OpenCharities

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

2023-03-31-accounts

AAGBI Foundation

(A company limited by guarantee)

Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2023

Company registration number: 01963975 Charity number England & Wales: 293575 Charity number Scotland: SC040697

AAGBI Foundation Contents of the Financial Statements For the year ended 31 March 2023

Click arrows below to view sections

Report of the Trustees 3
Report of the Independent Auditors 21
Statement of Financial Activities 25
Statement of Financial Position 26
Statement of Cash Flows 27
Notes to the Statement of Cash Flows 28
Notes to the Financial Statements 29

Back to contents

2

Report of the Trustees

Legal and administrative information

Status

Company limited by Guarantee which does not have a share capital, and is a registered charity with the Charity Commissioners for England and Wales and with the Office of the Scottish Charity Regulator.

Governing document

Memorandum and Articles of Association

Company Number

01963975 (England and Wales)

Charity Number

293575 (England and Wales) SC040697 (Scotland)

Registered office and operational address

21 Portland Place London W1B 1PY

Trustees

The trustees and directors who served during the year were as follows:

Appointed by the Association of Anaesthetists or Great Britain and Ireland

Dr S Agarwal - resigned 23 March 2023 Dr A A Klein Dr K F Barker Dr V McCormack Dr P M Barclay - appointed 15 September 2022 Dr T Meek Dr C D C Carroll - appointed 15 September 2022 Dr C Mowatt – resigned 4 April 2022 Dr M T Davies Dr M Nathanson Dr S A Edwardson - appointed 7 July 2022 Dr S Radhakrishna Dr R J Fleming Dr D Raviraj - resigned 7 July 2022 Dr B L Fox - appointed 15 September 2022 Dr R E Self Dr N E Freeman Dr M Stacey - resigned 13 January 2023 Dr J M Harrison - appointed 15 September 2022 Dr J E H Ward Dr S M Kinsella - resigned 15 September 2022 Dr E C E Wain

AAGBI Foundation appointed trustees and directors

Dr P Barker – resigned 15 September 2022 Dr S J Burgess OBE - appointed 2 December 2022 Dr W Fawcett – resigned 15 September 2022 Dr R S Gill

Mr S Mullarkey Dr T E Sheraton Dr P Young OBE

3 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Reference and administrative details

Auditors

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Officers

Dr Matthew Davies, President Dr Mike Nathanson, Immediate Past President Dr Tim Meek, Honorary Secretary Dr John Ward, Honorary Treasurer Dr Robert Self, Honorary Membership Secretary

Dr Andy Klein, Editor-in-Chief, Anaesthesia Dr Emma Wain, Honorary Treasurer Elect Dr Robert Fleming, Honorary Treasurer Elect

Senior Management Team

Ms Nicky de Beer, Chief Executive Officer (from 23/05/2022)

Ms Gemma Campbell, Head of Support Services & Information Management, Acting Chief Executive Officer (from 19/07/2021 to 20/05/2022)

Ms Nicola Heard, Head of Education & Membership Services

Mr Vipan Narang, Chief Operating Officer (to 12/05/2023)

Solicitors Investment Managers Withers Investec 20 Old Bailey 100 Wood Street London London EC4M 7AN EC2V 7AN

The Trustee Board of the AAGBI Foundation (the Foundation) presents its report and the audited financial statements for the year ended 31 March 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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).

Association of Anaesthetists is the brand name used to collectively refer to both the AAGBI Foundation and the Association of Anaesthetists of Great Britain & Ireland.

4 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Structure, Governance & Management

The Foundation is a Company limited by Guarantee and does not have share capital and is a Registered Charity with the Charity Commissioners for England and Wales and with the Office of the Scottish Charity Regulator. It is governed under the Articles of Association (date approved 5 September 2014). The Board has adopted a Governance Manual, which is updated annually, containing the regulations and procedures to ensure good governance of the organisation.

The governance structure has been streamlined during the year and the Heritage Committee has been merged with the Research and Grants Committee to form a new Heritage, Research and Innovation Committee. The Finance, Audit and Investment Committee has been renamed as the Finance, Audit, Risk and Investment Committee to better reflect its scope.

The charity has the following governance and committee structure.

The Foundation’s trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

Public Benefit Statement

The charitable purposes of the Foundation are set out in its constitution and the objects include ‘the advancement of public education in and the promotion of those branches of medical science concerned with anaesthesia including its history’, in relation to research, ‘the promotion of study and research into anaesthesia and related sciences and the publication of results of all such study and research’ and in relation to the public generally, ‘the advancement of patient care and safety in the field of anaesthesia and disciplines allied to anaesthesia’.

The trustees ensure that the objects are achieved through an extensive programme of education and training and the funding of research into aspects of anaesthesia. Educational events and applications for research awards are openly advertised and the public are able to access the museum, rare book collection and archives in London, which the Foundation maintains to preserve the history of anaesthesia.

5 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Appointment of Trustees and Directors

The majority of trustees and directors are appointed to the Foundation Board by the Association of Anaesthetists of Great Britain and Ireland, which is the sole member of the charity. This enables the management and activities of the Foundation to be co-ordinated with those of the Association, ensuring that the resources available to the Foundation and related parties are used to maximum effect in fulfilling its objectives. The charity’s Board also appoints up to 5 trustees with appropriate skills/experience relating to its charitable activities.

Independent Specialists

Trustees have adopted a strategy of involving independent specialists (formerly known as lay members) in the charity’s governance. These independent specialists bring appropriate skills/experience and expertise as a critical friend to support and advise the trustees. Independent specialists have been appointed to the following committees: Finance, Audit, Risk and Investment; Heritage, Research and Innovation; International; Safety; Environment and Sustainability, as well as to the Foundation Board.

Trustee Induction and Training

Annual training is provided for trustees to enable them to perform their governance duties effectively. Newly elected members are advised on their governance and financial responsibilities as directors and trustees and receive an induction information pack and briefing session. All trustees have access to the Governance Manual online and receive refresher training as policies and procedures are regularly updated.

Related parties and co-operation with other organisations

None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager and a contractor or other third-party organisation must be disclosed to the full Board. In the current year no related party transactions took place.

Organisation and Management

The staff team of the Foundation is led by the Chief Executive Officer and senior management team, who work closely with appointed Officers and Board members. During the year there was a change in Chief Executive Officer, with Ms Nicky de Beer appointed as Chief Executive Officer from 23 May 2022.

The staffing structure of the Foundation was formally reviewed at the end of 2022 and a full staff consultation on a proposed restructure was launched in January 2023. The consultation resulted in a new organisational structure which came into effect on 1 April 2023. The new structure has been designed to support the Foundation to achieve its strategic objectives.

Professional advisors are used to provide specialist advice in areas of investment, finance, human resources, law and property.

The Board meets regularly to direct the affairs of the Foundation and consults members representing other related bodies, for example the Royal College of Anaesthetists. Oversight and development of specific activities is delegated to sub-committees who report their proceedings to the Board.

6 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Strategic vision

The charity’s trustees determine overall strategy and policy. In 2017, the Board adopted a long-term strategy, setting out the vision for the next 5 years, produced in consultation with staff, members and trustees. The strategy was updated in 2022 and the development of a new strategic plan is underway looking beyond 2024. The strategy provides the framework in which the Board sets the organisation’s objectives and approves the budget.

