Medical Society of London (Founded 1773) Annual Report 2023-24 RegAStered Charity no 209242
Contents Review of the year Tntees, Council Employees and Professional Advisors li Trnstees. report: 12 Governance MeMbehIp Programme Education and Other Activities Library and Archives Lettsom House Public Benefit Future Developments Financial R¢vi¢w The Annual Accounts: Statement of Financial Activities Balance Sheet Notes to the Accounts 2•
REVIEW FTHE The PTesideni 2023-2024 Dr Alistair PurYe5 MD FRCP The 251" session was perhaps always going slightly anticlimactic following the exc¢ll¢ni set of celebrations surrounding the 250th but it ha5 nonetheless been a ple&sure and a privilege to serve as President this year. I did attempt to continue the ad hominem theme a little longer at the end of the calendar year wtth two talks rel*ed directly to Ldtsom - the firsl was an entrnncing account of Lett50m's family connection5 in the West Indies (now the British Virgin Islands) and his estat¢s the. which was also a tale of his Quaker beliefs and the anti-slavery movement. As the speaker is an American academic the meeting was held over Zoom, and thanks to Mike Flynn's iechni¢al artisty this worked very well and may be a good model for other speakers unable to attend in person. The second was an excellent account of the social and musical world of Lettsom's London in the late 18 century from Professor Nick Marston. One other lecture had to be given over Zoom, that from Dr Ron Daniels concerning the art ofdealing with the FK)litical establishment when seeking to rnise publi¢ awareness of sepsis. This was the result of a train strike, which was something of a theme this year. The ma1nder of the programme attempted to find that balance bdween intelleclual complexity and being of general interest to an audiencc reprcsenting a substantial range of spccialisms. l am well aware. due to my involvement with other providers of medical education. that this is becoming ever more difficult due to many factors including time pressures. For ¢xample. my Irdinees only attend meetings whi¢h are tightly focussed on their specialist curriculum, which is precisely the oppositc of what we provide, and this obviously has relevance lo our attempts to encourage a wider and younger membership. I very rnuch enjoyed our V]1-attended Annual Dinner held the Barber Surgeons Hall and was very pleased that our principal guest The Rt Hon Lord Justice Jeremy Stuart-smith was able to altend, and give a thought-pvoklng speech on th¢ relationship between the legal and medical professions. A major loss to the Society thi5 year was the retirement of Betry Smallwood who has been at the core of our administration for an amazing 40 years. The occasion was rnaed by a dinner at the Garrick Club and it was a pkasure to see the wamith and gratitu(k displayed to her there. My thanks are due also to the constant enthusiasm and efficicn¢y of our Registrar Mike Flynn, who puts up with my errors and inefficiency with good humour. and to the wonderful Leon Yhip. My ihanks also to the Council for their support and to the Trust¢¢s.
A Swmma of the 2023n4 Pr rnmme The Society's 2023-2024 Session celebrated its 251" year. and. with only minor disruption due to trdin Strikes. all but one of the programmed lectures and meetings were successfully completed. The final meeling ha5 been re-instated for Seplember. Nine Ordinary rneetings were held at Lettsom House and one meeting was held via Zoom. It is pleasing to report that the altcndances were mainiain¢d over the pericxl and additionally. the Christmas Lunch was a suc¢css and the Annual Dinner was very well supported by some 60 guests. The Sociely has continued to achieve the charitable objective and. addilionally has reinststed the series of charitable bursaries available to rnedical students at the London Teaching Hospithls. Th¢ 2023-24 Session has been the last in post of the Deputy Registrar, Mr5 Betty Smallwood who retired from her rA)si in May after 40 years of service io the Society. h October 2023. The First General Meeting of th¢ Society was held with Dr Alislair Purvcs assuming his role a5 Presideni from Colonel S Jagdish. Dr Purves then delivered his Presidential Address -The Fulvre's Electri4 and so wgs the Past- 'The future is electric. is a 51ighily tir¢som¢ catchphrdse at the moment, but we forget ihat electricity has been used by livin8 organisrns for millions of years for Sensing. communicating and as a weapon. This talk looked at the long history of bioele¢tri¢ity. in plants as well as animals. and look¢d forward to new uses such a5 brain•compuler interfaces. 54 Fellows and Gue51s attended the lecture and the Firsi General Meeiing. 23rd October 20 The second mttting of the Session was a lecture delivered by Miss Caitlin M¢Geever entitled "The Quaker Colonisation of the West Indies and Lettsom's Role in the Anti-siavery Movement" Caitlin McGeever is a History PhD Candidate at George M&son University in Virginia. Her re5¢arch focus¢s on the history of religion. gender. and the family in the early modern Ailantic world. She is the Education CoordinatOT at the Chesier County History Center in West Chester, Pennsylvania and teaches women's history for UMBC at The Universitie5 at Shady Grove. She also leads a course about Quakers and slavery at the Woodbrooke Quaker Study Centre in Birn)ingham, UK. Ms. McGeever's talk focused on Quaker Colonizaiion in ih¢ Atlantic and how such realities influenced John Coakley Lettsom'5 involvement in the alx)lition movement. Bom into the Quaker community in the British Virgin Islands and a family of enslavers. Lctt50m was immersed in the world of slave societies during his forniative years. As a young man. and while pursuing his medical carttr. he found himself the inherilor of his father's estate and enslaved PrSOn5. This tslk explor¢d how Lettsom came to ternis with his family's mle as enslavers and his efforts to convince other5 towards manum110 and gradual ernancipation. 53 Fellows and Guests attended the lecture.
