REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Report of the Trustees | 1 | to | 6 |
Statement of Trustees' Responsibilities | 7 |
Report of the Independent Auditors | 8 | to | 10 |
Statement of Financial Activities | 11 |
Balance Sheet | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 | to | 24 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The main purpose of the company is to stimulate and promote the use and scientific understanding of acupuncture as part of the practice of medicine for the public benefit. |
Public benefit |
The Charities Act 2011 introduced the requirement for charities to show they provided public benefit. The trustees have reviewed the objects, goals, services and objectives of the charity in the light of this requirement and can confirm that British Medical Acupuncture Society serves the public benefit. This Trustees' Annual Report continues to evidence how the charity strived to meet need. |
FINANCIAL REVIEW |
Reserves policy |
The Charity's policy for determining the level of cash reserves, which it is appropriate to maintain in order to meet its |
needs effectively, is to maintain at least 1 year of costs, which exclude non-cash items (eg depreciation) and one off capital expenses in its reserves (excluding fixed assets). |
The cash reserves at the end of this year was in excess of 1 year of costs as defined above. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The company is limited by guarantee, having no share capital. It is a registered charity. In the event of the company being wound up, the liability of each member is limited to £10. The company was incorporated on 16 August 1996 and is bound by its Memorandum and Articles of Association. |
The Council of Management, a body of not less than five nor more than fifteen, two of whom must be trustees, control the company. Trustees and other members of the various committees are elected by a quorum of at least five Council Members from among the voting members of the society. All candidates for election must be proposed and seconded in writing to the secretary by a voting member. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Trustees |
Ms C Abisheganadan-Tiphanie (resigned 26/09/2024) |
Dr A I Sheikh (resigned 05/06/2024) |
Mr D P Lawler |
Dr F Campos |
Dr E Y K Cheung |
Dr A Farrukh |
Dr S Bright (appointed 06/12/2023, resigned 17/03/2024) |
Ms C Gavins |
Mr N Rooney (resigned 01/02/2025) |
Dr A Kumar |
Mr S J Gilchrist (appointed 06/03/2024) |
Dr L J McAuley (appointed 16/04/2024) |
Company Secretary |
Auditors |
Chartered Accountants |
Statutory Auditors |
Darland House |
44 Winnington Hill |
Northwich |
Cheshire |
CW8 1AU |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
REPORT OF THE TRUSTEES |
President's Report - Federico Campos |
It has been a privilege to serve as President of the British Medical Acupuncture Society (BMAS) over the past year. 2024 has been a year of progress, collaboration, and forward-thinking developments as we continue to promote safe and effective medical acupuncture practice. This report summarizes the key achievements, challenges, and ongoing initiatives from our Council meetings throughout the year. |
Following the resignation of Amer Sheikh due to ill health, I was formally appointed as President in June, with Duncan Lawler assuming the role of Vice President. The Council welcomed new members, including Sean Gilchrist, who was co-opted as Honorary Treasurer. We also honoured key contributors with honorary memberships, including Elmar Peuker, Amer Sheikh, and Sosie Kassab, in recognition of their invaluable service to BMAS and the field of acupuncture. |
BMAS remains financially stable, with membership numbers showing signs of stabilization following a period of decline. Our income remains largely dependent on foundation courses, and careful budgeting has kept expenses within control. Improvements to BMAS House, including energy-efficient lighting and considerations for solar panels, reflect our commitment to long-term sustainability. A thorough review of the Risk Register has been initiated to ensure robust governance and risk management practices. |
BMAS has continued to expand its educational offerings in 2024: |
- | Foundation courses have been well-attended, with efforts to increase accessibility and participation. |
- | Dry needling and taster courses are under development to broaden engagement with healthcare professionals. |
- | Plans for regional practical hubs are being explored to provide members with additional hands-on experience. |
- | Over 600 copies of the chronic pain protocols book have been sold, reinforcing BMAS's role as a leading educational resource. |
- | Webinars and blog posts continue to be a key part of our outreach, with over 100,000 views from 63,000 visitors recorded to date. |
BMAS House has seen several improvements, including the installation of energy-efficient lighting and the planned replacement of the gas boiler with solar panels. The Northern College of Acupuncture has now leased clinic space within BMAS House, a partnership that will enhance the use of our facilities while contributing to our financial stability. |
BMAS played a key role in organizing the World Federation of Acupuncture Societies (WFAS) Conference in October, working closely with the Association of Traditional Chinese Medicine (ATCM). A BMAS Forum, high-profile speakers, and a formal evening reception were successfully hosted. Internationally, BMAS members participated in major acupuncture conferences in Vienna, Madrid, Jeju (Korea), and Bologna, reinforcing our global presence and influence in medical acupuncture. |
