Charity Registration No. 261993 (England and Wales)
Charity Registration No. SC047645 (Scotland) Company Registration No. 00993060 (England and Wales)
THE CAMERON FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE CAMERON FUND
CONTENTS
| Page | |
|---|---|
| Executive Summary | 1 |
| Legal and Administrative Information | 2 |
| Trustees' report | 2 - 7 |
| Independent auditor's report | 8-10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 23 |
THE CAMERON FUND
Executive Summary
The Fund’s objects are the relief of poverty and the prevention of hardship and distress among registered and formerly registered General Medical Practitioners and their dependants. This includes doctors who are training to be GPs. The majority of new applications now come from GPs in the early and middle years of their careers, some of which are of an extremely complex nature and a growing number of applicants are having support through NHS Practitioner Health which offers support and treatment to doctors struggling with their mental health. The Cameron Fund’s charitable activities assist GPs to return to work and help with essential expenditure. Council Members are conscious of their duty to use charitable funds responsibly and applicants are made aware that Trustees may take further action on any application which appears fraudulent or is considered to be deliberately misleading.
The Fund Officers in the past year were Dr Gary Calver as Chair, Dr Terry John as Vice Chair and Dr Ian Winterton as Treasurer. Dr Simon Lockett retired as a Trustee in August 2021 and was replaced as Deputy Treasurer by Dr Simon Parkinson.
New applications for assistance were received from 171 individuals (2020: 223), either directly or by referral from Local Medical Committees (LMCs), NHS England Practitioner Health and other organisations. The Council authorised grants and loans, including Money Advice, to the value of £301,913 (2020: £304,871) to 165 beneficiaries (2020: 207). 63 applicants were offered Money Advice (2020: 73). The Money Advisor works with the referred applicants to reduce expenditure and maximise income by accessing state benefits and supports the rescheduling of repayments to non-priority creditors. Trustees estimate that this advice, together with the notional interest on loans, was worth a total of £207,505 to both new applicants and existing beneficiaries in 2021 (2020: £137,651).
In addition to the Cameron Fund’s own website, www.cameronfund.org.uk, we continue to support the Joint Medical Charities Portal, ‘Help Me, I’m A Doctor’, www.doctorshelp.org.uk . The Portal provides a single access point for medical practitioners and their dependants seeking financial support. In 2021, the Portal recorded over 3,613 unique sessions, a 30% decrease on 2020.
The Cameron Fund continued to be affected by the Covid19 Pandemic during 2021. In 2020 there was a 34% increase in enquiries to the Fund, particularly from locum GPs unable to find work. This was not matched during 2021 as many locum GPs were able to access government grants for the self-employed or find remote work. However, the pandemic continued to affect both new and existing beneficiaries. We received more applications from those off sick with Long Covid and clinically vulnerable beneficiaries required to shield were unable to work. Processes such as State Benefit and GMC hearings still experienced delays leading to reduced income for some. Once again, face-to-face conferences and events were cancelled, impacting our fundraising activities. Conversely, savings were made by remote working and Trustee meetings for the first part of the year.
We would like to thank the British Medical Association for the use of meeting rooms and other facilities during the year. Trustees are also grateful to the BMA for the provision of office accommodation at a reduced rent and the supply of PCs, technology services and office services as an in-kind donation.
- 1 -
THE CAMERON FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr H Amey (retired August 2021) Dr C J Brett Dr R Brown Dr G Calver (Chair) Dr E Crawford (elected 5 August 2021) Dr D M Glover (resigned April 2021) Dr A Grewal Dr G Hobbs Dr P Holden (elected 5 August 2021) Dr Durai Raj Jawahar (elected 5 August 2021) Dr T John (Vice Chair) Dr I Kennedy (resigned April 2021)
Dr S R Lockett (retired August 2021) Dr W McAlpine Dr W A McDowell Dr D Moederle-Lumb Dr V Needham Dr Z Norris Dr S Phelan Dr S Parkinson (elected 5 August 2021; Deputy Treasurer) Dr S Rann (elected 5 August 2021) Dr A F Rodgett Dr O Starr Dr I Winterton (Treasurer)
Secretary
Jill Rowlinson MBA FCIS
Registered office
BMA House Tavistock Square London WC1H 9JP
Charity number (England and Wales) 261993 Charity number (Scotland) SC047645 00993060
Company number
Auditor Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ Bankers Charities Aid Foundation 25 Kings Hill Avenue Kings Hill Kent ME19 4JQ Investment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
THE CAMERON FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's memorandum and articles of association, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “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)” (as amended for accounting periods commencing from 1 January 2019)
Reference and Administrative Details of the Charity, its Trustees and Advisors
The Cameron Fund (‘the Fund’) is a charitable company and limited by guarantee. The charity registration numbers for both England & Wales and Scotland, the company registration number, the present Trustees (being Directors of the charitable company) and Advisors are given on page 2.
