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2025-07-31-accounts

Charity number: 229227

Barts and The London Alumni Association Benevolent Fund

Report and financial statements For the year ended 31 July 2025

Barts and The London Alumni Association Benevolent Fund

Contents

For the year ended 31 July 2025

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent Examiner’s report ...................................................................................................... 9 Statement of financial activities ..................................................................................................... 10 Balance sheet ............................................................................................................................... 11 Notes to the financial statements ................................................................................................. 12

Barts and The London Alumni Association Benevolent Fund

Reference and administrative information

For the year ended 31 July 2025

Charity number 229227 Country of registration England & Wales Registered office c/o Department of Development and Alumni Engagement and operational address Queen Mary University of London Mile End Road London E1 4NS Trustees Trustees who served during the year and up to the date of this report were as follows:

Mr Andrew Hobkirk President Dr William Atkins Vice-President Dr Alex Bacon Vice-President Dr Chris Mercer Vice-President Dr Tom Dolphin Vice-President , resigned on 07/10/2024 Dr Stepahanie Dowker Vice-President , resigned on 10/12/2024 Dr Ali Jawad Treasurer Professor Brian Colvin Professor Gerald Libby Mr David Maclean Dr Peter Mills Bankers Barclays Bank Plc 240 Whitechapel Road London E1 1BS Solicitors Taylor Wessing 50 Victoria Embankment London EC4Y 0DX Independent Farrah Kitabi FCA Examiner Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG

1

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

The Trustees present their report and the independently examined financial statements for the year ended 31 July 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Following a Deed of Variation, dated 16 December 2014, the Barts and The London Alumni Association Benevolent Fund was instated as the renamed merger of two historical funds, The London Hospital Medical Club Benevolent Fund and The London Hospital Dental Club Benevolent Fund, which were respectively established in 1911 and 1983.

The charity’s original Deed of Trust specifies that the ‘income of such portion thereof as the Council shall think fit shall be used for relieving necessitous cases occurring among former present or future London Hospital students and those depending on them or helping or benefiting them or any of them’. As outlined in the Report for 1999/2000, on the advice of the Charity Counsel, the Trust Deed was partly modified to define more precisely those entitled to help from the Fund. In a Deed of Variation these are denoted as ‘students and former students of medicine and dentistry who attend or attended either of the following institutions and the dependents of such persons: The London Hospital Medical College, St Bartholomew’s Hospital Medical College and the Faculty of Medicine and Dentistry (Barts and The London School of Medicine and Dentistry) in the Queen Mary and Westfield College’ (now known as ‘Queen Mary University of London’).

The Trustees confirm that in planning the activities of the Barts and The London Alumni Association Benevolent Fund they have given careful consideration to how the charity has fulfilled its charitable objectives and that its beneficiaries are individuals with little or no means.

2

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on grant making and are undertaken to further Barts and The London Alumni Association Benevolent Fund’s charitable purposes for the public benefit.

Achievements and performance

The Trustees have met on three occasions during this financial year: 16.09.24, 24.03.25 and 16.06.25.

General

The level of student debt continues to rise alarmingly, and debts in excess of £100,000 are not uncommon by the time undergraduate medical and dental students qualify. Many students’ debts are considerably higher, causing a great deal of anxiety.

Hardship grants

The Trustees make one-off grants to students in financial hardship on the recommendation of the Faculty of Medicine and Dentistry’s Benevolence Committee. It is no longer common practice to ask recipients to repay all or part of the sums they have received.

In 2024-25, no one-off donations were made.

