Company number: 00985158 Charity Number: 261876
## Institute of Medical Ethics
Report and financial statements For the year ended 31 December 2024
## Institute of Medical Ethics
## Reference and administrative information
for the year ended 31 December 2024
**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** Prof R Gillon Hon President Prof A Campbell Hon Vice President Prof K Boyd Hon Vice President Prof R Higgs Hon Vice President Prof G Stirrat Hon Vice President Prof M Lloyd Hon Vice President
1
## Institute of Medical Ethics
## Reference and administrative information
for the year ended 31 December 2024
**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
2
## Institute of Medical Ethics
## Trustees’ annual report
## for the year ended 31 December 2024
The trustees present their report and the unaudited financial statements for the year ended 31 December 2024. 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.
3
## Institute of Medical Ethics
## Trustees’ annual report
for the year ended 31 December 2024
## **Achievements and performance**
During the year 2024 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.
4
## Institute of Medical Ethics
## Trustees’ annual report
for the year ended 31 December 2024
## **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 £325,128 in 2023 to £330,668 this year.
Including net gains on investments, the net movement in funds for the year showed a surplus of £109,882 (2023: surplus of £33,287), 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 £1,194,100 [with an additional £14,900 restricted funds reserved for use on the Lewis W Headley Lecture (by the terms of the donation) and £1,353 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 2025 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.
5
## Institute of Medical Ethics
## Trustees’ annual report
## for the year ended 31 December 2024
## **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 15/09/2025 and signed on their behalf by
Rev B Vernon
Treasurer
6
## 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 2024 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:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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 25/09/2025
7
Institute of Medical Ethics
Statement of Financial Activities
(including Income and Expenditure account)
for the year ended 31 December 2024
Unrestricted
funds
Restricted Total funds
funds
2024
Total funds
2023
Note
Income from:
Charitable activities..
309,865
309,865
323,782
Other income
7,903
7,903
(6,171)
Investments
12,900
12,900
7,517
Total income
330,668
330,668
325,128
Expenditure on:
Charitable activities
291.521
250
291,771
252,327
Total expenditure
291,521
250
291,771
252,327
Net income/(expenditure)
before net gains/(losses) on
investments
39.147
(250)
38,897
72,801
Net gains/(losses) on investments
70,985
70,985
(39,514)
Net income/(expenditure) for
the year
110,132
(250)
109,882
33,287
Transfer between ftjnds
Net movement in funds for the year
110,132
(250)
109,882
33,287
Reconciliation of funds
Total funds brought forward
1,083,968
16,503
1,100,471
1,067,184
Total funds carried forward
1,194,100
16,253
1,210,353
1,100,471
The statement of financial activities includes all gains and losses COgnised in the year.
All income and expenditure derive from continuing activities.
## Institute of Medical Ethics Company number 00985158
## Balance sheet as at 31 December 2024
|Note
£
£
**Fixed assets**
Tangible assets
13
4,626
Investments
14
478,407
**Total fixed assets**
**483,033**
**Current assets**
Debtors
15
275,261
Cash at bank and in hand
16
472,333
**Total current assets**
**747,594**
**Liabilities**
Creditors: amounts falling
due in less than one year
17
(20,274)
**Net assets**
**1,210,353**
**The funds of the charity:**
Restricted income funds
18
16,253
Unrestricted income funds
19
1,194,100
**Total charity funds**
**1,210,353**
2024|Note
£
£
**Fixed assets**
Tangible assets
13
4,626
Investments
14
478,407
**Total fixed assets**
**483,033**
**Current assets**
Debtors
15
275,261
Cash at bank and in hand
16
472,333
**Total current assets**
**747,594**
**Liabilities**
Creditors: amounts falling
due in less than one year
17
(20,274)
**Net assets**
**1,210,353**
**The funds of the charity:**
Restricted income funds
18
16,253
Unrestricted income funds
19
1,194,100
**Total charity funds**
**1,210,353**
2024|_£_
_£_
_5,406_
_407,422_
**_412,828_**
_341,057_
_359,996_
**_701,053_**
_(13,410)_
**_1,100,471_**
_16,503_
_1,083,968_
**_1,100,471_**
_2023_|_£_
_£_
_5,406_
_407,422_
**_412,828_**
_341,057_
_359,996_
**_701,053_**
_(13,410)_
**_1,100,471_**
_16,503_
_1,083,968_
**_1,100,471_**
_2023_|
|---|---|---|---|
||**483,033**||**_412,828_**|
||**1,210,353**||**_1,100,471_**|
||16,253
1,194,100||_16,503_
_1,083,968_|
||**1,210,353**||**_1,100,471_**|
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 15/09/2025 and signed on their behalf by:
Rev B Vernon (Treasurer)
9
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024
Accounting poli¢ie$
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 Prartice 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
ortober 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 transartion 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 concem.
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.
io
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (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, 15
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 legacie5, 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 legacyl 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 disc105ed 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 accordan 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.
