Charity Registration No. 219102 BMA CHARITIES TRUST FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 BMA Charities
BMA CHARITIES TRUST FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustses Dr R Imjesuriya (Chairl Dr R Bamett Dr S Hull Ms N Major Dr K Mehta Dr L Patel Dr T Pickersgill DrMJPlatt Mr K Ward (Vice Chairl Dr B Singh Jheeta (Appointed 8 May 2024) Director Ms M Flint Charlty number 219102 Prlnclpal address BMA House Tavislock Square London WC1H 9JP Audltor Begbies 9 Bonhill Street London EC2A 4DJ Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME194TA Solicitors Ilsons Alexandra House St Johns Street Salisbury SP1 2SB Invostment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
BMA CHARITIES TRUST FUND CONTENTS Page Trustees, report Stslemenl of trustees. responsibilities Independent auditorfs report Statement of financial activities 10- 11 Balance sheet 12 Notes lo the financial statements 13-30
BMA CHARITIES TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No. 219102 The Trustees have pleasure in presenting IheirAnnu81 Report, together with audited Financial Statements for the year ended 31 December 2024. The financial slalèments have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and 'Accounling and Reporting by Charities. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended for accounting periods commencing from 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT The BMA Charities Trust Fund was established by a Trust Deed in 1925. It is an unincorporated charity registered wfch the Charity Commission for England and Wales. The FLJnd is managed by a board of ten Trustees. Four of these are appointed ex officio.. the Chair of the British Medical Association l°BMA"l Representative Body, Dr L Patel, the BMA Treasurer, Dr T Pickersgill, the Chairman of the Dain Fund lan autonomous charilyl, Dr B Singh Jheets, and the Secrelarylchief Executive of the BMA, Ms N Major. Four other Trustees are nominated by the BMAS membership al the Annual Representslive Meeting I'ARM'I lo serve a tetm of four years and appointed by the board, and two Ituslees have been ccFopled to serve for two years so that the board has the wide range of skills necessary lo enable il lo carry out its duties effectively. A skills audit is undertaken every couple of years in order lo monitor this. In 2009 the charities fomierly known as the Hastings Benevolent Fund Ino. 2191031 and the BMA Medical Education Trust Fund Ino. 10447201 were formally merged into the BMA Charities Trust Fund under a Charity Commission uniting direction. The assets, income and expenditure of each remain distinct, as do the objects of each of the Funds. The members of the Board of Trustees between 1 January 2024 and 31 December 2024 were as follows'.- Dr L Patel, Dr T Pickersgill, Dr K Mehta, Dr M J Platt, Dr R Wijesuriya, Dr G Ralslon Irelired May 20241, Ms N Major, Dr S Hull, Mr K Ward, Dr R Barnett and Dr B Singh Jheela lappoinled May 20241. Vvhen appointed, Trustees are sent guidelines on the duties of Trustees, copies of the governing documents and a copy of the governan framework and code of conduct. New Trustees have a personal induction wth the Chair and the Director. Trustees are given the opportunity lo attend relevant training sessions through the year online and in person, when permitted. Most of the Ttuslees are medically trainèd and therèfore well equipped to sit on the board of a medical benevolent fund. Several have pVIouS experience of being a Trustee andlor business experience. The Current Composition of the Board of Trustees reflects a diversity of gender, age and medical specialty which ensures a good skills mix and works to the advantage of potential beneficiaries. All Trustees give their time voluntarily and re1ve no benefit from the Charity. Reasonable expenses for attending meetings are reimbursed. The Trustees meet at least four times a year lo award grants, deal ¥Mth administrative matters and sel Policy. The awarding of some grants lo refugee and asylum-seeking doctors and to medical students is delegated to the Director. In the autumn Trustees meeting each year, the Trustees authorise the negotiation of remuneration, temis and conditions, and pension arrangements for employed slaffr. this review is usually undertaken by the Chair bul may be delegated lo any Trustee or to the Finance Sub Committee. The Trustees normally Consider firstly whether an employee's job description has changed within the predIng year. They also look al national financial overview data, such as the consumer price index, inflation, eviden relating lo pay Change writhin the charities sector, if available, and levels of responsibility undertaken by the employee. The Fund is one of two charities administered as BMA Charities" and, therefore, il benefits from shared staffing arrangements and office accommodation. 11 is independent of the BMA and has its own Trustee structure.
