2022-12-31-accounts

CouncilMembers	ProfessorPBarnesDMDScFRCP FCCPFMedSciFRS
	ProfessorBCheungMAMBBChirPhDMRCPFRCPFCPFHKCPFHKAM
	MrWDimitriFRCS
	DrJWFElteMDPhDFRCPFACPFEFIM(Hon)
	ProfessorAFerroPhDFRCPFBPhS
	DrTRJNicolsonBScMScPhDMRCPMRCPsych
	ProfessorKRedekopPhD
	DrDSlovickMAPhDFRCP
	ProfessorJAValeMDFRCPFRCPEFRCPGFBTSFBPhS
Secretary	BroadwaySecretariesLimited
Charitynumber	313355
Companynumber	00721213
Principaladdress	OneBartholomewClose
	London
	EC1A7BL
Auditor	HWFisherLLP
	AcreHouse
	11-15WilliamRoad
	London
	NW13ER
	UnitedKingdom
Investmentadvisors	RathboneInvestmentManagerLimited
	159NewBondStreet
	London
	W1S2UD

	Page
CouncilMembers'report	1-6
StatementofCouncilMembers'responsibilities	7
Independentauditor'sreport	8-10
Statementoffinancialactivities	11
Balancesheet	12
Statementofcashflows	13
Notestothefinancialstatements	14-23

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
	Notes
Incomefrom:
Incomefromcharitableactivities
PostgraduateMedicalJournal	3	676,142	651,791
HealthPolicyandTechnologyJournal	3	32,112	36,213
Investments	4	137,090	126,410
Totalincome		845,344	814,414
Expenditureon:
Raisingfunds	5	27,214	31,531
Charitableactivities	6	429,514	451,590
Totalresourcesexpended		456,728	483,121
Netgains/(losses)oninvestments	10	(716,762)	630,166
Netmovementinfunds		(328,146)	961,459
Fundbalancesat1January2022		6,295,269	5,333,810
Fundbalancesat31December2022		5,967,123	6,295,269

		2022		2021
	Notes	£	£	£	£
Fixedassets
Tangibleassets	11		7,162		4,075
Investments	12		4,738,193		5,346,327
			4,745,355		5,350,402
Currentassets
Debtors	14	165,938		181,289
Cashatbankandinhand		1,398,863		1,066,808
		1,564,801		1,248,097
Creditors:amountsfallingduewithinoneyear	15	(223,033)		(303,230)
Netcurrentassets			1,341,768		944,867
Totalassetslesscurrentliabilities			6,087,123		6,295,269
Creditors:amountsfallingdueaftermorethan
oneyear	17		(120,000)
Netassets			5,967,123		6,295,269
Incomefunds
Unrestrictedfunds
Designatedfunds	20	12,978		42,308
Generalunrestrictedfunds		5,954,145		6,252,961
			5,967,123		6,295,269
			5,967,123		6,295,269
ThefinancialstatementswereapprovedbytheCouncilMemberson15Sep2023
V
MrWDimitriFRCS
Trustee
CompanyRegistrationNo.00721213

		2022		2021
	Notes		£
Cashflowsfromoperatingactivities
Cashgeneratedfromoperations	23		336405		297,541
Investingactivities
Purchaseoftangiblefixedassets		(5,298)
Cashintroducedintoinvestmentportfolio				(200,000)
Investmentincomereceived		1,248		90
Netcashusedininvestingactivities			(4,050)		(199,910)
Netcashusedinfinancingactivities
Netincreaseincashandcashequivalents			332,055		97,631
Cashandcashequivalentsatbeginningofyear			1,066,808		969,177
Cashandcashequivalentsatendofyear			1,398,863		1,066,808

	Postgraduate	HealthPolicy	Total	Postgraduate	HealthPolicy	Total
	MedicalJournal	andTechnology	2022	MedicalJournal	andTechnology	2021
		Journal			Journal
	2022	2022		2021	2021
			£
Publishingincome	676,142	32,112	708,254	651,791	36,213	688,004

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
Incomefromlistedinvestments	135,842	126,320
Interestreceivable	1,248	90
	137,090	126,410

					Unrestricted	Unrestricted
					funds	funds
					2022	2021
					£
Fundraisingandpublicity
InvestmentmanagementFees					31,731	31,531
Foreignexchangegains/losseson	cashheldinportfolio				(4,517)
					27,214	31,531
Charitableactivities
	HippocratesPostgraduate		Seminarsand	Healthpolicy	Total	Total
	PoetryAward	Medical	events	and	2022	2021
		Journal		Technology
	2022	2022	2022	2022
	£	f	£	£	f	£
Eventcosts		-	3,756		3,756	30,334
Production		56,470			56,470	50,245
Fellowshipmembers'
subscriptions				38,896	38,896	51,614
Editorialcosts		78,254		12,000	90,254	79,025
Grantsawarded	20,000		600		20,600	36,600
Publisher'sshareofsurplus-
BritishMedicalAssociation	-	141,770			141,770	130,352
Otherdirectcosts		4,045			4,045	-
	20,000	280,539	4,356	50,896	355,791	378,170
Shareofsupportcosts(see
note7)	2,645	37,105	573	6,731	47,054	54,429
Shareofgovernancecosts(see
note7)	1,499	21,030	325	3,815	26,669	18,991
	24,144	338,674	5,254	61,442	429,514	451,590

