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2023-03-31-accounts

Contents
Pages
Report of the Board of Trustees 1 - 15
Report of the Auditors 16 - 18
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Notes forming part of the accounts 22 - 34

A company limited by guarantee. Registered Company No. 00139113. A charity registered with the Charity Commission for England and Wales No. 207275 and the Scottish Charity Regulator No. SC046148.

The Trustees submit their report and the financial statements of the Royal Medical Benevolent Fund (RMBF) for the year ended 31[st] March 2023. These were approved by the Board on 29[th] June 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Rules and Articles of Association of the RMBF, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019).

1. OUR CHARITABLE OBJECTS

The objects of the RMBF are to prevent or relieve poverty and to relieve need arising from youth, age, ill health, disability and bereavement among people who are doctors or who have worked as doctors, and medical students and the dependants of all such individuals.

2. OUR AIMS, OBJECTIVES AND ACTIVITIES

2.1 Our aims

The RMBF aims to support doctors and their families through times of crisis and hardship. We aim to help our beneficiaries to become independent and self-sufficient, and we may be able to consider longer term support when this is not possible.

Our Medical Student Programme aims to help medical students who are facing exceptional hardship to finalise their studies, qualify as doctors and complete their foundation years.

Our Refugee Doctors Programme works with key partners to help refugee doctors to secure GMC registration on successful completion of their exams and subsequently to obtain supervised employment in a training post in the NHS.

In addition, we keep under review new and emerging needs relating to doctors, medical students and their families.

2.2 Our objectives for 2022/23

Our key objectives were:

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2. OUR AIMS, OBJECTIVES AND ACTIVITIES (Continued)

2.3 Our charitable activities

2.3.1 Grant making (the award of grants amounting to £614,441 in 2022/23).

The RMBF provides grants and loans to help with living costs, back to work and retraining costs, home adaptations and specialist equipment.

The Grants and Awards Committee meets regularly to consider applications for assistance from those in financial hardship.

The Board of Trustees keeps the Charity’s grant making policies under regular review to ensure they are effective in meeting the Charity’s aims and objectives.

2.3.2 DocHealth

DocHealth provides confidential, specialist-led support for doctors experiencing mental health issues. The service is supported jointly by the RMBF and the BMA. DocHealth helped 378 doctors in the course of this demanding year with a range of issues such as anxiety, depression and burnout.

DocHealth has now helped over 1,700 doctors in total.

2.3.3 Money advice

In 2022/23 the RMBF’s specialist money advisor helped beneficiaries with advice to secure state benefits to which they are entitled to a total value of £55,237 in addition to securing savings of £11,963 through debt renegotiation.

The RMBF also provided specialist online money advice to 82 medical students this year.

2.3.4 Online support

The RMBF website received over 80,000 visits this year. We are continuing to develop the site to provide easily accessible support on a range of subjects from wellbeing to money advice, volunteering and fundraising. This year we have expanded our Doctor Advice Hub to include new content and advice for doctors struggling with the cost of living. In addition to creating new content for the website, we have been engaged in a project to develop the functionality of the site and improve navigation.

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3. PUBLIC BENEFIT REQUIREMENT

The Board of Trustees confirms that it has complied with the duty set out in the Charities Act to have regard to the Charity Commission’s guidance on public benefit when exercising its powers and duties.

The Trustees have taken the guidance into account when determining the activities undertaken by the Charity. To fulfil the RMBF’s charitable objectives the Charity provides a range of support as follows:

The potential beneficiaries who are eligible to be considered for support include over 360,000 doctors registered with the GMC as well as an unknown number of retired doctors who are no longer registered. A conservative estimate is that each doctor has on average 1.5 dependants, producing a further 540,000 dependants. In addition, there are now over 45,000 medical students.

The work undertaken by doctors in providing medical diagnosis, treatment and care for the people of the United Kingdom is very evidently of great public benefit. The dedicated response of doctors to the Covid-19 pandemic is a clear demonstration of this. By helping doctors through their own individual periods of need, so that they can return to medical practice where appropriate, a further public benefit is provided.

Our Medical Student Programme, which helps medical students facing unexpected and exceptional hardship to finalise their studies to qualify as doctors and complete their foundation years, further extends the public benefit provided by the Charity.

4. OUR ACHIEVEMENTS AND PERFORMANCE

4.1 Principal funding sources and how expenditure in the year under review has supported the key objectives of the Charity

The principal funding sources in 2022/23, in order of financial importance, were: investment income, donations and legacies.

All income is used to support the Charity’s key objectives, as identified in section 2.2 above. In 2022/23 this included the following:

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4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)

Objective Achievement
1. To provide appropriate
financial support to all
eligible applicants and
beneficiaries in need of
help		 A total of £681,641 was awarded or secured for 296 beneficiaries across the
UK this year.
A further 47 beneficiaries received other help including money advice,
telephone befriending and coach mentoring.
2. To continue the
development of the
RMBF volunteer
network		 Our volunteers are the backbone of the RMBF, providing vital support to our
beneficiaries and promoting our work throughout the medical profession.
Over the past year RMBF volunteers have continued to promote the work of
the Charity and support our beneficiaries.
Our volunteers have undertaken a variety of different activities both virtual as
well as physical. They have enjoyed getting back to face to face networking,
but have also continued to take advantage of opportunities to raise our
profile online such as Zoom presentations and podcasts. We have continued
to encourage our volunteers to use digital resources available to them to
raise our profile online and to use social media to promote the RMBF.
Our fundraisers have once again been particularly successful raising money
through a mixture of individual events and online activities.
Our medical student volunteers have continued to promote our work in UK
medical schools. And our cohort of volunteer coach-mentors have been
providing specialist coaching to beneficiaries looking to return to work where
possible after a period of ill health.
We have over 200 volunteers and we are very grateful for the hard work and
commitment demonstrated across the RMBF volunteer network in the past
year.

