2023-12-31-accounts - Institute Of Medical Ethics

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Company number: 00985158 Charity Number: 261876

Institute of Medical Ethics

Report and financial statements For the year ended 31 December 2023

Institute of Medical Ethics

Reference and administrative information

for the year ended 31 December 2023

Company number 00985158

Charity number 261876 Registered office and operational address Suite 13 Bold Business Centre, Bold Lane, St Helens, WA9 4TX

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Dr WM Kong Chair Rev B Vernon Treasurer G Testa Secretary Dr R Bromley Dr S Camporesi (Resigned 19/09/2023) Dr L Frith Prof R Gillon (Resigned 19/09/2024) Dr R Hart Dr C R Hooper C Patel Dr A Paton Dr A Slowther (Resigned 19/09/2023) F J Stone (Resigned 9/05/2024) C Whitehouse Dr D Wickins-Drazilova Dr P De Zulueta K Frankland R Mohindra Key management Mr P Greenwood Chief Executive personnel Mrs L Peers Membership & Administration Officer Mrs C King Digital Content Editor Mrs Z Riley Subcontractor Prof R Gillon Hon President Prof A Campbell Hon Vice President Prof K Boyd Hon Vice President

Institute of Medical Ethics

Reference and administrative information

for the year ended 31 December 2023

Prof R Higgs Hon Vice President Prof G Stirrat Hon Vice President Prof M Lloyd Hon Vice President

Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA Independent Jennifer Daniel FCCA DChA, Slade & Cooper Limited examiner Beehive Mill, Jersey St, Manchester, M4 6JG

Institute of Medical Ethics

Trustees’ annual report

for the year ended 31 December 2023

The trustees present their report and the unaudited financial statements for the year ended 31 December 2023. Included within the trustees’ report is the directors’ report as required by company law.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The Objects of the Charity are to advance for the benefit of the public the education of medical practitioners and medical students in the United Kingdom in the impartial understanding and practice of medical and healthcare ethics and law and in the integration of these disciplines into clinical practice.

The Institute of Medical Ethics' policy is to promote interest and study of ethical issues in the provision of healthcare.

The trustees confirm that they have been given the general guidance produced by the Charity Commission on public benefit. The trustees are confident that public benefit is achieved through the education of medical and healthcare ethics and law.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Institute of Medical Ethics

Trustees’ annual report

for the year ended 31 December 2023

Achievements and performance

During the year 2023 the Institute of Medical Ethics continued to promote interest, awareness and analysis of the ethical issues that arise in the provision of health care and are of interest and concern to other disciplines, patients and the public and to encourage their integration into clinical practice for the benefit of the public.

Education

The Institute of Medical Ethics supported the study of medical ethics in health care in a number of ways. These included: (i) a programme of (a) delivering the grants and awards scheme, providing bursaries or scholarships to medical students undertaking electives, special study modules, intercalated studies or internships, (b) institutional grants, in each case with a focus on health care ethics and (c) a special institutional grant category to support sustainable educational activities; (ii) an essay competition for Foundation Doctors; (iii) a face to face student conference in February and a national conference in July 2023plus a suite of online seminars (iv) administrative support was provided to the PGBC and UKCEN conferences to widen the scope of bioethics support that the IME is involved in.

Research

The Institute continued to be engaged in medical ethics research, gathering further information about the core content and methods of medical ethics learning, teaching and assessment in the UK and Europe. Members of the Institute's Board of Trustees continued to provide information and assistance on issues related to medical ethics to scholars and the media. The committee aims to build a community of clinical and academic scholars and integrate undergraduate and postgraduate students into this community.

Publication

In partnership with the BMJ Publishing Group, the Institute continued to publish the Journal of Medical Ethics and Medical Humanities. JME has twelve issues per annum and is amongst the most frequently cited medical ethics specialist journals. John McMillan and his team continue to receive an increasing number of papers submitted for publication from authors worldwide. Medical Humanities continues to build upon its previous achievements with Brandy Schillace as Editor-in-Chief, taking the journal forwards with increasing financial success. 2023 saw Medical Humanities switch to online only publication, reducing the environmental impact of the Institute’s activities.