13 November 2023. Professor Khuloud Al Jamal lectured th¢ kniety on "Nanotechnology For Medicine" Khuloud Al-jamal is a Chair of Drug Delivery & Nanomedicine and Head of Medicines tkvelopments at the Institute of Phannaceutical Science, King's College London. She completed her PhD at the Centre for Drug Delivery Research and postdoctornl training at the Nanomedicine Lab. The S¢hool of Phamiacy. University of London (2000-2010). She undertook h¢r pr¢-registration training ai University College LA)ndon Hospitals. Her research focuses on developing nanomedicines to improve ireaDnent of neurological diseases and cancer. Sh¢ published over 150 research articles with H-index 50. Named one of the World's Top 2 % researchers (2022) according to Stanford University analysis. She is a recipient of the Royal Phamiaceutical Society of Great Britain Science Medal. Maplethorpe Fellowship for the promotion of pharniaceutical education and excellence in research, BBSRC New Investigator Award, the Controlled Release Society Nanomedicine and Nanoscale Delivery Focus Group Young Invesiigator Award. She is a three-time winner of the Wellcome Trust Science ITll88e Awards. She is an editorial board member for several journals such as Joumal of Controll¢d Release. Biomaterials Scienc¢, Scieniific Rep)rts. MedBioMed and Journal of Drug Targeting. Nanote¢hnology is a largely 8mwing field with applications in engineering, energy. and medicine among others. Applicaiions of nanotechnology in medicine, referred to as nanomedicine, attracts a lot of attention as it offers advantages such as improving drug therapy outcome& reducing side effects and facilitate early detection of disease5. Recenily, new classes of drug therapcutics such as Iwides, proteins and nu¢kic acids have emerged and while offer great opportunities can carry challenges in delivery. Sophisticaied methods of delivery which allow protection of these molecule5 frorn degradation and facilitate enty into the tsrget cells are therefore required. NanocaTricrs. containers which are l 0,000 smaller than human hair. can be rnade of several materials such as lipid, carEx)n. metsl or ry>lym¢r. This lecture covered introduction to nanomedicines and showcased examples of how nanomedicines can improve t8rgciing difficult lo treat diseases such as the brain and cancer. 43 Fellows and Guests attended the leciure. 27th November 2022. At this meeting Profe&8or Nicholas MaTSton delivered a fascinattng lecture on "Music in Lettsom's Time- The London in which Lettsom settled in th¢ late 1760s was one in which music abounded, supported by a rich. cosmopolitan cast of men. women and Institutions. The child Mozart and his father and sister had Sided ihere in 176U5, while Haydn - then at the peak of his powers - would make two extended visits in the 1790s. Meanwhile. the music of Handel, despite his death in 1759. remained hugely consequential. This illustrated talk sketched a city in the grip of a 'rage for music.. showing not only how music shaped London but how London shat*d music. Nicholas Marston is Professor of Music Theory and Analysis in the Faculty of Music. University of Cambridg¢. and a Fe15ow (and fomer Vice-Provost) of King's College. His Tesearch inlerests focus on th¢ music of Beethoven. e5pKcially the compositional process as documented in the comp05U'$ 5ketch¢s. the music of Schumann, and ihe music theorisl Heinrich Schenker. His work is internationally recognised, and he is the author of many books and articles. including Schumann: Fanlasie, Op. 17 (1992) and Heinrich Schenker and
Beethoven's 'Hammerklavier' Sonata (2013). A forthcoming article, 'A Matter of Hono[ulr: Editin8 and Perforniing Beethoven's Late Quartets in 1840s London., is forthcoming in Journal of the Royal Musical Association. 49 Fellows and Guests attended the lecture. Janua 2024. The firsl meeting of th¢ Society of2024 was cancelled due to train strikes - this meeting was re-programmed for 30 Sep 24. 22nd Janua 2024. The Society w¢lcomed a lecture by Dr Tim Nicholson entiil¢d"Baek to the Future: Le5soDs from History in Understanding Functional Symptoms" Functional Neurological Disorder (FND) is a fascinating disorder. The jun¢tion of neurology and psychiatry. physical and mental health as well as body and mind. Despite being common. and often highly disabling, FND and its many related disorders remain poorly understood by mosl clinician5. It has gone by many names and challenged the greatest minds in Medi¢in¢' from HiptKJcrates Hysteria to Freud's Conversion Disorder before settling. seemingly for the long term, on a ¢¢nI revival of Charcot's Funclional Disorder. Poor und¢r5tanding, little research but much Siigma have resulted in a vicious circle thai is only just beginning to be broken along with a renaissatjce in skills to diagnos¢ and manage ihis disorder with major implications for the whole of Medicine. Dr Tim Nicholson is a Reader in Neuropsychiairy at the Institute of Psychiatry Psychology & Neuroscience (loPPN). King"s College London, and leads the Neuropsychialry Research and Education Group (NREG). He 15 an Honornry Consuliani Neuropsychiatrisl al the South London and Maudsley NHS Foundalion Trusi. His clinical and research work focu5 on Functional Neurological Disorder (FND). irnmunopsychiatry and broader neuropsychiatric disorders - including those resulting frorn COVID-19. He set up a pioneering specialist multidisciplinary ¢lini¢ for FND in 2012 and has over 20 years of experience working clinically with FND and it was the topic of his PhD and the majorily of his subsequent research aclivity including leading on studies inlo mechanisms. oulcome measures and nov¢1 treatments such 35 Transcranial Magnetic Stimulation (TMS) and more recenily psychedeli¢s aTKJ Virtual Reality. 52 Fellows and Guests attended the lecture. 12, Februa 2024. The Society's Lecture was delivered by Dr Robert'shane" Delamont. The leclure was entitled "Autonomie Medicine: Tbe Future" Dr Robert Shane Delamont is a Consultant Neurologist ai King's College Hospital and Darent Valley Hospital (Kent). He is a graduate of the University of Queensland- did his Neuroscience training in the Prince Charles and Princess Alexandrd Hospitals in Brisbane. Wellington Hospital in New Z£aland. the Institute of Neurological Sciences. Glasgow. the Maudsley and Brook Hospitals in London. He is boih a Neurologi and a Clinical Neurophysiologist and completed his MD on"¢ardiac vagal lone in sleep and its relevance to epilepsy" in 2001. He has published wi(kly in journa15 including Journal of Physiology (London), Post Graduate Medical Journal. Sleep. Epilepsy Research. Lancel, Neurology, Movement Disorders and Clinical Neurophysiology amongst others. He has contribuled a chapter on syncopc to the Oxford Textbook of Neurophysiology, chaplers in the book "The Brain- a beginner's guide" as well as leurology and Pregnancy" and "Introduction to
Epilepsy" CUP. He has received grants to study the autonomic nervous system and continue5 lo lecture at KCL on aspects of brdinstem function. This ialk entitled "Do you know what is meant by Autonornic Neurology. took an historical perspective. looked at how we have arrived at our current understanding and whether that is sufficient to fully appreciate what the autonomi¢ system does. It aimed to promote a discussion about Autonomic N¢urology and its impact on individuals and society. 52 Fellows and Guests atÈnded the lecture. 261h Februa 2024. The Society enjoyed an interesting lecture given by Reverend Prof¢550r Alasdair Coles entitled"Ecslatic Epilepsy and Mystitism: D05toevsky and Neurotheology" Alasdair Coles is a neuroloBist in Cambridg¢. whose main interest is in the ireatment of multiple sclerosis. For 23 years. he shepherded the developrnent of alemtuzumab [Lemtradal through trials until it was licensed in 2013. He now does tria15 of potential reparativ¢ [remy¢linating] therapies in MS. as well as of immunotherapy of psychosis. He is a150 an ordained minister in the Church of England. and the Editor of a multi- author book on Neurology and Religion [CUP]. From this year. he is the Head of Department of Clinical Neuroscience in Cambridge. Alasdair described'mystical seizures", an unusual forni of epilepsy. and the impact of they have on the religious life of those who experience them. The best description5 Of these come from the work of tk)stoyevsky. which was reviewed. Some remarks on the proper scientific study of religion followed. 43 Fellows and Guests auendcd thc lecture. th 25 March 2024. The Society's Annual Lettsom Lecture was delivered by a Fellow of The Society, Professor Sir Chris Whitty and was eniiiled 'The Role of the State and the Medical Profession ith Preventing Dige- Prof Chris Whitty KCB FRS FRCP FFPH is Chief Medical Offi¢¢r for England. Chief m¢di¢al adviser to the UK governmenl and head of the public health profcssion. He is by background a physician and epidemiologisL and practices at UCLH. He has held several ienlific roles in government including Ing interim Govemrnent Chief Scienlific Adviser, and was head of the NIHR among other roles. Chris undertook research and practiced medicine in Africa and Asia as well as the UK. He is an honorary Fellow of the Medical Society of London. PventIng disease is a joint responsibility of the medical profession, the Stsie and individuals. Usin8 State powers to prevent ill health &IdS in a democrdcy on society wanting ihem to be used. This lecture considered the role of the State and the profession histOTi¢ally and now in the preservation of health. 76 Fellows and Guests attended the lecture.
