**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 2023** 




## **THE CAMERON FUND** 

## **CONTENTS** 

||**Page**|
|---|---|
|Executive Summary|1|
|Legal and Administrative Information|2|
|Trustees' report|3 - 9|
|Independent auditor's report|10-12|
|Statement of financial activities|13|
|Balance sheet|14|
|Notes to the financial statements|15 - 24|





## **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 are rigorous in ensuring that applicants are eligible for assistance in terms of qualifying employment and are in genuine hardship. 

Elections for the Fund’s Officers took place in November. Dr Gary Calver stood down as Chair and was replaced by Dr Terry John. Dr Rob Barnett was elected as Vice Chair. Dr Ian Winterton stood down as Treasurer and was replaced by Dr Simon Parkinson. Dr Durai Raj Jawahar was elected as Deputy Treasurer. 

New applications for assistance were received from 324 individuals (2022: 236), 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 £487,466 (2022: £406,482) to 263 beneficiaries (2022: 209).  87 individuals benefitted from Money Advice (2022: 82).  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 £153,779 to both new applicants and existing beneficiaries in 2023 (2022: £161,990). 

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. 

2023 was another exceptionally busy year for the Cameron Fund. Enquiries to the Fund were up on 2022 by 37% and our Trustees considered 11% more cases than in 2022. During the year we continued to receive new applications from GPs off sick with Long Covid and from applicants who were victims of domestic violence. Over the last few years, there has been a steady increase in applications from GP Registrars (Trainees). The majority of our beneficiaries are of working age, rather than retired GPs. In 2023, 58% (2022: 57%) of our main applicants were female and 42% male (2022: 43%). 74% qualified in the UK (2022: 70%) and 26% outside of the UK (2022: 30%). During the year we saw a further increase in applications from GP Registrars (Trainees) who accounted for 29% of our casebook, compared to 24% in 2022. Increased activity during the year led to grants and loans of £487,466 being awarded – a 20% increase on 2022. This resulted in a deficit for the year of £143,107. £95,000 was transferred from the investment Fund and Trustees, concerned that this is unsustainable, started discussions on how to manage charitable expenditure. 

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. 

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## **THE CAMERON FUND** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

## **Trustees** 

Dr R Barnett (elected 4 May 23, Vice Chair from 9 Nov 23) Dr C J Brett Dr R Brown Dr G Calver (Chair to 9 Nov 23) Dr E Crawford Dr G Hobbs (resigned 4 May 2023) Dr P Holden Dr D R Jawahar (Deputy Treasurer from 9 Nov 23) Dr T John (Vice Chair to 9 Nov 23, Chair from 9 Nov 23) Dr J Kedward (elected 4 May 23) Dr W McAlpine Dr W A McDowell 

Dr B McGregor (elected 11 May 23) Dr D Moederle-Lumb  (resigned 11 April 2023) Dr V Needham Dr Z Norris Dr S Phelan Dr S Rann Dr A F Rodgett Dr O Starr (resigned 4 May 2023) Dr R Vautrey (appointed 4 May 23) Dr I Winterton (Treasurer to 9 Nov 23) 

## **Secretary** 

## Jill Rowlinson MBA FCIS 

## **Registered office** 

## **Charity number (England and Wales) Charity number (Scotland)** 

## **Company number** 

## **Auditor** 

## **Bankers** 

**Investment advisors to 11 April 2023** 

**Investment advisors from 11 April 2023** 

BMA House Tavistock Square London WC1H 9JP 261993 SC047645 00993060 Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ Charities Aid Foundation 25 Kings Hill Avenue Kings Hill Kent ME19 4JQ Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU CCLA Investment Management Limited One Angel Lane London EC4R 3AB 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

The Trustees present their annual report and financial statements for the year ended 31 December 2023. 

