlAB1LrrIAs 10 (2,716,838) (2,372,415) {998,330) 1651.433) 25.078,270 NET ASSBTS 2?269.218 THE FUNDS OF THE CHAIUTY Unre5trirted fijnth Restrict¢d fill 18.722.121 8,547,097 27,269218 17,098,489 7.979,781 25,078270 Total thnds Th¢ notes on pages 12 to 19 form part of theJe accots and were approv&1 by the tsustees o aTtd sigLed otLtheir behalf by. PROFESSORPEULIP BLNFIELD TRUSTEB
BMA FOtfNDATION PAGEII FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBEE12025 STATEMENT OF CASH FLOWS 2025 Total 2024 Total Note Net cash provided byl(used in) operating Hctivities 12 (802,719) (1,037,542} C8sh flows from investing activiti¢5: Dividends and gilts Bank interest Puhas¢ Df itLvestments Proceeds from investtnents 925,386 986,623 57,292 48.339 (1,863,081) (3,011,529) 1,824,303 3,574,842 1.598,275 Net 5h provided byl(llse41 in) IvlIng aettvitie5 943,900 Change in cash and cath equivalents in the reporting pa'iod Cash and cash eqLTivalents at the beginning of the reporting period Cash alld cLsh equivalei)ts at the end of the reporting period l41,181 560,733 12 1.919,682 1,358,949 12 2.060,863 1.919.682
BMA FOtTNDATION PAGE 12 FINANCIAL STATEMENTS FOR THE YEAR ENI)ED 3 1ST DECEMBER2025 NOTES TO THE FINANCIAL STATEr[s CHARITY D4TOELMATION BMA Foundation i5 a charitable incorporLt¢d orwisation registered with Charity Conunissioll on 9th December 2020. i) ACCOUNfING POLICIES (a) BASIS OF PREPARATION ATrl> ASSmEYf OF GOING CONCERN Thc financial atatemeni have been prepared in accord2nc¢ with the Staternent of Recommend¢d Prdclice.. Accounting and Repi)rtttig by chariti preparitig their accounts in accordance with the Financi81 Reporting Stsndard applicable in the UK 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 th¢ CILarities Act 2011. ThE Foundation constEt£4 a public benefit thjtity as defined by FRS 102. (tj) INCOME RECOGNITION All CoMe is reCOgSed once the charity has eiititlement to the incom¢. it is probable tknt the income will be rtceived and the T[Unt of income can bE measured reliably. - Investment income is accounted for knhen re£eivable. Tax recoverable r¢lating to lllyestmcnt incoffj¢ is accollnted for in the same periLxI as the related income. - Bequests are accounted for when receivable. This is wh¢D certainty is established and the bequest Can be quant,'ficiL (c) EXPENDITURE RFLOG.NITIO. Liabilities ar¢ recogaiied as expenditure as soon as there is a legal or constructive obligation Committing the charity to that expenditure. Ét TS probable that settlemelrt will be required and the Amount of obligation an be measured reliably. All exp¢nditLwe is accounted for on an a¢cn]als b4sis. Ch8ritsble support expenses and governance costs incliide all expenditure not dtrectly relating to the charitable activity. This Includ ¢osts DfrentiDg offic¢ pr¢mi5e8, fe65 for accountancy and admin:strative 5UPPOrt. - Charitable grants paiEble are reflected in the acCOts durtng the year in which the grdDt was made, and any amollnts outsLinding at the year end included in ¢uryent liabilities. ants awarded expire unclaimed they are reedIt¢d. (d) VALUE ADDED TAX VaIue added tax is not recoveTable by the Foundatio and sucb is included in the levant ¢05t$ in the Statement of Financial Activiti. (e) COST OF RAISING FUNDS 11ie costs of generating funds consist of investment management costs and ctrtaill Itgdl fecs. (D FIXCI D ASSETS INVESTMENTS tnvesttnents &r¢ a fomk of b&8ic Sllancial 1llsttuent and Ire initially recognised at their transaction value and subsequently measured at their fair value as ai the balance sheet date u5illg the closiiig quot¢d mai'ket price. The Staten)ent of FacIal Adivities iuclude5 the net gain5 aud lo&%&% arising on the revaluation &)d disposyl thrtsughout the year. The Foundation does not acquire put optioT)s. derivatives or 0th2rcomplex financial illstruinents. The main form of fjnancial risk fdced by the chartty 15 that of vo]attlity Én equity Maets and investsnent rtkarkets due to wider e¢onomic conditions. the attitude of investors to inve5tm¢nt risL and changes in sentirnent eorlcerning equities alld within particular sectors and sub sectors.