New eponymous and reinstatement of existing awards

In 2015, the late Dr Richard Callander Hudson (1933 – 2014) (The London, MBBS Medicine, 1957) left a generous bequest to the Barts and The London Alumni Association Benevolent Fund for the purpose of providing grants to clinical students of the Faculty of Medicine and Dentistry, who are in financial difficulty. This bequest enabled the Trustees, in consultation with the Faculty’s Student Support Manager - Finance and Bursaries, to introduce a number of eponymous awards as well as reinstate pre-existing awards. These are as follows:

Electives Bursaries

Elective Bursaries are made on the recommendation of the Student Support Manager - Finance and Bursaries and approved by the Head of Elective Studies at the Faculty of Medicine and Dentistry. By the final year most students have accumulated debt which could jeopardise their ability to undertake an elective overseas, and the Trustees set aside a certain amount each year, which is then allocated following the advice of the Committee. A condition of such grants is that the students must provide a short report of their elective experience.

10 awards of varying amounts totaling £7,500 were issued in support of Medical Elective bursaries and 9 awards of varying amounts totaling £4,500 were issued in support of Dental Elective bursaries.

3

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

Intercalated Degree Scholarships

Intercalated Degree Scholarships up to a maximum of £1,000 each, have been awarded since 2004 to five students per annum. In addition, three new eponymous scholarships of £1,000 each were implemented in 2018-19 to commemorate the service of past Presidents of BATLAA: the Brian Colvin, Christopher Hudson, and David Maclean Intercalated Degree Scholarships.

A total of £8,000 was awarded to seven medical students in 2024-25; five received a Distinction and two received Second Class (Upper Division) awards. No Intercalated Degree Scholarships were awarded to dental students.

Excellence Scholarships

Geoffrey Flavell Bursaries

The Geoffrey Flavell Bursaries were originally funded by a legacy of £20,000 in memory of Mr. Geoffrey Flavell (1913 – 1994), a cardio-thoracic surgeon at The London, and were therefore issued from a sinking fund. The bursary supported 10 recipients and reached its tenth and final year in 2014-15, with the final award being issued in 2016-17 when the funds had been exhausted. Each award totals £2,000: £1,000 is issued in the recipient’s first year and £500 in each of the subsequent two years. Following the Richard Callander Hudson bequest, the Geoffrey Flavell Bursary was reinstated in 2018-19.

In 2024-25, a total of £2,000 was awarded; one award of £1,000 to a new recipient as their first instalment and two awards of £500 each, were issued to two students who respectively received their second and final instalments.

Richard Callander Hudson Bursary

In commemoration of Dr Richard Callander Hudson and his generous bequest, the Trustees introduced the Richard Callander Hudson Bursary in 2018-19, in line with the structure of the Geoffrey Flavell Bursary as above. This provides the recipient with a total award of £2,000: £1,000 in their first year and £500 in each of the subsequent two years.

In 2024-25, a total of £2,000 was awarded; one award of £1,000 to a new recipient as their first instalment and two awards of £500 each, were issued to two students who respectively received their second and final instalments.

Paul Wright Dental Excellence Scholarships

The Paul Wright Dental Excellence Scholarship, established in 2009 to mirror the Geoffrey Flavell Bursaries, is awarded to a first year BDS Dentistry student who receives the highest marks in the Fundamentals of Dentistry exam in January. It provides recipients with a total award of £2,000 each: £1,000 in their first year and £500 in each of the subsequent two years.

In 2024-25, a total of £2,000 was awarded; one award of £1,000 to a new recipient as their first instalment and two awards of £500 each, were given to two students who respectively received their second and final instalments.

4

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

Alastair McDonald Memorial Prize

This Prize fund was established in 2013 in memory of the late Dr Alastair McDonald (1937 – 2012), a cardiologist at The London, to support an annual essay prize of £1,000 on a broad topic of medical ethics. The first award was issued in 2014-15 and the funds – held by the Faculty of Medicine and Dentistry - supported five Prize winners (the final prize was awarded in 2018-19). The Alastair McDonald Memorial Prize was reinstated in 2019-20 and is awarded by the BATLAA Benevolent Fund. In 2024-25, the award was issued to a final year student.

Financial review

The BATLAA Benevolent Fund’s primary source of income are investment holdings, the dividends of which are used to pay student awards. These constitute the charity’s primary expenditure. The income received varies on an annual basis and is dependent upon the performance of the investments.