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)" (effective 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 Rob Barnett|3/3|Elected May 23. Elected Vice Chair November 2023|
|---|---|---|
|Dr John Brett|5/5|Retired and re-elected May 2022|
|Dr Richard Brown|3/5|Retired and re-elected August 2021|
|Dr Gary Calver|7/7|Retired and re-elected August 2021|
|Dr Edward Crawford|5/5|Elected August 2021|
|Dr George Hobbs|0/3|Retired May 2023|
|Dr Peter Holden|3/5|Elected August 2021|
|Dr Durai Raj Jawahar|4/7|Elected August 2021. Elected Deputy Treasurer|
|||November 2023|
|Dr Terry John|4/7|Elected May 2022. Elected Chair November 2023|
|Dr John Kedward|3/3|Elected May 2023|
|Dr William McAlpine|7/7|Retired and re-elected August 2021|
|Dr William McDowell|4/5|Elected August 2023|
|Dr Brian McGregor|1/2|Elected May 2023|
|Dr Douglas Moederle-Lumb|0/3|Retired April 2023|
|Dr Vernon Needham|5/7|Elected May 2022|
|Dr Zoe Norris|1/5|Re-appointed May 2023|
|Dr Simon Parkinson|6/7|Elected August 2021. Elected Treasurer November|
|||2023|
|Dr Sean Phelan|3/5|Retired and re-elected May 2023|
|Dr Sarah Rann|5/5|Elected August 2021|
|Dr Andrew Rodgett|5/5|Retired and re-elected May 2022|
|Dr Oliver Starr|0/3|Retired May 2023|
|Dr Richard Vautrey|2/2|Appointed May 2023|
|Dr Ian Winterton|6/7|Retired and re-elected May 2022|



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 462 Members (2022: 452). 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

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 (four for Officers). 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. Elections took place in November 2023. Dr Gary Calver stood down as Chair, having served a maximum term of six years, and was replaced by Dr Terry John. Dr Ian Winterton stood down as Treasurer and was replaced by Dr Simon Parkinson. Dr Rob Barnett was elected as Vice Chair and Dr Durai Raj Jawahar as 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 four part-time staff: Jill Rowlinson Chief Executive, Mary Barton, Cases & Promotion Officer (to 31 March), Clare Young, Administrator and Conol Cassidy, Caseworker (from 4 September). 

## **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. 2023 was another exceptionally busy year for the Cameron Fund. Enquiries to the Fund were up on 2022 by 37% and our Trustees considered 11% more cases than in 2022. During the year we continued to receive new applications from GPs off sick with Long Covid and from applicants who were victims of domestic violence. Over the last few years, there has been a steady increase in applications from GP Registrars (Trainees). The majority of our beneficiaries are of working age, rather than retired GPs. In 2023, 58% (2022: 57%) of our main applicants were female and 42% male (2022: 43%). 74% qualified in the UK (2022: 70%) and 26% outside of the UK (2022: 30%). During the year we saw a further increase in applications from GP Registrars (Trainees) who accounted for 29% of our casebook, compared to 24% in 2022. Increased activity during the year led to grants and loans of £487,466 being awarded – a 20% increase on 2022. This resulted in a deficit for the year of £143,107. £95,000 was transferred from the investment Fund and Trustees, concerned that this is unsustainable, started discussions on how to manage charitable expenditure. 

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 2023 was £34,000 (2022: £57,000). 

The Fund continued the School Support Grant, which was started in 2022 to help beneficiaries with school-aged children with the cost of uniforms and study materials. This year grants of £8,400 were awarded (2022: £5,400). 

## **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, the Cameron Fund offers career coaching so that applicants can explore alternative careers and avoid becoming reliant on State benefits. All grants made to beneficiaries, except Money Advice, assume that applicants are receiving their full entitlement to State benefits. 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

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 37,068 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 and are rigorous in ensuring that applicants are eligible for assistance in terms of qualifying employment and are in genuine hardship. 

## **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 2023** 

New enquiries about assistance were received from 324 individuals (2022: 236), 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 £487,466 (2022: £406,482) to 263 beneficiaries (2022: 209). 

87 individuals benefitted from Money Advice (2022: 82).  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 £153,799 to both new applicants and existing beneficiaries in 2022 (2022: £161,990). 

## **Achievements of our objectives for 2023** 

## Membership 

Our aims were: to increase and improve engagement with existing members including increasing the newsletter from two to three editions per year; to follow up the offer of membership to all newly qualified GPs via the RCGP; continue to promote membership on social media. The newsletter was increased to three editions per year, providing more information to members and LMCs. The offer to the RCGP of membership to all newly qualified GPs remains in progress. Membership has been promoted at any events attended and to individual donors where consent to contact is received. Membership was regularly promoted on social media. 

