REGISTERED CHARTfY NUMBER: 231839
MEDICAL RESEARCH COi]NCIL STAFF
BENEVOLENf FUND ASSOCIATION
Fingnct41 Stat¢m¢nts for tbe YvAr Erjded 30 Septemb¢r 2023
Xcittadtn AuditÈn8
c￿rtered Accountants and Statutory Auditors
Becket House
36 Old Jewry
IA>ndon
EC2R 8DD

MEDICAL RESEARCH COUNCIL STAFF
BENEVOLENf Fi￿￿D ASSOCIATION
Contettts of tbe Financial Statements
fw the year end¢d 31J Septen)ber 21123
P8ge
Rtport of the Trnstees
I to 3
Report of the Indepelldent A￿dItorS
4 to 6
Statemellt of Fin8￿ClaI Activitie5
B4lan£e Sh¢¢t
Notes to the FiDalleial stateme￿15
9 to 13
Detailed Statement of FinAnei81 Activiti¢s
14

MF,DICAI. RF.SFARCH COUt*ClL bTAVF
BKNEVOLENf FUND A&SOCIA'lIOt4
Report of the Trustees
for the year tlld¢d 30 Septslltber 2023
Th¢ trustees present their T¢POrt with the thmncial stalem¢tts of the charity for the ycar ended 30 September 2023. The
ttugtees haye adopted thc provisions ijf Ac¢ouDting a[￿ Reporting by Charities.. Ststement ot Recommehded Practite
applicable lo ¢lwities prepaxtng their a¢wunts in a￿OrdanCe with the Financial Reportirlg Standard &ppli¢able in the
UK Republic of Ireland (FRS 1021 (efftctive l January 2019).
OWJECTIVES AND ACTIVITIES
Objectlves alms
ThE objeGtives of the AssociRtion are to provide relief for neccssitous persons and the￿ d¢￿ndertts who are or hav¢
been %taff of the Medical Research Cowjcil in tIK UK or en)ployed ot] International c(>JJlracts.
Slgnlficatst ketivitit
Th¢ Assotyidtion receive5 its main fijnding from voluntary mottthly dollatiO￿S from employees of the Medi(xl Research
CokttKiI and from its investment income.
The kno¢iation c4X)tinues ￿ make loans to SUTtable applicants at a very Tnodest rat¢ of itrterestor interest free.
Th¢ Con]mitte¢ of ManageTnent rnet regularly and undert¢)ok regular reviews of new and existing c&ses, as well a5 the
annual reYi¢w of ￿ntS paid quart¢rty at Christmas. Contributions received are Ativested thncver possibl¢ and
investmeth performan¢¢ was broadly in line with mark¢t expectations, given th¢ perforniance of global equity markets
duringthe period to 30th September.
Achievements and performant•
Given the objectives as stated above. the Commilltt 0fmaDage￿Klll consider that th¢ test of public benefit is MEL
Risk Mgnagethent
The major risks to which the charity is exposed, as identified by the Cornmittec of Managemenl have be¢n reviewed
a￿d sys¢¢m$ or pro¢¢dur¢s have been established to D]anage those risk& The comtnittee purchased charity insurance for
the firsl time in Swember 2017, which is re]Mved aT]m]ally.
The major risk the ¢hatity 15 ￿posed to, as idethifi¢d by th¢ Tn&ees, isthethreat to the financia] security of the chwity
from re¢ent volatility investment markets and insuffiGitnt inv¢sknents and member ￿￿tributIOnS which
could lead to disinvestsM)t to cover cash flow.
The principal iLncertaiTtty for the ch8Tity is the ¢ons¢quence of the Higher Education & Research Act 2017, which has
seen Mlic absorbed lltso a new research body called the United Kingdom Research and tntlovation (UKRt). together
wtth findingm¢rnb¢rs willing to join the committ<¢.
Grantm￿￿l￿g
The Comtnittee of m￿gement have power in their absolute disrtion lo grant Telief in any case or to refi]se T61ief
without assigning any reason thcrcfor4 and to decide the alr￿Unt of any relief and whether it shall be afforded by
donation, periodic grants or loan {at orfree of int¢restl.
Fill8iici#I position
The surplus ot. income over &NKnditure amoutrted to £54,352 compTising a SLtrplus movement of funds during the
year of £18,836, together with an unre4lised gain on the investment portfDlio of £35,516.
Inv¢stment poliey 4￿d objectives
The main investment objecttve 1% the s¢Gurity of assets, hence the spread of investments atnongst three Tecognised
charitable fi￿d rn2nagers. The &ssets under mAnagun£nt ￿F0￿￿] in Itne with global equity markets during the year to
30th Sept¢mber.
Reseryes policy
It is the pjlicy of the charity to al￿ to cover annual eX￿[￿il￿Te froln incorne generated during th¢ year. Consequently
the reserves are held at a sufficient level to generate an adequate income streanL Disinvest1￿11 ￿1[ be required if cash
flow 15 i￿￿ffiCIent to cover benefit pgyments.
Pa8e I

