Medical Society of London
(Founded 1773)
Annual Report 2024-25
Registered Charity no 209242

Contents
Review of the y￿r
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 g￿5t 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 md1￿1 Examiner or 'Police SUrg￿n, 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. Profe￿Or 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 eX￿rt 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 tOget1￿r 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 P￿55 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 lon5ille￿omY 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 al￿nded 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 Ca￿Ing 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 su￿Saharan 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 medi￿1 5tu(knts. She is active in the UCL Centre for
International Medical EdU￿tIOn 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$trred chariry (My 109?41i. lis offKe is kxatrd a:
Leitsom Hou5¢
I I Clwidos Strrtt
Lotsdon
Tel.. O•0 7510 1043
em￿].. infoaintd50rkndon.org
'cb5it¢.' wWwrned5￿"k>￿j0NX)
man
Ms Leah Pawwin- Depull Re¥isirar
The Trustees of the Swiety for th¢ period l July 2024 kn the date
of this report were..
EX4MI)ER
'rom Wil¢o%
ounierculiille Partnership LLP
13 Si L.LYK)ards Road
F.asi Sussey
DrNicholas Anthony Cambridge- Medical Praditioner{313)
rustees
Dr Peter Mllrray Keir- Medical PraditI(￿ (313)
Dr Christopher Lund- Medical Practitioner (Y31
Btrclavs Bank Limited
8 9 HaM%¢r Square
Londo
Dr Stuart Bla¢kie- Medical Practitioner1313)
Dr David Park- Medical Prnditioner12J31
B*clays W'ealth
I Chwrhill Place
l.ondrm
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Prtsidenvchair of
Dr We#(616)
Dr C&therine Sthaf If16)
Dr Kudy Capthko {f461
Pn)fHe8ther An8us.14WL (5161
Prof ClaralA&wy (f46)
Dr Pe￿ KeiT1616)
Col S Jllgdith IWO)
Drswan W¢st ((d61
Drjickie Morris (516)
Pmf Rol*rtD Guiloff (616)
DrRotr¢rt I￿)
Drmartk Trell￿1(616}
Prtsident Elttt
St#lDr Secretsry
J•nioTSe¢rttsry
Vi¢e prUld￿ts.
HOD Treumrer
Hon Libr*rl*h
Col S J￿1$h (Y61
Dr AIisLair Purves (Y6)
Hon Edltor
Hon Membevjklp Set
Countll 3rd yr
DrJOI￿ Floww1416)
Prof Dafydd TFx*mt8 (4161
Sir Marc￿1 Setchell12161
DrRothy Rivets1516)
Dr stD￿ Bwlcy (6161
l*yr

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 ￿p￿intment 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[l￿rtY 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 Tru￿e¢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 P￿sident-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 TrUS￿S.
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 eX￿ted 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 Ikpartu￿s 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 reS￿nSIbIlItY 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 g￿d 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 HOl￿rary 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 Inde￿ndeth 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 fi￿d5 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 Tn￿ttts 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 b￿kS 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 SUp￿rt 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 Im￿Sed 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 CUT￿nt 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 SoC￿ty 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
S7￿17
(34.911)
Re¢on¢il•ation of l￿d$.
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*
F￿dI 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¢91g*r•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 ¢c*t ethiventKJn as modthed to i￿u(se the
treeho￿j pryrty at Ihe trustees valuabcm bawl on potent￿1 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 Charrt*s ￿ 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•
Subx￿ptso￿¥ are br￿ght inlo the Sta1wn￿lS ￿ r¢r•>i
Rents are broughl into tt* a￿
D￿￿￿￿5 aTra interest. tsx re￿)￿bIe It￿80n. art t￿￿Jm into th• finanoal slatemenls when
recewed
Expendltur•
Expendrture exdu5i¥e OfVal￿ NA*J8d Tax.
R•pairs and n￿n￿9 costs of Leltstyn Hou59 awe Ltha￿ed Skwal ReseThp.
Sp•¢lal F￿dI •nd BoqU￿1¥
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 h*oncal artefxb valued
2010111 and no d8preaab.on has St￿ been ￿pI*d to those assèts
StockB
st￿ are inrajthd at b*wofcJ)St or net Va￿.
Inv••lm•b)ts
InV￿onents arn Ind￿jed at mwket vtkn. Unre*wl gairffj or k)sses m the year are induded in the
5tstefflent ol Atht*s. As at I Seplwntw 2£4)8 all Ihg mbp5ts￿Qnts were moved to the Speual
ReSe￿e PortfolKJ
INCOME AKI &XPENOITURE
l?e• vvgr)
24