8 A ril 2024. The Ordinary Meeting was hcld on Zoom because of the Rail Strikes and addressed by Dr Ron Daniels who delivered his lecture entiiled "Ch*nging the Faee of Sepsis: Turning a Syndromic R£spon$e into a Disease" Ron Daniels 15 a Consultsnt in Critical Care at the University of Bimingham NHS Foundation Trust. He is the Chief Executive of the UK Sepsis Trust wherc he provides clinical advice to NHS En8land, the Lkpartment of Health and to the Parliamentary and Healih Servi¢¢ Ombudsman. He is a Fellow of the Royal College of Physicians of Edinburgh, Royal College of Anaesthetisls and Faculiy of In¢ensiv¢ Care Medicine. Antimicrobial resistance (AMR) itself doesn't claim lives: untreatable infection as a consequence does. The lecture di%u55ed 5ep5is as the final common pathway to death from most infectious diseases worldwide, and what can be done to prevenl avoidable ha frorn Sepsis whilsl maintaining a Tespon5ible approach io AMR. 55 Fellows and Guests altended the Itre. 22 A ril 2024. This Ordinary Meeting was addressed by Professor David Rowitch who delivered his lecture"The Whole Life Approach in Paediatrics". David Rowitch 15 a developmental neuroscientist and Head of tkpartmeni of Pa¢diairics at the University of Cambridge. Originally from California. he obtained his MD from UCLA and PhD from the Univ¢rsiiy of Cambridge. His laiK)rdlory in the Wellcome-MRC Cambridge Siem Cell Instiluie investigates genetic factors that detemiine diversity of glia, which cornprise 9(P/o of cells in the human brain. Professor Rowiich has applied a developmenthl neuroscience perspective to better undersiand white matler injury in premature infants. and he uses genomic technologies to better diagnose and treat serious neurogenetic disorders in children. He was apkX)inted to the National Advisory Council for Child Health and Development (USA) in 2020. ¢le¢ted a Fellow of the Academy of Medical ScieTrces ID 2018 and Fellow of the Royal Society in 2021. The lecture will explain a new approach in paediatrics to understsnd the origins of physical and menlal health. 32 Fellows and Guests alnded the lecture. 2024 At the Society's Second General Meeting The Annual Oration was given by ProfeOr Dame Clare Gerada DBE FRCP FRCGP FRCPsych. It was entitled "The Future of Primary Heal¢h¢are" Clare is a general prdctitioner to her patients in South London, where she has worked for more than 34 years. In addition, she has held several national leadership role5, including both the Chair and President of the Royal College of GPS. the second woman in its history to hold both positions. She set up and led until 2021 the award-winning rnental health service for health practitioners. NHS Practitioner Health. She has now sei up and leads ihe Primary Care Gambling Seryice. a unique GP-led multidisciplinary service Sifdddling the primary, secondary and third sectors. She wa5 awarded an MBE in 2000 for her services to drug misus¢, and a DBE in 2020 for services to mentsl healih.
The future of general practice is the future of the NHS. The two are intimately linked. without a functionin8 general practice systern. we will not have a functioning health s¢rvi¢¢. Clar¢ talked about why we are in the FK)sition we are in, how she has lived through the three ages of g¢n¢ral practice and what she thinks needs to bc done to create a health service fit for tomorrow. 69 MembeTS and Guests attended the i£dure. Mansell Com ition Event- 10 June 2024 The Society hosted the Man5ell Bcqucst Competition at Lettsom House. In recognition of the recent donation to the Society of funds by ihe Multiple Sclerosis Task group, Ihe competilion was centred on ms-b¢d research. Six candidales delivered their reSeah to the Fellows and Ihe judging panel which included Profe&sor Gavin Giovannoni. The winner of the £1 000 prize was Dr Ben Jacobs. Five other prizes of £500 were awarded to Dr Nitin Sahi, Dr Chris Gilmartin, Dr Monica Gar¢ia-S¢gura, Mollie M¢Keon and Dr Tom Williams. 17, June 2024- Summer Outin Cambrid e - The Parker Li and Co us Christi Colle 30 Fellows and Guests visited Corpus Christi College Cambridge and the Parker Library for the Society's Summer Outing. li was a fascinating ViSIt and th¢ guided iour of the Library was enjoyed by all. On behalf of the Council of The Medical Society of London. listair Purves rfRcP President
LIBRARY AND ARCHIVES REPORT TO COUNCIL 2023-21)24 Prepared ty The Honorary Librarian The Soctety's Library remained well housed in Lettsom House. During the Session the Librarian continued to prodwe his very well researched and popular Library Newsletters which were distribuied to Fellows. These gained great praise and were added to the library's resources and the website for fulur¢ r¢ference. The only addition to the Society's Objets d'Art was a fine staluette presented by Colonel Jagdish on the cornpletion of his Presidency. The statuette is indicative of the RAMC and is on display in the Fellows Lounge. The Council recorded a vote of thanks io Colonel Jagdish for the presentation.
TRUSTEES COUNCIL EMPLOYEES AND PROFESSIONAL ADVISORS Tht Medical .Socirfy of Loftlfft 1% A T¢gerLd LhaTily IM) 2(Pl?421. 11% offiLY is lialld at.. Le11>M IILMIIL. I l (kth(kn" SireL'I dL Tel.. 00 7580 1(UI WLhsiiL'.' WVW.meds(Ylothn.(r# C(JmllLJndor M T Fl>nn FfMI Ch&i¢rLd,%lQ IPD - R¢pi$varo Mis B A knal1wmI- De1 RLgisit The Tru5tee5 of Ihe SletY for the period l July 2023 ihe da of this repon were. liin P J Clifton FCA ? l SeabTighi Wesl Purade II'C)RTHING of Trus$ Di Roy Newberry Palmer- Medical Prxiitioner (414) Dr Peier Murray Keir - Medical Prnctitioner1414) Dr Nichol&8 Anthony caMld8e - M¢dical Prxu"iioDer (414) BdTilaJ% B4nk Limiikxl 8ni T %4uJre Dr Chris1(4)tr Lund - Medical Practition¢r {4141 Dr Stuart Blackie - Medical Pr¥tilioner (414> NANCIAL ADI IS ' BLIaYS W'calih I Churchill PlaL'¢ Lond(bn UNCIL FO THE 2Slgt S Presld¢lltlCb4lr ot Pregdent Elect Dr Alisthir Psjryes (f46) Dr Susan West (Y61 Dr Catherine Sarraf (616) Dr Rudy Capildo) {f46) Pmfclara {516) Dr Peter Keir (&6) Col S Ja8dish l(rf61 Dr Nicholas Cambrid8e16161 ProfRolxrto Guiloff (N6) Dr RoKJney Rivers (516) Dr Hther An8us.LryrAn lkn) Dr Marek TrellkIl6I6j Sthlor Setretary JuDlor Secretary Vlce prdent Col S JaBdi5h (&6) Hoh LlbrrlD Hon FAlltor Ordlwiry yJyr Dr Susm West I6) Lkaive Hrn(416) DrJohn Flow (516) Mr Rrtrt Mr8a ([6) Prof Dafyt*lTr>mas (416)
THE MEDICAL socIErY OF IA)NDON- TRusfEKS' REPORT 2023 . 2024 The flnancial statements have bttn prepared in accordanc¢ with lh¢ accounting policies set out in noies to the accounls and comply with the charity's governing documenl, the Charilies Act 201 l and Accounting and Reporting by Chariiies: Statemenl of Recommended Practice applicable to charities prq)aring their accounts in accordanc¢ with the Financial Reporting Siandard 102 (Edition 2) published in (ktober 2019. overnance The Society is governed by lis Laws adopied in 1773 and last amended in June 2023 to include a new buts8ry- The Seifert Bursary- which will be first paid in late 2023. No further amendrnents to the Laws have been made in 2024. The Tru51ees are sponsIble for the overall governance of ihe Society bul the Laws specify particular tasks for the Society's Council. including the appointment of Trustees. In this way. (here is a balance between the iwo groups thai allows the Sle(Y lo run on a day-to-day basis bui gives a Cross-check on the WOTk of both groups: this allows strong governance. There are five Trustees, appoinled for 5 years except that one Tstee shall retire annually bui may be relected. The Trustees elect their Chairnian and one of the Trustees is also the Honorary Treasurer. Council comprises the President. (he Presidenl-Elect. 2 OT 3 Vice Presidents (who are the immedia past Presidents). 2 Honorary Secretaries. the Honorary Treasurer. the Honorary Librarian. the Honorary Editor. the Registrar (CEO) and up to 12 Councillors of whom 3 may be ihe past Senior Honorary Secretaries and 9 who are elecied by the Fellowship for a kxriod of 3 years. Each year ihe Fellowship elects lo take 01CC for the following year: the President-Elect. the Junior Secretary and up to 3 Councillors. As required. the Fellowship elects an Honorary Librarian and Honorary FAlOr. Ttuslees are required to meet at least 3 times a year: they ar¢ rcsp)nsible for setting the strategic financial plan for the S(Kiety. approving and overseeing the budget. detertniniThg the investment policy. and for inrPret]ng the Laws of the S(Kiety. The Trusiees also examine th¢ Risk Regisler and the Health and Safely RetK>rt annually. New Trustee5 receive infonnalion which includes a copy of the sietY's latesi accounts. tn addition lo fomuI meetings. the Trustees maintain a continuous dialogue with the Registrar on is.sues Is they arise. and one or more Trusiees *tend the House and Finance Commitlee (of which they arc statutory metnbers) and Council. Council mei 6 times in 2023124. Council sets the programme for (he following year with the President-Elect and is reswinsible for overseeing the Registrar in the operating and Nnning of the S(Kiely. The Trust¢e5 and Council delegate the exercise of certain p)wcrs in connec¢ion with the management and administration of Swicty set out below. This is controlled by requiring regular monthly reporting back to the Trustee5 and Council. so that ail decisions made under delegated powers can be ratified in due course.
