Charlty Regbtravon No. 207530 ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND LEGAL AND ADMINISTRATIVE INFORMATION Tru6tegs Profe5soI Edw¥n Chilvers (Chairl Professer Barbara Casadei INEDI Professor Sally DaMe$ INEDI Professor Christs'an Delle5 IHonorary Traa$urerl Professor Chris Day CBE Professor Sir Munir Pirrnoharned Piofes5o1 Julian Knvjht (Honorary Secretaryl CharSty Dumb•r 207￿0 Registered 0ffi¢o and Pblnclpal Addre$8 Clo Asswation SeNce¥ L¢d 33 St James's Square London SW1Y 4JS Independent Examin•r TC Gro The Courtyar Sho￿haM RDad Upper Beeding steyning West Sussèx BN44 3TN Bankor* Bardays Bank Le[￿ter SeNng C*ntre L¢l￿tar LE87 2BB ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND CONTENTS Page Trustees, r8POrt Indepertdgnt Examiners report Statement of finandal octAithe8 Balan￿ shest Notes lo th8 ac£ounts ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trust8es presenttheirreport and accounts forth8 y•arended 31 D￿mber 20￿. Thè a￿Unts comply wth Ihe Chariti•s Act 2011. thg tharivs Twst Dgad and Aco)unting and Rèporbng by Charrt18s". Ststsment of Rècommended PraEtio applicab￿ io chanties p￿paring Iheir accounts in a￿Ord8￿Ce with the Financ4al Reporting Standard applicable in tho UKand Republicof Ireland IFRS1021 leffectNe l January 20151. Tnwtaos TheTru5tees EX￿tlY? Committea named on the Lrfdl andPdmini$trativ? Info￿ats"00 pagB ha￿st￿eddUrin9 the y•ar and to the dalè of the rèporL AppolnlmentofTrusteesExoCUtlv• Commltt•o. The Board ol Trustees wa5 appointed in 2D21 and indudes a Chair of Twustee5. two non- exe￿Il¥e8. th8 Pres¢d•nts eled, ¢urr¢nt and imrnédiate past arKI th• Honor8ry SeCr¢￿ry and Trna￿r8r. Exe¢JJtive Cornmrttèe members are appointed by el?Clion at the Annual General M•etsng. Name$ aro proposad to the Executive Commltteg Meehng. whith mak85 a selaction at its meebng for final approval by the Annual Ganeral Meeting. Th• Board of Trustee5 and thè Exec¢Jtive Committee stand for thrèe year5 and the polry is to havg committee member5 repreaènting each geographi¢ area of the Associati¢fi. Investrnont Power There a￿ no r•strictiDns as to *ive$trn8nt POW8rs and the TNste8s ervJagg Brown Shipley to admini5t•r the Mivesknent8. Constitutlon and objects Tha As50aation constiiutien 1$ definad by its wle book and it5 objects are to promote a¢ademic rnedi¢Ang in the bmadast Sense. The objects of the Associalion aT8 to promDte ac2damic medicine in the broadest sgnse. The Tnjstses h8ve confimpd that Ihey have r8ferred to the guidelines contained in thè Charity Commis*on's gen•ral guidantr* on public benefitwh•n ￿vIe￿g thè Associat¥)n's aints and obj8CtNes and in planning fvture a¢tiwti•s and Setting the grant making po1w for Ihe year. Tre Associab"on carrie8 Out Ihese objectives by". Arranging anAnnual M8&ting atwhich the highestquality saentific research in mgdical pra£kn￿ is presenied and discussed. To promote mediGg1 resoarch vrithin th• LIK8nd Ireland by maknnggrantstotEathing •stthlishrnents. To promDtÈ research and education intemab"onally by maknng grants. undar a link scheme wth developing countries. To produc¢ jDinNy a srigntificJoumal, the Quattsrty Joumal of Medicjm. Ov¢rall ￿SpOnsIbl]ty forthetharity restswith the TrL4Steès. Th• day-t04Jay runn6ng of the Charity is d918gatad to Assttiations Seryicas Ltd IASLI. Developrnonts.activlties and a¢h￿vem?nts The Association contynues to b8 tespon*ble IOT the