**Charity Registration No. 313355**
**Company Registration No. 00721213 (England and Wales)**
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Council Members** Professor Sir Peter Barnes DM DSc FRCP FCCP FMedSci FRS Professor Bernard Cheung MA MB BChir PhD FRCP FCP FHKCP FHKAM Mr Wade Dimitri FRCS Dr Jan Willem Elte MD PhD FRCP FACP FEFIM (Hon) Professor Albert Ferro PhD FRCP FBPhS Dr Timothy Nicholson BSc MSc PhD MRCP MRCPsych Professor Kenneth Redekop PhD Professor Allister Vale MD FRCP FRCPE FRCPG FBTS FBPhS Dr K Baker FRCPE FACP Dr Neil Dewhurst MD FRCPE FRCP **Secretary** Broadway Secretaries Limited **Charity number** 313355 **Company number** 00721213 **Principal address** One Bartholomew Close London EC1A 7BL **Auditor** HW Fisher LLP Acre House 11-15 William Road London NW1 3ER United Kingdom **Investment advisors** Rathbone Investment Manager Limited 159 New Bond Street London W1S 2UD
(Appointed 18 March 2024) (Appointed 27 February 2024)
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **CONTENTS**
||**Page**|
|---|---|
|Council Members' Report|1 - 6|
|Statement of Council Members' Responsibilities|7|
|Independent Auditor's report|8 - 10|
|Statement of financial activities|11|
|Balance sheet|12|
|Statement of cash flows|13|
|Notes to the financial statements|14 - 24|
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The members of the Council, who are trustees of the Charity for the purposes of charity law and directors for the purposes of company law, present their report and financial statements for the year ended 31 December 2023
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Articles of Association, Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The Fellowship of Postgraduate Medicine is a registered charity and a company limited by guarantee, not having a share capital, company registration No. 00721213.
## **The Council**
The Council Members are elected by the Members and constitute directors of the Fellowship for the purposes of the Companies Act 2006 and trustees of the Fellowship for the purposes of charity legislation.
Council members are recruited from the Fellowship's members by written invitation of the President after discussion and approval at Council. A recommendation for a person to be invited to join the Council may be made by the President or any other member of the Fellowship. There is at present no "initiation" or "training", but as Council Members are Trustees of the Fellowship, they will be given information on the roles and responsibilities of trustees of a UK charity by the Fellowship's lawyers. Council members are updated as required on Charity Commission best practices.
## **Objectives and Activities**
## **Organization**
The Fellowship of Postgraduate Medicine operates from 11 Chandos Street in London, which it leases from the Medical Society of London. The Fellowship of Postgraduate Medicine was founded to meet the increased demand for training in civilian medicine that followed the end of the Great War (1914-18). The Fellowship came into being late in 1918 as the Inter-allied Fellowship of Medicine, with Sir William Osler as its President. Osler merged the Fellowship with the Postgraduate Medical Association, of which he had been the founding President since 1911. The combined societies were named the Fellowship of Medicine and the Postgraduate Medical Association, with Osler the founding President from October 1919 until his death in December 1919. In 1944, the Fellowship had a further name change to the Fellowship of Postgraduate Medicine.
The Fellowship has always been independent of Government and Universities. It originally had a pioneering role in coordinating and providing an impetus to the development of postgraduate medical education in London and throughout the United Kingdom. With the establishment of other organizations such as the British Postgraduate Medical Federation, the Postgraduate Centre movement in hospitals throughout the country, and the postgraduate activities of Royal College and Faculties, its role changed, and the last regular course organized by the Fellowship took place in 1974. The Fellowship continues to make important contributions to postgraduate medical education through its two journals, scientific and health policy conferences and other meetings, and public outreach.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Achievements and Performance**
## _**Review of activities in 2023 and plans for 2024 and beyond**_
The Fellowship of Postgraduate Medicine continued its interest in 2023 in supporting national and international postgraduate medical education through its international journals, the _Postgraduate Medical Journal_ , founded in 1925, and _Health Policy and Technology_ , founded in 2012, and by organizing webinars in association with the Cardiovascular Research Trust, the Healthy Heart Trust. Reports from the Editors-in-Chief of these journals are provided below.