As per the reserves policy on pages 18-19, the Board has taken a longer-term view on the organisation’s needs by designating funds relating to future strategic investment.

Operational management and responsibility for delivery of the plan is delegated to the Chief Executive Officer. Expenditure decisions within the approved budget are governed by a scheme of delegated authority. Issues arising during the year concerning matters outside the business plan are referred to the Board if required.

Pay policy for senior staff

All of the trustees give their time freely and no trustee received remuneration in the year. Details of trustees’ expenses are disclosed in note 12 to the accounts and no related party transactions took place as disclosed in note 22 to the accounts.

The Foundation’s Board has adopted a salary policy, under which an annual salary review is conducted and overseen by a Remunerations Committee appointed by the Board. Salary benchmarking is conducted annually.

Risk Management

The trustees have established systems of internal control, comprising annual budgets and financial forecasts, delegated authorities, procedures for operational management and segregation of duties. Regular reviews of financial and investment performance take place through the Finance, Audit, Risk, and Investment Committee.

Risks are documented in a risk register which is subject to ongoing assessment and evaluation by senior management and trustees with regular reports of the key risks provided for review by the Finance, Audit, Risk, and Investment Committee, and the Board.

This ongoing evaluation includes agreeing mitigating actions and timeframes to manage the risks identified.

Key business risks relate to continuing to address the impact of COVID-19 on all aspects of the Foundation’s work. The risk register reflects that managing COVID-19 related risks has become ‘business as usual’ as we address the challenges and opportunities presented by this period of rapid change.

The focus continues to be on supporting members by providing timely and relevant resources and education.

7 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Key organisational risks include:

Part of the mitigation has been the organisation increasing its advocacy role to ensure, that both in England and in the devolved Parliaments in respect of the future of the NHS, the views and concerns of our members are heard.

To mitigate concerns in respect of education delivery, we now have new Education Committee chair in place, a project lead and project group for each conference to help develop the programme.

To mitigate this, we continue efforts to ensure our conferences appeal to a large number of anaesthetists with differing interests in anaesthesia, including working with our Specialist Societies on sessions and workshops at our conference venues. We continue to promote those activities which set us apart from our competition; advocacy, heritage, and wellbeing.

We will continue to review our income and expenditure during the year to ensure we remain on track.

Objects and activities for the public benefit

The principal objects and activities of the Foundation are related to the improvement of patient care and safety in Great Britain and Ireland and internationally. This is achieved through the advancement of public education concerned with anaesthesia, together with the funding of education and research into anaesthesia and related sciences.

The core programmes of the Foundation are focused in line with these objects on:

8 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

The Foundation organises several large scientific meetings and an extensive seminar and webinar programme and is a major grant maker to research into aspects of anaesthesia. The Anaesthesia Heritage Centre houses the museum, rare book collection and archives and is normally open to the public.

Visitors were welcomed back to the Foundation’s Grade II* listed premises at 21 Portland Place during the year following several disrupted years due to COVID-19. The building offers accommodation for the administrative and finance activities of the Association of Anaesthetists and after a successful trial period, the Association has adopted a hybrid working policy for the staff team.

There has been ongoing investment in upgrading the facilities in the building which will ensure it continues to be fit for purpose for staff and visitors. Capital expenditure investment for the year was £204k. The external redecoration of the building required every 5 years under the terms of the lease were completed in summer 2022.

The Foundation works closely with the Association of Anaesthetists, which provides major funding each year for the Foundation’s activities. Committees have been established to oversee education through a programme of scientific meetings and seminars, and for the management of the heritage collection, finance and investments.

The Anaesthesia Heritage Centre is co-ordinated by the Heritage Manager and Heritage Assistant, who both have professional qualifications. The centre is under the direction of the Heritage, Research and Innovation Committee. The members of staff are supported by a group of 12 volunteers, who are mostly retired consultant anaesthetists.

The Heritage Centre tells the remarkable story of anaesthesia, from its first public demonstration in 1846 to the founding of anaesthesia as we know it today. Formed in 1953 from the private collection of A. Charles King’s historic anaesthetic apparatus, the heritage team now care for over 13,000 items across the museum, library and archive collections. It is accessible to all and free to visit.

The centre’s vision is ‘To link the past with the present and keep alive the history of the specialty through education and information and preserving our heritage’ . To achieve this, the heritage team actively engages audiences throughout the year with a programme of group visits, talks, late events and a new venture, running family activities. They are always looking to engage new audiences and increase outreach opportunities.

The Heritage Centre engaged with 3,667 visitors through a series of late events, visits to the museum, travelling exhibitions, family workshops with partner organisations, group visits, and for the first time, attendance at Engineering UK’s Big Bang Fair and participation in the Open House Festival.

Association of Anaesthetists Heritage Centre

9 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Grant making policy

Research grants are advertised to attract high quality applications from trainee and consultant anaesthetists. All applications for research are considered by a process of evaluation of projects through the National Institute for Academic Anaesthesia (NIAA), which makes awards with the approval of the Board. The progress and outcome of research projects is reviewed and reported through the Heritage, Research and Innovation Committee. It is customary for the outcome of successful projects to be published in peer reviewed journals. In 2022/23 the NIAA returned to running two grant rounds; during COVID-19 grant rounds had been reduced or cancelled.

During the year, the trustees reviewed the charity’s research strategy and set out the priorities for grant funding:

Since 2019 the Foundation has offered the Maurice Freeman Barema and Association of Anaesthetists Joint Research Grant in partnership with Barema (the Association for Anaesthetic and Respiratory Device Suppliers). No grants were awarded in 2022/2023. Four research grants have been jointly awarded in total.

For international grants, applications for grants and funding are normally invited (subject to specified criteria) to support international work and are reviewed by the International Relations Committee (IRC) and Safer Anaesthesia from Education (SAFE) grant funding applications are reviewed by the SAFE Steering Group.

Follow up reports are routinely required from grant recipients. Applicants are required to demonstrate that all due diligence to the safety of funded participants and delegates in-country has been considered, that the project could not be delivered through alternate methods and whether the project has been sanctioned by independent parties such as the Ministry of Health.

Fundraising

The Foundation had one charity place for the London Marathon in 2022 for which the donations will go to the SAFE Africa appeal. This is reported further on subsequent pages.

With regard to these activities, the trustees are mindful of guidance on fundraising governance and standards from the Fundraising Regulator and Charity Commission and there have been no complaints about the charity’s fundraising activities. The charity does not use third party fundraisers.

10 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Achievements and Performance

Programme delivery

The last financial year has seen continued development of the programmes delivered by the charitable foundation.

To recognise the advocacy work and the impact it has on the specialty, the trustees have decided to show this as a separate programme under charitable activities on the statement of financial activities.

Key achievements towards fulfilment of the charity’s vision for each programme area in last 12 months are outlined below.

Education in anaesthesia for the public and medical professionals

To provide educational excellence as a leading provider, nationally and internationally, of relevant, challenging and high-quality educational activities and resources, available through in-person events and online.

To deploy e-learning to reach the widest possible community of learners Vision through creating a one-stop-shop for postgraduate and continuing education and training on all aspects of anaesthesia, critical care medicine and pain management.

