Charlly reglslratlon number 233839 (England and Wales) MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 • xeinadin
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs AM Philp Dr C Moody Mrs C Soares Mr D Poor Mr J Sawklns Dr. M Pilman Mr M Bennett Mrs S Whylock Mrs V Cox Charlty number (England and Wales) 233839 Audltor Xelnaolin Audit Limlled 46-48 Easl Slreel Epsom Surrey United Klngdom KT171HQ
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION CONTENTS Page Trustees Report r8POrt Slalement of Truslees Report responsibililies Independent audilols report Statement ol financlal acllvllles Balance she81 Notes to the financial slalemenls 10-17
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION TRUSTEES REPORT REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Thts Iruslees present thèir 8nnual r8wrt and flnancial slalernenls for the year end8d 30 September 2025. The financial slalemenls have been prepared in accordance with th8 accounting policies sel out in note 1 to the financial statements and comply with th8 fund's governlng document, the Chaiilies Act 2011. FRS 102 °The Financial Reporting Standard applicable In th8 UK and R8publlc ol Ireland. and Ihe Charilies SORP "Accounting and Reporling by Charities.. Slalemenl of Recommended Practi¢8 applicabl8 to charities PTeparing their accounts in 8ccordBnc8 wlh the Financlal Reporting Standard applicable In the UK and Republi¢ tsf Ireland (FRS 102).. Oble¢tlve3 and actlvllles The objeclives of thè Associalion are lo provide relief for necessitOU5 persons and their dependents who are or have been slaff of the Medical Research Council in the UK or employed overseas on International conlracls. Slgnlflcanl actSvitles Th8 Asstxiallon receives Its main funding from voluntary monthly donations and from ils investment Income. The Association continues lo make loans lo suitsble applicants al a very modest rate of interest or Interest free. The Commillee of Management mel regularly and undertook regular raviews of new and existing cases, as well as Iho annual review of grants paid Quarterly and al Chwislrnas. Contributions received are invested whenever possible and investmenl performance was broadly In line with Markét axpèctalions, given the performance of eqully and bond markets durlng the period lo 30th September. Achlevements and performance Slgnificant actlvitios and achievemenls againsl objeclives Rl8k Management Tho major llsk5 to which Ihe charity is exposed. as Identified by th8 Committe8 of Mznagemenl. have be8n revi8w8d and systems or procedures have been eslablishgd lo manage those risks. The committee purchased chailty Insurance for the lirsl lime in Seplgmber 2017, whlch Is ren8wecS annually. Th& major rlsk the ch8ri1y is exposed lo. as idenlified by the Trustees, Is the Ihreal lo the financial security of the charity from volalilily in inveslmenl markets and insufficient income from investménts and member conlribuliorbs whlch could le8d to disinvestment to cover cash flow. The prfnclp81 unc&rtalnty for tho chartly is the consequence of the Hlgher Education & Research Aol 2017, which has seen MRC absorbed Into a nèw rasearch bY called the United Kingdom Research and Innovallon IUKRII, logelher with firKling members willing lo loin the commillee. Grantmoklng The Committee of Managemeni have power in their ab501ule di5Ctelion lo grant relief in any case or lo refuse relief wilhoul assigning any reason therefore. and lo decide the amount of any relief and whelher il shall be afforded by donation, periodic gr8nts or loan (al or free ol inleresll. Flnanclal revlèw Flnanelal posltlon The surplus ol income over 8xpenditure amounted lo £40,515 comprlslng 8 nel surplus movemenl of funds during the year 01 £14,275 log8lher wilh a gain on the investment portfolS0 01 £26,240.