House and Finance Committee The House and Finance Committee is entrusted, subje¢( to the Control of Council and the Trustees, wilh the financial business of the Society, and with the general management of matters relating to the Society's prortY and buildings in Chandos Street. It is responsible for financial Risk Assessment and scrutiny of the cash flow in year. It meets at least three times a year. The Committee is also charged with reviewing the lIcY and management of th¢ Society's inv¢slmenis. The Committee ensures Proper procedures are in place to manage rinancial resources prudently and to maximise income whilst maintsining sufficient funds to meet commitments. The Cornmittee advises the Council and th¢ Trustees on ihe appropriate level of reserves and the need for any significant chang¢s in invemmenl Straiegy. The Executive Comrnittee As a result of the Covid 19 crisis in 2020, The Society amended it5 Stsndin8 Orders to include governance provision for force majeure situations. In c&ses when the s(iety cannot meet as it would nomially do, an Executiv¢ Committee has been fonned. Thc Committee comprises the Trustees, the current President and th¢ President-Ele¢t. The Committee continues the governance of the finance5 of th¢ Society. its charitable objectives and th¢ conduct of business as required. It remains a business continuity issue and was last empowered in 2020. Chief Executive The Chief Executive (known as the Registrar) is responsible for the day-to4lay management of the s]ety's affairs and for implementing policies agreed by Council and the Trustees. The Registrdr is assisted by a deputy. StAtemeAt of Res nsibilities 2nd Governance The Trustees are resp)nsible for their annual report and for the prepaTalion of financial statements for the financial year which give 8 trne and fair view of the incoming resources and application of th¢s¢ resourtts by the Society during the year. In preparing this financial statement, Trustees are expected to: Select suitable accounting EK)li¢ies- Make judgements and estimates ihat are reasonable and prndent; Follow the recomrnendations of the Charity Commission and of the accounting profession with regard to forni and content of the a¢¢ounts or to disc105e and explain any departures therefrom. Prepare financial statements on a going concern basis unless it is inappropriate to assume the Society will be able to continuc to meel is objectives. The Trustees have overall resw)nsibility for ensuring that the Sociely has appropriate systems and controls. financial and otherwise. They arc also restKJnsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the flnancial position of the Society. Trustees are also respK)nsible for safeguarding the So¢iety's property and assets and for their proper application as required by charity law, and for taking reasonable
steps for the prevention and detection of frdud and oiher irregularitie5 and to provide reasonable assurance that: The Society is owating ¢fficiently and effectively All assets are safeguarded against unauthorised use or disposition PrOr records are maintained and financial informalion is reliable The Society complies wilh relevant laws and rcgulations. Risk The Trustees are aware oftheir resw)nsibility lo identify the risks to which the Society is exposed and to establish systems lo mitigate them. During the year. they continued io review and refine the fom)al Risk Register detailing the five overdrching risks io th¢ Sociely. Over Ihe lasi two years they reacted to the Covid 19 pandemic in accordance with the Risk identified which matured into an Issue. Risk is a common theme at Trustees meeting5 and they fornlally reviewed the Risk Register during their April meeting and considered ihat effective mitigation. treatment or tolerdtion is in place. Business Continuity is assessed and considered regularly. In 2023124. the risk ihat the Society's incorne would reduce matured into an issue as the recovery from ihe pandemic continues to affect function lettings and renthl values. This risk was treated by a hi8her4han-average drawdown from the Society's investments lo ensure operating costs were met. This was communicated to the Trustees and undertaken with their approval. Summa The Trustees consider ihal governance of the So¢ieiy is sound and in accordance with Charity Law and good pra¢ti¢e. The Trustees. the Council and the House and Finance Committee are carryingy out their ¢a5ks allocaled under the LAWS. Stsnding Orders are regularly reviewed and the latest issue was published on l June 2023. Membershi The Society lost 3 Fellows who died and there wer¢ 13 resignations or non-payrnent of subscriptions. 8 New Fellows have been elected and the present membership of 256 is constituted as follows: 4 Honorary Fellows 36 Honorary Life Fellows 216 Ordinary Fellows In order lo maintain close SCTUtiny of the recruiiing of new members, the Council have continued io support the Honorary Membership Secretary. ramme Education and other activities See the Review of the Year on pages 4-8.
The maintetwice of Lettsom House this year has consisted of the continuation of the rolling programme of refurbishment and remedial works. There were no planned projects for 2023 in order to let the investments Tecover and to enable the 250th Anniversary Celebrdtions to be held. In summer 2024. a significant project was started, which will mature into the 2024125 accounts. This project will be the repair and refurbishment of the external faces of Lettsom House to preserve them. The proj¢ct will cost in th¢ region of £170.000 to £200,000. Additionally, the time-expired FiTe Alarni System will be replaced at a cost of some £20,0(K). Following these works. the Trust¢C5 have agr¢¢d that thcrc will be no further planned projects for 2 lendar years in order to let the investment account recover. The two flats at No 12 Chandos Street have been let for almost the entire year 2023124 with just a short unlet period for Flat l. The overnll net income rnised in the year is £47.799. Unoccupied periods affect the Soci¢ty's income but th¢ risk is ideniified in the Risk Register and funds allocated within the reserves for such OCCUTtences. Thert has been some continuing wear and tear to repair/rlace item5. The Trustees have had due regard to guidance published by the Charity Commission on publi¢ b¢n¢fit. Th¢ are three areas where the Society adds value. Two fit specifically with the object of the Society. "The advancement of the sciences of medicin4 surgery •nd those branches of science conneeted therewith": Education: A programme of lectu$ offering Professional Development when appropriate and furthering the spread of medical knowledge across the range of medical specialisations. Assistance to medical students. In 2023124. the Truste¢s and Council awarded the McNee and Roy(kn Davis bursaries as well as The Middlesex, Tuck and Seifert bursaries. The latter two being awarded to ease financial difficulty for appropriate medical students. The Society also contribules to the etTiciency of other charities during nomial circumstances. Many of the Societies and organisations wlK> hire Lettsom Hous¢ are charities and £13,502 was foregone in rental income to pmvide affordable locations for these clients. Addiiionally. because the Society owns Lettsom House: Preserving the nation'5 historic buildings and painting5 - the continued upkeep of Lettsom House. a Grade11 listed building (see paras above). Develo ments In Year Lettsom House's long terni tenanty the IndependeTrt Doctors Federation and the Fellowship of Postgrnduate Medicine have both successfully continued their Leases in Lettsom House for 7 and l O years spective1y over the period.
