REGISTERED COMPANY NUMBER: 03238938 (England and Wales)

REGISTERED CHARITY NUMBER: 1057942

Page

Report of the Trustees  

1

to

8

Statement of Trustees' Responsibilities  

9

Report of the Independent Auditors  

10

to

12

Statement of Financial Activities  

13

Balance Sheet  

14

Cash Flow Statement  

15

Notes to the Cash Flow Statement  

16

Notes to the Financial Statements  

17

to

26

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 2025. 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

Public benefit

FINANCIAL REVIEW

Reserves policy

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

03238938 (England and Wales)

Registered Charity number

1057942

Registered office

BMAS House

2-3 Winnington Court

Winnington Street

Northwich

Cheshire

CW8 1AQ

Trustees

Mr D P Lawler

Dr F Campos

Dr E Y K Cheung

Dr A Farrukh

Ms C Gavins (resigned 28/08/2025)

Mr N Rooney (resigned 01/02/2025)

Dr A Kumar

Mr S J Gilchrist

Dr L J McAuley (resigned 12/11/2025)

Dr M Bordbar Amirian (appointed 04/06/2025)

Mr H Charafeddine (appointed 04/06/2025)

Dr R K K Mann (appointed 04/06/2025)

Company Secretary

Dr E Y K Cheung

Auditors

Murray Smith LLP

Chartered Accountants

Statutory Auditors

Darland House

44 Winnington Hill

Northwich

Cheshire

CW8 1AU

REPORT OF THE TRUSTEES

President's Report - Dr Federico Campos

It has been a significant year for the British Medical Acupuncture Society, characterised by both achievement and reflection. As a Council, we have maintained strong engagement and oversight across all aspects of the Society's work, meeting regularly and working collaboratively to support its ongoing development. At the same time, we have experienced some changes in Council composition, with several resignations prompting us to think carefully about succession planning and how best to ensure continuity, diversity of perspective, and sustained leadership moving forward.

Financially, the Society remains stable in the short term, supported by strong reserves and consistent income from our journal and investments. However, it would be remiss not to acknowledge the challenges that lie ahead. Over the course of the year, income has been lower than anticipated, largely driven by declining membership and reduced bookings on our foundation courses. Whilst costs have been carefully managed, and despite the resilience afforded by our reserves, it is clear that the current trajectory is not sustainable in the longer term. Rather than viewing this as a purely financial issue, Council has approached it as a strategic inflection point. It has prompted us to reflect on our purpose, our value, and how we position ourselves within an evolving healthcare landscape.

Membership trends remain a central concern. The decline in doctor membership in particular is noteworthy and reflects broader systemic pressures, including the increasing difficulty of practising acupuncture within the NHS. At the same time, there are signs of opportunity, with stability in other professional groups and growth in areas such as chiropractic engagement. This invites us to think more broadly about who we are as a Society and who we serve. It challenges us to ensure that the way in which we meet our mission remains relevant, accessible, and clearly differentiated in an increasingly competitive environment.

Education continues to be at the core of our activity, and it is an area where our strengths are particularly evident. The quality of our teaching, the depth of our academic resources, and the credibility of our faculty remain highly regarded. Our journal continues to perform strongly, our webinars and online content have reached a wide audience, and our published materials continue to gain traction. However, the challenges in foundation course recruitment highlight the need to rethink how, where, and to whom we deliver education. Increasingly, we are exploring alternative pathways, including greater engagement with private practice, collaboration with educational institutions, and the development of new course formats that better reflect the realities of contemporary clinical practice.

Externally, BMAS has remained active and engaged within the wider integrative medicine community. Our representatives have contributed to national and international discussions, participated in conferences, and explored opportunities for collaboration and research. These efforts are important not only for maintaining visibility, but for ensuring that medical acupuncture continues to have a voice within broader healthcare conversations. We have also contributed to policy discussions and regulatory developments, reinforcing our role as a credible and responsible professional body.

Operationally, the Society has continued to function effectively, supported by a committed team who have navigated a number of transitions over the year. Developments in infrastructure, improvements in financial reporting, and decisions such as bringing social media management in-house all reflect a pragmatic and responsive approach to running the organisation.

