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 b￿Y 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•. 00￿MAnce 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$o¢lallon and af¢ elecied
by the mombers.
Th• INst88s who 8eJv8d durfng the y8or8nd up lo th• rfate of 61onalui• of Ihe fflft8ftdo181alomonts were..
Mr8 AM Phllp
Dr C Moody
Mr8 C Soar88
Mr D Poor
Mr J Cler￿fi
Mr J Sawklns
Dr. M piiman
Mf M Benn8N
Mr¥ S Whytock
Mrs V Cox
IRe$lgned 10 Oclober20261
RKruilm8nt•nd&ppolnlm8nl of IruJleg8
Polenllal new ¢ommlll•o rnernbers musl be conlrlbulln9 membors ol the A$$ocidtion and afe In￿led lo obsèrve al $
commltteo meetlng. Th•y musl be nominaled by other conlrfbulln9 rn•mber$ 8nd th8Tr off8r Ih8mselves for elscllon
t thoAGM.
The T￿510¥S have been gI￿ng 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 othe￿Ise ap￿arS 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 cha￿lIeS (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: aM0￿￿ts 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￿.la￿G.
. 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 Co￿eCt 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 El￿DED 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-