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION TRUSTEES REPORT REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Rè8erves poll¢y 11 19 the poll¢y of lh8 eharlty to alm to cover aftn expenditure from Incomg gemraled durfng the year. Cons8qU8nlly IhB rgsgrves aF8 held al 8 5ufficlenl1ovel 10 9engrole an 8dequalg Incorno slr•om. Dl8lnv&slmenl Iwll be requlrod Ilca3h flow Is Snsufficl¢nl lo cover ben•fil paym8nls. Inveilrnértt pollcy and obl•cllveB The ThalTh lTrveslmonl oblectlve Is th9 8gctsrfty of a889ts. hence the Sprèad of Inve¥tments amongst three TeMgnl96d charllabl8 lund manager$. The a65ets und6r manag$mènl Perform in Ilna wllh èqulty and bond mBrkel& duTlng Ihe yoar to 30th Seplemb8r. S*ru¢lur•. 00MAnce and m•nag•m•nt Gov•Ynlng document Tho operations of tho Assoriallon arè 8ubiect lo th? Fund Rul. lasl upd#l¢d In July 2024. Charlty conslllullon The Assoclallon is o fegi61ored chailty IEngl2nd & W81881'. number 233839. There orè three offi¢er$ of lh8 A880cI8tIoTh ond 8 m&n8g•menl commltt6e. Thes8 8ra all ¢onlrlbullng memb•rs ol Ihe As$o¢lallon and af¢ elecied by the mombers. Th• INst88s who 8eJv8d durfng the y8or8nd up lo th• rfate of 61onalui• of Ihe fflft8ftdo181alomonts were.. Mr8 AM Phllp Dr C Moody Mr8 C Soar88 Mr D Poor Mr J Clerfi Mr J Sawklns Dr. M piiman Mf M Benn8N Mr¥ S Whytock Mrs V Cox IRe$lgned 10 Oclober20261 RKruilm8nt•nd&ppolnlm8nl of IruJleg8 Polenllal new ¢ommlll•o rnernbers musl be conlrlbulln9 membors ol the A$$ocidtion and afe Inled lo obsèrve al $ commltteo meetlng. Th•y musl be nominaled by other conlrfbulln9 rn•mber$ 8nd th8Tr off8r Ih8mselves for elscllon t thoAGM. The T510¥S have been gIng carelul ¢onsldoraUon lo future proofing Ihg m8nagamenl ol Ihe Charfty and recenlfy h¢ld initial lhlks th Ihe Charity lor Civil SeNan18 wjlh a vlgw lo merglng th8 h¥0 ¢hariUes on J rtng fenced ba$l$. D•cl¥lon moklng I d8cl$lons ore made ¢dloGllvely by Iho commlttaa. Any decl3lons mgde ¢tSk ol ¢ommlti80 mo¢iing5 musl b8 supported by 6 memb8r8 01 lh¢ ¢ommilteg and rallfled al tha next meevng. The Tnssl ort 18porl wa8 approved by th8 Board ol Trusiee$. Dr. M Pllman Tru$tsg 21 July 2D28
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION STATEMENT OF TRUSTEES REPORT RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 Th& Iruslees are responsiblè for Preparlng the Trustees Report Report and the financlal 8lalemenls in 8ccordance wllh appllcable law and Uniled Klngdom Accounting Sland8rds Iunlled Klngdom Ger)erally Accepted Accounting Pr8ctic81- The law applicab18 to charities in England and Wales requires the Iiuslees lo prepare financial slalemenls lor each rinancial year which glve a true and fair view of the slate of affairs of lh8 fund and ol the incoming resources and app11callon of resources of the fund for that year. In preparing these financial slalements, the Iwslees ale required lo.. select suitsble accounting policies and then apply them consislently-, obs8ni6 th8 methods and principles in the Charflies SORP., make judgements and &slimales Ihal are r8asonabl8 and prudenl., stale whether applicable accounting standards havè béan follow8d, subject lo any material departures digdosed and explalned in th8 financial slatemenls., and prepare the financlal slalemenis on the golng concern basls unless il Is inapprowiale lo presume Ihal the charily will conlinu8 In opoialion. The trustees aTe responsible for ke8ping suificienl accounting Tecords that disclose wlh reasonable accuracy al any lime the financial position ol the fund and Bnèble them lo ensure that the financlal sl¥lemenls comply with the Charllies Acl 2011, the Charity (Accounts and Reports) Regulatsons 2008 and th8 provisions of the Irusl deed. They 8r8 also responslble for safeguarding the assets of the fund and hence for taklng reasonablè steps for the prevention and detection of fraud and other Irregularities.