REGISTRARS COPY THE BIRMINGHAM MEDICAL INSTITUTE (Company limited by guarantse and nol hovlng a Share capltal) REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Charlty No: 218651 C(xnpany No: C4J008756
THE BIRMINGHAM MEDICAL lNSTljTE REPORT OF THE COUNCIL IDIRECTORS AND TRUSTEES) FOR THE YEAR ENDED 31ST DECEMBER 2023 The Trustees present their report and the financial statements of the charity for the year ended 31 December 2023. The tnjsteès have adopled the provisions of the Ststement of Recommended Practice ISORPI 'Accounting and ReFY)rting by Charities in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordan Mrilh the Charities Act 2011 and Accounting and Reporting by Charities. Slalernent of Recommended Practice aPICable to chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reforence and admlnl8tratlon Informatlon Charity name.. The Birmingham Medlcal Institute Charity registration numter.. Company registration number.. Registered office and Operational address.. 218651 00008756 One Eas0 Harry Weston Road Binley Busin888 Park Coventry CV32UB Councll {Tru8tee•l.' Dr D Rkhardson IPre9identl Or A C While (Vice-Presidenti Mr B E Teall (Treasurer) Prof P Adab Or P Borg Bartolo Dr J Hurfow Dr G K R Jamieson Dr P Pears Dr J Reed Dr J A Thompson Prof D Wamsley Company dlr•ctorn: Dr D Richardson Mr B E Teall Company 8•cret•ry: Mrs E Slmpson Independent examln•r Brian Jukes, FCA. Daffems LLP. Charted Accountants, One Eastr0d, Harry Weston Road. Binley Business Park, Coventry. CV3 2UB 8anke The Royal Bank of Scotland, Sutton Coldfield
THE BIRMINGHAM MEDICAL INSTITUTE REPORT OF THE COUNCIL {DIRECTORS AND TRUSTEES) FOR THE YEAR ENDED 31ST DECEMBER 2023 Actlvltles and charftsbl• objects The objects and pllncipal actimty of the company during the year was the provision of postgraduate education for members of medical, dental and other healthcare professions. The Bimiingham Medical Institute continues lo fulfil its charitable acdvitses and cbieclives by providing educational and training courses for medical practitioners and other healthcare professionals in the city and surrounding areag. Publlc benoflt The Council consider they have complied with their duty to have due regard lo the guidance on wblic benefit, as published by the Charity Commission, in èxercising their powers aTKI duties. Achlevomonts and Performanc? The Institute'3 operations continue to be adversely impacted by the lingering effects of the pandemt. However, the strategic acquisition and subsequent integration of Palm Training as a wholly-owned subsidiary has alleviated some of these challenges. 1115 anlicipaled that this positive trajectory will persist and further improvements have been observed throughout 2023. The Institute remains sleafasl in ils mi55i0n to deliver accredited educational training, both virtually and in person. to allied healthcare profe55ional$ in the Wesl Midlands. The revenue generated from these initiab.ves is crucial, as it ensur85 that the Birmingharn Medical Insb'tule18MII can su8tain and enhance its promsion of ffdical education and training across the West Midlandg. Flnanclal r•vl•w The net expenditure for the year amounted to £26.401, Tlis amount has been deducted from resef brought forward leaving fund balae9 of £315,110 at the ènd of the year. The trustees consider the results to be salisfaclory. Re•erves pollcy The Instslute's reserves are fully allocated towards the maintenance and expansion of current educational programs and services. These funds are essents'al not only for the enhancement of existing offerings bul also for ensuring the conb'nuity and long-term sustainability of the Institute. Mgmbern of tho Coun¢ll Members of the Council are trustees for the purpose ol charity law,. trustees who served during the year and up lo the date of this report are set out on page 1. Stru¢thre Governanc• and Management Governlng Docurnent The Institute is a charitable company limited by guarantee, incorporated on 17th September 1874 aThJ registered as a charity on 7th May 1963. The company was established under a memorandum ol Association, which estsblishl the objects and powerg of the charitable company and is governed under ils ArtleS of Assoaalion. Recruitment and Appolntment of Offlc•rn and Members of the Councll The members of the Council {trusleesl are elected in OrdanCe with the provisions contained in the Memorandum and Articles of Ass(Kiation and until otherwise delemiined by a General Meeting.