MEDICAL RFSEARCH COUNCIL STAFF
BENEVOLENT FUND ASSOCIATION
Rewjrt of the Trustees
for the yeAr ended 30 Sept¢nknr2023
STRUCTURL GOVERE4ANCE AND MANAGEiwIEiYr
Govorning d[￿me￿t
The operdtions of the A￿oCIatiOn ar¢ subjrct to the Fund Rule& 1#5tupdated in 2013.
Cbarity coustitutlo
The Association is a registeryl charity [En￿alld & Wales): number 233839. There arc thret officcTS of the Asso¢i*ion
and a management commit1¢6. These are all CODtrÉbuting memb¢n of the Association and are elected by the mcmbcrs.
Recruitmellt and gppointm¢nt of llew trustees
Pol￿11a1 n¢w Go]nThittee nkmbers must be cothTibuting member5 of the kn￿lation and are invited to observe at a
committee meeting. Thty tnust be nDmillatcd by other Gontributin8 meJnber8 and then offer th¢mselves for election at
the AGM.
Deci5ioll m8kiDg
Ail d¢cissous are made collwtively by the comtrrittee. Any deeisions made outside ()f ¢omnuttee rlleetings must br
swrted by 6 members ofthe Gommittee and rattfied atthe next twting.
Rlsk m8nHgement
The majot risks to which the Gharity 15 extK>sed. &8 identified by the Committ¢e of ManagemenL have betn revÉewed
and Syste￿ or procedures have been ¢5tabli5ked to ma￿ge those risks. Th¢ ¢omrnitt¢e purchas¢d charity insurance for
the first time in Septembcr2017, which is rcnewed annually.
ThE Inajorriskthe charity is exw*d to, as identified by ibe Trustees. is th¢ thr¢at tt> fina￿1￿1 security of the ¢hATity
from ￿cent volatilÈty in investnent nwk¢is and insuffi¢i¢nt income from investtt%nts artd membcr contributions which
could l￿d to disinvestment to cover Cash flow.
Th¢ prinGipal uncthainty for the eharity is the ¢on5equ¢n¢e ot the Higher Education & Research Act 2017, which h
sccn MRC. &bsDrhed intr) a new re5Earch body called the Ullited Kll]gdom Research and Innovation {UKRD. together
wlth fit￿IllE menth¢rs willingto join the committee.
Objectives Actlvllies for Publie Benefit
REFERENCE AT4D ADMINISTRATIVE DETAIts
Registered Cbfirity lumber
233839
Princiwdl address
7th Floor
Caxtt)n House
Tvthill Stre¢t
London
SWIH9NA
Trustees
MPTIn￿ (Chairman)
J Clerktn (Secretary}
V Cox (Treasurer)
J Sawkins
S Whjtock
C Moody
D Poor
AM Philp
C Soares
Page 2