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION Oplnlon We have 8udlled the financial statements of Medlcal Rese8rch Councll StAff Benevolent Fund Association {Ih& 'fund'l lor the year ended 30 September 2025 which comprise the slalemenl of financial aclivilies, the b81ance sheel and notes lo the financial slalements, including significant acwunling policies. The financial reporting framework that has been applied in their pr8paraliorb is app1[ble law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102 The Fin8nGial Reporting Sl8ndard applicable in th8 UK and Republlc of Irel8nd (United Kingdom Gener211y Acc8pled Accounllng Practice). In OUT opinion, Ihe financlal sialemerits- glve 8 Irue and lalr view ol tho 51ale of the ch8Tity's affalrs as al 30 September 2025 and of Its Incoming resources and application of resources. for the year then ended., have been property prepared in accordance wilh United Kingdom Generally Aceepled Accounllng Practice., and h8V6 been prepared in accordance with the Charities Act 2011. Basls for oplnlon We conducted our audll In 8CCOTdanc8 with Inlernailonal Standards on Auditing IUKI {ISAs IUKI) and applicabl& law. Our responsibilities under those $18ndards ale further described iri the Audilorfs r8sponslbililies for the audit of the linanGlal slalements section of our report. We are independenl of the fund in accordance wlh Ihe ethlc81 requirements Ihat aTe relevant lo our audit of the financial s18lemenls in tho UK. including the FRC'S Ethical Standard. and we have lulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit avidence we have oblain8d is sufficient and appropriale lo provide a basis for our opinion. Concluslon5 relatlng to golng concern In auditing the financial slalem8nis, we hav6 conduded that Ihe Trustees Report Lsse of the golng concern basls of accounling In Ihe preparation of the financlal statements Is appropriéle. Based on the work we have performed, we have not id&nlified any material uncertainties relating io events OT conditions that, Individually or collectively, may cast significant doubl on Ihe lund's ability lo conllnu? as a going concern for a period of al least twelve monlhs from when tha linancial slalemenls are aulhorised for issue. Our rèspDnsiblli118s and the responsibilities of the Ifustees with respèct to going concern are described in th8 relevant sections of Ihls report. Olher informatlon The olhor informalion comprises the Infomialion included in tho annual report olher than the financlal $18lem8nts and our auditor's report Ihereon. The Iruslees are responsible for th8 other information contained within the annu81 report. Our opiniDn or¥ the financial slatamenls does not cover the olher information 8nd we do not express any form of assurance concluslon Ihereon. Our responsibilily is lo read th8 other Informalion and, In doing so, ttonslder whether the other informallon is maleri8lly inconslslent with Ihe financial s181emenls or our knowledg8 oblained In the course of the audit, or otheIse aparS lo be materially misslaled. If we Identify such material inconsislencie5 or apparent malerial miss181emenls. we 8re required lo determin8 whelheT this gives rise lo a mateTial mlsslalemenl in the financial slalemenls Ihemselves. If, based on the work we have performed, we conclude Ihal Ihere is a material mlsstalement of Ihls other ir¥lomalion. w8 are required lo report that fact. We have nothing lo report in this regard.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION Matters on whlch w8 ara requlred to report by exc•ptSon We have nolhlng lo report In respect ol th8 following mallers In relation lo which the chalIeS (Accounts and Reports) Regulallons 2008 requires us lo report lo you il, in our opinion.. the inform81ion given in Ihe financlal stslemenls is inconsislenl in any malerial regpect with Ihe Truslees Report report., or sufficient accounting records have not been kept., or the financial slalemenis are not In agreement with the accounting records- or we have not received all th8 Information and exp12nalions w8 require for