|**Contents**|| |---|---| ||Pages| |Report of the Board of Trustees|1 - 14| |Report of the Auditors|15 - 17| |Statement of financial activities|18| |Balance sheet|19| |Statement of cash flows|20| |Notes forming part of the accounts|21 - 33| 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 2025. These were approved by the Board on 26[th] June 2025. 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 unexpected and exceptional hardship due to ill health, disability or bereavement 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 2024/25** Our key objectives were: - To provide appropriate financial support to all eligible applicants and beneficiaries in need of help - To continue the development of the RMBF volunteer network - To raise the profile of the Charity in the profession so that those needing help know where to turn - To develop partnerships with relevant organisations to maximise the Charity’s impact - To diversify and grow the Charity’s income streams so that we can respond to increasing demand for our help ____________________________________________________________________________________________________ Page 1 ## **2. OUR AIMS, OBJECTIVES AND ACTIVITIES (Continued)** ## **2.3 Our charitable activities** ## **2.3.1 Grant making** (the award of grants amounting to £467,738 in 2024/25). The RMBF provides grants 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 support for doctors experiencing mental health issues. The service is supported jointly by the RMBF and the BMA. A total of 326 doctors self-referred to the service last year with issues such as anxiety, depression and burnout. ## **2.3.3 Money advice** In 2024/25 the RMBF’s specialist money advisor helped beneficiaries with advice to secure state benefits to which they are entitled to a total value of £77,546 in addition to securing savings of £11,519 through debt renegotiation. The RMBF also provided specialist online money advice to 119 medical students this year. ## **2.3.4 Online support** The RMBF website received around 150,000 visits this year. We undertook a web re-development project to improve the user journey and help visitors’ access the information and help they need more easily. We have introduced an eligibility checker tool and a video explainer to guide potential beneficiaries through the application process. New advice hub content has been added, including advice for doctors under GMC investigation, dealing with imposter syndrome at medical school and resources for doctors experiencing suicidal thoughts. ____________________________________________________________________________________________________ Page 2 ## **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: - Monthly grants to help with essential day-to-day living costs - Back-to-work awards for doctors returning to work after a period of illness - Help with purchasing specialist equipment - Help with purchasing disability adaptations for a car or home - Money and debt management advice - Telephone befriending, for those who are isolated and in need of support - Coach-mentoring to support doctors back to work following a period of ill-health, where possible The potential beneficiaries who are eligible to be considered for support include over 350,000 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 525,000 dependants. In addition, there are now over 52,000 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. 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 2024/25, 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 2024/25 this included the following: - A total of 281 beneficiaries were helped by the Charity, including direct financial support for 240 beneficiaries across the UK - £467,738 in grants awarded to those in financial hardship - Specialist money advice which assisted beneficiaries to secure a further £77,546 in statutory benefits, in addition to securing savings of £11,519 through debt renegotiation ____________________________________________________________________________________________________ Page 3 ## **4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)** - Back to work support for doctors following a period of ill health - Support for medical students in exceptional and unexpected hardship - Support for refugee doctors retraining to practise medicine in the UK - Development of the RMBF volunteer network - Web based information and advice - Online wellbeing platform providing a wide selection of health-related advice and support - Dedicated online money advice for medical students - Support for the DocHealth psychotherapeutic consultation service |**Objective**|**Achievement**| |---|---| |1. To provide
appropriate
financial support to
all eligible
applicants and
beneficiaries in
need of help|A total of £556,803 was awarded or secured for 240 beneficiaries across the UK
this year.
A further 41 beneficiaries received other help including money advice and
telephone befriending.| |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 such as presenting
at conferences, writing blogs for our website and giving talks to hospital
colleagues. 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, particularly young aspiring medical students, have been
successful raising money through a mixture of individual events and taking part in
challenge events.
Our growing number of 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.| ____________________________________________________________________________________________________ Page 4 ## **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 refreshed the RMBF branding to update the logo, colours and imagery
we use. We also have a new comprehensive copy guide. These changes will be
implemented across our communications and marketing, helping us raise our
profile. The changes come out of recommendations from a previous RMBF report
on unmet need in the profession. It identified improvements in marketing,
awareness raising and tackling stigma in the profession.
We have continued to build our reach via our social network platforms. We ran
digital marketing campaigns on Facebook, LinkedIn and Google.| |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 met regularly with the Joint Medical Charities group to discuss current
issues and best practice. We have also collaborated on the joint portal
https://doctorshelp.org.ukto enable more doctors to access the help they need.| |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 total of £74,299 and
we received further donations from our individual supporters and regular givers
throughout the year.
