Medical Society of London
(Founded 1773)
Annual Report 2023-24
RegAStered Charity no 209242

Contents
Review of the year
Tn￿tees, Council Employees
and Professional Advisors
li
Trnstees. report:
12
Governance
MeMbe￿hIp
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-p￿voklng 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 rna￿ed 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 P￿rSOn5. This tslk explor¢d how Lettsom came to ternis with his family's mle as
enslavers and his efforts to convince other5 towards manum1￿10￿ 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 focu￿5 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.
P￿ventIng 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 I￿t￿re.
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 al￿nded the lecture.
2024 At the Society's Second General Meeting The Annual Oration was given by
Profe￿Or 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 reSea￿h 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 r￿fRcP
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¢g*￿erLd LhaTily IM) 2(Pl?421. 11% offiLY is li￿all￿d at..
Le11￿>M IILMIIL.
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Tel.. 0*0 7580 1(UI
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Mis B A knal1w￿mI- De￿1￿ RLgisit
The Tru5tee5 of Ihe S￿letY 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 caM￿ld8e - M¢dical Prxu"iioDer (414)
BdTilaJ% B4nk Limiikxl
8ni T %4uJre
Dr Chris1(4)t￿r Lund - Medical Practition¢r {4141
Dr Stuart Blackie - Medical Pr¥tilioner (414>
NANCIAL ADI IS '
B￿LIaYS 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 H￿ther An8us.LryrAn lkn)
Dr Marek Trell￿kIl6I6j
Sthlor Setretary
JuDlor Secretary
Vlce pr￿dent
Col S JaBdi5h (&6)
Hoh Llbr*rl*D
Hon FAlltor
Ordlwiry
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Dr Susm West I￿6)
Lkaive Hrn(416)
DrJohn Flow (516)
Mr Rrt*rt Mr￿8a￿ ([￿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 S￿le(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 T￿stee shall retire annually bui may be
re*lected. 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 0￿1CC 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 F￿AlOr.
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 in￿rPret]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 s￿ietY'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 pro￿rtY 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
PrO￿r 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/r￿lace 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 T￿￿tee5.
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 T￿￿teeS 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 dI￿O￿￿ting 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 R￿erve 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 reqUI￿d 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 m￿lMise 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 med1￿1 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 ¢al￿d forward
7.188,938
?.Is4￿27
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 Ma￿et 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
C￿81￿ 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 fina￿181 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 m*et vaue. Thtr ffinawK?al stslémnts habe been preparwl in aco)rdarKe with the Stafemenl of
Recornmended Practice.. Ac(ountiry aryj Rewrtry ty Charlies appI￿ab￿ accountu￿ standards und•r
Financk81 Rep￿ting Standartl No l. Tr Charity is exwt frcffl the ￿UireMentIO prepare a cash flow
$tslwngnl ￿ Ilw growNa$ ofsize.
The acc(*Jnl"ng p￿K*j i8 yeareTh*J 30June 2024. the pwir#J tsthe yg
gndgd 30 ju￿ 2023.
Subw"pb"￿S arg br(vJht into fAwKial on [￿rt
Ex￿ndlIU
ExpeThYitwe is exdusive ofva￿A&￿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 1x0￿1t into the finan(aal sla*ments rncehryl.
D•p￿I•ll0n
Dep￿¢￿81￿)n is charged at 10% rm annwn on ts net valup Ofknl￿re and eqU￿rnent, at 33% perannum on
the net value ol comp¢Aer eqwment It has not be•n tharg*J ￿ the propèrty in ol Ihe rèrAnt wnovabort
arK1 ts oJN•nt math•t sltu*on. Th• TNst8es h*t artof•¢ts ¥ak￿d in 2010111 and r
depreciati(￿ ha5 sin￿ been ap￿Ed to ttb)se assets.
stoc*s I￿uded •1 the Itv*rgf¢05t or v*e.
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 ¢lL￿d0Th
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 iec81va￿e'.
84.￿1
49.7
84.0)1
49.
84.419
42.911
Occasi￿* kaings
Olher inco￿..
R￿￿1?5
D¢naDw6 S Ley¢*s
Furrtl￿r4
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:
MYJd￿eN &Jr3ait8
Roydefi Dames BuTsaries
McNee Buws*es
Mansel Bursaries
T￿ker & Selfert Legades
Repairs and rwewas
SecLm"ty costs
Prkntty of TransactbJn%'
Llbrary. ￿¢t￿e$ & PainUr#J8
HS$l￿es pyesented
CYatc¥s knwes wesented
LeIts¢￿￿9n preserted
B•Sges Pres￿le￿
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
Teleph￿e
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* ex￿￿8
DepYeclalSon
Unreco4*rabl¢ VAT
22.#74
Dlr•¢tCh¥ii•W• tyy
287.924
304.926