Progress to achieve our vision this year

As the COVID-19 pandemic began to ease, the Foundation started to move its educational offering back to in-person and hybrid events, whilst continuing with webinars and online, on-demand education through the learning management platform, Learn@).

The Trainee Conference, run as a hybrid event in Bristol, attracted 220 in-person delegates and 66 online delegates.

Annual Congress ran as an in-person event in Belfast. There were 530 delegates, lower than expected, but this was due to transport issues over the summer period and ease of access to the conference venue from England.

WSM 2023 was run as a hybrid event for the first time attracting 1,086 delegates of which 560 were in person and 526 were online, similar to numbers for WSM 2022 which was virtual. Over 500 delegates attended 18 seminars and 270 delegates attended 5 core topics during the period from April 2022 to March 2023.

A key educational element at all the conferences is the opportunity to present abstracts: 144 abstracts were accepted for the hybrid Trainee Conference in 2022, 77 abstracts were accepted for Annual Congress 2022 and WSM 2023 saw 114 abstracts accepted. All accepted abstracts are published in special online supplements of the journal Anaesthesia .

11 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

The Foundation’s e-education continued with the Learn@ online learning platform now providing access to over 1,000 video lectures. Use of this upgraded learning management system which relaunched in 2020 has increased steadily, with 1,083 new users accessing the content for the first time during the year, and over 30,000 video views recorded. It offers enhanced searchability and CPD functionality for Association members to reflect on and record CPD activities.

During the year the webinar programme continued, with 22 webinars attracting just under 9,500 delegates from 73 countries. In addition, the recordings of all webinars are made available after the event. The recordings of this year’s webinars have been viewed over 6,000 times, with over 80,000 views of webinar recordings in total.

Safety in anaesthesia

----- Start of picture text -----
Vision
----- End of picture text -----

To promote safe anaesthesia through the provision of information, education, guidance and expert advice to anaesthetists and healthcare stakeholders

Progress to achieve our vision this year

The publication of guidelines is a core activity in promoting patient safety. During the year new publications included:

The moratorium on new guidelines, in place since December 2020 due to clinician capacity issues during the pandemic was lifted in December 2022. The focus has been on reviewing and updating existing guidelines.

Proposals for new working parties were considered on an exception basis during this time and the Trustees approved the establishment of working parties on the following topics:

The Guidelines and Working Parties Committee oversees the development of the safety guidelines and recommend the creation of new guidelines. All published guidelines are subject to a consultation process with trustees and the membership prior to publication. During the course of the year an Association app has been launched as a new benefit for members, offering the guidelines in an accessible online and offline format.

12 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Heritage

----- Start of picture text -----
Vision
----- End of picture text -----

To link the past with the present, keep alive the history of the specialty through education and information and to preserve our heritage by working with the specialty and the public.

Progress to achieve our vision this year

After a closure of two years during the COVID-19 pandemic, the Heritage Centre re-opened in February 2022. Group visit bookings have increased significantly since re-opening, and the team welcomed 16 groups (328 people) to Portland Place along with over 700 museum visitors.

Whilst there has been a drop off in attendees to our evening Lates events since re-opening, 42% of attendees had never been to an event before. This is an encouraging statistic for the centre’s ambition to attract new audiences. Equally, the percentage of returnees which was at 58% is evidence that satisfaction levels with the event offer is high.

For the first time, the team, supported by four volunteers, attended the Big Bang Fair and facilitated STEM related activities to over 2,400 school children. We also opened up 21 Portland Place for the Open House Festival which enabled the team to attract a non-medical audience and share the history of the Association and the specialty with them.

2022 was the year the Association celebrated its 90th anniversary, and the heritage team led on the programming which included four Lates events, a 90th themed temporary and travelling exhibition, and the installation of a timeline at Portland Place which celebrates the Associations’ achievements over the last 90 years.

Social media, in particular Twitter, continues to prove a significant audience engagement tool, and the centre gained 677 new followers on Twitter in 2022/23.

13 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

International grants and projects to support anaesthesia in lower resource countries

----- Start of picture text -----
Vision
----- End of picture text -----

To promote quality anaesthesia, critical care, pain management, patient care and associated subspecialties in low resourced environments and other overseas locations as appropriate through the exchange of skills and knowledge.

Progress to achieve our vision this year

In the course of the year, the charity awarded ten grants totalling £34,803 (2022: one grant totalling £4k, see note 9) and spent £4,656 (2022: £568) on the book programme which donates books to anaesthetic professionals in low resource environments.

The International Relations Committee (IRC) has developed an international e-education grant funding category for e-education projects aimed at low or lower middle income countries which are a catalyst for innovation to the delivery of education. In 2022/23 one grant was awarded in this category.

The Safer Anaesthesia from Education (SAFE) programme is a collaboration between the Foundation and World Federation of Societies of Anaesthesiologists (WFSA). All SAFE courses are provided by trained volunteers with expertise in the specialty. Since 2011, the SAFE programme has trained over 6,500 clinicians in 48 countries. These are mostly anaesthesia professionals but also midwives, obstetricians, surgeons, and other physicians. Over 1,000 clinicians have been trained as SAFE trainers. Three SAFE funding grants have been awarded totalling £30,914, which includes two projects which have been awarded SAFE Africa funding totalling £18,646 Work continues to digitise the SAFE project learning materials.

Our international fellow continues to provide knowledge and support to the delivery of the Association’s international work as a co-opted member or the IRC and SAFE Steering Group.

SAFE Africa Fundraising

In 2017, the charity launched a fundraising campaign, SAFE Africa, which quickly gained momentum. The aim was to raise £100,000 to support the delivery of SAFE training in Africa. As at 31 March 2023 a total of £140,617 has been raised.

Since the start of the campaign, SAFE Africa funding has been awarded to 11 projects, shown in Figure 1, totalling £93,046.

Figure 1 SAFE Africa funded courses

14 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Research funding to promote improvements in patient care

To improve patient care and safety through relevant and impactful high quality research into anaesthesia and allied specialties

----- Start of picture text -----
Vision
----- End of picture text -----

Progress to achieve our vision this year

The Foundation continued to work through the NIAA in awarding grants for research. Grants totalling £86,763 (see note 9) were awarded during the year.

Undergraduate elective grants are awarded through the Heritage, Research & Innovation Committee. Applications are assessed by an undergraduate elective assessor panel and recommendations are approved by the committee. In 2022/23 we received a record number of applications and the undergraduate elective funding programme awarded a total of £10,300.

Advocacy and campaigns – a voice for the specialty

Vision

To be an effective voice for the specialty, a leading contributor to health policy affecting anaesthesia and a leader in raising public awareness and understanding of the anaesthetist’s role.

Progress to achieve our vision this year

A key priority for the next 3–5 years is to continue to develop our advocacy and campaigns and policy work, engaging in key policy debates and strategic discussions and actively deploying communications, public affairs and stakeholder engagement, public relations and media/communications techniques to raise our profile and promote our messages to professional, political and public audiences. The advocacy and campaigns team has continued to provide a voice for both the specialty and membership by responding to policy consultations, Select Committee inquiries and by issuing statements. As with previous years, workforce has remained a key theme of this work along with the elective care backlog. Work around the regulation of Anaesthesia Associates has continued with a position statement developed and approved by the Board setting out the Association’s hopes for the regulation process.