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4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)

Objective Achievement
3. To raise the profile of
the Charity in the
profession so that those
needing help know
where to turn		 Our staff, trustees and volunteers have continued to use a wide range of
channels to raise the profile of the RMBF.
We have continued to build our reach via our social network platforms. We
ran targeted advertising on Facebook to increase engagement with our
services and enquiries for help. We also ran paid promotion on the search
engines Google and Bing.
We exhibited at the Acute & General Medicine Conference and the
Association of Anaesthetists Winter Conference, distributing RMBF Vital Signs
guides and literature promoting DocHealth and our financial help.
4. To develop partnerships
with relevant
organisations to
maximise the Charity’s
impact		 We have continued to build on our programme of meetings with medical
organisations to help identify new and emerging needs and how best the
RMBF could respond to those needs.
We have developed our partnership with the BMA to support DocHealth, the
confidential psychotherapeutic support service for doctors. A total of over
1,700 doctors have now been helped by the service, the majority of these
being junior doctors.
We continue our work with the Association of Anaesthetists to develop our
wellbeing partnership.
We have also established a new initiative in collaboration with Medic Mentor.
It raises awareness of RMBF with new and aspiring medical students and
encourages them to fundraise and volunteer for the Charity.
5. To diversify and grow
the Charity’s income
streams so that we can
respond to increasing
demand for our help		 We continued to target a range of different income streams to secure and
grow voluntary income. Our President’s Appeal this year raised a grand total
of £87,153 and we received further donations from our individual supporters
and regular givers throughout the year.
Our network of fundraising volunteers and Guild members contributed
income through their various fundraising challenges and initiatives. We are
very grateful to the European Doctors Orchestra who donated the proceeds
of the Autumn 2022 concert to the RMBF and allowed us to hold fundraising
events during the afternoon.

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4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)

Objective Achievement
We secured a grant from BMA Giving in support of our work helping doctors
who are financially impacted due to mental ill health. This kind support
meant we were able to respond promptly and effectively to meet the needs
of doctors, medical students and families facing financial difficulty due to this
issue.
We are very grateful to the MDU who chose RMBF as a beneficiary charity for
their fundraising initiative. Foundation Year 1 members received reduced
subscription fees and could donate the remainder of their fee to the RMBF.
We would also like to thank the shareholders of Medix UK, who kindly
supported the RMBF.
6. To review and
implement the
recommendations from
the research project so
as to increase the reach
and impact of the
Charity		 UCL Research Department of Medical Education have now completed the
research report for the RMBF.
The research project aimed to identify the nature and extent of unmet need
in medical practitioners, medical students and families who are in financial
difficulty as a result of ill health, disability or bereavement.
The researchers also identified key strategies for the RMBF to help us reach
those potential beneficiaries who are not engaging with the Charity and to do
so at the earliest opportunity.
Following a review of the findings, a strategy day was held with Trustees and
staff to discuss how best to implement the key recommendations so as to
increase the reach and impact of the Charity in the coming years.
We are now in the process of implementing these recommendations across
the RMBF. We will also be publishing a shorter version of the report to share
the findings more widely.

Factors relevant to the achievement of the RMBF's charitable objectives included:

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5. FUNDRAISING ACTIVITIES AND COMPLIANCE

Voluntary income from donations this year totalled £376,247.

Without the generosity of our donors our work wouldn’t be possible. The vital funds and awareness that our supporters help us raise means we can be there when doctors, medical students and their families need help.

5.1 Donations from individuals

The majority of the RMBF’s voluntary income is from individual giving. The RMBF has a very loyal core of donors who give regularly either by standing order or on an ad-hoc basis in response to our mailings. This year we sent out a Spring newsletter, Autumn newsletter and our President’s Appeal.

5.2 Legacies and In Memoriam donations

Legacies form a large part of the RMBF’s voluntary income. We also receive a number of In Memoriam donations each year, often in lieu of flowers at a funeral. We are very grateful for families thinking of the RMBF at such a difficult time.

5.3 Community and events

We have an active network of fundraising volunteers, from a variety of backgrounds. Many are part of our longstanding local Guilds, who organise fundraising events in their communities and help spread the message about the RMBF. Recently, we have recruited a substantial group of aspiring and current medical student fundraisers, who have organised a wide range of creative activities to raise vital funds. We have also seen many doctors and medical students undertake sponsored challenge events, from marathons to sea swims.

We are very grateful for the hard work and commitment of all our fundraisers.

5.4 Medical organisations, trust funding and corporate support

We are proud to work with medical organisations, charitable trusts and commercial companies to raise money to help us care for more doctors, medical students and families and also to raise awareness of our services. We developed or extended partnerships with BMA Giving, the Wesleyan Foundation, MDU, MDDUS, Medical Protection, the Association of Anaesthetists, the Tod Benevolent Fund and many others.

5.5 Regulation

The RMBF is registered with the Fundraising Regulator and committed to adhering to the Code of Fundraising Practice.

We review compliance through audit and monitoring feedback, and take corrective action where required.

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5. FUNDRAISING ACTIVITIES AND COMPLIANCE (Continued)

5.6 Standards and monitoring

The RMBF is committed to following the highest ethical standards and to ensuring a quality supporter experience. We do not use professional fundraisers or commercial third parties. All of our employees who undertake fundraising as part of their duties receive thorough inductions and regular training and supervision.

Our fundraising, communications, administration and finance personnel also work closely with fundraising supporters and RMBF Guild committees to ensure they are well supported and compliant in their own voluntary fundraising efforts.

5.7 Complaints

We have a complaints policy and can report our complaints on a calendar year basis to comply with the Fundraising Regulator’s requirements. In the 12 months to 31[st] March 2023 we did not receive any complaints.

5.8 Managing communications

Most people who donate to us want to know how their money is being used to benefit doctors, medical students and their families. We ask if they would like us to keep in touch with them and how they would prefer us to communicate, whether by email, post, telephone or SMS. We also give supporters the option to let us know if they prefer less contact or no longer wish to hear from us, and always respect their wishes.

We do not sell or exchange lists of data with any other charities or companies. Further details are set out in our privacy policy at https://rmbf.org/privacy-policy .

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6. OUR STRUCTURE, GOVERNANCE AND MANAGEMENT

6.1 Board of Trustees

The Trustees, who are the Directors of the Company, during the year ended 31[st] March 2023 and to date were/are:

Chair of the Board of Trustees: Professor Michael Farthing Treasurer: Professor Greg Rubin

Ms Angela Attah (appointed 8[th] December 2022) Professor Derek Bell Mr Simon Dinnick (retired 8[th] December 2022) Mr Andrew Hall Dr Aliyah Hussein Ms Juliet Oliver (appointed 8[th] December 2022) Dr Oliver Seyfried (retired 8[th] December 2022) Dr Richard Stevens (retired 8[th] December 2022) Dr Peter Szatmary Ms Nisha Tailor (appointed 8[th] December 2022) Dr Susan West Mr Tim Woods (deceased 27[th] May 2023)

6.2 How trustees are recruited, appointed, inducted and trained

Under the RMBF’s constitution the Board of Trustees consists of a minimum of five members but not more than fifteen members, serving for three years in the first instance, renewable for a second term.

