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2025-12-31-accounts

Charity Registration No. 207473

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOUNDED IN 1788 AS THE SOCIETY FOR THE RELIEF OF WIDOWS AND ORPHANS OF MEDICAL MEN

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

LEGAL AND ADMINISTRATIVE INFORMATION

Charity number 207473
Principal address 1st Floor, The Houses
Apothecaries Hall
Blackfriars Lane
London
EC4V 6EB
Auditor Begbies Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
Bankers NatWest PLC
London
W1N 6AX
Former name The Society for Relief of Widows and Orphans of Medical Men

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 21

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Court of Directors present their annual report together with the financial statements of the charity for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2019)

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of legal and administrative information on the page 1 of the financial statements

THE COURT OF DIRECTORS

The Court of Directors who served the charity during the year were as follows:

Dr Lydia Acquah

Dr David Buckle (President)

Dr Roy N Palmer (President Emeritus)

Dr Stewart M Kilpatrick

Dr Rohit Malliwal

Dr Celia Palmer (Vice President) - (Resigned 30th January 2026)

Prof Simon D W Payne (Vice President)

Prof Geoffrey E Rose (Treasurer) (Resigned 6th June 2025)

Dr David Stewart - (Resigned 5th September 2025)

Dr Naomi Jiagbogu

Dr Christine Tomkins

Dr Lyn Griffiths (Treasurer) (Elected 6th June 2025)

Col Duncan Parkhouse (Elected 6th June 2025)

Dr Ffion Davies (Elected 6th June 2025)

Dr Shriti Pattani (Elected 6th June 2025)

All members are eligible to serve as a director. The President's letter to members, sent with the papers for the AGM each year, invites members who are interested in serving as directors to approach the Executive Director.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Foundation, use of funds and direction

The Society’s origins date from 1788. In 1864, it was granted a Royal Charter of Incorporation by Queen Victoria, at which stage it was designed for the relief of poverty and prevention of hardship and distress among the widows and orphans of deceased members. Amendments have followed, including a change of working name, and at the present time the Society is empowered to use income not required for distressed widows, widowers and orphans of deceased members, for the benefit of other necessitous doctors and their dependants. Income must be used strictly in the order enumerated below:

The affairs of the Society are managed by the President, Treasurer, Vice-Presidents and Directors, all of whom are elected at an Annual General Meeting of members. The Court of Directors meets regularly and acts as the governing body of this Society, determining how its funds should be distributed.

The Court of Directors has considered and reviewed the major risks to which the Society may be exposed and is satisfied that the systems in place are sufficient to mitigate any such risks.

OBJECTIVES AND ACTIVITIES

Principal Objectives

The Society exists to ensure that members and their dependants can be assisted should they suffer unexpected financial hardship. Membership is not a substitute for formal insurance, but it does offer mitigation for exceptional disaster and hardship. Even for the most prudent practitioner, provisions for dependents after early death or disablement may be inadequate. Furthermore, this is a Friendly Society, with charitable status, and membership is therefore seen primarily as a way of helping colleagues experiencing unforeseen difficulties, rather than just a form of personal safety net.

The Society makes grants to its beneficiaries, and also may make gifts to them at Christmas. These grants and gifts are decided upon by the Court of Directors. Assistance for members and their families is guided by their circumstances and known intentions. For the wider profession, assistance is aimed at helping applicants to return to a position where they can support themselves and no longer need help, including helping them to return to work, remain in work, progress in their career or modify their career path. Assistance may include help with professional subscriptions, training costs and examination fees. In certain circumstances, a regular award might be made for a specified period of time, to relieve exceptional hardship.

Public Benefit

The Court of Directors confirms that it has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Society's aims and objectives.