BMA CHARITIES TRUST FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES Objects The objects of the Charity as sel out in the Trust Deed are to make grants lo medical charities named in the Deed and other charities which help medical pra¢titioners. The Haslings Fund's objects are lo make payments to members of the medical profession or their dependents who are in need of relief or assistance. The objects of the Medical Education Fund are to make payments to advan the medical education of students who are unable to receive a statutory grant and who are in need of assistance. Aims The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit. The Trustees believe that there is no detriment or harm attaching lo the Charity's aims or activities. The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general gLJidance on public benefit. The Trustees believe that there is no detriment or harm attaching to the Charity's aims or activities. The Charty carries out ils charitable purposes for the public benefit in the following ways.. The Charity awards grants to applicant charf(ies once 8 year al the autumn Trustees. meeting after consideration of their annual reports and accounts. The Hastings Fund is able lo help all doctors and their dependents and medical students experiencing a financial crisis, not just members of the BMA. In FebrLJary 2025 the GMC stated that there were 394,743 registered medical practitioners in the UK. Together wth retired doctors, medical students and dependents, this fomis a substantial group within the UK population. The Fund does not make general awards for "living costs" nor does rt seek lo maintain lifestyles. Assistance is given in the fotm of one-off grants for essential Items. Most beneficiaries are not in full-lime work and are living on slate benefits, sludenl loans or have a similar low income. Applicants who are in full employment may usually only apply for help with paying for their GMC retention fees and medical defence insurance as this enables them lo maintain their posts as doctors. Applicants who ask for help with debt are referred to the Fund's licensed money advisor whose services are retained on a case by case basis. A grant may be made subsequently to help with priority expenses. Grants for medical students in immediate need are usually made for rent or essential travel, a typical grant being £1,000. Much of the Fund's work is with refugee and asylum-seeking doctors who wsh to re-validate their qualifications so that they can practi in the NHS. The majority of these applicants are in receipt of means- tested state benefits and are eager to become independent and use their skills lo benefit the country which has given them asylum. The grants the Fund makes lo this group enable them pay for the courses and exams leading lo GMC registration and the fees for GMC registration itself. The Fund only makes these grants to doctors who are members of programmes which support refugee healthcare professionals back into work. This ensures that the doctors, expectations of achieving GMC registration and work are well managed. Society as a whole benefits from the work of the Fund as there is a shortage of doctors throughout the UK Ihllps'.11 www.bma.org.ukladvice-and-supportlnhs-delivery-and-workforcelworkforcelnhs-medical-stsffing-dats-analysis. accessed 20.02.20251. England alone needs nearly 50.000 additional, fulktime doctors. In 2024 the Fund paid GMC registration fees lo 15 doctors12023 - 171 which means that these additional doctors are now available for work in the NHS. The Trustees want lo help doctors achieve or remain in work so that they are se-SUppOrtIng and not dependent on the Stale, and lo help medical students who are in danger of having to withdraw from their Course because of lack of funds. The Fund does not help with legal fees. private medical treatment. conference attendance, career enhancement projects or postgraduate courses. All beneficiaries must be in receipt of their full stsle benefit or student loan enlillement.
BMA CHARITIES TRUST FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Medical Education Fund gives financial asSlStance lo students at medical schools situated in the UK who are taking medicine as a second dègree, itrespeclive of whether they are sludenl members of the BMA. Most applicants are taking thè five-year medical degree and are eligible lo apply for help wth their third and fourth years of study. Applications are accepted from November lo January in each academic year. Access to the Fund is limited lo students who can demonslrale that they are over £25,000 in debt. thus ensuring that only the neediest students receive help. and are paying no more than £9,250 a year in fees. The maximum grant for this group is £3.000. The Trustees are particularfy keen lo support these students. They are often the most strongly committed lo praclising medicine bul face enormous financial pressures because of the length of the course, debt from prèvious studies and the high course fees which are required lo be paid up front each year. The students assisted by th& Fund do not have access lo the NHS Bursary Scheme nor lo student loans lo cover their luilion fees which a usually £9,250 a year. Frequently the students undertake paid work against the advice of their tutors. Money advice is offered to those students whose finances appear lo be poorly managed or are particularly complex. ACTIVITIES During the year, the BMA Charities Trust Fund made grants lo external charities lolalling £5,000 and grants tolalling £25,000 lo the Hastings Funds and Medical Education Fund (see notes 6, 7 and 81. The Trustees aulhorised £66,388 in grants from the Hastings Fund to 42 beneficiaries, compared ¥Mth £70,687 awarded lo 54 beneficiaries in 2023. These 42 beneficiaries comprised 24 refugee doctors. 5 other doctors and 13 medical students in financial need. This Fund made an award to every applicant who was able lo demonstrate appropriate financial need. £21,750 of grants awarded in previous years were reversed due to changes in recipients, arcumslances. This Fund benefilled from access to the De Silva Wijesekera Trust Fund, a very small, unregistered charity, and grants lotslling £4,746.50 were awaided to 7 additional medical students from this source. The Medical Education Fund distributed £147,670 to 64 beneficiaries, compared to £107,300 awarded lo 51 beneficiaries in 2023. In 2024, of the 30 students who responded to our request for feedback, 900/0 said that they would or might have had lo drop out of their Course if they had not received a grant. As a result of reIving the grant, all of the beneficiaries experienced less stress and nearly all were spending more lime studying. 93° were taking on less paid work and 73.fi attributed the receipt of the grant to an improvement in their grades. Half of the students were from a Wdening Participation background. These students may be from a lower socio- economic background, have attended a non-seleclive slate school, bè a care leaver, have a disability, be a carer or be estranged from their families. FINANCIAL REVIEW Under the requirements of the Guidelines on Accounting and Reporting by Charities, the Board of Trustees has assessed the format of financial statements and is satisfied that the appropriate systems are in place. These procedures will be reviewed annually lo ensure that they still meet the needs of the charity. During the year the Charity's income increased by £85,272 from £225,783 10 £311,055. The total value of fixed asset investments held by the charity rose by £493,850 In the year from £5,284,410 10 £5,778,260. Reserves Total funds held by the Charity al the end of the a¢counling period stood at £6.667,725. an increase of £545,287 from the previous year. Of these funds £2,158,998 represents the pemianent endowment funds of the Hastings and Coleman Kenton Funds Isee note 211, £971,769 is restricted for the purposes of the Medical Education Fund and £114,975 is reslricled for purposes of the Hastings Fund, (see note 221, and £3,421,982 is unreslricled funds to be spent on the general charitable objects of the BMA Charities Trust Fund. £65,525 Is committed lo grants payable and accruals (see note 171.