Com Pension Scherne The conipany pension Scheme continues to meet the employer's legal requirements. The scheme is rnnning and is available to employees. The Society's contributions are in line with the legally required ¢ontril)utions and therefore remain compliant. The scheme was re- Te8iStered with the Pensions Regulator in 2024. Future Develo ments The Trustees have a policy of lookin8 to the long-term fututE of the Sociely. A cornerstone of this is a continual review of the Society's assets and the best way io use ihem for current and future benefit. A long-terni refurbishment plan is maintained for the public rooms and facilities which will see Ihe income from the hiring used to maintsin and improve Lettsom House, preserving it for wjsterity and increasing its attraction for venue hire. The summer project in 2024 (above) will further enhance the preservation and appeal of the building. Financial Review and Results for the Year- 2023124 In 2024. whilst there was a continued recovery in the use of Lettsorn House by third parties. the income was not ihat which wa5 required to Sustain the operating costs withoui support from the investments. Over the year 2023Q4: Ihe sum requirtd from th¢ inv¢stments to maintain service and provide for works was £134k (this is the gross figure, following favourable stock market results the nel reduclion in investments was just £77k). The Trustees were informed and approved this ihroughout and other mitigating aciions were taken including ihe increase of rentsl prices, Ihe reduciion in the charity hiring rate discounl and increased markeling of the House. The Sociely's funds remain invested in accordance with ihe rules laid down by the Charity Commission and the Society is advised by Barclays Wealth. All major financial commitments are assessed by the House and Finance Committee and auihorised by the Trustees. The Society's investments are held within the Barclays Charitable Fund and a fornially reviewed twice a year with Barclays aTKI at ¢h meeting of the Ttee5. The Statement of Financial Activities (SOFA) reflects all incoming resources receivable and expenditure in the year. Gross income totals £206.046. an increase of some 15Yo compared with 2023(£182,209)- Occasional leltings have continued to improve following the pandemic but are still legacy issues. A £15,000 legacy was left kn the Society without restriction but will support a new prize in FY2024125 in memory of Dr Kenneth Scott. Direct charitable expenditu decreased by some £17.151 in year despite increases in uiilities and rates. The operating generdl fund has ended the year with a much reduced deficil (in the region of £59.650) but still reflects increased opernting costs. The Special Reserve which has a deficit of £33,071, is counleracted by improved unrealised gains on inv¢stments. It is of note that all income from investments (£22.265) was re-invest¢d. The overall net movement in funds is therefore reduced this year to a deficit of £34,911 (2023 - £120.991). The Balance Sheet continues to reflect the revaluation of the property in 2015116 and the reinslatement value with which the TteeS remain satisfied.
General Fund The income of the General Fund is mainly derived from membership subscriptions, rents and the hiring out of conference facilities. The main expenses are the staffing of Lettsom Hous¢ and its upkeep. The income for the year dIOting the legacy was £159.532 and expenditure was reduced at £234.189 {2023-£315.892). The day to day running costs of the Society thus showd a deficit of £59.657{2023 -£75.655). This has been covered by the drawdown reserves which ihe Tru51tt5 have approved. It represents the slow recovery in income from occasional lettings. The Spe¢i•l Rerve Fund The Special Reserve Fund was established in 1988 from the proceeds of th¢ sale of a large part of the Society's collection of antiquarian books to the Wellcome Trust. Income frorn dividend in 2023124 which is reinvested. was £22.265 and expenditure. on stockbroker fees, the printing of Trdnsactions. bursaries and the depreciation charge was £64.585 (2023- £58.028). The assets of the Special Reserve Fund stood at £1.160.081 at the year end. Trustees. Policy on Reserves The purpose of the Special Reserve Fund is to meet contin8encies and supw)rt the considerable costs of maintaining the fabric and interior of Lettsom House, which was built in aboui 1740 onwards and suffered neglect for many years when funds were inadequate for maintenan¢e and repairs. A long-tern] programme of pair and maintenance has been developed which will be funded by rentsl income and. when required for larger capital projects. financial supw)rt from the SpK¢ial Reserve. All the Society's funds are "unrestricted funds" Any other restrictions (m the use of the income of the funds have been imw)sed only by decisions of the Trustees and not as a condition of any b¢qu¢st. gift or other acquisition of funds. There are two considerations within the Special Reserve which reflerf th¢ Man5cI]ll+ASTG and M¢Nee qUests. Following the Significant drawdown of funds for thc proj( at Nol 2 in 2015116. the Trustees )Eviewed the tKJli¢y of the valuations of the Iwuests in 2016 and include the following provision: The FAanseiillklSTG Bequest - The Mansell Bequest amse in 1976 from a legacy l¢ft to the Sociely without reslriction but with a "wish" that it be used for research into neurological studies. The MSTG further thnated £40.0(K) to the S(Kiety for charitable purEX)ses in 2022 and Council agreed that this should be included in the Mansell Consideration. Since the bequest and donation were not a restricted fund, it was absorbed fully into the Soctety's General Fund. Whilst not accounted for separately, The S(Kiety acknowledges the wishes of the Mansell will and ihe MSTG by providing a sum of money each year to the Council from the General Fund to support a specific ManselVMSTG cvenl in the Society's programme. The event is neurological in nature and provided in addition lo The Society's standard progrdmme. 1¢ is for Council to decide annually the fomi of the event and whether a Mansell eveni should be held ea¢h year or whether the annual provisions should be accrued for a larger evenl every 3 or 4 years. Council nominate a suitsble Fellow with a neurological background to organis¢ any su¢h ¢v¢nt and he or she will have the support of the Registrar and Society staff in the organisation of the event. The Mansell Event was h¢ld in 2024 and
recognising the donation provided by the MSTG, it was themed on Multiple Sclerosi5. The Trustees have made up to £6(KM) available for this event. In the event some £4000 was required. The McNee Royden Davies Funds- The Society left a sum of money by Sir John William McNee in 1984 and by Dr Royden Davies in 2011. without restriction but with the intent that the funds be used to assist medical students with the travel expenses associated with their elective. Acknowledging the bequesL The Trustees and Council award two bursaries annually in the McNee name and one in the Royden Davies name to the five Lon(k)n area Medical Schools in rotation. The current level of the bur5ari¢s is £I.OQO but (his may be reviewed by the Trustees annually to refleci th income and perforniance of The Society's invested funds. These awards were made lo students in 2024. In accordance with the Statement of Recommended Practice issued by the Charity Commissioners, the Soci¢ty is reqUId to stste the Tntstees. Pollcy on Reserves: this is "to maintain the value of the Special Reserve Fund io provide a generous two years of budgeted expenditure. This is combined with CDsuring that all nece558ry maintenance is regularly ¢arried out on Leltsom House and ihai appropriaie and sufficient insurance is carried against all insurnble risks that could affect the Society's income. Additionally, uninsured risks identified within the Society's Risk Register should be valued and that value included in the Special Reserve considerations- The present target figure for the Investment Funds is £ I m which should be achieved within l O years. noting the vagaries and lluctualions ofihe Stock Markd. and this is reviewed fornially each year along with this strdtegy. The addilion of ihe Tucker Legacy and the MSTG donation have perniitted further investment. The overall inveslmenl policy is aligned with the Barclays Charitable Fund wilicy and aims to mlMise the long-terni total return of the Society's investmenl funds (with a horizon of l(Ik years). at moderate risk and with ethical investment managemenL Following the completion of the conversion of the Society's property at Nol 2 Chandos Str¢¢t inlo flats in 2015, the income from the rent of the flats is being used as intended to develop the Society and provide for a well-considered rnaintenance fund for Imlth Lettsom House aTKI the better conduct of Society business. Currently this rentsl income remains steady and so from 2016117 dividend income from the Special Reserve fund has been inVested to ensu the regular and continuing growth of the Special Reserve and money only drawn down wh¢n significant projects within the maintrnance programme demand IL Investrnent FK)wers nÉtal. The Society's investments are overseen by the Trustee5 in accordance with the Trustees Act 2000. The Trustees act with the authority of the Society's Council.
