Medical Society of London (Founded 1773) Annual Report 2024-25 Registered Charity no 209242
Contents Review of the yr Trustees, Council, Employees and Processional Advisors li Trustees, report: 12 Govemance Membership Programme Education and Other Activitie5 Library and Archives Lettsom House Public Benefit Future Developrnents Financial R¢view The Annual Accounts: Statement of Financial Activities Balance Sheel Notes to the Accounts 20
REVIEW The President 2024-2025 Dr Susan West Bsc MB BS DRCOG DMJ It was an hoTK)UT to be elected as President ofthe Medical Socidy for the year 2024r2525. It has been an interesting and diverse year. My programme covered a wide range of topics from Naval to Forensic and from highly technical to the more familiar. like tonsils! It has been a greal opwrtunity fo host friends old and nv+V at the Society and we have welcomed new Fellows throughout the Session. The highlight of the year was the Annual Dinner. held onixjard HMS Wellington when our Principal g5t wa5 Surgeon Rear Admiral Fleur Marshall. My naval background rise5 to the surface at any opportunity! She gave a fascinating and authoritttive insight into the slatus of the Royal Navy Medical Service. It was a very lively evening with a mix of the fomial and infonnal-like changing seat around tables. My intrresi in can¢er rcsearch was indulged with Dr David Crosby from Cancer Research UK who pr¢s¢ntrd about early detection of cancer. This theme continued with the summer outing to the Crick Institute allow all Fellows and guests to be as inspiffd as I have i*en with the Institute. It deserves our support. My thanks are due lo our Registrar Commander Mike Flynn for his excellent guidance throughout the year, ably assisLed by our new Deputy R¢gistrdr Leah Parvin. who has settled in so well to Lettsom House. As ¢v¢r Council and Trnstees are wonderfully supp)rtiv¢ and their enthu5ia5m has helped produce an energy inside the House which reflects our facelift on the outsidel We are a So¢i¢ty looking forward.
A Summa of the 2024ll5 Pro ramme The So¢i¢ty's 202&2025 Session celebrated its 252nd year, and all of the programmed lectures and meetings were successfully completed. Twelve Ordinary meetings were held at Lettsom House. It is pleasing to report that the attendances were mainlained over the period and, additionally, the Christmas Lunch wgs a success and the Annual Dinner was very well supported by some 80 guests. The Society has continued to achieve the charitable objective and. additionally has continued the series of charithble bursaries available to medical students at the London Teaching Hospitals. The 2024-25 Session has been the first in p)st of the new Deputy Regisirar. Ms Leah Parvin who has been very successful in her first session with the Society. 14th Oclober 2024. The First General Meeting of ihe Society was held with Dr Susan West assuming her role as President from Dr Alislair Purves. Dr West then delivered her Presidential Address -The Falklands War as a Junior Doctor" The presentation detailcd her early experiences as 8 junior doctor when the cruise ship Canberrd. on which she was Assistant Surgeon. was requisitioned to be part of the iask force lo take back the Falkland Islands. She was one of the few women who hold the South Ailanlic medal. She published a memoir in 2022 to commemorate ihe 40th anniversary of the campaign. 57 Fellow5 and Guests attended the lecture and ih¢ First General Meeting. 28, October 2024. The second meeting of the Session was a leclure delivered by Dr P¢ter Dean entitled "Forensic Medicine in Film and Fietion" Dr Peter Dean qualified first in deniistry and then medicine and. while a General Praciitioner, started working as a Forensic md11 Examiner or 'Police SUrgn, with the Metropolitan Police in London. As his interest in thi5 area grew. he became a coroner after completing an LLM, dividing his time tween practicin&v Clinical Fomsic Medicine in London for over Iwenty-five years and working as a coroner until his relirement as Senior Coroner for Suffolk n 2018. He has also advised on th¢ forensic aspects of numerous television drama series including Silent Wilness. Waking the Dead, Ripper Streel Killing Eve. Midsomer Murder5, Unforgotten and Van Der Valk. He has advised on bwks by authors including P¢ter James, Kathy Reich5. Jeffrey Archer and Adam Kay. and is a P35t President of the Forensic and Legal Medicine Seciion of the Royal Society of Medicine. the Coroners. Society of England and Wales. Crime books and television murder mysteries are always popular, and this talk looks at their history featuring characters like Sherlock Holmes. Conan Doyle and Agatha Chrislie. It will look at some of Holrnes's more recent crime count¢TP8rt% including Medical Examiner 'Quincy'. and go behind the scenes advising on the medical aspects of crime dramas such as 'Silent Witness,. 'Waking the Dead White¢hapel Ripper Street. and 'Death on the Nile,. 52 Fcllows and Guems attended the lectur¢.
I l November 2024. ProfeOr Michael Kopelrnan addr the Society on"Under the Sp)tlight- Controversial Medico•I4al eases" Professor Michael Kopelman PhD. FBP5S. FRCPsych, Fmedsci is Emeritus Professor of Neuropsyrhiaty. King'5 College London (Institute of Psychiaty, Psychology and Neurosci¢nc¢). He formerly ran a Neuropsychiatry and Memory Disorders Clinic at St Thorn,5 Hospital, London, for 25 years, where he also fdn a liaison neuropsychiatric service on the medical wards, and he also saw FCO clients for 8 years. He ha5 been President of the Inlernaiional Neumpsychological Society. 2017_18. and the International Neuropsychiatric Association, 2011-13, as well as of 3 national acadcrnic societies including th¢ British Academy of Forensic Sciences. He was c&<ditorlco-author of The Handbook of Memory Disorders. 2002 and Lislunan'5 Organic Psychiatry, 4th edition, 2009. He has served on 12 Editorial Boards. including Brain. Neuropsychologia, and Cortex. His research has covered a wide range of neuropsychiatric arKI cognitive disorders- from the nature of cognitive deficits in neurological disease to amnesia in crime. During my 30 y¢ars' of writin8 medi¢orylegal reports, initially on neuropsychiatric and amnesic disorders. Professor Kopelman h&5 had the privilege of participating in a series of high profile cases. These are generally very poorly (and quite often inaccurately) reported in the press. They have in¢luded criminal. extradition, and death row cases. Belmarsh detainees and Guanlanamo returnces. as well as civil and Appeal Court cases. While he Could noL of course. speak about confidential psychiatric and personal matter5, there are often backstories to these cases, not normally revealed. and He drew attenlion lo the conflicting expectations and obligations of eXrt witnesses. In this talk, he spoke about some example cases, the lessons learned, and he proposed 10 'rules for court,. 64 Fellows and Gu¢sts at*nded the kcture. 25th November 2024. At this meeting Professor Alicia El Haj delivered a fascinating lecture on "Advan¢ed Cell Based Therapies: The Journey to the NHS" Professor Alicia El Haj is a leading figure in Regenerntive Medicine and bringing interdisciplinary groups within biomedicine. physical sciences and engineering tOget1r to support healthcare innovation. She is a¢iiv¢ly involved in advan¢ing cell therapies and enabling platfornis to the clinic through her academic and founder spin out mles. She is currently the Director of the Institute of Translational Medicine at the University of Binningham and supports translation across the scientific community through roles such as membership of the Transatlantic Advi50ry Board of the Francis Crick Instithte. In her lecture. Professor Al Haj addressed how scientists help turn new cell based therapies nd healthcare discoveries in the lab into wtential new treatments and iechnologies lo benefit patients. 47 Fellows and Guests attended the lecture.