Institute of Medical Ethics

Trustees’ annual report

for the year ended 31 December 2023

Financial review

The principal funding source of the Institute is from the partner share of the journals Medical Humanities and Journal of Medical Ethics. Income from charitable activities which includes membership and journal income has increased from £260,009 in 2022 to £325,128 this year.

The net movement in funds for the year showed a surplus of £33,287 (2022: deficit of £21,795), as shown in the statement of financial activities.

Reserves policy

It is the Governing Body's policy to maintain adequate reserves to enable the Institute to meet any unforeseen costs or to cover any shortfall in expected income.

The level of reserves is monitored and reviewed annually by the officers and members. Unrestricted Reserves at the year end amounted to £1,083,968 [with an additional £14,900 restricted funds reserved for use on the Lewis W Headley Lecture (by the terms of the donation) and £1,603 on the Robert Hillman bequest restricted for that essay prize]. Members regard these reserves as adequate to fund the development of the Institute’s educational activities in 2024 in the current context of uncertain future income from publication of the journals, and uncertain performance of its investments.

Structure, governance and management

The Trustees are elected by the Members at the Annual General Meeting. In accordance with the Articles of Association Trustees serve a five year term of office and may serve two consecutive terms. .

The officers are elected by the trustees on an annual basis at the meeting immediately following the Annual General Meeting.

The organisation is a charitable company limited by guarantee, incorporated on 21st July 1970 and registered as a charity on 2 February 1971.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 11 to the accounts.

Funds held as custodian trustee on behalf of others

The IME has not acted as custodian trustee during the reporting period.

Institute of Medical Ethics

Trustees’ annual report

for the year ended 31 December 2023

Statement of responsibilities of the trustees

The trustees (who are also directors of Institute of Medical Ethics for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.

The trustees’ annual report has been approved by the trustees on 17/09/2024 and signed on their behalf by

Rev B Vernon

Treasurer

Independent examiner’s report

to the trustees of

Institute of Medical Ethics

I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] December 2023 which are set out on pages 8 to 25.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jennifer Daniel FCCA DChA

Slade & Cooper Limited Beehive Mill, Jersey Street Manchester, M4 6JG

Date 27[th] September 2024

Institute of Medical Ethics

Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2023

Unrestricted funds Note £ Income from: Charitable activities: 3 323,782 4 (6,171) Investments 5 7,517 Total income 325,128 Expenditure on: Charitable activities 6 252,077 Total expenditure 252,077 73,051 (39,514) 9 33,537 Transfer between funds - Net movement in funds for the year 33,537 Reconciliation of funds Total funds brought forward 1,050,431 Total funds carried forward 1,083,968 Other income Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net income/(expenditure) for the year	Restricted funds £ - - - - 250 250 (250) - (250) - (250) 16,753 16,503	Total funds 2023 £ 323,782 (6,171) 7,517 325,128 252,327 252,327 72,801 (39,514) 33,287 - 33,287 1,067,184 1,100,471	Total funds 2022 £ 258,385 - 1,624 *260,009* 229,220 *229,220* 30,789 (52,584) *(21,795)* - *(21,795)* 1,088,979 *1,067,184*

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Institute of Medical Ethics Company number 00985158