M&DICAL RESEARCH COiJNCIL sfAFF
BENEVOLEPa FUND ASSOCIATION
Rep)rt of the Truste
for the year ended 311 September 2023
REFERENCE AND ADMINJSTRATIVE DETAILS
Auditvrs
Xeilladin Auditing
Chartered Ac¢ouDtants Stathtory Auditors
Be¢ket Ho￿e
36 Old Jewry
London
BC2R8DD
TRUSTEFS, RESPONSIBILrrY srATEMENr
The trustees Art responsible for preparin8 the Re[￿ of the Trust¢es and the financial st&tsments in accordaTKe with
applicable law and Unitcd Kingdom Accrjunting StaodaTds (Ur]ited Kingdom tienerdlly A¢¢ept¢d A¢counting PradieE).
The law appliGqbl¢ to charilies in England and Wales. the Charities Act 20T1, Chority (Ac4thunts and Reports)
Regulations 2008 and the provi5iOJ]s of the Érnst deed requires the tn￿teeS to prepare flltsncial statements for each
finan¢ial ye4r which give a trut and fair view of the state of affairs of the d)aTity and of the Incomin8 resources and
application of resouw¢& includittg the In¢On￿ and expenditur< of the charity for tljat period. In preparing tho
firtancial statETRenty the trustee5 are required to
select suitable accounting policiu and then epply them ¢on5i5tetrtiy'
obs¢rv¢ the ￿￿thodS and principles in the Charity SORP-
meke judgements al￿ ¢stimat¥& thdt ar¢ reasonable and prudent:
prepare the financia] statements on the going concern basis ￿lesS it is inapprtipriate io presume that ihe charity will
continue in busin¢ss.
The twsts¢s r￿ponSIble for keeping proper accounting records which disclose with reasonable accuracy 21 any tim¢
the financial position of the charity and to ¢rtab16 them to ensure that the ffinanci￿ statempnts compty with the Charities
Act 2011. the Charity {Accounts and Reporfrs) Regul&tic)ns 2008 the provisions of the tr￿st deed. TW are also
resF4)nsible for safeguarding the assets of the charity and herKe for taking trasonable st¢P5 for th¢ prevetrtion and
detection of fraud and other irregularities.
Th¢ ttwtees met regularly during the year to revÉ¢w existing cases of need and consider new applications for financial
assistance. llje Inistees nK>nitored cash flow. fil￿￿taI and dat& risk, and considered tlie charills approa¢h to Eif¢Gtive
governance g¢nernlly.
/f/42) ZJ24-
Approved by order of the ￿4rd of trustees ot)........................ .... .. .......... 8tKE si￿1 on its behalf by..
M Pilrtwi (Chairman)-'frustee
P8ge 3