We ran a match giving initiative through the Big Give’s Kind2Mind campaign. We
were also grant recipients of BMA Giving. They supported our work providing
emergency financial grants to doctors who face hardship due to illness, injury or
ill health.
Our network of fundraising volunteers and Guild members contributed income
through their various fundraising challenges and initiatives. This year we have
introduced card readers to facilitate card donations at events.
We have seen the growth of our aspiring medical student product, where young
people keen to study medicine sign up to support the RMBF through fundraising
activities.
We are very grateful to the MDU who again 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.| ____________________________________________________________________________________________________ Page 5 ## **4. OUR ACHIEVEMENTS AND PERFORMANCE (Continued)** Factors relevant to the achievement of the RMBF's charitable objectives included: - The commitment, care and professionalism of the RMBF’s President, Board of Trustees, staff and volunteer network - Partnerships with a wide range of medical and other organisations - The kindness and generosity of all those who support the RMBF as donors and fundraisers. ## **5. FUNDRAISING ACTIVITIES AND COMPLIANCE** Voluntary income from donations this year totalled £360,774. 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 appeal and newsletter mailings. This year we sent out a Summer newsletter, Winter 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. We also have an active 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, MDU, the Association of Anaesthetists, the Tod Benevolent Fund, The Big Give and many others. ____________________________________________________________________________________________________ Page 6 ## **5. FUNDRAISING ACTIVITIES AND COMPLIANCE (Continued)** ## **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. ## **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 2025 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 . ____________________________________________________________________________________________________ Page 7 ## **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 2025 and to date were/are: Chair of the Board of Trustees: **Mr Duncan Bew** Treasurer: **Professor Greg Rubin** **Ms Angela Attah Mr Robin Banerji Professor Derek Bell Dr Aliyah Hussein Dr Rachael Liebmann Ms Juliet Oliver Dr Lombe Simpungwe** (appointed 2 July 2024) **Dr Peter Szatmary** ## **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. A transparent and structured selection process is then conducted by the Nominations Committee on behalf of the Board, with all vacancies advertised and promoted across relevant platforms. 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 meeting key members of staff, and 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. ____________________________________________________________________________________________________ Page 8 ## **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 Grants and Awards Committee, which meets every two months to review applications for financial assistance - the Finance Committee, which meets quarterly to review the RMBF’s financial position and operating performance and to review the performance of the RMBF’s investment portfolio - the Compliance Committee, which meets annually to help ensure the RMBF is meeting its legal requirements, to review health and safety compliance and to conduct a review of the risk register - the Staffing Committee, which is responsible for staff terms and conditions and ensuring equality of opportunity - the Nominations Committee, which is responsible for ensuring that the RMBF Board and associated Committees have the appropriate balance of expertise, experience and diversity 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 2026** Our key objectives to March 2026 are: - To provide appropriate financial support to all eligible applicants and beneficiaries in need of help - To continue the development of the RMBF volunteer network - To raise the profile of the Charity in the profession so that those needing help know where to turn - To develop partnerships with relevant organisations to maximise the Charity’s impact - To diversify and grow the Charity’s income streams so that we can respond to increasing demand for our help ____________________________________________________________________________________________________ Page 9 ## **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 currently managed by three investment houses, Newton Investment Management, CCLA Fund Managers Limited and McInroy & Wood. 