The Trustees who held office throughout the year, except where otherwise stated, are listed below. Trustees’ meeting attendance records follow their names:
| Dr Helena Amey | 0/3 | Retired August 2021 |
|---|---|---|
| Dr John Brett | 4/5 | Retired and re-elected May 2019 |
| Dr Richard Brown | 2/5 | Retired and re-elected August 2021 |
| Dr Gary Calver | 7/7 | Retired and re-elected August 2021. Elected as |
| Chair November 2020 | ||
| Dr Edward Crawford | 2/2 | Elected August 2021 |
| Dr Denise Glover | 2/2 | Resigned April 2021 |
| Dr Anthony Grewal | 5/5 | Retired and re-elected May 2019 |
| Dr George Hobbs | 1/5 | Elected August 2020 |
| Dr Peter Holden | 2/2 | Elected August 2021 |
| Dr Durai Raj Jawahar | 2/2 | Elected August 2021 |
| Dr Terry John | 6/7 | Re-appointed August 2021. Elected Vice Chair |
| November 2020 | ||
| Dr Iain Kennedy | 1/2 | Resigned April 2021 |
| Dr Simon Lockett | 3/4 | Retired August 2021 |
| Dr William McAlpine | 7/7 | Retired and re-elected August 2021 |
| Dr William McDowell | 5/5 | Elected August 2020 |
| Dr Douglas Moederle-Lumb | 3/5 | Retired and re-elected August 2021 |
| Dr Vernon Needham | 7/7 | Elected May 2019 |
| Dr Zoe Norris | 2/5 | Re-appointed August 2021 |
| Dr Simon Parkinson | 6/7 | Appointed October 2020. Elected August 2021. |
| Elected as Deputy Treasurer August 2021 | ||
| Dr Sean Phelan | 4/5 | Retired and re-elected May 2020 |
| Dr Sarah Rann | 2/2 | Elected August 2021 |
| Dr Andrew Rodgett | 5/5 | Retired and re-elected May 2019 |
| Dr Oliver Starr | 3/5 | Retired and re-elected May 2020 |
| Dr Ian Winterton | 7/7 | Retired and re-elected May 2019. Elected Treasurer |
| November 2020 |
- 2 -
THE CAMERON FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The Cameron Fund is a company limited by guarantee having no share capital. On 11 July 1994, the Registrar of Companies granted exemption from the requirement to use the word “Limited” as part of the company name. The governing documents are the Memorandum and Articles of Association which impose no specific restrictions. The authority for the investment powers is a Charity Commission Order granted under Section 105 of the Charities Act 2011. During the year the charity had 446 Members (2020: 447).
A maximum of eighteen Trustees are elected by registered Members of the Fund on a geographical basis within the United Kingdom for a term of three years, after which they are eligible for re-election for a maximum of a further three terms. The Council may co-opt Members of the Fund to fill geographical vacancies until the next Annual General Meeting. They may also appoint annually up to two Trustees who do not represent a specific geographical area. Both elected and appointed Trustees, who are also Directors of the company limited by guarantee, form the Council of Management.
Every three years the Council elects, from its number, the following Officers: Chair, Vice-Chair, Treasurer and Deputy Treasurer. There is a Finance & Investment Committee comprising the four Officers and three other annually elected Council Members. All recommendations of the Committee are submitted to the Council for authorisation.
During the year, there were three part-time staff: Jill Rowlinson Chief Executive, Mary Barton, Cases & Promotion Officer and Clare Young, Administrator.
