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 p￿VIouS 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 re￿1ve 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 pre￿dIng 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 re￿Iving 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 th￿e 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 s￿￿re 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 fa￿s. 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 tr￿0 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 re￿iVed 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 con￿rn 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 prO￿dureS 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 de￿rIptIOn 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 be￿een 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$trI￿fjd 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 re￿1Vable, 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 othen￿lSe pay for the goods or seNI￿s. 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 can￿lIatIOn 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 per￿ntageS 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 pe￿ntage 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. red￿￿d 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 be￿een
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 othen￿lSe 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-