Balance sheet as at 31 December 2023

Note £ £ Fixed assets Tangible assets 13 5,406 Investments 14 407,422 Total fixed assets 412,828 Current assets Debtors 15 341,057 Cash at bank and in hand 16 359,996 Total current assets 701,053 Liabilities Creditors: amounts falling due in less than one year 17 (13,410) Net assets 1,100,471 The funds of the charity: Restricted income funds 18 16,503 Unrestricted income funds 19 1,083,968 Total charity funds 1,100,471 2023	Note £ £ Fixed assets Tangible assets 13 5,406 Investments 14 407,422 Total fixed assets 412,828 Current assets Debtors 15 341,057 Cash at bank and in hand 16 359,996 Total current assets 701,053 Liabilities Creditors: amounts falling due in less than one year 17 (13,410) Net assets 1,100,471 The funds of the charity: Restricted income funds 18 16,503 Unrestricted income funds 19 1,083,968 Total charity funds 1,100,471 2023	£ £ 4,108 446,936 *451,044* 275,459 362,787 *638,246* (22,106) *1,067,184* 16,753 1,050,431 *1,067,184* 2022	£ £ 4,108 446,936 *451,044* 275,459 362,787 *638,246* (22,106) *1,067,184* 16,753 1,050,431 *1,067,184* 2022
	412,828		*451,044*
	1,100,471		*1,067,184*
	16,503 1,083,968		16,753 1,050,431
	1,100,471		*1,067,184*

For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006,
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance with FRS102 SORP, and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 10 to 25 form part of these accounts.

Approved by the trustees on 17/09/2024 and signed on their behalf by:

Rev B Vernon (Treasurer)

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The charity has applied the exemption available to small charities in the Charities SORP (FRS 102) and does not include a Statement of Cash Flows in these Financial Statements.

Institute of Medical Ethics meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. There are no key judgments which the trustees have made which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

c Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

d Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

f Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

g Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities.

i Operating leases

Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.

j Tangible fixed assets

Individual fixed assets costing £400 or more are capitalised at cost and are depreciated over their estimated useful economic lives on the following basis:

Fixtures and fittings 33% Straight line Office equipment 25% Reducing balance

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

k Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

l Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

p Pensions

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 10. There were no outstanding contributions at the year end.

2 Legal status of the charity

The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1.

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

3 Income from charitable activities

Membership and Journal of Medical Ethics Grants Total 4 Other income Conference income Non-primary purpose trading	2023 £ 322,633 1,149 323,782 2023 £ (6,521) 350 (6,171)	2022 £ 262,971 (4,586) 258,385 2022 £ - - -

All income from other trading activities is unrestricted.

2023 conference income is offset by payments to third parties relating to 2022 and 2023

5 Investment income

Income from investments and bank deposits	2023 £ 7,517 7,517	2022 £ 1,624 1,624

All of the charity's investment income arises from money held in interest bearing deposit accounts. All investment income is unrestricted.

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

6 Analysis of expenditure on charitable activities

Staff costs Unrestricted funds Restricted funds Total 2023 Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Total Analysis by fund	£ 26,706 26,706 78,403 62,463 7,039 174,611 174,611 - 174,611 Education, research, community of teachers & organisational development	£ 12,993 12,993 - 41,642 - 54,635 54,385 250 54,635 Grants & membership	£ 433 433 - 1,487 - 1,920 1,920 - 1,920 Regional groups	£ 6,203 6,203 - 14,872 - 21,075 21,075 - 21,075 Postgrade student committee & Student activity	£ 6,059 6,059 - 20,821 - 26,880 26,880 - 26,880 Staff	£ 5,284 5,284 - 7,436 - 12,720 12,720 - 12,720 JME40 Conference	Total 2023 £ 57,678 57,678 78,403 148,721 7,039 291,841 291,591 250 291,841	Total 2022 £ 64,146 64,146 59,132 152,461 6,065 281,804 229,222 - 229,222