Th• IAedlcal Socl•ty ofLondon
Regi¥tsrod C￿lIty No.209242
Total•
Y•ar
to30Ju
2023
Fund-
Sp•c
tO30￿n
2024
Fund
Olr•ct Ch*rft•bl• EXp￿dI1￿• bn
225,1￿9
304.¥d6
Admln •nd MOn￿orn￿nt ofcharfty
Inde￿ndent Exa71ina1bx￿A￿I1t
Accountsncy payyol
Stoc*brcther 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 I1￿1ClI SoGl* ofL•ndon
R•*r•d e￿IllY 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 ￿cOm￿GRes0uACES
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
Accountancyandpayr￿I
Stockbrater18es
Bankcharges
Prof8SS￿81f88s
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) In￿s[monts
Reah"sed
UnrooL(sgd
5.052
1,020
I￿,075}
7.640
NETMovEM￿TIPl 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[w￿yfitS thiiNJ ￿wAS.
Pension and R•ts"rement Ben•fits ￿ c*arty 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 pro￿￿ty
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 y￿r
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 med￿al Sweiy cl Lw¢on compiises lull 0￿ershiP 01 N05 11 and 12
ha￿OS Sireel and 8 deTT*se ￿ N010# Chandos StrÈÉl re[￿t)￿Meth of N012 wiio two resKlenb* fl8ts. 1
Truslees sowhl an open rnarkel ¥a￿allOn kn ti* Freeh¢Md a rewtai* Esi*e Agent The *vio reoi¥& was a
r¢ali$lic expedation ofsae 0116 OCIJ.C#JO Based LX) Itss •Jvice. Tr￿lee$ an*ndeO the fi51rK￿l v8lualh)n of Ihe
operty arKI ha* agreed Ihai lowtr markei esimaie ol £6.{KK).C￿ ￿aTh0 In Ine Ch*ty Accrn￿lS as 8 more
accurale lene￿1(￿7 oflhe value 01￿ a55els Tr* •so wofe5swaly a5ses$ed Irtsura￿t
wtP05ES al E4 175.(KJO
h15t0rt010rtelad5we￿ 2011 These artefads a Val￿ lo thg
this value ￿11 tho next rroJUrn rv4*Jalicffi kKWFose5. The Litq*y Boc*s i*rÈ ¥aMrtd in 2018 iftsLnr
Wtposes at £350,c￿0. Tt*rwlh to 3$ W*￿Je￿ •ielaas iowi

Rogl•tsv•d charlty No.209242
lth)t•8 to th• Flbw*l*l St•knnont•
S. AIULYSIS OF NET MSETS BET￿eN FL*4DS
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.$491
54.1
(17.0341
37.162
Owlng b•twa•n fund•
150.119
119).1191
5.993.946
1.160.Cé1
7.154.027
Hlstorfeal ¢o•t ollnv•8frn•nts
30 ju￿ 2024
17.015
507.015
The Spec'HI ReseNe FuThY Mansel18equasl. Sw John McNe• 8equ•st and Roy Dav
Elgthw Bursary 8￿u8st haw all beén dèsignated by thè Trustèès for Ihe purposes as set oul in their rep)rt and
as rèfléeied M) SrKEty s Stsrxling tkn. In 2015 has been majg not to sh￿￿ the minor
separatety in ￿ aCC￿nts cather to *kntr*4*dge th•"r gxtsIèn￿ in il* coThJLKt of1￿ So¢*ty'$ fun¢btsn$.