BMA CHARITIES TRUST FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment portfolios provide the basis of the reserves of the Charity, wlh the intention of holding these assets for the longer term. Charitable expenditure Is financed by the income generated from these investments and donations received. The Trustees receive forttcasls of investment Income from the investment manager which they consider when aulhorising grant expenditure. The Charity's reserves policy slates that should the investment income in any given year decline by more than 25QA, then the amount given in grants should be reduced by such proportion until the Trustees shall determine, usually 2 years, taking into account the anticipated return on inveslmenls, planned expenditure on standing costs and any other relevant factors. The Charity currently has sufticient reserves. Whilst the Hastings Fund usually only helps each applicant once, the award that fugee and asylum-seeking doctors receive may be in the form of a package of grants which tske into account all of the stsges leading to GMC registration. 11 may lake the doctor the or four years from the start of the process lo pass all the necessary exams and obtain regislralion, and grants awarded lo these doctors are not written back until il is clear that they will not be used. Therefore. the amount written back varies from year to year. Funding The Charity's main, consistent source of funding is investment income. For many years the Medical Education Fund has received substantial annual donations from the Worshipful Company of Barbers. In 2024 the Hastings Fund received a significant donation from the BMA. The Charity raises some money from donors who have set up standing orders and card and direct debil donations can be made via the website in a sre online environment. There is no fundraising via cold-calling or mailshols, which protects the public from undue pressure. The Charity does not Currently use professional fundraisers or commercial participators. Employees do not benefit from fundraising outcomes. No fundraising complaints have been received but a complaints policy is in place. Investment Policy The investment objective of the Charity is to achieve a consistently allractive level of income coupled with the potential for long term capital appreciation, whilst aiming to preserve the value of capital over the shorter term. The portfolio is fixed interest orientated with the remainder in a mix of global equities, convertible bonds and cash. The Trustees were content with the level of return in 2024 having tsken into account ongoing fluctuations in market performance. The Charity continues lo operate ils ethical investment policy of not investing in companies which manufacture tobacco products or have greater than 10°k of their lumover in alcohol manufacture, amiaments, gambling or pornography and avoiding companies that generate significant revenues from thermal coal and oil from lar sands. All of the Charity's Investments are in the Sar8sin & Partners Climate Active Endowment Fund which is a mulli-assèl portfolio managèd lo lake into account companies. commitment lo managing their own climate risks with diveslmenl available if necessary. The Trustees have taken the view that, if they were lo choose a less ethical investment policy, future donors from the medical profession, and in particular from BMA members. would be discouraged from supporting the Charity. Social investment is not used by the Charity. Pension Liability The Charity has a conlraclual obligation lo contribute to the Director's personal pension plan. The Charity has a lègal obligation to contribute to the part-lime Caseworker's pension via a workplace pension scheme. The Charity's scheme is with Nest Pensions. RISK MANAGEMENT The Trustees have examined the major strategic business and operational risks which the Charty fas. The Charity does not engage in any high-risk activities and there is no face-to-face engagement wth applicants and beneficiaries. The Trustees have identified four key areas of risk and have put in place the followng risk management strategies". Conflicts of interest All Trustees are provided wth the Charity Commission's guide to the responsibilities of trustees. A conflicts of interest policy is in pla and is available to Trustees at all times.
BMA CHARITIES TRUST FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Conflicts are declared when a Trustee is appointed and additional conflicts at the beginning of every Trustee mèeting. 121 Loss of key staff - In the event of the Director being unavailable for work for a long period of lime, the Trustees will approach an agency for a temporary replacement or consider slafflex staff from other medical benevolent funds. The Chair can be given access to ele¢troni¢ records by IT support. A part-lime member of staff has been employed lo undertake grant processing for the Haslings Fund. Information technology- The Charity has tr0 office laptops with automatic bad(-up to the Cloud. Cyber security is in place on the office laptops and Director's home laptop. GDPR, Data Security and Privacy policies are in place. Confidential electronic discussions with Trustees take place using MS Teams. IT Support is provided by an external provider via their helpdesk. The provider also runs a monthly additional back-up. The website is maintained by an external agency. Cyber insurance is In place. Staff receive data protection training. 141 Dependence on Income sources- The Charity is mainly dependent on investment income. The levels of grants awarded by the Charity are commensurate with the liquid assets available and the need lo preserve capital lo enable Continuity of grant giving. The board pursues a cautious investment policy via investment managers. The risk assessment is reviewed annually. THE FUTURE The Trustees have reviewed the current governance and objects of the charity and have commilled lo convert the charity lo a Charitable Incorporated Organisalion in 2025. As the current charity will cease to exist, it cannot be said to be a going concern. The board regards this change as an opportunity lo modernise the charity so that the majority of 115 members will be selected using more usual methods including advertising, application and interview. This will resolve many of the conflict of interest issues mentioned above and enable the recruilmenl of a board with a wider range of necessary skills. The board also welcomes the chance lo clarify and the broaden the charity's obje¢ls lo include the possibility of assisting with Widening Participation. The Trustees remain committed to continuing the current programmes of grant giving to refugee and asylum- seeking doctors and lo medical students. ACKNOWLEDGEMENTS The Trustees would like lo acknowledge the service reiVed from Sarasin & Partners, our investment advisors, Wilsons, our solicitors, and Begbies, our accountants. Disclosure of infomiation to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant lo the audit. bul of which the auditor is unaware. They have further Confimied that Ihev have tsken appropriate steps to identify such relevant information and lo establish that the auditor is aware ( The trustees, report was approved by the Board of Trustees. Dr R Wijesuriya (Chairl Trustee Dated.. 12.06.2025 Mr K Ward (Vice Chairl Trustee Dated.. 12.06.25