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

6 Analysis of expenditure on charitable activities Previous reporting period

£ Staff costs 29,658 Conference costs - Meeting & travel costs - Advertising - Miscellaneous expenses - 29,658 59,132 64,034 6,065 158,889 Unrestricted funds 134,088 Restricted funds - 134,088 Share of support costs (see note 8) Share of governance costs (see note 8) *Total* Total 2022 Education, research, community of teachers & organisational development Grant funding of activities (see note 7) *Analysis by fund*	£ 14,238 - - - - 14,238 - 42,689 - 56,927 45,927 - 45,927 Grants & membership	£ 500 - - - - 500 - 1,525 - 2,025 1,640 - 1,640 Regional groups	£ 6,974 - - - - 6,974 - 15,246 - 22,220 16,403 - 16,403 Postgrade student committee & Student activity	£ 7,001 - - - - 7,001 - 21,345 - 28,346 22,964 - 22,964 Staff	£ 5,775 - - - - 5,775 - 7,622 - 13,397 8,200 - 8,200 JME40 Conference & ICCEC	Total 2022 £ 64,146 - - - - 64,146 59,132 152,461 6,065 281,804 229,222 - 229,222	Total 2021 £ 64,943 - - - - 64,943 23,768 62,582 4,117 155,410 155,410 - 155,410

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

7 Grants payable

Grants to institutions: Grants to individuals 8 Analysis of governance and support costs Current reporting period Support £ Staff costs 13,807 Depreciation 1,602 Conference costs 17,940 Meeting & travelling costs 25,017 Office expenses 33,899 Prizes and awards 250 Literature & brochures 16,693 Accountancy - Loss on investment 39,514 148,722 *Previous reporting period* Support £ Staff costs 21,962 Depreciation 1,274 Conference costs 20,063 Meeting & travelling costs 16,090 Office expenses 23,526 Literature & brochures 16,963 Accountancy - Loss on investment 52,584 152,462 Education, research, community of teachers & organisational development	2023 £ 36,750 41,653 78,403 Governance £ - - - - - - - 7,039 - 7,039 Governance £ - - - - - - 6,065 - 6,065	2022 £ 29,653 29,479 59,132 Total 2023 £ 13,807 1,602 17,940 25,017 33,899 250 16,693 7,039 39,514 155,761 Total 2022 £ 21,962 1,274 20,063 16,090 23,526 16,963 6,065 52,584 158,527

Notes to the accounts for the year ended 31 December 2023 (continued)

Institute of Medical Ethics

9 Net income/(expenditure) for the year

This is stated after charging/(crediting): Depreciation Independent examiner - accountancy fees Staff costs Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Allocated as follows: Charitable activities Support costs	2023 £ 1,602 3,240 2023 £ 76,591 (8,759) 3,653 71,485 57,678 13,807 71,485	2022 £ 1,275 3,060 2022 £ 75,582 7,057 3,469 86,108 64,146 21,962 86,108

10 Staff costs

The 2023 social security costs reflect receipt of backdated Employer's NI allowance

No employees have employee benefits in excess of £60,000 (2022: Nil).

The average number of staff employed during the period was 3 (2022: 3).

The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £55,310 (2022: £50,009).

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

11 Trustee remuneration and expenses, and related party transactions

Neither the management committee nor any persons connected with them received any remuneration or reimbursed expenses during the year (2022: Nil).

5 (2022: 7) trustees received travel and subsistence expenses during the year of £1,206 (2022:£869).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2022: nil).

12 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

13 Fixed assets: tangible assets

Cost Additions Disposals Depreciation Charge for the year Disposals Net book value At 31 December 2022 At 1 January 2023 At 31 December 2023 At 31 December 2023 At 1 January 2023 At 31 December 2023	Fixtures & fittings £ 185 - - 185 183 1 - 184 1 2	Office equipment £ 18,960 2,900 - 21,860 14,854 1,601 - 16,455 5,405 4,106	£ 19,145 2,900 - 22,045 15,037 1,602 - 16,639 5,406 4,108 Total