THE BIRMINGHAM MEDICAL INSTITUTE REPORT OF THE COUNCIL (DIRECTORS ANO TRUSTEES) FOR THE YEAR ENDED 31ST DECEMBER 2023 Tru8lee Inductlon and trnlning New trustee9 are briefed by the Pfftsidenl on their obligations 83 Council MberS and the future plans and objectives of the Inslitule. Minutes of previous meetings are also available for new Council Members upon request. Risk rnvlew The Council has conducted a wew of the major risks lo which the charity is expos1 and have established systems to rnitigate these risks. Every effort is made lo ensure that all risks are kept to a minimum. The trustees consider that insuranL cover and reserves are adequate to ensure the continued cperalion of the Institute in the event of the occurrence of ary unexFecled irrident. Th15 r8POrt has been prepared in x¢ordance wth the 8ClaI provisions of Part 15 of the Companles Act 2006 relating to 8mall companies. Approved on behalf of the Council on 8th June 2024 and svJned on its behalf by.. Dr D Richardson PSIdent l Trustee
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE BIRMINGHAM MEDICAL INSTITUTE I report to the thanty trustees on my einatiOn of the accounts of the company for the year ended 31sl December 2023, which are set out on pages 5 to 12. Ro8ponslbilities and ba818 of report As tha charity's Iruslees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006 {'the 20C6 Act'i Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in resFect of my examination of your charity's accounts as carried out under g&ction 145 of the Charit'es Act 2011 I'the 2011 ACVI. In carrying out my examinabon I have followed the Oiwlions given by Ihe Charty Commission Ltnder section 145151 Ibl of the 2011 Act. Indopendgnt •xamln•f8 8tatoment I have completed my examination. I ¢¢fIM7 that no mattgrs have come to my attentn in connectson ¥Mth the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Ac( or the accounts ¢Jo not accord with those records., or the ac¢ounts do not cornply with the accounting requirements of sectr'on 398 of the 20Ce Act other than any requirement that the ac¢ounts give a 'true and fair view, which is not a m8tter consider& as part of an independent examination.. or the accounts have not been prepared in accordance wth the m&thods and pnnciples of the Statement of Recommended Practice ft)r accounting and reparting by charities applicable to Charities preparing their account5 in accord8nce wth the Financ1 Reporting Standard applicable in the UK 8nd Republic of Ireland IFRS 1021 I have no concerns ar have come xross no other matt8r3 in conneth'on with the examin8tion to which attention should be drawn in this report in order to enable a proper understanding of the acoounl8 to reached. Bri Jukes, FCA CTA For and on behalf of Dafferns LLP Chartered Accountants. One EaSc4)d, Harry Weston Road, Binley Business Park Coventry, CV3 2UB. 61h June 2024
THE BIRMINGHAM MEDICAL INSTITUTE STATEMETrif OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2023 Unrestrlcted funds 2023 2022 INCOME FROM: Donations and l•gacl88 Subscriptions and donations Gift aid tax recovered Charftiblo activitles Meetings and training Invostment income Interest on depoglts DNidend income Total In¢om• 4,455 1,024 5,3C4J 1,138 25,7C 22,043 147 43 EXPENDITURE ON.. Ral8lng funds Investment brokers fees Chorltable actlvltle• Meetings and training Property expense8 Support co•ts Salaries arKI wages Administration costs Leg81 and professional charges Accountancy Depreciation and amortlsation Total expendlture 188 11,192 6,454 8,285 7,491 56,112 3,939 720 4,320 430 833 54.322 2,950 720 5,119 70 147,3751 LL74 148,450} 581 Net gains I (losse81 on investments Nfrt Incom• I lexpendlturel Fund balances at 1st January 2023 Fund balances at 31•1 December 2023 {26.4011 187,0111 28 522 The nolas on pag88 8 to 12 form an integral part of these financial ststernents