## LMCs 

We aimed to increase engagement with LMCs including increasing the newsletter from two to three editions per year, ensure the Cameron Fund is represented at relevant conferences; encourage Trustees to engage with their local LMC and make contact with non-donating LMCs; identify additional contacts such as RCGP faculties. The newsletter was increased to three editions per year. Trustees have engaged with their LMCs and identified opportunities to promote the Fund, such as taking part in podcasts. We continue to engage with LMCs through our newsletter and through attendance at conferences. 

## 4 Nations 

The Fund’s Trustees representing Scotland, Northern Ireland and Wales attended the LMC Conferences in these nations to raise awareness of the Fund. 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## Policy Issues 

We aimed to improve signposting for applicants and beneficiaries by improving links with other organisations and maintaining links with the four other main medical Charities. The Fund’s website and the Joint Charities Portal both include links to other organisations offering support to GPs; the Caseworkers of the medical charities meet regularly to co-ordinate support to beneficiaries in common; the Chairs and CEOs continue to meet half-yearly to consider trends and policy issues. We also aimed to widen and improve the support given to beneficiaries by considering how to help applicants implement the recommendations in their Money Advice reports, review the level of support given to applicants; to continue Student Allowances for the undergraduate student children of beneficiaries. Contact was made with an additional Money Adviser who offers additional help with implementing advice on benefits and debts. In view of the year on year increases in demand, to ensure the sustainability of the Fund, Trustees started the process of reviewing all the Fund’s charitable expenditure, including Student Allowances and how to help long-term beneficiaries move on from grant support. 

## Awareness Raising 

Trustees and staff were very active during the year, taking part in conferences and other events to promote the work of the Fund to potential members, donors and applicants. In May the Vice Chair gave a report on the Fund to the UK LMC Conference. The Fund also exhibited at the LMC Secretaries Conference, the Sessional GPs conference, the Scottish LMC Conference and wellbeing events run by GPMPlus/YORLMC. The Cameron Fund benefited from dinner collections at the UK and Scottish LMC conferences and from online donations from the Welsh and Northern Ireland LMC conferences. Individual Trustees have taken part in LMC podcasts highlighting the work of the Fund. 

The Fund’s website had become outdated and was not accessible on smartphones. During the year a procurement process took place for a new website provider. Provider VeryConnect was selected and work on designing a new website started. 

## Raising Funds 

The Cameron Fund is thankful for the support of individual members, Local Medical Committees and the Northern Ireland General Practitioners Defence Fund. During 2023 we submitted applications to BMA Giving and BMA Charities. We were very grateful to receive a grant of £3,000 from BMA Giving to provide financial support to GPs and GP Trainees who are experiencing financial hardship often due to a combination of life-changing events such as: physical illness, mental ill-health, bereavement, relationship breakdown, performance issues or unemployment. 

The Treasurer’s Annual Christmas Appeal was sent out to LMCs and all Members and raised £10,874, which was considerably down on 2022. The Fund is signed up to the online shopping platform Give as You Live enabling shoppers to raise donations to the Fund free of charge. This was promoted on social media during the year to encourage donations. Amazon Smile was discontinued during the year. 

## **Financial review** 

There was a reduction in income of £29,722 on the previous year. Due to timing differences arising from the change of investment managers, income for the year included five quarterly dividend payments. Income from grants was lower than in the previous year. During the year, the Fund received a grant of £3,000 from BMA Giving. The GPDF advised that they were no longer able to provide donations to the Fund. 

Expenditure on authorised grants, including Money Advice, was £448,006 (2022: £332,391), an increase of 35% on the previous year. Expenditure on authorised loans was £39,460 (2022: £74,091), a decrease of 47%. 

Overheads were managed well with staff, establishment and general office costs totalling £99,735 (2022: £104,175), a reduction of 4% on 2022. 

No employees received employee benefits in excess of £60,000. 

The value of the investments at 31 December 2023 was £7,667,984. 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

The Charity’s fixed asset investments are all held in CCLA COIF Charities Ethical Investment Fund Units. This fund avoids holding interests in, amongst other areas, armaments, gambling, alcohol, smoking, adult entertainment, predatory lending, tar sands and thermal coal.  The COIF fund is committed to accelerating the transition to a net-zero emissions economy and protecting the value of clients’ portfolios during the transition. The CCLA investments have increased in value by £483,134 since they were purchased. 

Trustees and staff attended face to face conferences during the year and a new website was commissioned, resulting in an increased spend on promotion compared to 2022. 