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** Investment returns were positive for most of the financial year, before turning negative in March due to a downturn in global markets. This resulted in overall net investment losses for the year of £1,069,721. Whilst disappointing, this should be viewed in the context of net gains of £1,894,120 in 2023/24. We started the year with an unusually high cash weighting in the investment portfolio, with cash deposits making up 26.0% of our unrestricted investments. This higher positioning was due to an earlier decision to liquidate 50% of our holding in the BNY Mellon Sustainable Real Return Fund in response to underperformance and to then hold the sale proceeds temporarily in cash, taking opportunistic advantage of higher interest rates. In November we appointed McInroy & Wood as our third investment manager, following which we invested in the McInroy & Wood Balanced Fund. This investment was funded partly from the sale of our remaining holding in the BNY Mellon Sustainable Real Return Fund and partly from cash. During the year we also increased our holding in the CCLA COIF Charities Investment Fund. The Finance Committee continues to review the investment allocation quarterly. ____________________________________________________________________________________________________ Page 10 ## **8. FINANCIAL PERFORMANCE (Continued)** ## **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: - Maintain its charitable activity – to include maintaining support for current beneficiaries for as long as the need exists including the demands from the medical student programme; and - Extend its charitable work, to meet new and emerging needs in the medical profession. 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 £35.9 million at 31[st] March 2025, 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 £886,977 compared with net income of £2,031,712 in the preceding year. This turnaround results primarily from net losses on investments of £1,069,721 in the current year compared with net investment gains of £1,894,120 in the preceding year. As a result, fund balances have decreased from £38,875,449 to £37,988,472. Total income was down by 3.7% at £1,803,719, mainly due to a generous one-off donation of £310,000 having been received in the previous financial year. In a challenging fundraising environment, the lower donations were partially offset by higher income from legacies. Investment income was high by historical standards, fed by our higher than usual cash weighting for most of the year at a time when interest rates on cash deposits were higher than the yield on the managed investment funds. Expenditure on charitable activities declined from £1,500,591 to £1,378,898 partly as a reflection of a 14.5% reduction in grants awarded. But we also continued to support doctors through other channels such as DocHealth, debt advice and the wellbeing platform. Total resources at the disposition of the RMBF at 31st March 2025 amounted to £38.0 million, of which £35.9 million is unrestricted. Social investments comprising interest free secured loans to beneficiaries stood at £418,785 compared with £422,985 last year. ____________________________________________________________________________________________________ Page 11 ## **8. FINANCIAL PERFORMANCE (Continued)** Net current assets, the principal balance sheet measure of short to medium term solvency, remained healthy at £769,964 (2024: £716,404). Our financial position makes the RMBF well placed to respond to further increases in the level of demand for help as we work to increase the reach and impact of the Charity. ## **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 three 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.| |Severe disruption to
business
(fire/flood/pandemic)|The RMBF has a formal business recovery plan and all staff have been issued with
laptops to enable remote working. A new fire alarm system was installed in the
offices in 2024.| |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.| ____________________________________________________________________________________________________ Page 12 ## **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. Patron: HM The King President: Dame Jane Dacre 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 McInroy & Wood Limited Easter Alderston Haddington EH41 3SF ## **Auditors** Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD ____________________________________________________________________________________________________ Page 13 ## **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: - Select suitable accounting policies and apply them consistently; - Observe the methods and principles of the Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue to operate. 