Over the last three years the current Board of the GPDF have remained faithful to two key objectives.
To listen, and ensure they are continuing to deliver what the wider community both needs and wants from them.
To ensure that the delivery of GPDF is transparent, efficiently run and cost effective.
During the period of the accounts, the voluntary levy remained at 3p. This has resulted in a financial shortfall of expenditure of £1m.
Primarily, this is in response to the call for “unprecedented levels of spending” at the UK conference in May 2025.
Specific mention was also made to supporting GPCs, and negotiations.
Across this Deed of Grant, the Board have responded to the direction of LMC Nominees by additionally agreeing to fund the following:
GPC England Chair Sessions
GPC England Policy Groups
GPC Wales Executive Honoraria
Sessional GPs Deputy Chair Honoraria
Sessional GPs Executive Honoraria
GPC Wales Chair/Deputy Sessions
GP Registrar Chair Honoraria
GPC England Professional Negotiation Support
GPC England Additional Meetings
Sessional GPs Strategy Day
PA Support for GPC England Officer Team
Negotiations Training for Officers across Committees
Alongside this, the GPDF have funded other additional work:
LMC Support Network
BB Partners Project
LMCSN Link Post
We continue to fund legal cases.
In this financial year we have funded 5 cases, with a total cost of £30k to date.
I would like to express my gratitude to all Board Members and Secretariat Team. All of them give their best on a daily basis to the GPDF. Thank you everyone.
If you have any questions please feel free to contact me, or David Wood, Head of Secretariat on david.wood@gpdf.org.uk. It would be our pleasure to discuss any elements that you would find helpful.
Yours sincerely
Roger Scott
Chair
roger.scott@gpdf.org.uk
The directors present their annual report and financial statements for the year ended 31 March 2026.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr R Scott - Chair
Dr P Cox
Dr C J Castle
Dr K McIntyre
Dr R Tumurugoti
Dr G Chawla (Resigned 16 September 2025 and appointed 26 June 2026)
Dr A Kachhia (Appointed 16 September 2025 and resigned 23 June 2026)
The results of the Company show an operating deficit of £1,500,130 (2025: £1,011,890 deficit) before investment gains.
The deficit after investment losses and taxation is £1,039,676 (2025: £602,330 deficit). The deficit was, after accounting for realised gains of £993,857 (2025: £770,106) and unrealised losses of £790,482 (2025 £767,546 loss).
The closing balance on the accumulated fund now stands at £15,260,193 (2025: £16,299,869), of which £13,719,718 (2025: £14,411,013) represents investments held at fair value, in relation to which there is a deferred tax liability of £154,000 (2025: £411,000).
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 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. 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 recognise 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 have 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 board 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
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.
We continue to work 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. Following LMC’s observations, our website has been updated, and made clearer and simpler to use.
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.
We have audited the financial statements of GPDF Limited (the 'Company') for the year ended 31 March 2026 which comprise the income and expenditure account, the statement of financial position 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;
the results of our enquiries of management of their own identification of and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
(i) The presentation of the income and expenditure statement, (ii) the accounting policy for revenue recognition (iii) understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
enquiring of management and directors concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of board meetings, including those of the audit committee, investment committee and remuneration committee, and reviewing correspondence with relevant authorities where matters identified were significant;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the 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 Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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 £.
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.
On 4th April 2024 the board committed to providing grant funding to the British Medical Association from the period 1 January 2024 to 31 December 2026, the full details of this are noted in note 14.
The average monthly number of persons (including directors) employed by the Company during the year was 6 (2025 - 7).
Their aggregate remuneration comprised:
All staff costs were in relation to Directors, a full breakdown of Directors remuneration can be found in note 15.
The value of investments at 31 March 2026 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 2026 the total balance of the portfolio was £14,808,875. £13,719,718 of this balance is recognised in Investments and £1,089,156 is recognised in bank and cash.
Gross levies recoverable as at the year end were £269,400 (2025: £223,353) against which a provision for doubtful debts of £155,834 (2025: £71,686) 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.
The financial arrangements with the BMA are described in Note 3, the Company is committed to pay £4,947,000 to the BMA between the periods 1 January 2024 to 31 December 2026.
As at 31 March 2026 the total commitment outstanding was £1,280,000.