Objectives and activities
The Fund’s objects are the relief of poverty and the prevention of hardship and distress among registered and formerly registered General Medical Practitioners and their dependants. This includes doctors in training who have been accepted on to a scheme of post-graduate specialty training for general practice by an organisation accredited for the delivery of (or authorised to deliver) post-graduate medical education, and who can demonstrate continuing satisfactory progress on the scheme.
The Fund aims to meet varying needs: from young, chronically sick doctors and their families to those suffering from unexpected and unpredicted problems such as sudden serious illness, mental ill-health, relationship breakdown, bereavement or financial difficulties following the actions of professional regulatory bodies.
The majority of new applications now come from GPs in the early and middle years of their careers, some of which are of an extremely complex nature. The Council has sought to provide assistance to such applicants in the most appropriate manner. In 2020 there was a 34% increase in enquiries to the Fund, particularly from locum GPs unable to find work. This was not matched during 2021 as many locum GPs were able to access government grants for the self-employed or find remote work. However, the pandemic continued to affect both new and existing beneficiaries. We received more applications from those off sick with Long Covid and clinically vulnerable beneficiaries required to shield were unable to work. Processes such as benefit and GMC hearings still experienced delays leading to reduced income for some beneficiaries.
As part of its charitable activities, the Fund supports the dependent children of current beneficiaries with expenses relating to undergraduate degrees. A Student Allowance of £3,000 is awarded, payable as £1,000 per term. The total of student grants awarded in 2021 was £48,000 (2020: £54,000).
Public Benefit
The Trustees have referred to The Charity Commission’s guidance on public benefit when reviewing The Fund’s aims and objectives and in planning future activities.
The training of General Medical Practitioners represents a significant cost to the public purse. The Cameron Fund’s charitable activities assist GPs to return to their work within the National Health Service sooner than may have otherwise been possible. Where a return is not feasible, a grant or a loan can contribute to retraining for an alternative career and can avoid the individual becoming reliant on State benefits. All grants made to beneficiaries, except Money Advice, assume that applicants are receiving their full entitlement to State benefits.
- 3 -
THE CAMERON FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
To prevent an individual becoming accustomed, without justification, to rely on the Cameron Fund’s support, Trustees review beneficiaries’ circumstances at least annually to ensure their situations continue to warrant charitable assistance. Those beneficiaries with complex and fast-changing circumstances are reviewed every three months.
The potential beneficiaries who are eligible to be considered for support comprise over 37,010 General Medical Practitioners in the United Kingdom and their dependants, together with GP trainees and retired GPs.
Council Members are conscious of their duty to use charitable funds responsibly. Applicants are made aware that Trustees may investigate and take further action on any application which appears fraudulent or is considered to be deliberately misleading.
Going Concern and Liquidity Risk
The Trustees consider that the company has sufficient liquid funds to continue as a going concern.
Achievements and Performance in 2021
New applications for assistance were received from 171 individuals (2020: 223), either directly or by referral from Local Medical Committees (LMCs) and other organisations. The Council authorised grants and loans, including Money Advice, to the value of £301,913 (2020: £304,871) to 165 beneficiaries (2020: 207).
63 applicants were offered Money Advice (2020:73). The Money Advisor works with the referred applicants to reduce expenditure and maximise income by accessing state benefits and supports the rescheduling of repayments to non-priority creditors. Trustees estimate that this advice, together with the notional interest on loans, was worth a total of £301,913 to both new applicants and existing beneficiaries in 2021 (2020: £137,651).
Achievements of our objectives for 2021 :
Delayed celebration of the 50th anniversary of the Cameron Fund.
The fundraising dinner planned for November 2020 was postponed to November 2021. However, the decision was taken not to proceed with this in view of continued restrictions and uncertainty arising from Covid19.
Raise awareness of the Cameron Fund throughout the GP profession
The Chair gave a video presentation to the LMC Secretaries Conference in May. The Cameron Fund benefited from online donations from three conferences – Welsh LMCs, England LMCs and Scottish LMCs. During 2020, we started work on a series of videos to promote the work of the Fund. These were completed in 2021 and shared on our website and social media. We continued to use our twice-yearly newsletter and social media to raise awareness of the Fund to potential donors and applicants.