Th• mèd1￿1 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 J￿Y 2023
A(￿J1t￿n9
AcLumuL*d IncLJ
DisposaL
Net reall￿ gain￿lI05$esI
Net unrealLsed gafftslllosses)
22.259
23.0￿
(136. 1171 {114,6661
10.340
5.052
47.477
7.640
Marknt value 30 2024
6S2.311
718,352
Histrincal eo8t as at 30J￿• 2024
507.015
591,429
RESERVES POLICY
The Socioty hasestat4ish8d a pwjkyfor r•sw￿$ towthrollmtrthas suffmii ￿￿￿m•. ii additi.￿ to $th¢rwbons
aThJ rents. to suslajn its ac￿￿￿$¥1￿ mamtsin and. recess?ry. renovate Letscm House. TheTrus*es have
decKled that any funds ￿ excessofthose reqi*r&J forthese purposes sh¢)Jd be setaskl•forextra-mural charrtab
purposes In purstht ofits ot4'eci-the advaTKem&tt ofmedicine. Pfoc*dwes arè in plac* ts the Trustees to re¥
STOCKS
The fgure corryrises ts So•ts sloL* of knv4W. baLW armj prints V￿U&j atthè l¢)wr of
COSt or ￿t reah"sable value.
10. OEBTORS
2024
2023
Amounts owed to the Chwityby."
s￿dry debtors
13.863
11,118
13281
6.108
27.124
17.226
11. CREDITORS
kniounts falllno y
&mdry C￿ltorS
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 Tn￿1￿ 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 rag1st￿d dwity Section 5LW11 ofthe CryForalion Taxe5 Ad 1988
exempt from taxation.
OPERATING LEASE COMIIITMENTS
2024
2023
Expinro t•tr*A8n 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 hIS￿C artelads 2010
£5,7￿,938
18. CAPITAL COPMIITIIENTS
The Tntst88s d8ad8d that tha èxt￿81 r¢futh"sPMn8nt of 11 Charths Stféèt shoufd bè earritsy durin9 the
mrner this year, ¢ommerKJrg cOns￿lenty, the Sooety has aw a contract forthework with
•Aary￿0￿ Interiors LoThJon Limthj. Thè in1th.01￿[¢¥d 9strn¥le lOrth￿ r8 £166.666 plus VAT with an
8¢kn(￿e￿a￿￿nt that the 9v9n1￿1 tow ¢05t rnay vary Irtyn wement t•AI be depeThJent ￿ the
emers4ng Mjrks tequired as prw pYc*Jresses.
As ol the $tructurgJ payn*rf plan S)rI1￿ stywificant *ryks. a deF*)Sitof£33,333 plus VAT was paid In Ihe
year end&J 30 JLM 2024 and is *iclud&J in the figure ￿ ryrs shtr•m ￿ If* allathd a￿unts.
There is an eslwn¥knJ CaFit* CorNn*Jnwrt of at ￿ast £133,333 pkts VAT for lh& balance of ts contraeL Thè
final amountwill ￿ agre&J on cornplel"on. ￿ baaKe WAI te metlrcm thg invgsbnwt a$￿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 Or￿ndOn
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•Pon￿l￿111m •lld b4119 •( report
As the chariy trnstees of the Charily you areresponthk fortheprepar4ttiTr of thc a￿￿ll￿ts TTh accordance with
the requinneM¢s of the Ch8rii*sA¢t 2011 Dhc Aet"I
The Charity"s tmstee5 consmler thatanaudilEDOt Tequllvd forthi5 year￿n0¢rE￿I￿ 144of tbeA¢i andihatatt
lDd¢prodent ExaminaiK)o 18 needed.
I ffport ¥1 resp￿( of my examin8tiom of ihe Ch4r*y'$ a¢￿1￿¢S oui understttK)D 145 of the 2011 Act
and li conying out my ex&mitiAl￿n 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 ￿n￿l￿rmattern 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¢AcrOssr￿0thermai1uYin connecth)nwith ihe examiti&t#Mtowhi¢h atienti)n
shoukl be drawD ￿ this teport in tsftlerto ertablt a pnperUnde￿8ndrn¥of the accountsto be rea¢h¢d.
lan PJ Clifton
Charte￿1 Accountant
21 St#bri￿)I.
West Parade
Worthin8
we￿ Sussex BNI13QR
temb¢r2024
15

THE MEDICAL SOCIETY OF LONDON
FOUNDED 1773
11 CHANDOS STREET,
LONDON, WIG 9EB
Telephone: 020 7580 1043
e.mail: info@medsoclondon.org
www.medsoclondon.or