our audil. Responslbllllles of trustèès As explained more fully in the slalem8nl of Trustees Report responslbililies, Ihe Iwslees are responsible for the preparallon of the finan¢lal statements and lor belng satisfied Ihal they give a true and lair view. and for such Inlerllal control as the Iruslees delerrnlne Is necessary lo enable lh8 prep8ration of financlal slalemenls that are Iree from m81eri81 misslalemenl, whether du6 lo fraud or error. In preparing th? financial slatemenls, the Iruslees aro responslble for assessing the lund's abllity to continue as a going concern, disclosing. as applicable, mallers related lo ooing con¢em and using Ihe going concern basis of accounting unless the trustees eilhei intend to cease operations, or have no realistic allernaliv8 bul lo do so. Audllor's responslbSlltl8s for tho oudlt of the financla5 statements We have been appointed as auditor undeT section 144 of the Charities Act 2011 and report in accordance with the Act 8nd ielevanl regulations made or having eff8cI thereU[er. Our objaclives are lo obtain reasonablé assurance about whelh8r th8 financial slalem8nts as a whols are free from material misstalemenl, whether due lo fraud or error, and lo Issue an 8uclilorfs t8port that Includès our opinlon. Reasonable assurance Is a hlgh level ol assurance bul is not a guarantee that an audit conducted In accordance wilh ISAS {UKI will always delecl a m81ftri2l misslalemeni when il exists. Misstalemenls can arise from fraud or error and are considered malerial if, indSvldually or in IhÈ 8ggregale, they could reasonably be expected lo influence the economie decisions of users taken on Ihe basis of these financial sialemenls.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION The extent lo which our PToGedures are capable of delecllng Irregularities, including fraud, Is (Jelai18d below: Identify and assess the risk of material misslalement of Ihe finanGial slalèments, whether due lo fraud or error, design and perform audit procedures respon55ve lo those rfsks, and obtain audit evidence that Is sufficient and appropriate lo provid8 a basis for our opinion. The risk of not dslecling a materi81 misslatemenl resvlling Irom fraud is higher Ihan for one resulting from error. as fraud may involve colluslon, forgery, intentional omissions, misrepresenlallons or the override of Inlernal control. Obtain an understandlng of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for Ihe purposes of expressing an opinion on Ihe eflecliveness of tha company's inlemal control. Evaluale the approprialen888 of accounting policies used and Ihe r8asonablene8s of accounting eslimales and the rel8lèd disclosures made by Ihe direclors. Conclude on the appropriateness of the diraclors. use of the going concern basls of accounllng and. based on Ihe audit evidence obtained, whelhèr a material uncert81nty exists related lo evenl or conditions that may cast significant doubl on the company's ability lo conlir)ue as a going concem. If we conclude that a materi21 uncertainty exists, we are required lo draw allet)tion In our auditors report to the T61ated disclosure in th8 financial slalemenls OF, If such disclosures are inadeouale lo modify our opinion. Our conclusions arg based on the audit evldence obtained up lo the dale of our audilorfs report. However, fulure events pr condllions may cause the company lo cease lo continue as a going concern. -Evaluale the overall presenlalion, structure end conlenl of the financial slalemenls, including Ihe disclosures, and whether the financial slalemenls rapreserbt the underfying Iransaclions and evenls in a manner that achieves fair presenlallon. A further description of our responsibllili8s is available on the Flnancial Reporting CoLtndl's website 81.. hllps'.11 ww.frc.org.uklaudilursresponsibililies. This description forms part of our audilo¢s report. Other matters Your allenlion is drawn lo the fact that