13, Janua 2025. The first rne¢tin8 of the Society of 2025 was delivered by Dr David Crosby and entitJed"The Future of Caner Eydrty Detection Rosearch" David Crosby is head of prevention and early deiection research at Cancer Research UK (CRUK), a ndraising researth ¢harity and the world's second largest non-commercial funder of cancer research. after the US government. He spent time in academia. lecluring in linical pharniacology, after completing a PhD studying cell signalling in platelets. David later rnoved into the public secior. joining ih¢ UK govemment research funding agency. the Medical Research Council. where he oversaw various science areas and research funding programmes (including inflammation, cardiovascular and respiratory research), most recently leading the MRC-NIHR m¢thodolo8y research programme, and MRC'S Strategy and investments in experimenial medicine. He is now developing and impl¢mentin8 a new strategy and programme of research investments at CRUK which aims to accelerate progress towards earlier detection and prevention of cancer through an integrated multidisciplinary approach. Cancer is a d¢vastating disease which is still increasing in incidence. but which is erninently mor¢ survival when detected at the earliest slages of progression. For example. over 90111 D of patients survive coloreclal cancer when il is diagnosed al stage I bui fewer ihan l OYD survive when il is deiecled at stage IV. This presentation described the currenl State of play and cutting-edge research in the areas of early deteclion and prevention. and a vision for how r¢search can create a world where no patient suffers a late staBe cancer diagnosis. and ultimately where cancer is prevented from happening at all. 64 Fellows and Guests attended the lecture. 27 Janua 2025. The Society welcorned a lecture by Mr Richard Bowman cntitled"Vision of Children: A Gkbbal Perspertive" Richard Bowman is an associate professor at LSHTM and an honorary associale professor at the Inslitute of Child Health, and a prdcli5ing consultant ophthalmologist and fellowship director at Great Ormond Street Hospitsl. He previously lived and worked in Tanzania for several years. He studied medicine at Cambridge University and Guy's Hospital and trained in ophthalmology in Cambridge, Glasgow, Moorfjelds and Great Orniond Street. Richard's research on trachoma in the Gambia was awarded an MD degree by Cambridge University and the Charles Hudson prize and Moorfields Research Medal. He has served on several iniemational ophthalmology exam boards and has served on ihe Fyaediatric sub•committee of Ihe Rcophih and on UK and European expert groups developing guidelines for diagnosis and management of cerebral visual impairnient. He is an Ordained Baptist Church Min]er. pastor of an inner-city church. and an accredited foster carer. He is chair of the UK l)oard of Their Lives Matter (TLM) supporting children with cancer in east Africa. He ha5 published around 170 papers. Current research interest focuses on child eye cancer (retinoblaaoma). lh¢ common¢st cause of death worldwide from eye cancer and brain related visual impairments in children, as well as th¢ commonest cause of childhood blindness and visual irnpaimlent in the UK. The talk cov¢red a brief overview of global child eye health with more particular reference to retinoblastoma, cerebral visual impaiTment and catarnct. 40 Fellows and Guests attended the lecture.
l O Februa 2025. The Society's Lectur¢ annual Lloyd Roberts lecture was delivered by Dr John Laner entitled "How not to be a Doctor= Storie# ofRight and Wrong". John LAuner MRCGP is a doctor, educator and writer. A graduate in English, then pr8Ctisin8 GP for thirty yvars and part-time consultanl in a mental health trust, John has been a regular columnist in the rnedical P55 since1980 and now writes for the BMJ. He has published eleven b¢)oks includin8"How Not To Be a Doctor. And Other Essays". His Current Posts include Visiting Professor at Anglia Ruskin University and Trinity College Dublin, and Lead Programme Director for Educational Innovation at NHS England in London. In his talk, John examined how doctors ¢an things badly wrong in conversations with patients. how they can also get things impressively righL and ways to help them get it right more often. 54 Fellows and Guests attended the lecture. 24, Februa 2025. The Society enjoyed an Inte$ting lecture given Dr Mtthew Matson entitled -IDterventw)nal Radiology: Past, Pruent ¥Dd Fytsre- Dr Matthew Matson has been a consultant interventional radiologist ai Barts Health NHS Trust sin¢¢ 2000. His interests are in vascular interventional radiology, particularly th¢ treatment of aortic disease. including complex aortic intervention. Interventional radiology is a young specialty, just 60 years old. During ihat period there has been a huge explosion in growth, with the developrnent and refinemcnt of many new inlerventional procedures. Despite this. there are intrinsic and ¢xtrinsi¢ threats to the specialty that some believe are existential. 40 Fellows and Guests attended the lecture. 24, March 202S. The Socicty'5 Annual Lettsom Lectur¢ was d¢livered by a Fellow of The Society. Dr Rudy Capildeo and was entitled-PArkiDsoDs: 50 Years On" Dr Rudy Capildeo has been a consultani clinical neurologi for 42 years. For 21 year4 his NHS work was between the Regional Neuroscience Centre. Oldchur¢h Hospital (now Queen's) Romford, and in South Essex at Basildon and Orsctt Hospital. Throughout his career he has been involved in elinieal re5wch, teaching (including 12 years as a visiting professor to the Far East) and wriling. He is a pioneer in the treatment and management of Parkinson's and will tsk¢ us on an cxciting journcy from the introduction of the first'miwle Drug" for Parkinson's to the present so that we may better understand Parkinson's the real drug history whilst still focusing on care and wellness for our Parkinson patienL 59 Fellows and Guests attended th¢ l¢¢lur¢.
14 A ril 2025. Mr Mike Dilkes enterlained the Society with his lectute "BAd Breath and the Tonsils" Mike Dilkes is a Fellow of the Royal College of Surgeon5 of England and Edinburgh and The Royal Society of Medicine. He was Consultant ENT Surgeon at St Bartholomew's Hospital for over 20 years. taking early retiremenl to focus on family life (he ha5 seven children), and to develop his interest in laser tonsil surgery. "I grnduated from St Mary's in 1985. 1 had no real idea what I wanted to specialise in, and expected to end up a GP as most of my males were doing this. However, by a series of fortunate (OT unfortunate) events. I found myself demonstrating anatomy back at Mary's and taking 6 months off to sit the primary FRCS. By some miracle I managed to pass it and ended up in ENT, becoming a consultanl at Bart's in 1996. My eniire ENT career has been spent on tonsils, from leaming trnditional lon5illeomY ai Bristol Children's Hospital. to perfomiing 12-hour comando resection5 of tonsil cancer ai Bart's, where I specialised in cancer Surgery. Finally, l ended up laser vapourising lonsils under local anaesthetic spray at HealthHub Clinic in London. Interest in tonsils led to an interest in the bacteria that can fester within. causing bad taste and smell. This led mc lo look at the effectiveness and safety of mouthwashes." 32 Fellows and Guests alnded the lecture. th 28 A ril 2025. This Ordinary Mttting was addressed jointly by Professor Pauline Dixon and Dr Sieve Humble. They gave a fascinating lecture on'urban Life in the Dehli Slums: Storie5 of Community Solutions and Resilienee- Professor Paulin¢ Dixon is a world-class researcher and leading authority boih nationally and internationally around grassroois research for developrnenl in the global souih. She is a leading global expert who has worked in India for over 25 years. Her research includes projeds fwusing on comparative analysis on a large scale in both Asia and Africa. Pauline's work focuses on dispelling myths and CaIng out research ihal inf0rn15 policy initialives Ihat are based on soluiions from the grassrools and Fwr comrnunilies themselves. Dr Stev¢ Humble is a reader in global development ai Newcastle University in the UK. He arries out research in India and suSaharan Africa and is an expert in collecting and analysing data from large samples using advanced 5tati51ical techniques. He is as a global leader in development p)licy using statistical inferences he has been called upon to work with the Brilish government on several committe¢5 and iniiiaiives to investigate, support and develop educational improvements and social equiiy policy. Steve was awarded an MBE for Services to Educalion in the Queen's 2016 New Year's Honours List. "Delhi is made up of different spaces that are plann unplanned, legal, illegal, authorised and unauihorised with ihose living in them Coming from different religions and castes with varying education leve15. languag¢, and migration status. This talk sets out the empirieal data gaihered by the speakers in three different impoverished communities in the Capital of India. Their research set out to understand the different leve15 of trust. communiiy coh¢sion, well- being and social capital in the different neighbourhood types. In other words. "is your life affected by the community in which you live, and if so. how and why. 42 Fellow5 and Guests atlcnded the lecture.