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: - So far as each Trustee is aware there is no relevant audit information (information needed by the Company’s auditors in connection with preparing their report) of which the Charity’s auditors are unaware; and - Each Trustee has taken all the steps necessary to make herself/himself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. ## **By order of the Board of Trustees** ## **STEVE CRONE Chief Executive and Company Secretary** 26[th] June 2025 ____________________________________________________________________________________________________ Page 14 ## **Opinion** We have audited the financial statements of the Royal Medical Benevolent Fund (the ‘charitable company’) for the year ended 31st March 2025 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: - give a true and fair view of the state of the charitable company’s affairs as at 31st March 2025 and its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. ## **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. ____________________________________________________________________________________________________ Page 15 ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements. ## **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: - adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirements to prepare a strategic report. ## **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. ____________________________________________________________________________________________________ Page 16 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: - We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. - We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity’s documented policies and procedures. The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance. - The audit team, which is experienced in the audit of charities, considered the charitable company’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. - Our approach was to check that the income from donations, legacies and grants were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We confirmed the movements and income from investments, including unrealised gains/losses. We also reviewed journal adjustments and unusual transactions for management override, and considered the identification and disclosure of related party transactions. 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. Richard Billinghurst, Senior Statutory Auditor For and on behalf of Knox Cropper LLP, Statutory Auditors 65 Leadenhall Street London EC3A 2AD 26[th] June 2025 ____________________________________________________________________________________________________ Page 17 |Notes
**INCOME FROM**
Donations and legacies
2
Other trading activities
Investments
3
**Total**
**EXPENDITURE ON**
Charitable activities
4
Raising funds
5
Investment management fees
**Total**
**Net income / (expenditure) before**
**gains and losses on investments**
Net gains / (losses) on investments
10
**Net income / (expenditure) and**
**net movement in funds**
**RECONCILIATION OF FUNDS**
Fund balances brought forward at
1stApril 2024
**Fund balances carried forward at**
**31st March 2025**
15, 16|**2025**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**673,109**
**16,110**
**689,219**
**13,679**
**-**
**13,679**
**1,045,049**
**55,772**
**1,100,821**
**1,731,837**
**71,882**
**1,803,719**
**1,297,860**
**81,038**
**1,378,898**
**177,063**
**-**
**177,063**
**65,014**
**-**
**65,014**
**1,539,937**
**81,038**
**1,620,975**
**191,900**
**(9,156)**
**182,744**
**(978,129)**
**(91,592)**
**(1,069,721)**
**(786,229)**
**(100,748)**
**(886,977)**
**36,724,011**
**2,151,438**
**38,875,449**
**£35,937,782**
**£2,050,690**
**£37,988,472**|2024
Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
760,140
10,500
770,640
13,459
-
13,459
1,035,217
54,418
1,089,635| |---|---|---| |||1,808,816
64,918
1,873,734| |||1,429,449
71,142
1,500,591
176,312
-
176,312
59,239
-
59,239| |||1,665,000
71,142
1,736,142| |||143,816
(6,224)
137,592
1,724,014
170,106
1,894,120
1,867,830
163,882
2,031,712
34,856,181
1,987,556
36,843,737| |||£36,724,011
£2,151,438
£38,875,449| There were no discontinued or acquired activities during the current or preceding financial year. ____________________________________________________________________________________________________ Page 18 |Notes
**FIXED ASSETS**
Tangible assets
9
Investments – Representing:
Unrestricted funds
10
Restricted funds
10
Social investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
13
**CREDITORS**: Amounts falling
due within one year
14
**Net current assets**
**Total assets less liabilities**
**UNRESTRICTED FUNDS**
15
Accumulated funds
Revaluation reserve
**RESTRICTED FUNDS**
16|**2025**
**£**
**34,630,095**
**1,914,964**
**336,846**
**564,886**
**901,732**
**(131,768)**
**31,654,735**
**4,283,047**|
**£**
**254,664**
**36,545,059**
**418,785**
**37,218,508**
**769,964**
**£37,988,472**
**35,937,782**
**2,050,690**
**£37,988,472**|2024
£
£
246,489
35,483,015
2,006,556
37,489,571
422,985
38,159,045
292,364
600,686
893,050
(176,646)