tha charity has prepared financial slal8m8nls in accordance with "Accounting and Reporling by Charities: Stalement of Recommended Pracllce applicable lo ¢harilies prèparing Ihelr accounts In accordance wilh the Financlal Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102)" las amended) in preference lo the Accounting and Reportlng by Charities.. Slalemenl of Recommended Pr8¢1ic6 issued on 1 April 2005 which is feferied lo in the exianl regulAlions bLFI has now been wllhdrawn. Thls has been done in order for the financial slalemenls lo provide a true and fair vi¢w in eccordance wllh current G8neTallyAccepled Acwunling Practice. Use ofour raport This report is made solely lo the charity's Iruslees. as a body, In accordance with Part 4 of thts Charities (Accounls and Reports} Regulations 2008. Our audii work has been undertsken so that we mlghl stale lo Ihe charitqs Iwslees those matters we are required lo state to them in an auditor's report and for no other purpose. To Ihe fullest exlenl permllled by law, w6 do not accept or assume responsibility lo anyone oiher Ihan the charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinlons we have foimed.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION Hazel Day Bsc {Hon$l FCA DChA Isenlor Statutory Audltor) For and on behalf ol X8inadin Audit Llmlled, Slalulory Audllor Charterecl Accounlanls 46.48 East S118el Epsom Surrey KT17 1HQ United Kingdom 21 July 2026 X8in¥din Audit Limited is elioible for appDinlmenl as auditor of Ihè fund by virtue of ils eligibility foT appointment as auditor of a company und8r section 1212 of Ihe Companies Act 2006.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unreslrictttd funds 2025 Unrestrlcted funds 2024 Notes Incomfj from: Donations and legacies Inveslfnenls 3,463 32,812 3.842 33,432 Total Income 36.275 37.274 Expendlture on.. Charitable 8clivi118S 22.000 14,025 Total expenditure 22,000 14,025 Nel galnslllossesl on investments 10 26,240 52,180 Net Income and movemènt In funds 40.515 75,429 R#¢onclllallon of funds: Fund balances al 1 October 2024 893.668 853,704 Fund balances at 30 Soptember 2025 934,183 929,133 The stalem8nl of financlal activilles Includes all gains and10ssos recognlsèd In the year. All income and exp8ndilure derive from conlinulng 8clivllies.
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION BALANCE SHEET AS Af 30 SEPTEMBER 2025 2025 2024 Nol•B Flxed a8s•tJ Investments 13 717,183 778.068 Curr•nt a•a•t6 Debtor8 Ca$h gt bank 8nd In hand 14 69.993 162,461 132,480 30.S85 232.454 183,066 Crtdltor8: aM0ts 18lllng du• wlihln on• y•*r 15 115,4541 112.0001 Not curr•nt as8•t 217,QOD 161,065 Total a$$•ts I•¥s cuffont Ilablllll•8 934.183 929,133 Th• fund8 of thg lund Unieslrfcled funds 934,183 929,133 934.183 929,133 finan¢lal lal 18 w•ro gPPIOV8d by tha fwsiees on...9-l3ts.laG. . M Pilman
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollcles Charlty informatlon Medical ResÈ8rch Council stsff Ben6volenl Fund Association Is a iegislered charity, charity number 233839. 1.1 Bas18 of preparallon The financial 818lemenls have been prepared in accordance with the fund's governing document. th8 Chariligs Act 2011, FRS 102 "The Financial Reporting Standard applicaL)18 in Ihe UK and Repub11c of Ireland" 8nd the Charllies SORP "Accounllng and Reporllng by Ch8ri1ies.' Slalemenl ol Recommended Pr8clice applicable lo ch2rilies preparing their accovnls in accordance wllh Ihe Financial Reporting Siandard applicable in Ihe UK and Republic of Ireland IFRS 1021" Th8 fund is a Public Benefit Entity as defined by FRS 102. The fund has taken advantage of th8 provi8ions in the SORP for charities not lo prepare a stslemenl of cash ftows. The financi81 stèlements have departed Irom the Charities {Ac¢ounts and Reports) Regulations 2008 only lo the exlenl required lo provide a Irue and fail view. This departure ha8 involved following the Statement of Recommended