In 2023, much of the Council's activity has involved restructuring the governance arrangements of the Fellowship of Postgraduate Medicine, as well as plans for the recruitment of new Council members. Most recently, negotiations with the Society for Acute Medicine have taken place, which have culminated in the signing of a Memorandum of Understanding, under which The Fellowship and Society will work together to provide educational content to a wider range of doctors than before.
In 2023, the Fellowship of Postgraduate Medicine supported (£10,000) the Cardiovascular Research Trust (the Healthy Heart Charity) to put on World Healthy Life Week and the Art of the Heart initiative, which ran currently with the Week.
## _**Postgraduate Medical Journal**_ **: Report by the Editor-in-Chief, Professor Bernard Cheung**
The year 2023 marked the first year when the Postgraduate Medical Journal was published by Oxford University Press. The transition to the present publisher has been a success in terms of the number of manuscripts received, as well as the impact and revenue.
In 2023, the Journal received a total of 1,690 original manuscripts. This was almost double the number of manuscripts received in 2022. Moreover, the vast majority of manuscripts, 74%, were original research articles. Compared to a few years ago, very few Letters to the Editor or case reports were received.
As the submission of manuscripts increased, the acceptance rate declined from 15% to 9%. The immediate rejection rate was 80%, similar to last year. However, the mean time from submission to acceptance lengthened from 75 days to 102 days. This increase reflected the difficulty in securing peer review. The mean time from submission to rejection was 60 days. The Journal continued to receive and publish articles from all over the world; the submitted articles came, in descending order, from China (70%), UK (6%), USA (4%) and India (3%). The acceptance rate for manuscripts from these countries was 4%, 32%, 20% and 10%, respectively.
The Journal's impact factor was 5.1 in 2022, and fell to 3.6 in 2023. This might be due to a large number of articles on COVID-19 being published with open access in 2021 and 2022. Success breeds success; the impact factor, broad scope and optional publication charges might explain why the Journal received more manuscripts in 2023.
Looking ahead, an enlarged Editorial Board will be established in 2024. The board members will form a pool of experts with diverse backgrounds and expertise, from which reviewers will be drawn. Future plans include appointment or reappointment of associate editors.
As the vast majority of readers access the PMJ online, there will be a gradual transition towards online publication, which is not only more cost-effective but also environmentally friendly. Covid-19 has taught us that we need to update our knowledge constantly and that one disease may have multiple manifestations affecting different organs. The Postgraduate Medical Journal is superbly positioned to play an important role in updating doctors and other professionals on clinically relevant matters and influencing medical treatment for the better.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## _**Health Policy and Technology:**_ **Report by the Editor-in-Chief, Professor Ken Redekop**
In 2023, there were 550 manuscript submissions, which means that there has been a steady increase in submissions over recent years (458 in 2020, 506 in 2021, and 516 in 2022).
The acceptance rate in 2023 was 16%, which is comparable to previous years (2022: 18%, 2021: 15%). Over the years 2021 to 2023, the proportion of desk rejections by Editor-in-Chief versus standard rejections has been stable at about 75%. It should be noted that such rejection rates are very similar to those of related journals like _Value in Health_ and _PharmacoEconomics._
In 2023, the average time to the first desk rejection decision remained the same compared to 2022 (2.1 vs 1.6 weeks). The average time to the first standard decision increased slightly compared to 2022 (24 vs. 23 weeks), while the average time to the standard editorial outcome decreased compared to 2022 (35 vs. 38 weeks). However, in both cases, these durations are too long.
Regarding the countries from which the most submissions were received, the most submitted articles came from authors in China ( _n_ =77), India ( _n_ =57), the United States ( _n_ =50), Iran ( _n_ =46), and Turkey ( _n_ =33). Compared to 2022, there was a decrease in submissions from India but an increase in submissions from the United States.
The Journal's impact factor decreased from 5.21 (2022) to 3.4 (2023), probably because fewer publications about COVID-19 were published.
In the fall of 2023, Elsevier began preparing a new application to the US National Library of Medicine to include _Health Policy and Technology_ in MEDLINE. Last year's report noted that Elsevier had already implemented any necessary improvements in light of the previous unsuccessful application in 2020. The official submission will be made in early 2024.