716,404
£38,875,449
31,446,129
5,277,882
36,724,011
2,151,438
£38,875,449|2024
£
£
246,489
35,483,015
2,006,556
37,489,571
422,985
38,159,045
292,364
600,686
893,050
(176,646)
716,404
£38,875,449
31,446,129
5,277,882
36,724,011
2,151,438
£38,875,449| |---|---|---|---|---| |||||38,159,045
716,404| |||||£38,875,449| |||||36,724,011
2,151,438| |||||£38,875,449| The financial statements were approved by the Board of Trustees on 26[th] June 2025 and signed on its behalf by: **Duncan Bew** Chair of the Board of Trustees **Greg Rubin** Treasurer Registered Company Number: 00139113 Charity Commission Registration Number: 207275 Scottish Charity Registration Number: SC046148 ____________________________________________________________________________________________________ Page 19 |**2025**
Note
**£**
**£**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
A
**(881,351)**
**CASH FLOWS FROM INVESTING ACTIVITIES**
Purchase of tangible fixed assets
**(27,698)**
Purchase of investments
**(12,343,228)**
Proceeds from sale of investments
**5,524,683**
Dividends and interest received
**1,063,600**
Investment management fees paid
**(65,142)**
**Net cash provided by / (used in) investment**
**activities**
**(5,847,785)**
**Change in cash and cash equivalents in the**
**financial year**
**(6,729,136)**
Cash and cash equivalents at the beginning of the
financial year
B
**9,841,319**
**Cash and cash equivalents at the end of the**
**financial year**
B
**£3,112,183**|2024
£
£
(833,468)
(23,652)
(454,649)
5,337,911
1,024,768
(58,236)
5,826,142
4,992,674
4,848,645
£9,841,319|2024
£
£
(833,468)
(23,652)
(454,649)
5,337,911
1,024,768
(58,236)
5,826,142
4,992,674
4,848,645
£9,841,319| |---|---|---| |||| |||4,992,674
4,848,645| |||£9,841,319| ## **A. RECONCILIATION OF NET EXPENDITURE TO NET CASH USED IN OPERATING ACTIVITIES** |Net income / (expenditure) as per the statement of financial activities
Adjustments for:
- Depreciation
- Loss on disposal of tangible fixed assets
- Dividends and interest from investments
- Losses / (gains) on investments
- Investment management fees
- Decrease in social investments
- (Increase) in debtors
- (Decrease) / increase in creditors
**Net cash used in operating activities**|**2025**
**£**
**(886,977)**
**19,523**
**-**
**(1,100,821)**
**1,069,721**
**65,014**
**4,200**
**(7,261)**
**(44,750)**
**£(881,351)**|2024
£
2,031,712
19,508
32
(1,089,635)
(1,894,120)
59,239
33,450
(11,850)
18,196| |---|---|---| |||£(833,468)| ## **B. ANALYSIS OF CHANGES IN NET FUNDS** |Bank current accounts
Cash on deposit - less than 24 hours' notice
Cash on deposit - more than 24 hours' notice
Cash in hand
Cash held under investments|**At 1st April**
**2024**
**£**
**11,928**
**387,416**
**200,503**
**839**
**600,686**
**9,240,633**
**£9,841,319**|**Movement**
**£**
**3,495**
**(45,848)**
**6,858**
**(305)**
**(35,800)**
**(6,693,336)**
**£(6,729,136)**|**At 31st March**
**2025**
**£**
**15,423**
**341,568**
**207,361**
**534**| |---|---|---|---| ||||**564,886**
**2,547,297**| ||||**£3,112,183**| ____________________________________________________________________________________________________ Page 20 ## **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** - Unsecured loans to beneficiaries - unsecured loans are provided for in full by expensing them as grants made in the year in which they are granted. Any subsequent repayments are credited against grants paid in the year of receipt. The Trustees do not consider the recoverability of these loans to be sufficient enough to justify recognition of these loans as an asset on the balance sheet. - Useful lives of depreciable assets - the annual depreciation charge is sensitive to changes to the estimated useful lives and residual values of assets. The useful lives and residual values are reassessed annually and amended where necessary. ## (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 21 ## **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 22 ## **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| |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** |||**2025**|||2024|| |---|---|---|---|---|---|---| ||**Unrestricted**|**Restricted**||Unrestricted|Restricted|| ||**funds**|**funds**|**Total**|funds|funds|Total| ||**£**|**£**|**£**|£|£|£| |Donations|**344,664**|**16,110**|**360,774**|638,482|10,500|648,982| |Legacies|**328,445**|**-**|**328,445**|121,658|-|121,658| ||**£673,109**|**£16,110**|**£689,219**|£760,140|£10,500|£770,640| 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 23 ## **3. INVESTMENT INCOME** |||**2025**|||2024|| |---|---|---|---|---|---|---| ||**Unrestricted**|**Restricted**||Unrestricted|Restricted|| ||**funds**|**funds**|**Total**|funds|funds|Total| ||**£**|**£**|**£**|£|£|£| |Dividends and interest||||||| |from listed investments|**692,678**|**54,930**|**747,608**|712,045|53,692|765,737| |Other interest|**352,371**|**842**|**353,213**|323,172|726|323,898| ||**£1,045,049**|**£55,772**|**£1,100,821**|£1,035,217|£54,418|£1,089,635| ## **4. EXPENDITURE ON CHARITABLE ACTIVITIES** ## **Support for doctors** |Grants awarded
Less: Unsecured loans repaid
