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 fi￿d 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 ￿S￿ch and acadenic medicine Since l 539,
and is the oldest medical oryanisation in the world to awaid ￿nts dnd prizes to encourage and fi￿h¢r medical T¢itareh. 'The
gr￿ltS 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 dI￿t 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 I￿vestMents 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 Tn￿tee$ 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 it￿0￿£ 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 n￿kin￿ 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 ￿t￿re 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 d￿1￿ct 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 Tn￿tee5, 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 PERSoN￿lL 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 Cl￿rity in ¢lMrge of directing a￿1 controIIiDg tILe Charity and ￿anagitig the day tts day
operaiions of the charity. AU T￿￿te¢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 And￿nYCollInS
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 & CO￿￿3￿Y Limit¢d
25 Luke Street
London
EC2A4AR
AUD￿oRs
P￿￿15 & Co Ll
Ac(xhuntants & s￿tOry Auditors
115c Milton Road
Cambridge
CB4 IXE

BMA FOLfNDATION
PAGE 5
FINANc￿L 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 State￿ellts 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 ￿￿￿¢1￿19(atemen￿ the ¢nTStees 8rE requited th..
S¢le¢t suitable ac¢oulltillg p)li¢ies and then app'ythem CO￿81￿tentIy.
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 St￿dar￿8 bcen follort 8ubjea to wJydep8rturcs disclosed
and explaiied in the fitsan¢i81 ststemellts.
Prepare the financiaI StateD￿llts 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 si￿1¢d on their belHlf
Prof&8501' PhilTrp Banfield
Tntstee
ror and on beh￿f0f 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 $tat¢ments of BMA Foundation for the yeJr ended 31 Decenther 2025 which
comprise t1￿ stat￿lle1]t of Financial Activities, B￿anCe SheeL the Ststemellt of Cash Flows and the related
n)tes, Th: tyMao¢t81 reportiFLg fraDiework that has been applied th theirpreparatioo is applicable law and Utiited
Kll￿dOrn Accounting Standards, in-luding Finan-ial Reporting Standard 102'The Fin8ncialRewrtllLg Stand
applicable in the UK and Republic of Irelond" (Unl￿d kn"ngdom Generally A￿4)ted Accounttng Practice).
In our opinion the financial statements:
gsve a ttue and fair view of the state of the cban"ty's affairs as at31 December2025, a￿d of its incornillg
resources and application of resources, for the year then ende(.
ave been properly prepared in aeeordall￿ with Utiited Kingdom Generally Accepted Accounting
Practice. atLd
ave been prepared in accordance witb the requirements of the Charities Act 201 I.
BASIS OF OPINION
We conducted OUraL￿￿t inacctsrdallee i¥ith Int¢rnational Stalldèrds on Auditing (UK) {ISAs (UK)) and applicable
law. Our r¢5ponsÉbi]ities under th(￿e st8lldards gre furth¢r described in the Auditor's responsibiliti&E for the audit
of the Fu￿￿ClaI ststemenL8 section of our Iq)orL We are iwlepejdent of tbe ehariry ID atcoknGC Witb the ethical
requirerllerLiS tbat are relevallt to our audit of the finan¢i&l stalemenrs ill the UK: illcludillg the FRL'S Ethi¢&l
StarAdart and the provision$ availabEe for small entiiies, in the cirwnistsnc¢s set out ill llDte 5 to the r￿Gial
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. n￿Y ¢&si Si￿lfi¢allt doubt OD th.e Foundatioa's abiLiiy to contiiiuE as
a going concem fora periodof at least twelve from when the financia] stateM￿ts 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 fu￿nClaI
8tateniei)ts and our auditor's report thereon. TheTntsteG4 are r￿ponSiblE 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 Tn￿tr¢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 ￿&t￿laIlY ￿ls5[ated. If we identify su¢li material
inconsistencie8 or appareut materi&) ￿l￿tateMents. we are required to detet]nine Tr.bcth¢r there is a material
ITiiS5tatement in tbe [￿3￿ClaI state￿ellts or a material misstalemellt of the other lDf0rll￿tEoIL 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 t￿eTrUS￿.
suftLcient aCWUXLtuig records Iwve noi been kepl or
t1￿ finanlial stst-meats are not in agttement Wttb the a¢c4)unting wnrds and ret￿ns. 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￿ $taternent set outott page 5. the Trnstets are respollsible
for the preparation of the Fuwwigl state￿ents aTLd for being satisfied that they give a ￿e alld fair view, and for
such illternal control as the Trnstees deterniiTh¢ is lle¢￿ary to enable tbe prepar￿AOn of fmallcial statements that
are free from materiai misstatement, whether due to fraud or esror.