Regarding special issues, an application to create a third Special Issue involving COVID-19 was received in April 2023, with the title _Global Health Policies and Vaccination Strategies in the Endemic Phase_ . The Editors utilized their existing network to collect ideas for papers on COVID-19-related activities from around the world. During 2023, the different papers were submitted and reviewed, and the expectation was that the Special Issue would be ready for publication in early 2024. Regarding the Special Issue titled _Health Systems in LMICs_ , the number of papers that were eventually accepted was too small to be considered appropriate for a separate issue. For that reason, it was decided that the publications would be bundled in a special' theme section' in one of the standard issues of the Journal in 2024.
An additional goal for 2023 had been to reorganize the structure of the Editorial Board to ensure that its composition better reflected the topics covered in recent _Health Policy and Technology_ publications. This has not yet taken place and plans are underway to achieve this in 2024. Something that was achieved in 2023 was the addition of four senior Editors to increase the speed of processing manuscript submissions. Their backgrounds and skills include health technology assessment, health services, health economics, digital health, business analytics, and oncology. Three are male, while one is female. Two are from the USA, one from the UK, and one from Italy.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Financial review**
## **Results for the year**
The income for the year was £994,493 (2022 : £845,344) before having taken account of unrealized gain on investments of £201,227 (2022 : loss of £609,747,) and realized loss on investments of 22,808, (2022 : loss of £107,015).
## **Investment policy and performance**
Rathbone Investment Management Limited manages the Fellowship's investment portfolio, subject to the terms of a discretionary management agreement. The investment manager has been instructed by the Fellowship that no purchases are permitted of shares in companies involved in the brewing of alcoholic beverages or the manufacture of tobacco or armaments products. The total investment in any one entity should not exceed 10% of the total portfolio value. Otherwise, there are no restrictions on the charity's power to invest. Details of the Fellowship's investments are set out in note 12 to the accounts.
The investment strategy takes into account income requirements, the risk profile and the investment manager's view of the market prospects in the medium term. The overall investment policy is to maximize total return, both in terms of income and capital appreciation, through a diversified portfolio to minimize risk.
The charity's investment portfolio yielded income of £152,186 (2022 : £135,842) and increased in value during the year to a market value to £5,536,240 (2022 : decrease to £4,738,193). The Council are satisfied with the performance of the investments in the year.
## **Reserves policy and financial position**
The Fellowship maintains a general fund to continue its promotion of postgraduate study of medicine by publishing journals, arranging lectures, symposia and educational and research events from time to time.
The Fellowship's reserves policy is to maintain adequate general reserves to provide continuing income from its invested funds, to have general funds sufficient to meet the requirement for working capital, and to meet any temporary shortfall of funds to enable the Fellowship to achieve its charitable objectives.
The balance sheet shows total funds of £6,654,440 (2022 : £5,967,123). £14,738 (2022 : £12,978) of unrestricted funds have been designated by the Council members for the establishment of the _Health, Policy and Technology_ journal. After deducting this designated fund from the total unrestricted funds, the balance sheet shows general reserves of £6,639,702 (2022 : £5,954,145). Council members are reviewing options for the use of reserves in the future. Free reserves are also required to manage future uncertainty in journal income. The trustees consider that this level of free reserves matches the parameters set out in the charity's reserves policy above, and they, therefore, consider the free reserves to be adequate but not excessive.
## **Risk Management**
The Treasurer, on behalf of the Council, has undertaken an assessment of the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances, and is working to ensure that controls are in place to mitigate those risks.
The two main risks for the charity, as identified by the trustees, are described below, together with the principal way in which they are mitigated:
- Depletion of financial reserves as a consequence of undertaking new activities that do not generate a surplus.
This risk is mitigated by Officers and the Council of the Fellowship approving all activities and only doing this after due consideration of a business plan which outlines the financial implications.
- Information security violations and potential disruption of the Fellowship's affairs by any circumstances in which computer-held or paper records and documents are lost or destroyed.
This risk is mitigated by the charity keeping files on external computers and by storing records and other administration paperwork offsite at a secure storage location.
## **Public Benefit**
The members of the Council confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Fellowship's objectives and aims and in planning future activities for the year.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Going concern assessment**
At the time of approving the financial statements, the directors/trustees have a reasonable expectation, based on the level of their reserves, cash held at bank and investments, that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Council continues to adopt the going concern basis of accounting in preparing the financial statements.
## **Structure, governance and management**
## **Constitution**
The charity is a registered charity and a company limited by guarantee, not having a share capital, (incorporated by license of the Department of Trade and Industry), Company Registration No. 00721213.