Perhaps most importantly, this has been a year in which we have collectively recognised that BMAS stands at a pivotal moment. The challenges we face are real, but they are not insurmountable. Indeed, they present an opportunity to reimagine what the Society can be. We are fortunate to have strong foundations, a respected academic profile, and a community of committed members. The task ahead is to build on these strengths with clarity of purpose and a willingness to adapt.

As President, I see this as a moment of renewal. It is an opportunity to reaffirm our values, to broaden our reach, and to ensure that BMAS continues to play a meaningful role in shaping the future of medical acupuncture. This will require thoughtful leadership, open dialogue, and a collective willingness to embrace change.

I would like to thank all members of Council, our committees, and our staff for their dedication and hard work throughout the year. Their commitment underpins everything we do. I would also like to thank our members, whose continued engagement and support remain essential to the Society's future.

As we look ahead, our focus will be on sustainability, relevance, and impact. With a clear sense of direction and a shared commitment to progress, I am confident that BMAS can not only navigate the challenges ahead, but emerge stronger and more resilient.

Honorary Treasurer's Report - Sean Gilchrist

Compared to the previous year, 2025 continued to be a challenging year financially with the Society seeing a small loss after depreciation of £25k.

This does not change the overall financial strength of the Society which can still survive for two years on its cash reserves and three years if its fixed assets are realised. That assumes the Society is inactive - and there is no intention of that happening.

In summary, income is broadly stable year on year at £412k (2024: £437k). The small decrease was primarily due to a decrease in the course income a reduction of £22k. Although the Foundation Course bookings were down year on year, the costs have been previously optimised and the course is now running as efficiently as it can. Income from the Journal's royalties is stable with a marginal increase of £4k this year.

Encouragingly, costs decreased by 4% year on year to 437k down from £457k, reflecting the strong cost controls of the management team.

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 - Dr Mike Cummings

In 2025 we trained 115 healthcare professionals on the BMAS Foundation Course. This is significantly down on 143 in 2024 and has clearly reflected on our income from educational activities. Total bookings were just 122, which is also a significant reduction on 174 in 2024.

By contrast, our journal Acupuncture in Medicine (masterfully helmed by David Coggin-Carr) had another successful year (see David's report) and the revenue from the journal increased by ~£7k to ~£229k, with the BMAS royalties (representing a 55% share of total revenues) coming in at ~ £126k.

Membership numbers were around 1200 in December 2025, which is less than half of the historic peak in membership in December 2007 of 2654.

Our finances are still healthy, and whilst we are recording a £25k deficit, similar to the £20k deficit in 2024, the reasons are different in 2025 and the forecast in 2026 is changing somewhat due to reduced expenses and a bump up in teaching activity.

Overall the BMAS is still relatively secure, but I cannot say the same for the future of acupuncture in the NHS I'm afraid.

Professional Services Committee Chair's Report - Dr Federico Campos

Over the past year, the Professional Services Committee has focused on supporting the visibility, accessibility, and practical application of medical acupuncture within an evolving and increasingly competitive healthcare environment. This has been a year marked by both proactive initiatives and honest reflection, as we have worked to understand and respond to the challenges facing the Society.

A central theme throughout the year has been the need to strengthen engagement with both current and prospective members. Early in the year, there was cautious optimism, with encouraging booking trends and a strong social media presence. However, as the year progressed, it became clear that this visibility was not consistently translating into course bookings or sustained growth. This prompted a more critical evaluation of our outreach strategies and how effectively we are communicating the value of BMAS training.

One of the most significant developments has been the decision to move away from externally managed social media. While the Society maintained a strong online presence, the cost of outsourcing this function was not justified by the outcomes in terms of engagement and recruitment. Bringing social media activity in-house has allowed for a more flexible, authentic, and responsive approach, with an emphasis on timely, relevant, and accessible content. There has also been a clear recognition that engagement is not solely about content creation, but about active participation, and members are now being encouraged to interact with and amplify posts to extend their reach organically.

Alongside this, the Committee has explored a range of alternative promotional strategies. These have included identifying new advertising platforms, considering more direct engagement within clinical environments such as hospitals, and encouraging grassroots dissemination of materials such as posters and digital resources. There has also been interest in leveraging professional networks, including links with general practitioners, anaesthetists, and other healthcare professionals, as well as exploring opportunities through conferences and professional events. While some of these initiatives are still in development, they reflect a broader shift towards more targeted and community-driven engagement.