Restrictions on investment. The Trustees are content that the ethical restrictions and reening which Barclays Wealth apply to their Charitsble Fund are aligned with the Society's intenlions for ethical inveslment. Strategic investment pol Time horizon. The Trustees, Strategic vision for the Society is that it will continue functioning as it does a¢ presenL indefinitely. li will remain based in Lettsom House. Thus th¢ Society aims to maintain its inveslmcnts in perpetuity. Return re uirement. The Society takes a balanced approach to investment. Th¢ Trustees accept the growth requirements of the Barclays Charitable Fund and align their requirement with it (current at +3y.). Risk tolerance. The Society categorises its attitude to risk as-moderate" in line with the risk profile of the Barclays Charitable Fund. uidit uirements. There ar¢ no nomial circumstsnces that require a proportion of the portfolio to be liquid. Every year, a Sum will b¢ expended on the decoration and repair of Lettsom House but this will be planned well in advance. nornially funded by the income from the Flats but with any Special Reserv¢ drawdown clearly identified and approved by the Trustees. In 2023124, there has been a requirem¢nt for the inveslments to support the operating cosss of the Society and a net figure of £50,iXX) ha5 been drawndown. Benehm*rking General. The Society will monitor the perfomiance of the Barclays Charithble Fund against the baseline estsbli5hed by Barclays (ARC) to afford such melsurement. Investment manager Inve5tm¢nt manager. The Society will invest with Barclays Wealth in their Charitable Fund which provides activc fund managemenl and an adaptable service. On behalf of th¢ Tru5tces of the Medical Society of London: péat K6 Dr Peter Keir MA FRCP FACC Hon Treas rustee Dr Roy Pa mer LB MB BS FFFLM HonFRCPath Chairnian of Truslees Dated October 2024
FINANCIAL STATEMENTS FOR THE YEAR ENDED 301b JUNE 2024 THE MEDICAL SOCIETY OF LONDON (FOUNDED 1773) LErrsoM HOUSE 11 CHANDOS STREET LONDON WIG 9EB RECISTERED CHARITY NO. 209242 Conlents.. Ststemenl of Financial Activities Page 25 Balance Sheei Page 26 Notes to the Accounts Pages 27-38
Tho *dlc•l Socl•ty ofLondon Regl¥knrvd Ch•rity 140209242 St•t•m•rf of FIn•Ill AthIU•¥ Statementof Flftandal AclP4Stles The med11 Soclety of London fte8 Charlty No. 209242 Total Funds Prior Period Total Fund Further Detalls ALL FUNDS ARE UNRESTRICTED Income and endowments from: Donations and Le8acies Charitable artivitie5 Other Irading aCtivr¢ies Investments Other Total Expendltwe on: Raising Funds Charitable adivfties Admin and Management Total Note 2 21.224 19.211 133.797 22.265 9,549 206J)46 20.029 127.330 23.062 10,788 182209 1,720 287,924 9.130 298,774 1,869 304.926 9.097 31$92 Note 6b Note 12 Net inc¢mellexpenditurel Net gain5lllossesl on irwe5tments Net movement in funds (92.7281 S7.817 134.9111 1133,683) 12.692 1120.991) R•conoliation ol lund5: Total funds brought forward T¢tal fund5 ¢ald forward 7.188,938 ?.Is427 7,309,929 7.184938
R**red CharSty No.209242 Bal•ne• Sh••t
* at JO Jubo 2024
Totals Fund$ to 30 Jun• 2023 Fthd• to 30 Jun• 2024 Note5 FIXED ASSETS Freehold Propety Historical artelacls Furnrture and equipment Invesbnents at Maet v 6.LNJO.IJJO 446,876 7,678 B.OLK),(>JO 446,876 8.888 7.116.5 7.174.11S CURRENT ASSETS Stoc Oebtors Cash in b and in hand 13.340 27,124 67 247 14.087 17.226 27.666 10 107.711 58.979 Ltt•: CREDITORS falhro LI With o 11 0.5491 144 1561 NET CURRENT ASSETS NET ASSETS 7 154027 7.188 938 FUNDS 5&8 CAPITAL FUNDS Sp#elal R•8•r¥• 1.1fyJ.081 1.135.335 R•valuollon RM•r4• 15 5.760,936 5.760.936 INCOIAE FUND C81 FuTha 233.010 292.667
Th• M•dleal Socknty of London R•gl•t•r•d CtrArlty No209242 Iloto• to Flnanclal St•t•m•nts for th• y•ar •nd•d 30 Jun• 2024 AccoiJNfiNG POUCIES Aceounllng The fina181 5ts1ernents have been prepared hBtorical (wt cLTheniion as to indude th• freehdd propeity at inL5tees Valualic based ren incor, and frx&J asset inwstsnents at open met vaue. Thtr ffinawK?al stslémnts habe been preparwl in aco)rdarKe with the Stafemenl of Recornmended Practice.. Ac(ountiry aryj Rewrtry ty Charlies appIab accountu standards und•r Financk81 Repting Standartl No l. Tr Charity is exwt frcffl the UireMentIO prepare a cash flow $tslwngnl Ilw growNa$ ofsize. The acc(Jnl"ng pKj i8 yeareThJ 30June 2024. the pwir#J tsthe yg gndgd 30 ju 2023. Subw"pb"S arg br(vJht into fAwKial on [rt ExndlIU ExpeThYitwe is exdusive ofvaA&j Tax. R•pairs aThJ costs of L8ttsLTh H$• ar• charyed toth• R•s•MI. Sp•tlal Fund• •Ad B•ty•#ts Be$ts aTrJ gnis are 1x01t into the finan(aal slaments rncehryl. D•pI•ll0n Dep¢81)n is charged at 10% rm annwn on ts net valup Ofknlre and eqUrnent, at 33% perannum on the net value ol comp¢Aer eqwment It has not be•n thargJ the propèrty in ol Ihe rèrAnt wnovabort arK1 ts oJN•nt math•t sltuon. Th• TNst8es ht artof•¢ts ¥akd in 2010111 and r depreciati( ha5 sin been apEd to ttb)se assets. stocs Iuded •1 the Itvrgf¢05t or ve. In¥••tm•nts Investrnents e incbAed at mathetvath. Unrnaliséd gains or1055es in t1 year are induded in the ststsrnent of Finana* Adivths. As at 1 SepknTt¢r2CK18 al the in¥eslments were moved to the Special INCOIIE AND EXPEK)ITURE l•w o¥•r)