Report of the llldepeDdent Amditors Èo the TTUStees of
MedieAI Regeareh Coulltil Staff
Benevolent FuDd As8oeiatio
W¢ have audited the fman¢iai stat¢ments of Medical Research co￿¢1] Staff B¢nwolent Fm)d Awciation (the 'char5ty')
foT tht y¢ar ended 30 Scpt¢Tnb¢r 2023 which comprise the Ststtmeut of Fit]ancial Activitie5. the Balance Sheet and
notes to thc finaocial ststen*nt4 including a summary of sigtiiric￿L ac¢owiting policies. The rtnan¢ial ￿poT1]ng
framework that has been applied in thesr preparation is applicable law and United Kingdom Accowiting Standards
(United Kingdom G¢n¢ralty A¢¢epted Accounting Prgcti¢x}.
In our opinion the financial statemcnt5:
give a trye and fair view of th¢ state of the ¢hgrity's affairs as at 30 September 2023 and of its in￿Ming ￿UrceS
al￿ applLCHtion of resource4 forthe year then ended,.
have been properly prepared in accordance with lJDited Kingdom Generally Accepted Accounting Practice. and
have been prepared accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance Internationd Standards oll Auditing (UK) {ISAs (UK)) aT￿ appltcable law.
Ow responsibilities under those st￿Id8TdS are fi]rther described in the Auditors, responsibilities for the audit of the
fit&2ncial Statements section of our report. We ar¢ tndepend¢nt of th¢ ¢harity in a¢¢ordanoe with the ethical
requirenKTrts that are rek¥ant to our audit of the fDRncial S￿eMe[rtS in the UK including the FRCS Ethical Standard.
and wt have fvifilled our other ethica] reswnsibtlities in atrordaTt¢e ￿11￿ ihes¢ requirtx￿¢n1* We bdi¢ve tlxt thE a￿JIt
evidence we have obtained is 5ufficicnt and appropriate to provide a basis for our opinion.
Conclusions relatlllg to going Co￿eern
auditing the fitwicsal statenmts, we have concluded that the trustees. use of the going concern basis of accoulrting in
the pTep￿tiOn of the fina￿la1 statements is approptiite.
Based on the work we have FerforThkd, we have not iderrtified any material h]ncertainties relatins to events or conditions
tha4 individually or ¢o]l￿tivelY, may significant doubt on th¢ ¢harity'8 ability to continue as a going Col￿rn for a
period of at Ica8t Th¥elve months from when the financial statements are affthorised for issue.
Ow resp(msibilities atMI the resEK)n5ibilities of the In￿tteS wryth respect to going concern are described in the relevant
sections of this report.
Other informAtion
The trustees are responsible for tlie other information. The other infonn&tion comprise5 the information inclLLded the
Annual Rwort, other thaTL the fiT￿ICial sfatements and our Keport of the Independent Audito￿ the￿￿.
Our opinion on thc financial ststements docs not covcr the othcr inf0m￿tion al￿, excw to the cxtent otherwise
explicitty stsled in reporL we do not express any fonn of assurdn¢e conclusion thereon.
In eonne¢tion with our audit of the financial statemclkts. our ttsponsibility is to read the other infomiation and, in doing
so, consider whether the other intornTrtion is materially inconsistent with the financial statements OT our knowledge
obtai1￿ in the audit or otherwise appeaTS to be materially misstated. If we identify 8uch material incon5iStencies or
apparcnt materÈa] mi5statemet￿￿ we are r4uired to detertntne whether this 8ives riSE to a material misst&trment in
fillancial ststcmcnts thcmselvcs. If, bssed on thc Work we have ￿rfornrf we c4)nclude that thcrc is a mat¢rial
misstatanent of this other Énfomwtron. w¢ ar¢ r¢qUIr￿ to report that fact. W¢ have nothin8 to report in this regard.
Mattenp which wc arc required to report by c%ceptlo
We have nothing to report in respect of the following matters Nvhere the Charities (Accounts and Reports) Regulations
2008 requires US to rep)rt to you if. in our opinion..
the infonnation given in the Report of the Tn￿t￿ is Inco￿lStent in any material respe¢t with the finan¢ial
statements. or
5uffiGi¢nt a¢GouDting ￿CordS have not becn k¢pt' or
the financial *tate￿￿l¥ are nnt in a￿£m¢nt witb the ae¢aunting tEcords 8nd r¢tun)s; or
we have not received all the infOrn￿tiOn and explanalions we require for ow audit.
Pag¢ 4