Ymr
Yw
X+Jun•
2P2$
Ju
Fund•
Inc￿nIN4 Ma￿r¢••
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 BUr5￿8S
ROY￿ Davl85 Bw8￿8&
MoYe8 8urnar*s
M8nseU aurs￿e3
Tuc*er & S¢5fwl tsJa¢iis
Repalr$ ond
Seojrty ¢osts
F4ithino 0f'Trnn￿l*Qr
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 f*ab"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
Y￿r
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 Inb*sb7)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￿￿ bro￿h1 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
Leltsth￿n Ple¢alprnsw¥•d
Ils
115
II&L
114t196
4905
17.247
419
17.519
7.066
115,521
17.247
419
w*rfr*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•Adl￿rn l*Y
225 059
28T.924
304,926
Admln andlth•g•ment of Charlty
Independent EXaM￿a￿0￿Al￿[
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? F￿￿￿111 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 cOntrt￿￿Ons
7.620
155
47
9.255
The avewe Month￿ nun*Jerof¢nykny•gs yww•s."
Pension and Reknment Benefits. The ch*rty pays ffitr* a m*Klatory d￿r￿d g)ntritKrtion scheme for one of
th& staff m8mtots. Th• costs of lh￿ conlthti¢)n8 wi thè pèrkny w￿e £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
A￿l￿on5 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.$54
Fr••hold Prop•rty. The ofT￿m￿lt￿ olL(wbkn ¢￿￿eS ofNty 11 ond 12
Chandos Street a demise ￿ No10a Ch￿j0$ &reet F(*>￿ ts hll of No12 ￿10 Esidential ftais. the
Tru51a85 sought an open m**ei ¥tha￿li Iwthe frtyn a re[￿•t￿t Eslalewl Tr èYvKe ￿£￿ed was
reth$￿ exp￿a￿On o15*e price of £6.0(K) (MX) Ba59J ffi ihs T1￿￿e$ lis￿rtaI v*uab"ofi of ihe
prcgerty and agreed ihal the l(y*¥ market esthTha￿ d t6.1Y￿1￿x} sta￿ in Charity ACC￿1$ a5 a
purpose$ ai £4.175.1KWJ.
Sofiety. The f4L*e 40% Of1￿ ¥*x, a55eswJ r*lsatde be hehy at
Ihi5 untA ￿xI rothe le¥￿￿8t￿ fOr￿S￿arth The Litnry Boc*s *re ¥*Jed ￿ 2018
Pwpos￿ at £&fjo,rm. Th¢lrwJflh IO•le So(iety #s in¢*Jdtd artef￿ tLM
29

Notss to the FI￿ncipl Statlmènts
forth• y•ar ended 30 June 2026
. ANALYSIS OF NET ASSETS BETw￿N FUNOS
Spèeial
Rg•eTVO
Fund
Totals
FIXED ASSETS
Freemd pr￿rty
HKstor￿al Mef*is
FwT¥lure •4UlW*rt
lnve5th￿ts 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 f￿d9
81.787
{81.3351
R•8•p4
5.90B.156
1.019.775
6.927.931
Hl*torfeal £￿t of IrN•slrn•nts
30 Jun• 2025
352.255
507,015
Desi
na
. Thè Spèts* Resth Fw¥J. Mansdl Bequest Sir Jthn McNee Beq￿1 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 a￿Try￿￿jg8 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• y￿r 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 gaV￿100$Sex}
Net unr￿ISed gainsllkjsses)
16.771
22.259
1221.445) 1136.1171
320
10 340
11.057)
47 477
Mark8t Value 30 June 2025
4￿.9[1)
662311
h"$￿¢81 costas 8130 June 2025
352.255
507,015
RESERVES POLICY
Soc*ty Iw estsL*shed a Fdwfor reseThesto ￿re Ilwt it ha5suffiUent￿C(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 ch￿rtabL9
puws In pursuitofits 04ect- the a0￿￿men1 ofrne(knne Pr£*￿u[•S arn In placè frKth• TftKstses to revi8W
the rese￿￿ annually ar¥J to ￿¢Xats a¥a￿a￿e funds lor suth purpose5
8TOCKS
Th¢ fvJur• eompnsea lh• Soei•ty's stock of￿￿tal￿. kr•¥es. b*. meda15 afKI wnts valJ8d at the of
st or r￿t rèalis*4è 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

