The directors present their annual report and financial statements for the year ended 31 March 2025.
The Company acts to support and promote the interests of Local Medical Committees and General Medical Practitioners in Great Britain and will continue to do so in the foreseeable future. The members of the Company are the nominees of Local Medical Committees.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The results of the Company show an operating deficit of £1,011,890 (2024: £1,200,660 deficit) before investment gains.
The deficit after investment losses and taxation is £602,330 (2024: £392,310 surplus). The deficit was, after accounting for realised gains of £770,106 (2024: £394,271) and unrealised losses of £767,546 (2024 £1,301,449 gain).
The closing balance on the accumulated fund now stands at £16,299,869 (2024: £16,902,199), of which £14,411,013 (2024: £15,569,693) represents investments held at fair value, in relation to which there is a deferred tax liability of £411,000 (2024: £818,000).
Immediate Purpose : | To advance the interests of Local Medical Committees (LMCs) in England, Wales and Scotland, and through the GPs they represent. |
What we do : | To visibly and actively fund critical interventions, development programmes and policy-making conferences for devolved nations and voluntary collaborations amongst LMCs. |
Values : |
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Key Aims : |
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Pillars of Work : |
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In terms of the six pillars of work the Directors are pleased to report.
To contribute to national representation of General Practice across England, Scotland and Wales.
This is currently achieved through the Deed of Grant. A new three-year deed was signed on 8th April 2024 and runs from 1st January 2024 to 31st December 2026. This includes a discretionary element as requested by LMC’s, to be voted on at AGMs.
There is an established feedback process for anyone to use. GPDF have regular meetings with the BMA, at different levels of the organisation. This combines formal and informal communication routes.
We have funded the Policy Leads for GPC England to support their smooth working. Additional meetings are also funded as required.
We have funded the ‘Rebuild GP Practice’ campaign which operates across all nations. We have funded the LMC Support Network including a liaison role with GPC England.
To fund the delivery of conferences for UK, English, Scottish and Welsh LMCs, and a conference for LMC Secretaries.
LMCs regularly remind GPDF of the value placed in the conferences it funds. We work closely with the Chairs of Conference and Agenda Committees to ensure any changes in the way they are delivered is appropriately funded and improves the experience of attendees. In the year, we also funded an additional Special conference for England. Apart from the Deed of Grant, these remain our largest area of expenditure.
We specifically have been mandated to continue finding conference dinners as it has been communicated to us by our members that these are a vital opportunity for progressing key issues affecting our community. We recognize that there is not one for England at present.
To fund projects proposed by LMCs through a fair and transparent process, with clearly defined governance.
GPDF launched a new clearly explained grant rounds. As requested, this is clearly documented and available via email or on our website. It has been promoted at all the nations conferences.
Up to £50k of grants are given to LMCs every quarter. These support the development and/or increase the effectiveness of LMCs. We are in the process of creating case studies for all of these which will soon be available on our website so you can see the sort of projects we fund.
We have a specific team member to support enquiries regarding grants.
We are regularly presented with ideas for funding. Our commitment is that all significant new expenditures will be presented to LMC’s to guide us on.
To fund legal cases proposed by LMCs through a fair and transparent process, with clearly defined governance.
This year we supported and successfully won a major case. This has been heralded by others as a major achievement for the profession.
We support requests for legal support dealing with issues that have significant implications for general practice, GPs or LMCs.
To ensure the efficient and effective collection of the GPDF Levy, and its payment to allied organisations.
During the year we have worked very hard to understand how we can improve our relationship with LMC’s. As part of that process, we continue to try and help LMC’s arrange payment of their levy contributions. Regular quarterly statements have also been introduced to help ensure both LMC’s and GPDF have a shared understanding of balances.
To ensure standards of internal corporate governance, through the development of a consistent and transparent organisational structure.
During the period these services have been supported by the Secretariat. This was piloted in 2023 and in the early part of 2024, and a new three-year contract was signed from 1st July 2024 to give continuity to our work.