BMA CHARITIES TRUST FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pradicel. The law applicable lo charities in England and Wales requires the Iruslees to prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resoLJr¢es of the charity for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP", make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient ac¢ounling records that disclose with reasonable accuracy at any time the fi'nancial position of the ¢harity and enable them to ensure that the financial slalements comply Mrith the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hen for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
BMA CHARITIES TRUST FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BMA CHARITIES TRUST FUND Opinion We have audited the financial slalements of BMA Charities Trust Fund Ilhe 'charily'l for the year ended 31 December 2024 which comprise the statement of financial aclivilies, the balance sheet and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102 The Fiipancial Reporting Standard applicable in the UK and RepublK of Ireland (United Kingdom GenerallyAccepled Accounting Practice). In our opinion, the financial slatemenls.. give a true fair view of the slate of the charity's affairs as 81 31 December 2024 and of its incoming resources and application of resources, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts SponsIbl1rfAes for the audit of the finanoi81 statements sedion of our report. We are independent of the charity in accordance with the ethi¢al requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Emphasis of matter We draw your attention to note 1.2 of the accounting policies. This note explains that the Iruslees have taken the decision to form a Charitable Incorporated Organisalion ICIOI lo carry on the work of the BMA Charities Trust Fund, and to close this charity. Accordingly, this charity is not a going concern. Our opinion is not modified in this matter. Conclusions relating to going concern We draw your attention to note 1.2 of the financial slalemenls and the emphasis of matter paragraph. Other inforniation The other information comprises the information included in the annual report, other than the financial slalements and OLJr auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other Information is materially Inconsistent with the financial slalements or our knowledge obtained In the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misslalement in the financial statements or a material misslalement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required lo report that fact. We have nothing lo report in this regard.
BMA CHARITIES TRUST FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BMA CHARITIES TRUST FUND Matters on which are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the information given in the accounts is inconsislenl in any material respect with the trustees, report,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the Information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the stslemenl of Iruslees, spOnsibl1111e$, the Iruslees are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view. and for such internal control as the trustees delemiine is ne$sary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend to cease operations, or have no realistic altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report In accordance wth the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an audilovs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit Conducted in accordance with ISAS IUKI will always detect a material misststement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Extent to whl¢h the audlt was capable of dgle¢tlng Irregularltles, In¢ludlng fraud Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo delect material misstslements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling Irregularf(ies, including fraud Is detailed below." Agreement of the financial stslement disclosures lo underlying supporting documentslion lo assess compliance with those laws and regulations having an impact on the financial slalements and disdosure requirements. In particular, Accounting and Reporting by Charities.. Statement of Recommended Practice., Enquiries and confirmation of management and the trustees as lo their idenlificalion of any non-compliance with laws or regulations, or any actual or potential claims., Review of minutes of Board meetings throughout the period., incorporating unpredictability into the nature, timing andlor extent of testing. Evaluation of the selection and application of the accounting policies chosen by the charity,. and We assessed the susceplibilily of the charity's financial stslemenls lo material misstatement, including how fraud might occur by considering the key risks impacting the financial stslemenls. Our audit prOdureS were designed to respond to risks of material misststement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are ID become aware of it.
BMA CHARITIES TRUST FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BMA CHARITIES TRUST FUND A further description of our responsibilities is available on the Financial Reporting Council's websrf(e al.. https'.11 www.frc.org.uklaudilorsresponsibilities. This derIptIOn forms part of our auditor's report. Other matters Your attention is drawn to the fact that the charity has prepared financial slalements in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charities. Statement of Recommended Practice Issued on 1 April 2005 which is referred lo in the exlanl regulations bul has now been withdrawn. This has been done in order for the financial slalements lo provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those mallers we are required to slate lo them In auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Bogbles .1616125....................... Chartered Accountants Ststutory Auditor 9 Bonhill Street London EC2A4DJ Begbies is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a Company under section 1212 of the Companies Act 2006.