The Committee has also given considerable attention to the changing demographics of those engaging with BMAS training. It is increasingly clear that the Society serves a wider range of healthcare professionals than in the past, and this has prompted reflection on how best to tailor both our messaging and our educational offer. Particular consideration has been given to engaging nurses and advanced nurse practitioners, although this remains an area where demand has not yet reached a level sufficient to support dedicated courses. More broadly, there has been recognition that different professional groups may require different pathways into acupuncture training, and this will be an important area for future development.

In parallel, the Committee has continued to support the development of professional networks within the Society. There has been ongoing discussion about the role of regional groups, particularly in the context of increasing use of online platforms, which has reduced the relevance of geographically based meetings. At the same time, there has been growing interest in Special Interest Groups, with areas such as palliative care and cancer already demonstrating strong engagement. Proposals for new groups, including one focused on women's health, have been explored, although these will require further capacity and leadership to develop fully.

Financial considerations have remained closely linked to the Committee's work. It has been clear throughout the year that declining membership and reduced course bookings are having a direct impact on income, and this has reinforced the need for cost-conscious decision-making. At the same time, the Committee has been mindful of the importance of maintaining investment in activities that support long-term growth and visibility. This balance between sustainability and strategic investment has been a recurring theme in discussions.

Taken together, the work of the Professional Services Committee this year reflects a period of transition and adaptation. While some of the challenges we face are external, including wider changes in healthcare systems and professional practice, there is also a clear opportunity for the Society to evolve in how it engages, communicates, and supports its members.

As Chair of the Professional Services Committee, I see this as an opportunity to build a more connected, visible, and responsive Society. Our focus moving forward will be on strengthening our reach, refining our messaging, and ensuring that BMAS remains both relevant and accessible to a broad and diverse professional audience.

I would like to thank all members of the Committee for their insight, energy, and commitment over the past year. Their contributions have been invaluable in helping to shape the direction of this work.

Competence, Accreditation and Examining Board - Simon Coghlan

It has been encouraging to see a strong number of CMA and DipMedAc applications over the past year from a range of medical and allied health disciplines.

However, a clear issue has emerged with CMA submissions. Many applicants do not appear to have read, understood, or followed the submission guidelines closely enough. As a result, at least 50% of CMA submissions are rejected at the initial stage and returned with feedback, asking applicants to bring the work up to the minimum standard required for assessment. Similar issues are seen in DipMedAc submissions, although the rejection rate is lower. This is to be expected, as DipMedAc applicants have already completed the CMA and should therefore be more familiar with the required standards and expectations.

Once the basic submission requirements are met, the overall standard is generally fair to good, with a small number of excellent submissions. The most common weakness is inadequate description of local and general safety aspects. Another common weakness is failure to give a clear account of treatment dose in line with STRICTA guidelines.

Both CMA and DipMedAc submission guidelines are provided to applicants during the administrative process before submission but there appears to be scope to make these guidelines more visible and easier to access. It may also be helpful to introduce a mandatory acknowledgement step, such as a tick box or declaration confirming that the applicant has read the relevant guidance before submitting. This may help reduce the number of rejected submissions and improve the efficiency of the review and assessment process.

Over the past 12 months, there has been a clear increase in the use of AI tools to assist with submissions. In most cases, AI appears to have been used as a drafting or editing aid. In a small number of cases, however, the written submission appears to have been generated almost entirely by AI. This is a concern for assessors, as overreliance on AI may weaken the learning process and reduce genuine thinking, reasoning and reflective practice by the applicant. I have been in discussion with Mike Cummings about the need for an AI usage policy to guide applicants and discourage sole reliance on AI in preparing CMA and DipMedAc submissions.

At oral assessment, both at CMA and DipMedAc level, a clear gap may at times be seen between the quality of the written submission and the applicant's actual knowledge and clinical understanding of acupuncture where AI has been used too heavily.

Overall, the main issue appears to be not applicant ability, but insufficient engagement with the submission requirements at the outset. Making the guidance clearer, reinforcing the expected standards, and introducing a clear AI usage policy may help improve submission quality and strengthen the assessment process.