Work on the Fight Fatigue campaign has continued, culminating in a reception in the House of Commons in March 2023. This event was well attended by politicians and campaign backers alike. New backers have continued to support the campaign including the Liberal Democrats and two medical defence organisations. A survey around safer travel to work was also shared with members which received an extremely positive response. Data from this will be analysed and used to dictate campaigning priorities going forward.

This year has seen a big increase in meetings with external stakeholders; strong relationships have been built with organisations like the Medical Protection Society and the Patient Safety Commissioner allowing multiple opportunities for the organisation’s priorities to be highlighted and progressed. A presence at the Labour, Conservative and SNP party conferences as well as the NHS Confederation Expo has also helped increase awareness of both the Association and the specialty as a whole.

15 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Environment and sustainability

----- Start of picture text -----
Vision
----- End of picture text -----

We are committed to promoting environment sustainability across our activities as well as encouraging and supporting action by our members. This includes mitigating the adverse effects of climate change, prudent use of natural resources and minimising waste.

The organisation continued to progress its drive to become more environmentally friendly. The Environment and Sustainability Committee actively promotes green healthcare across the profession and linked up with Common Issues Group partner organisations to publish an international position statement outlining priorities and a statement of intent. It continues to offer a fellowship in environmentally sustainable anaesthesia in partnership with Newcastle upon Tyne Hospitals NHS Foundation Trust and the Centre for Sustainable Healthcare.

The network of environment champions established in 2019 continues to grow and regular online sharing hours have been set up, led by the fellow, to encourage collaboration and share examples of best practice. Alongside the Greener NHS Team, the Association is part of a joint task group to achieve the goals related to anaesthesia that have been set out in the NHS long term plan, of which a particular focus is reducing the impact of anaesthetic gases. In January 2023 a joint statement was issued with NHS England (NHSE) and the Royal College of Anaesthetists supporting NHSE’s plan to decommission desflurane by early 2024. Work continues on reducing nitrous oxide waste.

Organisational development and future plans

As reported under risk management (pages 7-8) the charity continued to be impacted by the COVID-19 health emergency. As we emerged from this period, we successfully transitioned our core educational programmes back to in-person education and kept our hybrid offer where appropriate and in keeping with our members’ preferences.

This report outlines that across our work, despite the impact of COVID-19, significant progress has been made over the last year in delivering key aspects of the charity’s core purpose and programmes.

We have completed a strategic staffing review and now have an organisational structure which is fit for purpose and will underpin the delivery of our core activities.

Looking forward, we have a robust roadmap to deliver a balanced budget in the short to medium term, and we are in the process of updating our strategy for 2024 and beyond. We have had a full year to reflect on the ‘new normal’ and fully expect the charity’s activities to continue to adapt as necessary in response to both internal and external factors.

16 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Finance review

With the easing of COVID-19 restrictions during the year, this enabled a return to more in-person educational events during the year. There remain challenges for the organisation with inflation driving up costs impacting pricing for our services to our beneficiaries, who in turn, are facing significant cost of living pressures.

The Foundation’s net expenditure before investment gains/(losses) was £262k (2022: £110k).

Review of the Foundation’s key income and expenditure categories

Total income increased by £596k to £4.59m (2022: £3.99m), a year-on-year increase of 15%.

Reviewing the key income categories:

Income from educational events increased by £492k to £1.12m (2022: £630k) an increase of 78%. This was due to a combination of holding more educational events and a return to in person events in the year.

Income from donations was £1.55m (2022: £1.64m), a decrease of £92k. This was an expected decrease as the donation received in the year from the Association of Anaesthetists was £100k less at £1.5m compared to £1.6m in 2022.

Income from other trading activities was £1.62m (2022: £1.42m), an increase of £193k. The cost sharing agreement that exists between the Foundation and the Association increased by £150k, in part due to the cyclical redecoration works at 21 Portland Place which took place in 2022 as required under the terms of the lease. Fees from e-education increased by £19k to £58k, an increase of 48%.

Income from investments increased by £39k to £301k (2022: £262k).

Resources expended increased by £748k to £4.85m (2022: £4.11m).

Advocacy is now shown as a separate programme on the statement of financial activities. In previous years, the costs associated with this activity were treated as support costs and allocated across the four charitable programmes.

Expenditure on our educational programme of £3.31m for 2023 (2022: 2.53m) saw an increase of £788k. The key factor behind this was the increase in costs of holding In-person educational events including venue hire and catering costs.

International programme grants expenditure increased by £10k to £66k (2022: £56k).

Expenditure on our research programme grants decreased by £19k to £82k in 2023 (2022: £102k).

The Foundation’s investments saw net losses of £592k during the year.

17 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Reserves Policy

In setting our target for free general reserves, our trustees recognise holding reserves is a key aspect of our approach to risk management and safeguarding the charity’s future sustainability.

Trustees’ key considerations in arriving at a target for free reserves are:

From these considerations, the trustees have set a target-range of unrestricted free general reserves of £8.24m-£9.61m, equating to 18-21 months of operating expenditure.

This policy means that the Foundation can make appropriate strategic fund allocations and also have in place a sound financial base for the future.

Reserves as at 31 March 2023

The reserves position (as shown in note 20 of the financial statements) is summarised as follows:

Funds
Total funds
Less: restricted funds
Less: designated funds (see below)
Total unrestricted free general funds		 Total
£000’s
£18,259
(£62)
(£6,921)
£11,276

Unrestricted free general funds

As at 31 March 2023 the Foundation has unrestricted free general funds of £11.28 (2022: £11.68m). This is greater than the target reserves range set of £8.24m - £9.61m by £1.66m.

The long-term strategy is being updated and will be published in the coming year. Trustees will continue to review the reserves position to deliver the strategic ambition of the charity.

These reserves are accounted for by realisable investments and cash on deposit and are held for the future development of the Foundation and its charitable activities.

18 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Designated Funds

These are funds earmarked for particular purposes by the trustees with the bulk of this amount relating to the Foundation’s premises and other tangible fixed assets.

The trustees have set up five designated funds included in unrestricted funds:

The amount represents the net book value (cost less depreciation) of these assets. The fund recognises that reserves tied up in the buildings and other fixed asset costs are not readily convertible to cash. Designation allows the reader of the accounts to more easily see the remaining reserves readily available for operational use.

This fund recognises the lease obligation for cyclical building works at 21 Portland Place. These works are required to be undertaken every five years with the next round of work of work to be undertaken in the year-ending 31 March 2028.

The trustees have decided to set aside £30k per annum to increase this fund between each round of building works.

The fund is for investment in infrastructure, including IT and property, for future years to enable the organisation to remain relevant through the provision of excellent member services.

The increase to fund reflects the planned investment in capital expenditure for the three years 2023/24, 2024/25 and 2025/26.

This was set up in 2018/19 to provide initial funding for the new work streams of advocacy and campaigns and wellbeing. The current balance means we will continue to support advocacy and wellbeing without recourse to General Funds for 2022/23.

This fund is used as matched funding for research projects. The fund was set up using the Wiley contract signing bonus with, subject to suitable applications, £25k used per year used as matched funding for the Barema and Association joint research grant.