Praclice for charilies applylng FRS 102 rather than the verslon of the Slalemenl ol Recommended Practice which is ref8rred lo in th& Régulations but which h8s since been withdrawn. The financial $18lemenls are prBpared in slertin9, which Is the functional cuir8nGy of th& ftjnd. Monetary amounts in thes8 flnancial slatemenls are rounded lo the nearest £. The financial slalements have been prepared under the hlslorical cost convention, [modified lo include th& revaluation of freehold properties and lo include invoslmenl properties and certain financial instruments al fair valuel- The prlncipal accounting pollcles 8doplecl are sel out bèlow. 1,2 Golng concern Al the time of approving the linancial slaiemenls. the Iruslees have a reasonable expectalion ihal the fund has adequate resources lo continue in operalion81 existence for the foreseeable fulure. Thus the Irustees continue lo adopl the going con¢ern basis of accounting in preparing Iha financial slaletnenls. 1.3 Charltable fund8 Unreslrio18d funds ale available for use al thè discretion of the truslees in furlherance of Ihelr charitable objectives. Reslricled funds are subj6cl lo specific conditions by donors or grantors as to how Ihey may be used. The purpc>ses and uses of the reslricled luncls are sel out in the notes to Ihe financial slalements. Endowment funds are subject to speclllc conditions by donors Ihal the capital musl be wnaintained by the fund. 1.4 Income Income is recognised when the lund is legally enlilled lo11 ¥fter ar)y performance conditions have been met, the amounts Gan be measured reliably, and il Is Probable that income will be ieceived. Cash donations are r8cognised on reeeipl. Other donations 8re recognised once the fund has b8en notified of the donation, unless performance conditions raquire deferral of Ihe atllounl. Income tax recoverable In relallon lo donaliong rècelved under Gift Aid or deeds of covenant is recognised at the lime of Ihe donalion. Legacles are recognlsed on recelpl c>r olheNlse it Ihe fund has been notified of an Impendlng dislribulion, th& amount Is known. and iecelpl is expected. If Ihe amount Is not known. the legacy is treated as a conlingenl asset. 10-
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting pollcles Icontlnued) 1.5 Expendllur& ExpendiluTe Is r8¢0gnised onca Ihere Is a legal or constfuclive obligation lo transfer economic benefit lo 8 third p8ty, il is probable that a Iransfer of economlc ben8fits will be required in selllemenl, and th8 amount of the obllg8llon can be measured reliably. Expendilure is classified by acllvily. The costs of each aclivily are made up ol the lolal of direct costs and shared costs, including support ccisls involved in undertaking each a¢livily. Direct costs altribulabl8 10 a single activity are allocated directly lo Ihal aclivily. Shared costs which conlribule lo more than one aclivily and support costs whlch are nol allribulable to a single acllvity are 2PPOrtloned betw¢en those activities on a basis consislenl with lh8 use of resources. Central staff wsts are allocated on Ihe basls of lime spenl, and depreclalion charges are allocaled on the portlon of the asset's use. 1.6 Flxed as$èt Investments Fixed ass81 Investments are inilialty m8asured 81 transaction pri excluding trans8CtiDn costs, and 8re subsequently measured al farr value al each reportlng dale. Changes In fair valuo are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed 8s incurred. 1.7 Cash and Cash equlvalents Cash and cash equivalents Include cash In hand, dBposits held at call wilh banks, other short-lerm Ilquid inveslmenls wilh original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown wilhln borrowings in current liabilities. 