## **Organization**
The charity operates from 11 Chandos Street in London which it leases from the Medical Society of London.
## **The Council**
The Council Members are elected by the Members and constitute directors of the Fellowship for the purposes of the Companies Act 2006 and trustees of the Fellowship for the purposes of charity legislation.
The Council Members, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Professor Sir Peter Barnes DM DSc FRCP FCCP FMedSci FRS Professor Bernard Cheung MA MB BChir PhD FRCP FCP FHKCP FHKAM Mr Wade Dimitri FRCS Honorary Treasurer until 31 December 2023 Dr Jan Willem Elte MD PhD FRCP FACP FEFIM (Hon) Professor Albert Ferro PhD FRCP FBPhS Honorary Treasurer from 1 January 2024 Dr Timothy Nicholson BSc MSc PhD MRCP MRCPsych Honorary Secretary Professor Kenneth Redekop PhD Professor Allister Vale MD FRCP FRCPE FRCPG FBTS FBPhS President Dr Neil Dewhurst MD FRCPE FRCP Appointed on 27 February 2024 Dr Kerri Baker FRCPE FACP Appointed on 18 March 2024
None of the Council Members has any beneficial interest in the company. All of the Council Members are members of the company and guarantee to contribute £1 in the event of a winding up.
Management of the Fellowship's affairs is directed by its officers, the President, Honorary Secretary and Honorary Treasurer. Financial matters are monitored and handled by the President and Honorary Treasurer, with operational matters dealt with under the Treasurer's direction and responsibility. Investment decisions are delegated to the Fellowship's Investment Manager at Rathbones Investment Management Limited and monitored by the President and Honorary Treasurer.
## **Key management personnel**
The Council Members consider that they comprise the key management of the Charity and are in charge of directing, controlling, running, and operating the Charity on a day-to-day basis.
No Council Member received any remuneration for services as a member of the Council during the year (2022 : none).
## **Disclosure of information to the auditor**
Each of the Council Members has confirmed that there is no information of which they are aware that is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The Council Members' report was approved by the Board of Council Members.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
.............................. **Professor Albert Ferro PhD FRCP FBPhS**
4 September 2024 Dated: .........................
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The Council Members, who are also the directors of The Fellowship of Postgraduate Medicine for the purpose of company law, are responsible for preparing the Council Members' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Council Members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Council Members are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Council Members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and, hence, for taking reasonable steps to prevent and detect fraud and other irregularities.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE MEMBERS OF THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **Opinion**
We have audited the financial statements of The Fellowship of Postgraduate Medicine (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Council Members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.
Our responsibilities and the responsibilities of the Council Members with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Council Members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the Council Members' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report included within the Council Members' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Council Members' report.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Council Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Council Members' report and from the requirement to prepare a strategic report.
## **Responsibilities of Council Members**
As explained more fully in the statement of Council Members' responsibilities, the Council Members, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council Members 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 Council Members are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council Members 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.
As part of our planning process:
- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Companies Act 2006.
- We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Documenting and verifying all significant related party balances and transactions.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Obtaining third party confirmations for material bank and investment balances.
- Reviewing documentation such as the Council Minutes for discussions of irregularities including fraud.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditors responsibilities. 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. 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.
## **Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher LLP**
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom
.........................
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2023**|2022|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Charitable activities|**3**|826,152|708,254|
|Investments|**4**|168,341|137,090|
|**Total income**||994,493|845,344|
|**Expenditure on:**||||
|Investment management|**5**|32,558|27,214|
|Charitable activities|**6**|453,037|429,514|
|**Total resources expended**||485,595|456,728|
|Net gains/(losses) on investments|**10**|178,419|(716,762)|
|**Net movement in funds**||687,317|(328,146)|
|Fund balances at 1 January 2023||5,967,123|6,295,269|
|**Fund balances at 31 December 2023**||6,654,440|5,967,123|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|||**2023**||**2022**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|**11**||4,398||7,162|
|Investments|**12**||5,536,240||4,738,193|
||||5,540,638||4,745,355|
|**Current assets**||||||
|Debtors|**14**|247,621||165,938||
|Cash at bank and in hand||1,081,241||1,398,863||
|||1,328,862||1,564,801||
|**Creditors: amounts falling due within one year**|**15**|(125,060)||(223,033)||
|Net current assets|||1,203,802||1,341,768|
|**Total assets less current liabilities**|||6,744,440||6,087,123|
|**Creditors: amounts falling due after more than**||||||
|**one year**|**17**||(90,000)||(120,000)|
|**Net assets**|||6,654,440||5,967,123|
|**Income funds**||||||
|Unrestricted funds||||||
|Designated funds|**20**|14,738||12,978||
|General unrestricted funds||6,639,702||5,954,145||
||||6,654,440||5,967,123|
||||6,654,440||5,967,123|
|||3 September 2024||||
|The financial statements were approved by the Council Members on .........................||||||
..............................