BMA FOUNDATtON PAGE 13 FANcL STATEMENTS FOR THE YBAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENrs (g) REALISED GAINS AND LOSSES All &ins and losses are takeTh to the Statement of Finon¢ia] Attivities as they arise. Realised gains and losses on investments zre calculated as the difference beLween sa.cs proceeds and their opening canying Yaiue or their purchase value if acquired sub5equetrt to th¢ day of the fllwicial year. LitalIsed gains at)d lasses ar¢ ¢alcuiateil as the difference beiw&n the fai" value at the year end aDd their camiing value. Realised 2nd uttrealised investment gaiDS and losses are comb1t ID the StateEuent of Financial Activities. (h} RESTRICTED FUNDS LYCOME Where morries are held for restricted fituds at the start of the year an appropriate share of investment incom¢ 15 Grcdited to those fikllds. li).MERGED ACCOUNrs On 1st January 2021 the BMA Foundation was fornied. The registered charity was s¢t up to merg- together the four trust fimds, Scholarship TNst Ful, JoaJJ DawktDS Tn]5t Fwid, TV James Tw5t and H C Roscoe Tnt Fund. The BMA Foundation will COtInUe to houour all ofthe conunitsnents from the previous trust fimds, along with atLy restrictions placed on fvnds already held. T V James and H C Roscoe will be considettd restricted fund5 within the BMA Foundation from 1st Ianuary 2021. RELATED PARTY TRANSAcfIoNS AND TRLTSTEES, EXPENSES AND REWJNERATiof4 The Trw%tees all give freely thei time and expertise Without ar.y fonn of remunerdtion or other benefit i c&sh or kind in the CLllTenl year or previous year. No expenses were patd to the Trustees dwing the year or the prevtous year. The Brtt15h Medical Association provided staffmg to the cbarity for which it cl)arged £183,571 (2024.. £168,960) eor the ytar. No amounts were outstanding atth¢ year ¢D(L Unrestricted Restricted FdS Total Funds 3a) BEQUESTS AND GRANTS Yesr ellded 31st DeCebEr 2025 on Moulton Foundation Grant Eileen Lowe Bequest Oih¢r donations 128,704 128,704 132,454 280 132,454 280 132,7J4 128,704 261,438 Unrestticted Funds Restricted Total Funds Year ended 31st December 2024 Pushpa Chopra Grant Joii Nloulton Foundation Grant BMA. Shernwi Other donations 40,000 123.704 24,000 40,000 123,704 24,000 710 710 710 187,704 188,414
BN(A FOUNDATION PAGE 14 FtNANCIAL STATEMENTS FOR TFtE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENTS 2025 2025 Restricted Funds 2025 Total Fuiids 3bl INVESTMENr INCOME unStricted Fulld5 Listed UK investments 633.179 292,207 925,386 2024 Unrestricted Funds 2024 Re5ticted Funds 2024 Total Funds Listed UK inve5Ements 676,630 309,993 986,623 4) CHARTIABLE AcfiviTIES Support and Ckiaritable Governance Activities Costs Combin¢d Totsl Year ended 315É Dee¢mber 2025 Grants (see note 6) Bank charges Ac¢ountsTh¢y Audit fee Recharged salaries Insurance Miscellaneous 1.101,950 1,101,950 88 8,640 4.920 183,571 2,056 16,329 1,317.554 88 8,640 4,920 183,571 2,056 16,329 215,604 1,101,950 Support and Govemance C051s Charitsble Activities Coinbined Totsl Year ended 31st De¢emb¢r 2024 Grant5 (see note 6) Bemk charges Accountdncy Audit fee Recliarged salaries Ensurance Mi¢11ae0vS 536,627 536,627 60 9,348 60 9,348 4,680 168,960 2,046 8,868 193,962 168,960 2,046 8,868 730,589 536,627 AUDITORS. RlIMU.YERATION The auditors, reniun¢ration constituted an audit fe¢ of £4.920 {2024.. £4,680) amd managemeiit ACCOllnts fees and 18x work of £8,640 (2024.. £9J48). Manage£t thtt in relation to non audit services: lil con]mon with many other businesses of sitnilar si7£ and nawr4 the truste¢5 elnploy the auditors to Etssist witli the preparation of the financial statements.