Society for Assistance of Medical Families (SAMF) charitable activities assist doctors to return to work, or to remain in work, in the National Health Service. SAMF also assists medical and other student dependents of doctors in financial difficulty, to graduate and enter the workforce. The training of doctors represents a significant cost to the public purse. Returning doctors to practice, by assisting with the costs of professional subscriptions, training, retraining and examinations, helps to ensure that the public gains benefit.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

SAMF is one of five national charities and medical benevolent funds, to launch the Joint Medical Charities Portal ‘Help me, I’m a Doctor’ with seed funding from the NHS England GP Five Year Forward View budget. This Portal provides a single point of access for doctors and their dependents seeking financial support, and is now supported wholly and equally by the five charities.

All grants made to beneficiaries assume that applicants are receiving their full entitlement to state benefits. Trustees review beneficiaries’ circumstances at least annually, to ensure that their circumstances warrant continued charitable assistance. Council members are conscious of their duty to use charitable funds responsibly. Applicants are made aware that the Trustees may investigate and take action on applications which appear fraudulent or deliberately misleading.

The Ware Fund and Chamberlayne's Mite

The Ware Fund was established in 1807 by Mr. James Ware (President 1809-1815) to provide an honorarium for those attending the Court of Directors. The first Secretary of the Society, Mr. William Chamberlayne, when resigning his post in 1816, made a donation to provide "some kind of refreshment" at the half-yearly audit. These funds are no longer kept as separate entities as no honoraria are paid and professional accountants are employed, but the benefactions are celebrated at the annual dinner of the Court.

The Copeland Fund

This fund was formed in memory of Mr. Thomas Copeland, a member of the Society, who died in 1885 and bequeathed the sum of £5,000 duty-free. This fund was subsequently assimilated into the general fund.

The Brickwell Fund

This fund was formed in memory of Mr. James Brickwell, a member who made the Society the residual legatee, following his son's life interest in his estate. The son died in 1913 and the Society received the sum of £37,250. The Court of Directors determined that the interest arising from this fund may be used for augmenting existing grants to widows and orphans and for enabling orphans to continue their educations or assisting them to study for some professional or commercial career and for making grants in exceptional circumstances of distress to widows and orphans of members of the Society, not otherwise eligible for relief. The residue of income was to be utilised at the discretion of the Court of Directors. In 1998, it was assimilated into the general fund and in order to perpetuate the memory of Mr. James Brickwell, the grants to medical students are known as Brickwell Awards.

Conditions of benefit

The Society is not a universal charity. It is committed to helping its members and their families, who come to seek help as of right. Applications can be received from the family of any member, or indeed the members themselves. Inquiries are made about the applicant's financial circumstances, and allocations are then made by the Court of Directors.

The Court is composed of professional colleagues, whose attitude is one of understanding and sympathy and a desire to help those in need and to assist the work of the Society. However, any recipient is requested to provide details and proof of their income and circumstances in a form acceptable to the Court of Directors.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Members Bylaw 1

The following categories of persons shall be qualified to be proposed for election as a member of the Society, namely:

Persons wishing to become members of the Society shall make application on the form to be obtained from the Executive Director. They shall state their qualifications, address, place and date of birth and whether married or single; if married, their spouse's age and the age of any children or stepchildren. The candidate shall submit to a medical examination if such shall be determined by the Court of Directors.

Subscriptions

Annual subscriptions are payable direct to the Society and members are also invited to complete a Gift Aid Declaration, which involves them in no additional expense, but does increase the value of their subscriptions to the Society.

Cases have occurred where, over the years, dependants of deceased members have forgotten or overlooked their entitlement to seek the Society's assistance. Members are therefore advised to keep evidence of their membership with their Will and to ensure that it is known to younger members of their family.

ACHIEVEMENTS AND PERFORMANCE

Widows and orphans of members

No widows or orphans received help in 2025.

Members

During the year two members received assistance and 19 new members were elected.

Necessitous medical practitioners

The Society is additionally empowered to extend relief to necessitous medical practitioners, not being Members of the Society, and their dependents.