Professor Albert Ferro PhD FRCP FBPhS
## **Trustee**
## **Company Registration No. 00721213**
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## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**23**
**Investing activities**
Purchase of tangible fixed assets
Cash introduced into investment portfolio
Investment income received
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
-
(500,000)
16,155|**£**
166,223
(483,845)
-
(317,622)
1,398,863
1,081,241|**2022**
**£**
(5,298)
-
1,248|**£**
336,105
(4,050)
-
332,055
1,066,808
1,398,863|
|---|---|---|---|---|
- 13 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
The Fellowship of Postgraduate Medicine is a private company limited by guarantee incorporated in England and Wales. The registered office is One Bartholomew Close, London, United Kingdom, EC1A 7BL.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, and rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation, based on the level of their reserves, cash held at bank and investments, that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Council continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
The general fund comprises those monies which may be used towards meeting the charitable objectives of the Fellowship at the discretion of the Council.
The designated fund comprises monies set aside by the Council for specific purposes.
## **1.4 Income**
Income is recognized in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Income comprises investment income, income from publications and conferences.
Income from publications and conferences is recognized on a receivable basis in the financial year to which it relates.
Dividends are recognized once the dividend has been declared and notification has been received of the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
- 14 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
- Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This comprises investment management fees.
- Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include the cost of production, promotion and other incidental costs associated with the production of the journals, and the costs associated with running seminars and symposiums. These also include the commission chargeable by the publishers, together with editorial fees and expenses.
All expenditure is stated inclusive of irrecoverable VAT.
## **Allocation of support and governance costs**
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
Support costs and governance costs are apportioned based on an estimation of the usage of the office at 11 Chandos Street.
## **1.6 Tangible fixed assets**
All assets costing more than £1,000 and with a useful economic life exceeding one year are capitalised.
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write down the cost of tangible fixed assets over their expected useful lives as follows:
Fixtures and fittings 20% on cost Computers 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognized in net income/(expenditure) for the year.
## **1.7 Fixed asset investments**
Listed investments are a form of basic financial instrument and are initially recognized at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
Realized gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealized gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realized and unrealized investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
- 15 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
## **1.8 Cash and cash equivalents**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Other than fixed asset investments, the charity only has financial assets and financial liabilities of a kind initially recognized at transaction value and subsequently measured at their settlement value.
The charity does not acquire put options, derivatives or other complex financial instruments.
## **1.10 Leased asset**
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 lease term.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Council Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no critical accounting estimates or judgements in the year in question.