Net grants awarded
Providing advice
Contributions to DocHealth
Casework
Coach mentoring
Volunteer management
Raising awareness
Research into unmet need
Support costs|**2025**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
**390,249**
**77,489**
**467,738**

**(230)**
**-**
**(230)**
**390,019**
**77,489**
**467,508**
**53,231**
**880**
**54,111**
**40,000**
**-**
**40,000**
**215,035**
**-**
**215,035**
**3,246**
**-**
**3,246**
**97,717**
**-**
**97,717**
**150,878**
**2,669**
**153,547**
**-**
**-**
**-**
**347,734**
**-**
**347,734**
**£1,297,860**
**£81,038 £1,378,898**|2024
Unrestricted
funds
Restricted
funds
Total
£
£
£
485,119
62,199
547,318
(230)
-
(230)| |---|---|---| |||484,889
62,199
547,088
56,168
3,912
60,080
30,000
-
30,000
217,249
-
217,249
6,782
-
6,782
90,521
-
90,521
139,236
5,031
144,267
2,570
-
2,570
402,034
-
402,034| |||£1,429,449
£71,142 £1,500,591| ## **5. EXPENDITURE ON RAISING FUNDS** ## **Support for doctors** |Trading
Fundraising costs
Support costs|**2025**
**Unrestricted**
**funds**
**£**
**4,277**
**103,210**
**69,576**
**£177,063**|2024
Unrestricted
funds
£
7,000
102,875
66,437| |---|---|---| |||£176,312| ____________________________________________________________________________________________________ Page 24 ## **6. SUPPORT COSTS** |||**2025**|||2024|| |---|---|---|---|---|---|---| ||**Raising**|**Support**|**Total**|Raising|Support|Total| ||**funds**|**for doctors**||funds|for doctors|| ||**£**|**£**|**£**|£|£|£| |Finance and IT|**45,746**|**182,984**|**228,730**|44,151|176,605|220,756| |Premises|**11,405**|**45,621**|**57,026**|10,714|42,857|53,571| |Office administration|**12,425**|**49,700**|**62,125**|11,572|46,287|57,859| |Governance|**-**|**69,429**|**69,429**|-|136,285|136,285| ||**£69,576**|**£347,734**|**£417,310**|£66,437|£402,034|£468,471| Support costs include staff costs and other expenses relating to these activities, which are allocated on the basis of staff time. ## **7. EMPLOYEE COSTS** |Salaries
National Insurance contributions
Defined contribution pension costs (note 17)
The average monthly number of employees during the year
(excluding Trustees) was:
Head count
Full time equivalent
Employees who earned in excess of £60,000 had earnings in the
following bands:
£80,001 to £90,000
£90,001 to £100,000|**2025**
**£**
**474,475**
**44,885**
**192,582**
**£711,942**
**Number**
**12**
**10.3**
**1**
**-**|2024
£
498,809
48,872
173,357| |---|---|---| |||£721,038| |||Number
13
10.5| |||-
1| The Trustees were not paid and did not receive any benefits from employment or other services supplied to the Charity during the year (2024: £nil). They are reimbursed for expenses incurred in carrying out their duties if they submit a claim. Two trustees claimed expenses for travel and accommodation during the year totalling **£1,008** (2024: £1,437). 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 **£228,004** (2024: £230,952). 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. Volunteers’ expenses amounted to **£7,671** (2024: £2,591). ____________________________________________________________________________________________________ Page 25 ## **8. NET EXPENDITURE** Net expenditure for the year is stated after charging: |Depreciation
Loss on disposal of tangible fixed assets
Auditors’ remuneration (including VAT)
- Audit
- Other services|**2025**
**£**
**£**
**19,523**
**-**
**9,720**
**2,040**
**11,760**|2024
£
£
19,508
32
9,480
1,980
11,460| |---|---|---| |||| ## **9. TANGIBLE FIXED ASSETS** |**Cost**
At 1stApril 2024
Additions
Disposals
At 31stMarch 2025
**Depreciation**
At 1stApril 2024
Eliminated on disposal
Charge for the year
At 31stMarch 2025
**Net book value**
At 31stMarch 2025
At 31stMarch 2024|**Freehold**
**property**
**Furniture,**
**fixtures**
**and fittings**
**Office**
**equipment**
**Computer**
**equipment**
**and software**
**Total**
**£**
**£**
**£**
**£**
**£**
**377,519**
**113,993**
**15,912**
**53,842**
**561,266**
**-**
**23,996**
**-**
**3,702**
**27,698**
**-**
**(5,103)**
**-**
**-**
**(5,103)**| |---|---| ||**377,519**
**132,886**
**15,912**
**57,544**
**583,861**| ||**200,132**
**54,811**
**10,796**
**49,038**
**314,777**
**-**
**(5,103)**
**-**
**-**
**(5,103)**
**3,983**
**9,135**
**1,628**
**4,777**
**19,523**| ||**204,115**
**58,843**
**12,424**
**53,815**
**329,197**| ||**£173,404**
**£74,043**
**£3,488**
**£3,729**
**£254,664**| ||£177,387
£59,182
£5,116
£4,804
£246,489| 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 26 ## **10. INVESTMENTS** |**NVESTMENTS**|| |---|---| |**Investments at market value**
Market value at 1stApril 2024
Cost of additions
Proceeds of disposal