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 the online shopping platform, Give as You Live. 

## **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 CCLA COIF Charities Ethical Investment Fund Units. This fund avoids holding interests in, amongst other areas, armaments, gambling, alcohol, smoking, adult entertainment, predatory lending, tar sands and thermal coal.  The COIF fund is committed to accelerating the transition to a net-zero emissions economy and protecting the value of clients’ portfolios during the transition. 

## **Plans for the Future** 

The Cameron Fund strategy for 2022 to 2025 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 2024 are: 

## Membership 

Increase and improve engagement with existing members including, promotion of membership when attending conferences, encourage Trustees to recruit colleagues as members, follow up the offer of membership to all newly qualified GPs via the RCGP, continue to promote membership on social media. 

## LMCs 

Increase engagement with LMCs including; ensure the Cameron Fund is represented at relevant conferences; encourage Trustees to engage with their local LMC; make contact with non-donating LMCs. 

## 4 Nations 

Work with the Trustees representing Scotland, Wales and Northern Ireland to emphasise the Fund’s UK credentials with a four nations approach. Continue to have a presence at the LMC conferences in Scotland, Wales and Northern Ireland. 

## Policy Issues 

Continue to improve signposting for applicants and beneficiaries by improving links with other organisations and charities and maintaining links with the four other main medical charities. 

Complete the review of charitable expenditure started in late 2023 to ensure the sustainability of the Fund. 

As part of the Fund’s risk management process, the need for an alternative Money Adviser, should the current provider be unavailable, was identified. We aim to trial the new provider who also has a casework support function to help applicants access benefits and debt solutions. 

The Fund will also take part in a pilot project with Akeso Coaching to provide coaching to some beneficiaries to enable them to return to work in General Practice. 

To improve efficiency in dealing with applications by implementing a new case management system as part of the new website. 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## 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.  Complete work on the new website. Continue to increase 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. As a result of the increase in grants awarded during the year, cash reserves fell and £95,000 was withdrawn from the investment fund at the end of October. 

At the year end the Charity had total funds of £7,947,127. Of these funds £7,667,984 are held in long term investments and £167,976 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. 

## **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. 

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## **THE CAMERON FUND** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **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 T John** Dated: ...21/03/2024.......... 

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## **THE CAMERON FUND** 

## **INDEPENDENT AUDITOR'S REPORT** 

## **TO THE MEMBERS AND TRUSTEES OF THE CAMERON FUND** 

## **Opinion** 

We have audited the financial statements of The Cameron Fund (the ‘Charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet and 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 Financial Reporting Standard 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 2023 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. 

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## **THE CAMERON FUND** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND 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. 

- 11 - 



## **THE CAMERON FUND** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND 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** 

....21/03/2024...... 

**Chartered Accountants Statutory Auditor** 

9 Bonhill Street London EC2A 4DJ 

- 12 - 



## **THE CAMERON FUND** 

## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

|**Current financial year**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Donations and legacies<br>**2**<br>148,710<br>3,000<br>Investments<br>**3**<br>272,126<br>-<br>**Total income**<br>420,836<br>3,000<br>Expenditure on:<br>Raising funds<br>**4**<br>5,304<br>-<br>Charitable activities<br>**5**<br>558,639<br>3,000<br>**Total resources**<br>**expended**<br>563,943<br>3,000<br>(143,107)<br>-<br>Net gains/(losses) on<br>investments<br>**10**<br>622,109<br>-<br>**Net income/(expenditure) for**<br>**the year and**<br>**Net movement in funds**<br>479,002<br>-<br>Total funds brought<br>forward<br>7,468,125<br>-<br>**Total funds carried**<br>**forward**<br>7,947,127<br>-|**Total**<br>Unrestricted<br>funds<br>**2023**<br>2022<br>**£**<br>**£**<br>151,710<br>228,557<br>272,126<br>200,001<br>423,836<br>428,558<br>5,304<br>(4,893)<br>561,639<br>422,155<br>566,943<br>417,262<br>(143,107)<br>11,296<br>622,109<br>(1,087,450)<br>479,002<br>(1,076,154)<br>7,468,125<br>8,544,279<br>7,947,127<br>7,468,125|Restricted<br>Total<br>funds<br>2022<br>2022<br>**£**<br>**£**<br>25,000<br>253,557<br>-<br>200,001<br>25,000<br>453,558<br>-<br>(4,893)<br>25,000<br>447,155<br>25,000<br>442,262<br>-<br>11,296<br>-<br>(1,087,450)<br>-<br>(1,076,154)<br>-<br>8,544,279<br>-<br>7,468,125|
|---|---|---|



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. 