12. ADMIN AND MANAGEMENT EXPENSES
Indep8nd￿l 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 th￿jr8ed the period
J3

The MedlrAI Socloty of London
R•gl•tsr•d Chathy No.209242
Motes lo FI￿nCl￿ Sl#t•m•nts
lorth• y•arended 30 Jurn X125
13. TAXATION
Thè Sou•ty is a registered chaity and uThJerSeG*rm 5C6111 ofthg Ir*omè and Corporatti) Taxes 1988 is
exernpt from tsxalion
14. OPERATING LEASE COIIIIITMepiTS
Tlp Idknwng oFernbng lease payments are C￿mitt￿j 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
Re￿Uab.0n ofpropety 2010
1.474,(￿0
Furttw rev3hot￿ olproperty 2016
3.845,077
Valualon of h￿nC arteta¢ts 2010
£5.760.936
16. CAPITAL COMIMAENTS
Thè Trust￿5 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 e￿ty (￿o¢er SEJwty then agreed a c￿traC{ for
wrth MarylebO￿ Intenrys LryKk)n Limrted.
Th& lull final cost ol this proieca £207.172 wKbJirMJ VAT Th￿ c05twa5 mI￿110re￿ by Tfuslee5 and
reportpd rggulady to bc4h Trustees Councl The cosi af wqed. pkKs t￿$t ol the Fire
re￿a¢ement V+tsch was pwt pa￿ ￿ 2023-24 arKJ paid m 2024-25. fvmded ty Ihe approvad dra*thvm
ofinvesbnents.

IAdwdellt R¢port t• th¢ trwttts of
The Mediul Sxlety of l￿d0
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 d1￿ClO[S fwthe putp)se5 of LXIMP￿y 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¢qUi￿1 ts be requiredto be
audited under Part 16 of the 2006 Arf IT￿ *t elizible for inderKndent ¢xamination. I re￿rt iii respect of Tny
examination of the company's ￿n￿cIal 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 st￿l0n 145(5Mb) of th¢ 2011 Acl.
Ind¢pemd¢nt ¢A￿DIner.# Jt*ternent
I completed my ex•niDalion. I wnfirni that Ao matters I￿Ve ¢orne to my ¥tteution in C￿neCtIon with the
examitMtK)n 8iVin8 me eawe ty believe that in #nymatuial respect:
Iiccoiirtlin8 w¢¢<rth w¢r¢ I￿k￿l 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¢
2￿6 ActotheT than any Te4uirerneDt that the accirtmts give a trne and fairview whith 15 liot a
m*ter ￿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¢L￿rn¢￿d¢d PT¥ti¢¢ foT Xg)unting and reporting by tharitie5
plicable tts th￿itieS 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
5￿uld be drawTh iti this reportto enable a proptt understanding of the fIn*Ki￿ st&rni¢nts to be reached.
,Th lax
Tom Wilcox
Bexhill-on-sea
st Su55¢X
Th40 IHH
35

THE MEDICAL SOCJETY OF LONDON
FOUNDED 1773
11 CHANDOS STREET,
LONDON, WIG 9EB
Telephone: 020 7S80 1043
e.mail: 1nfo@medsoclondon.org
www.medsoclondon.or
36