BMA CHARITIES TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 Totsl Totsl 2024 2023 Notes Income from- Donations and legacies Investment income 100,567 73.580 58.961 77,947 159,528 151,527 81,046 144,737 Totsl Income 174,147 136.908 311,055 225,783 enditure on- Raising funds 970 1,303 2,273 19361 Charitable activities Grants to medical charities Grants to second degree medical students Grants to provide financial assistsnce 53,974 53,974 45,404 174,060 69,768 174,060 69,768 124,767 58,869 Total charitable expenditure 53,974 243,828 297,802 229,040 Total resources expended 54,944 243,828 1,303 300,075 228,104 Net gainslllossesl on investments 265,955 83,343 185,009 534,307 298,082 Net incominglloutgoingi resources before transfers 385,158 123.577} 183,706 545,287 295,761 Gross transfers between funds 125,0001 25,000 Net movement in funds 360,158 1,423 183,706 545,287 295,761 Fund balances al 1 January 2024 3,061,825 1,085,321 1,975,292 6,122,438 5,826,676 Fund balances at 31 December 2024 3,421,983 1,086,744 2,158,998 6,667,725 6,122,437 The statement of financial activities indudes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
BMA CHARITIES TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unrestrlcted Restrlct&d En(lowment funds funds funds 2023 2023 2023 Total 2023 Notgs Income from- Donations and legacies Investment income 21,868 72,356 59,178 72,381 81,046 144.737 Totsl Income 94.224 131,559 225,783 enditure on- Raising funds 1,336 12,2721 19361 Charitable activities Grants to medical charities Grants to second degree medical students Grants to provide financial assistsnce 45,404 45,404 124.767 58,869 124,767 58,869 Totsl charitsble expenditure 45,404 183,638 229,040 Totsl resources expended 46.740 183,636 12,2721 228,104 Net gainslllossesl on investments 148,609 51,814 97.659 298,082 Net incomlnglloutgolngl r8$oU¢S bgforg transfers 196,093 {2631 99.931 295,761 Gross transfers beeen ftjnds 150.0001 50,000 Net movement In funds 146,093 49,737 99,931 295,761 Fund balances al 1 January 2023 2,915,732 1,035,584 1,875,360 5,826,676 Fund balances at 31 December 2023 3,061,825 1,085,321 1,975,291 6,122,437 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
BMA CHARITIES TRUST FUND BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investments 649 5,778,260 1,008 5,284,410 14 5,778,909 5,285,418 Current assets Debtors Investments Cash al bank and in hand 95,170 789,553 69,618 965 759,502 140,045 16 954.341 900,512 Creditors: amounts falling due within one year 17 165,5251 163,4931 Net current assets 888,816 837,019 Total assets less current liabilities 6,667,725 6,122,437 Capital funds Endowment funds- permanent 21 2,158,998 1,975,291 Restricted Income funds Medical Education Fund Haslings Fund 971,769 114,975 976,677 108,644 22 1,086,744 1,085,321 Unr9$trIfjd funds 3,421.983 3,061,825 6,667,725 6,122,437 The accounts were approved by the Trustees on 12 June 2025 Dr R Wijesuriya (Chairl Trustee Mr K Wdrd (Vice Chair} Trustee 12-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity inforniation BMA Charities Trust Fund is an unincorporated charity registered wth the Charity Commission for England and Wales as established by a Trust Deed in 1925. 1.1 Accounting convention The accounts have been prepared in accordan with the charity's goveming documents, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Stslemenl of Cash Flows. The financial statements have departed from the Charitiès (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a true and fair view. This departure has involved following the Stslemenl of Recommended practi for charities applying FRS 102 rather than the version of the Statement of Recommended Practi which is referred lo in the Regulations but which has since been withdrawn. The accounts are prepared in sleding, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified lo include investment assets al fair value. The principal a¢¢ounling policies adopted are sel out below. 1.2 Golng concern At the date of approving the accounts, the trustees have decided to continue the activities of the charity through a Charitable Incorporated Organisation ICIOI, a specific type of incorporated organisalion designed for charities. As an unincorporated charity cannot covert to a CIO in the same way as a charitable company, the charity will be required lo gift across lo the new CIO all assets and liabilities and then formally close. As a result, al the date of approval of these accounts, the charity cannot be considered lo be a going concern, even though the activities are to continue in the new CIO. Thus the accounts are not prepared on a going concern basis. The relevant accounting standards do not identify specific policies lo be adopted when an Drganisalion is lo close, bul a review of the balances in the balance sheet has not identified any which will be materially affected by the change to a non-going concern basis and the existing policies have been retained. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject lo specrfic conditions by donors as to how they may be used. The Medical Education Fund derives from the uniting direction and represents the formerly unreslricled reserves of the BMA Medical Education Trust Fund and ils ongoing income and expenditure. The purpose of this ftjnd is lo give assistsn¢e lo students al UK medical schools who are studying medicine as a second degree The Haslings Fund derives from the uniting direction and represents the formerly unrestricted reserves of the Haslings Benevolent Fund and Ils ongoing income and expenditure. The purpose of thi5 fund is lo provide short-lerm financial assistance lo members of the medical profession andlor their dependents. 13-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl The Colman Kenton Endowment is a pemianenl endowment, the income from which can be spent in accordance with the objects of the Medical Education Fund. The Medical Education Fund also holds investments, however these are not held as endowment funds. The Haslings Endowment is a permanent endowment, the income from which can be spent in accordance th the objects of the former Hastings Benevolent Fund and so is allocated lo the restricted Haslings Fund reserve. 