Promote the Money Advice Pack
In 2020 we completed work on an advice pack for newly qualified GPs. The Money Advice Pack – “10 Top Tips for Financial Wellbeing” developed in conjunction with our Money Advisor, Jeff Brown, covers areas such as insurance, tax planning and budgeting. During 2021 we promoted this via our website and social media and also distributed it to Heads of GP Schools at the Deaneries.
Increased Trustee Engagement
During the year, we changed our application procedures so that Trustees are involved earlier in the process. Local Trustees are consulted on cases in their areas so they can have an input and, where necessary carry out a visit, before cases are considered at a Trustee meeting. During the year, most Trustee visits were carried out remotely but some were able to take place in person.
New Strategy
The last Development Strategy needed refreshing, having been in place since 2016. During 2021 a new strategy was developed and this was agreed by Trustees in November 2021.
- 4 -
THE CAMERON FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Additional Fundraising Initiatives
The Treasurer’s Annual Christmas Appeal was sent out to LMCs and all Members. During the year, the Cameron Fund benefited from donations raised at three online conferences. The Fund is signed up to the online shopping platforms, Give as You Live and Amazon Smile, enabling shoppers to raise donations to the Fund free of charge. These sites were promoted on social media during the year to encourage donations. The Fund applied for grant funding from BMA Giving and received £20,000 to provide financial support to GPs in hardship due to Covid-19, physical or mental illness, bereavement, the breakdown of relationships, performance issues or unemployment. We also received one off grants from BMA Charities, General Practitioners Defence Fund and Northern Ireland General Practitioners Defence Fund. The Fund also received a donation from proceeds of a solvent winding up of National Vision User Group Ltd, a GP computer user group.
Financial review
There was a small decrease of £5,608 in income on the previous year. During the year, the Fund received a grant of £20,000 from BMA Giving and £10,000 from BMA Charities.
Expenditure on authorised grants, including Money Advice, was £252,332 (2020: £271,391), an decrease of 7% on the previous year. Expenditure on authorised loans was £49,581 (2020: £33,480), an increase of 48%.
Overheads were managed well with staff, establishment and general office costs totalling £88,467 (2020: £103,215), a decrease of 7% on 2020. Savings were achieved due to reduced travel and office accommodation costs.
No employees received employee benefits in excess of £60,000.
The value of the investments at 31 December 2021 was £8,212,427. There has been an increase in unrealised gains of £584,199 since the beginning of the year. As required by the Statement of Recommended Practice, this sum is included in the Statement of Financial Activities but does not represent cash or income.
As expected, Income from the Investment Fund held with by Sarasin and Partners fell in 2021 by 6.6%. It is likely that income from the investment fund will stay at a similar level in 2022.
The Fund did not attend any conferences during the year and consequently expenditure on promotion was very low.
The Cameron Fund raises funds from Local Medical Committees, GPs and former GPs. Donations are not actively sought from the general public and no professional fundraising organisation is employed. The Cameron Fund uses the CAF online donation platform, text donation service Donr and raises funds through online shopping platforms, Give as You Live and Amazon Smile.
Risk Management
The Finance & Investment Committee undertakes an annual risk assessment and makes recommendations for action to Council.
Ethical Investments
The Charity’s fixed asset investments are all held in Sarasin Climate Active Endowment Units. The units are excluded from holding interests in, amongst other areas, armaments, gambling, alcohol, smoking, adult entertainment, predatory lending, tar sands and thermal coal. A key aspect of the Climate Active Endowment Units investing philosophy is to drive positive change by pressing boards of directors to take steps towards strategic and operational alignment with the Paris Climate Accord goals.
- 5 -
THE CAMERON FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Plans for the Future
The Cameron Fund has a developed a new strategy for 2022 to 2025. This was agreed by Trustees in November 2021.The main headlines of the strategy are Membership, LMCs, 4 Nations, Policy Issues, Awareness Raising, Raising Funds. Actions identified for 2022 are:
Membership
Increase and improve engagement with existing members including increasing the newsletter from two to four editions per year.
Increase membership by 10% including offering membership to all newly qualified GPs via the RCGP.