- 13 - 



## **THE CAMERON FUND** 

## **BALANCE SHEET** 

## _**AS AT 31 DECEMBER 2023**_ 

|**Notes**<br>**Fixed assets**<br>Investments<br>**12**<br>Programme related investments<br>**13**<br>**Current assets**<br>Debtors<br>**14**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**15**<br>Net current assets<br>**Total assets less current liabilities**<br>**Income funds**<br>Unrestricted funds<br>General unrestricted funds<br>Revaluation reserve|**2023**<br>**£**<br>**£**<br>7,667,984<br>194,029<br>7,862,013<br>74,245<br>167,976<br>242,221<br>(157,107)<br>85,114<br>7,947,127<br>7,463,993<br>483,134<br>7,947,127<br>7,947,127|**2022**<br>**£**<br>**£**<br>7,136,150<br>178,220<br>7,314,370<br>14,065<br>294,785<br>308,850<br>(155,095)<br>153,755<br>7,468,125<br>6,915,001<br>553,124<br>7,468,125<br>7,468,125|**2022**<br>**£**<br>**£**<br>7,136,150<br>178,220<br>7,314,370<br>14,065<br>294,785<br>308,850<br>(155,095)<br>153,755<br>7,468,125<br>6,915,001<br>553,124<br>7,468,125<br>7,468,125|
|---|---|---|---|
||||7,314,370<br>153,755|
||||7,468,125|
||||7,468,125|
||||7,468,125|



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 ....21/03/2024..... 


.............................. 

Dr T John 

## **Company Registration No. 00993060** 

- 14 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **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 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. 

Revaluation reserves are unrealised gains on the Charity's investments. 

## **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. 

- 15 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **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. 

Support and governance costs are allocated to charitable activities in their entirety as the overheads relating to fundraising are not considered to be material. 

## **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. 

- 16 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **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** 

|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>Donations and gifts<br>-<br>Grants and awards<br>3,000<br>3,000<br>**Donations and gifts**<br>LMC - General<br>-<br>LMC - Charity levy<br>-<br>Individuals<br>-<br>Donated services<br>-<br>LMC - Christmas appeal<br>-<br>-|**Total**<br>**2023**<br>**£**<br>148,710<br>3,000<br>151,710<br>114,198<br>-<br>16,138<br>7,500<br>10,874<br>148,710|**Total**<br>**2022**<br>**£**<br>220,557<br>33,000|
|---|---|---|
|||253,557|
|||73,672<br>83,770<br>15,813<br>7,500<br>39,802|
|||220,557|



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. 

|**Grants receivable for core activities**<br>BMA Giving<br>BMA Charities Trust Fund|3,000<br>-<br>3,000|3,000<br>-<br>3,000|25,000<br>8,000|
|---|---|---|---|
||||33,000|



- 17 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

|**3**|**Investments**|||
|---|---|---|---|
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2023**|2022|
|||**£**|£|
||Investment dividends|265,438|198,970|
||Interest receivable|6,688|1,031|
|||272,126|200,001|



**4 Raising funds** 

||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Event costs and website development|4,584|1,135|
|Investment management fees rebate|(4,723)|(11,173)|
|Staff costs|5,443|5,145|
||5,304|(4,893)|



## **5 Charitable activities** 

|Grant funding of activities (see note 6)<br>Share of support costs (see note 8)<br>Share of governance costs (see note 8)<br>**Analysis by fund**<br>Unrestricted funds<br>Restricted funds|**2023**<br>**£**<br>448,006<br>99,735<br>13,898<br>561,639<br>558,639<br>3,000<br>561,639|2022<br>£<br>332,391<br>104,175<br>10,589|
|---|---|---|
|||447,155|
|||422,155<br>25,000|
|||447,155|



- 18 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **6 Grants payable** 

|Money advice<br>Grants to individuals|**2023**<br>**£**<br>13,548<br>434,458<br>448,006|2022<br>£<br>9,491<br>322,900|
|---|---|---|
|||332,391|



During the year the Charity supported 263 beneficiaries with loans and grants and 87 with Money Advice (2022 209 beneficiaries with loans and grants and 82 with Money Advice). 