BMAS has continued its efforts to engage with insurance providers and regulatory bodies. Collaboration with the British Acupuncture Council (BAcC) and the Institute of Osteopathy has strengthened inter-professional ties. The Council formally adopted the Nolan Principles, ensuring BMAS governance remains transparent and ethical. |
Membership numbers have stabilized at around 1,300, with the number of Diploma and Certificate holders increasing. However, for the first time, fewer than 600 members are doctors, signalling a shift in the professional demographic of our Society. BMAS has responded by enhancing engagement through increased digital content, and a renewed focus on inclusivity across healthcare professions. |
Looking ahead to 2025, BMAS will focus on: |
- | Expanding educational offerings, particularly in dry needling and acupuncture training for different professional groups. |
- | Strengthening financial sustainability through improved budgeting and investment of surplus funds. |
- | Enhancing member engagement through local practical hubs and online resources. |
- | Continuing to advocate for better recognition and insurance coverage for acupuncture within mainstream healthcare. |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
I would like to extend my gratitude to all BMAS Council members, educators, and staff for their dedication and hard work throughout the year. With your continued support, we will ensure BMAS remains at the forefront of medical acupuncture practice, research, and education. |
Honorary Treasurer's Report - Sean Gilchrist |
Compared to the previous year 2024 was a more challenging year financially with BMAS seeing a small loss, after depreciation, of £20 k. |
This does not change the overall financial strength of the Society which can still survive for 2 years on its cash reserves and 3 years if it's fixed assets are realised. That assumes the Society is inactive and there is no intention of that happening. |
In summary income is down year on year to £437k (2023: £516k) primarily due to the expected decrease in Foundation Course income of £37k (due to the applied deferred icome policy which gave us a lift in income last financial year) and the expected decrease in income from the Journal royalties (reduction £47k) following their renegotiation. Encouragingly, the Foundation Course bookings remained level year on year. The costs have been previously optimised and the course is now running as efficiently as it can. |
Costs increased by 6% year on year reflecting of the increased cost of living and higher inflation. They continue to be tightly controlled. |
The focus going forward is to grow through increasing membership numbers which have dropped year on year. This will ensure the ongoing financial viability and stability of the Society. |
Medical Director's Report - Mike Cummings |
In 2024 we trained 143 healthcare professionals on the BMAS Foundation Course. This is a fraction down on 147 in 2023. By contrast, total bookings increased by 20, from 154 in 2023 to 174 in 2024. |
The journal had another successful year, but there was a minor fall in total royalties of around 4%. This meant our revenue from the journal was about £2k behind predictions at £122k, representing a 55% share of total royalties. |
Membership numbers seem to have stabilised at around 1300, although this is just less than half of the historic peak in membership in December 2007 of 2654. |
Our finances are still healthy, and whilst it looks as though we have a £20k deficit, the vast majority of that comes from depreciation of fixed assets rather than losses in the day-to-day income and expenses, the latter being closer to £6k, which is under 1.4% of turnover. |
Professional Services Committee Chair's Report - Federico Campos (acting chair) |
Following the resignation of the Chair of the Professional Services Committee, I have taken on the responsibility of presenting this report. The past year has been a period of growth, evaluation, and refinement in our professional services, with significant progress in areas such as social media outreach, regional group development, and course offerings. |
Social Media and Public Engagement |
- | The quarterly reports from Webpresence indicated a steady improvement in BMAS's online reach and engagement. |
- | Facebook proved to be a key platform for course recruitment, with a high proportion of foundation course bookings attributed to Facebook promotion. |
- | Advertising costs remained within acceptable limits, and targeting accuracy improved over the year. |
Regional Groups and Practical Training Hubs |
- | YNEG and CLAG emerged as the most active regional groups, demonstrating the effectiveness of a regional hub model. |
- | A new regional group structure was proposed, consolidating smaller groups to maximize member engagement and training opportunities. |
- | Groups based on clinical interest rather than location are also proposed. |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Conferences and Meetings |
- | The WFAS 2024 Conference was a major focus, with BMAS supporting event organisation, developing promotional materials, and hosting an evening reception focussed on the BMAS's journal Acupuncture in Medicine. |
- | Scientific meetings were discussed, with a return to face-to-face conferences favoured. |
Educational Offerings and Financial Outcomes |
- | Foundation course bookings remained strong, with the refresher course gaining popularity alongside foundation-level practical sessions. |
- | A new dry needling course for osteopaths was discussed, with the goal of developing tailored content for different professional backgrounds |