Repurt of the llldependeDt Auditors to ¢h¢ Trus¢e¢J of
Medical Rese#rch Council Stsff
BellevoR¢nt Fund As50ci4tioD
R¢S￿nSIbIlItieS of trustees
As explained Th￿re fijlly in the T￿￿e¢s, Respon5ibilTties State￿￿￿E the tru8te¢s ar¢ responsible for the preparation of
ihe fJnan¢ial ¥idternents' whirh give a true and fatr Yi¢w, and for such internal control as ￿ trugtees d¢temiine is
necessary to enable the preparation of finanGial Statements that 8r¢ free from mat¢rial misstsiemenL whcther due to
fraud or ettor.
In prepaEing the financial statements the trustees are responsible for a5scssins the charity's ability to ¢oDtinue ￿ a gOiFJg
con¢¢m, diKlositi& as applicable. matters related to going concern and uging the going conccrn b&sis of accounting
Un]￿ the trustees either intend to liquidat¢ the charity or to cease operation4 or have tjo Tealisti¢ alt¢rn¥tive but to do
so.
Ollr respollsibilities for the alldit oftbe fina￿cIal State￿ents
We have been appointed a8 auditors under gection 144 of th£ CharAti£5 Act 20118[￿ r¢port in a¢¢ordance with the Act
and relevant r¢gulations made or having effect thercunder.
Our obj￿￿ve$ are to obtatn r¢&sonable a&surdnce about w]th the financial sthtemertts as a whole are free fro
tnateri&l rnlsstat¢n￿nt, Mthether due to fraud or tm)r, and io issue a Report of the Independent Auditorslhat in¢ludcs OUT
opinion. Reasonable assurance is a high level of 0ssuran¢¢, but is not a gu¥rdntee an audit CODdu¢t¢d in accordat
with ISAS (UK) will always dt*ct a Tnaterial misstat¢￿1 when it exists. Misstatements can arise from fraud or emir
and are CO￿ldered Tnaterial if, individually or in th¢ agsregate. they ctwld reasonably be expected to infiuenc£ ihe
economic decisions of wers takcn on thc basis of fiJJanGial Statements.
The exteni to which our procedures &re Lxpable of detecting Arregularitie& including frwd is detsiled below:
- Identify and ass¢ss the risk of nlgterial misst4tement of the financiat statem¢nrs wh¥thu due to fraud or erroT. d¢si8n
and ptrfomi audit prO￿dureS respoDsive to those risks. and obtsin audit evidence that is sufficient and appropriat¢ to
providc a basis for ow opinioTr. The risk of not detectins a Materi￿ misstatement resu]ting frojn fraud is higher than for
one resulting from crror. as fraud may involve Cullusi￿ forgery, intentional omissions, misrq)resentations or
ovthyide of internal colttrol.
Obtain an under5taDding of internal ¢ontrol relevant lo the audit in ordcr to dc4ign audit procedures that arc
appropriat¢ in the circumstances. not for the purposes of expressing an opinion on the eff¢¢tiY¢n&ss of the
company's internal ￿ntrOl.
- Evaluate th¢ appropriatenE55 of eccoutrting policies used At￿ the reasonabltAek8 of accoutrtin8 estimates and the
rtlet¢d disclosures made by the director5.
- Conclude on the apptropriatencss of the directors, u5¢ of the going con¢¢rn b8si$ of accounting a￿1, based on the audil
evidence obtained. whether a matetial unccrtainty exists r¢]ated to ¢vent or conditions that may c&5t significant doubt on
the ¢ompat)y's ability to continue as a going concern. Irw¢ ¢ooGlude that a rnaterial uncertsinty ¢xi$ts, are required
to draw attention in our auditors rewjrt to the related diselosure in th¢ fU￿ncIal 5tatem¢nts or. if such disclosura8 are
inadequate to modify our opini¢m. Our conclusions are based on the audit evidence obtsin¢d up to thE date of our
auditorf% reporL Ht>wever. futu￿ events or condstio￿$ may cause the company to ee&se to continue as a going concern.
.Evaluate th¢ overall presentotton. structure and cotht of the finarLial statements. including the dis¢losur&4.
wl*thEr the financial statements r¢pres¢nt the underlying transactions and everts a manner that achieves fair
presentation.
A ￿rther description of our responsibilities for the audit of th¢ ￿[￿nCial statements is located (In the Financia] Reporting
COU￿]1.$ website at Mryvw.frc.or8.uklaudilorsresponsibilities. This descripli¢)n f0T￿5 Part of our Report of th¢
IndqKndent Auditors.
Page 5

RÈport of Ihe TndepeTrdent Allditors to th¢ Thste¢s of
Medit21 Research Council Staff
Benevolent Fund A*$tstSg1io
Use of our ￿e￿rt
Ihis rqK>rt Is nNqde sol¢ly to the charity's tn￿te¢s. as & btyjy. in accordance with Part 4 of the Charities (Ar¢A)unts' and
Rcportg) Regulations 2008. Our audit work has been ulld¢rtaken so th&t we might state to the chariws trustees thos¢
matters we arc requircd to state ts) them in &r* auditor5, fqKbrt and for no other purpose. To the fullest extent pemiitted
by law, w¥ do not ￿cePt or a&8ume resEK)nsibility to anyoD¢ other thom the charity and the charity'5 trustees as a tx)dy,
for our audit work, for this reporL or fvr the opillioAs we have forni¢d.
.JI ILJ,v'.
Xeinadin Auditing
Chartered Accountants and St¥tytory Auditors
BeckntHou5C
36 Old Jewry
London
EC2R 8DD
Page 6