Th•TA•dl¢al S•ty ¢lLd0Th Y•¥r Fuv V•wto Unr•slrf¢t•d Funds Incomlng r•8ourc•• TJ.IA2 2.112 17.917 2.759 16.452 2.759 16.452 Rents iec81vae'. 84.1 49.7 84.0)1 49. 84.419 42.911 Occasi kaings Olher inco.. R1?5 D¢naDw6 S Ley¢s Furrtlr4 17.224 1818 424 21.224 1.(¥JO 3.818 424 lrtsuwarte 5.249 10.430 TOTAL INCOklNG RESOURCES 174.SJ2 31.514 182209 Dlr•Gt Chavsiablp ExpBndliwp: MYJdeN &Jr3ait8 Roydefi Dames BuTsaries McNee Buwses Mansel Bursaries Tker & Selfert Legades Repairs and rwewas SecLm"ty costs Prkntty of TransactbJn%' Llbrary. ¢te$ & PainUr#J8 HS$les pyesented CYatc¥s knwes wesented LeIts¢9n preserted B•Sges Presle aThJ wag88 $7,933 3.419 4.074 4.078 119 114 119 114 9.218 122 115 115 115.1 115.096 s.5 17.247 115.521 5.833 15.101 Pwsbr Jskness rates 17.247 Vvaler rateg Irourarte Lvjhtty aThJ I Telephe Slationery and poswe 17,549 17.549 7.(6 14x7 646 1.450 1.720 9.757 20.919 1,529 2.(ty1 11936 22.974 1208 Genw ex8 DepYeclalSon Unreco4rabl¢ VAT 22.#74 Dlr•¢tCh¥ii•W• tyy 287.924 304.926
Th• IAedlcal Socl•ty ofLondon Regi¥tsrod ClIty No.209242 Total• Y•ar to30Ju 2023 Fund- Sp•c tO30n 2024 Fund Olr•ct Chrft•bl• EXpdI1• bn 225,19 304.¥d6 Admln •nd MOnornnt ofcharfty Indendent Exa71ina1bxAI1t Accountsncy payyol Stocbrcther fees Bank charges Prolessional fees 895 895 7.068 1,720 817 350 10.850 7,683 1.869 189 350 10.ge6 1.720 817 TOTAL RESOURCES EXPENDED 234.189 315.982 NET INCOMNG (OUTGIMNG RESOURCES FOR THE PERIOD 159.657) 133.0711 (92.7281 (133,6831 OTHER RECOGNISED GAINS ANO LOSSES Gains Ilosses) on inv•slm•nts Rèalisad 10.340 47.477 10.340 47.477 5.052 7.640 NET IAOVEMEMT IN FUNOS 159,657) 24,746 (34,9111 1120.9911 Balances tKought k•vArd at 1 July 2023 6,053, 1,135.335 7,188.938 7,.929 BALANCES CARRED FORWARD AT 30 JUNE 2024 S.993,946 1,1t4).081 7.154,027 7,188.938 hè Full Comparatorn ¥Ath th• pY•vlw• y••r trJ7 thy 2019 SORP av• In th• lollowlng pag•• On Itall¢• lor elarity)
Thp I11ClI SoGl ofL•ndon R•r•d eIllY 11ry*9242 Yw XZ3 t012 2a 23.062 2. f12 17.917 22.528 2112 IT.917 17.277 81.419 911 84.419 42911 70.076 41.888 Royaths 95 1,645 10.430 TofAL cOmGRes0uACES 14.717 314Y2 182.209 f96.259 TLthrLegaGy 6T.933 67.933 1419 IZ314 3.469 6.205 990 180 123 115 280 lo6.7 5.715 13.56T 593 13,423 7.431 Secrwity co 3,419 9.218 9.218 122 115 122 115 114521 &833 f&YOY 11&521 &833 15.101 14.567 14.&17 T¢l¢pl 2.068 .757 20.919 9.757 20.919 1.529 16.313 89.651 214.067
R•glsternd Chrfty No.209242 rotals Funth. Year to 30 Jun 3023 to 30 Jun 2022 215,275 89.651 4.926 214,067 Admln •ndManag•m•ntofClwlty AccountancyandpayrI Stockbrater18es Bankcharges Prof8SS81f88s 4132 2.184 202 1.869 169 9,LW7 10,966 lQ969 TOTAL RESOURCES EXPENDED 224.372 91.520 31S,892 225,036 NETINCOMING (ourG0) RESOURCES FOR THE PERIOD (7&6S9 (&8.028J (133,683) (2Q 77n OTHER RECOGNISED GAINSAIID LOSSES Gains Vosses) Ins[monts Reah"sed UnrooL(sgd 5.052 1,020 I,075} 7.640 NETMovEMTIPl FUIIDS 17&655) (45336) 1120,991J (87,832) 8&lèneès bwhttsword 8t l July 2022 6.129.2Sg I.1,677 T.309.929 7,397,761 BALANCES CARRIED FORWARD AT30 JUNE 2023 6.051603 1. 135,335 7.188,938 7.309.929
Th• M•thc•l Socknty of London Reql•tw•d Charfty No209242 Mot•• to th• Fln•n¢l•l St•tsmw for th• year endod 30 Jurw 2D24 3. STAFF COSTS Y•ar 30 Jung 2024 Yo#r to 30 Juno 2023 Wag¢s and S 105,841 1C6,112 National Insuran ContrtiJtk Pensvjn Contnbuticffls 9.255 9,409 The a¥eragg rnonthty rvnt¢ro[wyfitS thiiNJ wAS. Pension and R•ts"rement Ben•fits carty FOYS a mandatory d8fin&J contrknvb.on scheme kjr one ol the staff m&nèérs. Thè costs of Ihese in the p•nod 25.K1512023 £5,833). No ploye• earned more ttwn £60.LMI in the year. 4. TANGIBLE FIXED ASSErs Equlprn•nt Equlpm•nl ArtofaGts proty Toi•l Cost orvalualion At 1M Juty 2023 Athjithons In year Oisposal in year 8.439 152.128 446.876 6.t)Jo.rth 6.607A43 At 30 June 2024 8,439 152.128 446,876 6.(,(1X• 6.607A43 D4Yeciation At 1M Juty 2023 DisP05al in year Chargè for tha yr 144.633 101,6B1 749 1.208 At 30 JU 2024 145.382 162.889 Net 8od( Valua At 30 Jthie 2024 9Y2 6.746 446.876 6,0.L¥) 6,454.554 At 30 ne 2023 1,391 7,495 446.876 8.crrtJ,c 6.455.762 Fr•8hold Prop•rty-Ttre Frethkj Pi¢wty olThe medal Sweiy cl Lw¢on compiises lull 0ershiP 01 N05 11 and 12 haOS Sireel and 8 deTTse N010# Chandos StrÈÉl re[t)Meth of N012 wiio two resKlenb fl8ts. 1 Truslees sowhl an open rnarkel ¥aallOn kn ti Freeh¢Md a rewtai Esie Agent The vio reoi¥& was a r¢ali$lic expedation ofsae 0116 OCIJ.C#JO Based LX) Itss •Jvice. Trlee$ anndeO the fi51rKl v8lualh)n of Ihe operty arKI ha agreed Ihai lowtr markei esimaie ol £6.{KK).C aTh0 In Ine Chty AccrnlS as 8 more accurale lene1(7 oflhe value 01 a55els Tr •so wofe5swaly a5ses$ed Irtsurat wtP05ES al E4 175.(KJO h15t0rt010rtelad5we 2011 These artefads a Val lo thg this value 11 tho next rroJUrn rv4Jalicffi kKWFose5. The Litqy Bocs irÈ ¥aMrtd in 2018 iftsLnr Wtposes at £350,c0. Ttrwlh to 3$ WJe •ielaas iowi
Rogl•tsv•d charlty No.209242 lth)t•8 to th• Flbwll St•knnont• S. AIULYSIS OF NET MSETS BETeN FL4DS Fw Tot•ls FIXED A8SET8 Freehyd Piy¢rty S,33S.077 446.876 7.678 6.000 OLKJ 446 876 7.678 862311 Fwnqurè equipmert ev2.311 5.789.631 1.327.234 7.118. CURReMT ASSETS Slock Deblors 13.340 27.124 66.368 13,340 27.124 67.247 879 I[.832 879 107.711 Creditor5 due With year 152.6361 (17.9131 (70.$491 54.1 (17.0341 37.162 Owlng b•twa•n fund• 150.119 119).1191 5.993.946 1.160.Cé1 7.154.027 Hlstorfeal ¢o•t ollnv•8frn•nts 30 ju 2024 17.015 507.015 The Spec'HI ReseNe FuThY Mansel18equasl. Sw John McNe• 8equ•st and Roy Dav Elgthw Bursary 8u8st haw all beén dèsignated by thè Trustèès for Ihe purposes as set oul in their rep)rt and as rèfléeied M) SrKEty s Stsrxling tkn. In 2015 has been majg not to sh the minor separatety in aCCnts cather to kntr4dge th•"r gxtsIèn in il coThJLKt of1 So¢ty'$ fun¢btsn$.