- 16 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **3 Charitable activities**
||**Postgraduate**|**Health Policy**|**Other Journal**|**Total**|**Postgraduate**|**Health Policy**|**Total**|
|---|---|---|---|---|---|---|---|
||**Medical Journal**|**and Technology**|**Income**|**2023**|**Medical Journal**|**and Technology**|**2022**|
|||**Journal**||||**Journal**||
||**2023**|**2023**|**2023**||**2022**|**2022**||
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Publishing income|743,994|39,281|42,877|826,152|676,142|32,112|708,254|
- 17 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **4 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Income from listed investments|152,186|135,842|
|Interest receivable|16,155|1,248|
||168,341|137,090|
## **5 Investment management**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Fundraising and publicity|||
|Investment management fees|32,089|31,731|
|Foreign exchange losses, (gains) on cash held in portfolio|469|(4,517)|
||32,558|27,214|
- 18 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **6 Charitable activities**
|**Postgraduate**
**Medical**
**Journal**
**Seminars and**
**events**
**Health policy**
**and**
**Technology**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Event costs
-
-
-
Production
60,782
-
-
Publisher's Editorial costs
13,950
-
14,637
Fellowship members' subscriptions
-
-
4,000
Editorial Board costs
64,812
-
12,000
Grants awarded
-
11,385
-
Publisher's share of surplus
171,502
-
-
Other direct costs
2,860
-
-
Marketing
4,701
-
-
Copy editing
3,274
-
-
Typesetting
5,340
-
-
Printing & binding
1,560
-
-
328,781
11,385
30,637
Share of support costs (see note 7)
39,554
1,390
3,741
Share of governance costs (see note 7)
33,238
1,168
3,143
401,573
13,943
37,521|**Total**
**2023**
**Hippocrates**
**Poetry Award**
**Postgraduate**
**Medical**
**Journal**
**Seminars and**
**events**
**Health policy**
**and**
**Technology**
**2022**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
**£**
-
-
-
3,756
-
60,782
-
56,470
-
-
28,587
-
-
-
-
4,000
-
-
-
38,896
76,812
-
78,254
-
12,000
11,385
20,000
-
600
-
171,502
-
141,770
-
-
2,860
-
4,045
-
-
4,701
-
-
-
-
3,274
-
-
-
-
5,340
-
-
-
-
1,560
-
-
-
-
370,803
20,000
280,539
4,356
50,896
44,685
2,645
37,105
573
6,731
37,549
1,499
21,030
325
3,815
453,037
24,144
338,674
5,254
61,442|**Total**
**2022**
**£**
3,756
56,470
-
38,896
90,254
20,600
141,770
4,045
-
-
-
-|
|---|---|---|
|||355,791
47,054
26,669|
|||429,514|
- 19 -
**THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**7**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Depreciation
2,764
-
Rent, rates, light and heat
16,817
-
Office equipment < £1,000
10,436
-
Legal and professional fees
15,204
-
Other costs
(536)
-
Audit fees
-
15,750
Accountancy
-
21,799
44,685
37,549
Analyzed between
Charitable activities
44,685
37,549|**2023**
Support costs
Governance
costs
**£**
£
£
2,764
2,211
-
16,817
13,714
-
10,436
442
-
15,204
21,899
-
(536)
8,788
-
15,750
-
10,800
21,799
-
15,869
82,234
47,054
26,669
82,234
47,054
26,669|2022
£
2,211
13,714
442
21,899
8,788
10,800
15,869|
|---|---|---|
|||73,723|
|||73,723|
Governance costs includes payments to the auditors of £15,750 (2022- £10,800) for audit fees and £5,680 (2022- £5,800) for accountancy services .In addition £15,750 (2022 - £14,557) was billed in respect of VAT advice.
## **8 Council Members**
No Council Members (or any persons connected with them) received any remuneration for services as Council members . Professor Ken Redekop, a member of the Council, received an honorarium as Editor-in-Chief of _Health, Policy and Technology_ £12,000 in 2023 (2022: £12,000) Professor Bernard Cheung received £27,468 (2022 :£20,000) as Editor-In-Chief of the Postgraduate Medical Journal. In addition, Professor Albert Ferro and Mr Wade Dimitri received £1,084 and £480, respectively, as Associate Editors of _Postgraduate Medical Journal_ .
Total expenses of £4,536 (2022 - £3,046) were reimbursed to members of the Council in connection with core Fellowship business, including attendance at the Annual General meeting in London, and work on the journals. These amounts related predominantly to the reimbursement of event and equipment cost. Individuals are not remunerated in their capacity as members of the Council.
## **9 Employees**
There were no employees in the current or prior year.