			Hippocrates	Postgraduate	Seminarsand	Healthpolicy	Total
			PoetryAward	Medical	events	and	2021
				Journal		Technology
			f	f	f	f	f
	Eventcosts			-	30,334	-	30,334
	Production			50,245	-	-	50,245
	Fellowshipmembers'subscriptions				-	51,614	51,614
	Editorialcosts			67,025	-	12,000	79,025
	Grantsawarded		26,600	-	10,000		36,600
	Publisher'sshareofsurplus-BritishMedical
	Association			130,352	-	-	130,352
			26,600	247,622	40,334	63,614	378,170
	Shareofsupportcosts(seenote7)		3,828	35,639	5,805	9,157	54,429
	Shareofgovernancecosts(seenote7)		1,335	12,435	2,026	3,195	18,991
			31,763	295,696	48,165	75,966	451,590
	Analysisbyfund
	Unrestrictedfunds		31,763	295,696	48,165	75,966	451,590
7	Supportcosts
		Supportcosts	Governance	2022	Supportcosts	Governance	2021
			costs			costs
	Depreciation	2,211	-	2,211	1,439		1,439
	Rent,rates,lightandheat	13,714	-	13,714	13,446		13,446
	Officeequipment<£1,000	442	-	442	-		-
	Legalandprofessionalfees	21,899	-	21,899	25,883		25,883
	Othercosts	8,788		8,788	13,661		13,661
	Auditfees		10,800	10,800	-	11,700	11,700
	Accountancy		15,869	15,869	-	7,291	7,291
		47,054	26,669	73,723	54,429	18,991	73,420
	Analysedbetween
	Charitableactivities	47,054	26,669	73,723	54,429	18,991	73,420

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
		£	£
Revaluationofinvestments		(609,747)	489,470
Gain/(loss)onsaleofinvestments		(107,015)	140,696
		(716,762)	630,166
Tangiblefixedassets
	Fixturesand	Computers	Total
	fittings
		£	£
Cost
At1January2022	5,226	10,170	15,396
Additions		5,298	5,298
At31December2022	5,226	15,468	20,694
Depreciationandimpairment
At1January2022	5,226	6,095	11,321
Depreciationchargedintheyear		2,211	2,211
At31December2022	5,226	8,306	13,532
Carryingamount
At31December2022		7,162	7,162
At31December2021		4,075	4,075

		ListedCashinportfolio	ListedCashinportfolio	Total
		investments
		£
	Costorvaluation
	At1January2022	4,984,109	362,218	5,346,327
	Additions	634,974	(634,974)	-
	Valuationchanges	(609,747)		(609,747)
	Gains/(Losses)oncashinportfolio		4,517	4,517
	Dividendincome		135,842	135,842
	Investmentmanagerfees		(31,731)	(31,731)
	Disposals	(709,321)	602,306	(107,015)
	At31December2022	4,300,015	438,178	4,738,193
	Carryingamount
	At31December2022	4,300,015	438,178	4,738,193
	At31December2021	4,984,109	362,218	5,346,327
13	Financialinstruments		2022	2021
			£	£
	Carryingamountoffinancialassets
	Instrumentsmeasuredatfairvaluethroughprofitorloss		4,300,015	4,984,109
14	Debtors
			2022	2021
	Amountsfallingduewithinoneyear:
	Tradedebtors		133,790	151,076
	Prepaymentsandaccruedincome		32,148	30,213
			165,938	181,289
15	Creditors:amountsfallingduewithinoneyear
			2022	2021
		Notes
	Othertaxationandsocialsecurity		136,191	271,831
	Deferredincome	19	30,000	-
	Accrualsanddeferredincome		56,842	31,399
			223,033	303,230

Creditors:amountsfallingdueaftermorethan	oneyear
		2022	2021
	Notes
Deferredincome	19	120,000

	2022	2021
Otherdeferredincome	150,000
Deferredincomeisincludedinthefinancialstatementsasfollows:
	2022	2021
Currentliabilities	30,000
Non-currentliabilities	120,000
	150,000

		Movementinfunds	Movementinfunds		Movementinfunds	Movementinfunds
	Balanceat	Incoming	Resources	Balanceat	Incoming	Resources	Balanceat
	1January2021	resources	expended	1January2022	resources	expended	31December
							2022
			£
Health,Policy
andTechnology
Journal	82,061	36,213	(75,966)	42,308	32,112	(61,442)	12,978
	82,061	36,213	(75,966)	42,308	32,112	(61,442)	12,978

	2022	2021
	£	£
Withinoneyear	10,200	10,000

23	Cashgeneratedfromoperations	2022	2021
		£	£
	(Deficit)/surpusfortheyear	(328,146)	961,459
	Adjustmentsfor:
	Investmentincomerecognisedinstatementoffinancialactivities	(137,090)	(126,410)
	Foreignexchangedifferences	(4,517)
	Loss/(gain)ondisposalofinvestments	107,015	(140,696)
	Fairvaluegainsandlossesoninvestments	609,747	(489,470)
	Depreciationandimpairmentoftangiblefixedassets	2,211	1,439
	Investmentmanagersfeeschargedinportfolio	31,731	31,531
	Movementsinworkingcapital:
	Decrease/(increase)indebtors	15,351	(28,325)
	(Decrease)/increaseincreditors	(110,197)	88,013
	Increaseindeferredincome	150,000
	Cashgeneratedfromoperations	336,105	297,541
24	Analysisofchangesinnetfunds
	Thecharityhadnodebtduringtheyear.