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2023-07-31-accounts

REGISTERED COMPANY NUMBER: 03505635 (England and Wales) REGISTERED CHARITY NUMBER: 1069199

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 July 2023

for

British Society For Allergy and Clinical Immunology

British Society For Allergy and Clinical Immunology

Contents of the Financial Statements for the Year Ended 31 July 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 16
Statement of Trustees’ Responsibilities 17
Independent Examiner's Report 18 to 19
Statement of Financial Activities 20
Statement of Financial Position 21 to 22
Statement of Cash Flows 23
Notes to the Statement of Cash Flows 24
Notes to the Financial Statements 25 to 38
Detailed Statement of Financial Activities 39 to 40

British Society For Allergy and Clinical Immunology

Reference and Administrative Details

for the Year Ended 31 July 2023

TRUSTEES

Professor G Roberts - President Professor A T Fox (Resigned 7.10.2023) Dr D Marriage Dr S Leech (Resigned 7.10.2023) L Common (Appointed 7.10.2023) Dr R Gore (Appointed 7.10.2023) Dr L Michaelis (Appointed 7.10.2023) Dr F Ali (Appointed 7.10.2023) Professor G Vance (Appointed 7.10.2023) COMPANY SECRETARY Dr D Marriage (Secretary) CHIEF EXECUTIVE Mrs Fiona Rayner REGISTERED OFFICE Studio 16, Cloisters House 8 Battersea Park Road London, SW8 4BG REGISTERED COMPANY 03505635 (England and Wales) NUMBER REGISTERED CHARITY 1069199 NUMBER WEBSITE ADDRESS https://www.bsaci.org AUDITORS Sawin & Edwards LLP Studio 16, Cloisters House 8 Battersea Park Road London SW8 4BG SOLICITORS Bates, Wells & Braithwaite 2 - 6 Cannon Street London EC4M 6YH ADVISERS Investment Manager Charles Stanley & Co Limited 55 Bishopsgate London EC2N 3AS Bankers The Co-operative Bank Business Direct Business Customer Services PO Box 250, Skelmersdale WN8 6WT Barclays 188 Clapham High Street Clapham London SW4 7UF

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

The trustees present their Annual Report and Financial Statements for the year ended 31 July 2023. This report also represents the Directors' Report which is required to be prepared under Section 417 of the Companies Act 2006. Legal information set out on page 1 forms part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements, comply with the Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

OBJECTIVES AND ACTIVITIES Objectives and aims

The company's objectives and its principal activities are:

These activities are promoted through the company operating as a professional medical society, whose members are medical professionals who work or are engaged in research or teaching in allergy and/or clinical immunology.

Aims and objectives for the public benefit

The BSACI's aims and objectives are to support its membership in providing a high quality, NHS based service for the treatment of those with allergic disease and related disorders of the immune system. It does this by carrying out a wide range of activities to support its aims and objectives through the governance of the BSACI Council which are implemented by the Executive Officers, Sub Groups and Administration Office.

Significant activities

The British Society for Allergy and Clinical Immunology was first established in 1948. As part of its 75th anniversary celebration, the BSACI published a Special Edition of Allergy Update (the BSACI’s official biannual newsletter) in June 2023, to mark the occasion. The issue featured many BSACI milestones and recollections from long-standing members.

The BSACI also launched its Global Online Allergy Symposium to mark its 75th Anniversary. The symposium aimed to widen the BSACI’s global reach by collaborating with the WAO (World Allergy Organisation); AAAAI (American Academy of Allergy, Asthma and Immunology; and EAACI (European Academy of Allergy and Clinical Immunology). The delegates' feedback indicated that the programme was outstanding overall, as it incorporated a collegiate approach to comparing diverse perspectives and was presented by a cadre of eminent, internationally renowned world-class speakers.

The BSACI runs a number of awards which recognise excellence in the field of allergy and clinical immunology. The BSACI Honorary Membership Award category was reinvigorated in 2022. Nominees are non-members who have made an exceptional contribution to the field of allergy and clinical immunology at an international level, and they are nominated by existing members.

Additionally, the BSACI introduced a new award category in 2022. The BSACI Fellows Awards are for members who have made significant contributions to the Society by playing a continuously active role for 20 years or more, thus helping to shape allergy & clinical immunology as a speciality within the UK. BSACI Fellows are bestowed the postnominal FBSACI (Fellowship of the British Society for Allergy and Clinical Immunology).