## **10 Net gains/(losses) on investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Revaluation of investments|201,227|(609,747)|
|Gain/(loss) on sale of investments|(22,808)|(107,015)|
||178,419|(716,762)|
- 20 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **11 Tangible fixed assets**
|**Cost**
At 1 January 2023
At 31 December 2023
**Depreciation and impairment**
At 1 January 2023
Depreciation charged in the year
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022|**Computers**
**£**
15,468|
|---|---|
||15,468|
||8,306
2,764|
||11,070|
||4,398|
||7,162|
## **12 Fixed asset investments**
|**Listed**
**investments**
**Cash in portfolio**
**£**
**Cost or valuation**
At 1 January 2023
4,300,015
438,178
Additions
1,599,060
(1,599,060)
Valuation changes
201,227
-
Exchange losses on cash in portfolio
-
(469)
Dividend income
-
152,186
Investment manager fees
-
(32,089)
Cash imbursement
-
500,000
Disposals
(835,235)
812,427
At 31 December 2023
5,265,067
271,173
**Carrying amount**
At 31 December 2023
5,265,067
271,173
At 31 December 2022
4,300,015
438,178|**Total**
**£**
4,738,193
-
201,227
(469)
152,186
(32,089)
500,000
(22,808)|
|---|---|
||5,536,240|
||5,536,240|
||4,738,193|
- 21 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**13**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**14**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
5,265,067
**2023**
**£**
200,502
11,838
35,281
247,621|**2022**
**£**
4,300,015|
|---|---|---|
|||**2022**
**£**
133,790
-
32,148|
|||165,938|
## **15 Creditors: amounts falling due within one year**
|**Notes**
Other taxation and social security
Deferred income
**19**
Trade creditors
Accruals|**2023**
**£**
13,398
30,000
47,475
34,187
125,060|**2022**
**£**
136,191
30,000
-
56,842|
|---|---|---|
|||223,033|
## **16 Liability of members**
The Fellowship is constituted as a company limited by guarantee. In the event of the Fellowship being wound up members are required to contribute an amount not exceeding £1.
## **17 Creditors: amounts falling due after more than one year**
|**Creditors: amounts falling due after more than**|**one year**|||
|---|---|---|---|
|||**2023**|**2022**|
||**Notes**|**£**|**£**|
|Deferred income|**19**|90,000|120,000|
## **18 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.
- 22 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **19 Deferred income**
||||||||**2023**|**2022**|
|---|---|---|---|---|---|---|---|---|
||||||||**£**|**£**|
|Other deferred income|||||||120,000|150,000|
|Deferred income is included in the||financial statements as follows:|||||||
||||||||**2023**|**2022**|
||||||||**£**|**£**|
|Current liabilities|||||||30,000|30,000|
|Non-current liabilities|||||||90,000|120,000|
||||||||120,000|150,000|
|**Designated funds**|||||||||
|The income funds|of the charity include the following designated|||funds which have||been set aside out of unrestricted funds by|||
|the trustees for specific purposes:|||||||||
|||**Movement in funds**||||**Movement in funds**|||
||**Balance at**|**Incoming**|**Resources**||**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**1 January 2022**|**resources**|**expended**|**1**|**January 2023**|**resources**|**expended**|**31 December**|
|||||||||**2023**|
||**£**|**£**|**£**||**£**|**£**|**£**|**£**|
|Health, Policy|||||||||
|and Technology|||||||||
|Journal|42,308|32,112|(61,442)||12,978|39,281|(37,521)|14,738|
||42,308|32,112|(61,442)||12,978|39,281|(37,521)|14,738|
## **20 Designated funds**
The _Health, Policy and Technology Journal_ was established and began publication in 2012. £300,000 was originally set aside by the Council members in connection with the establishment of the new Journal and the working capital required. This fund was transferred from general reserves during 2010.
- 23 -
## **THE FELLOWSHIP OF POSTGRADUATE MEDICINE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **21 Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Within one year|10,200|10,200|
## **22 Related party transactions**
During the prior year the Charity made a donation of £20,000 to Hippocrates Prize for Poetry and Medicine . None was awarded this year.
The Hippocrates Prize is organized by the Hippocrates Initiative an unincorporated society, founded and jointly managed by Professor D R J Singer, former Trustee and President of the Fellowship of Postgraduate Medicine.
|**23**|**Cash generated from operations**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
||Surplus/(deficit) for the year|687,317|(328,146)|
||Adjustments for:|||
||Investment income recognized in statement of financial activities|(168,341)|(137,090)|
||Foreign exchange differences|469|(4,517)|
||Loss on disposal of investments|22,808|107,015|
||Fair value gains and losses on investments|(201,227)|609,747|
||Depreciation and impairment of tangible fixed assets|2,764|2,211|
||Investment managers fees charged in portfolio|32,089|31,731|
||Movements in working capital:|||
||(Increase)/decrease in debtors|(81,683)|15,351|
||(Decrease) in creditors|(97,973)|(110,197)|
||(Decrease)/increase in deferred income|(30,000)|150,000|
||**Cash generated from operations**|166,223|336,105|
|24|**Analysis of changes in net funds**|||
||The charity had no debt during the year.|||
- 24 -