2025 At the Society's Second Generdl Mccting The Annual Oration was given by Professor Faye Gishen and w&8 titled "Portfolio Careers and Leadership in Medicine" Professor Fay¢ Gishen is Director of UCL Medical School and Head of the MBBS Programme. with ov¢r 2.000 medi1 5tu(knts. She is active in the UCL Centre for International Medical EdUtIOn Collabordtion& which works all ov¢r the world to set up new medical schools. Faye is a tkKtor of Medicine and a Doctor of Education. She enjoys a portfolio career as a clinical academic: an undergraduate medical educator and consultanl physician in palliative medicine, working clinically at ihe Whittington Hospital. Faye was appointed as one of around 5(Ki Principal Fellows of the Higher Education Academy internationally and contributes to departmental research. Bringing reflective practice Schwartz Rounds from the US to UK health¢ learners is one of her career highlights. Faye talked about leadership in medicinc. the impact of '8enerntions' on changing leadership styles. and the joys and challenges of a portfolio career. 42 Members and Guests attended the Lecture. 16, June 2024- Summer Outin - The Grant Museum of Zoolo and The Crick Institute Some 41 Fellows enjoyed interesting and inforniativc visits to The Gran¢ Museum and The Crick Insliiute, hosted by ihe staff. Guided tOUTS and Presentalions completed the day. On Ixhalf of the Council of The Medical Society of London. /aO&zf Dr Susan West Bsc MB BS DRCOG DMJ President October 2026
LIBRARY AND ARCHIVES REPORT TO COUNCIL 2024-2025 Prepared by The Honorary Librorian The Socicty'5 Library remained well housed in IAtsorn House. During the Session the Librarian continued to produce his very well researched and popular Library Newsletters which were disiributed to Fellows. These gained great praise and were added to the library's sour¢es and the websitr for future refcrcnce. The Library also benefitied from gifts from three Fellows of their own ix)oks. These being Dr Susan West's 'Wo Ordinary Doclor". Dr Nicholas Carnbrid8¢'s "Bleak Health- and Dr Marek Trelinksi's"History of Polish Medicine 966-1989-. The Council were very grateful for these donalions and Votes of thanks were recorded. 10
TRUSTEES COUNCIL EMPLOYEES AND PROFESSIONAL ADVISORS The Medi] Society of London 55 a l$trred chariry (My 109?41i. lis offKe is kxatrd a: Leitsom Hou5¢ I I Clwidos Strrtt Lotsdon Tel.. O•0 7510 1043 em].. infoaintd50rkndon.org 'cb5it¢.' wWwrned5"k>j0NX) man Ms Leah Pawwin- Depull Re¥isirar The Trustees of the Swiety for th¢ period l July 2024 kn the date of this report were.. EX4MI)ER 'rom Wil¢o% ounierculiille Partnership LLP 13 Si L.LYK)ards Road F.asi Sussey DrNicholas Anthony Cambridge- Medical Praditioner{313) rustees Dr Peter Mllrray Keir- Medical PraditI( (313) Dr Christopher Lund- Medical Practitioner (Y31 Btrclavs Bank Limited 8 9 HaM%¢r Square Londo Dr Stuart Bla¢kie- Medical Practitioner1313) Dr David Park- Medical Prnditioner12J31 Bclays W'ealth I Chwrhill Place l.ondrm io Prtsidenvchair of Dr We#(616) Dr C&therine Sthaf If16) Dr Kudy Capthko {f461 Pn)fHe8ther An8us.14WL (5161 Prof ClaralA&wy (f46) Dr Pe KeiT1616) Col S Jllgdith IWO) Drswan W¢st ((d61 Drjickie Morris (516) Pmf RolrtD Guiloff (616) DrRotr¢rt I) Drmartk Trell1(616} Prtsident Elttt St#lDr Secretsry J•nioTSe¢rttsry Vi¢e prUldts. HOD Treumrer Hon Librrlh Col S J1$h (Y61 Dr AIisLair Purves (Y6) Hon Edltor Hon Membevjklp Set Countll 3rd yr DrJOI Floww1416) Prof Dafydd TFxmt8 (4161 Sir Marc1 Setchell12161 DrRothy Rivets1516) Dr stD Bwlcy (6161 lyr
THE MEDICAL SOCIETY OF LONDON - TRUSTEES, REPORT 2024 - 2025 The financial statements have been prepared in accordance with the accounting policies sel out in notes to the ac¢ouniS and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Stst¢ment of Recommended Practice applicable to charities preparing their accounts in xcordance with the Financial Reporting Stsndard 102 (Edition 2) published in October 2019. Governanee The Society is governed by its Laws adopted in 1773. No amendments to the Lavts have been rnade in 2025. The Trustees are responsible for ihe overall governance of the SLKiety but the Laws specify particular tasks for the Society's Council. including the pintment of Trustees. In this way, there is a balance between the two groups ihal allows the S(Kiety to run on a day-to-day basis but gives a cross-chcck on the work of iK>th groups. this allows strong governance. There are five Truslees. appointed for 5 years except that one Trustee shall retire annually but may be re-elected. The Truslees elect their Chaimian and one of the Trustees is also (h¢ Honorary Treasurer. Council comprises the President, Ihe Pre5ident-Elecl. 2 or 3 Viee Presidents (who are the immediate pasi Presidents). 2 Honorary Secretaries. the Honorary Treasurer, Ihe Honorary Librarian. the Honorary Editor. the Honordry Membership Secretary. the ReLiisirar (CEO) and up io 12 Councillors of whom 3 may be the past Senior Honordry Secretaries and 9 who are eleci¢d by the Fellowship for a period of 3 years. Each year the Fellowship elects to take officc for the following year: the President-Elecl, the Junior Secretary and up to 3 Councillors. As required. the Fellowship elects an Honorary Librarian and Honorary Editor. Trusiees are required to meet at leasi 3 limes a year. they are respx)nsible for selting the strategic financial plan for the Society. approving and overseeing the budget, detemiining the invesimeni policy, and for interpreting the Laws of the Socieiy. The Trustees also examine the Risk Register and the Health and Safety Report annually. New Trustees receive infoTmation which include5 a copy of the Society's latest accounts. In addition to fornial meetings, the Trustees mainiain a coniinuous dialogue with the Registrar on issues as they arise, and one or more Trustees attend the House and Finance Committee (of which they are siatutory members) and Council. Council met 6 times in 2024125. Council sets the programme for ihe following year wilh the President-Elect and is responsible for overse¢inB the Registrar in the operating and runnin8 of the Society. The Trustees and Council delegate ihe exercise of certain FM)wets in conn¢¢tion with the management and admini5trdtion of the Sociery as set out below. This is controlled by requiring regular monthly reporting back to the Trustees and Council, so that all decisions made under delegated powets can be rntified in due course. 12
