2020-12-31-accounts - British Medical Association Scholarship Trust Fund

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CONTENTS	CONTENTS		PAGE
Trustees	Report and General Information		2-5
Auditors	Report		6-8
Statement	ofFinancial	Activities
Balance	Sheet		10
Statement	ofCash Flows
Notes to	the Financial	Statements	12-]8

REFERENCE AND ADMINSTRATIVE	INFORMATION
CURRENT TRIJSTEESAND THOSE WI Dr C Nagpaul
HAVE SERVED DURING THE YEAR	Professor Dame Parveen	Kumar
	Dr Trevor Pickersgill
DIRECTOR OF THE BMA FOUNDATION
FOR MEDICAL RESEARCH	N Jayesinghe
PRINCIPAL OFFICE	British Medical Association
	BMA House
	Tavistock Square
	London
	WC1H 9JP
REGISTERED CHARITY NO.	2E+05
NATURE OF GOVERNING DOCUMEN'	Trust deed
BANKERS	CAF Bank
	Charities Aid Foundation
	25 Kings HiU Avenue
	Kings Hill
	West Mailing
	Kent
	ME19 4TA
FUND	Charles Stanley &Company		Limited
MANAGERS	25 Luke Street
	London
	EC2A 4AR
AUDITORS	Prentis &Co LLP
	Chartered Accountants	& Statutory		Auditors
	115cMilton Road
	Cambridge
	CB4 1XE

BALANCESHEET
			2020	2019
		Note	Total	Total
			f
FIXEDASSETS
Investments			14,123,523	14,646,659
CURRENT ASSETS
Debtors		10		680
Cash at bank			142,724	393,017
TOTAL CURRENT ASSETS			142,724	393,697
LIABILITIES
Creditors falling due within	one year		1,577,362	1,462,146
NET CURRENT LIABILITIES			(1,434,638)	(1,068,449)
NET ASSETS			12,688,885	13,578,210
THE FUNDS OF THE CHARITY
Unrestricted funds			11,847,323	12,710,843
Restricted funds			841,562	867367
Total Ibnds		12	12,688,885	13,578,210

					2020	2019
				Note	Total	Total
Net cash provided by/(used		in) operating	activities	13	(390,075)	(233,981)
Cash flows from investing		activities:
Interest and dividends					433,216	627,690
Cash invested					(310,000)	(350,000)
Management fees paid Irom		capital account			16,566	16,700
Net cash provided by/(used		in) investing	activities		139,782	294,390
Change in cash msd cash equivalents
in the reporting period					(250,293)	60,409
Cash and cash equivalents	at the
beginning ofthe reporting		period			393,017	332,608
Cash and cash equivalents	at the
end ofthe reporting period				13	142,724	393,017

4b)	INVESTMENT INCOME		2020	2019
	Listed UK investments		432,980	627,258
	Interest on cash deposits		236	432
			433,216	627,690
5)	CHARITABLE ACTIVITIES		Support and
		Charitable	Governance
		Activities	Costs	Total
	Year ended 31stDecember 2020
	Grants (see note 7)	541,824		541,824
	Bank charges		88	88
	Accountancy		4,781	4,781
	Audit fee		2,868	2,868
	Recharged salaries		96,786	96,786
	Miscellaneous		35	35
		541,824	104,558	646,382
			Support and
		Charitable	Governance
		Activities	Costs	Total
	Year ended 31stDecember 2019		8
	Grants (see note 7)	519,843		519,843
	Bank charges		108	108
	Accountancy		4,694	4,694
	Audit fee		2,820	2,820
	Recharged salaries		42,821	42,821
	Computer expenses		9,827	9,827
	Miscellaneous		35	35
		519,843	60,305	580,]48

6)	AUDITORS' REMUNERATION	AUDITORS' REMUNERATION	AUDITORS' REMUNERATION
	Tbe auditors' remuneration	constituted		an audit fee	off2,868	(2019:f2,820) and management	accounts	fees
	and tax work of54,781 (2019:f4,694).
7)	ANALYSIS OF GRANTS
	This is made up ofgrant commitments			to institutions	analysed	as follows:	2020	2019
								f,
	TP Gunton
	2020 - Dr BDavies						57,207
	2019 - Dr A Banerjee							65,000
	Helen H Lawson
	2020 - Dr T Waterfield						49,200
	2019 - Dr TNewlove-Delgado		&Dr	0 Mitrofan				20,687
	2019 - Dr CMeek &Dr K	Beardsall						28,000
	Josephine Lansdell
	2020 - Dr TPatterson						64,076
	2019 - Dr Elaine Soon							64,975
	c/fwd to page 15					170,483		178,662