Property

A key asset for the Foundation remains its English Heritage listed headquarters in Central London.

Substantial upgrade, modernisation and improvement work has been completed over the last four years.

With ‘normal’ use for the building in the process of being re-established, a property strategy will be developed in the future.

19 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Investment Policy

Under the Articles of Association the Foundation has the power to invest without restriction. The Foundation has adopted an ethical investment policy reflecting its position as a medical charity. The investment policy is kept under review through the Finance, Audit, Risk and Investment Committee.

The portfolio comprised investment and unit trusts, Treasury stock and direct holdings in shares, in line with the Foundation’s agreed policy. The Foundation has set risk objectives and adopted guidelines on diversification of the portfolio.

With the assistance of its professional investment advisors, the performance of investments is measured against the agreed bespoke benchmark on a quarterly basis during each Finance, Audit, Risk and Investment Committee. The benchmark is a composite of comparative indices based on asset class weightings contained within the portfolio. Over the past 12 months, total returns were -2.4% (income +2.5%, capital -4.9%) as compared to the benchmark of -3.5%. The trustees are content with the performance in the current economic climate.

The investment policy is reviewed periodically.

Statement of Trustee responsibilities

The trustees (who are also the directors of AAGBI Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

In so far as the trustees are aware:

Auditors

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the Board of Trustees on 1 September 2023 and signed on its behalf by:

Dr J Ward – Trustee

20 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

Report of the Independent Auditors

To the members of the AAGBI Foundation

Opinion

We have audited the financial statements of AAGBI Foundation for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of 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:

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 charitable company 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 charitable company’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.

21 AAGBI Foundation | Report of the Independent Auditors | To the members of the AAGBI Foundation

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require us to report to you if, in our opinion:

22 AAGBI Foundation | Report of the Independent Auditors | To the members of the AAGBI Foundation

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 20, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company’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

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.

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:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to revenue recognition, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

23 AAGBI Foundation | Report of the Independent Auditors | To the members of the AAGBI Foundation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: 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, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and 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 those matters we are required to state to them in an Auditor’s 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tom Brain (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place London, EC4R 1AG

13 September 2023 DATE ..........................

24 AAGBI Foundation | Report of the Independent Auditors | To the members of the AAGBI Foundation

AAGBI Foundation Statement of Financial Activities

Continuing operations (Incorporating An Income And Expenditure Account)

For the year ended 31 March
2023
Notes
Income and endowments from
Donations
3
Government Grant - CJRS
Charitable activities
Educational programme
6
Other trading activities
4
Investment income
5
Total
Expenditure on
Raising funds
7
Charitable activities
8
Educational programme
International programme
Research programme
Heritage programme
Advocacy programme
Total
Net (expenditure) before
investment gains/(losses)
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
2023 Total
funds
2022 Total
funds as
restated
£
£
£
£
1,509,828
43,497
1,553,325
1,645,037
-
-
-
36,304
1,121,546
-
1,121,546
629,815
1,617,474
-
1,617,474
1,424,688
301,282
-
301,282
262,270
4,550,130
43,497
4,593,627
3,998,114
48,914
-
48,914
51,930
3,289,042
25,250
3,314,292
2,526,086
192,693
18,646
211,339
244,025
229,589
-
229,589
297,877
499,172
2,843
502,015
465,664
549,852
-
549,852
522,562
4,760,348
46,739
4,807,087
4,056,214
4,809,262
46,739
4,856,001
4,108,144
(259,132)
(3,242)
(262,374)
(110,030)
(592,270)
-
(592,270)
711,578
(851,402)
(3,242)
(854,644)
601,548
19,048,361
65,274
19,113,635
18,512,087
18,196,959
62,032
18,258,991
19,113,635

25 AAGBI Foundation | Statement of Financial Activities

Company registration number: 01963975 Charity number England & Wales: 293575 Charity number Scotland: SC040697

AAGBI Foundation

Statement of Financial Position

For the year ended 31 March 2023

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank
Creditors
Amounts falling due within one year
18
Net current assets
Total assets less current liabilities
Net assets
Funds
20
Unrestricted funds
Restricted funds
Total funds		 2023 Total
funds
2022 Total
funds
£
£
5,933,083
6,217,686
11,235,486
11,623,229
17,168,569
17,840,915
319,163
339,244
1,513,266
1,542,127
1,832,429
1,881,371
742,007
608,651
1,090,422
1,272,720
18,258,991
19,113,635
18,258,991
19,113,635
18,196,959
19,048,361
62,032
65,274
18,258,991
19,113,635

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, relating to small charitable companies.

The financial statements were approved and authorised for issue by the Board of Trustees on 1 September 2023 and were signed on its behalf by:

Dr J Ward –Trustee Company Registration no 01963975

26 AAGBI Foundation | Statement of Financial Position

AAGBI Foundation

Statement of Cash Flows

For the year ended 31 March 2023

Notes
Cash fows from operating activities:
Cash generated from operations
1
Net cash provided by (used in) operating activities
Cash fows from investing activities:
Purchase of tangible fxed assets
Purchase of fxed asset investments
Proceeds from sale of fxed asset investments
Interest received
Listed investment income
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2023
£
77,950		 2022
£
228,196
77,950 228,196
(203,566)
(1,670,335)
1,465,808
6,499
294,783		 (260,686)
(1,117,269)
1,303,365
84
262,186
(106,811)
(28,861)
1,542,127		 187,680
415,876
1,126,251
1,513,266 1,542,127

The charity has no borrowings so the movements in net funds are all included in the statement of cash flows above.

27 AAGBI Foundation | Statement of Cash Flows

Notes to the Statement of Cash Flows

For the year ended 31 March 2023

  1. Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net movement in funds for the reporting period (as per
the statement of fnancial activities)
Adjustments for:
Depreciation charges
Losses/(Gains) on investments
Interest received
Listed investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2023
2022
£
£
(854,644)
601,548
488,169
464,285
592,270
(711,578)
(6,499)
(84)
(294,783)
(262,186)
20,081
(67,371)
133,356
203,582
77,950
228,196

28 AAGBI Foundation | Notes to the Statement of Cash Flows

AAGBI Foundation

Notes to the Financial Statements

For the year ended 31 March 2023

1. General information

The charitable company is incorporated and domiciled in the United Kingdom. The address of its registered office is 21 Portland Place, London W1B 1PY. The registered number of the company is 01963975 and is registered as a company limited by guarantee in England and Wales. The registered number of the charity is 293575.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) (Second edition, effective 1 January 2019), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

a) Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels, investments and future plans give the trustees confidence that the charitable company remains a going concern for the foreseeable future. The recovery from COVID-19 on our operations is under continual review. More detail is available within the Trustees’ Report.

b) Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

(i) Tangible fixed assets. Fixtures and fittings and office equipment are depreciated over their useful lives taking into account residual values, where appropriate.

(ii) Allocation of costs. The allocation of support and governance costs between charitable and expenditure categories.

(iii) Impairments. Management makes judgement on whether there are any indications of impairments to the carrying amounts of the charity’s assets.

29 AAGBI Foundation | Notes to the Financial Statements

2. Accounting policies - continued

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

(i) Grant income, donation income and sponsorship income is accounted for when receivable and include grants for current expenditure.