THE BIRMINGHAM VEDICAL INSTITUTE IREGISTERED NUMBER: 00008756) BALANCE SHEET AS AT 31ST DECEMBER 2023 mole 2023 2022 Flxed •$8ets Tangible assets Intangible assets Investrments 1,124 1,554 27 304.402 328,891 Cuirnnt 8•88ts Stocks D8blors Bank balances and cash 59 520 833 19,412 59 1,033 20 383 21,455 10 CTedltorn Amoun18 falling due wlthin one year Net current assets 12 Not amets Ro•orv General fund - unrestricted fund The charitable company is enb'lled to exemption Irom audit under $8ctlon 477 of the Companies Act 20Ce for the year ended 31 st Decemter 2023. The members have not required the charitsble company lo obtain an audit of Its flnancial statements for the year eftded 31 st December 2023 in accordance with Section 476 of the Companies Acl 2006. The directors and trusteeg acknowledge their respcfislt1ltie$ for complyirg wth the requirements of the Companies Act with Spect to accounb'ng ffjcords and the preparatlon of the accounts. These financial statements have been prepared in xcordance wlth the provi8Dns app1[b to Small companies subject to the Small Companies, regime and in accordance with FRS 102 SORP. The financial statements were appn)ved by the Council on 8th June 2024 and ware sign? on ils behalf Dr D Richardson President / Trustee The notes on pages 8 to 12 forn an integral part of these financlal statements.
THE BIRMINGHAM MEDICAL INSTITUTE NOTES TO THE FINANCIAL STATEmE[s FOR THE YEAR ENDED 31ST DECEMBER 2023 1. Gonoral Inforniatlon and ba81s of preparntion The Birmingham Medical Institute is a private company, limited by guarantee, regigtered in England and Wales. In the event of the charity being wound up, the liability in respect ofthe guarantee is limited to 50p per member of the charity. The address ofthe registered office is given in the charity infomation on page 1 of these financial ststements. The nature of the charity's operatsons and principal activities ig the provision of postgraduate education and specialist services for members of the medical and other healthcare Seice5. The charity constitutes 8 public benefit entity as defined by FRS 102, The financ1 statements have been prepareil in accordance wlh Accounting and Reporb'ng by Charities.. Stalern8nl of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011 and the Companies Act 2006, and UK Generally Accepl8d Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost Convention, modif ed lo include certain items at fair value. The financial sl8tement5 are presented in sterling {£) whi¢h is the functional currency of the charity and rounded lo the nearest pound. The significant accounb'ng pjlicies applied in the pparatiOn of these financial statements are sel out below. These policies have teen consislentty applied to all years presented unless otherwise stated. 2. Accountlng pollcl88 Fund •ccountlng Unreslricled funds are available for use at the discreb'on of the Iruslees in furtherance of the general objectives of the charity and which have not b88n de8ignated for other purposas, Restricted funds can only be us&J in accordanc8 Wth the re8triclion impJs&d upon them. Incofflè rocognltlon All incoming resour3 are included in the Statement of Financial Activities ISOFAI when the charity is legally enlilled to the income after any perfomiance conditions have been mel, the amount Gan be measured reliably and it is probable that the income wll be Ceived. Investment income is earned through holding 8ssels for investment purposes such as shares and property. 11 includes dividends, Inte$t and rent. Where it 1$ not practicable lo identify investment management costs in¢urred thIn a scheme with reasonable accuracy the investment incorne is reported nel of these costs.11 is included when the amount can be measured reliably. Interest income is recognised u8ing the effective interest method an¢J dividend and nt income is recognised as the charity's right to 1ve payment is established. Expendtture recognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recogniged where there is a legal or constructive obligation to make paymenls to third parties, it is probable that the settlement wll be required aTrd the amount cf the obligats'on can be measured rellay.