BMA FOiJNDATION PAGL 15 FINANcL STATEMEKfs FOR THE YEAR ENDED 3 1ST DECEMBER2025 NOTES TO THE FKNANCIAL STATEMETrtrs 6) ANALYSIS OV GRANTS TELiS made up of grnit commitplents to in5tiDJtion5 ana]ysed 8$ follows.. 2025 2024 Helell H Laiv50n 2024- Dr SaEah Mills & Dr Joanne Cecil 2025- Dr Julia Zollller & Dr Sara Vihite Josephine LaTh5dell 2024- Ms Shagorika Talukder 2025 - Dr Lukas Maoh Vera Down 2024- Dr Christopher M¢MurTan & Dr Jonathan Holland 2025 - Dr Hina Kh2n 2025 - Dr Sophie Adler Kgthleen Harper 2024 - Dr Ewd Galiza 2025 - Dr Chtistopher BanDon Doris Hillier 2024- Profe550r Alexander MacGr¢gor 2025 - Dr Natalie Shur T P Gunton 2024 ~ Dr Salldhya Tricbinopoly Krisbl 2025 - Dr Yin Zhou J MoiElton 2024 - (Stem Cells)- Profrssor Lyle Armstrong & Prof¢ssor David Dcehan 2024- (AD- Mr Arteb Mian & Dr Adil L8kha 2025 - (Kidney Disease)- Dr Rebecca PresÉon 2025- {AI)- Mr Bharadhwaji Ravindhram 2025- (Opbthalmology) - Professor Simon walker-s8tI & Dr Emmelitie Brown Msrgaret T¢mple 2024 - DT Matthew Nour & Dr Robert McCutcheoD 2025 - Mr Vid Mlakar & Dr Elise Hajff Dawkin and Strutt 2024- fvlr Alasdair Wanvick & Dr Abr&h2m Olvera Barrios 2025 - Mrs Melissa Barlow James Trust 2024 - Dr Jmran Howcll 2025 - Dr ElsOr Quck U C Roseoe 2024- Dr fateinah Moheimani & Dr Laurenc¢ Pearmain 2025- Dr Jonathan Bro&d Foundation 2024 - Dr Jonathan (J]inlan & Dr Kantrd Kumar (Joint) 2025 - Dr Hassan Awan & Dr Mohattmied Mustafa (Joillt) Pllshpra Cliopra 2024 - Dr Jonatban Quinlan & Dr Kania Kumar {Joinl) Philip Baker 2Q25 - M. Micliael Mather 2025- Mr Matthew Smith 2025- Dr14Enry Dunne Sherina 2025 - Dr l.lassan Awan & Dr Mohammd Mustafa (Joint) Other grants gnd prizcs MEDFAS14 prize Adiu5ttnent for granis UEkclaimed (prior years) 64,916 64,967 64,955 04,929 64,344 64.091 61,737 64,937 65,000 63,812 64,899 58,119 64.981 64,999 58.705 65,000 64,659 64,000 64,350 64,923 64,961 62,627 55,700 65,000 64,995 60,953 24.994 20,092 40.000 64,210 64,387 64.662 24.000 1,500 ()4,667) 1,101,950 (283,160) 536,627
BMA fouNDATION PAGE 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FINANCIAL STATEMEKrs ANAL Ysts OF ST AVF COSTS The Fouudation does not directly eD)ploy any staff. A recharge of athnillÉstrative costs, includi08 Staff time is recharged to the chaxity by the Britisli Medical AssIKiation as shown in note 2. 