(ii) Income received for a particular restricted purpose is included in restricted funds.

(iii) Investment income is included when receivable.

(iv) Income from charitable activities includes income from general conferences, trainee conferences, seminars and workshops held during the year. Income received for conferences, seminars and workshops which relates to the next financial year is deferred.

(v) Income is received from the Association of Anaesthetists of Great Britain and Ireland in the form of a management charge that represents recharged costs relating to staff and general overheads incurred by the charitable company under a cost sharing agreement that exists between the Association and the Foundation for the financial year.

(vi) Income from support services includes income generated under service level agreements that exist between the charitable company and specialist societies and represents charges under the services level agreements for the financial year.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

The advocacy programme has now been recognised as a charitable activity on the statement of financial activities. The comparatives have been restated to separately identify the direct costs relating to this activity and to reapportion the remaining support costs as shown in note 8 and 10 of the accounts.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

VAT

The charity reclaims VAT incurred on goods and services in line with the standard method of partial exemption. Irrecoverable VAT is allocated to the relevant activity in the statement of financial activities.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

30 AAGBI Foundation | Notes to the Financial Statements

2. Accounting policies - continued

Governance costs

Governance costs associated with charity management and constitutional and statutory requirements include direct costs related to this activity and an allocation of administration expenditure.

Allocation and apportionment of costs

Support costs include all those overhead costs of office, utility services and other services and costs, which are in support of the activity. They have been allocated to activity cost categories on a basis consistent with the use of resources.

Tangible fixed assets

All individual assets with a cost of more than £1,000 or forming part of a larger capital project are capitalised and included in the statement of financial position at cost. The long leasehold is held at historic cost.

Staff time which is directly attributable to bringing an asset into use is charged to the asset and forms part of the cost of the asset. This applies to the CRM asset which is included within office equipment.

The lease of the building was signed in 1954 for 999 years and will continue to have a substantial market value for the foreseeable future. No depreciation has therefore been provided as the property has a high residual value which renders the depreciation amount immaterial.

Depreciation is provided at the following basis:

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds set aside by the trustees to meet future spending. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

31 AAGBI Foundation | Notes to the Financial Statements

2. Accounting policies - continued

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the period of the lease.

Pension costs

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the statement of financial activities in the period to which they relate

Financial instruments

Financial instruments comprise Listed Investments at fair value, cash, trade and other debtors at amortised cost and trade creditors, other creditors and a finance lease liability at amortised cost.

Fixed asset investments

Investments are included in the statement of financial position at their market value. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

Cash at bank

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

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are recognised at the invoiced cost prepaid.

Provision for bad debts is recognised for those debts for which there is no likelihood of recovery and a general provision is recognised in the financial statements.

Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at the settlement amount.

32 AAGBI Foundation | Notes to the Financial Statements

3. Donations and legacies

2023
2022
£
£
Unrestricted
Donation from Association of Anaesthetists
1,500,000
1,600,000
Donations Individuals
524
-
Donations Corporate
9,304
26,713
1,509,828
1,626,713
Restricted
Donations Individuals
15,929
17,006
Grants
27,568
1,318
43,497
18,318
TOTAL DONATIONS
1,553,325
1,645,037
Donations received from related parties included in the above are as follows:
2023
2022
£
£
Association of Anaesthetists of Great Britain and Ireland
1,500,000
1,600,000
4. Other trading activities
2023
2022
£
£
Management charge to Association of Anaesthetists
1,330,810
1,181,096
e-education fees
58,250
39,383
Support services
214,629
204,209
Facilities hire and catering
13,785
-
1,617,474
1,424,688
5. Investment income
2023
2022
£
£
Listed investment income
294,783
262,186
Interest on cash deposits
6,499
84
301,282
262,270		 2023
2022
£
£
Unrestricted
Donation from Association of Anaesthetists
1,500,000
1,600,000
Donations Individuals
524
-
Donations Corporate
9,304
26,713
1,509,828
1,626,713
Restricted
Donations Individuals
15,929
17,006
Grants
27,568
1,318
43,497
18,318
TOTAL DONATIONS
1,553,325
1,645,037
Donations received from related parties included in the above are as follows:
2023
2022
£
£
Association of Anaesthetists of Great Britain and Ireland
1,500,000
1,600,000
4. Other trading activities
2023
2022
£
£
Management charge to Association of Anaesthetists
1,330,810
1,181,096
e-education fees
58,250
39,383
Support services
214,629
204,209
Facilities hire and catering
13,785
-
1,617,474
1,424,688
5. Investment income
2023
2022
£
£
Listed investment income
294,783
262,186
Interest on cash deposits
6,499
84
301,282
262,270		 2022
£
1,600,000
-
26,713
1,626,713
17,006
1,318
18,318
1,645,037
2022
£

1,600,000
2022
£
1,181,096
39,383
204,209
-
1,617,474 1,424,688
2023
2022
£
£
294,783
262,186
6,499
84
301,282
262,270

33 AAGBI Foundation | Notes to the Financial Statements

6. Income from charitable activities

2023 2022
£ £
Delegate fees
General conferences 833,973 412,560
Trainee conference 64,530 64,055
Seminars 120,128 71,324
Core Topics and workshops 102,915 81,876
1,121,546 629,815
. Raising funds
2023 2021
£ £
Fundraising costs 307 750
Investment managers fees 48,607 51,180
48,914 51,930
. Charitable activities costs
2023 Costs Direct costs Grant funding Support costs 2023 Totals
of activities (See (See note 10)
note 9)
£ £ £ £
Educational programme 1,471,656 - 1,842,636 3,314,292
International programme 30,901 65,573 114,865 211,339
Research programme 39,805 82,478 107,306 229,589
Heritage programme 144,495 - 357,520 502,015
Advocacy programme 139,636 - 410,216 549,852
Total 2023 Costs 1,826,493 148,051 2,832,543 4,807,087
2022 Costs Direct costs Grant funding Support costs 2022 totals
of activities (See (See note 10) as restated
note 9)
£ £ £ £
Educational programme 926,801 - 1,599,285 2,526,086
International programme 40,231 55,676 148,118 244,025
Research programme 50,294 101,595 145,988 297,877
Heritage programme 125,402 - 340,262 465,664
Advocacy programme 126,687 - 395,875 522,562
Total 2022 Costs 1,269,415 157,271 2,629,528 4,056,214

7. Raising funds

8. Charitable activities costs

34 AAGBI Foundation | Notes to the Financial Statements

9. Grants payable

International programme
Research programme		 2023
2022
£
£
65,573
55,676
82,478
101,595
148,051
157,271

Research Programme and other grants

The following research projects were funded from unrestricted funds during the course of the year:

NIAA Research Grants, Round 1
University Hospitals Plymouth NHS Trust
Wellcome-Wolfson Institute for Experimental Medicine
NIAA Research Grants, Round 2
Nottingham University Hospitals NHS Trust
Sheffeld Teaching Hospitals NHS Trust
North Bristol NHS Trust
University of Plymouth
University of Cambridge
Leeds institute of Medical Research (LIMR), University of Leeds
Grants returned as unspent during the year
Leeds Institute of Biomedical & Clinical Sciences,
School of Medicine, University of Leeds
Brighton & Sussex University Hospitals NHS Trust
Total Institutional Grants in the Year
Undergraduate Elective Grants
24 grants (2022:12) awarded in year
1 grant (2022: nil) returned in year
The John Snow Anaesthesia Intercalated Award
24 grants (2022:12) awarded in year
Total Grants to Individuals in Year
Total Research Grants in Year		 29,919
-
11,474
-
41,393
-
28,952
-
16,418
-
-
8,522
-
29,355
-
29,303
-
23,980
45,370
91,160
-
(1,300)
(18,453)
-
(18,453)
(1,300)
68,310
89,860
10,300
5,735
(132)
-
10,168
5,735
4,000
6,000
14,168
11,735
82,478
101,595

35 AAGBI Foundation | Notes to the Financial Statements

9. Grants payable – continued

International

The following types of grants were made by the International Relations Committee (IRC) during the course of the year to support international work in low resource countries

Grants to institutions
Educational Project Grants
Travel Grants
Travel Grants
Grants to Individuals
Book Programme
Educational Project Grants
e-education Project Grants
Travel Grants
Volunteer Grants
Out of Programme Training Experience Grants
SAFE
Individual Grants returned
as unspent during the year
SAFE
Total Grants to individuals in year
Total Grants in Year
Institutional Grants returned
as unspent during the year		 2023
£
2022
£
-
9,400
-
4,480
-
13,880
(4,800)
-
(4,800)
13,880
4,656
568
24,935
31,300
2,000
9,928
5,000
-
468
-
2,400
-
30,914
-
70,373
41,796
(320)
-
(320)
-
70,053
41,796
65,253
55,676

36 AAGBI Foundation | Notes to the Financial Statements

10. Support costs

Programme
2023
Educational
International
Research
Heritage
Advocacy
Accommodation
expenses
Administrative
expenses
Management
Governance
Totals
2023
£
£
£
£
£
393,078
936,872
149,863
362,823
1,842,636
24,504
58,402
9,342
22,617
114,865
22,891
54,559
8,727
21,129
107,306
76,268
181,778
29,077
70,397
357,520
87,509
208,571
33,363
80,773
410,216
604,250
1,440,182
230,372
557,739
2,832,543
Programme
2022
Educational
International
Research
Heritage
Advocacy		 Accommodation
expenses
Administrative
expenses
Management
Governance
Totals
2022
as restated
£
£
£
£
£
260,093
844,464
109,590
385,136
1,599,283
24,089
78,212
10,150
35,669
148,120
23,742
77,085
10,004
35,157
145,989
55,337
179,668
23,316
81,941
340,262
64,382
209,032
27,127
95,334
395,875
427,643
1,388,461
180,187
633,237
2,629,528

11. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Audit fees 12,645 10,537
Depreciation - owned assets 488,169 464,285

12. Trustees’ remuneration and benefits

There were no trustees’ remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees’ expenses

Expenses for travel totalling £27,281 (2022: £8,870) were paid to 26 trustees (2022: 17 trustees).

37 AAGBI Foundation | Notes to the Financial Statements

13. Staff costs

13. Staff costs
Salaries and wages
Social security costs
Pension costs
Other staff related costs
Total gross
Less: costs capitalised		 2023
2022
£
£
1,704,564
1,656,592
192,230
166,818
211,367
235,149
78,384
64,740
2,186,545
2,123,299
(66,737)
(62,883)
2,119,808
2,060,416

The salaries and pension figures for 2023 include severance payments of £17,704 (2022: £135,785).

The average monthly number of employees during the year was as follows:

Events
Specialist societies
Facilities
Governance and management
Finance
Advocacy
Other		 2023
2022
as restated
5
4
2
2
4
4
4
4
5
5
2
3
16
15
38
37

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,000 was:
2023 2022
£60,001 - £70,000 - 1
£70,001 - £80,000 3 -
£80,001 - £90,000 - 2
£90,001 - £100,000 1 -
£150,001 - £160,000 - 1

The key management personnel of the charitable company are the senior management team, which includes:

(i) Chief Executive Officer

(ii) Chief Operating Officer

(iii) Head of Support Services and Information Management

(iv) Head of Education and Membership Services

Key management personnel remuneration for the year was £394,315 (2022: £470,295).

38 AAGBI Foundation | Notes to the Financial Statements

14. Previous year comparatives for the statement of financial activities – as restated

31 March 2022 Unrestricted Restricted Total
funds funds funds
£ £ £
Income and endowments from
Donations and legacies 1,626,713 18,324 1,645,037
Government Grant - CJRS 36,304 - 36,304
Charitable activities
Educational programme 629,815 - 629,815
Other trading activities 1,424,688 - 1,424,688
Investment income 262,270 - 262,270
Total 3,979,780 18,324 3,998,114
Expenditure on
Raising funds 51,930 - 51,930
Charitable activities
Educational programme 2,524,936 1,150 2,526,086
International programme 244,025 - 244,025
Research programme 297,877 - 297,877
Heritage programme 465,664 - 465,664
Advocacy programme 513,392 9,170 522,562
4,045,894 10,320 4,056,214
Total 4,097,824 10,320 4,108,144
Net income before (118,034) 8,004 (110,030)
investment (losses)/gains
Net gains/(losses) on invest- 711,578 - 711,578
ments
Net Movement in funds 593,544 8,004 601,548
Reconciliation of funds
Total funds brought forward 18,454,817 57,270 18,512,087
Total funds carried forward 19,048,361 65,274 19,113,635

39 AAGBI Foundation | Notes to the Financial Statements

15. Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long leasehold
Fixtures, fttings
and furniture
Offce
equipment
Totals
£
£
£
£
4,773,120
1,292,400
1,853,846
7,919,366
-
85,559
118,007
203,566
4,773,120
1,377,959
1,971,853
8,122,932
-
414,076
1,287,604
1,701,680
-
119,306
368,863
488,169
-
533,382
1,656,467
2,189,849
4,773,120
844,577
315,386
5,933,083
4,773,120
878,324
566,242
6,217,686

16. Fixed asset investments

Market value
At 1 April 2023
Additions
Disposals
Net Losses
At 31 March 2023
At 31 March 2021
Investments held within the UK
Investments held outside of UK		 Listed investments
£
11,623,229
1,670,335
(1,465,808)
(592,270)
11,235,486
11,623,229
4,681,268
6,654,218
11,235,486

The listed investments are held to generate income and provide capital growth to reduce the Foundation’s dependence on external funding.

40 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

17. Debtors: amounts falling due within one year

2023 2022
£ £
Trade debtors 72,051 80,757
Other debtors and accrued income 12,794 10,938
Prepayments 234,318 247,549
319,163 339,244
18. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 245,827 355,081
Social security and other taxes 48,776 44,952
Other creditors and accruals 305,189 154,725
Association of Anaesthetists 48,851 14,978
Deferred income 93,364 38,915
742,007 608,651
Deferred income breakdown
2023 2022
£ £
Deferred income at 1 April 2022 38,915 35,792
Amounts released to income from previous years (38,915) (35,792)
Amounts deferred in the year 93,364 38,915
Deferred income at 31 March 2023 93,364 38,915

18. Creditors: amounts falling due within one year

Deferred income comprises income in respect of seminars and meetings which relates to the year ended 31 March 2024.