14-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 1.4 Incomlng resources Income is recognised when the charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income wll be received. Cash donations are recognised on receipt. Other donations are recognised On the charity has been notified of the donation, unless perfomance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under GiftAid or deeds of covenant is recognised at the lime of the donation and added lo the fund lo which the underlying donation was given. Legacies and similar incoming resources are included in the year in which they are re1Vable, which is when the fund becomes entitled to the resource. The Charity SORP requires that an estimate is induded in the accounts for material gifts in kind of donated services and facilities except time donated by general volunteers and trustees. The gift is included al an estimate of what the charity would othenlSe pay for the goods or seNIs. An expense is re¢ogni$ed in the accounts lo match the income received. Income from investments is included in the SOFA in the year in which il is receivable and is allocated lo the relevant restricted and unreslricled funds. 1.5 Resources expended Al expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation lo pay for expenditure. The cost of generating funds comprises the costs of promoting the charity to potential donors. In accordance with the SORP provision is made for all grants authorised by the Board of Trustees in the year. here grants are subject to conditions only those grants where all the conditions have been met at the year end are recognised in the accounts. The expense for the period is reduced by the canlIatIOn of grants aulhorised but not subsequenuy required. Govemancè costs are the costs associated with the governance atrangements of the charity. Costs a apportioned lo the appropriate fund al an estimate of usage based on an estimate of stsff time or fund size unless directly incurred. The expenditure incurred with shared emplgyment costs are induded in the relevant charity at the net amount incurred. The eslimaled current staff time perntageS are Medical Education Fund second degree medical students 33%, Haslings Fund financial assistsnce 330h and grants lo medical charities unrestricted funds 330A. Support costs are the general costs incurred in support of meeting the Charity's objectives. There is a single charitsble objective of giving grants, bul costs are apportioned to the appropriate fund, and so type of grant, at an estimate of usage based on an estimate of staff time or fvjnd size unless directly incurred. The estimated current usage percentages for accountancy are Medical Education Fund second degree medical students 30°k, Haslings Fund finanaal assistance 30/0 and grants lo medical charities unreslricled funds 40%, wth legal fees and ongoing IT contracts spread evenly across the three funds. The charity's long lemi investments are held in units in collective investment funds. In accordance wth the SORP the charity does not estimate investment management fees which are charged to the collective investment fund to identify the notional cost attributable to ils own holding in the scheme. 15-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl Irrecoverable VAT is charged against the expenditure heading for which r( was incurred. Due to the collective nature of the investments held, the investment charges are levied diredy to the investment by the investment provider, rather than as a charge to the charity portfolio directly. Due to the size of the portfolio some management charges may be refunded directly lo the charity. Vvhere this is the case the refund is reported within the investment income heading unless it is an addition lo an endowment fund. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, nel of depreciation and any impaimient losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases". Computers & equipment Over four years The gain Dr loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. 1.8 Flnancial instrumen1$ The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils finanaal inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intenb'on to settle on a nel basis or to realise the asset and sellle the liability simultaneously. Basic financial assgts Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price induding transaction costs. Other financial assets The ¢harily holds current assets in the form of listed investments. Those investments that are calegorised as current assets are held in an investment fund containing short term money market instruments. Current asset investments are initially recorded at cost and are subsequendy revalued to market value as at the balance sheet date. BasiTC financial liabilities Basic financial liabilities, Induding creditors are inrtially recognised at transaction. Financial liabilities classified as payable wthin one year are not amort15ed. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. 16-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.9 Employee beneflts The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are received. The Dain Fund and the BMA Charities Trust Fund share the cost of employees whose salaries are apportioned across the two charities at an agreed percentage based on the pentage of time spent on each charity's affairs. 1.10 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting Ostimates and judgements In the application of the ¢harily's ac¢ounling policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revisèd where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Crltlcal judgements Grant liabilities Grants indude awards which are formed of a series of individual payments for specific items, such as a series of exams. The lime taken by individuals lo draw on the funds varies and some recipients may not draw all of their allocation. Due to the timing of the drawdown being outside of the control of the trustees once the grant has been awarded all unpaid grants are shown as creditors due within one year. Oulstsnding grants a reviewed annually and if no further payment is considered likely the grant is written back. During the year the Charity received notification of a legacy. This has been included al the Charity's share of the value of the estate as provided by the Executors. redd by an estimate of costs. 