Continuing to work closely with other major medical charities the Society has been able to help in a number of cases, in particular with retraining expenses to enable those unable to work because of illness or other reasons to return to work or remain in work. This has been very successful over recent years, with beneficiaries being able to re-enter the work place earlier than would otherwise have been possible and to become independent once more.

The type of help given in other cases varies. For example, awards were made to help with moving expenses to take up new posts; equipment and technology not available on the NHS and extra help in the house to maximise independence following disability; aids and counselling for those living and working with a cancer diagnosis; retraining expenses for those who have experienced career difficulties and support to return to work.

Support has also been given to students who are the children of medical practitioners, where the family has been found to be necessitous. In cases where they are studying medicine, they are encouraged to join the Society on qualifying.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Membership

During the year 19 new members were elected. Members are strongly urged to recommend the Society to their colleagues and to encourage them to join. The total membership stands at approximately 336.

Brickwell Awards (for medical students )

During the course of the year five students were in receipt of Brickwell Awards.

The Ordinary Fund

The total amount distributed to the beneficiaries as grants, gifts and awards during the year was £102,922.

FINANCIAL REVIEW

Investments

The Society's investments were valued at approximately £8.4 million at 31st December 2025 and during the year up to that date its annual income from dividends and interest on these, and from membership subscriptions, gifts, legacies, etc amounted to £255,574 (2024 £243,762). The Society's income is more than sufficient to meet its present demands. In 2025 the total amount expenditure on charitable activities was £168,843 and other costs were £40,530.

The Society's stockbrokers, J.M. Finn & Co., attended meetings of the Court of Directors and liaised with the Treasurer giving advice on investments. During 2025 there were gains on investments of £453,479 (2024 gains of £221,409) reflecting the movements in the market generally.

Reserves policy

The Society's reserves are held mainly in investments. The income generated by these investments is the Society's main source of income. It is the policy of the Society to maintain a level of reserves to generate annual income in excess of expenditure before gains/losses on investment assets. Any surplus is reinvested thus increasing the capital. This will help to keep the Society in a position to meet an inevitably higher number of calls for assistance, from members and the wider profession. This policy is reviewed annually by the Court of Directors.

The reserves of the charity are entirely unrestricted and total £8,558,096. Of this total £4,568 is invested in the Society’s fixed assets and £8,367,798 in the investment portfolio. At the year-end £193,729 was held in cash to meet the short- and medium-term expenditure requirements.

Fundraising

The Society does not engage in fundraising from the general public and donations received are from member’s subscriptions.

PLANS FOR THE FUTURE

The Society plans to grow the membership and to continue generating income from investments, membership subscriptions, gifts and legacies to allow future grants and gifts to be made to their dependents and other practitioners in need.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Auditor

Begbies Chartered Accountants were appointed as Independent Examiners or auditors for the ensuing year. The trustees' report was approved by the Board of Trustees.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

..............................

Dr D Buckle, President

Trustee Dated: .............22 MAY 2026............

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

Opinion

We have audited the financial statements of Society for Assistance of Medical Families (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 charity 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 charity’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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 charity’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 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 144 of the Charities Act 2011 and report in accordance with the Act 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

– Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements and disclosure requirements. In particular, Accounting and Reporting by Charities: Statement of Recommended Practice;

– Enquiries and confirmation of management and the trustees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;

– Review of minutes of trustee meetings throughout the period;

– incorporating unpredictability into the nature, timing and/or extent of testing.

– Evaluation of the selection and application of the accounting policies chosen by the company.

– In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and

– We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

Other matters

The prior year accounts were unaudited as the income threshold was not breached. Accordingly the comparative figures disclosed in these financial statements have not been subject to audit.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2016.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Begbies Chartered Accountants Statutory Auditor 9 Bonhill Street London EC2A 4DJ Date: ..28/05/26.......................