1.6 Flnancial Instruments Th2 fund has eleGl8d lo apply thé provisions of Secllon 11 'Basic Financlal Inslrumenls, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financi81 inslrumenls. Flnancial instruments are recognised in Ihe fund's bal8nGe sh8el when th6 fund becomes parly lo the contraclual provision5 of the instrument. Financial assets and liabilities are offsel. with Ihe nel amounts presented In the financlal slalemenls, when there is a legally enforcesble right lo set off thè recognised amounts and there Is an inlenlion lo sellle on a net basls or to realis6 Ihe asset and sellle the liabllSty simultaneously. BaslG Ilnancffal asséts Basic financial assels. whlch indude debtors and cash and bank balances, are initially measuied at Iransaclicin price inGluding Ir8nsaclion cosls and are subsequently ca¥ried al amortisèd cosl vslng Ihe effective interest method unless th8 arfangewneDI consliiutes a financing Ifat)s8¢lion, where the transaction is measured al th8 pr8senl value ol the fulure receipls discounted al a market rale of interest. Financial assels classlfied 8s recelvoble wilhln one year are not gmtsrtised. Basic fin8ncial Ilabilltles Baslc financial liabllilies. induding creditors and bank loans are initially recognised at Iransaclion price unless the arrangement conslitules a financing Iransaclion, where the debt instrument is measured al the presenl value of Ihe future payments discounted at 2 maik81 rate of interest. Financi81 liabilities classified as payable wilhin one year are not amoriised. Debt instruments are subsequently carrled al 8mDrtised cost, using Ihe effecllve intere81 rale rnelhod. Trade credilors are obligalion5 to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabllilies il payment is due wiihSn on6 year OF less. If not, Ih8y are presenled as non-curienl liabilities. Trade creditors are recognis8d initially at Iransaclion price and subseqsJ&nlly measured al afnortised cost using Ihe effective interest method. 11
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollGles (Continued) Derecognltlon of flnanclal Ilablllll8S Finanaal Ilabililies are derecognised when the fund's contractual obllgalions expiré or ale discharged or cancelled. 1.9 Employee beneflt8 The cost of any unused holiday enlillemenl is racognised in the period In which the 8mployee's servlces are TeceSv6d. T8minalion benefits are recognisad immedlalely as an expense when the fund Is demonslr8bly commilled lo lermln818 the employmonl of an 8mployee or lo promde lermlnation benefits. Crltlcal accounllng estlmates and judgèments In th8 applicallon of the fund's accounting pollcl&s, the Iwsle$s are reouired lo make ludg@menls. 8sllmales and 8ssumplions about (he carrylng amour)t of 8ssels and Ilabililies that ar8 nc>t readily apparent from other souices. The esllmales and associated assumptions are basèd on historical experience 8nd other factors that are considered to be relevant. Actual results may differ from these estimates. Th8 estimates al underlying assvmplions aTe reviewed on an ongoing basis. Revisions to accounling 8slimales are recognised in th8 p8llod in which Ihè eslimale is revised where the fevislon affects only Ihat period, or in the peri(xl of the Tevlsion 8nd future periods wh&r8 Ihe revlslon affects both current and future periods. Incomo from donations and legacles Unrestricted funds 2025 Unrestrlcled funds 2024 DL)nalions and gilts 3,463 3.842 Income fyom Investments Unrestrlcled Unrastrlcted funds funds 2025 2024 Dividends Deposit account interest 32.309 503 33,000 432 32.812 33,432 12
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Exp•ndlture on ¢harltablè acllvltles Grant maklng 2025 Grant making 2024 Dlrect costs Grants paid Christma8 grants 6,goo 3,600 4,125 3,300 10,500 7,425 Shara of support and govèrnance costs (see note 6} Support Govemance 3,501 7,999 2.520 4,080 22,000 14,025 Analysls by fund Unreslri¢ted funds 22,000 14,025 Support eosls allocatgd to actlvStl8s 2025 2024 Insurance Sundrles Accountancy lees Governanc8 cosls 366 855 2,280 7,999 357 663 1,500 4,080 11.500 6,600 Analysed between: Grant makiFig 11,500 6,60C) Net movement In funds 2025 2024 The nel movement In funds Is slaied after chargingllcredlllngl-. Fe6s payable for the audit of the charilrfs financial slalemen15 3,980 4.080 Trusteas None of the Iruslees {or any person5 connecled with them) received any remurieration during the year, bul lour of them were reimbursed a lolal 01 £855 Iravelling expenses {2024 - four were relmbursed £497}- 13-