- | A Portuguese sports acupuncture course successfully integrated BMAS membership as part of its offering, providing an international collaboration model |
- | Online course revenue was strong, with minimal overhead costs, allowing BMAS to maintain financial stability. |
- | The BMAS journal continued to perform well, generating a significant income for the Society. |
Recommendations for 2025 |
- | Expand practical training hubs to offer more hands-on learning experiences. |
- | Launch a new infographic and digital campaign to raise awareness about acupuncture's role in healthcare. |
- | Strengthen regional group structures, ensuring sustainable engagement models. |
- | Develop new post-foundation level courses, such as dry needling. |
- | Return to in-person scientific meetings with strategic funding plans and high-profile speakers. |
I extend my thanks to the committee members and BMAS staff for their ongoing contribution to the Society's success. |
Education Committee Chair's Report - Federico Campos |
This year has been marked by steady progress in our educational offerings, enhanced outreach, and a focus on maintaining the high standards that define BMAS training. |
Course Development and Delivery |
- | The Foundation Course remains the cornerstone of BMAS education. Despite a slight dip in completion numbers, bookings have been strong, and efforts to promote the course have been ongoing. |
- | A Dry Needling Course for Osteopaths is under development, aimed at providing a structured introduction that may lead participants toward the full foundation course. |
- | Plans for short introductory courses for other manual therapists were discussed, with an emphasis on safety and maintaining BMAS standards. These are intended to compete with other short courses in the marketplace which do not have the same safety and quality standards as the Society's training. |
- | The electroacupuncture course was held as face-to-face for March 2025, reinforcing our commitment to practical, hands-on training and marking the reintroduction of face-to-face training. |
- | A face-to-face scientific meeting is being proposed for 2025 and work is ongoing to ensure it has impact and relevance. |
Enhancing Practical Training |
- | A key discussion point this year has been the increasing demand for practical learning opportunities. While online training remains an important component, there is clear interest in face-to-face training for skill enhancement and networking. |
- | Mentorship and observership options have been promoted through BMAS publications, and further outreach efforts will continue. |
Special Interest and Research Groups |
- | A new Oncology Special Interest Group was formed, focusing on pain and palliative care. The group meets bi-monthly, with discussions recorded for future training material. |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
- | Discussions are underway for an acupuncture protocols book for palliative care, following the success of BMAS's chronic pain protocols book. |
Future Plans for 2025 |
- | Expand outreach to new graduates of osteopathy and chiropractic programs. |
- | Continue promoting dry needling and regional hands-on training initiatives. |
- | Strengthen face-to-face educational opportunities, ensuring practical training remains accessible. |
- | Enhance BMAS's online learning archive, ensuring members have continued access to high-quality recorded training materials. |
The Education Committee remains committed to ensuring that BMAS continues to offer the highest-quality acupuncture education available. I would like to extend my gratitude to my fellow committee members and BMAS staff for their dedication throughout the year. |
Editor-in-Chief's Report - David Coggin-Carr |
The highlight of the year at Acupuncture in Medicine had to be hosting a dinner for delegates from all around the world (including many prominent Chinese clinicians and scientists) at the World Federation of Acupuncture-Moxibustion Societies (WFAS) conference, which was held at London Heathrow on 11th to 13th October. I was delighted to be able to fly over for the meeting (along with our newest Associate Editor, Stephanie Cheng) and network with so many engaging practitioners and researchers. Being able to host an evening like this was not only a testament to the success of the journal, but an opportunity to promote our unique approach to ensuring high quality reporting of acupuncture research findings. I was touched by the positive feedback about our journal that I received from so many individuals. As one such example, Alex Jacobs (CEO of the British Acupuncture Council) wrote in his review of the event: "The scientific focus of the BMAS journal along with their acute awareness of the language that most appeals to the medical and scientific community is an invaluable resource that can benefit us all". I was really pleased to hear this, given we go to great lengths to ensure the description of the acupuncture interventions in our published articles are always objectively described using standard medical and scientific language, and interpretation of results is balanced and physiologically grounded. While this has always been incredibly important to me as Editor-in-Chief, it is validating to hear that colleagues/readers appreciate this important characteristic of our journal, which I believe is key to continuously building up a positive reputation in the mainstream. |
Our 2024 impact factor came back as 2.4, down slightly from 2.5, although this is ultimately a stable trend. Submissions have held strong, meaning we can continue to choose the very best content to peer review and ultimately disseminate to the community. We are hoping to further expand our team in 2025, so will be on the lookout for budding reviewers or Associate Editors! |