There has been a significant overhaul of many aspects including a review, and the introduction of new policies and procedures, reviewed financial process, and fresh documentation of all roles. The world of regulation changes constantly, and this is an area we are constantly mindful of.
We have continued to be open to any contact from LMC’s, and have introduced a GPDF newsletter which is made available on Listserver, and our website. Following LMC’s observations, our website will also be undergoing some minor amendments to make it more accessible.
In accordance with the Company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the Company will be put at the next Annual General Meeting.
Risks are identified by the board of directors and appropriate processes are put in place to monitor and mitigate them.
The Company's portfolio of investments is subject to some valuation risk as a result of volatility in share prices.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
GPDF Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 11-13 Cavendish Square, London, W1G 0AN.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
This comparative figures included within the financial statements are for a period of fifteen months to 31 March 2024. As the current year figures are for a 12 month period the balances are not wholly comparable.
Voluntary quota contributions, net of provisions, are taken to income in the year to which they relate. Amounts received by the balance sheet date in respect of future years are deferred. Investment income, interest received and other income are included in the financial statements on an accruals basis.
Expenses are included in the financial statements as they become due and include VAT where applicable as the Company cannot reclaim it.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Taxable income differs from the income reported in the income and expenditure account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. In calculating the deferred tax balance, the rate which will be enacted at the time the liability is likely to unwind is used, being 25%. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income and expenditure account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Companies Act 2006
Due to the special nature of its operations, the directors are of the opinion that the formats of the income and expenditure account prescribed by the Act are not relevant to the Company.
In the application of the company’s accounting policies, the directors 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 recognised 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables and past experience of recoverability.
Activity is accounted for in the year that it takes place. Expenses in relation to services received are recorded as expenditure in the period the services are received rather than when payments are made.
The average monthly number of persons (including directors) employed by the Company during the year was 7 (2024 - 8).
Directors and staff costs are split as Directors remuneration £126,093 (2024: £134,601) and other staff costs of £NIL (2024: £279,294). All staff costs in the current year were in relation to Directors, a full breakdown of Directors remuneration can be found in note 16.
Factorasset Limited, a wholly owned subsidiary with a nominal share capital of £2 was dissolved and written off in the financial statements in the comparative year.
LMC Support Limited, a wholly owned subsidiary with a nominal share capital of £1 was dissolved and written off in the financial statements in the comparative year.
National Association of Local Medical Committees Limited, a company limited by guarantee was dissolved and and written off in the financial statements in the comparative year.
The value of investments at 31 March 2025 is determined by reference to market values and any gain or loss on the movement is taken to the income and expenditure account. As at March 2025 the total balance of the portfolio was £16,330,085. £14,411,013 of this balance is recognised in Investments and £1,919,072 is recognised in bank and cash.
Gross levies recoverable as at the year end were £223,353 (2024: £317,893) against which a provision for doubtful debts of £71,686 (2024: £187,100) has been recognised.
Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The Company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the Company on winding up such amounts as may be required not exceeding £1.
The Company's reserves are non-distributable because, as set out in its Articles, the income and property of the Company is to be applied solely towards the promotion of its objects, and the Company may not pay or transfer, directly or indirectly, any dividend or bonus.
On the winding up or dissolution of the Company, after provision has been made for all its debts and liabilities, any assets or property that remains available to be distributed or paid, shall be paid or distributed to the Members, save that if any Quota Payments remain unremitted from a Member’s LMC (whether for the current or any previous financial year) at the time at which the Company is wound up or dissolved, the amount of the assets or property to be paid or distributed to that Member on the winding up or dissolution of the Company shall be reduced by the amount of Quota Payments which remain unremitted from that Member’s LMC at that date. Each Member who receives assets or property as a result of the winding up or dissolution of the Company shall hold such assets and property on trust for and apply such assets or property for the benefit of the LMC which appointed them. LMCs without a nominee will not share in any distribution upon winding up of the company.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The financial arrangements with the BMA are described in Note 5, the Company is committed to pay £4,776,000 to the BMA between the periods 1 January 2024 to 31 December 2026.
As at 31 March 2025 the total commitment outstanding was £2,786,000.