LMCs
Increase engagement with LMCs including increasing newsletter from two to four editions per year, ensure the Cameron Fund is represented at relevant conference, encourage Trustees to engage with their local LMC, make contact with non-donating LMCs.
Identify additional contacts such as RCGP faculties.
4 Nations
Emphasise the Fund’s UK credentials with a four nations approach.
Policy Issues
Improve signposting for applicants and beneficiaries by improving links with other organisations and charities and maintaining links with the four other main medical charities.
Widen and improve the support given to beneficiaries by making the application process easier, considering how to help applicants implement the recommendations in their Money Advice reports, review the level of support given to applicants and continue Student Allowances for the undergraduate student children of beneficiaries.
Awareness Raising
Increase the profile of the Fund with potential members, funders and applicants by increasing attendance/virtual attendance at relevant events, increasing communication with members and LMCs, considering the need for a redesigned or new website and increasing social media activity.
Raising Funds
Explore additional sources of income to supplement investment income and donations from LMCs.
Reserves Policy
The Trustees aim to maintain cash holdings at a level which equates to approximately six months of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered.
When cash reserves regularly exceed this level, then the excess will be transferred to an appropriate investment after seeking, if necessary, specialist advice.
At the year end the Charity had total funds of £8,544,279. Of these funds £8,212,427 are held in long term investments and £318,502 is held in cash.
Restrictions on Distribution
The Memorandum of Association prohibits the distribution of income and property of the charitable company to the Members. Upon dissolution or winding up of the charitable company, the assets shall be given or transferred to some similar institution or institutions having objects similar to the charitable company.
Tax Status
The Fund is entitled to exemption from taxation on income and capital gains to the extent that its funds are applied for charitable purposes.
- 6 -
THE CAMERON FUND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Statement of Trustees' responsibilities
The Trustees, who are also the directors of The Cameron Fund for the purpose of company law, are responsible for preparing the Trustees' 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that year.
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; and
-
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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website (www.cameronfund.org.uk). Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditor
The Trustees will consider the re-appointment of Begbies Chartered Accountants as auditor for the ensuing year. If agreed, a resolution will be proposed at the Annual General Meeting in accordance with section 485 of the Companies Act 2006.
Small Company Provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Disclosure of information to auditor
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The Trustees' report was approved by the Board of Trustees.
..............................
Dr G Calver (Chair)
Dated: 24 March 2022
- 7 -
THE CAMERON FUND
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE CAMERON FUND
Opinion
We have audited the financial statements of The Cameron Fund (the ‘Charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the Charitable Company's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 8 -
THE CAMERON FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE CAMERON FUND
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
-
the information given in the Trustees' Report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors’ report included within the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
-
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
- 9 -
THE CAMERON FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE CAMERON FUND
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
– Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements and disclosure requirements. In particular, Accounting and Reporting by Charities: Statement of Recommended Practice;
– Enquiries and confirmation of management and the trustees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;
– Review of minutes of trustee meetings throughout the period;
– incorporating unpredictability into the nature, timing and/or extent of testing.
– Evaluation of the selection and application of the accounting policies chosen by the company.
– In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and
– We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members and trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable Company’s members as a body, and the Charitable Company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Katherine Dee FCA (Senior Statutory Auditor)
for and on behalf of Begbies Chartered Accountants
....28/03/2022.....................
Chartered Accountants Statutory Auditor 9 Bonhill Street London EC2A 4DJ
- 10 -
THE CAMERON FUND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Current financial year Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 2 206,653 20,000 Investments 3 207,399 - Total income 414,052 20,000 Expenditure on: Raising funds 4 (5,871) - Charitable activities 5 329,250 20,000 Total resources expended 323,379 20,000 90,673 - Net gains/(losses) on investments 10 584,199 - Net income for the year and Net movement in funds 674,872 - Total funds brought forward 7,869,407 - Total funds carried forward 8,544,279 - |
Total Unrestricted funds 2021 2020 £ £ 226,653 177,403 207,399 222,257 434,052 399,660 (5,871) (2,899) 349,250 341,938 343,379 339,039 90,673 60,621 584,199 481,401 674,872 542,022 7,869,407 7,327,382 8,544,279 7,869,404 |
Restricted funds 2020 £ 40,000 - 40,000 - 40,000 40,000 - - - - - |
Total 2020 £ 217,403 222,257 439,660 (2,899) 381,938 379,039 60,621 481,401 542,022 7,327,382 7,869,404 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 11 -
THE CAMERON FUND
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Investments 11 Programme related investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ £ 8,212,427 145,559 8,357,986 12,725 318,502 331,227 (144,934) 186,293 8,544,279 8,544,279 8,544,279 |
2020 £ £ 7,617,105 162,619 7,779,724 14,103 229,672 243,775 (154,095) 89,680 7,869,404 7,869,404 7,869,404 |
2020 £ £ 7,617,105 162,619 7,779,724 14,103 229,672 243,775 (154,095) 89,680 7,869,404 7,869,404 7,869,404 |
|---|---|---|---|
| 7,779,724 89,680 |
|||
| 7,869,404 | |||
| 7,869,404 | |||
| 7,869,404 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 24 March 2022.