17-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Legacies receivable Donated goods and services 4,067 89,000 58,961 63,028 89,000 4,368 10,000 54,178 5,000 58,546 15,000 7,500 7,500 7,500 7,500 100,567 58,961 159,528 21,868 59,178 81,046 Donations and gifts BMA Worshipful Company of Barbers De Silva Imjesgkera Trust Fund LMC'5 Other 10,000 10,000 20,000 20,000 36,000 36,000 31,000 31,000 10,000 2,824 137 10,000 2,824 4,204 3,030 148 3,030 4,516 4,067 4,368 4,067 58,961 63,028 4,368 54,178 58,546 Investment Income Unrestrlcted RestrlGted funds funds Total Unrestricted Restricted fijnds ftjnds Total 2024 2024 2024 2023 2023 2023 Income from listed investments Interest receivable 71,554 2,026 74,805 3,142 146,359 5,168 71,368 988 71,040 1,341 142,408 2,329 73,580 77,947 151,527 72,356 72,381 144,737 18-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Raising funds Unrestricted Endowment funds funds general Total 2024 Total 2023 Seeking donations, grants and legacies Investment management fee bateS 970 970 1,303 1,336 12,2721 1,303 970 1,303 2,273 19361 For the year ended 31 December 2023 Seeking donations, grants and legacies Investment management fee rebates 1,336 1,336 {2,2721 12,2721 1,336 12,2721 19361 Description of charitable activities Grants between Haslings. Medical Education and Charities Trust Funds are shown as transfers between fLJnds. In the current year the Charities Trust Fund gave £15,00012023 - £25,000) to the Medical Education Fund to support the grants given to students at UK medical schools. The Charities Trust Fund gave £10,000 12023 - £25,000) to the Haslings Fund to support doctors, medical students and their dependents who are experiencing financial difficulties. Due lo the structure of the Charity, the support costs incurred by the Charities Trust Fund are shown below whilst the grants given to the Hastings Fund and the Medical Education Fund are shown as transfers between funds. The Medical Education Fund gives financial assistance lo students al medical schools situated in the UK who are taking medicine as a second degree, irrespective of whether they are sludenl members of the BMA. The Hastings Fund makes grants to doctors, medical students and their dependents experiencing financial difficulties, not just members of the BMA. 19-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charllablo a¢lJvlllg9 Grants to medical charities Grants to Grants to second provide degree rinancial medical assistance students 2024 Total Grants lo 2024 medical charities Grants to Grants to second provide degree financial medical assistance students 2023 Totsl 2023 2024 2024 2023 2023 Grant funding of activities (see note 81 5,000 147,670 44,639 197,309 107,300 38,572 145,872 Share of support costs (see note 101 Share of governance costs (see note 101 42,298 6,676 20,424 5,966 20,386 4,743 83,108 17,385 34,875 10,529 14,610 2,857 17,824 2,473 67,309 15,859 53,974 174,060 69,768 297,802 45,404 124,767 58,869 229,040 Anatysis by fund Unreslricled funds Restrided funds 53,974 53,974 243.828 45,404 45,404 183,636 174.060 69,768 124.767 58,869 53,974 174,060 69,768 297,802 45,404 124.767 58,869 229,040 -20-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payablg Grants to medical charities Grants to Grants to second provide degree financial medical assistance students 2024 Total 2024 Grants lo second degree medical students 2023 Grants lo provide financial assistance Totsl 2023 2024 2024 2023 Grants to institutions.. Other 5,000 5,000 Grants lo individuals 147,670 44,639 192,309 107,300 38,572 145,872 5,000 147,670 44,839 197,309 107,300 38,572 145,872 In 2024 1 institutional grant was made and 106 grants to individuals. In 2023 no institutional grants were made and 108 grants to individuals. 21
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees There were no trustees in receipt of any remuneration during the year. Four trustees received travel and subsistence payments tolalling £1,360 during the year12023- three- £9721. 10 Support costs Support Governance Costs costs 2024 2023 Basls of allocatlon staff costs Depreciation Office accommodation Website and IT costs Postage, telephone & stslionery Bank charges Staff & Iruslee training HR costs Other costs Audit fees Accountancy Legal and professional Trustee meeting expenses Insurance 56,444 359 7,500 9,305 357 56,444 359 7,500 9,305 357 48,167 Estimated staff time 445 Charities Trust Fund 7,500 Charities Trust Fund 8,213 Charities Trust Fund 389 Eslimaled usage 406 335 8,006 396 406 335 8,006 396 3,960 5.108 6,066 240 Direct allocation 575 Eslimaled usage 1,370 Charities Trust Fund 410 Direct allocab.on 3,600 Governance 4,644 Governance 5,663 Governance Governan 3,960 5,108 1,360 891 1,380 891 906 1,046 Governance 83,108 17,385 100,493 83,168 Analysed beeen Charf(able activities 83,108 17,385 100,493 83,168 Governance costs includes payments to the auditors of £3,960 12023- £3,600) for audit fees, £4,752 12023- £4,320) for management ac¢ounls and £35612023- £3241 for payroll services. All amounts indude VAT. The Charity purchases Trustee Insurance al a cost of £3921202> £3921. -22-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employees Numberofemployees The average monthly number of employees during the year was". 2024 Number 2023 Number Grant administration 1.25 Employment costs 2024 2023 Wages and salaries Social security costs Olhei pènsion costs 50,904 1,551 3,989 43,194 1,273 3,700 56,444 48,167 There were no employees whose annual remuneration was £60,000 or more before the costs were shared with The Dain Fund. The share of total key management remuneration for the year incurred by the BMA Charities Trust Fund, including employer national insurance and pension, tolalled £48,49012023". £46,000). 12 Taxation The charity is exempl from lax on income and gains falling within section 505 01 the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 13 Tangible fixed assets Computers & equipment Cost Al 1 January 2024 2.457 Al 31 December 2024 2,457 Depreciation and impaiment Al 1 January 2024 Depreaation charged in the year 1,449 359 At 31 December 2024 1,808 Carrylng amount Al 31 December 2024 649 At 31 December 2023 1,008 -23-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Flxgd a$$gt Invgstmgnts Charities Trnst Fund Medical Colman Education Kenton Fund Fund Hastings Fund Cash in portfolio Total Market valuation At 31 December 2023 Valuation changes Net reinvestment 2,608,492 244,478 700,627 65,665 278.919 26,141 1,695,070 158,868 1,302 5,284,410 495,152 11,3021 11,3021 At 31 December 2024 2,852,970 766,292 305,060 1,853,938 5,778,260 Historic cost At 31 December 2024 At 31 December 2023 2,333,790 2,333,790 627,090 627,090 249,669 249.669 1,516,879 1,516,879 4,727,428 4,727,428 As at 31st December 2024 and 2023 the above portfolio was invested in Climate Active Endowment ClassA Income units by Sarasin and Partners LLP. The charity seeks lo minimise the risks of holding investments, which comprise mainly market, yield and liquidity risks, through the appointment of an independent Investment Manager, who invests via common investment funds specifically tailored for charities of this nature. The Iruslees port contains further details of the charity's investment policy. The holding of common investment unrts allows the charity to access increased diversification at a lower Cost than would othenlSe be available, and so decreases the risks of holding investments. At the balance sheet date the units held by the charity where invested in the following areas.. All funds Fixed Income Equities Propety Alternative Assets Liquid Assets 11/. 