Before recruiting new trustees, an analysis is undertaken by the Nominations Committee, on behalf of the Board to ensure appropriate diversity and to identify what experience, expertise and contacts will be most helpful to further the aims and objectives of the Charity. We then advertise the role through relevant media to identify suitable potential trustees for interview.

Each new trustee receives an induction pack, providing information about the RMBF (including its Articles and Rules and its most recent Annual Report and Accounts) and information about the role of a charity trustee. Each trustee is also invited to attend an induction session at the RMBF’s offices, arranged by the Chair and Chief Executive, which includes observing a Grants and Awards Committee meeting in order to see at first hand the types of case requiring help, the way these are assessed and the range of support considered.

A budget is allocated for trustee development and details of external trustee training opportunities are circulated to all trustees.

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6. OUR STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

6.3 Organisational structure

The RMBF is governed by a high profile and dedicated Board of Trustees, which includes senior representatives from across the medical profession. The Board meets quarterly to consider how best to achieve the RMBF’s charitable objects; provide strategic leadership and approve, monitor and review development plans; agree policies; agree and keep under review the RMBF’s organisational structure and arrangements for delegation; and approve the annual budget, annual accounts, investment strategy, reserves policy, risk review and audit arrangements.

The Board is assisted by a number of specialist sub committees. These comprise:

The Board and its sub committees are advised by the RMBF’s Chief Executive, who is responsible for arranging the drafting of development plans, budgets and policies for consideration by the Board; for arranging implementation of Board and Committee decisions; and for day to day management of the RMBF. The RMBF’s staff arrange support for those in need, coordinate the work of the RMBF’s volunteer network, organise national fundraising (such as the President’s Appeal) and ensure that the RMBF meets all Charity Commission, Scottish Charity Regulator and other statutory and legal requirements.

The RMBF remains fortunate that so many members of the medical profession and their families voluntarily give their time to support its work. Our national network of volunteers supports the Charity’s work in many ways and we are very grateful for their hard work and commitment.

7. OUR AIMS AND KEY OBJECTIVES TO MARCH 2024

Our key objectives to March 2024 are:

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8. FINANCIAL PERFORMANCE

8.1 Investment policy

The investment policy aims to provide a balance between income and capital growth with a medium level of risk over the longer term, thereby enabling the Trustees to meet their objectives in respect of the requirements of the Charity.

The RMBF adopts a total return approach. Our target return has been set at CPIH plus 3.5% per annum net of fees, enabling the RMBF to spend this amount (whether from income or capital) and to maintain the real value, and dividend paying capacity, of the invested portfolio over the course of an economic cycle. To spread the risk in volatile financial markets the portfolio is managed by two investment houses, Newton Investment Management and CCLA Fund Managers Limited. Our investments with Newton are currently split between two funds, the Newton Sustainable Growth & Income Fund for Charities and the BNY Mellon Sustainable Real Return Fund.

The Trustees require their investment managers to pay attention to the standard investment criteria, namely the suitability of the class of investment and the need for diversification insofar as appropriate to the circumstances of the Charity. Any restrictions on the type of investments or markets in which the manager may invest on the Charity’s behalf will be given in writing.

8.1.1 Investment restrictions

The RMBF may have no direct or indirect investment in tobacco production and no direct or material indirect exposure to companies that derive more than 10% of their turnover from tobacco. ‘Exposure’ includes shares, fixed interest securities and other financial instruments.

8.1.2 Investment performance

The performance of our investments reflected challenging market conditions in the first half of the financial year, with valuations in the second half remaining broadly flat. Overall net losses for the year were £1,785,907 which, whilst disappointing, should be viewed in the context of gains of £2,138,276 in the previous year.

In recognition of the continuing economic headwinds (weak growth, rising interest rates and inflation and the conflict in Ukraine), the Trustees have maintained a higher cash weighting than the historical norm, with cash deposits currently making up 11.9% of our unrestricted investments. The Finance Committee reviews the investment allocation regularly and the Board of Trustees will also be commissioning an external investment review later this year.

8.2 Reserves policy

The Board of Trustees has examined the Charity’s requirements for reserves and identified the need for sufficient reserves to generate the investment income needed to:

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8. FINANCIAL PERFORMANCE (Continued)

This requirement takes account of the fact that, in a typical year, the RMBF’s charitable expenditure considerably exceeds the aggregate of its voluntary and trading income. This shortfall is largely covered by investment income and most of the RMBF’s reserves are held in the form of investments which the RMBF requires to generate returns to support its long-term work.

The Finance Committee monitors the reserves of the RMBF regularly and will recommend corrective action to the Board of Trustees, where appropriate.

The Finance Committee formally reviews the reserves policy each year (or more frequently should the need arise) and recommends to the Board of Trustees whether the policy should be continued or amended.

The RMBF’s unrestricted reserves stood at £34.9 million at 31[st] March 2023, the majority of which is subject to market risk. The continuing high reliance on investment income to finance the RMBF’s charitable work during a period of continuing stock market volatility emphasises the importance of maintaining adequate reserves of at least this order.

8.3 Financial performance for the year and financial position at the year end

The Statement of Financial Activities records net expenditure for the year of £2,034,826 compared with net income of £1,832,537 in the preceding year. This includes net losses on investments of £1,785,907 in the current year compared with gains of £2,138,276 in the preceding year. As a result, fund balances have decreased from £38,878,563 to £36,843,737.

Total income was up by 22% at £1,482,933, arising from a combination of higher legacies and higher investment income. The latter was due to both higher distribution rates from our investment funds and higher interest rates on cash deposits. Our supporters kindly donated £376,247 (including gift aid).

Expenditure on charitable activities increased from £1,251,550 to £1,513,730 reflecting a 76% increase in grants awarded. We also continued to support doctors through other channels such as DocHealth, debt advice and the wellbeing platform, as well as overseeing the completion of the research project into unmet need.