House and Finance Committ The House and Finance Committee is ¢ntrus*d. subjeci to the control of Council and the Trustees. with the financial business of the &Ki¢ty. and with the general managemenl of matters relating to the Society's pr[lrtY and buildings in Chandos Street. It is responsible for financial Risk Assessment and scrutiny of th¢ cash flow in year. It rneets at least three times a year although one meeting is a combined mttting with the True¢S. The Committee is also charged with reviewing the policy and management of the Society's inveslments. Thc Commiuee ensures proper procedure5 are in place to manage financial resources prudently and to maximi5¢ income whilst maintaining sulTicient funds to meet commitments. The Committee advises the Council and the Trustees on the approwiale level of reserves and the need for any significant changes in investment strntegy. The Eiecutive Committee As a result of the Covid 19 crisis in 2020, The &xiety amended its Standing Orders to include governance provision for force majeure situations. In cases when the Society cannot meel as il would norn)ally do, an Ex¢cutive Committee has been fornicd. The Committee comprises ihe Trustees, the current Presideftt and the Psident-E]ect. The Committee continues the 8overnance of the finance5 of the Society. its charitable objectives and th¢ conduct of business as required. It remains a business continuity issue and was last ¢mpowered in 2020. Chief Exe¢ulive The Chief Ex¢¢utiv¢ (known a5 the Regislrar) 15 responsible for the day-to4lay management of the Society's affairs and for implcmenting p)licies agreed by Council and the TrUSS. The Registrar 15 asslstcd by a deputy. ststement of Res onsibilities And GfJvernAnee The Trustees are responsible for their annual rew)rt and for the preparation of financial staternents for the financial year which give a true and fair view of the incorning resources and application of these resources by the Soci¢ty during the year. In preparing this financial statemenL Trustees are eXted to: Select suitsble accounting polici¢s- Make judgements and estimates that are reasonable and prudent; Follow th¢ ¢0mmendatIOnS of the Chariiy Commission and of the accounting profession with regard to forn) and content of the accounts or to disclose and explain any Ikpartus thcrefrom" Prepare financial staternents on a going concem basis unless it is inappropriate to assume the Society will be able to continue to meet is obj¢div¢s. The Trustees have overall reswnsibility for ensuring that the Society has appropriate systems and controls financial and other+ViS¢. Tlw are also responsible for keeping proper accounting records which disclose with r¢&sonable ac¢urn¢y at any time the financial posltion of the Society. Trnstees att alw r¢swnsibl¢ for safeguarding the Society's property and assets and for their proper application as rcquired by charity law, and for taking reasonable 13
Steps for ihe prevention and detection of fraud and oiher irregularities and to provide reasonable assutan¢¢ thai: The Society is operaiing efficiently and effectively All assels are safeguarded against unauthorised use or disposttion Proper records are maintained and financial information is reliable The Society complies wilh r¢l¢vant laws and regulations. Risk The Trustees are aware of their reSnSIbIlItY to identify the risks to which the Socidy is exp)sed and to establish systems to mitigate them. During ihe year. they continued to review and r¢fine the fonnal Risk Register detailing the five overarching risks to the Society. Over the last 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 meelings and they formally reviewed the Risk Regisler during their April rneeting and considered that effective mitigation, treatment or tolerdtion is in place. Business Continuity is assessed and considered regularly. In 2024125, the risk that the Society's income would reduce conlinued as an issue as the recovery from ihe pand¢mi¢ coniinues io atTect funclion lettings and nts1 values. This risk was trealed by a higjher-than-average drnwdown from the Society's investments lo ensure operdting cosls were mel. This was cornmunicaled io the Trustees and undertaken with iheir approval. New incotnc sireams are iKing investigated for 2025-26. Summa The Trn5tees consider that ¥overnance of ihe SLKiety is sound and in accordance with Charily Law and gd practice. The I'ruslees. the Council and the House and Finance Committee are carrying out their tasks allocated under ihe L&ws. Standing Orders are regularly reviewed and the latest issue will be published in October 2025. uplating the current version published on l June 2023. Membershi The Society lost l O Fellow5 who died (inc I x 2019, 1 x 2023) and, following a comple1¢ database examination, there were 66 resignations or non-payment of subscriplions. 13 New F¢llows have been elected and the present membership of 270 15 constituted as follows: 2 Honornry Fellows (HRH Duchess of YoTk and Prof Chris Whitty) 32 HOlrary Life Fellows 236 Ordinary Fellows 5 Student members (not included in the total number above) In order to mainlain close SCTuliny of th¢ recruiting of new members. the Council have continued to support the Honorary Membership Secretary. ramm Education and other activities See the Review of the Year on pages 4-8. 14
The maintenance of Lettsom House this year has consisied of the continuation of the rolling programme of refurbishment and remedial works. In summer 2024. a signifjcant projecl was stsrted, which matures into the 2024125 accounts. This project was the repair and refurbishment of th¢ ¢xiernal faces of Lettsom House to preserve them. The project will cost some £207,172. Additionally. the tirne<xpired Fire Alarni System was be replaced at a cost of some £20.IKKI. Following these works, the Trustees have agreed that there will be no further planned capital projects for 2 calendar years in order to let th¢ invesiment a¢count recover. The two flats at No 12 Chandos Street have been let for the entire year 2024125. A small reduction (IIY/o) in rent payable was agreed with the tenants to Compensate for the extcmal works. The overdll net income raised in the year is £49.315. Uno¢¢upied periods affect ihe Society's income but the risk is identified in the Risk Re8i5tcr and fund5 allocated within th¢ reserves for such occurrences. There has been some continuin8 wear and tear lo repairlreplace iterns including a faulty oven and some Ex)iler rcpairs in Flat l. Public benefit The Trustees have had due regard to guidance publish¢d by the Charily Commission on public benefit. There are three areas where the Society adds value. Two fit specifically with the object of the Society. "The advaneemettt of the scieDces of mediciD4 surgery and those branches of science conneeted therewith": Education: A progrdmme of lectur¢s otTering Professional Development when appropriate and furthering the spread of medical knowledge across the rnn8e of medical specialisations. Assistance io medical students. In 2024125, the Trustees and Council awarded the McNee and Royden Davis bursarie5 as well as The Middlesex, Tucker and Seifert bursaries. The latter two being awarded to ease financial difficulty for appropriale medical students. The Society also contributes to the efficiency of other charities during nornial circumsiances. Many of the Societies and organisations who hire Lettsom House are charities and £5,160 was for¢gon¢ in rental income to wvide affordable locations for these clients. Additionally, because the Society owns Lettsom House: Preserving the nation's historic buildings and paintings- the continued upkeep of Lettsom House. a Grade IJ listed building (see paras abov¢). Develo ments In Year Lctt50m House's long term tenants, the Indendeth Doctors Federntion and the Fellowship of Postgraduate Medicine have both successfully continued their Leases in Lettsom House for 7 and 10 years respectively over the period.