In preparillg the financial statements, theTrustee5 aTerespo￿l￿1e for ass￿1￿8 the Clwity's ability to colltinue as
a going COll￿rn, di5cIosinE, as applicable, ]natters rela•ed to going Coiwern alld u8iDg the going concem basis of
a¢counting unless tILe Trn8tees either iotend to liquidate the charity or to eease operations, or have no realistic
Itemative but to do 50.
AUDrroR'S RESPONSIBELITIES FOR THE ALIDIT OF THE FtNANCiAL STATEMENrs
We have been appo'ited as auditoi under section 144 of the CEariti&s A¢t 2011 and rtport in accordance with the
Act and relevont reglllatiolls orhavitig effeci thern￿der.
Our objectives are to Obtai￿ reasonable &￿￿aDCe about whethertbe financial stateDJeuts a3 a whol¢ are free from
material llLiSStatement. whether due Éo fraud or error, aDd io issue an audiior's report that illcludEs our opinion.
ti¢asonable assurance is a high l¢N'el of assuranc4 but is not a gll8ra￿tee that an audit conducted in awoidfittc
with ISA$ (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 deC￿onS of users takfn on the basis of these fi[￿ntial st&te]nents.
THE ExfENT TO WHICH OUR PRo￿DUREs ARE CAPABI.E OF DEfECTING IRREGULARrrIES, INCLUDING
FRAUD
Irr¢glllaritipts, iti¢ItEding fraud. are instances of non-￿￿Mpl1allCe with laws and regulations. The prIn￿ry
-vention at]d deie¢tioK of irreguJl rities including fizud Trsts with both the ￿anagem￿lt
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 mi￿tat￿ents in re6pe£t of i￿¢gu12r￿tie4 i&Gluditig fraud. Thc extent lo w,hic
our proce{h￿eS 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 ￿anage￿ent and those cbarged with governaace to atLy instaac¢s ot Il(>ll.
compliance or suspected notL-compliance with laws aud re8￿ationS.
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 Und￿StandI￿g. 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 T￿t all transactiolls ate tevicwed. Tberofoy tljere is arisk we will uot
detect all irrewalariues including those leading to a n￿￿rIal rni&5taten]ellt in the fuiancial ststemenEs or nou-
¢ompltance with reg￿atiOnS. 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 FL￿1]er dESGriPtion of our responsibilities for the audit of the Fjnancial siatements is lO￿ted 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
F￿ANCIAL 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 d￿rItv'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 Trt￿teeS as a Ix)dy, Eor our audit work, for this
or for the opinions we have forn]ed.
PREwfIs & CO LLP
ACCOLryfANTS & sTA￿￿ORy 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.

oc
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m¢
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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 Cl￿RRE￿rLlAB1LrrIAs
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 acco￿ts 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
Pu￿has¢ 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) I￿v￿lIng 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 ATr*l> ASS￿mEYf 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 constE￿t£4 a public benefit thjtity as defined by FRS 102.
(tj) INCOME RECOGNITION
All ￿CoMe is reCOg￿Sed 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 acCO￿ts 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 re￿edIt¢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 1llsttu￿ent 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 F￿a￿cIal 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 Ma￿ets 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
F￿ANc￿L 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. Li￿talIsed 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
Tn￿t Fund.
The BMA Foundation will CO￿tInUe 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
F￿dS
Total
Funds
3a)
BEQUESTS AND GRANTS
Yesr ellded 31st DeCe￿bEr 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
un￿Stricted
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￿¢11a￿e0vS
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 th￿t￿t 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
FINANc￿L 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-s8￿￿tI & 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 Els￿Or 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 pro￿eSsion 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
tirne￿￿e, 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 Invest￿ents
flncrease)fdecre￿e 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
C￿h 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 5￿ch atnount (but not mor¢ than £1) ￿ may be Tfqutred.