Realised gains/(losses) on disposal
Unrealised movement in market value
**Market value at 31st March 2025**
**Cash held under investments**
Held by investment managers
Bank deposits|**Unrestricted**
**funds**
**2025**
**Restricted**
**funds**
**Total**
Unrestricted
funds
2024
Restricted
funds
Total
**£**
**£**
**£**
£
£
£
**26,242,382**
**2,006,556**
**28,248,938**
29,401,630
1,836,450
31,238,080
**12,341,241**
**1,987**
**12,343,228**
453,315
1,334
454,649
**(5,522,696)**
**(1,987)**
**(5,524,683)**
(5,336,577)
(1,334)
(5,337,911)
**29,367**
**1,987**
**31,354**
(160,479)
1,334
(159,145)
**(1,007,496)**
**(93,579)**
**(1,101,075)**
1,884,493
168,772
2,053,265| ||**32,082,798**
**1,914,964**
**33,997,762**
26,242,382
2,006,556
28,248,938
**143,231**
**-**
**143,231**
2,049,613
-
2,049,613
**2,404,066**
**-**
**2,404,066**
7,191,020
-
7,191,020| ||**£34,630,095**
**£1,914,964**
**£36,545,059**
£35,483,015
£2,006,556
£37,489,571| ## **Unrestricted funds** Unrestricted funds consist of listed investments managed on behalf of the Charity by Newton Investment Management Limited, CCLA Fund Managers Limited and McInroy & Wood Limited and cash held on deposit with CCLA and various banks. The portfolio at 31[st] March 2025 was invested as follows: |**2025**
**£**
BNY Mellon Sustainable Real Return Fund
**-**
**-**
CCLA COIF Charities Investment Fund
**11,425,192**
**33.0%**
McInroy & Wood Balanced Fund
**9,520,705**
**27.5%**
Newton Growth and Income Fund for Charities (Responsible)
**11,136,901**
**32.2%**
Cash deposits
**2,547,297**
**7.3%**
**£34,630,095**
**100.0%**|2024
£
5,005,269
14.1%
9,995,262
28.2%
-
-
11,241,851
31.7%
9,240,633
26.0%
£35,483,015
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 27 ## **11. SOCIAL INVESTMENTS** |Secured loans to beneficiaries|**2025**
2024
**£418,785**
£422,985| |---|---| 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 **£4,200** was repaid (2024: No new loans and £33,450 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** |Legacies
Tax recoverable under Gift Aid
Other debtors
Prepayments
Accrued income|**2025**
**£**
**13,000**
**6,892**
**1,681**
**59,319**
**255,954**
**£336,846**|2024
£
-
20,068
3,427
49,055
219,814| |---|---|---| |||£292,364| ## **13. CASH AT BANK AND IN HAND** |Bank current accounts
Cash on deposit – less than 24 hours’ notice
Cash on deposit – more than 24 hours’ notice
Cash in hand|**2025**
**£**
**15,423**
**341,568**
**207,361**
**534**
**£564,886**|2024
£
11,928
387,416
200,503
839
£600,686| |---|---|---| ## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Grants payable
Other creditors
Accruals|**2025**
**£**
**66,917**
**25,588**
**39,263**
**£131,768**|2024
£
76,051
36,880
63,715| |---|---|---| |||£176,646| ____________________________________________________________________________________________________ Page 28 ## **15. UNRESTRICTED RESERVES** |Balance at 1stApril 2023
Net movement in funds
Transfers between reserves
Balance at 31stMarch 2024
Net movement in funds
Transfers between reserves
Balance at 31stMarch 2025|**Accumulated**
**funds**
**Revaluation**
**reserve**
**Designated**
**reserve**
**Total**
**£**
**£**
**£**
**£**
**31,626,810**
**3,229,315**
**56**
**34,856,181**
**1,867,830**
**-**
**-**
**1,867,830**
**(2,048,511)**
**2,048,567**
**(56)**
**-**| |---|---| ||**31,446,129**
**5,277,882**
**-**
**36,724,011**
**(786,229)**
**-**
**-**
**(786,229)**
**994,835**
**(994,835)**
**-**
**-**| ||**£31,654,735**
**£4,283,047**
**£-**
**£35,937,782**| The designated reserve was established to meet the cost of research into unmet need. ## **16. RESTRICTED FUNDS** |Bessie Jane Giffen Bequest
Burney Yeo Bequest
Lilla Rose Fund
The Job Trust
Essex and Herts Benevolent Fund
Devon and Exeter Benevolent Medical
Society Fund
Henry Francis Burdett Memorial Fund
Eastes Permanent Endowment Fund *
Tod Endowment Trust **
BMA Giving (Doctors in urgent crisis)|**No. COIF**
**units**
**Investments**
**at market**
**value**
**Net**
**current**
**assets**
**2025**
**Total**
**net**
**assets**
2024
Total
net
assets
**£**
**£**
**£**
£
**23,956**
**466,681**
**39**
**466,720**
489,002
**35,551**
**692,552**
**-**
**692,552**
725,676
**3,006**
**58,565**
**18,574**
**77,139**
78,260
**10,330**
**201,230**
**37,688**
**238,918**
248,205
**13,746**
**267,787**
**26**
**267,813**
286,730
**3,731**
**72,684**
**-**
**72,684**
76,161
**-**
**-**
**15,399**
**15,399**
19,803
**7,981**
**155,466**
**-**
**155,466**
162,902
**-**
**-**
**63,999**
**63,999**
64,699
**-**
**-**
**-**
**-**
-| |---|---| ||**98,301**
**£1,914,965**
**£135,725**
**£2,050,690**
£2,151,438| ____________________________________________________________________________________________________ Page 29 ## **16. RESTRICTED FUNDS (Continued)** ## **MOVEMENT IN FUNDS** |**MOVEMENT IN FUNDS**|| |---|---| |Bessie Jane Giffen Bequest
Burney Yeo Bequest
