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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|
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|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||||
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|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|
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||||||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|
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|No amounts|were outstanding|were outstanding|at the year end.||||
|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|
|BEQUESTS AND GRANTS||||Funds|Funds|Funds|
|Year ended|31stDecember 2020||||||
|Jon Moulton|Foundation|Grant|||124,400|124,400|
|Rosetrees||||32,560||32,560|
|||||32,560|124,400|156,960|
|||||Unrestricted|Restricted|Total|
|||||Funds|Funds|Funds|
|Year ended|31stDecember 2019|||||I|
|Jon Moulton|Foundation|Grant|||65,000|65,000|
|Other donations||||15,259||15,259|
|||||15,259|65,000|80,259|
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|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|
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|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|
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|9)|INVESTMENTS|...............continued|||||
|---|---|---|---|---|---|---|
||||Cost||Market|Value|
||||2020|2019|2020|2019|
||||||6||
||UK Government|Fixed interest stock||421,036||462,915|
||Listed equity investments||10,274,089|8,966,477|13,950,559|13,560,873|
||||10,274,089|9,387,513|13,950,559|14,023,788|
||Cash held at brokers||172,964|622,871|172,964|622,871|
||||10,447,053|10,010,384|14,123,523|14,646,659|
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|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|
##
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|12)|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|
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|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||||||||