Expenditure on raising funds decreased from £188,598 to £164,101. Investment management fees reduced from £83,851 to £54,201, reflecting the impact of portfolio rebalancing at the end of the previous financial year.

Total resources at the disposition of the RMBF at 31st March 2023 amounted to £36.8 million, of which £34.9 million is unrestricted.

Social investments comprising interest free secured loans to beneficiaries stood at £456,435 compared with £522,635 last year. Loans to the value of £66,200 were repaid during the year.

Net current assets, the principal balance sheet measure of short to medium term solvency, increased from £860,381 to £933,798.

Our financial position makes the Charity well placed to respond to further increases in the level of demand for help as economic hardship and the aftermath of the Covid-19 pandemic continues to impact on doctors.

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9. RISK MANAGEMENT

The Trustees have identified the risks to which the RMBF is exposed, including risks to its financial position and reputation as well as health and safety considerations. These are reviewed annually by the Compliance Committee, which ensures that risk management procedures and controls are in place to minimise risk and, where appropriate, to consider further action.

The key types of risk to which the RMBF is exposed, along with the principal processes in place to manage and mitigate the risks, are briefly described below:

Risk Mitigation
Adverse external
financial
environment and
performance of
investment
managers		 The Finance Committee regularly reviews the financial performance of the Charity and
monitors the investment managers closely, taking expert advice and advising the Board
accordingly.
In order to provide balance and diversification to the portfolio and reduce risk, the RMBF
splits its investments between at least two fund managers with different approaches.
Fraud Financial controls at the RMBF are documented and follow Charity Commission
guidelines. The RMBF accounts are fully audited annually. IT systems are regularly
updated.
Health and safety We undertake regular risk assessments, and monitor health and safety policies and
procedures, supported by Croner, who are specialists in health and safety law. Croner
conduct a premises review annually.
Health pandemic The RMBF has procedures in place to ensure the Charity can continue to operate
effectively and deliver all services in the case of a health pandemic such as Covid-19.
We will follow government advice on safe working procedures while ensuring that we
can assess grant applications and make payments in a timely manner. All staff can work
from home with secure access to their work and payments can also be processed
remotely with appropriate safeguards.
Disaster recovery The RMBF has a formal business recovery plan and all staff have been issued with
laptops to enable remote working.
Data protection,
cyber security and
loss of
information		 We ensure that all of our staff receive training on data protection and cyber security.
Our data protection policy is circulated to all staff and procedures are in place to ensure
compliance with the Data Protection Act and GDPR. We will continue to monitor RMBF
data protection procedures and best practice.
Our IT support function is outsourced to a professional service company. Our data is
regularly backed up. All our PCs have automatically updating antivirus protection.

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10. REFERENCE AND ADMINISTRATIVE INFORMATION

The Royal Medical Benevolent Fund is a private company limited by guarantee, number 00139113. It is a charity registered with the Charity Commission for England and Wales, number 207275 and the Scottish Charity Regulator, number SC046148. The Trustees are listed in paragraph 6.1 above.

Address and registered office: 24 Kings Road, Wimbledon, London SW19 8QN.

President: Professor Sheila the Baroness Hollins Chief Executive: Steve Crone Website: https://rmbf.org

Our principal advisors during the year were:

Legal

Capsticks Solicitors LLP 1 St. George’s Road London SW19 4DR

Investment managers

Newton Investment Management Limited 160 Queen Victoria Street London EC4V 4LA

Bates Wells 10 Queen Street Place London EC4R 1BE

CCLA Investment Management Limited One Angel Lane London EC4R 3AB

Bankers

National Westminster Bank Plc. Regent Street Branch 250 Regent Street London W1B 3BN

Auditors

Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD

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11. STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law and the law applicable to charities in England and Wales requires the Charity Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of its income and expenditure for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.

The Trustees confirm that, in the case of each of the persons who are Trustees at the date of this report, the following applies:

By order of the Board of Trustees

STEVE CRONE Chief Executive and Company Secretary

29[th] June 2023

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Opinion

We have audited the financial statements of the Royal Medical Benevolent Fund (the ‘charitable company’) for the year ended 31st March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material, if individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.

Gregory Stevenson, Senior Statutory Auditor For and on behalf of Knox Cropper LLP, Statutory Auditors 65 Leadenhall Street London EC3A 2AD

29[th] June 2023

Page 18

2023 2022
Notes Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£ £ £ £ £ £
INCOME FROM
Donations and legacies 2 644,416 24,250 668,666 549,711 32,000 581,711
Other trading activities 14,020 - 14,020 29,154 - 29,154
Investments 3 **746,581 ** 53,666 800,247 554,653 52,742 607,395
Total 1,405,017 77,916 1,482,933 1,133,518 84,742 1,218,260
EXPENDITURE ON
Charitable activities 4 1,413,835 99,895 1,513,730 1,185,305 66,245 1,251,550
Raising funds 5 164,101 - 164,101 188,598 - 188,598
Investment management fees 54,021 - 54,021 83,851 - 83,851
Total 1,631,957 99,895 1,731,852 1,457,754 66,245 1,523,999
Net income / (expenditure) before
gains and losses on investments		 (226,940) (21,979) (248,919) (324,236) 18,497 (305,739)
Net gains / (losses) on investments 10 (1,714,387) (71,520) (1,785,907) 1,986,070 152,206 2,138,276
Net income / (expenditure) and
net movement in funds (1,941,327) (93,499) (2,034,826) 1,661,834 170,703 1,832,537
RECONCILIATION OF FUNDS
Fund balances brought forward at
1stApril 2022 36,797,508 2,081,055 38,878,563 35,135,674 1,910,352 37,046,026
Fund balances carried forward at
31st March 2023 15, 16 £34,856,181 £1,987,556 £36,843,737 £36,797,508 £2,081,055 £38,878,563

There were no discontinued or acquired activities during the current or preceding financial year.