## **7 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. 

## **8 Support costs** 

|Staff costs<br>Marketing<br>Rent, rates and other premises expenses<br>Printing, postage, stationery and software<br>Telephone and internet<br>Equipment hire<br>Sundry expenses<br>Insurance<br>Audit fees<br>Legal and professional<br>Trustees' expenses<br>Analysed between<br>Charitable activities|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>71,638<br>-<br>4,584<br>-<br>14,360<br>-<br>4,159<br>-<br>198<br>-<br>1,481<br>-<br>2,959<br>-<br>356<br>-<br>-<br>5,280<br>-<br>48<br>-<br>8,570<br>99,735<br>13,898<br>99,735<br>13,898|**2023**<br>**£**<br>71,638<br>4,584<br>14,360<br>4,159<br>198<br>1,481<br>2,959<br>356<br>5,280<br>48<br>8,570<br>113,633<br>113,633|2022<br>£<br>77,894<br>1,135<br>15,860<br>4,236<br>519<br>1,194<br>2,825<br>512<br>5,280<br>48<br>5,261|
|---|---|---|---|
||||114,764|
||||114,764|



Governance costs includes payments to the auditors of £5,280 (2022: £5,040) inclusive of VAT for audit fees. 

Trustees expenses includes the costs of visiting beneficiaries and attending meetings. 

- 19 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **9 Employees** 

The average monthly number of employees during the year was: 

|**Employment costs**<br>Wages and salaries<br>Social security costs<br>Other pension costs|**2023**<br>**Number**<br>3<br>**2023**<br>**£**<br>70,960<br>1,797<br>4,324<br>77,081|2022<br>Number<br>3|
|---|---|---|
|||2022<br>£<br>76,392<br>2,195<br>4,452|
|||83,039|



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 and national insurance contributions, of the key management personnel were £58,562 (2022: £55,252).  No employees received employee benefits in excess of £60,000 (2022 None). 

The number of staff to whom retirement benefits are accruing under a money purchase pension scheme during the year was 3 (2022: 3). 

## **10 Net gains/(losses) on investments** 

||**2023**|2022|
|---|---|---|
||**£**|£|
|Revaluation of investments|622,109|(1,087,450)|



## **11 Taxation** 

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

- 20 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **12 Fixed asset investments** 

|**2023**<br>**£**<br>**Cost or valuation**<br>At 1 January 2023<br>7,133,555<br>Additions<br>7,279,849<br>Valuation changes<br>622,111<br>Net transfers out<br>-<br>Disposals<br>(7,367,531)<br>At 31 December 2023<br>7,667,984<br>Historic cost<br>7,184,849|**Cash in**<br>**portfolio**<br>**Total**<br>**£**<br>**£**<br>2,595<br>7,136,150<br>-<br>7,279,849<br>-<br>622,111<br>(2,595)<br>(2,595)<br>-<br>(7,367,531)<br>-<br>7,667,984|**Cash in**<br>**portfolio**<br>**Total**<br>**£**<br>**£**<br>2,595<br>7,136,150<br>-<br>7,279,849<br>-<br>622,111<br>(2,595)<br>(2,595)<br>-<br>(7,367,531)<br>-<br>7,667,984|
|---|---|---|
|||7,667,984|
||||



As at 31st December 2022 the above portfolio was invested in Sarasin Climate Active Endowment Class A Income units to further the Charity's ethical investing aims.   In April 2023 the Charity moved its investments into the COIF Charities Ethical Investment Fund. 

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<br>Overseas Equities<br>UK Equities<br>Property<br>Liquid Assets<br>Infrastructure and Operating Assets<br>Other<br>Total|**2023**<br>**%**<br>9%<br>64%<br>7%<br>5%<br>2%<br>9%<br>5%|
|---|---|
||100%|



- 21 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **13 Programme related investments** 

|At 1 January 2023<br>Advances<br>Recovered amounts<br>**At 31 December 2023**|**£**<br>178,220<br>39,460<br>(23,651)<br>194,029|
|---|---|



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. 

