##
##
|Council Members|Council Members|Prof P Barnes DM DSc FRCP FCCP FMedSci FRS|Prof P Barnes DM DSc FRCP FCCP FMedSci FRS|Prof P Barnes DM DSc FRCP FCCP FMedSci FRS|||
|---|---|---|---|---|---|---|
|||Prof BCheung
MA MB BChir PhD MRCP FRCP FCP|||||
|||FHKCP FHKAM|||||
|||Mr W Dimitri
FRCS|||||
|||DrJ W F Elte MD PhD|FRCP FACP FEFIM (Hon)||||
|||Prof A Ferro PhD FRCP FBPhS|||||
|||Dr Andrew
Long MA MBBS FRCPCH FRCP FAcadMEd|||(Appointed|20 April 2020)|
|||FHEA DCH|||||
|||DrT R J Nicolson BScMSc PhD||MRCP MRCPsych|||
|||Prof K Redekop PhD|||||
|||Prof D R J Singer BMedgiol MD||FRCP FBPhS|||
|||Dr D Slovick MA PhD FRCP|||||
|||Prof J A Vale MD FRCP FBTSFBPhS|||||
|Secretary||Broadway Secretaries|Limited||||
|Charity number||313355|||||
|Company|number|00721213|||||
|Principal address||One Bartholomew
Close|||||
|||London|||||
|||EC1A 7BL|||||
|Auditor||HW Fisher LLP|||||
|||Acre House|||||
|||11-15William
Road|||||
|||London|||||
|||NW1 3ER|||||
|||United
Kingdom|||||
|Investment|advisors|Rathbone
Investment|Manager|Limited|||
|||159New Bond Street|||||
|||London|||||
|||W15 2UD|||||
##
##
|||||Page|
|---|---|---|---|---|
|Council Members'
report||||1-9|
|Statement of|Council|Members'|responsibilities|10|
|Independent|auditor's|report||11-13|
|Statement of|financial|activities||14|
|Balance sheet||||15|
|Statement of|cash flows||||
|Notes to the financial||statements||17 - 25|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|
|||||||funds|funds|
|||||||2020|2019|
||||||Notes|E|E|
|Income from:||||||||
|Income from charitable|||activities|||||
|Postgraduate|Medical Journal|||||620,915|630,747|
|Health
Policy and||Technology||Journal||37,702|27,603|
|Investments||||||101,650|122,498|
|Total income||||||760,267|780,848|
|~dtdt
ee:||||||||
|Raising funds||||||23,576|22,109|
|Charitable
activities||||||357,652|408,819|
|Total resources expended||||||381,228|430,928|
|Net gains/(losses)||on investments|||10|223,866|428,299|
|Net movement|in|funds||||602,905|778,219|
|Fund balances|at|1January 2020||||4,730,905|3,952,686|
|Fund balances|at|31December 2020||||5,333,810|4,730,905|
##
##
|||||2020||2019||
|---|---|---|---|---|---|---|---|
||||Notes|f||||
|Fixed assets||||||||
|Tangible assets|||11||5,514||1,104|
|Investments|||12||4,421,372||4,122,230|
||||||4,426,886||4,123,334|
|Current assets||||||||
|Debtors|||14|152,964||397,468||
|Cash at bank and in||hand||969,177||374,703||
|||||1,122,141||772,171||
|Creditors: amounts||falling due within one year|15|(215,217)||(164,600)||
|Net current|assets||||906,924||607,571|
|Total assets|less current liabilities||||5,333,810||4,730,905|
|Income funds||||||||
|Unrestricted|funds|||||||
|Designated|funds||18|82,061||92,059||
|General unrestricted||funds||5,251,749||4,638,846||
||||||5,333,810||4,730,905|
||||||5,333,810||4,730,905|
##
##
|||||2020||2019||
|---|---|---|---|---|---|---|---|
||||Notes|f||6||
|Cash flows from operating|activities|||||||
|Cash generated
from operations|||21||573,854||434,034|
|Investing activities||||||||
|Purchase oftangible
fixed|assets|||(5,754)||||
|Purchase of investments||||(907,872)||(725,669)||
|Proceeds on disposal of investments||||569,063||418,841||
|Investment
income received||||101,650||122,498||
|Net cash used in investing|activities||||(242,913)||(184,330)|
|Net cash used in financing|activities|||||||
|Net increase
in cash and cash equivalents|||||330,941||249,704|
|Cash and cash equivalents|at beginning|ofyear|||995,466||745,762|