Lilla Rose Fund
The Job Trust
Essex and Herts Benevolent Fund
Devon and Exeter Benevolent Medical
Society Fund
Henry Francis Burdett Memorial Fund
Eastes Permanent Endowment Fund *
Tod Endowment Trust **
BMA Giving (Doctors in urgent crisis)|**At**
**1st April**
**2024**
**Movement**
**in market**
**value of**
**investments**
**Incoming**
**resources**
**Resources**
**expended**
**At**
**31st March**
**2025**
**£**
**£**
**£**
**£**
**£**
**489,002**
**(22,321)**
**13,387**
**(13,348)**
**466,720**
**725,676**
**(33,124)**
**19,866**
**(19,866)**
**692,552**
**78,260**
**(2,801)**
**1,680**
**-**
**77,139**
**248,205**
**(9,625)**
**6,338**
**(6,000)**
**238,918**
**286,730**
**(12,808)**
**7,886**
**(13,995)**
**267,813**

**76,161**
**(3,477)**
**2,107**
**(2,107)**
**72,684**
**19,803**
**-**
**-**
**(4,404)**
**15,399**

**162,902**
**(7,436)**
**4,508**
**(4,508)**
**155,466**
**64,699**
**-**
**7,500**
**(8,200)**
**63,999**
**-**
**-**
**8,610**
**(8,610)**
**-**| ||**£2,151,438**
**£(91,592)**
**£71,882**
**£(81,038)**
**£2,050,690**| - This fund was a separate charity with its own trustees who chose to donate funds to the RMBF for restricted purposes. With Charity Commission consent, the Eastes Trust was wound up and part of its net assets transferred to the RMBF and these are designated as the Eastes Permanent Endowment Fund above. - ** 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 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. ## **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. ____________________________________________________________________________________________________ Page 30 ## **16. RESTRICTED FUNDS (Continued)** ## **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 (PTSD)** This grant provided funding for the RMBF to support doctors being financially impacted as a result of posttraumatic stress disorder and moral injury. It also helped us to raise awareness of the impact of these conditions on the medical profession. It is now fully spent. ## **BMA Giving (Mental health support)** This grant provided funding for the RMBF to support doctors whose mental health condition affected their ability to work and who were facing financial hardship as a result. It is now fully spent. ## **BMA Giving (Tackling stigma)** This grant was to part-fund an awareness campaign aimed at tackling stigma and normalising ill health and associated financial difficulty within the medical profession and create a dedicated financial support fund for doctors whose ill health was affecting their ability to work, resulting in financial hardship. It is now fully spent. ## **BMA Giving (Doctors in urgent crisis)** This grant was to part-fund a “doctors in urgent crisis fund” and help those doctors coming to us in the most urgent need of financial help. It was fully spent during the year. ____________________________________________________________________________________________________ Page 31 ## **16. RESTRICTED FUNDS (Continued)** ## **COMPARATIVE MOVEMENT IN FUNDS** |Bessie Jane Giffen Bequest
Burney Yeo Bequest
Lilla Rose Fund
The Job Trust
Essex and Herts Benevolent Fund
Devon and Exeter Benevolent Medical
Society Fund
Henry Francis Burdett Memorial Fund
Eastes Permanent Endowment Fund *
Tod Endowment Trust **
BMA Giving (PTSD)
BMA Giving (Mental health support)
BMA Giving (Tackling stigma)|At
1stApril
2023
Movement
in market
value of
investments
Incoming
resources
Resources
expended
At
31stMarch
2024
£
£
£
£
£
447,645
41,357
13,086
(13,086)
489,002
664,302
61,374
19,419
(19,419)
725,676
71,428
5,190
1,642
-
78,260
227,244
17,833
6,128
(3,000)
248,205
266,827
24,047
7,676
(11,820)
286,730

69,634
6,527
2,059
(2,059)
76,161
19,803
-
-
-
19,803

149,124
13,778
4,408
(4,408)
162,902
64,942
-
7,500
(7,743)
64,699
6,232
-
-
(6,232)
-
375
-
-
(375)
-
-
-
3,000
(3,000)
-| |---|---| ||£1,987,556
£170,106
£64,918
£(71,142)
£2,151,438| ## **17. PENSION SCHEME** The RMBF operates a defined contribution plan for all eligible employees who do not opt out of the pension scheme. Contributions are 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 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** Two trustees made unrestricted donations to the RMBF during the year totalling **£500** (2024: three trustees made unrestricted donations totalling £660). During the year the RMBF made payments totalling **£40,000** (2024: £30,000) to Doctor Health Limited (“DocHealth”), as a contribution to their work providing confidential 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. ____________________________________________________________________________________________________ Page 32 ## **20. CAPITAL COMMITMENTS** There were no capital commitments at 31[st] March 2025 (2024: £ Nil). ____________________________________________________________________________________________________ Page 33