8) INVESTMENTS 2025 2024 Market value at 1st January 2025 Additions Disp05als Net realised gain(lO55¢s) Net uurealised gainsl(losses) Market value at 315t D¢¢¢Tnb¢r 2025 25,396,299 26,118,768 1,863,081 3,011,529 (1.824,303) (3,574,842) 65,095 73,718 2,296.3 17 (232,8741 27,796,489 25,396,299 19,499,292 Historica] cost at 3 1st December 2025 19.584.704 Cost 2025 Cost 2024 Maj'kct Value 2025 2024 Listed equity investsnents Capital account 19,584.794 19,165,888 27.796,489 471,059 333.404 471,059 19,499,292 28,267,548 25,396,299 333,404 20.055.853 25,729,703 All investments are carried at their fair Y&lue. Investments in ¢quities and fixed interest seciirities at? all ad¢d in quoted public markets, primarily the t&>ndon Stock Eixch&nge. A55et 5ale8 aiid purchttses are recogNised at ihe date of trade cost (that is their Ltansaction value). No investtnents comprise 50/(* or more oFth¢ total portfolio valuation. 9) DEBTORS 2025 Due within 2024 Due within one year Line year Other debttTrr5 128,704 134,704 10) CREDITORS 2025 Due within one year 2024 Due within one year Grdllt commirments outstanding Trade creditors cruals 2,639,342 6,180 71,316 2,352,449 19.966 2,716,838 2,372.415 The trustees have accrued as a liability which can be claimed ovu a period of up to three yeaTS. Th¢ rate of project proeSsion is outside of the control of trustees who acctue ill full for the cornmitmenl. Trusleeg are awar¢ ihat current liabil1ti exceed cutTent wets. This happens L% liabilittes for graDts award are t15ually thtwn down over a period of 3 yeA¥s. If a project were lo be compleied MO swiftly than the usual tirnee, it would be funded in fvll. If this happened on all projects simultaneously, fuid5 would be drawn down froin the inv&%tment portfolio lo cover the sums due.
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BMA FOUNDATION PAGE 19 FINANCIAL STAfEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FtNANCIAL STATEMENrs 12) RECONCILIATIOE* OF INCOME TO NET CASH FLOW FROM OPERATIliG ACTIVITIES 2025 2024 Net iticome for the reporting period (a5 rKr page 9- SOFA) Adjustments for: DiYidend5 and gilts frotn investments Bank interest received Losse61(gains) on Investents flncrease)fdecree in debtors Increasel(decrwe) in ¢reditOT5 Net provided byl(us¢d in) operdting acttviti&s 2,190.948 285,257 (925,386) (986,623) 157,2921 <48,339) {2,361.412) 159,156 6,000 (134,7041 344,423 (312,2S9) (802,719) (1,037,542) ANALYSIS OF CASH AND CASH EQUIVALENrs 2025 2024 Cash held under inve5Ments Ch at bank 471,059 1,589,804 2,060,863 333,404 1.586278 1,919,682 13) LtAJIILITY OF MBERS TO COPiTRIBirrE TO THE ASSETS OF THE FOUNDA'IION IF IT ts WOUND UP If the Foundation is wound lip, the Members of the Foundation are 15able to contributE to the a55ets of the Foundation 5ch atnount (but not mor¢ than £1) may be Tfqutred.