|Cash and cash equivalents|at end ofyear||||1,326,407||995,466|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||funds|funds|
||||||||||2020|2019|
||||||||||6|E|
|undraisin|a|ublici|||||||||
|Other fundraising||costs|||||||23,576|22,109|
||||||||||23,576|22,109|
|Charitable
activities|||||||||||
||||||Hippocrates|Postgraduate|Seminars and|Health policy|Total|Total|
||||||Poetry Award|Medical|events|and|2020|2019|
|||||||Journal||Technology|||
||||||2020|2020|2020|2020|||
|Event costs|||||||17,819||17,819|50,213|
|Production,|promotion,||||||||||
|dispatch
and|website||||||||||
|development||||||51,017|||51,017|58,127|
|Legal and professional||||fees||||||7,260|
|Fellowship
members'|||||||||||
|subscriptions||||||||29,901|29,901|25,600|
|Editorial costs||||||66,102||12,000|78,102|80,578|
|Grants awarded|||||20,000||||20,000|20,000|
|Publisher's
share ofsurplus-|||||||||||
|British Medical Association||||||124,183|||124,183|126,318|
|Other direct|costs|||||||355|355|895|
||||||20,000|241,302|17,819|42,256|321,377|368,991|
|Share ofsupport costs||||(see|||||||
|note 7)|||||1,445|18,056|1,204|3,370|24,075|25,028|
|Share ofgovernance|||costs (see||||||||
|note 7)|||||732|8,784|610|2,074|12,200|14,800|
||||||22,177|268,142|19,633|47,700|357,652|408,819|
##
##
##
##
##
||||||Hippocrates|Postgraduate|Seminars and|Health policy|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||Poetry Award|Medical|events|and|2019|
|||||||Journal||Technology||
||||||f|f|E|6||
|Event costs|||||||50,213||50,213|
|Production,|promotion,||dispatch|and website||||||
|development||||||58,127|||58,127|
|Legal and professional|||fees|||||7,260|7,260|
|Fellowship|members'|subscriptions||||||25,600|25,600|
|Editorial costs||||||72,578||8,000|80,578|
|Grants awarded|||||20,000||||20,000|
|Publisher's|share ofsurplus - British Medical|||||||||
|Association||||||126,318|||126,318|
|Other direct costs||||||895|||895|
||||||20,000|257,918|50,213|40,860|368,991|
|Share ofsupport costs|||(see note|7)||3,003|19,022|3,003|25,028|
|Share ofgovernance||costs (see note 7)||||1,776|11,248|1,776|14,800|
||||||20,000|262,697|80,483|45,639|408,819|
|Analysis
by|fund|||||||||
|Unrestricted|funds||||20,000|262,697|80,483|45,639|408,819|
##
##
##
|7|Support costs||||||||
|---|---|---|---|---|---|---|---|---|
||||Support costs|Governance|2020|Support costs|Governance|2019|
|||||costs|||costs||
||Depreciation||1,344||1,344|1,104||1,104|
||Council and other meetings|||||3,353||3,353|
||Rent, rates, light and|heat|13,401||13,401|16,353||16,353|
||Legal and professional|fees|3,863||3,863|300||300|
||Other costs||5,467||5,467|3,918||3,918|
||Audit fees|||7,450|7,450||9,800|9,800|
||Accountancy|||4,750|4,750||5,000|5,000|
||||24,075|12,200|36,275|25,028|14,800|39,828|
||Analysed
between||||||||
||Charitable
activities||24,075|12,200|36,275|25,028|14,800|39,828|
##
||||Unrestricted|Unrestricted|
|---|---|---|---|---|
||||funds|funds|
||||2020|2019|
||||E|E|
|Revaluation|of|investments|194,097|393,048|
|Gain/(loss)|on|sale ofinvestments|29,769|35,251|
||||223,866|428,299|
##
##
##
##
||||||||||
|---|---|---|---|---|---|---|---|---|
|11|Tangible fixed assets||||||||
||||||Fixtures and||Computers|Total|
||||||fittings||||
|||||||6|||
||Cost||||||||
||At 1January 2020||||5,226||4,416|9,642|
||Additions||||||5,754|5,754|
||At 31December 2020||||5,226||10,170|15,396|
||Depreciation
and impairment||||||||
||At 1January 2020||||5,226||3,312|8,538|
||Depreciation
charged|in|the year||||1,344|1,344|
||At 31December 2020||||5,226||4,656|9,882|
||Carrying amount||||||||