During the financial year, the Trustees considered their approach to the “Ethical” component from their investment strategy. In particular, they recognised that Environmental, Social and Governance (ESG) factors are currently considered to be the most appropriate mechanisms for assessing the ethical component of individual investment holdings.

The Trustees noted that the Cazenove Charity Sustainable Mult-Asset Fund (SMAF) is an appropriate Fund for BATLAA. Specifically, the aims of SMAF are:

The fund has a screening policy in place to exclude investing in climate change, alcohol, pornography, armaments, tobacco, gambling, high-interest rate lending and human embryonic cloning.

At the Trustees’ Meeting on 24 April 2021, the Trustees decided to instruct investment managers, Cazenove’s Capital LLP to move the BATLAA holdings to SMAF. This has been implemented and thus far there has been no reduction in financial performance.

In 2024-25, the BATLAA combined portfolios returned 6.5%. For comparison, the ARC Steady Growth ACI charity peer group (as measured by independent firm, Asset Risk Consultants) returned 6.2% over the year. The fund performed below the long-term target of CPI+4%, at 8.1% over the period.

In addition, the Fund has a small number of long-standing regular donors who donate via annual standing orders. This year, the Fund lost one standing order, which has caused a loss of income by £50. While the Fund sometimes receives one-off individual donations, which can vary from year to

5

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

year, no such gifts were made in 2024-25.

Reserves policy and Going concern

Trustees are under a duty to balance the needs of current and future beneficiaries of the charity. A charity needs to have sufficient reserves to allow it to cover known liabilities and contingencies, absorb setbacks and take advantage of change and opportunity. However, charities holding reserves that are greater than their needs will be subject to scrutiny and possible investigation by the Charity Commission.

Step 1: Understanding our funds

Our Balance Sheet for the Year ending 31[st] July 2025 shows:

Investments: £902,239 Net Current Assets: £36,777 Total: £939,016 Of which: Permanent Endowment: £469,465 Unrestricted Funds: £469,551

The charity’s endowment funds are treated as a permanent endowment and are invested. Capital gains remain part of the endowment. Dividend income earned on the capital is unrestricted and can be used for grant making.

Step 2: Future Income Streams

Predicted in the Budget for the Year ending 31[st] July 2026: Donations: £365 Investment Income: £35,996 Total £36,362

Step 3: Committed Expenditure

From the Expenditure Plan agreed at the Annual General Meeting (AGM): Grants Payable: £27,000 Governance Costs: £4,800 Investment Management: £2,015

The expenditure is fulfilling the charity’s core purpose and failure to make these awards would affect many individuals. There is also the likelihood of demands for assistance from alumni which, although rare, are unpredictable.

Step 4: Developing a Risk Based Policy

The risks of a decrease in income are real but the quantum of the potential reduction is low. The commitment to expenditure is on an annual basis but the charity regularly monitors income and re-plans expenditure. The risk of unpredictable demands for expenditure is low on an historical

6

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

basis. The charity needs reserves to cover its committed and unpredictable expenditure every year. Since much of its expenditure occurs at a predictable time of year, working capital should be sufficient to cover the grants, i.e. £27,000. Ideally, a contingency to cover unpredictable support might be £10,000.

Conclusion

The Trustees wish to ensure they are able to meet their grant and cost commitments for at least the current and one subsequent year. Since income can be volatile, the general reserve should represent approximately one year’s worth of expenditure over and above the working capital together with a contingency to cover unpredictable expenditure. At current levels of activity, the reserves should be approximately £37,000. At 31[st] July 2025, the general reserve was £469,551.

This is a very comfortable financial position and is more than required for a reserve (see above). The Trustees have therefore decided to invest the majority of these funds to provide a long-term income stream. This recognises the fact that these investments can be sold to release funds that nominally are held in reserve. A small amount of working capital, not exceeding £30,000 in cash at bank, should be retained for meeting predictable grants and day to day expenses.

Structure, governance and management

The organisation is an unincorporated charity registered as a charity on 13 March 1964 in England and Wales.