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Employaes 2025 Number 2024 Numbèr Total There were no employees whose annual Temuneralion was more than £60,000. 10 Galns and losses on Inv&stments Unre51rlcted Unrestrlcted funds funds 2025 2024 Gainslllossesl arfging on- Rev21uallon of inveslmenis 26,240 52,180 11 Taxatlon The charfly is exempl frc>m iaxalion on its activities becaus8 all Ils Income is applled for charitable purposes. 12 Prlor period adjustments During Ihe year £35,465 was recelved from one of the Investment manage15 which lated lo dividends received that had neSlher been reinvesled or pald lo Ihe Charity. Due to the sizè of this amounl a prior ye8r adjuslmenl has been m8de lo reflect the CoeCt accounting. Of this £6.922 related to the fin8nclal year ended 30th September 2024, with Ihe balance relating lo earlier peric)ds. The impact Ihls has had orb the prior figures IS S81 out in note 18. 13 Flxfjd asset Investments Llsted Investmènts Cost or valuatlon Al 1 Oclober 2024 Valuation changes Disposals 778,068 26,240 {87,125) AI 30 September 2025 717,183 Carrylng amount AI JO September 2025 717,183 AI 30 September 2024 778,068 14-
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIQDED 30 SEPTEMBER 2025 14 Oebtors 2025 2024 Amounts falllng du8 wlthln one year.. Other debtors Pfepaymenls and accrued income 19,520 11,324 51,353 81,127 30,844 132,480 2025 2024 Amounts falllng due after morè than one year: Other dèbtors 39,149 Total debtors 69,993 132,480 IS Creditors: amounts falling du8 wilhln one year 2025 2024 Accruals 8nd dafarred income 15,454 12,000 16 Unr8$tricted funds The unieslricied funds of the Charity comprise the unexp8nded balances ol donations and grants which are not subject lo specific conditions by donors and granloT8 as lo how they may be used. Thtsse include designated funds which have been sel aside oul ol unfeslrl¢led funds by the Irustees for specific purposes. At30 September 2025 Al l October 2024 Incoming resources Resources 8xpended Gains and losses Reserve Fund Accumulated Income Fund Investmer)l ReseNe 6,573 454,533 432,562 6,573 468,808 458.802 36,275 122,0001 26,240 893,668 36,275 122,0001 26,240 934,183 15-
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ElDED 30 SEPTEMBER 2025 16 UnrestrlGted fund$ (Continued) Prevlous yoar: At 1 Octobèr 2023 Incomlng Resourcès resources èxpènded Galns and losses At30 September 2024 Reserve Fund Accumulated Income Fund Inveslm8nl Reserve 6,573 431,284 380,382 6,573 454,533 432.562 37,274 (14,025) 52.180 818,239 37,274 (14.025) 52,180 893,668 17 Related party transactions There were no disclosable related paty transactions during the ye8r12024- r¢one). 18-
MEDICAL RESEARCH COUNCIL STAFF BENEVOLENT FUND ASSOCIATION RECONCILIATION ON ADOPTION OF FRS 102 AS AT30 SEPTEMBER 2025 18 Prlor p8Ylod adjustment Changes to the balanco sheet At 30 September 2024 As prevlously Adlustrnent reported As r8ststed Current assets Deblors due wilhin one year 97,015 35.465 132,480 Capital funds Income funds Unreslrlcléd funds 893,668 35.465 929,133 Total equity 893,668 35,465 929,133 Changes to the proflt and loss account Parlod endèd 30 September 2024 As prevlously Adjustment As restated reported Income from: Donalions and legacies Invoslments 3,842 26,510 3,842 33,432 6,922 30,352 6,922 37,274 Expenditure on.. Charitable aclivllles 14,025 14,025 (14,025) (14,0251 Nel gains on investments 52,180 52,180 Incomelexpendilur6 for the year 68,507 6,922 75,429 Nel movernenl In fund8 68,507 6,922 75,429 17-