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES Significant activities

BSACI secured further funding to be able to support the continuation of the UK Fatal Anaphylaxis Registry. The UKFAR seeks to assemble details of every fatality in the UK since 1992 for which anaphylaxis is considered a possible cause of death in order to improve our understanding of fatal anaphylaxis and the clinical circumstances leading to fatalities.

As part of the engagement strategy, retired members were asked to complete a survey about their relationship with the Society over the years. Their answers have been invaluable in helping the BSACI plan its future activities to ensure it remains connected with its members. The Survey’s respondents were invited to attend the President’s Gala Dinner at the BSACI 2023 Annual Conference.

The focus of the BSACI Clinical Immunology Committee (CIC) remains firmly set in training and education by standardising care, reducing duplication, and ensuring training is fit for purpose for future ACI (Allergy and Clinical Immunology) training. Its work with health care scientist members developing evidence based, cross organisation guidance on the appropriate use of laboratory allergy testing is advancing. It has continued to support a trainee-led group looking at the potential opportunities posed by the revised GMC (General Medical Council) curricula in ACI. The CIC worked with the Royal College of Pathologists and the Clinical Immunology Professional Network to provide guidance and recommendations on the use of laboratory allergy testing in primary care settings. This guidance was based on published evidence to improve testing and reduce unnecessary testing by providing clinical advice at the point of test request.

The Perioperative Allergy Network (PAN) was officially launched and held a seminar in May. One-third of the delegates were either allergists or immunologists. The network has been developing ‘How to…’ documents which will be published on its webpage, which the BSACI hosts.

The National Allergy Strategy Group (NASG) is an Alliance of the BSACI, Allergy UK, Anaphylaxis UK (formerly known as the Anaphylaxis Campaign); and it now includes the Natasha Allergy Research Foundation (NARF). Since its formation in 2001, the NASG has worked with the All-Party Parliamentary Group (AAPG) to lobby for the improvement of NHS allergy services; in particular the inadequate care available for allergy patients at all levels in the NHS. The NASG provides the secretariat to the All-Party Parliamentary Group for Allergy co-chaired by Jon Cruddas MP. Since the 2021 APPG and NASG Report launch on ‘ Meeting the Challenges of the National Allergy Crisis’ the NASG has had several meetings with the Department of Health and Social Care (DHSC). One of the outcomes of this is that the DHSC will participate in and co-badge (with the NASG) the creation of an expert working group for allergy, one of the important components of which will be the creation of a framework to provide information on the training necessary for primary care.

BSACI allergy nurses make up a large number of the overall workforce of healthcare professionals who treat those with allergies. The BSACI collaborates closely with nurses to foster stronger relationships; ensuring they have a voice within the Society and provide expertise. As part of its objectives, the BSACI’s Nurses Committee has established a study day and has grown its membership by providing more concrete incentives for nurses wishing to join the Society. 12 speakers were invited to the half-day study day in April 2023, which was attended by over 80 delegates. Since December 2022, 43 nurses have joined the Society; and this substantial increase in nursing membership is likely related to the nurse study day.

The Transition Working Group had its inaugural meeting in October 2022. The group aims to:

  1. Develop UK specific, BSACI badged healthcare transition material covering allergy-specific transition topics to be used by healthcare teams.

  2. Develop a BSACI pragmatic pathway for healthcare transition in allergy.

  3. Map out transition friendly adult and children's services in the UK and define what that means (i.e., a bronze/silver/gold standard).

  4. Integrate and promote education and training on healthcare transition.

  5. Develop/refine national standards for transition care (paediatric and adult allergy services).

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British Society For Allergy and Clinical Immunology

Report of the Trustees for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES Significant activities

The Psychology Special Interest Group had its first meeting in June 2022 and hosted a BSACI webinar in May 2022. The group aims to provide resources for psychological support for patients and families for those working within primary, secondary, tertiary care and in research. It also promotes awareness of the working group and the psychological impact of allergy and effective interventions. Members have been involved in various research activities to gather data on the unmet need for psychological services and evidence for effective psychological interventions for patients and families.

Understanding the impact of immunotherapy on patient outcomes is crucial. Benefits have been demonstrated in clinical research trials, however, this must be also evident when treating patients in a "real world" setting, such as a clinic. In order to track the immunotherapy treatments of patients under the care of BSACI consultants working in the UK, the BSACI created a web-based patient register. Now in its sixth year, BRIT (BSACI Registry for Immunotherapy) has around 2,500 patients registered across 120 centres; and has been quickly embraced by immunotherapy institutions around the United Kingdom. Utilising the immune system, immunotherapy is a specialist treatment that can lessen symptoms associated with a variety of allergic and non-allergic conditions. BRIT focuses on treating wasp and bee venom reactions, using omalizumab injections for chronic urticaria, and immunotherapy for allergies to pollen and mites via injection or oral means.