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.
li
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
f Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Designated funds are unrestrirted 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 artivities includes the costs of artivities
undertaken to further the DufDoses of the charitv and their associated SUDDOrt 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 5UPPOrt the charity'5 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 C05ting £400 or more are capitali5ed at Cost and are depreciated
over their estimated useful economic lives on the following basis:
Fixtures and fittings
Office equipment
330h Straight line
250/0 Reducing balance
12
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (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 arnount after allowing for any trade
ditrni Int¢ di I
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 al amortlsed cost using the effective interest method.
13
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
p Pensions
Employees of the charity are entitled to join a defined contribution 'money purchase, scheme.
The charity's contribution is restrirted to the contributions disclosed in note 10. There were no
outstanding contributions at the year end.
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 l.
14
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
Income from charitable artivities
2024
2023
Membership and Journal of Medical Ethics
Grants (Wellcome Trust)
287.604
22,261
322.633
1,149
Total
309,865
323,782
Other income
2024
2023
Conference income
Non-primary purpose trading
7,445
458
(6,521)
350
7.903
(6.171)
All income from other trading activities is unrestricted.
2023 conference income was offset by payments to third parties relating to 2022 and 2023
Investment income
2024
2023
Income from investments and bank deposits
12,900
7.517
12,900
7,517
All of the charity's investment income arises from money held in interest bearing deposit accounts.
All investment income 15 unrestricted.
15
## Institute of Medical Ethics
## Notes to the accounts for the year ended 31 December 2024 (continued)
## **6 Analysis of expenditure on charitable activities**
|Staff costs
Unrestricted funds
Restricted funds
Total 2024
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**|£
_32,293_
32,293
37,154
81,041
8,753
159,241
159,241
-
159,241
Education,
research,
community of
teachers &
organisational
development|£
_15,582_
15,582
-
38,759
-
54,341
54,091
250
54,341
Grants &
membership|£
_528_
528
-
1,762
-
2,290
2,290
-
2,290
Regional
groups|£
_7,520_
7,520
-
19,380
-
26,900
26,900
-
26,900
Postgrad
student
committee
& Student
activity|£
_7,391_
7,391
-
19,380
-
26,771
26,771
-
26,771
Staff|£
_6,372_
6,372
-
15,856
-
22,228
22,228
-
22,228
JME|_Total 2024_
£
69,686
69,686
37,154
176,178
8,753
291,771
291,521
250
291,771|_Total 2023_
_£_
_57,678_
_57,678_
_78,403_
_148,721_
_7,039_
_291,841_
_291,591_
_250_
_291,841_|
|---|---|---|---|---|---|---|---|---|
16
## Institute of Medical Ethics
## Notes to the accounts for the year ended 31 December 2024 (continued)
## _**6 Analysis of expenditure on charitable activities Previous reporting period**_
|_Staff costs_
_Unrestricted funds_
_Restricted funds_
_Share of support costs_
_(see note 8)_
_Share of governance_
_costs (see note 8)_
**_Total_**
_Total 2023_
_Grant funding of_
_activities (see note 7)_
**_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_
_& ICCEC_|_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_|
|---|---|---|---|---|---|---|---|---|
17
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
Grants payable
Education. research. community of teachers & organisational
development
2024
2023
Grants to institutions..
Grants to individuals
(1.095)
38.249
36, 750
41,653
37,154
78,403
2024 grants to institutions are offset by the return of a grant awarded in 2023
Analysis of governance and support costs
Current reporting period
Support
Governance
Total 2024
Staff costs
Depreciation
Conference costs
Meeting & travelling costs
Office expenses
Prizes and awards
Literature & brochure5
Accountancy
Loss on investment
33,878
2,094
50,145
28,980
37,361
250
23,470
33,878
2,094
50,145
29,802
37,361
250
23,470
7,931
822
7,931
176,178
8,753
184,931
Previous reporting period
Support
Governance
Total 2023
staff costs
Depreciatio
Conference costs
Meeting & travelling costs
Office expenses
Prizes and awards
Literature & brochures
Account3ncy
Loss on investment
13.807
1,602
17,940
25,017
33,899
250
16.693
13,807
1,602
17,940
25,017
33,899
250
16,693
7,039
39,514
7,039
39,514
148.722
7,039
155,761
18
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
Net in¢ome/(expenditure) for the year
This is stated after charging/{crediting):
2024
2023
Depreciation
Independent examiner - accountancy fees
2.094
2.850
1.602
2,700
10 Staff costs
Staff costs during the year were as follows:
2024
2023
Wages and salaries
Social security costs
Pension costs
80,301
2,316
20,947
76.591
(8,759)
3,653
103,564
71,485
Allocated as follows:
Charitable activities
Support costs
69.686
33,878
57,678
13.807
103,564
71,485
The increase in pension costs during 2024 is to balance and write-off a cumulative liability reflected
in the accounts for several years.