Com Pension Scheme The company pension scheme ntinUeS to meet the employer's le8al requircmcnts. The scheme is running and is available to employees. The Society's Wntributions are in line with the legally required contributions and therefore remain compliant. The scheme wa5 r¢- registered wilh the Pensions Regulaior in 2025. Future Develo ments The Trustees have a p)licy of looking io ihe long-terni future of the Society. A cornerstone of this is a continual review of the Society's ass¢ts and the best way to use them for current and future benefit. A long-temi refurbishmenl plan is mainlained for the publi¢ rooms and facilities which will see the income from the hiring used to mainiain and improve L¢nsom House, preserving it for tK)sterity and increasing its attrdction for venue hire. The summer proje¢i in 2024 further enhanced and preserved the building. FittanciAI Review and Results for the Year- 20 In 202415. whilst ihere was a conlinued recovery in the use of L¢ttsom House by third parties, the income was not that which was required io suslain the operating cosis without support from the investments. Over ihe year. the sum required from ihe investments to maintain service and provide for capital works was £284k (Ihis is ihe gross figure. following favourable stock markcl results ihe nel duCtIon in investments was £229,478k). The Trustees were informed and approved ihis throughout and other mitigaling actions were continued including ihe increase of rentsl prices. the reduction in the charity hiring rdie discounl and increased mark¢linbi of ihe House. The Society's fund$ remain invested in ac¢ordancc with the rules laid down by the Charity Commission and the Society is advised by Barclays Wealth. All major financial commilments are assessed by the House and Finance Committee and authorised by the Trustec5. The Society's investments are held within the Barclays Charitable Fund and are fomially reviewed twice a year wilh Barclays and at each mc¢ting of the Twst¢¢s. The Statemeni of Financial Activitie5 (SOFA) trflects 811 incoming resources receivable and ¢xpenditure in the year. Gros5 income totsls £220.537. an incre&8e of some 7¥0 compared with 2024(£206,046). Occasional Ictting5 have continued to improve following the pandernic but Ihere are still legacy issues. A £41.000 donation was received from DT Seifert (nee Morris) to support ihe Seifert Bursary for the next l O years. Direci ¢haritsbl¢ expenditur¢ increased by £147.51 O in 2025 but this includes the capital project in year and increases in utilities and rates. The operaiing genernl fund has ended the year with a significant deficit (in £85,790 including sorne £27.708 in unrecoverable VAT on the capilal project) and reflects increased operating costs. The Special Reserve which has a deficit of £140,306 largely because of the capital projecL It is of note that all income fmm investments (£17, 041) was -invested. The overall net movement in fid5 is therefore a deficit of £226.096 (2024 - £34,911). The Balance Sheet continues to reflect the revaluation of the property in 2015116 and the reinstatemen¢ value with which the Tnttts remain satisfied. 16
General Fund The income of the General Fund is mainly derived from membership subscriptions, rents and the hiring oul of conference facilities. The main ¢xp¢nses aff the staffing of Lettsom House and ils upkeep. The income for the year discounting the legacy was £162.727 (£184,822 in 2024) and expenditure minus by the capital project was £248.517 (2024 - £234.189). The day to day running costs of the Society thus showed a deficit of £85.790(2024 -£59,657). This has been covered by the drawdown reserves which the Trustee5 have approved. It represenis the slow recovery in income from occasional lettin8s and reduced rental income from the tenants. The Special Reserve Fund The Special R¢s¢rve Fund was established in 1988 from the pmceeds of the sale of a large part of th¢ So¢i¢ty's collection of antiquarian bkS to the Wellcome Trust. In¢om¢ from dividend in 2024125 which is inVeSted. was £17.041 (2024 - £22,265) and expenditure on the capitsl projects, on stockbrok¢r fe¢s, the printing of Transactions, bursaries and the depreciation charge was £197,379 (2024 £64.585). The assets of the Special Reserve Fund stood at £1,019,775 at the yur end. Truste. Policy oll Rejenrys The purtK)5e of the Special Reserve FutKI is to meel contingencies and SUprt the considerable costs of maintaining the fabric and interior of Lettsom House. which was built in about 1740 onwards and suffered neglect for many years wh¢n funds were inadequate for maintenance and repairs. A long-t¢rn] programme of repair and maintenance has been developed which will be funded by rental income and. when required for larger capital projects demonstrnt¢d by the exiensive repair and redecoralion of the external faces. financial supwrt from th¢ Special Reserve. All th¢ So¢i¢ty'$ funds are 'kn¢ted fund5-. Any other restrictions on the use of the income of the funds hav¢ been ImSed only by decision5 of the Trustees and not as a condition of any bequest, gift or other acquisition of funds. There are two considerdtions wiihin the Special Reserve which reflect the ManselllMSTG and McNee bequests. Following the significant drawdown of funds for the proieci at Nol 2 in 2015116, the Trustees review¢d the policy of ihe valuations of the iwuests in 2016 and include the following provision.. The Mansell/MSTG Bequest - The Mansell Bequest arose in 1976 from a legacy left to the Soclety without r¢5tridion but with a'%vish- that it b¢ used for research into neurolo8ical studies. The MSTG further donated £40,0(Ki to the Society for charitsble purposes in 2022 and Council agreed that this should be included in the Mansell Consideraiion. Since the bequest and donation We not a restricted fun4 it was absorbed fully into the Society'5 General Fund. Whilst not accounted for separately. The Society acknowledges the wishes of the Mansell will and the MSTG by providing a sum of money each year to the Council from the General Fund to supw)rt a specifjc M8n5¢1JlMSTG event in the Society's programme. The event is neurological in nature and provided in addition to Thc Society's standard programme. It 15 for Council to decide annually the fomi of the event and whether a Mansell event should be held each year or whether (he annual provision5 should be accrued for a 17