I would like to thank all members of the Board for their continued commitment to maintaining the high standards that the BMAS represents in acupuncture education.

Education Committee Chair's Report - Dr Federico Campos

Over the past year, the Education Committee has continued to play a central role in supporting the core mission of the Society: the delivery of high-quality, evidence-based education in medical acupuncture. This has been a year of both consolidation and reflection, during which we have maintained the strength of our educational output while also confronting important questions about its future direction.

At the outset of the year, the education programme was performing well, with a full schedule of practical courses planned and early signs of strong engagement. There was a renewed emphasis on face-to-face teaching, including the delivery of fully in-person courses and successful specialist courses such as electroacupuncture, which demonstrated the ongoing demand for hands-on, clinically focused training. However, as the year progressed, a more challenging picture emerged.

Across successive meetings, the Committee noted a consistent decline in bookings for the foundation course. By the end of the year, it was evident that far fewer practitioners had been trained compared to the previous year. Whilst future bookings appeared broadly stable, the overall trend has been a cause for concern and has prompted a deeper reflection on how we engage prospective learners and position our educational offer within an increasingly competitive landscape.

Rather than viewing this solely as a challenge, the Committee has approached it as an opportunity to rethink and evolve. There has been a clear recognition that the traditional model of delivery may need to adapt to meet the changing realities of clinical practice and professional development. In this context, we have explored a number of potential avenues for innovation, including the development of shorter introductory or "taster" courses, particularly within NHS settings, to stimulate interest in acupuncture.

At the same time, there has been a strong and consistent message from Committee members about the enduring value of face-to-face learning. While online and modular courses continue to provide flexibility and a steady income stream, there is a shared view that practical, in-person teaching remains essential, both for skill acquisition and for fostering professional connection and identity. This balance between accessibility and depth will be an important consideration as we shape future programmes.

A key strategic priority throughout the year has been the development of partnerships with educational institutions. There have been ongoing efforts to establish teaching clinics and collaborative programmes with a number of organisations. While progress has been slower than hoped in some areas, these discussions represent an important step towards embedding medical acupuncture within broader educational frameworks and creating more structured pathways for training and clinical practice.

Linked to this, the Committee has also considered the longer-term evolution of BMAS qualifications. Discussions have explored the potential for a university-validated Masters-level programme, balanced against the desire to preserve the distinct identity and independence of the BMAS Diploma. This reflects a broader strategic tension between standardisation and uniqueness, and it is an area that will require careful thought as we move forward.

The Committee has also been mindful of the changing professional landscape. There is increasing diversity in the backgrounds of those engaging with medical acupuncture, and this has prompted discussion about whether course content and structure should be reviewed to better accommodate a wider range of experience and clinical contexts. At the same time, efforts have been made to expand outreach to different professional groups, with the aim of broadening participation and increasing visibility.

In parallel with these developments, the Committee has maintained its focus on academic standards and integrity. The growing use of artificial intelligence in academic work has been recognised as both an opportunity and a risk. It has been agreed that while assistive use of such tools may be acceptable, the generation of content through artificial means raises important ethical concerns. As a result, consideration is being given to strengthening declarations of originality to ensure that BMAS maintains the highest standards of academic credibility.

The Committee has also remained attentive to the broader global context of acupuncture education. Discussions following international engagement have highlighted potential opportunities for collaboration with institutions abroad, including the possibility of formal partnerships to support mutual learning and the global promotion of medical acupuncture.

Taken together, the work of the Education Committee this year reflects a period of transition. While we continue to deliver a high-quality educational programme, it is clear that we must also adapt to a changing environment. This will require not only operational adjustments, but also a clear strategic vision for how BMAS education can remain relevant, distinctive, and impactful in the years ahead.

As Chair of the Education Committee, I see this as an opportunity to build on our strengths while embracing thoughtful innovation. Our aim is not simply to increase numbers, but to ensure that those who train with BMAS receive an educational experience that is rigorous and clinically meaningful.

I would like to thank all members of the Committee for their ongoing commitment and insight. Their contributions are central to the continued success and evolution of BMAS education.