Page 19

2023 2022 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 242,377 241,577
Investments – Representing:
Unrestricted funds 10 33,374,677 35,346,000
Restricted funds 10 1,836,450 1,907,970
35,211,127 37,253,970
Social investments 11 456,435 522,635
35,909,939 38,018,182
CURRENT ASSETS
Debtors 12 215,646 209,987
Cash at bank and in hand 13 875,598 834,923
1,091,244 1,044,910
CREDITORS: Amounts falling
due within one year 14 (157,446) (184,529)
Net current assets 933,798 860,381
Total assets less liabilities £36,843,737 £38,878,563
UNRESTRICTED FUNDS 15
Accumulated funds 31,626,810 31,681,262
Revaluation reserve 3,229,315 5,083,175
Designated reserve 56 33,071
34,856,181 36,797,508
RESTRICTED FUNDS 16 1,987,556 2,081,055
£36,843,737 £38,878,563

The financial statements were approved by the Board of Trustees on 29[th] June 2023 and signed on its behalf by:

Michael Farthing Chair of the Board of Trustees

Greg Rubin Treasurer

Registered Company Number: 00139113 Charity Commission Registration Number: 207275 Scottish Charity Registration Number: SC046148

________________ Page 20

2023 2022
Note £ £ £ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities A (890,844) (801,123)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets (22,494) (22,494) (7,069)
Purchase of investments (1,386,998) (1,386,998) (6,860,777)
Proceeds from sale of investments 696,774 10,241,586
Dividends and interest received 758,437 625,191
Investment management fees paid (61,360) (61,360) (83,126)
Net cash provided by / (used in) investment
activities (15,641) 3,915,805
Change in cash and cash equivalents in the
financial year (906,485) 3,114,682
Cash and cash equivalents at the beginning of the
financial year B 5,755,130 2,640,448
Cash and cash equivalents at the end of the
financial year B £4,848,645 £5,755,130

A. RECONCILIATION OF NET EXPENDITURE TO NET CASH USED IN OPERATING ACTIVITIES

ACTIVITIES
2023 2022
£ £
Net income / (expenditure) as per the statement of financial activities (2,034,826) 1,832,537
Adjustments for:
- Depreciation 21,694 22,007
- Loss on disposal of tangible fixed assets - 73
- Dividends and interest from investments (800,247) (607,395)
- Losses / (gains) on investments 1,785,907 (2,138,276)
- Investment management fees 54,021 83,851
- Decrease in social investments 66,200 21,200
- Decrease / (increase) in debtors 36,151 (51,081)
- (Decrease) / increase in creditors (19,744) 35,961
Net cash used in operating activities £(890,844) £(801,123)

B. ANALYSIS OF CHANGES IN NET FUNDS

At 1st April At 31st March
2022 Movement 2023
£ £ £
Bank current accounts 11,712 956 12,668
Cash on deposit - less than 24 hours' notice 821,177 40,435 861,612
Cash in hand 2,034 (716) 1,318
834,923 40,675 875,598
Cash held under investments 4,920,207 (947,160) 3,973,047
£5,755,130 £(906,485) £4,848,645

Page 21

1. ACCOUNTING POLICIES

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value, with the exception of listed investments which are shown at their market value at the balance sheet date. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Rules and Articles of Association of the RMBF, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019).

The RMBF meets the definition of a public benefit entity under FRS 102.

The Trustees consider that there are no uncertainties about the Charity’s ability to continue as a going concern.

(b) Significant judgements and estimates

(c) Income recognition

Income is recognised once the RMBF has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

In practice donations are generally recognised on a cash received basis. The tax credits on gift aided donations are recognised in the same financial year as the income to which they relate.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash, recognition is subject to the value of the gift being reliably measurable with a degree of accuracy and the title to the asset having been transferred to the RMBF.

Dividends receivable are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on fixed interest securities and bank deposits is accounted for on an accruals basis.

________________ Page 22

1. ACCOUNTING POLICIES (Continued)

(d) Expenditure recognition

Grants are awarded to beneficiaries in the furtherance of the charitable objects of the RMBF. Grants are recognised as expenditure in the financial year in which they are approved by the Grants and Awards Committee and the offer is conveyed to the beneficiary. Where grants are subject to conditions, they are only recognised to the extent that those conditions have been met at the year end. Grants awarded but not yet paid are recorded in creditors.

Unsecured loans to beneficiaries are accounted for as an expense in the year in which they are granted and any subsequent repayment is credited against grants awarded in the year of receipt. Unsecured loans are not deemed sufficiently recoverable to justify recognition as an asset on the balance sheet.

Other liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis.

All expenses are allocated or apportioned to the applicable expenditure headings. Where possible, costs are allocated to activities on an actual basis. Where actual allocation is not possible, costs are apportioned on the basis of staff time.

Support costs are those functions that assist the work of the Charity but do not undertake charitable activities. Support costs include back office costs, finance and IT and governance costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. This includes costs related to statutory audit and legal fees together with an apportionment of staff time.

The RMBF is not registered for VAT and is unable to recover input tax. Expenditure therefore includes VAT where incurred.

(e) Investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The investments held by RMBF fall under the category of basic financial instruments.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase price if acquired after the beginning of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

(f) Financial instruments

The RMBF only has financial assets and liabilities of a kind that qualify as basic financial instruments, for example debtors, bank deposits and creditors. These are initially recognised at transaction value and subsequently valued at settlement value.

Page 23

1. ACCOUNTING POLICIES (Continued)

(g) Depreciation of tangible fixed assets

Depreciation is calculated to write off the cost of fixed assets on a straight-line basis over the expected useful lives of the assets concerned. Freehold land is not depreciated. Freehold property is accounted for on a component cost basis with each component being depreciated over its estimated economic life as shown below.

Freehold property Other assets
Fabric of building 60 years Furniture, fixtures and fittings 10 years
Roof 25 years Office equipment 4 years
Windows 15 years Computer hardware and software 3 to 5 years Computer hardware and software 3 to 5 years
Partitioning 10 years

(h) Social investments

Secured loans to beneficiaries for charitable purposes are accounted for as a social investment. These are stated at the amount originally paid out with the carrying amount reduced in subsequent years to reflect repayments and adjusted if necessary for any impairment.

(i) Restricted funds

Restricted funds represent amounts bequeathed or donated to further objects which, whilst similar to the RMBF’s objects, are subject to certain restrictions imposed by the donor (note 16).

(j) Pension costs

Pension costs comprising employer contributions for current employees in the defined contribution scheme are allocated to the applicable expenditure heading. The total paid in respect of the year is disclosed in the employee costs note (note 7).