74% 3Q 90A Total 100% -24-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 15 Debtors 2024 2023 Amounts falling due within one year: Amounts due from The Dain Fund Other debtors Prepayments 5,664 89,084 422 77 878 95,170 965 Al the balance sheet dale the Charity had been infomied of a legacy due with an estimated value of £89,000. The legacy is included in other debtors. 16 Current asset Investments 2024 2023 Listed investments 789,553 759,502 Current asset investments are comprised of Blackrock Inslitulional Steding Liquidity Heritage Accumulator units and Fidelity Steding Fund units and are staled at market value. These investments are held lo reduce liquidity risk whilst generating a higher interest return than cash holdings. 17 Credltors: amounts falllng due wlthln one year 2024 2023 Grants payable Accruals 59,660 5,865 58,419 5,074 65,525 63,493 18 Deflned contrlbutlon scheme The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charty in an independently administered fund. The charge in respect of defined contribution schemes was £3,98912023- £3,700). Al the balance sheet dale £309 w88 owed to defined contribution schemes. -25-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 19 Analysis of net assets between funds Unrestrlcted Rostrlcted Endowment Funds Funds Funds 2024 2024 2024 Totsl 2024 Fund balances at 31 December 2024 are represented by.. Tangible assets Investments Current assetsllliabililiesl 649 2,852.970 568,364 649 5,778.260 888,816 766.292 320,452 2.158.998 3,421.983 1,086.744 2.158.998 6,667,725 Unrestrlcted Restrlcted Endowment Funds Funds Funds 2023 2023 2023 Total 2023 Fund balances at 31 December 2023 are represented by.. Tangible assets Investments Current asselsllliabililies} 1,008 2,608.492 452,325 1,008 5,284.410 837,019 700.627 384,694 1,975.291 3,061,825 1,085,321 1,975,291 8,122,437 20 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These Indude designated funds which have been set aside out of unreslricled funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses At31 December 2024 General funds 3,061,825 174,147 154,9441 125,0001 265,955 3,421,983 Prgvlou$ year: Al 1 January 2023 In¢omlng rgsourcas Rgsourc8s gXPgnd9d Transfgrs Galn$ and Iossg$ A131 Decgmber 2023 General funds 2,915,732 94.224 148,7401 150,0001 148,609 3,061.825 -26-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Endowment funds Movement in funds Incoming Gains and Balance at resourGe5 lossesl January 2024 Balance at 1 January 2023 Resource5 expended Gain5 and losses Balance at 31 DeGember 2024 Pemianent endowments Colman Kenton Hastings 265,118 1,810,242 321 1,952 13,801 279,240 83,857 1,696,052 13211 1982) 26,141 158,888 305,060 1,853,938 1,875,360 2,273 97,658 1,975,292 11,3031 185,009 2,158,998 The Colman Kenton Endowment is a pemianent endowment, the income from which can be spent in accordance with the objects of the Medical Education Fund and so is allocated lo the restricted Medical Education Fund reserve. The Hastings Endowment is a permanent endowment, the income from which can be spent in accordance with the objects of the Hastings Fund and so is allocated to the restricted Hastings Fund reserve. -27-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Rgstrl¢tod fund$ The reslricled funds of the Charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. Movement in funds Income Grants and other costs Movement in funds Income Grants and Transfers Investment other costs behwen funds movements Balance at 1 January 2023 Transfers Investment Balance at betsveen movements 1 January funds 2024 Balance at 31 December 2024 Medical Education Fund Hastings Fund 944,298 91.286 86,368 45,191 1124,7671 158.8691 25,000 25.000 45,778 6,036 976,677 108.644 78,072 58,837 1174,0601 169.7681 15,000 10,000 76,080 7.262 971,789 114.975 1,035.584 131,559 1183,6361 50,000 51.814 1,085,321 136.909 1243,8281 25,000 83.342 1,086,744 The Medical Education Fund reserves derive from the uniting direction and represent the formerfy unrestricted reserves of the BMA Medical Education Trust Fund and Ils ongoing Income and expenditure. The purpose of this fund is lo give assistance lo students al UK medical schools who are studying medicine as a second degree. The fund includes amounts received from BMA Giving for distribution In the following academic year. The Hastings Fund reserves derive from the uniting direction and represent the former unrestricted reserves of the Hastings Benevolent Fund and its ongoing income and expenditure. The purpose of this fund is to provide short-lerm financial assistance to members of the medical profession andlor their dependents. The Fairley Legacy has been donated to provided assistance to Scottish students. The funds have been transferred to the Medical Education Fund and fully used for the restricted purpose. -28-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 23 Events after the reporting date As detailed in note 1.2, al the date of the approval of these accounts, the Iruslees have taken the decision ID carry out the activities of the charity through a Charitable Incorporated Organisation ICIOI. As a charity cannot be converted into a CIO, the charty wll need lo pass Its assets and liabilrties to the new entty before formally closing. -29-
BMA CHARITIES TRUST FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Related party transactions The BMA Charities Trust Fund receives free use of Offi accommodation from the BMA. A gift in kind value ha5 been placed on this donation of £7,500 as were the accommodation not provided the Charity would rent equivalent accommodation of this cost elsewhere. The BMA has also donated £10,000 to the Haslings Fund {2023- £20,000 lo the Medical Education Fund). The Dain Fund and the Charities Trust Fund share the cost of employees whose salaries are apportioned across the two charities al an agreed percentage based on a fixed estimate of lime spent on each charity's affairs. During the year the Charities Trust Fund had five trustees who are also trustees of the Dain Fund {2023'.51. No donations were made by the Dain Fund during the year12023- nil) The charity is required lo disdose key management salaries. There are two shared employees of the charity, as outlined above, and their remuneration is detailed In note 12 and in the Dain Fund accounts. Al the balance sheet dale the Dain Fund ¢)wed the Charities Trust Fund £5,66412023- £101 under this arrangement. During the year the Iruslees collectively donated £0 12023 - £1201. There were no further transactions with trustees aside from reimbursed expenses disdosed in note 9 and insurance in note 10. 30-