..............................
Dr G Calver (Chair)
Company Registration No. 00993060
- 12 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
The Cameron Fund is a private company limited by guarantee incorporated in England and Wales. The registered office is BMA House, Tavistock Square, London, WC1H 9JP.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing documents, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for smaller charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are available for use in accordance with the wishes of the donor.
1.4 Incoming resources
Income is recognised when the Charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
Donated facilities are recognised as income when the receipt of economic benefit from the use by the Charity is probable and that economic benefit can be measured reliably.
On receipt, 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.
Income from investments is included in the Statement of Financial Activities when it is earned. This is when the Charitable Company becomes entitled to the resource.
- 13 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure involving more than one category has been apportioned by the Trustees on a reasonable, justifiable and consistent basis, involving estimating proportions of time spent.
Provision has been made in the Statement of Financial Activities for all grants authorised by the Trustees during the year. The expense for the year is reduced by the cancellation of grants authorised but not subsequently required.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 14 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11 Programme Related Investments
Programme related investments are concessionary loans provided for the benefit of the Fund's beneficiaries. Such loans are initially recognised and measured at the amount paid, with the carrying amount adjusted at each Balance Sheet date to reflect repayments less any impairment.
2 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 196,653 - Grants & awards 10,000 20,000 206,653 20,000 Donations and gifts LMC - General 89,273 - LMC - Charity levy 41,604 - Individuals 11,370 - Companies 28,147 Donated services 7,500 - LMC - Christmas appeal 18,759 - Envelope collections at LMC functions - - Other - - 196,653 - |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 196,653 173,403 - 30,000 4,000 40,000 226,653 177,403 40,000 89,273 79,591 - 41,604 48,680 - 11,370 10,331 - 28,147 - 7,500 7,500 - 18,759 24,861 - - 1,687 - - 753 - 196,653 173,403 - |
Total 2020 £ 173,403 44,000 |
|---|---|---|
| 217,403 | ||
| 79,591 48,680 10,331 - 7,500 24,861 1,687 753 |
||
| 173,403 |
Donated services represent the estimated value of office accommodation and services provided by the British Medical Association during the year along with the use of meeting rooms and other facilities supplied at a reduced rate.
An equivalent charge is included within rent, rates and other premises expenses.
- 15 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
2 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Grants & awards BMA Giving - 20,000 BMA Charities Trust Fund 10,000 - 10,000 20,000 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 20,000 - 40,000 10,000 4,000 - 30,000 4,000 40,000 |
Total 2020 £ 40,000 4,000 |
|---|---|---|
| 44,000 |
During the year the charity received an award from BMA Giving to support its work in supporting GPs in financial hardship.
3 Investments
| Investments | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Investment dividends | 207,373 | 222,105 |
| Interest receivable | 26 | 152 |
| 207,399 | 222,257 |
4 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Event costs and website development | 308 | 971 |
| Investment management fees rebate | (11,123) | (8,707) |
| Staff costs | 4,944 | 4,837 |
| (5,871) | (2,899) |
- 16 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5 Charitable activities
| Grant funding of activities (see note 6) Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds Restricted funds |
2021 £ 252,332 88,887 8,031 349,250 329,250 20,000 349,250 |
2020 £ 271,391 103,215 7,332 |
|---|---|---|
| 381,938 | ||
| 341,938 40,000 |
||
| 381,938 |
6 Grants payable
| Money advice Grants to individuals |
2021 £ 9,658 242,674 252,332 |
2020 £ 10,606 260,785 |
|---|---|---|
| 271,391 |
During the year the Charity supported 165 individuals with 107 loans and grants (2020 207 individuals with 89 loans and grants).