2. DONATIONS AND LEGACIES

2023 2022
Unrestricted Restricted Unrestricted Restricted
funds funds Total funds funds Total
£ £ £ £ £ £
Donations 351,997 24,250 376,247 370,284 32,000 402,284
Sponsorship 16,000 - 16,000 - - -
Legacies 276,419 - 276,419 179,427 - 179,427
£644,416 £24,250 £668,666 £549,711 £32,000 £581,711

The RMBF operates almost entirely within the UK.

Donations are stated inclusive of tax recoverable on amounts received under Gift Aid.

The RMBF has been notified of its entitlement to a further instalment of a legacy, but is currently uncertain as to the amount of the payment to be received and therefore no income has been accrued.

________________ Page 24

3. INVESTMENT INCOME

2023 2022
Unrestricted Unrestricted
Restricted		 Restricted Unrestricted Restricted
funds funds Total funds funds Total
£ £ £ £ £ £
Dividends and interest
from listed investments 668,342 53,463 721,805 550,981 52,737 603,718
Other interest 78,239 203 78,442 3,672 5 3,677
£746,581 £53,666 £800,247 £554,653 £52,742 £607,395
EXPENDITURE ON CHARITABLE ACTIVITIES EXPENDITURE ON CHARITABLE ACTIVITIES
Support for doctors
2023 2022
Unrestricted Unrestricted
Restricted		 Unrestricted Unrestricted
Restricted
funds funds Total funds funds Total
£ £ £ £ £ £
Grants awarded 530,132 84,309 614,441 294,051 294,051
54,920		 54,920
348,971
Less: Unsecured loans
repaid (450) (450)
-		 (450) (480) - (480)
Net grants awarded 529,682 84,309 613,991 293,571 293,571
54,920		 54,920
348,491
Providing advice 96,765 15,586 112,351 98,551 98,551
4,439		 4,439
102,990
Casework 187,225 - 187,225 192,870 192,870 - -
192,870
Coach mentoring 7,381 - 7,381 5,907 5,907 - -
5,907
Volunteer management 86,958 - 86,958 78,299 78,299 - -
78,299
Raising awareness 129,849 - 129,849 144,312 144,312
6,886		 6,886
151,198
Research into unmet need 33,015 - 33,015 66,029 66,029 - -
66,029
Support costs 342,960 - 342,960 305,766 305,766 - 305,766
£1,413,835 £99,895 £1,513,730 £99,895 £1,513,730 £1,185,305 £1,185,305
£66,245		 £66,245
£1,251,550

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Support for doctors

5. EXPENDITURE ON RAISING FUNDS

Support for doctors

Support for doctors
2023 2022
Unrestricted Unrestricted
funds funds
£ £
Trading 7,525 11,407
Fundraising costs 90,909 114,052
Support costs 65,667 63,139
£164,101 £188,598

Page 25

6. SUPPORT COSTS

2023 2022
Raising Support Total Raising Support Total
funds for doctors funds for doctors
£ £ £ £ £ £
Finance and IT 43,088 172,353 215,441 44,074 176,298 220,372
Premises 11,453 45,813 57,266 8,365 33,462 41,827
Office administration 11,126 44,506 55,632 10,700 42,797 53,497
Governance - 80,288 80,288 - 53,209 53,209
£65,667 £342,960 £408,627 £63,139 £305,766 £368,905

Support costs include staff costs and other expenses relating to these activities, which are allocated on the basis of staff time.

7. EMPLOYEE COSTS

2023 2022
£ £
Salaries 518,192 530,409
National Insurance contributions 55,008 54,504
Defined contribution pension costs 75,062 78,953
Termination payments - 6,500
£648,262 £670,366
Number Number
The average monthly number of employees during the year
(excluding Trustees) was:
Head count 12 13
Full time equivalent 9.8 10.3
Employees who earned in excess of £60,000 had earnings in the
following bands:
£60,001 to £70,000 1 1
£100,001 to £110,000 1 1

The Trustees were not paid and did not receive any benefits from employment or other services supplied to the Charity during the year (2022: £nil). They are reimbursed expenses if they submit a claim. Reimbursed expenses during the year amounted to £934 (2022: £116).

The key management personnel comprise the Trustees, the Chief Executive Officer and the Head of Finance and IT. The total employee benefits of the key management personnel (including National Insurance and pension costs) were £222,168 (2022: £212,746).

In addition, over 200 volunteers across the UK also gave their services, contributing in particular to the RMBF’s charitable work and its fundraising. No value is reflected in the accounts for these donated services. The reimbursed expenses to volunteers amounted to £1,970 (2022: £69).

________________ Page 26

8. NET EXPENDITURE

Net expenditure for the year is stated after charging:

2023 2022
£ £ £ £
Depreciation 21,694 22,007
Auditors’ remuneration (including VAT)
- Audit 9,030 8,400
- Other services 1,884 1,752
10,914 10,152
Loss on disposal of tangible fixed assets - 73
TANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS
Furniture, Computer
Freehold fixtures Office equipment
property and fittings equipment and software Total
£ £ £ £ £
Cost
At 1stApril 2022 377,519 85,094 19,410 43,420 525,443
Additions - 11,954 - 10,540 22,494
Disposals - (418) (5,392) (178) (5,988)
At 31stMarch 2023 377,519 96,630 14,018 53,782 541,949
Depreciation
At 1stApril 2022 192,132 41,013 17,728 32,993 283,866
Eliminated on disposal - (418) (5,392) (178) (5,988)
Charge for the year 4,000 6,924 943 9,827 21,694
At 31stMarch 2023 196,132 47,519 13,279 42,642 299,572
Net book value
At 31stMarch 2023 £181,387 £49,111 £ 739 £11,140 £242,377
At 31stMarch 2022 £185,387 £44,081 £1,682 £10,427 £241,577

9. TANGIBLE FIXED ASSETS

The freehold property is the RMBF’s registered office in Wimbledon.

All tangible fixed assets are used in the furtherance of the RMBF’s charitable objects.