larser event every 3 OT 4 yfdrs. Council nominate a suitsble Fellow with a neurological background to organise any such event and he or she will have the supwrt of the Registrar and Society slaff in the organisation of ihe event. The Mansell Event was held in 2024 and recognising the donation provided by the MSTG. it w&s themed on Multiple Sclerosis. The Trustees hav¢ made up to £6000 available for this event. In the event some £4(KK) was required. The McNee Royden Davies Funds- The Society was left a sum of money by Sir John Williarn 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 ihe bequesL The Trustees and Council award Iwo bursaries annually in the McNee name and one in th¢ Royden Davies name to the five London area Medical Schools in rotation. The CUTnt level of (he bursaries is £ 1,000 bul this may be reviewed by the Trusiees annually to reflect both income and perforrnance of The Society's invested funds. These awards were made to students in 2024. In accordance with the Statement of Recommended Prdclice issued by the Charity Commissioners. the So¢irty is required to the Ttusttt5' Policy on Reserves: this is o maintain the value of the Special Reserve Fund to provide a generous two y¢ars of budgeted expendilure. This 15 combined with ensuring that all necessary maintenance is regularly carried out on Letlsom Hou5¢ and ihai appropriate and sutTi¢ient insurance is rried against all insurablc risks that ¢ould affect the Society's income. Additionally. uninsured risks id¢nlifi¢d within the Society's Risk Re8i5ter should be valued and that value included in ihe Special Reserve considerations" The present target figure for the Invesiment Funds is £ I m which should be achieved within l O years, noling the vagTaries and fluctuaiions of the Stock Market. and this 15 reviewed fom)ally each year along with this strategy. The addition of the Tucker Legacy and the MSTG donation have permitted further invcstsnent. The overall investment w)licy is aligned wilh the Barclays Charitable Fur w)licy and aims to maximise the long-term iotal return of the Society's investment funds (with a horizon of IO+ years), al moderate risk and with eihical investment management. Following the completion of the conversion of the So¢i¢ty's property at Nol 2 Chandos Street into flats in 2015, the income from lh¢ rent of the flats is being used as intended to develop Ihe Society and provide for a well-considered maintenance fund for boih Lettsom House and Ihe betler conduct of Soci¢ty business. Currenily this rental income remains steady and so from 2016117 divid¢nd income from the Special Reserve fund has been reinvested io ensure Ihe r¢gular and continuing growth of the Special Reserve and money only drawn down when significant projects within the maintrnan¢¢ programme demand it. Inveslmcnt powers eneral. The Society's inv¢stments are overseen by the Trustees in ac¢ordanc¢ with the Trustees Act 2000. The TTYst¢ acl with the authority of the Society's Council. 18
Restrictions on investment. The TTus¢ees are content that the ethical restrictions and screening which Barclays Wealth apply to their Charitable Fund are aligned with the Society's intentions ftir ethical inveslmenL Strai¢gic investmemt policy Time hor o. The TNstees' strategic vision for the So¢icty is that tt will continue functioning as li does at preseni. indefinitely. It will remain based in Lcttsom House. Thus the Society aims to maintain lis investsnents in perpetuity. R¢turn uirem¢nt. Th¢ So¢i¢ty tskes a balanced approach to investment. The Trustees accept the growth requirements of the Barclays Charitsble Fund and align their requirement with it (¢urr¢nt * +3y•). Risk tolerance. The Soci¢ty cat¢goris¢s its attitude to risk as'kn(thrate" in line with the risk profile of the Barclays Charitable Fund. uidi uirements. There are no nornul circumstances that require a proportion of the portfolio lo be liquid. Every year. a sum will be expended on the decoration and r¢pair of Lettsom House bui ihis will be planned well in advance, nomially fun by the income from the Flats but with any Special Reserve drawdown clearly identified and approved by th¢ Trustees. In 2023124. there has been a requirement for the investments to support the operdting costs of the Society and a net figure of £50.000 has en drawndown. Benehmarking Genernl. The Society will monitor the perfomiance of the Barclays Charitable Fund against the baseline established by Barclays (ARC) to afford such measurement. Investment manager Investment manager. The Society will invest with Barclays Wealth in their Charitable Fund which provides active fund management and an adaptable service. On behalf of the Trustees of the Medical Society of London: er Dr P¢ter Keir MA FRCP FACC Hon Treasurer and Trusttt Dr Nicholas Cambridge Chainnan of Trustees Dated 13 October 2025 19
PHOTOGRAPHS OF THE YEAR 202415 14111 .,,
FINANCJAL STATEMENTS FOR THE YEAR ENDED 301h JUNE 2025 THE MEDICAL SOCIETY OF LONDON (FOUNDED 1773) LETTSOM HOUSE I I CHANDOS STREET LONIK)N WIG 9EB REGISTERED CHARITY NO. 209242 Cont¢nls: ststement of Financial Activities Page 22 Balance Sheet Page 23 Notes to the Accounts Pages 24-34 21
The Mèdical SoCty ofLondon RgW•tsr•d ¢h•rSty No.209242 St*tsm•nt of Flnanclal Acllvltlo• lor the ygar gndod 30 Jum 2026 Statemenl of Flnancial Artivities The Medical Society of London Reg Charity ND. 209242 Total Funds Prlor Perlod Total Fund Further Details ALL FUNDS ARE UNRESTRICTED Income and endowments from: Oonations and Legacies Charitable activities other trading activities Investments Other Total Note 2 41.C(K) 19,632 136,914 17.041 5.950 220.537 21,224 19.211 133.797 22.265 9.549 206.046 Expendlture on: Raising Fund5 Charitable activities Admin and Management Total 1.316 435.434 9,146 445.896 1.720 287.924 9,130 298.774 Note 6b Note 12 Net incomelle¥pend5twel Net gains/llosse51 on investmenls Net movement in funds 1225.359) 17371 1226,096) 1927281 S717 (34.911) Re¢on¢il•ation of ld$. Total fvnds brought forward Total lunds farrled lorward 7,154,027 6,927,931 7,188,938 7.154A127
Tho 11odl¢al Socl•ty olLond Balan¢• Shgpt •• at 30 Jung 2025 Toi•l$ Fund• to 30J 2024 Total FdI to 30 2025 FIXED ASSETS Freghdd Property Historical artetscts Furniture and eqU¥ent Investrnents at mathet val 6,TrJO,Lt 446.876 6.695 6.0.000 446,876 7.678 682311 6.910,471 7.116.865 CURRENT ASSETS Sto 12.593 14,941 13,340 27.124 fo Cash in bar and 50.342 107,711 L•••: CREDITORS Amounts falling thje ilhw) o year 11 132.8821 170.5491 NET CURRENT ASSErs 37.162 IEr ASSETS 6.927.931 7 154027 FUP4DS CAPJTAL FUMOS Spclal R•#èrv• 1.019,775 1.1FJ),C81 R•valuaOon R•••ry• 15 5,7W,936 S.7,936 4COME FUND General Fu 147.220 233,010