- 17 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7 Support costs
| Staff costs Marketing Rent, rates and other premises expenses Printing, postage and stationery Telephone and internet Equipment hire Sundry expenses Insurance Audit fees Legal and professional Trustees' expenses Analysed between Charitable activities |
Support costs Governance costs £ £ 71,942 - 1,148 - 9,820 - 2,454 - 495 - 1,562 - 964 - 502 - - 5,040 - 48 - 2,943 88,887 8,031 88,887 8,031 |
2021 £ 71,942 1,148 9,820 2,454 495 1,562 964 502 5,040 48 2,943 96,918 96,918 |
2020 £ 76,605 971 17,360 4,713 536 1,637 891 502 5,040 48 2,244 |
|---|---|---|---|
| 110,547 | |||
| 110,547 |
Governance costs includes payments to the auditors of £5,040 (2020: £5,040) inclusive of VAT for audit fees.
Trustees expenses includes the costs of visiting beneficiaries and attending meetings.
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Further details of related party transaction are disclosed in note 18.
9 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 |
|---|---|
| Number | Number |
| 3 | 3 |
- 18 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 9 Employees Employment costs Wages and salaries Social security costs Other pension costs |
(Continued) 2021 2020 £ £ 70,319 75,738 2,456 3,388 4,111 2,316 76,886 81,442 |
(Continued) 2021 2020 £ £ 70,319 75,738 2,456 3,388 4,111 2,316 76,886 81,442 |
|---|---|---|
| 81,442 |
The Fund considers its key management personnel to comprise the Trustees and Chief Executive. The Trustees receive no remuneration or benefits. The total employment benefits, including employer pension contributions, of the key management personnel were £49,442 (2020: £48,367). No employees received employee benefits in excess of £60,000 (2020 None).
The number of staff to whom retirement benefits are accruing under a money purchase pension scheme during the year was 3 (2020: 2).
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 584,199 | 481,401 |
- 19 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11 Fixed asset investments
| Cost or valuation At 1 January 2021 Additions Valuation changes Net transfers out At 31 December 2021 Historic cost |
2021 £ 7,607,885 20,343 584,199 - 8,212,427 6,571,853 |
Cash in portfolio 9,220 - - (9,220) - |
Total £ 7,617,105 20,343 584,199 (9,220) |
|---|---|---|---|
| 8,212,427 | |||
As at 31st December 2020 & 2021 the above portfolio was invested in Sarasin Climate Active Endowment Class A Income units to further the Charity's ethical investing aims.
The Charity seeks to minimise the risks of holding investments, which comprise mainly market, yield and liquidity risks, through the appointment of an independent Investment Manager, who invests via common investment funds specifically tailored for charities of this nature.
The holding of common investment units allows the Charity to access increased diversification at a lower cost than would otherwise be available, and so decreases the risks of holding investments. At the balance sheet date the units held by the Charity where invested in the following areas on a 'look through' basis:
| Fixed Income Equities Property Alternative Assets Liquid Assets Total |
2021 % 8% 73% 4% 11% 4% |
|---|---|
| 100% |
- 20 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
12 Programme related investments
| At 1 January 2021 Advances Recovered amounts At 31 December 2021 |
£ 162,620 49,581 (66,642) 145,559 |
|---|---|
Programme related investments represent loans, many of which are secured, are authorised in accordance with the Fund's objectives and provided interest-free to beneficiaries.
Loans to applicants are issued as repayable on demand or on occurrence of a major event.
13 Debtors
| Amounts falling due within one year: Prepayments and accrued income 14 Creditors: amounts falling due within one year Grants authorised Accruals and deferred income |
2021 £ 12,725 2021 £ 132,728 12,206 144,934 |
2020 £ 14,103 |
|---|---|---|
| 2020 £ 136,307 17,788 |
||
| 154,095 |
15 Lease commitments
Future minimum lease payments due under operating leases:
| Within one year Within two and five years |
2021 £ (1,238) (2,167) (3,405) |
2020 £ (1,298) - (1,298) |
|---|---|---|
- 21 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
15 Lease commitments
The above disclosure represents minimum payments under operating leases to which the Charity is obligated at the balance sheet date.