The charity is constituted under a trust deed dated 30 December 1911 as amended on 31 March 2001 and as amended on 21 October 2014.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

Appointment of Trustees

The Trustees of the Fund are the Officers of the Fund, namely the President, Vice-Presidents and Treasurer for the time being of the Barts and The London Alumni Association, together with three Appointed Trustees nominated initially by each of the former associations (Barts Alumni Association, The London Hospital Dental Club and The London Hospital Medical Club). The term of office of the Appointed Trustees is five years, renewable once.

In addition, there is a Treasurer of the Fund elected at the Annual General Meeting of the Association. The Treasurer serves for a period of five years and is eligible for re-election. A new Treasurer-Elect position was established to succession plan at the Annual General Meeting in 2022 and the postholder has since been instated as Treasurer.

7

Barts and The London Alumni Association Benevolent Fund

Trustees’ annual report

For the year ended 31 July 2025

Related parties and relationships with other organisations

The Barts and The London Alumni Association Benevolent Fund works closely with the Faculty of Medicine and Dentistry, one of three faculties at Queen Mary University of London, to support its students with financial aid through the charity’s income.

Statement of responsibilities of the Trustees

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ annual report has been approved by the Trustees on 22 January 2026 and signed on their behalf by

Dr Ali Jawad Treasurer

8

Independent Examiner’s report

To the Trustees of

Barts and The London Alumni Association Benevolent Fund

I report to the Trustees on my examination of the accounts of Barts and The London Alumni Association Benevolent Fund for the year ended 31 July 2025.

This report is made solely to the Trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 27 January 2026

Farrah Kitabi FCA

Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG

9

Barts and The London Alumni Association Benevolent Fund

Statement of financial activities

For the year ended 31 July 2025

For theyear ended 31July2025
Note
Income from:
2
3
4
7
Reconciliation of funds:
Donations
Total expenditure
Net income/(expenditure) before net
gains / (losses) on investments
Charitable activities
Grant making
Investments
Total income
Expenditure on:
Total funds brought forward
Net gains on investments
Total funds carried forward
Net movement in funds		 Unrestricted
funds
£
3,365
35,997
Endowment
funds
£
-
-		 2025

Total
£
3,365
35,997		 Unrestricted
funds
£
3,415
36,082
Restricted
funds
£
10,000
-
Endowment
funds
£
-
-		 2024

Total
£
13,415
36,082
39,362 - 39,362 39,497 10,000 - 49,497
37,143 - 37,143 42,823 10,000 - 52,823
37,143 - 37,143 42,823 10,000 - 52,823
10,657
2,219		 11,438
-		 22,095
2,219		 21,684
(3,326)		 -
-		 23,359
-		 45,043
(3,326)
12,876
456,675		 11,438
458,027		 24,314
914,702		 18,358
438,317		 -
-		 23,359
434,668		 41,717
872,985
469,551 469,465 939,016 456,675 - 458,027 914,702

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

10

Barts and The London Alumni Association Benevolent Fund

Balance sheet

As at 31 July 2025

As at 31 July 2025 As at 31 July 2025
Note
£
Fixed assets:
7
Current assets:
41,817
41,817
Liabilities:
8
5,040
9
469,551
Total unrestricted funds
Investments
Cash at bank and in hand
Endowment funds
Unrestricted income funds:
General funds
Total charity funds
Restricted funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets		 2025
£
902,239
902,239
36,777
939,016
469,465
-
469,551
939,016		 £
37,255		 2024
£
882,247
882,247
32,455
41,817
5,040		 37,255
4,800
469,551 456,675
914,702
458,027
-
456,675
914,702

Approved by the trustees on 22 January 2026 and signed on their behalf by

Dr Ali Jawad Treasurer

11

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

a) Statutory information

Barts and the London Alumni Association Benevolent Fund is an unincorporated charity registered with the Charity Commission for England and Wales.