Th• M•dlcal Socl•ty otLond¢)n R¢91gr•d Clwrlty Mo209242 Nots to th• Flnanclal Stst•m•nt• for the year gnded 30 Junè 202S ACCOUI4TING POLICIES Accounllng The ffinancal stalemenls hale been prepwed urthrih¢ hL%tty¢al ¢ct ethiventKJn as modthed to iu(se the treehoj pryrty at Ihe trustees valuabcm bawl on potent1 rBntsl Inct¥nè, fN•d asset investments at open market valw. Th¢ financial statements ha¥E prepared m ac(r&rdan( with the Statement of Recommended Pra A(xxwnttn9 ard RèFohThJ ty Charrts appIcar) acccwliro staTrYaTd5 und Finanaal Re[K)Tra StaThJard No 1. The Chwty is èxffjx fr th8 requirom8nt to a c•sh $tatement on the growKls ofsEe. The accountry perHKI trll year erthl 30 Jun• 21Y25. the pre¥W Feric41 is yoar •nded 30 ju 2024. ¢om• Subxptso¥ are brght inlo the Sta1wnlS r¢r•>i Rents are broughl into tt a D5 aTra interest. tsx re)bIe It80n. art tJm into th• finanoal slatemenls when recewed Expendltur• Expendrture exdu5i¥e OfVal NAJ8d Tax. R•pairs and nn9 costs of Leltstyn Hou59 awe Lthaed Skwal ReseThp. Sp•¢lal FdI •nd BoqU1¥ Dgpreciatlon Deprecaab"on is charged at 11J% pw annum C Val offiJrThture and equpment at 33% annthm on the netvalue ol CQryLrtér It has teen charged on ttE prwty In View of the recent reno¥atsc and the current markèt Situ Th• TnJstees h•J the honcal artefxb valued 2010111 and no d8preaab.on has St been pId to those assèts StockB st are inrajthd at bwofcJ)St or net Va. Inv••lm•b)ts InVonents arn Indjed at mwket vtkn. Unrewl gairffj or k)sses m the year are induded in the 5tstefflent ol Athts. As at I Seplwntw 2£4)8 all Ihg mbp5tsQnts were moved to the Speual ReSee PortfolKJ INCOME AKI &XPENOITURE l?e• vvgr) 24
Ymr Yw X+Jun• 2P2$ Ju Fund• IncnIN4 Mar¢•• 231 16M10 17.011 2228S 2.759 16.452 GIftAid 17.252 17.2S2 ChaTrkn S¢reei tenants Ocwional lellinp 88.076 88.076 84.(KJ1 49, Royali88 58 Oonab'w5 & LegX4 FunclH 41.LYAI 41.0(1) 21224 3.818 424 5249 In5urnrKe TOTAL INCOIIING RESOiIRCES 1V2.721 57.810 220.537 DlrvG¢ Ch•rftsbl• Exp•nkn.. MiO(IE8ex H05Mal BUr58S ROY Davl85 Bw88& MoYe8 8urnars M8nseU aurse3 Tucer & S¢5fwl tsJa¢iis Repalr$ ond Seojrty ¢osts F4ithino 0f'TrnnlQr Lknrary. & Pa 5TrJ 172.644 177.611 5.245 5245 4.078 1CI) 100 115 Letts£than Medal pwese(rta1 Salariès wJes Pens BusinÈss faie 108.318 10.155 18.074 108.318 10.15$ 18.074 11s.og6 5.905 17.247 419 17.549 In5uraT LWlirwJ aThJ fab"rwJ Tekpho 18,591 8.813 18.591 8.813 2.595 1Z.792 18.703 2.091 11.938 22.974 1.2L Offi¢e expen Ger expen Owedallon Unrecoverablg VAT 12.792 28.122 7.419 Ch•rfWbh) Exp•nkn cff 239J71 196.(fj3 287.924
Th• Modk41 $0¢1oty OtL)ndon 0glstered Charlty No209242 Notm to th• FlTrandal St•lements lorth• y••r •nthd 30 Jun• 2026 Total8 Y•ar to 30 Jun 2025 Totals Yr to30J 2024 Fund: Speci•l G•n•rnl FUNI Dlr•ct Charltsbl• Exp•ndltur• blf 239.371 196.(63 Adrnln and Mabwi•ment of Charlty IndepgrKlgnt ExaminatsonlAutht Accountsnty artd payrdl Stod(broker fees 8ank charges Prolesyona fee5 1.2C 7.311 1.2(KJ 7.31 t 1,316 310 325 10 462 895 7.068 1,720 817 1.316 310 325 9.146 1.316 TOTAL RESOURCES EXPENDED 248517 197.379 NET INCOMING IOLrrGOINGI RESOURCES FOR THE PERIOD 185.7W) {139.5691 {225.3591 192.7281 OTHER RECOGNISED GAINS AND LOSSES Gans Ilosyes) on Inbsb7)ents Reltsed 320 320 10.340 Unr•ahs811 11.0571 (1.057) 47,477 NET MOVEIIENT IN FUNOS (85.79)) {140.> I226.) 134.911) Bal broh1 frJNMd al 1 2024 5.993.946 1.1fy).081 7 154027 BALANces CARRIED FORWARD AT 30 JUNE 2025 s.8.1 1.019.775 6.927.931 7.154.027 h• Full Comparntorn wlth th• pr•v10 year r•qulred ty Ihe 2019 SORP ar• In th• followlng Pag Iln IWl¢• lor elarttyi 26
T•i•ts Y• 21265 1759 1&452 22062 2,112 17,91T 2.759 16.452 R•rts rnceNaL. 14.419 42.911 R¢7•ths 17.224 3.818 21,224 3,818 424 10. 174.532 31.514 206.046 182.209 48.632 4.078 119 114 67,933 4419 4.OT8 9,8 122 115 Leltsthn Ple¢alprnsw¥•d Ils 115 II&L 114t196 4905 17.247 419 17.519 7.066 115,521 17.247 419 wrfr*S 17.50 14.567 646 2.091 11.936 2Z974 2.091 11.936 22.974 9,75T 20.919 287.924 27
The Aledlc•lSo¢knty ofLDndon Total¥ Year fo 3Q Jun 2024 rotsts Ye•r trj 30 Jun 2023 Funtr. Sp•¢l•l Dlr•¢t Ch•rllalK• Exp•Adlrn l*Y 225 059 28T.924 304,926 Admln andlth•g•ment of Charlty Independent EXaMa0Al[ A¢Gountarty andpaymll Stockbtokgr fee Bank charge5 1.720 817 817 109 10.8 10.966 TOTAL RESOURCES EXPENDED 234 189 774 315 982 NEfiNCOMING foufGOINGJ RESOURCES FOR THE PERIOD (59 057J (33.071) (92. T28) (133,683) OTHER RECOG141SED GAINSAND LOSSES Gains (loss•s) on MNeslments Rèalts8d UnreaTr"s8d 10,340 47.4TT 10,340 47,477 5,052 7.640 NerMOVEME14T IN FUPIDS ($9.657) 24.T46 (34.911) [120.991) Bala$ browhl1o•rf at 1 July 2023 053 e 1135.335 7. 188.938 7.309 929 BALANCES CARRIED FORWARD A T 30 JUP4E2024 5.993.946 1.160.081 7.154.02T 7, 18a938 28
R•ght•n)d Charlty No.209242 Mot•• to th? F111 Stst•mw 3. STAFF COSTS Y•ar to 30 Jun• 2025 Y•ar to 30 Jun• 2024 Wages Salarfes 1(Kl.698 105.841 National Insurance Conlritrmrt Pension cOntrtOns 7.620 155 47 9.255 The avewe Month nunJerof¢nykny•gs yww•s." Pension and Reknment Benefits. The chrty pays ffitr a mKlatory drd g)ntritKrtion scheme for one of th& staff m8mtots. Th• costs of lh conlthti¢)n8 wi thè pèrkny we £5.90512024 £5.9)S1. No effyloy eam8d mor• than £60.C¥)O in tr >wr. TANGIBLE FIXEDASSETS Compui•r Fumlturn& Hl•tork Fr¢•hold Equlpm•nt Equlixmlt Art•tscts Prop•rty Total or v•hJation At 111 JLty 2024 Alon5 in year Olsposal in year 152128 446,876 6.orKI.(K) 46D7M43 AI 30 June 2025 8.439 152,128 446.878 6.(.[) 0,807 Depreoatic At 1 July 2024 Disposal in ygar Charge for the y 7.507 14&382 182089 675 At 30 2025 7.815 146.057 1S3072 Net B)ok Val At 30 2025 624 6.071 446,876 6,rknJ,c 1.463,671 At 30 2024 6.746 446.876 6,CKLI,(DJ 6.464.$54 Fr••hold Prop•rty. The ofTmlt olL(wbkn ¢eS ofNty 11 ond 12 Chandos Street a demise No10a Chj0$ &reet F(> ts hll of No12 10 Esidential ftais. the Tru51a85 sought an open mei ¥thali Iwthe frtyn a re[•tt Eslalewl Tr èYvKe £ed was reth$ expaOn o15e price of £6.0(K) (MX) Ba59J ffi ihs T1e$ lisrtaI vuab"ofi of ihe prcgerty and agreed ihal the l(y¥ market esthTha d t6.1Y1x} sta in Charity ACC1$ a5 a purpose$ ai £4.175.1KWJ. Sofiety. The f4Le 40% Of1 ¥x, a55eswJ rlsatde be hehy at Ihi5 untA xI rothe le¥8t fOrSarth The Litnry Bocs re ¥Jed 2018 Pwpos at £&fjo,rm. Th¢lrwJflh IO•le So(iety #s in¢*Jdtd artef tLM 29
Notss to the FIncipl Statlmènts forth• y•ar ended 30 June 2026 . ANALYSIS OF NET ASSETS BETwN FUNOS Spèeial Rg•eTVO Fund Totals FIXED ASSETS Freemd prrty HKstoral Mefis FwT¥lure •4UlWrt lnve5thts Ot mwkeiv•k 5.335.077 446.876 6.000 C#XI 44&876 45& 5.788,648 1,121,823 6.910.471 CURRENT A8SETS 12.599 14.941 22. 172 12.591 14.941 22.e02 Cash in bank aTrJ n haTrJ 49.712 50.334 Cyrr•nt Llabilities Cre¢Jitors laling ijue wlthin year 113.9911 118.8911 {32.8821 35.721 1182611 17,452 •Jlng fd9 81.787 {81.3351 R•8•p4 5.90B.156 1.019.775 6.927.931 Hltorfeal £t of IrN•slrn•nts 30 Jun• 2025 352.255 507,015 Desi na . Thè Spèts Resth Fw¥J. Mansdl Bequest Sir Jthn McNee Beq1 and Roy Dav$ Elethve Bursary Bequest 41 en desgnattd ty Iha Twste8s for purposes as set out theff report aTrJ as rgfl¢¢18d in th• Society's Stand'ng Orders. In 2015 thè dètssKJn has bèèn made nol to show the minor lunds separatthy in th• accounts rotlwto aTryjg8 theirexi5trAKe in Iho ofth• Soc*ty's fundw.