Th• mèd11 Soekty ofLondon R•ql•t•red Charlty No.209242 Mtstsa to thè FlnaffieW St#t•m•nl for th? yw •nded 30 Jur 2D24 INVESTMEIITS Holdlnq HoldlbW• at 30 Jun• 2024 2024 2024 2014 valu• UK EQUITIES 346.941 8ardoy$ Chorty R 507,015 662.311 6.b INVESTMENT MANAGEMENT CHARGES 2024 2023 1.869
Reqhtornd Charlty No.209242 Not0¥ to Fln•n¢knl St•twwnts for th• y••r •nd•d 30 Jun• 2024 7. FIXED ASSET INVESTMENT 2024 718.352 2023 797,264 Market V4ue 1 JY 2023 A(J1tn9 AcLumuLd IncLJ DisposaL Net reall gainlI05$esI Net unrealLsed gafftslllosses) 22.259 23.0 (136. 1171 {114,6661 10.340 5.052 47.477 7.640 Marknt value 30 2024 6S2.311 718,352 Histrincal eo8t as at 30J• 2024 507.015 591,429 RESERVES POLICY The Socioty hasestat4ish8d a pwjkyfor r•sw$ towthrollmtrthas suffmii m•. ii additi. to $th¢rwbons aThJ rents. to suslajn its ac$¥1 mamtsin and. recess?ry. renovate Letscm House. TheTruses have decKled that any funds excessofthose reqir&J forthese purposes sh¢)Jd be setaskl•forextra-mural charrtab purposes In purstht ofits ot4'eci-the advaTKem&tt ofmedicine. Pfocdwes arè in plac ts the Trustees to re¥ STOCKS The fgure corryrises ts So•ts sloL of knv4W. baLW armj prints VU&j atthè l¢)wr of COSt or t reah"sable value. 10. OEBTORS 2024 2023 Amounts owed to the Chwityby." sdry debtors 13.863 11,118 13281 6.108 27.124 17.226 11. CREDITORS kniounts falllno y &mdry CltorS 5,8 6,823 Accruls 37,333 70,549 44.1
11 ADMIN ANO MANAGEMENT EXPEIISES Ind8F•ndent Examinerfs Accountancy aTrJ Payroll B81 thargo$ Prole85iono1 Fee5 (VAT ¢¢Y) Total 895 7.683 817 No rBrnuwatson was pawj and no eypww were re¥)ursed to the Tn1 dumg ts nC*S.
The M•dl¢al Socknty of London Rogl•t•r•d Charity No2119242 Mots• to lh• Fln•ftGl•l Slat•m•nts for th• y•Ar md•d 30 Jw 2024 13. TKXATION Th• Socaèty is a rag1std dwity Section 5LW11 ofthe CryForalion Taxe5 Ad 1988 exempt from taxation. OPERATING LEASE COMIIITMENTS 2024 2023 Expinro t•trA8n on8 aNI fi¥• ar$ 8,204 REVALUATION RESERVE Th• RevAluolAM R•s•Th 15 mad8 UP Ot. Revgluatbjn of propety 2010 1.474,OC Further revaluabon ofwr4erty 2016 3.845.077 valuati of hISC artelads 2010 £5,7,938 18. CAPITAL COPMIITIIENTS The Tntst88s d8ad8d that tha èxt81 r¢futh"sPMn8nt of 11 Charths Stféèt shoufd bè earritsy durin9 the mrner this year, ¢ommerKJrg cOnslenty, the Sooety has aw a contract forthework with •Aary0 Interiors LoThJon Limthj. Thè in1th.01[¢¥d 9strn¥le lOrth r8 £166.666 plus VAT with an 8¢kn(eant that the 9v9n11 tow ¢05t rnay vary Irtyn wement t•AI be depeThJent the emers4ng Mjrks tequired as prw pYcJresses. As ol the $tructurgJ paynrf plan S)rI1 stywificant ryks. a deF)Sitof£33,333 plus VAT was paid In Ihe year end&J 30 JLM 2024 and is iclud&J in the figure ryrs shtr•m If allathd aunts. There is an eslwn¥knJ CaFit CorNnJnwrt of at ast £133,333 pkts VAT for lh& balance of ts contraeL Thè final amountwill agre&J on cornplel"on. baaKe WAI te metlrcm thg invgsbnwt a$ts on behJf of the Sperd RgseThp Acwl this year.
Indep¢nd¢nt ExAmlner'$ Reprt to th¢ Tr¢s of th¢ M¢dlc•l Sockty OrndOn ReKlstered Clmrlty nmmber 209242 I report to th¢tn]$te¢s of Ih¢ Med•l Society ofLondon on myexarnlMt of a¢couNi$ofthc Mcdical SoGi¢ty of Londott forthe yearettded 30 Jutse 2024 setout on 18-29 Re•Ponl111m •lld b4119 •( report As the chariy trnstees of the Charily you areresponthk fortheprepar4ttiTr of thc allts TTh accordance with the requinneM¢s of the Ch8riisA¢t 2011 Dhc Aet"I The Charity"s tmstee5 consmler thatanaudilEDOt Tequllvd forthi5 yearn0¢rEI 144of tbeA¢i andihatatt lDd¢prodent ExaminaiK)o 18 needed. I ffport ¥1 resp( of my examin8tiom of ihe Ch4ry'$ a¢1¢S oui understttK)D 145 of the 2011 Act and li conying out my ex&mitiAln I hiv¢ foki**d #U the applKabk dvrctiDn5 given by the Charity Commiwon under sect•)n 14515Xb) of the A¢t. and to #ate vAhthher any nlrmattern have ¢ome to my Attent. I havecompletedmyexaminatioo. I confxm that no matttial matters have ¢ome io my attent Cortnection with ¢hE ¢8us¢ belKve thal in any materiilw: l. The irxouDtingffcords noikepi ID ffspe¢i of the ChaYMy •sttquArd by ¥ectM)u 130 of tbc Act; or the &¢counts do noi &ceord with those aecountil8Te¢ords 3. th¢ a¢¢ouDls do not ¢ompfy with lh¢ appkgbk JrquYem¢nts cO¢Ming the forni #I eontettt ofthe ac¢ounts set Oui the Chaiitkx {A¢unt$atsd Reports) RyJRtM)ns2008 otherthan Any wuir¢m¢nt that the accountsw a Irue and farf EnDt a mallercon$bJeffd as partof an iidependeni examin&titin. I havenoconcems andhavecom¢AcrOssr0thermai1uYin connecth)nwith ihe examiti&t#Mtowhi¢h atienti)n shoukl be drawD this teport in tsftlerto ertablt a pnperUnde8ndrn¥of the accountsto be rea¢h¢d. lan PJ Clifton Charte1 Accountant 21 St#bri)I. West Parade Worthin8 we Sussex BNI13QR temb¢r2024 15
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