In 2021 the Charity leased office equipment under a new agreement with annual payments of £1,238. The lease commenced in October 2021 and finishes in October 2024.
In 2020 the Charity leased office equipment under an agreement with annual payments of £1,416. The lease commenced in August 2018 and finished in November 2021.
The Charity occupies office accommodation under an informal arrangement at a cost of £6,000pa. No minimum rent payments are included in the above figures.
16 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Incoming | Resources | Balance at | Incoming | Resources | Balance at | ||
|---|---|---|---|---|---|---|---|
| resources | expended | 1 | January 2021 | resources | expended | 31 December | |
| 2021 | |||||||
| £ | £ | £ | £ | £ | £ | ||
| BMA Giving - Covid | 40,000 | (40,000) | - | - | - | - | |
| BMA Giving - Covid and | |||||||
| other specified financial | |||||||
| hardship | - | - | - | 20,000 | (20,000) | - | |
| 40,000 | (40,000) | - | 20,000 | (20,000) | - |
During the year the charity received an award from BMA Giving to support grants to GPs in hardship due to Covid, physical or mental illness, bereavement, the breakdown of relationships, performance issues or unemployment.
During 2020 the charity received an award from BMA Giving to support its response to Covid related financial hardship. Due to the high number of grant applicants experiencing Covid hardship, the award was used in its entirety, with further grants made from the Cameron Funds general income.
- 22 -
THE CAMERON FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 17 Analysis of net assets between funds General Funds Restricted funds 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Investments 8,212,427 - Programme related assets 145,559 - Current assets/(liabilities) 186,293 - 8,544,279 - |
Total 2021 £ 8,212,427 145,559 186,293 8,544,279 |
General Funds 2020 £ 7,617,105 162,619 89,680 7,869,404 |
Restricted funds 2020 £ - - - - |
Total 2020 £ 7,617,105 162,619 89,680 |
|---|---|---|---|---|
| 7,869,404 |
18 Related party transactions
No Trustee received a salary or other remuneration during the current or previous year.
The majority of the Trustees are BMA members. The Cameron Fund receives discounted use of office accommodation and facilities from the BMA. A gift in kind value has been placed on this discount of £7,500 (2020: £7,500) and rent and service charges recognised in these accounts to be paid to the BMA during the year totalled £8,360 (2020: £8,360). The Charity also paid £709 (2020: £367) for catering facilities for Trustee meetings and £1,057 of reimbursed office sundries.
The Cameron Fund received an award from BMA Giving of £20,000 to provide financial support to GPs in hardship due to Covid, physical or mental illness, bereavement the breakdown of relationship, performance issues or unemployment (2020: £40,000 towards Covid related hardship) during the year to support grant giving to those affected by Covid. Although the grant was restricted in its use, Covid and other specified financial hardship grants fall within the usual grant giving activities of the charity.
Dr Moederle-Lumb, a Trustee of the Cameron Fund, is Executive Chairman of the General Practitioners Defence Fund Limited, and the Chair of YOR Local Medical Committee Limited. General Practitioners Defence Fund Limited donated £10,000 (2020:£10,000) to the Cameron Fund during the year and YOR Local Medical Committee Limited donated £1,121(2020: £8,055). Both donations were for the general purposes of the Charity and were received without conditions.
Dr McDowell is a director and Secretary of the Northern Ireland General Practitioners Defence Fund Limited. During the year NI GPDF donated £4,500 to the Cameron Fund without restriction.
During the year the Trustees collectively donated £764 (2020: £1,426). None of these funds were given for activities outside of the Charity's usual undertakings and were received without conditions.
Reimbursement of expenses relating to travel and subsistence amounted to £1,910 (2020: £1,662). The number of Trustees reimbursed expenses was 9 (2020: 7).
The cost of Trustees' indemnity insurance borne by the Charitable Company was £297 (2020: £297).
- 23 -