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

14 Investments Add: additions to investments at cost Add net gain/(loss) on revaluation Investments are all carried at fair value. 15 Debtors Trade debtors Other debtors Prepayments and accrued income 16 Cash at bank and in hand Cash at bank and on hand 17 Creditors: amounts falling due within one year Trade creditors Other creditors and accruals Taxation and social security costs Market value at the end of the year Market value at the start of the year Cash held by investment broker pending reinvestment	2023 £ 446,936 - (39,514) 407,422 16,337 407,422 2023 £ 307,255 16,237 17,565 341,057 2023 £ 359,996 359,996 2023 £ 7,915 3,347 2,148 13,410	2022 £ 499,520 - (52,584) 446,936 32,815 446,936 2022 £ 243,928 13,459 18,072 275,459 2022 £ 362,787 362,787 2022 £ 5,266 4,066 12,774 22,106

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

18 Analysis of movements in restricted funds

Total Total Previous reporting period Lewis W Headley Lecture Robert Hillman Bequest Lewis W Headley Lecture Robert Hillman Bequest Current reporting period	Balance at 1 January 2023 £ 1,853 14,900 16,753 Balance at 1 January 2022 £ 2,103 14,900 17,003	Income £ - - - Income £ - - -	Expenditure £ (250) - (250) Expenditure £ (250) - (250)	Transfers £ - - - Transfers £ - - -	Balance at 31 December 2023 £ 1,603 14,900 16,503 Balance at 31 December 2022 £ 1,853 14,900 16,753

Name of restricted fund Description, nature and purposes of the fund

Robert Hillman Bequest The Robert Hillman Bequest is restricted for use on the essay prize.

Lewis W Headley Lecture This fund is restricted for use on the Lewis W Headley Lecture.

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

19 Analysis of movement in unrestricted funds

General fund Name of unrestricted fund General fund General fund Current reporting period Previous reporting period	Balance at 1 January 2023 Income Expenditure Transfers £ £ £ £ 1,050,431 325,128 (291,591) - 1,050,431 325,128 (291,591) - Balance at 1 January 2022 Income Expenditure Transfers £ £ £ £ 1,071,976 260,009 (281,554) - 1,071,976 260,009 (281,554) - Description, nature and purposes of the fund The free reserves after allowing for all designated funds	Balance at 31 December 2023 £ 1,083,968 1,083,968 31 December 2022 £ 1,050,431 1,050,431

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

20 Analysis of net assets between funds

Current reporting period Tangible fixed assets Fixed asset investments Net current assets/(liabilities) Total Previous reporting period Tangible fixed assets Fixed asset investments Net current assets/(liabilities) Creditors of more than one year Total	General fund £ 5,406 407,422 671,140 1,083,968 General fund £ 4,108 446,936 599,387 - 1,050,431	Designated funds £ - - - - Designated funds £ - - - -	Restricted funds £ - - 16,503 16,503 Restricted funds £ - 16,753 - 16,753	Total £ 5,406 407,422 687,643 1,100,471 Total £ 4,108 446,936 616,140 - 1,067,184

Institute of Medical Ethics

Notes to the accounts for the year ended 31 December 2023 (continued)

21 Prior year Statement of Financial Activities (including Income and Expenditure account)

*Income from:* Charitable activities: Investments *Total income* *Expenditure on:* Charitable activities *Total expenditure* Transfer between funds *Net movement in funds for the year* *Reconciliation of funds* Total funds brought forward *Total funds carried forward* *Net income/(expenditure) for the* *year* Other income	Unrestricted funds £ 258,385 - 1,624 *260,009* 281,554 *281,554* *(21,545)* - *(21,545)* 1,071,976 *1,050,431*	Restricted funds £ - - - - 250 *250* *(250)* - *(250)* 17,003 *16,753*	Total funds 2022 £ 258,385 - 1,624 *260,009* 281,804 *281,804* *(21,795)* - *(21,795)* 1,088,979 *1,067,184*	Total funds 2021 £ 339,387 799 48,246 *388,432* 155,410 *155,410* *233,022* - *233,022* 855,957 *1,088,979*

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.