AUDITORS |
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The trustees (who are also the directors of British Medical Acupuncture Society 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 |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
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: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
Opinion |
We have audited the financial statements of British Medical Acupuncture Society (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (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 2024 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 Auditors' 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. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
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 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 the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
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. |
We have nothing to report in respect of the following matters where 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 trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, 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. |
Our 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 a Report of the Independent Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The audit procedures designed to identify irregularities included: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- | Enquiry of company staff with responsibilities for compliance matters to identify any instances of non-compliance with laws and regulations; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion. |
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 Report of the Independent Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
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 auditors' 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
44 Winnington Hill |
Northwich |
Cheshire |
CW8 1AU |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Other income | 159,250 | - | 159,250 | 205,718 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 5 |
Charitable activities | 6 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,256,518 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY (REGISTERED NUMBER: 03238938) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 18 |
Unrestricted funds | 1,197,462 |
Restricted funds | 59,056 |
TOTAL FUNDS | 1,256,518 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 48,971 | 84,240 |
Net cash provided by operating activities | 48,971 | 84,240 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (549 | ) | (3,456 | ) |
Cash into current asset investments | (85,701 | ) | - |
Net cash used in investing activities | (86,250 | ) | (3,456 | ) |
Change in cash and cash equivalents in the reporting period |
(37,279 |
) |
80,784 |
Cash and cash equivalents at the beginning of the reporting period |
678,128 |
597,344 |
Cash and cash equivalents at the end of the reporting period |
640,849 |
678,128 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) |
(19,826 |
) |
85,572 |
Adjustments for: |
Depreciation charges | 13,946 | 13,794 |
Decrease in debtors | 44,855 | 13,516 |
Increase/(decrease) in creditors | 9,996 | (28,642 | ) |
Net cash provided by operations | 48,971 | 84,240 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.24 | Cash flow | At 31.12.24 |
£ | £ | £ |
Net cash |
Cash at bank | 678,128 | (37,279 | ) | 640,849 |
678,128 | (37,279 | ) | 640,849 |
Liquid resources |
Deposits included in cash | - | - | - |
Current asset investments | - | 85,701 | 85,701 |
- | 85,701 | 85,701 |
Total | 678,128 | 48,422 | 726,550 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | 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) '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)', 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. |
Income |
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. |
Subscriptions |
Income in respect of subscriptions is accounted for on an accruals basis. |
Courses and conferences income |
Income from courses and conferences is accounted for on an accruals basis with adjustments being made for income received in advance. |
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 accounted for on an accruals basis and has been classified under headings that aggregate all cost 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. |
Tangible fixed assets |
Tangible assets are depreciated on a straight line basis over their estimated useful lives, at the following rates: |
Acupuncture equipment 25% |
Office equipment 15% |
Computers 25% |
Freehold property 2% |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
The society has two types of fund for which it is responsible and which require separate disclosure. These are as follows: |
a) Restricted funds |
Donations received which the donor earmarks for specific purposes. Such purposes are within the overall aims of the organisation. Each year the society allocates 1% of the total subscriptions received during the year to the restricted fund. |
b) Unrestricted fund |
Funds which are expendable are at the discretion of the trustees in the furtherance of the objects of the charity. |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | ACCOUNTING POLICIES - continued |
Donations |
Donations received from members are accounted for in the year they are received and allocated to a restricted or unrestricted fund subject to the donor's wish. |
Grants payable |