THE BIRMINGHAM MEDICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 2. Accounting pollGies Tanglble fixed as80ts Tangible fixed assets are staled at cost lor deemed cost) or valuation less accumulated depcIa'0n and accumulated irnpairment losses. Cost includes costs direcuy attdbutsble to making the asset capable of operating as intended. Depreciation is provided al the following annual rates in order to write off each asset over its esbmated useful life.. Ccffiputer equipment 33.3% straight line Inv08tm•nts Investments are recognised initially at fair value which is nom811y the Iran5aCtlon price excluding transaction costs. Subsequently, thay are measured al fair value wth changes recognised in 'net gains I Ilosse81 on investments, in thè SOFA if the sha9 are publicly traded or their fair value can olhewse be measured reliably. Other investments are measured al cost less impairment. The investment in the gubsidiary is measured at CO81 le3s impairmenL Stocks Stock has been valued al the l¢xer of cost and nel reali98ble valu8. Dobtor• and creditor¥ rK•iv•blo I payabl• withln ono year DebloryJ and creditors with no stsled interest rale and recelvable or payable wthin one year are recorded al transaction pri. Any105ses arising from impairnent are 0)gnISed in expendItu. Operatlng l•a•e• Rentals payable and ¢Vable under owrating leages are charged to the SOFA on a slraight-line basis over the peric•J of the Fea88. Pan•lon• The company operates defined conldbutlon pension 8chemes. Contributions payable durfng the year are charged in the statement of financial activlts.es in the period lo which they relate. Rdaled c¢Jmpany The company (ywns 100% of the issued ordinary share capital of Palm Training Lirnited lincorwrated in the United Kin9Yoml. That company was dormant during the year ended 31 December 2023. 3. N•t In¢ome 2023 2022 Net income is stated after ch8rging,' DepCIall0n and amertisation Operating lease payments 430 703
THE BIRMINGHAM f•lEDICAL INSTITUTE NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 ST DECEMBER 2023 4. Independent examinern remuneratlon The independent examiner's remuneratson amounts lo an independent examination fee of £2,580 and accountancy and other seN13 of £1,860. S. Trustee r•muneration and other benfrflts 2023 2022 No tsu8tees' remuner8tion or other benefft5 were paid during the year. Tm¥t8es' oxpen¥e• No exFense8 were paid to tru8tee8 in 2023 or 2022. 8. staff numb•rn and costs Office Salaries Pension 5Gheme conlribulion8 NalDnal in8uranGe 48.842 7.470 46,920 7,402 No employee received emduments of more than £80,CQO. 7. Tanglblo flxed a•••ts 2022 2022 Ct At 1st January 2023 Additions At 31st December 2023 70,841 70,641 Depreclatlon At 1st January 2023 Charge for the year At 31$1 December 20223 69,087 68,384 Net book value At 31$1 tknernber 2023 At 31 $1 DeGernber 2022 10
THE BIRMINGHAPdl MEDICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 8. Inve•tmonts 2023 2022 Marf(et valu• As at 1st January 2023 Purchases at cost Sales proceeds Revaluation As at 31st t)ecember 2023 IAII quoted on a recognised stock exchange) Cash held by investment MagerS for reinvestment Cash Bond The group Share$ in subsidiaries The company 294,207 4,624 151.1341 355,119 4.750 125.1011 40 268,671 1,550 294,207 73 299,933 323,992 Sham In $ub•ldlarlos Name.. Palm Training Limited Company number.. 02950970 (England and Wales) Nature of business.. Dormant Cla$$ of Shares.. Ordinary - Holding.. 101Y Aggregate capital and re8eNeg Profil for the peTicrfI 3,345 3,345 9. Sto¢k• 2023 2022 Medals 10. Dfrbtor• 2023 2022 Trade debtors Prepayments 308 212 609 424 11. Creditorn.. amounts f•lllng due wlthln one year Trade creditors Other creditors AG¢ruals and deferred income 4.174 4.355
THE BIRMINGHAM MEDICAL INSTrruTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 12. Fund• All fund8 are unrestricted 13. Reiatad party tran8actlon• There no material related party transactions dunng the year. 12