The 2023 social security costs reflected receipt of backdated Employer's NI allowance
No employees have employee benefits in excess of £60.000 (2023: Nil).
The average number of staff employed during the period was 3 (2023.. 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 £56,197
12023.. £55.3101.
19
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
11 Trustee remuneration and expenses, and related party transactions
Neither the management committee nor any persons connected with them received any
remuneration during the year (2023: Nil).
6 (2023= 5) trustees received travel and subsistence expenses during the year of É822 (2023..
£1,206).
1 (2023: 0) trustee received other reimbursed expenses during the year of £50 (2023.. Nil).
There are no donations from related parties which are outside the normal course of business and
no restrirted 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 {2023.' 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
Fixtures &
fittings
Office
equipment
Total
Cost
At l January 2024
Additions
Disposals
185
21,860
1,314
22,045
1,314
At 31 December 2024
185
23,174
23,359
Depreciation
At l January 2024
Charge for the year
Disposals
184
16,455
2,094
16,639
2,094
At 31 December 2024
184
18,549
18,733
Net book value
At 31 December 2024
4,625
4,626
At 31 December 2023
5,405
5,406
20
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
14 Investments
2024
2023
Market value at the start of the year
Add.. additions to investments at cost
Add net gain/(loss) on revaluation
407,422
446,936
70,985
(39,514)
478,407
407,422
Cash held by investment broker pending
reinvestment
21.063
16.337
Market value at the end of the year
478,407
407,422
Investments are all carried at fair value.
15 Debtors
2024
2023
Trade debtors
Other debtors
Prepayments and accrued income
271.190
307,255
16,237
17,565
4,071
275,261
341.057
16 Cash at bank and in hand
2024
2023
Cash at bank and on hand
472,333
359,996
472.333
359.996
17 Creditors: amounts falling due within one year
2024
2023
Trade creditors
other creditors and accruals
Taxation and social security costs
13.512
3,791
2.971
7.915
3.347
2,148
20,274
13,410
21
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
18 Analysis of movements in restrirted funds
Current reporting
period
LSaiance ai
Balance at
l January
2024
31
December
2024
Income
Expenditure
Transfers
Robert Hillman Bequest
1,603
(250)
1,353
Lewis W Headley Lecture
14.900
14,900
Total
16,503
(250)
16,253
Previous reporting
period
lance at
31
December
2023
Balance at
l January
2023
Income
Expenditure
Transfers
Robert Hillman Bequest
1,853
(250)
1,603
Lewis W Headley Lecture
14.900
14,900
Total
16,753
(250)
16,503
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 Lerture.
22
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
19 Analysis of movement in unrestrirted funds
Current reporting
period
Balance at
31
December
2024
Balance at
l January
2024
Income
Expenditure
Transfers
General fund
1,083,968
330,668
(220,536)
1,194,100
1,083.968
330.668
(220,536)
1,194,100
Previous reporting
period
?iance ar
31
December
2023
Balance at
l January
2023
Income
Expenditure
Transfer5
General fund
1,050,431
325,128
(291,591)
1,083,968
1,050.431
325.128
(291,591)
1,083,968
Name of
unrestricted fund
Description, nature and purposes of the fund
General fund
The free reserves after allowing for all designated funds
23
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
20 Analysis of net assets between funds
Current reporting period
General
fund
Designated
funds
Restricted
funds
Total
2024
Tangible fixed assets
Fixed asset investments
Net current assetsl(liabilities)
4,626
478.407
711.067
4,626
478,407
727,320
16.253
Total
1,194,100
16,253
1,210,353
Previous reporting period
General
fund
Designated
funds
Restricted
funds
Total
2023
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors of more than one year
5,406
407,422
671,140
5,406
407,422
687,643
16,503
Total
1,083.968
16.503
1,100,471
24
Institute of Medical Ethics
Notes to the accounts for the year ended 31 December 2024 (continued)
21 Prior year Statement of Financial Artivities (including Income and Expenditure account)
un$ttted
funds
Restrirted
funds
Total funds
2023
Total funds
2022
Income from."
Charitable activitNes.'
323.782
323 782
258,385
Other income
(6.171)
(6.171)
Investments
7,517
7,517
1,624
Total Income
325.128
325 128
260,009
Expenditure on."
Charitable activities
252,077
250
252,327
229,220
Total expendlture
251077
250
252.327
229,220
Net ITncome/(expenditure) before
net gains/(lossesJ on investments
73,051
(250)
72,801
30,789
Realised gains/(losses) on investments
{39.514)
(39,514)
(52,584)
Net income/(expenditure) for the
year
(250)
(21,795)
Transfer between funds
Net movement in funds for the year
(250)
(21.795)
ReconclllatAon of funds
Total funds brought fonvard
1,050.431
16,753
1.067,184
1,088,979
Total funds carried fonvard
1,083,968
16,503
1,100,471
1,067,184
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing artivities.
25