||At 31December 2020||||||5,514|5,514|
||At 31December 2019||||||1,104|1,104|
|12|Fixed asset investments||||||||
||||||Usted|Cash|in portfolio|Total|
||||||investments||||
||Cost or valuation||||||||
||At 1January 2020||||3,501,467||620,763|4,122,230|
||Additions||||907,872||(907,872)||
||Valuation
changes||||194,097|||194,097|
||Dividend
income||||||100,832|100,832|
||Investment
manager fees||||||(25,556)|(25,556)|
||Disposals||||(539,294)||569,063|29,769|
||At 31December 2020||||4,064,142||357,230|4,421,372|
||Carrying amount||||||||
||At 31December 2020||||4,064,142||357,230|4,421,372|
||At 31December 2019||||3,501,467||620,763|4,122,230|
|13|Financial instruments||||||ZOZO|2019|
|||||||||E|
||Carrying amount offinancial assets||||||||
||Instruments
measured||at fair value through|profit or loss|||4,064,142|3,501,467|
##
##
##
|14|Debtors||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||||||||||2020||||2019|
||Amounts|falling due|||||within one|year:||||||||||||||f||||f|
||Trade debtors|||||||||||||||||||||117,978||||381,037|
||Prepayments||and accrued income|||||||||||||||||||34,986||||16,431|
|||||||||||||||||||||||152,964||||397,468|
|15|Creditors: amounts|||||falling due within||||one||year|||||||||||||||
|||||||||||||||||||||||2020||||2019|
|||||||||||||||||||||||f||||f|
||Other taxation||and||social security|||||||||||||||||199,017||||136,254|
||Accruals|and deferred|||||income|||||||||||||||16,200||||28,346|
|||||||||||||||||||||||215,217||||164,600|
|16|Liability|ofmembers|||||||||||||||||||||||||
||The Fellowship|||is constituted
as||||a|company|||limited||by|guarantee.|||In the event||ofthe Fellowship||being wound|up|members
are|||
||required|to contribute|||||an amount||not|exceeding|||f1.||||||||||||||
|17|Taxation||||||||||||||||||||||||||
||The Fellowship|||of|Postgraduate|||Medicine||||is a registered||||charity|and therefore|||is not liable to income tax or corporation||||||tax on|
||income|derived||from|||its charitable||activities, as it||||falls||within the|||various exemptions|||available to|registered
charities.|||||
|18|Designated
funds||||||||||||||||||||||||||
||The income funds||||of||the charity|include|||the following||||designated|||funds which||have|been set aside out ofunrestricted||||funds
by||
||the trustees for specific purposes:||||||||||||||||||||||||||
|||||||||||Movement|||in|funds|||||||Movement|in funds|||||
||||||||Balance at|||Incoming|||||Resources|||Balance||at|Incoming|Resources|||Balance at||
||||||1January 2019|||||resources|||||expended|||1ianuary|Z020||resources|expended||31|December||
|||||||||||||||||||||||||||2020|
||Health,|Policy|||||||||||||||||||||||||
||and Technology||||||||||||||||||||||||||
||Journal||||||110,095||||27,603|||||(45,639)||92,059|||37,702|(47,700)||||82,061|
||||||||110,095||||27,603|||||(45,639)||92,059|||37,702|(47,700)||||82,061|
##
##
##
##
|21|Cash generated
from operations||2020|2019|
|---|---|---|---|---|
||||f|E|
||Surplus for the year||602,905|778,219|
||Adjustments
for:||||
||Investment
income recognised
in statement offinancial activities||(101,650)|(122,498)|
||Gain on disposal of investments||(29,769)|(35,251)|
||Fair value gains and losses on investments||(194,097)|(393,048)|
||Depreciation
and impairment
of tangible|fixed assets|1,344|1,104|
||Movements
in working capital:||||
||Decrease
in debtors||244,504|171,176|
||Increase
in creditors||50,617|34,332|
||Cash generated
from operations||573,854|434,034|
|22|Analysis ofchanges
in net funds||||
##