Page 27

10. INVESTMENTS

10. INVESTMENTS
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
£ £ £ £ £ £
Investments at market value
Market value at 1stApril 2022 30,425,793 1,907,970 32,333,763 31,820,532 1,755,764 33,576,296
Cost of additions 1,386,998 - 1,386,998 6,860,777 - 6,860,777
Proceeds of disposal (696,774) - (696,774) (10,241,586) - (10,241,586)
Realised gains/(losses) on disposal (17,892) - (17,892) 735,437 - 735,437
Unrealised movement in market value (1,696,495) (71,520) (1,768,015) 1,250,633 152,206 1,402,839
Market value at 31st March 2023 29,401,630 1,836,450 31,238,080 30,425,793 1,907,970 32,333,763
Cash held under investments
Held by investment managers 1,954,591 - 1,954,591 2,920,207 - 2,920,207
Bank deposits 2,018,456 - 2,018,456 2,000,000 - 2,000,000
£33,374,677 £1,836,450 £35,211,127 £35,346,000 £1,907,970 £37,253,970

Unrestricted funds

Unrestricted funds consist of listed investments managed on behalf of the Charity by Newton Investment Management Limited and CCLA Fund Managers Limited and cash held on deposit with CCLA and various banks.

The portfolio at 31[st] March 2023 was invested as follows:

2023 2022
£ £
Newton Sustainable Growth and Income Fund for Charities 10,435,428 31.3% 11,047,004 31.3%
BNY Mellon Sustainable Real Return Fund 9,816,287 29.4% 10,928,887 30.9%
CCLA COIF Charities Investment Fund 9,149,915 27.4% 8,449,902 23.9%
Cash deposits 3,973,047 11.9% 4,920,207 13.9%
£33,374,677 100.0% £35,346,000 100.0%

Restricted funds

All of the restricted funds’ investments are held in COIF Charities Investment Fund income units, managed by CCLA Fund Managers Limited.

________________ Page 28

11. SOCIAL INVESTMENTS

11. SOCIAL INVESTMENTS
2023 2022
Secured loans to beneficiaries £456,435 £522,635

These interest free concessionary loans are made wholly to advance charitable purposes for the benefit of the RMBF’s beneficiaries. No new loans were made during the year and £66,200 was repaid (2022: No new loans and £21,200 repaid).

Loans are usually recovered from beneficiaries’ estates although beneficiaries may opt to make earlier repayment. They are therefore not recoverable within one year.

12. DEBTORS

2023 2022
£ £
Legacies 13,500 18,333
Tax recoverable under Gift Aid 3,395 22,905
Other debtors 128 4,376
Prepayments 44,693 52,115
Accrued income 153,930 112,258
£215,646 £209,987

13. CASH AT BANK AND IN HAND

2023 2022
£ £
Bank current accounts 12,668 11,712
Cash on deposit – less than 24 hours’ notice 861,612 821,177
Cash in hand 1,318 2,034
£875,598 £834,923

Bank current accounts include £2,668 (2022: 1,712) held by the guilds.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023 2022
£ £
Grants payable 87,668 88,507
Other creditors 26,053 38,409
Accruals 43,725 46,613
Deferred income - 11,000
£157,446 £184,529

Page 29

15. UNRESTRICTED RESERVES

Accumulated Revaluation Designated
funds reserve reserve Total
£ £ £ £
Balance at 1stApril 2021 29,310,213 5,726,361 99,100 35,135,674
Net movement in funds 1,661,834 - - 1,661,834
Transfers between reserves 709,215 (643,186) (66,029) -
Balance at 31stMarch 2022 31,681,262 5,083,175 33,071 36,797,508
Net movement in funds (1,941,327) - - (1,941,327)
Transfers between reserves 1,886,875 (1,853,860) (33,015) -
Balance at 31stMarch 2023 £31,626,810 £3,229,315 £ 56 £34,856,181

The designated reserve was established to meet the cost of research into unmet need.

16. RESTRICTED FUNDS

2023 2022
Investments Net Total Total
No. COIF at market current net net
units value assets assets assets
£ £ £ £
Bessie Jane Giffen Bequest 23,921 447,645 - 447,645 465,321
Burney Yeo Bequest 35,498 664,302 - 664,302 690,173
Lilla Rose Fund 3,002 56,176 15,252 71,428 71,980
The Job Trust 10,314 193,021 34,223 227,244 230,001
Essex and Herts Benevolent Fund 13,709 256,548 10,279 266,827 270,370
Devon and Exeter Benevolent Medical
Society Fund 3,721 69,634 - 69,634 72,346
Henry Francis Burdett Memorial Fund - - 19,803 19,803 19,803
Eastes Permanent Endowment Fund * 7,969 149,124 - 149,124 155,187
Tod Endowment Trust ** - - 64,942 64,942 66,589
BMA Giving (Back to work hub) - - - - 6,694
BMA Giving (Covid-19) - - - - 4,774
Healthcare Workers’ Foundation - - - - 1,542
Covid Healthcare Support Appeal - - - - 2,220
BMA Giving (PTSD) - - 6,232 6,232 24,055
BMA Giving (Mental health support) - - 375 375 -
98,134 £1,836,450 £151,106 £1,987,556 £2,081,055

________________ Page 30

16. RESTRICTED FUNDS (Continued)

MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Movement
At in market At
1st April value of Incoming Resources 31st March
2022 investments resources expended 2023
£ £ £ £ £
Bessie Jane Giffen Bequest 465,321 (17,433) 13,032 (13,275) 447,645
Burney Yeo Bequest 690,173 (25,871) 19,339 (19,339) 664,302
Lilla Rose Fund 71,980 (2,188) 1,636 - 71,428
The Job Trust 230,001 (7,517) 5,760 (1,000) 227,244
Essex and Herts Benevolent Fund 270,370 (9,991) 7,508 (1,060) 266,827
Devon and Exeter Benevolent Medical
Society Fund 72,346 (2,712) 2,034 (2,034) 69,634
Henry Francis Burdett Memorial Fund 19,803 - - - 19,803
Eastes Permanent Endowment Fund * 155,187 (5,808) 4,357 (4,612) 149,124
Tod Endowment Trust ** 66,589 - 6,750 (8,397) 64,942
BMA Giving (Back to work hub) 6,694 - - (6,694) -
BMA Giving (Covid-19) 4,774 - - (4,774) -
Healthcare Workers’ Foundation 1,542 - - (1,542) -
Covid Healthcare Support Appeal 2,220 - - (2,220) -
BMA Giving (PTSD) 24,055 - - (17,823) 6,232
The Mercers' Company - - 5,000 (5,000) -
BMA Giving (Mental health support) - - 12,500 (12,125) 375
£2,081,055 £(71,520) £77,916 £(99,895) £1,987,556

** This fund is a Scottish charity with its own trustees which donates funds to the RMBF for restricted purposes.

The income of the Bessie Jane Giffen Bequest, the Burney Yeo Bequest and the Lilla Rose Fund consists entirely of dividends on CCLA COIF Charities Investment Fund income units. The income of the Job Trust, the Essex and Herts Benevolent Fund, the Devon and Exeter Benevolent Medical Society Fund and the Eastes Permanent Endowment Fund includes dividends on COIF units and small amounts of bank interest. The remaining income came from donations.