EDICAI. RF.SF.ARCII COULYCIL SI'AVF
BENEVOLENf FUND ASSOCtATION
ststemtDt of Fln*DeRal Activities
for the yegr 30 Septtmber 21123
2023
2022
Total
UnT&stricted Restrtcted
fi￿d5
fijnd
INCOME AND ENDOWMELYfS FROM
Donations and legacies
3954
3.954
4,448
InY¢stment income
,099
27.099
21.521
Total
31.053
31,053
25,969
Exp£f4DITURE ON
Charil¥ble g¢tiville%
Grants paid
Christmas grants
Trnvel expenses
1.500
3,300
437
1.500
3JOO
437
13,650
2.500
6,980
6.980
5.797
Tot#l
12,217
12217
21,947
Net wdinsl(105ses) on investments
35,516
35.516
181,666)
I¥ET INCOMFJ(EXP£L%DTfuR
54.152
54.352
{77,644)
RECONCILIATION OF FUNDS
Total fi]txJs brought fonvard
735,344
735,344
812,988
TOTAL FUF4DS CARRIED FORWARD
789.696
789,696
735.344
The ￿teS fornj part of these financial statETnEnts
Page 7

MEDICAI. RF.SF.ARal COUNCIL SlA￿F
BENEVOLENr Fur4D ASSOCIATION
B#lanee Sheet
30 Sept*thb¥r 2023
2023
Totsl
funds
2022
Total
fi]nd$
unr¢Stri￿cd R¢strict¢41
fijnd
Notes
FIXED
Investm¢nts
725.888
725,888
690,372
CURR￿ ASSETS
Debtors
Lash at bank
50.453
25.355
50.453
25.3.55
32,141
18.831
75,808
75,808
50.972
CRED￿oR8
All￿￿nts falling due within one year
(12.1)00)
(12.(100)
(6.000)
r4ETCURRETrIT ASSEI3
63.808
63,808
44.972
TOTAL ASSEI8 LE￿ CURRENr
789,696
789,696
735,344
NET ASSETS
789.696
789.696
735,344
FUNDS
789,696
735.344
789,696
735,344
The fit)ancid $tatetn¢nts w¢r¢ approved by the Board of Trustee5 autI￿ised foT issue
- andwere signed on it8 behalf by..
oti
M Pitnwi (Chairnian)- TrLL8t¢e
The notei forni part of these fn&ncial stat£meDts
Page 8