The registered office address is Queen Mary University of London, Mile End Road, London, E1 4NS.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. As a smaller charity, a statement of cash flows is not presented.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually

evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

12

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Endowment funds are resources received by the charity that represent capital. Charity law requires the trustees to invest or retain and use the capital for the charity's purposes. Our endowment funds are treated as permanent endowment and are invested. Capital gains remain part of the endowment. Dividend income earned on the capital is unrestricted and can be used for grant making.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. The trustees can spend unrestricted funds for the charity's purposes.

i) Expenditure and irrecoverable VAT

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

13

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Income from donations

Income from donations
Gifts
Donated services		 Unrestricted
£
365
3,000		 Restricted
£
-
-		 Endowment
£
-
-		 2025
Total
£
365
3,000		 Unrestricted
£
415
3,000		 Restricted
£
10,000
-		 Endowment
£
-
-		 2024
Total
£
10,415
3,000
3,365 - - 3,365 3,415 10,000 - 13,415
Income from investments
Dividend income:
Cazenove RMAF		 2025
Total
£
35,997		 2024
Total
£
36,082
35,997 36,082

All income from investments is unrestricted in 2024/25 and 2023/24.

14

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

4a Analysis of expenditure (current year)

Student electives
Student bursaries
Student scholarships
Student prizes
Accountancy, administrative and IE fees
Investment management fees
Governance costs
Total expenditure		 Grant making
costs
£
12,000
6,000
8,000
1,000
-
-
27,000
10,143
37,143		 Governance
costs
£
-
-
-
-
8,040
2,103
10,143
(10,143)
-		 2025
Total
2024
Total
£
£
12,000
12,000
6,000
22,000
8,000
8,000
1,000
1,000
8,040
7,800
2,103
2,023
37,143
52,823
-
-
37,143
52,823

All grants are paid to individuals for relief of hardship and assistance in their education.

15

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

4b Analysis of expenditure (previous year)

Student electives
Student bursaries
Student scholarships
Student prizes
Accountancy, administrative and IE fees
Investment management fees
Governance costs
Total expenditure		 Grant making
costs
£
12,000
22,000
8,000
1,000
-
-
43,000
9,823
52,823		 Governance
costs
£
-
-
-
-
7,800
2,023
9,823
(9,823)
-		 2024
Total
£
12,000
22,000
8,000
1,000
7,800
2,023
52,823
-
52,823

All grants are paid to individuals for relief of hardship and assistance in their education.

16

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

There are no related party transactions to disclose for 2025 (2024: none).

During the year no trustee expenses were incurred or reimbursed (2024: nil).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

6 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

7 Listed investments

7
Listed investments
UK Common investment funds:
Cazenove Responsible Charity Multi-Asset Fund
Cash
8
Creditors: amounts falling due within one year
Investments comprise:
Cash held by fund manager
Disposal proceeds
Fair value at the end of the year
Fair value at the start of the year
Net gain / (loss) on change in fair value
Accruals		 2025
£
881,118
(2,850)
22,095		 2024
£
838,575
(2,500)
45,043
900,363
1,876		 881,118
1,129
902,239 882,247
2025
£
900,363
1,876		 2024
£
881,118
1,129
902,239 882,247
2025
£
5,040		 2024
£
4,800
5,040 4,800

17

Barts and The London Alumni Association Benevolent Fund

Notes to the financial statements

For the year ended 31 July 2025

Analysis of net assets between funds (current year)
Net assets at 31 July 2024
Net assets at 31 July 2025
Analysis of net assets between funds (prior year)
Creditors falling due within one year
Investments
Current assets
Creditors falling due within one year
Investments
Current assets		 General
unrestricted
£
432,774
41,817
(5,040)
469,551
General
unrestricted
£
424,220
37,255
(4,800)
456,675		 Endowment
fund
£
469,465
-
-		 Total
funds
£
902,239
41,817
(5,040)
469,465 939,016
Endowment
fund
£
458,027
-
-		 Total
funds
£
882,247
37,255
(4,800)
458,027 914,702

9b Analysis of net assets between funds (prior year)

18