The expenditure charged against each restricted fund consists of grants paid to beneficiaries, money advice given and other expenditure made in accordance with the restrictions imposed by the terms of the gift or bequest.

Page 31

16. RESTRICTED FUNDS (Continued)

OBJECTS

Bessie Jane Giffen Bequest

The fund was established under the will of Bessie Jane Giffen in 1948 and may be applied to provide relief of indigent doctors in such ways as the Trustees think fit.

Burney Yeo Bequest

This fund was established under the will of Dr Isaac Burney Yeo in 1915 and may be applied to provide annuities for necessitous, aged or disabled persons who are or have been members of the medical profession, their wives, widows, children or dependants.

Lilla Rose Fund

The fund was established by donations. The income arising on the fund may be applied to the payment of nursing home fees.

The Job Trust

Income from the trust may be applied to assist the daughters of doctors with professional or vocational education.

Essex and Herts Benevolent Fund

Income from the fund can be applied to assist medical practitioners and their widows who practised in Essex and Hertfordshire.

Devon and Exeter Benevolent Medical Society Fund

Income from the fund can be applied to assist medical practitioners and their widows who practised in Devon and Exeter.

Henry Francis Burdett Memorial Fund

Income from the fund can be applied to assist widows and daughters of medical men who have practised either in Warwickshire or Leicestershire.

Eastes Permanent Endowment Fund

The Eastes Trust Fund represents restricted income donated by the Eastes Trust to the RMBF and can be applied to assist registered members of the medical profession of any age, born of English or Scottish parents, or widows, children and/or full orphans of a member of the profession.

Tod Endowment Trust

Income from the fund can be applied to allow doctors who have been resident in Scotland and have worked in medicine for at least two years to obtain rest and recuperation in Scotland.

BMA Giving (Back to work hub)

The fund was applied to offset the costs of the RMBF Back to Work project.

BMA Giving (Covid-19)

This grant was to support the RMBF’s Covid-19 response fund, helping doctors directly impacted by Covid-19, and to contribute to a British Association of Physicians of Indian Origin (BAPIO) project to support overseas doctors stranded in the UK and unable to work during the pandemic.

________________ Page 32

16. RESTRICTED FUNDS (Continued)

Healthcare Workers’ Foundation

This grant was to support the RMBF’s Covid-19 response fund and supported both medical students and doctors impacted by Covid-19.

Covid Healthcare Support Appeal

This grant was to support the RMBF’s Covid-19 response fund and supported doctors impacted by Covid-19.

BMA Giving (PTSD)

This grant provides funding for the RMBF to support doctors being financially impacted as a result of posttraumatic stress disorder and moral injury. It is also helping us to raise awareness of the impact of these conditions on the medical profession.

The Mercers' Company

This donation was made in support of DocHealth, to whom the funds were remitted shortly after receipt.

BMA Giving (Mental health support)

This grant provides funding for the RMBF to support doctors whose mental health condition is affecting their ability to work and who are facing financial hardship as a result.

COMPARATIVE MOVEMENT IN FUNDS

Movement
At in market At
1st April value of Incoming Resources 31st March
2021 investments resources expended 2022
£ £ £ £ £
Bessie Jane Giffen Bequest 427,824 37,101 12,855 (12,459) 465,321
Burney Yeo Bequest 635,025 55,058 19,077 (18,987) 690,173
Lilla Rose Fund 65,711 4,656 1,613 - 71,980
The Job Trust 208,458 15,998 5,545 - 230,001
Essex and Herts Benevolent Fund 243,970 21,263 7,369 (2,232) 270,370
Devon and Exeter Benevolent Medical
Society Fund 67,762 5,771 2,000 (3,187) 72,346
Henry Francis Burdett Memorial Fund 19,803 - - - 19,803
Eastes Permanent Endowment Fund * 142,508 12,359 4,283 (3,963) 155,187
Tod Endowment Trust ** 67,368 - 7,000 (7,779) 66,589
BMA Giving (Back to work hub) 14,240 - - (7,546) 6,694
BMA Giving (Covid-19) 6,789 - - (2,015) 4,774
Healthcare Workers’ Foundation 8,674 - - (7,132) 1,542
Covid Healthcare Support Appeal 2,220 - - - 2,220
BMA Giving (PTSD) - - 25,000 (945) 24,055
£1,910,352 £152,206 £84,742 £(66,245) £2,081,055

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17. PENSION SCHEME

The RMBF operates a defined contribution plan for all eligible employees who do not opt out of the pension scheme. During the year contributions were made by both employer (at 15% of pensionable salary) and employees at variable levels. Once the contributions have been paid the RMBF has no further payment obligations.

The assets of the scheme are held separately from those of the RMBF in an independently administered pension trust.

18. TAXATION STATUS

The RMBF is a registered charity and is exempt from corporation tax on income applied to charitable activities.

19. RELATED PARTY TRANSACTIONS

Three trustees made unrestricted donations to the RMBF during the year totalling £750 (2022: four trustees made unrestricted donations totalling £780).

During the year the RMBF made payments totalling £38,600 (2022: £50,000) to Doctor Health Limited (“DocHealth”), as a contribution to their work providing confidential, specialist-led support for doctors experiencing mental health issues. One of the RMBF trustees, Derek Bell, and the RMBF Chief Executive, Steve Crone, are both directors of DocHealth. Neither Professor Bell nor Mr Crone receives any remuneration from DocHealth.

20. CAPITAL COMMITMENTS

There were no capital commitments at 31[st] March 2023 (2022: £ Nil).

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