Begbies Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 6,420 8,848
Investments 4 249,154 234,914
Total income 255,574 243,762
Expenditure on:
Raising funds 5 40,530 32,817
Charitable activities 6 168,843 129,236
Total resources expended 209,373 162,053
Net gains/(losses) on investments 453,479 221,409
Net movement in funds 499,680 303,118
Fund balances at 1 January 2025 8,058,416 7,755,298
Fund balances at 31 December 2025 8,558,096 8,058,416

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2025
£
£
4,568
8,367,798
8,372,366
28,108
193,729
221,837
(36,107)
185,730
8,558,096
8,558,096
8,558,096		 2024
£
£
1,193
7,928,706
7,929,899
16,820
137,793
154,613
(26,096)
128,517
8,058,416
8,058,416
8,058,416		 2024
£
£
1,193
7,928,706
7,929,899
16,820
137,793
154,613
(26,096)
128,517
8,058,416
8,058,416
8,058,416
7,929,899
128,517
8,058,416
8,058,416
8,058,416

The financial statements were approved by the Trustees on ........22 MAY 2026.................

.............................. .............................. Dr D Buckle, President Dr Lyn Griffiths, Treasurer Trustee Trustee

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Society for Assistance of Medical Families is governed by Royal Charter.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for small charities applying FRS 102 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include investment assets at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The charity neither receives nor holds restricted funds.

1.4 Incoming resources

Voluntary income including donations, subscriptions, gifts and legacies are recognised when the charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.

Gift Aid, where claimable, is included in the year in which the donation or subscription was received.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

1.5 Resources expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.

The costs of raising funds are costs incurred in the management of investments.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.

Governance costs include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

The charity has a single charitable activity of giving grants to individuals for financial hardship. All support and governance costs are allocated to this charitable activity. No apportionment is made to fundraising activities as the staff time spent on this activity is below materiality as the investments are held under external management.

1.6 Tangible fixed assets

Tangible fixed assets costing over £100 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and equipment

at 25% on the reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

The portfolio is held for long term income generation. Whilst the individual holdings within the portfolio are sold and purchased the portfolio as a whole is shown as a fixed rather than a current asset.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The charity holds listed investments which are revalued to fair value at the balance sheet date. As the investments are listed the fair value is their quoted market value at the year end.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction. Financial liabilities classified as payable within one year are not amortised.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Comparative figures

Comparative figures have been re-categorised where necessary to provide corresponding figures to the current year disclosures.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Total
funds
2025 2024
£ £
Regular giving and donations 6,420 8,848

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 247,170 233,734
Interest receivable 1,984 1,180
249,154 234,914
Raising funds
Unrestricted Total
funds
2025 2024
£ £
Investment management 40,530 32,817
40,530 32,817

5 Raising funds

The 2025 investment management expenses include £7,190 costs of an investment management review and related expenditure.

6 Charitable activities

Financial Financial
Assistance Assistance
Grants Grants
2025 2024
£ £
Grant funding of activities - grants to individuals 102,922 67,511
Share of support costs (see note 7) 58,908 57,669
Share of governance costs (see note 7) 7,013 4,056
168,843 129,236

The charity has a single charitable activity of giving grants and gifts to necessitous doctors and their dependants. Grants and gifts are all made to individuals, rather than institutions, but may be paid directly to a third party service provider on their behalf, During the year 30 (2024:25) individuals have received grants and gifts. Further details of the charity's grants can be found in the trustees' report.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Support costs

Support
costs
Governance
costs
£
£
Staff costs
23,412
-
Depreciation
1,523
-
Office accommodation
10,704
-
Printing, postage, stationery & telephone
2,247
-
Computer & website
7,164
-
Bank charges
220
-
Accountancy & administration
11,656
-
Sundry expenses
1,982
384
Audit fees
-
4,800
Independent Examiner's fee
-
-
Court meetings
-
1,829
58,908
7,013
Analysed between
Charitable activities
58,908
7,013		 2025
£
23,412
1,523
10,704
2,247
7,164
220
11,656
2,366
4,800
-
1,829
65,921
65,921		 2024
£
19,498
398
8,322
1,125
8,231
198
17,647
2,424
-
2,640
1,242
61,725
61,725

During the year the charity paid £504 for payroll services and £4,800 for accounts preparation and Independent Examination services to Begbies Chartered Accountants, the firm of the Independent Examiner (2024: £504 and £2,640 Independent Examination respectively).