MEDICAL RESEARCH C.OIINCIL S'IA￿7
BENEVOLENT Fi￿ AsgoctATtON
Trlote8 to the Finyueial S￿te￿¢llts
for the year eDded 30 S•pt*mb¢r 2023
ACCOlIP￿NC VOLICILS
BASIS OF PREPARING THE FTNANCIAI, STAI'EEIILNIS
The fjnan¢ial statements of the charity, which is a publi¢ b¢tKfit entity under FRS 102, have been prepared in
a(Kord&nce with the Charities SORP (FRS 102) 'Acwunting and Retx)rting by Charities.. Statement of
Recommendcd Practice applicable Éo d)aritits preparin8 their ￿COunts in accordaj￿¢ with the Financial
Ryrting Standard applicable in the UK and Republic of Ir¢land (FRS 102) (effective l January 2019),,
FIn￿rI￿ Rep(Trrting Standard 102 The Fin8nci&l Reporting Stsndord appliLdble in the UK and Republic of
Ireland, and the ChaTities Act 2UI l. The financial statements have been prepared utxler the historical cost
convention, with the exception of iDvestrnents which are Inc1￿8ed at market va]ue, as rnodifjed by th¢
r¢valuation of certain &8sets.
INCOME
All income is reco￿]Sed the StatenwEt ofFinancial ArtivitiES once the charity entit]¢m¢nt to the it
s probable that the in¢ome will be received and the amount ¢an llThbured reliably.
Liabilities are recognised a5 &XPE[￿lIure as as there is a legal or constnKtive obligation committing th¢
charity lo that expenditur4 it Is probable that a transfer of e¢onomi¢ bet￿fjts will be required in settlemttnt and
th¢ amuunt ofthe obligatii>n ¢an be measur¢d reliably. Expenditure is accounted for on an a¢cnN]b' basis and has
been cla&sifi¢d utJd¢r heading￿ that aggregat¢ all cost relatsl to the Category. Where costs cat]noi b¢ directly
attributed ts) particular headings th¢y havr been allocated to 4rtivities on a basis consistent with the of
GJ7nts offered subjttt to conditions vknich hve beeffi met atthe year end date ar¢ noted a5 a commikn b
no¢ as expenditure.
TAXATION
The rharity is exempt from tax on its dwitable aclivities.
Unrestri(thl fimds Can be used inaco)rdan¢e with Gharitable obJ￿tiveS at ihe di$￿etiOn ofthe trustees.
liestricted fijnds can only be used for partieular rCStrict￿ pw4es within th¢ objects of the charity. Restrictions
aT%se when spe¢ified by the donor or wI￿l are rdised for particular restricted pwposes.
Further explanation of the nattr¢ and purpose of eAch fund is included in the twtes to the fiÉw)ci81 statemeth8.
4VESTMENf ThCOME
2023
2022
DivideThls
DeEK)51t account inter¢st
26,875
224
21,504
17
27.099
21,521
Page 9
conttDued...

MEDICAL RESEARCH COIJNCtL SfAFF
BENEVOLEKf Fuf4D ASSOCIATION
Notes to tbe fin4MciAI StstenJents- CO￿*t￿lled
for the year ended 30 Seplember 2023
TRUSTFFSI RV.MUNRRATION AND BLN£FfI&•
Thete were no trustees, TeJnuIw4tion or otlw bcnefits for the Ye￿ eTthd 30 Scpkmber 2023 llOT for the ye4r
ended 30 S¢ptember2022.
TRUSTEES, EXPENSES
Expenses were reirnbursed to trus¢ees to the value of £728 for the year cnded 30 SepteTtkn 2023 {20Z2: none).
COMPARATIVES FOR THE STATEMENT OF D'INANCIAL AcrIvniEs
un￿StrICted
Restricted
fimd
Total
fi￿d5
COME ATr4D ENDOWMENIS FROM
Donations and legacies
4,448
Investment income
21.521
21,521
TotAI
25,969
.969
EXPENDTfuRE ON
Ch8rit&ble activitie
Grants paid
Chrisbnas gtwits
13,650
2,500
13.650
2,500
Other
5.797
5,797
Tgtal
21,947
21.947
Net g￿n￿O0s9es) on inv&sln)ents
(81,666)
{81,666)
NET INCOTrtEI(EXPEIYDTTURE)
(77.644)
(77,644)
RECONCILL4TJON OF FufiDS
Totsl fi]Dds brought brward
812.988
812.988
TOTAL FiINDS CARRIED FORWARD
735.344
735,344
Page io
ntinu¢d...

MEDICAL RESEARCH COUNCIL STAFF
BENEVOLENf FUND ASSOCIATION
Notes to the Stat¢￿￿ts- cvlltillued
for tbe ye#r ended30 Sepltjnber 2023
FLXED ASSET Im￿sTMETrITs
Listed
investments
MARK￿ VALUE
At l October 2022
Revaluations
6￿),372
35,516
AI 30 S¢pt¢mber 2023
72.5,888
NET BOOK VALUE
At 30 8eptember 2023
725.888
At 30 Septen&Kr 2022
690.372
There htre no investtnent assets outside the UL
Costor valuation * 30 September 2023 ts represtnted by:
Listed
investrnet
Valu&tii)n in 2019
Valualion in 2020
v￿uation in 2021
Valuation in 2V22
Valuation in 2023
753,333
(94,149)
112,854
181,666)
35,516
725,888
DEBTORS: Amouiyfs FALLENC DUE wrrHIN ONE YEAR
2023
2022
Logus rEpayable
PrepaYtl￿ts and accrued
41.937
8,516
27.358
4,783
50.453
32,141
Page 11