Th• Medcal Socknty of London R•gl•t•r•d Charlty 140209242 Iloi•• to th• Flnathehl Slakn•nl• for th• yr ènd•d 30 2025 6. IMV&8TMENTS Holdlno Holdlty• 4t 30 2025 2Q25 2025 2D2S Marknt valu UK EIXIITIES 231,108 Barc*s Chty R k£thnLdalM)n 352,25S 456.9LM) 6.b INVESTMEKf MANA¢3EMENT CHARGes 2024 1.316 1.720 31
Th• M•dlc•l So¢l•ty of Londoft R•gl•torèd Chartty Mo.209242 Not•• to th• Flnanclal Stat•m•nts 7. FIXED ASSET INVESTPAENT 20 e62.311 2024 718.352 Mathet Vaue 1 Juty 2024 AddilK)ns AceurnLAated Incoff sposas Nel E3ed gaV100$Sex} Net unrISed gainsllkjsses) 16.771 22.259 1221.445) 1136.1171 320 10 340 11.057) 47 477 Mark8t Value 30 June 2025 4.9[1) 662311 h"$¢81 costas 8130 June 2025 352.255 507,015 RESERVES POLICY Socty Iw estsLshed a Fdwfor reseThesto re Ilwt it ha5suffiUentC(KD0, wi •SJlv)n to $th¢iytyons and fents. to susta its acIMt$ and maintan and. $sary. renovate Leitsom House The Trustees have d8cided thatany hJn¢Js In ex$5 oflhose requred trllw purpgses should be 5etaside loroxtra-mural chrtabL9 puws In pursuitofits 04ect- the a0men1 ofrne(knne Pr£u[•S arn In placè frKth• TftKstses to revi8W the rese annually ar¥J to ¢Xats a¥aae funds lor suth purpose5 8TOCKS Th¢ fvJur• eompnsea lh• Soei•ty's stock oftal. kr•¥es. b. meda15 afKI wnts valJ8d at the of st or rt rèalis4è val 10. DEBTORS 2025 2024 Amounts owed to the Chanty by." SuTrJry d8btor5 4.336 13.863 Prepayments 10,605 13,261 14.941 27.124 11. CREDITORS Amounts Nn9 ¢k wthin ysar. ndry crnditors 7,441 5.899 Awua15 25.441 32.882 70.549 32
- ADMIN AND MANAGEMENT EXPENSES Indep8ndl Exanynors A¢¢ountsncy and Payrol Bank charges Prt)fes5wI Fees (VAT Totsl 1,2C¥) 7,311 310 817 No Miun8r•tion pwd aTrJ no expwées thjr8ed the period J3
The MedlrAI Socloty of London R•gl•tsr•d Chathy No.209242 Motes lo FInCl Sl#t•m•nts lorth• y•arended 30 Jurn X125 13. TAXATION Thè Sou•ty is a registered chaity and uThJerSeGrm 5C6111 ofthg Iromè and Corporatti) Taxes 1988 is exernpt from tsxalion 14. OPERATING LEASE COIIIIITMepiTS Tlp Idknwng oFernbng lease payments are Cmittj to b pabJ lhI) on& J•ar. 202S 2024 Eypinng bets aThJ fve ye•3 5.204 6,204 15. REVALUATION RESERVE Rev4uatKJn ReseThe 15 made up ot ReUab.0n ofpropety 2010 1.474,(0 Furttw rev3hot olproperty 2016 3.845,077 Valualon of hnC arteta¢ts 2010 £5.760.936 16. CAPITAL COMIMAENTS Thè Trust5 d•c¥Jed that Ihe extem¥ rehJth51¥nent of 11 CharKlos st smulj be camed out durirg surnmer of 2024. startwvJ In June aThJ C{et1 In ety (o¢er SEJwty then agreed a ctraC{ for wrth MarylebO Intenrys LryKk)n Limrted. Th& lull final cost ol this proieca £207.172 wKbJirMJ VAT Th c05twa5 mI110re by Tfuslee5 and reportpd rggulady to bc4h Trustees Councl The cosi af wqed. pkKs t$t ol the Fire rea¢ement V+tsch was pwt pa 2023-24 arKJ paid m 2024-25. fvmded ty Ihe approvad drathvm ofinvesbnents.
IAdwdellt R¢port t• th¢ trwttts of The Mediul Sxlety of ld0 I r¢pffi to th¢ tsUS¢¢es on zny examin•tb)n of the fmattci st•t¢mthts of The M¢di¢81 Society of14)Ddon for the yearend¢d 30 Jim¢ 2025. As the trustees ofthe ¢barity (and its d1ClO[S fwthe putp)se5 of LXIMPy law) you responsible forthe preparntion of the finan¢iai statemettts in ae¢ord•Ke with the requiretnents of the Companies A¢t 2LM)6 (the 2006 Ad). Havin8 Stitisfid rny5¢1fthat the financial tht¢mEntsof thE LWhP4lly ¥r¢ not r¢qUi1 ts be requiredto be audited under Part 16 of the 2006 Arf IT t elizible for inderKndent ¢xamination. I rert iii respect of Tny examination of the company's ncIal 5Wem¢nts Ti¢d owt uThkr se¢tion 145 of the ChaTRties Act 201 I (Ihe 2011 A). In cwiti8 out my examination I have followed all the applicable direLlion5 giv¢n by th¢ Clwiry conunission stl0n 145(5Mb) of th¢ 2011 Acl. Ind¢pemd¢nt ¢ADIner.# Jtternent I completed my ex•niDalion. I wnfirni that Ao matters IVe ¢orne to my ¥tteution in CneCtIon with the examitMtK)n 8iVin8 me eawe ty believe that in #nymatuial respect: Iiccoiirtlin8 w¢¢<rth w¢r¢ Ikl in rNpB¢¢ of the chutiy as required by sectK)n 386 of the 2006 Act.. or 3. the financial statEments do not wmply with the I¢)untIllg requirements of section 396 ofth¢ 26 ActotheT than any Te4uirerneDt that the accirtmts give a trne and fairview whith 15 liot a mter nsIdered as part of an independent exiinination: or 4. th¢ financial stst¢ments have not betsprtpaTEd in accotd8TK¢ with the meth(Mls and principl¢s ofthe StstEment of Re¢Lrn¢d¢d PT¥ti¢¢ foT Xg)unting and reporting by tharitie5 plicable tts thitieS preparing th¢ir ac¢ounts in x¢ord8nce with the Financial R¢portin8 Slandud appli¢abk in the UK Rtpublie of ]Teland (FRS 102). I hav¢ no ncernS have come across N) othttmatters in connection with the exarnination to which attentH)n 5uld be drawTh iti this reportto enable a proptt understanding of the fInKi st&rni¢nts to be reached. ,Th lax Tom Wilcox Bexhill-on-sea st Su55¢X Th40 IHH 35
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