From 2024 no separate trustees insurance was obtained.

8 Trustees

Travel expenses was reimbursed to 5 trustees during the year at a cost of £1,030 (2024:1:£29) .

None of the trustees (or any persons connected with them) received any remuneration or other employment benefits from the charity during the year. Details of other related party transactions are contained in note 16.

9 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
1 1
Employment costs 2025 2024
£ £
Wages and salaries 23,412 19,498

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

9 Employees

(Continued)

No employee received emoluments of more than £60,000 during the year. The above salary represents the total of key management remuneration.

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Tangible fixed assets

Tangible fixed assets
Furniture and
equipment
£
Cost
At 1 January 2025 5,319
Additions 4,898
At 31 December 2025 10,217
Depreciation and impairment
At 1 January 2025 4,126
Depreciation charged in the year 1,523
At 31 December 2025 5,649
Carrying amount
At 31 December 2025 4,568
At 31 December 2024 1,193

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2025
7,917,840
Additions
5,909,456
Valuation changes
453,479
Net cash withdrawn or invested
-
Disposals
(6,122,219)
At 31 December 2025
8,158,556
Carrying amount
At 31 December 2025
8,158,556
At 31 December 2024
7,917,840		 Cash in
portfolio
Total
£
10,866
7,928,706
-
5,909,456
-
453,479
198,376
198,376
-
(6,122,219)
209,242
8,367,798
209,242
8,367,798
10,866
7,928,706
Listed
investments
%
Fixed interest 12.87
UK equities 24.57
Other equities 52.62
Alternatives 7.62
Cash 2.32
Total 100.00

As at 31st December 2025, the above portfolio was invested in a broad range of equities and bonds.

The charity seeks to minimise the risks of holding investments, which comprise mainly market, yield and liquidity risks, through the appointment of an independent Investment Manager, who invests in a diversified portfolio. The trustees report contains further details of the charity's investment performance.

Included in the above table are Home REIT shares which were suspended from trading throughout the year and are recorded at the 2026 sales proceeds of £15,377.

The historic cost of investments is £7,151,939.

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

13 Debtors

Amounts falling due within one year:
Accrued income - investment income and Gift Aid
Prepayments		 2025
£
21,789
6,319
28,108		 2024
£
13,738
3,082
16,820

14 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Accruals and deferred income		 2025
£
472
440
35,195
36,107		 2024
£
81
1,486
24,529
26,096

Accruals contains £28,800 (2024: £20,660) of grants which are awaiting payment when due.

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 January
2025

£
8,058,416
1 January
2024

£
7,755,298		 Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2025
£
£
£
£
255,574
(209,373)
453,479
8,558,096
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2024
£
£
£
£
243,762
(162,053)
221,409
8,058,416

SOCIETY FOR ASSISTANCE OF MEDICAL FAMILIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Analysis of net assets between funds

Analysis of net assets between funds
Fund balances at 31 December 2025 are represented by:
Tangible assets
Investments
Current assets/(liabilities)		 Total
2025
£
4,568
8,367,798
185,730
8,558,096		 Total
2024
£
1,193
7,928,706
128,517
8,058,416

17 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025 2024
£ £
Within one year - 5,730

At the 2020 balance sheet date a five lease had been agreed with an annual rent of £4,775 plus VAT per annum. The lease terminated on 31st December 2025 and no further lease was signed at the balance sheet date.

18 Related party transactions

Trustees paid subscriptions and reimbursements to the charity in the year totalling £620 (2024: £380). Aside from the travel expenses disclosed in note 8, no current trustee received remuneration from the charity. Two thankyou gifts were purchased for retiring trustees for a total of £87.