## 

## 

|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|<br>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|<br>Seminarsand|Healthpolicy|Total|
|---|---|---|---|---|---|---|---|
||||PoetryAward|Medical|<br>events|and|2021|
|||||Journal||Technology||
||||f|f|f|f|f|
||Eventcosts|||-|<br>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|-|<br>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)|<br>42,308|32,112|(61,442)|12,978|
||82,061|36,213|(75,966)|<br>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.|||