pubIK0￿0￿ of the Quarterfy Journal ol Medione publshed by Oxt¢rd University Press. Th8ditorof Ihejournal is a m8mber of Ihe Exuiivg Committee arKI makes regular reports ts the Assotyabon. Income of £194,739 (net of VAD was recaved from Oxford University Prèss In ￿cOgnItion of the conlrTrbubon of th8 Associabon who foufided the Journal 12022.. £207.8751. Addibonal incom8 01 £12,265 was derived from rn8mber$hip subscripkn"on812022.' £10,8451. Th8Annuo1 M2Eting was held in person with incA)ma of £21,954from iegistration f&es12022.. £22,244). The 2023 Annual Meeting costs of £99k were supported by Ihe Association. ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 This income 18 used to fund all Associatioll activib98 which Inelude grant giving. th• annual maeling, and thg nEnning of TheA55wiation ladminN8teied by ASLI. Rèsèrves have from £899.756 in 2022 to £858.074 11 2023. The￿ was an incrèas8 to Ihe direct charitabl• activities in 2023 which contributed to the redLclion. The￿ was a gain on inv8skn8nts £43.092120L.. loss of £100,7981 and the￿ were suffieiènt monies availab to support the wogrammes detailed ￿lOW. Investmènt income of £8,77712022.. £7,1641 is r8tained within the invtrstment portfolio. Grants The grants schem• Snitiatsd in 2018 updated duiing 2022 was continuBd- Summ$r Studentships 1£1,5001'. designed primarily for Medical Students to fintsh of Intgrcalated projecls. Uptake has been limitèd at 1-2 p8r year. Thr88 W8[& awarded in 2023. Newlnve5tig8torawards- No application$ of m6riL. desi9nedtoproMde pump-primingfundsfor recentty appointed acadernicphysicians, wthin thefirstfive yéars oftheirfacuttyappoinlmenl. We award8d th during 2023 from appl"eations received. AMS Stater Grants1£37,5001'. renewèd with effÈttfrom 2023, forthree years until 2025, theASSDcration will tak8 part in th8 Academy of Medical Sciences 'Stsrttrr Gtants for Clir¢ical Lectureis Scheme, as ￿p￿la1￿1 fvndèr. Awards and Bursari981£1,4771.' travel grants awarded to ECR membgTS who present thelr resear¢h al Ihg Amnual Meeting. Tho A8$o¢latltsn Membership of the assooation is open to all res8arch professiona15 with an Inte￿$t w Iranslalional mediafig. bllg of existing rnemb&rs who w8r8 $elected based on stringent achievemgnt criteria has bepn changed to "Fellows" and asmall cadre of new Fellows will be electedannually. These changes èxtend the rèarh arTrd impa ol the Association aiming ta position itself as Laa(Jing Interdistiplinary Translational Research" in the UK by creating rneetings and events that highlight emerging ￿search areas that cut aero$$ disraplines and supporting Eady Career Researchers pursuing transla*"onal medicine, The 2023 Annual Mèeting was presented in person and the costs wÈre subsklised by IhgAssrriation in order lo support this actiwty. W• continue to aim for th¢ annual meèting to break even within Iht next 3 years, which r8quire a doubling of Current attendees from arouThJ 150-2￿ to 30NOO. Creater exierna1 rA)Ilaborats"on and visibiltty is planned induding partnering with other organisations le.g. sp8cialÈst soEYelies, funders and publications). actwitie5 for ECR6 Outside of the meets'ng. pr&ss r•le8se8 and casts, to support Ihe positioning of the Associal'on in the int•rdisuplinary trgnslational re58arth spacè. Finan¢lal revlew The chartty generat8d total income of thé yeaiof £240.828 down from £255,105 in 2022 and remains Stabla. Total expenditure frjr the year w88 £325,602, up from £320,274 in 2022 and remains kv81, duè tr> fa￿ to face meeting (t)Sts and th8 engagement ol a PR agency. Following a nel 9ain on investments of £43.092 12022.. of £100.7981, the charity reports net expenditure for the year of £41.68212022'. nèt expenditur8 of £165,967). Thg tharity conbnues tL) hold a robust balan¢9 sheeL with total reserv8s of £858.07412022.. £899,756). ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND TRUSTEES. REPORT FOR THE YEAR ENDED 3q DECEMBER 2023 Ro$erve8 The Tru$tt8s have a policy of 8n5uring thatthe rg8arves ol the Association afè malntained approximatsly al level to Supportthe uJrrent nomial annual 8Npenditurewithoutfurtherinu)m• over a three yearperiod. Thè trust h81d fre2 ieserves of £858,074 at 31 December 202312022.. £899,756). which includesthe inv8strn8nts hekl, and fe81 that they am acting wthin the charity'5 Set re8erye¥ polity. The Brown Shipley Inve8tr?nl Portfolle Valuation at31 Decèmb•r2023. 8rgakdown by asset dass.. £12,33 £85.591 £304,037 £134,3 £7,672 £18.644 É8,589 £569,191 ds 15U products edge Funds nvat8Assets her investments 100% Future Risks The Trust¢gs ar• aware Ihal the incomè of th• Assori2tion de￿ndS principalty on that made by Oxlord Universty Prass in rgsp8Ct of profits of the Quartarly Joumal of Mediune. This allow8 th¢ AssoL?ation to conts.nue lo support its awèrds pro9ramme. 11 thg incune from this source was rodu¢*, the A550ciation has sufficEnl r•s•rves to maintain its charitable a￿1vIlle$ for a minimum three year peri￿j whilè the expenditure and incom8 position is wewed. Futsre plans The A&80￿￿110n ol PnysKian5 is the prembr18arned ¥oc4•ty li the UK with focus on translatignal mad￿ne. Whi15t the annual 8a8ntstie meèting remains the c¢merstone of lh8 Assooation's aC￿vitIes. additional actiwbe$ have been dtrvoloped and cons01￿ated in re￿nI ygar¥. The Association he￿ a syccesslul Annual Meeting in Lwerpwl that brought toge¢her80me of the ￿9￿1n9 clinician scientistsfrDm UK and •isewhere and most import8nUy, a gignthcant nurnbei of delegates including early Career rese8rchèrs. Based on thi5 success thè Association has started early to prgpar8 forthe Annual Meeting in 2024 and COMp￿rne￿ted th8 programme developrnent with iegular webinars. Thè committee of earty career re$oar¢hers conts.nues to provide mentoring and care8rsupportand éncourage contribLbtionstotheAssoriation's activitiesfrom a mora dive￿ rang• of colleagues. To sUPPOrt these d?￿lOPMentS th& $ubcommitt8ès into intem81 and extem81 affairs have metregu13rty. in addit￿n 10 thè Executive Committee's and Tru8teg$' m8etin95. TheAssoaation 1$ gratsknl tD 115 Tw$taes for providing strategi¢ guidance to inform acbvrtie¥ in 2023 and beyond. From a financial perspeclTve the AJsoCkq￿tsn continues to invest in the Annual Me&ting to make it saentilicolly outstanding event This induded generous travel butsanes for garfy carEEr researthers and awardsfoithe best oriqinal pr*sentations. Theoverall very p08Itivef88dback will tran$lala intofurthergrowth of delegate numbars at futur¢ meelings. which will enrich scients.fic dwrAJssions and gu2rante8 financ4al stsbility- Statèment of TruSte￿.1EXe¢u￿yo Cornmitteo Responsibili￿95 The Trustees ao reSpoTrsib￿ for praparing tha Trustees, Rèport and the awolmts in accordancewth aFplirnblè law and Unitad Kinudom Accounting Standards IUnil¢d ￿ngdoM Goneralty Accopt8d Ac¢ounbTrJ Practice). The law requi￿ th• Trustee$ to prep8r8 accounts for each firtartLaal year which give a tru• and lair view ol the stal? of affairs of the tharity and of the incoming resources and appl￿tiDn of resour￿, induding the income and gxp8ndilure, of Ihe charity forthat year. ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 In preparing th088 finarteiol $tslemenls the Trustees a￿ requiTed to". sel?ct Suitab￿ accountin9 polirAes and then apply them cgn515t8nty', observe the methods and principles in the Charities SORP.- make jud9emenl and e5)males that are reasonable and pry￿ent,. and pr&pare the finan¢ial statements on a going conc8m basis unless il is inoppropri8te to presume that the charity will continue in op8ration. The Trust•8slExecutive Commitiee responsibk for keepirrfj actounb'rtg records whith disd￿8 with ason8ble accuracy at any tm, the finantsal PDsib"on ol the chgrily and to 8nable Ihem to ensuro that th rJnan¢ial statements cbmpty wilh th6 Charitses Act 2011. Th?y are a150 responsible for safeguarding the awts ofthe eharityand hence tsking reasonable ¥lepsforthe prevention and detedion offraud and other irregularilies. Thts reportwas aFf>roved by the Twstees on 12 S￿tember 2024................ .......... and &gned on their behatrf Profe$sorC Dell•$ Hcnorary Trtrasurer ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND l ￿part to Ihe charity Trustse$ on my exarninal￿ of the accounts of the above charity for Ihe year ¢nd￿ 31 Deeember 2023. R•$ponslbiliti•s and basi$ of rewi A5 the ¢harity's Twste8s. you are tespDnsible for the pwaration of the a¢counts in accordan￿ wilh th• requirèments ol the Charitiès A¢t 20111ts Act'l. I ièport in raspeclof my 8xamination of the aCmUntscarri￿ out undersèclon 145of Ihe2011 Actand in ¢arying out my examination, I have followed all the applicable Directions gIV8n by thg Charity Comrni55ion undèrsection 14515llbl of the ACL INI¢pgrtd•ntexamin•fs statsment I have completed my examination. I confirm that rw material matters have come to my att•ndon In conMc¢ign wlth the txamination which gives rne Cause to beI￿ve that in. any material r8sp8cL the ar￿)untIng re￿rdS We￿ not kèpt In ac£ordancfj with sèdon 130 cf the Charitie5 Act., or the accounts dhl not arxord ￿th the accountiThg re￿rdS., or the ac¢ounts dhl not comply wrth the appli¢oLile rwuiremènts concerning the form and content of accounts out in the Charitses IAccDunts and Reports) R8gulation$ 2008 other than any r8quirement that the accounts gwe g'true and fail, VK8W which is not a matter considered as part of an irjdependent examination. I have no concèrns and have Come aeress no othei matters in connecion with th? examination to which attention Should te drawn in this ￿POrt in order lo enable a proFér undetstanding of tha accounts to be reathed. Mark Cummins FCCA FCIE On bBhalf of TC Group Offica.. Steynin9, W•st Su85ex ASSOCIATION OF PHYSICIANS OF GREAT BRITAIN AND IRELAND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Total 2023 Total 2022 Income from: Chantsbk adNil'es Investments 228.958 11,870 247,004 8,101 Total Incom• 240.828 255,105 Expenditure on: Raising funds charitab￿ activities 10,131 315,471 8.328 311,946 Total 8xp•ndlture 325.602 320,274 N•t galnlllossl on inv88tm•nts 43,092 1100,798 Net expondltu 141,6821 1165.9671 ReroTrcrllation of funds Total fund$ brought fO￿ar