19. Operating lease agreements

Net obligations payable:
Within one year
Between one and fve years		 2023
2022
£
£
1,664
1,664
832
2,496
2,496
4,160

41 AAGBI Foundation | Report of the Trustees | For the year ended 31 March 2023

Back to contents

20. Movement in funds

2023
Note
Unrestricted funds
General fund
Development fund
(a)
Research fund
(b)
Strategic change fund
(c)
Fixed asset fund
(d)
Cyclical building works fund
(e)
Restricted funds
Roddie McNicol Patient Safety Prize
Safe Africa Campaign
(f)
John Smith Airway Award
(g)
Research fund - Wiley
(h)
AIM Inequality Hallmark Grant
(i)
Visit Belfast
Total restricted funds
Total funds		 At 01/04/22
Income
Expenditure
Gains/(losses)
Transfers
At 31/03/23
£
£
£
£
£
£
11,683,342
4,550,130
(4,327,058)
(592,270)
(38,520)
11,275,624
696,773
-
(203,567)
-
302,197
795,403
130,254
-
-
-
-
130,254
170,306
-
(137,711)
-
-
32,595
6,217,686
-
-
-
(284,603)
5,933,083
150,000
-
(140,926)
-
20,926
30,000
19,048,361
4,550,130
(4,809,262)
(592,270)
-
18,196,959
4,300
-
(250)
-
-
4,050
52,838
15,929
(18,646)
-
-
50,121
1,500
-
-
-
-
1,500
6,636
-
-
-
-
6,636
-
2,568
(2,843)
-
-
(275)
-
25,000
(25,000)
-
-
-
65,274
43,497
(46,739)
-
-
62,032
19,113,635
4,593,627
(4,856,001)
(592,270)
-
18,258,991

42 AAGBI Foundation | Notes to the Financial Statement

20. Movement in funds (continued)

2022
Note
Unrestricted funds
General fund
Development fund
(a)
Research fund
(b)
Strategic change fund
(c)
Fixed asset fund
(d)
Cyclical building works
fund
(e)
Restricted funds
Roddie McNicol Patient
Safety Prize
Safe Africa Campaign
(f)
Association of
Independent Museums
(g)
John Smith Airway Award
(h)
Research fund - Wiley
(i)
Total restricted funds
Total funds		 At 01/04/21
Income
Expenditure
Gains/(losses)
Transfers
At 31/03/22
£
£
£
£
£
£
18,019,730
3,979,790
(3,973,452)
711,578
(7,054,304)
11,683,342
10,155
-
-
-
686,618
696,773
130,254
-
-
-
-
130,254
294,678
-
(124,372)
-
-
170,306
-
-
-
-
6,217,686
6,217,686
-
-
-
-
150,000
150,000
18,454,817
3,979,790
(4,097,824)
711,578
-
19,048,361
4,450
-
(150)
-
-
4,300
35,832
17,006
-
-
-
52,838
7,852
1,318
(9,170)
-
-
-
2,500
-
(1,000)
-
-
1,500
6,636
-
-
-
-
6,636
57,270
18,324
(10,320)
-
-
65,274
18,512,087
3,998,114
(4,108,144)
711,578
-
19,113,635

43 AAGBI Foundation | Notes to the Financial Statement

20. Movement in funds (continued)

Notes

(a) The Development Fund was created by the Trustees to fund capital infrastructure developments including the new CRM, website, premises and other organisation improvement as part of the plans to go fully digital.

(b) The Research Fund was set up by the Trustees as a match funding programme for the award of research grants.

(c) The Strategic Change Fund has been created by the Trustees to initially fund our wellbeing and advocacy and campaigns work with a view that these work streams will become sustainable.

(d) The Fixed Asset Fund has been created by the Trustees to recognise the net value of the assets held by the charity.

(e) The Cyclical Building Works Fund has been created by the Trustees to set aside funds to enable the charity to meet its lease obligations for redecoration works required to be undertaken under the terms of the lease every five years.

(f) The Safe Africa Campaign Fund essentially provides an opportunity for individual donors to contribute to the international work of the Foundation.

(g) The Foundation received a final grant payment of £1,963 from the Association of Independent Museums, Tackling Inequality Hallmarks Grant awards, supported by the Arts Council of England. The project Lost in the ether: missing perspectives within Anaesthesia was completed in 2021/22.

(h) The John Smith Airway Award fund has been created during the year following receipt of a donation made during 2020/21.

(i) The Research fund – Wiley was a research grant received from Wiley Blackwell

(j) The London Museum Development and Art Fund is a grant awarded to the Foundation to support the work of our heritage centre under the museum recovery grants 2020 programme. The project was titled ‘Unlocking our potential: understanding and engaging with audiences’ and was completed during 2020/21.

44 AAGBI Foundation | Notes to the Financial Statements

21. Capital commitments

Amounts contracted for but not provided in the financial statement amounted to £85,065 (2022: £39,510).

22. Related party disclosures

As per the cost sharing agreement between the Foundation and the Association of Anaesthetists of Great Britain and Ireland, the Foundation recharged expenses relating to staff costs and general overheads to Association totalling £1,330,810 (2022: £1,181,096).

As at the year end, the Foundation owed the Association £48,776 (2022: £14,978).

The Foundation is related to the Association of Anaesthetists; it is the sole member and appoints most of the trustees/directors. The Association is also the main donor of funds to the Foundation.

During the year the Association made cash donations to the Foundation totalling £1,500,000 (2022: £1,600,000).

23. Ultimate controlling party

The Association of Anaesthetists of Great Britain and Ireland, a company limited by Guarantee and registered in England and Wales, has the right to appoint under the Articles of Association the majority of trustees (20 of 25) so is therefore considered as the ultimate controlling party and is the sole member of the Foundation.

The principal activities of the Association of Anaesthetists of Great Britain and Ireland are the advancement of patient care and safety in the field of anaesthesia, the promotion of education and research into anaesthesia; the support of members and development of international co-operation between anaesthetists.

45 AAGBI Foundation | Notes to the Financial Statements

Safer, for everyone

Every anaesthetist aims to keep their patients safe. We aim to safeguard every anaesthetist – by educating, supporting and inspiring them throughout their career.

We represent the life-changing, life-saving profession of anaesthesia – by supporting, informing and inspiring a worldwide community of over 10,000 members.

Our work and members span the globe, yet our voice is local and personal. We stay in close contact with our members, look after their day-to-day wellbeing, and act as their champion.

Our world-class conferences , journals and online resources educate and inform, and our respected guidelines continually improve standards of patient safety.

We preserve and learn from the history of anaesthesia. We use that to inform the present, and facilitate vital research and innovation into its future.

As an independent organisation , we speak up freely and openly for the interests of anaesthetists and their patients. We influence policy, raise public awareness and are at the forefront of safer anaesthesia across the world.

Association of Anaesthetists

21 Portland Place, London, W1B 1PY 020 76311650 | www.anaesthetists.org

Association of Anaesthetists is the brand name used to refer to both the Association of Anaesthetists of Great Britain & Ireland and its related charity, AAGBI Foundation (England & Wales no. 293575 and in Scotland no. SC040697).