Journal Editor's  Report - David Coggin-Carr

In 2025, Acupuncture in Medicine saw its impact factor rise slightly to 2.6 (up from 2.4) with the release of the Journal Citation Reports for 2024, and it climbed two places to #20 (out of a total of 45 journals) in the Integrative & Complementary Medicine category, remaining in the second quartile. We had a total of 1624 citations across a wide range of medical journals, the top three of which were Frontiers in Neuroscience, Medicine and Frontiers in Neurology. With respect to published articles, the majority of submissions came from China (n=88), followed by the USA (n=13) and South Korea (n=9). In terms of specific organisations, this year's top contributors were Shanghai University of Traditional Chinese Medicine, Guangzhou University of Chinese Medicine and Chengdu University of Traditional Chinese Medicine, with n=14, n=12 and n=10 submissions, respectively. Our five-year impact factor is currently 2.6, which shows our stability.

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 28 July 2026 and signed on its behalf by:

Dr F Campos - Trustee

Opinion

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.

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 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.

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.

Nicola Tucker (Senior Statutory Auditor)

for and on behalf of Murray Smith LLP

Chartered Accountants

Statutory Auditors

Darland House

44 Winnington Hill

Northwich

Cheshire

CW8 1AU

28 July 2026

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£   

£   

£   

£   

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

-

-

-

30

Charitable activities

4

Courses and conferences

100,434

-

100,434

122,993

Subscriptions

105,659

1,067

106,726

115,009

Certificates

2,831

-

2,831

2,445

Teaching clinic

22,797

-

22,797

25,514

Other income

165,728

-

165,728

159,250

Investment income

3

13,426

-

13,426

11,625

Total

410,875

1,067

411,942

436,866

EXPENDITURE ON

Raising funds

5

31,317

-

31,317

35,122

Charitable activities

6

Courses and conferences

214,324

-

214,324

223,020

Office costs

153,098

-

153,098

180,343

Other costs

30,513

-

30,513

18,207

Other income

7,697

-

7,697

-

Total

436,949

-

436,949

456,692

NET INCOME/(EXPENDITURE)

(26,074

)

1,067

(25,007

)

(19,826

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,176,486

60,206

1,236,692

1,256,518

TOTAL FUNDS CARRIED FORWARD

1,150,412

61,273

1,211,685

1,236,692

2025

2024

Notes

£   

£   

FIXED ASSETS

Tangible assets

11

433,227

447,086

CURRENT ASSETS

Stocks

12

3,845

3,845

Debtors

13

137,855

136,054

Investments

14

433,825

85,701

Cash at bank

289,382

640,849

864,907

866,449

CREDITORS

Amounts falling due within one year

15

(86,449

)

(76,843

)

NET CURRENT ASSETS

778,458

789,606

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,211,685

1,236,692

NET ASSETS

1,211,685

1,236,692

FUNDS

18

Unrestricted funds

1,150,412

1,176,486

Restricted funds

61,273

60,206

TOTAL FUNDS

1,211,685

1,236,692

The financial statements were approved by the Board of Trustees and authorised for issue on 28 July 2026 and were signed on its behalf by:

F Campos - Trustee

Cash flows from operating activities

Cash generated from operations

1

(3,343

)

48,971

Net cash (used in)/provided by operating activities

(3,343

)

48,971

Cash flows from investing activities

Purchase of tangible fixed assets

-

(549

)

Cash into current asset investments

(348,124

)

(85,701

)

Net cash used in investing activities

(348,124

)

(86,250

)

Change in cash and cash equivalents in the

reporting period

(351,467

)

(37,279

)

Cash and cash equivalents at the beginning

of the reporting period

640,849

678,128

Cash and cash equivalents at the end of the

reporting period

289,382

640,849

1.

RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£   

£   

Net expenditure for the reporting period (as per the Statement of

Financial Activities)

(25,007

)

(19,826

)

Adjustments for:

Depreciation charges

13,859

13,946

(Increase)/decrease in debtors

(1,801

)

44,855

Increase in creditors

9,606

9,996

Net cash (used in)/provided by operations

(3,343

)

48,971

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£   

£   

£   

Net cash

Cash at bank

640,849

(351,467

)

289,382

640,849

(351,467

)

289,382

Liquid resources

Deposits included in cash

-

-

-

Current asset investments

85,701

348,124

433,825

85,701

348,124

433,825

Total

726,550

(3,343

)

723,207