7)	ANALYSIS OF GRANTS	ANALYSIS OF GRANTS	.....	...continued	...continued
						2020	2019
	b/fwd trom page 14					170,483	178,662
	Vera Down
	2020 - Dr SRinaldi					64,955
	2019 - Dr R Well						64,988
	Kathleen Harper
	2020 - Dr A Hammond					57,539
	2019 - Dr M Dubareva &Dr M Scarborough						64,998
	Doris Hillier
	2020 - Dr P Riches					50,857
	2019 - Mr Benjamin Dean						65,000
	Scholarship Trust
	2020 - Professor A Grant					64,800
	2019 - Dr A Rich &Miss A Medisavskaite						58,209
	JMoulton
	2020 - Dr A Al-Hindawi					61,109
	2020 - Dr RBrown					63,290
	2019 - Dr G Khandaker	&Professor N Barnes					64,977
	Lift into Research
	2020 - Dr KFairhurst					20,000
	2020 - Dr H Al Hassan					20,000
	2020 - Mr C Herman					20,000
	2019 - Dr H Akintomide						4,281
	2019 - Dr W Bolton						19,000
	2019 - Dr A Hanrath						10,040
	2019 - Dr A Thaventhiran						5,683
	2019 —Dr STingle						15,749
	2019 - Dr J Van Oppen						4,275
	Other grants and prizes						2,000
	Adjustment for grants unclaimed			(prior years)		(51,209)	(38,0]9)
						541,824	519,843
8)	ANALYSIS OF STAFF COSTS
	The Trust does not directly		employ any staff.
	A recharge ofadministrative		costs, including		staff time is recharged	to the Trust by the British Medical
	Association as shown in	note 3.
9)	INVESTMENTS					2020	2019
	Market value at 1st January		2020			14,023,788	11,848,834
	Additions					1,448,016	558,435
	Disposals					(704,674)	(78,886)
	Net realised (losses)/gains					(64,759)	17,608
	Net unrealised (losses)/gains					(751,812)	1,677,797
	Market value at 31stDecember 2020					13,950,559	14,023,788
	Historical cost at 31stDecember			2020		10,274,089	9,387,513

Services Ltd - 8.0'lo	. No other investments comprise 5'ro or	more ofthe portfolio.
DEBTORS		2020	2019
		Due within	Due within
		one year	one year
Accrued income			680
CREDITORS		2020	2019
		Due within	Due within
		one year	one year
Grant commitments	outstanding	1,546,400	1,444,263
Accruals		30,962	17,883
		1,577,362	1,462, 146

ANALYSIS	OF FUNDS - 2020	OF FUNDS - 2020		Net Investment,
				Income,	Grants and
			Balance b/f	Gains/(Losses)	Bequests	Expenditure	Balance c/f
RESTRICTED		FUNDS			f,
Funds supporting long term grants:
The Trump Estate			846,706	(21,697)			825,009
Walter Jobson		Horne Prize Fund	6,862	(2,481)			4,381
MedFASH			10,341	(271)			10,070
Short term	project grants:
Jon Moulton	Foundation		3,458	(1,357)	124,400	(124,399)	2,102
Total restricted		funds	867,367	(25,806)	124,400	(124,399)	841,562
Unrestricted	funds		12,710,843	(357,549)	32,560	(538,531)	11,847,323
Total funds			13,578,210	(383,355)	156,960	(662,930)	12,688,885
					Unrestricted	Restricted
					Funds	Funds	Total
REPRESENTED BY:
Investments					13,276,112	847,411	14,123,523
Cash at bank					142,724		142,724
Creditors					(1,571,513)	(5,849)	(1,577,362)
					11,847,323	841,562	12,688,885
ANALYSIS	OF FUNDS - 2019			Net Investment,
				Income,	Grants and
			Balance b/f	Gains/(Losses)	Bequests	Expenditure	Balance c/f
RESTRICTED		FUNDS
Funds supporting long term grants:
The Trump Estate			698,956	147,750			846,706
Walter Jobson		Horne Prize
Fund			6,577	1,285		(1,000)	6,862
MedFASH			9,487	1,854		(1,000)	10,341
Short term	project grants:
)on Moulton	Foundation		2,874	561	65,000	(64,977)	3,458
Total restricted		funds	717,894	151,450	65,000	(66,977)	867,367
Unrestricted	funds		11,054,079	2,171,645	15,259	(530,140)	12,710,843
Total funds			11,771,973	2,323,095	80,259	(597,117)	13,578,210
					Unrestricted	Restricted
					Funds	Funds	Total
					f
REPRESENTED BY:
Investments					13,767,859	878,800	14,646,659
Debtors					680		680
Cash at bank					393,017		393,017
Creditors					(1,450,713)	(11,433)	(1,462,146)
					12,710,843	867,367	13,578,210

13)	RECONCILIATION	OF INCOIVA,	OF INCOIVA,	OF INCOIVA,	' TO NET CASH FLOW FROM OPERATING	' TO NET CASH FLOW FROM OPERATING
	ACTIVITIES
							2020	2019
							f
	Net income for the reporting			period (as		per page 9 - SOFA)	(889,325)	1,806,237
	Adjustments for:
	Dividends and interest	fiom	investments				(433,216)	(627,690)
	(Gains)/losses on investments						816,571	(1,695,405)
	(Increase)/decrease in debtors						680	1584
	Increase/(decrease) in creditors						115,215	281,293
	Net cash provided by/(used		in) operating			activities	(390,075)	(233,981)
	ANALYSIS OF CASH	AND		CASH	EQUIVALENTS		2020	2019
	Cash at bank						142,724	393,017
14)	CONNECTED PARTIES
	Scholarship Trust Fund	is run		alongside		three other charities:—
	Joan Dawkins Fund
	H CRoscoe Trust Fund
	The T V James Trust