Grants payable are accounted for in the year they are due for payment. All grant applications are reviewed by the committee and then allocated accordingly. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of the business. |
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period, and are discounted to present value where the effect is material. |
Employee benefits |
(a) Wages and salaries and annual leave |
Liabilities for wages and salaries and annual leave are recognised and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees' services up to that date. They are expected to be settled within one year. |
(b) Pensions |
The company makes contributions to employees' pension schemes. The amount charged to the profit and loss account in respect of pension costs and the post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations and gifts |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Investment income | 11,625 | 7,311 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
£ | £ |
Courses and conferences | 122,993 | 159,878 |
Subscriptions | 115,009 | 117,010 |
Certificates | 2,445 | 2,285 |
Teaching clinic | 25,514 | 23,597 |
Other income | 159,250 | 205,718 |
425,211 | 508,488 |
5. | RAISING FUNDS |
Other trading activities |
2024 | 2023 |
£ | £ |
Fundraising and publicity | 35,122 | 45,023 |
6. | CHARITABLE ACTIVITIES COSTS |
Staff costs | Depreciation | Other costs | Total 2024 | Total 2023 |
£ | £ | £ | £ | £ |
Course and conferences | 186,042 | - | 36,978 | 223,020 | 207,769 |
Office costs | 99,542 | - | 80,801 | 180,343 | 159,663 |
Other costs | - | 13,946 | 4,261 | 18,207 | 17,772 |
285,584 | 13,946 | 122,040 | 421,570 | 385,204 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration | 4,770 | 4,500 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
No remuneration was paid to the trustees during the year. Lecture fees totalling £2,960 (2023: £3,720), was paid to the trustees. |
The charity is controlled by the Council of Management. |
Trustees' expenses |
In the year the company reimbursed the trustees as follows: |
2024 | 2023 |
£ | £ |
Travel | - | 221 |
Accommodation and subsistence | - | - |
Other costs | - | - |
- | 221 |
No expenses were incurred in relation to committee meetings (2023 - £221). At 31 December 2024, expenses of £nil (2023 - £nil) were due to be reimbursed to the trustees. |
9. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
285,584 | 266,341 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Administration |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
9. | STAFF COSTS - continued |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
2024 | 2023 |
£90,001 - £100,000 |
£100,000 - £110,000 | 1 | - |
1 | 1 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Charitable activities |
Other income | 205,718 | - | 205,718 |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 1,113,060 | 57,886 |
TOTAL FUNDS CARRIED FORWARD | 1,197,462 | 59,056 | 1,256,518 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
11. | TANGIBLE FIXED ASSETS |
Freehold | Acupuncture | Office | Computer |
property | equipment | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
12. | STOCKS |
2024 | 2023 |
£ | £ |
Stationery and journals | 3,845 | 3,845 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
14. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Other | 85,701 | - |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
16. | LEASING AGREEMENTS |
Lessee - land and building |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 7,750 | 7,750 |
Between one and five years | 3,875 | 11,625 |
11,625 | 19,375 |
Lessor - rental agreement |
Minimum lease receipts under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 4,175 | - |
Between one and five years | 8,350 | - |
12,525 | - |
17. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
£ | £ | £ | £ |
Fixed assets | 447,086 | - | 447,086 | 460,483 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
1,176,486 | 60,206 | 1,236,692 | 1,256,518 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
18. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.24 | in funds | 31.12.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,197,462 | (20,976 | ) | 1,176,486 |
Restricted funds |
Restricted Fund | 59,056 | 1,150 | 60,206 |
TOTAL FUNDS | (19,826 | ) | 1,236,692 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 435,716 | (456,692 | ) | (20,976 | ) |
Restricted funds |
Restricted Fund | 1,150 | - | 1,150 |
TOTAL FUNDS | ( |
) | (19,826 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,113,060 | 84,402 | 1,197,462 |
Restricted funds |
Restricted Fund | 57,886 | 1,170 | 59,056 |
TOTAL FUNDS | 1,170,946 | 85,572 | 1,256,518 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
18. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 514,629 | (430,227 | ) | 84,402 |
Restricted funds |
Restricted Fund | 1,170 | - | 1,170 |
TOTAL FUNDS | 515,799 | (430,227 | ) | 85,572 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,113,060 | 63,426 | 1,176,486 |
Restricted funds |
Restricted Fund | 57,886 | 2,320 | 60,206 |
TOTAL FUNDS | 1,170,946 | 65,746 | 1,236,692 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 950,345 | (886,919 | ) | 63,426 |
Restricted funds |
Restricted Fund | 2,320 | - | 2,320 |
TOTAL FUNDS | 952,665 | (886,919 | ) | 65,746 |
BRITISH MEDICAL ACUPUNCTURE SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
19. | RELATED PARTY DISCLOSURES |
20. | SHARE CAPITAL AND MEMBERS LIABILITY |
The company is limited by guarantee. In the event of a company being wound up, the liability of each member is limited to £10. |
21. | RESTRICTED FUND |
The Research fund account holds £60,206 as at 31 December 2024. This fund can be used for research into any aspect of the use of acupuncture. |