## **14 Debtors** 

|**Amounts falling due within one year:**<br>Prepayments and accrued income<br>**15**<br>**Creditors: amounts falling due within one year**<br>Grants authorised<br>Accruals and deferred income<br>**16**<br>**Lease commitments**<br>Future minimum lease payments due under operating leases:<br>Within one year<br>Within two and five years|**2023**<br>**£**<br>74,245<br>**2023**<br>**£**<br>134,460<br>22,647<br>157,107<br>**2023**<br>**£**<br>(1,435)<br>(4,664)<br>(6,099)|2022<br>£<br>14,065<br>2022<br>£<br>137,720<br>17,375<br>155,095<br>2022<br>£<br>(1,238)<br>(929)<br>(2,167)|
|---|---|---|



- 22 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **16 Lease commitments** 

## **(Continued)** 

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 an agreement with annual payments of £1,238. The lease commenced in October 2021 and was due to finish in October 2024. 

In 2023 the Charity cancelled the lease and a new five year lease was entered into starting in January 2023. 

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. 

## **17 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 2023|**resources**|**expended**|**31 December**|
||||||||**2023**|
||**£**|£||**£**|**£**|**£**|**£**|
|BMA Giving - Covid and||||||||
|other specified financial||||||||
|hardship|25,000|(25,000)||-|3,000|(3,000)|-|



During 2022 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 2023 the charity received an award from BMA Giving to support grants to GPs and GP trainees and their families in financial hardship 

|**18**<br>**Analysis of net assets between funds**<br>**General**<br>**Funds**<br>**Restricted**<br>**funds**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>Fund balances at 31<br>December 2023 are<br>represented by:<br>Investments<br>7,667,984<br>-<br>Programme related<br>assets<br>194,029<br>-<br>Current assets/(liabilities)<br>85,114<br>-<br>7,947,127<br>-|**Total**<br>**2023**<br>**£**<br>7,667,984<br>194,029<br>85,114<br>7,947,127|**General**<br>**Funds**<br>**Restricted**<br>**funds**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>7,136,150<br>-<br>178,220<br>-<br>153,755<br>-<br>7,468,125<br>-|**Total**<br>**2022**<br>**£**<br>7,136,150<br>178,220<br>153,755|
|---|---|---|---|
||||7,468,125|



- 23 - 



## **THE CAMERON FUND** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ 

## **19 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 (2022: £7,500) and rent and service charges recognised in these accounts to be paid to the BMA during the year totalled £8,360 (2022: £8,360).   The Charity also incurred £2,011 (2022: £933) for catering facilities for Trustee meetings and £1,780 (2022: £1,932) of reimbursed office sundries. 

The Cameron Fund received an unrestricted award from BMA Giving of  £3,000 (£25,000 to provide financial support to GPs in hardship due to Covid, physical or mental illness, bereavement the breakdown of relationship, performance issues or unemployment ). 

Dr McGregor, a Trustee of the Cameron Fund, is a director of YOR Local Medical Committee Limited.   YOR Local Medical Committee Limited donated £6,068 (2022: £6,808) to the Cameron Fund during the year without restriction.  Dr McGregor is also a director of LMC Services Yorkshire CIC (trading as GPM Plus) which donated £2,480 to the Cameron Fund without restriction. 

Dr Brown was a director of Surrey & Sussex LMC until retirement during the year.   During the 2023 year Surrey & Sussex LMC donated £2,800 to the Cameron Fund without restriction. 

Dr Holden is a director of the Derby & Derbyshire Local Medical Committee Limited and Treasurer of Derbyshire LMC.   Derby & Derbyshire Local Medical Committee Limited donated £500 (2022; £272).  The donations were for the general purposes of the Charity and were received without restriction. 

Dr McDowell is a director and Secretary of the Northern Ireland General Practitioners Defence Fund Limited. During the 2023 year NI GPDF donated £5,000 to the Cameron Fund without restriction (2022: £4,500). 

Dr Vautrey is the Assistant Secretary of Leeds LMC.  During the 2023 year Leeds LMC donated £1,000 to the Cameron Fund without restriction. 

During the year the Trustees collectively donated £1,740 (2022: £780).  None of these funds were given for activities outside of the Charity's usual undertakings and were received without restriction. 

Reimbursement of expenses relating to travel and subsistence amounted to £6,252 (2022: £3,671).  The number of Trustees reimbursed expenses was 15 (2022: 8). 

The cost of Trustees' indemnity insurance borne by the Charitable Company was £307 (2022: £297). 

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