MEDICAL RESEAR(II CO[￿CIL STAV
BEhTVOLETrrr FUND A&SOCIATION
Notes to the VlllsDcA81 StRtemeDts- eoDtinu¢d
for tbe year ended 30 September 2023
CREDITORS: AMOUYI rs FAILING DUE wrritlN ONE YEAR
2023
2022
Other ¢reditor8
I2,￿0
Net
movement
in fimds
At
.10.22
At
30.9.23
Unrestriet¢d funds
Resenfe Fund
Accumulated Inrorne Fund
Investment Re8erve
6248
349,197
37Y,899
325
53.544
483
6573
402.741
380,382
735,344
54,352
789,696
735.344
54,352
789,696
Netmovement in futKls, i￿luded in th¢ above as follows:
Gains and
losses
Movement
resources
expa]dEd
UllrÈstriTted funds
Reserrft Fund
Accumulated In¢LVn¢ Fund
325
30,728
325
53.544
483
(12,217)
35,033
483
31,053
(11217}
35516
54.352
31,053
(12,217)
35,516
54,352
CompAratiYes for movemext in fuRds
Net
nM)vement
in fiuMIs
At
30.9.22
1.1021
UnrestTjCted funds
Reserve Fund
Accumulatsd Incom¢Fund
Investment Reserve
6,248
345,175
461.565
6,248
349,197
379,899
4,022
(81.666)
812,988
(77,644)
TOTAL FufqDS
812,988
(77.644)
735.344
PaBe 12
continued...

MEDICAL RESEARCH COUNCIL STAFF
BENEVOLENT FUND ASSOCtATION
Notes lo the FirJ¥ncial StRtem2nts- continued
for the year Énded 30 September 2023
MOVEMENT IN Vtir4D5. continued
Comparative net Twv¢m¢nt in fimd& included in the above are as follo￿.
Gain5 al
lo&¥es
Movem¢nt
in fiJnd5
expend
Unrestiicled funds
Aecutnulated IncotneFund
Investsnent Reserve
25.969
(21,9471
4,022
(81,666)
(81.666)
25,969
(21,947)
{81,666)
(77.644>
25,969
(21,947)
{81,666)
(77,644)
The Reserve Fund consists of bequests atmi donations in rcspcct of thi¢b the Testator or T)OnOT gives specific
diwtion. It camnot be realistd except for the puryy)s¢ of reinvestment unie&g artd in50far ￿ the Chairman on th¢
recoMm¢tKlation of the Committee of Managetnent givas writiem consent to the re81i5ation of any part. The
A¢Gumulatrd Income ￿,.1￿￿ consists ofthe unexpended income ofthe Association and is avthiiablE for ttle general
purposes of the AsxKiation.
The Investment r¢s¢rye r¢ll￿ts donrttlo￿ thai hav¢ becn desigr￿d foT capital investme￿.
RELATED PARTY DTSCLOSURES
There were no related party transactioDs for the year end¢d 30 Stptember2023.
Page 13

tEDICAL RKSKARCH COUNCtL STAFF
BENEVOLENf FUND ASSOCIATION
Det8iffted St8tement of Fin&neial Activities
ror tbe yearended 30 SepteEther 201J
2023
2022
Don&tioDs and leg8cies
Donations
3.954
4,448
Inve5tmellt ineome
Divi(J¢nds
Deposit account interest
26.875
224
21,504
17
27,099
21,521
Totsl iDcoming re8ouTres
31.053
25,969
EXPENDITURE
Chgrltgble &ctivilles
Grants to individuals
4,800
16,150
Support costs
Mao8gem¢nt
tnsurance
Sundri¢s
Accountancy fees
333
1,084
3,000
357
2,4(M)
4.417
1797
Covtroanee eosts
Auditors, remuneralion
3,000
Totsl resources ex￿]￿led
11217
21.947
Net income
18,836
4,022
This page diK5 not forni part of the statuEory financi81 statements
Page 14