The registry is sponsored by a number of industry partners, whose treatments are monitored on BRIT as to their effectiveness. The BRIT committee launched a dashboard in early 2023 which is available for all users to benchmark their service against registry norms, allowing them to use their own data to help support local service delivery. The registry has received approval from the West of Scotland Research Ethics Service. For more complex analysis BRIT has appointed a statistician to undertake the analysis and plan to have results available for the October conference. BRIT’s first ever peer-reviewed published study is underway.

The Standards of Care Committee’s output included:

Future guidelines include:

  1. Emerging foods guideline – The guideline also has official representation from both the British Dietetic Association and the Food Standards Agency.

  2. Idiopathic Anaphylaxis –PICO (Population, Intervention, Comparators, Outcomes) questions have been devised. A member of this group is also a member of the Hidden Allergens guideline group, providing a link between the two guidelines.

The Adult Allergy Committee carried out a survey of access to adult allergy using two key measures: the WTE (whole time equivalent) Allergy Consultants available; and the number of new patient adult allergy clinics.

The BSACI Standard of Care Committee (SOCC) will be introducing a new, briefer guideline format called BSACI Clinical Practice Statements, in addition to the more comprehensive BSACI guidelines which tackle broader topics. These will be submitted to and published in the journal ‘Clinical & Experimental Allergy’.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES

Training, Education and Knowledge

The BSACI’s annual programme of webinars and grand rounds continues to be hugely successful in engaging large numbers of members. The Allergy in the Military Working Group; the British Dietetic Association (BDA) Food Allergy Specialist Group; and the Psychology Special Interest Group all hosted webinars for the first time.

The BSACI, Education for Health (EfH) and Respiratory Futures held the first-ever of two joint webinars for healthcare professionals working in secondary care on how to successfully manage adults with asthma and allergies. The presentations were on:

The BSACI held three SpR (Specialist Registrar) training days for adult, immunology and paediatric trainees covering the latest Allergy and Immunology Curriculum.

To equip primary care professionals to manage allergy patients and understand when to refer complex cases to secondary and tertiary care services, the BSACI (through industry sponsorship) financed four regional primary care training days.

The NHS’ long-term plan supports the delivery of integrated care and the formation of primary care networks. Within those networks practices may choose to offer extended services by a GP or other members of staff with extended roles. Many GPs (General Practitioners) are already involved in delivering local allergy services around the UK in different contexts including community services or attached to specialist units, and much has been learned from examples of best practice. All those involved in delivering care for patients with allergies recognise the need to ensure that General Practitioners with an Extended Role (GPwER) are suitably qualified, with demonstrable competencies, training and experience. These factors underpin the delivery of safe, highquality care.

To facilitate this the BSACI has developed the GP with extended role (GPWER) framework, which contains key elements of competencies for GPs working in Allergy. The framework has been endorsed by the Royal College of General Practitioners (RCGP). It describes different models of care and information about the training, accreditation and assessment processes to support the accreditation of GPwER in Allergy Care. This will increase the allergy knowledge within primary care; the skills and competencies of practitioners; enabling patients to receive high quality allergy care closer to home. Accreditation will be provided by the BSACI and its team of assessors. A pilot will take place before the scheme is rolled out nationally.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES

BSACI National Allergy Education Strategy

Although allergic diseases are common, affecting many people throughout life, few healthcare professionals receive formal training in allergy. This means that patients are often poorly managed. Over the last three years, the BSACI has developed a National Allergy Education Strategy to ensure quality allergy education for all healthcare professionals in a manner that is appropriate to their professional roles; and with the aim that all patients with allergies will receive timely and individualised evidence-based care.

The strategy was written between 2019-2021 and published in Autumn 2021 by a multi-disciplinary team of allergy educators and clinical experts with the consultation of key stakeholders. The strategy addresses the education and training of all healthcare professionals in undergraduate, community and hospital settings. In so doing, it aligns educational goals with the care needs of patients progressing through an integrated healthcare system, in keeping with the recommendations of NHS and European policy frameworks.

With the completion of the BSACI Education Strategy, it was agreed to appoint an Education Fellow who would move the delivery of the strategy forward. The Education Fellow will allow healthcare professionals to deliver a programme of work that will enable opportunities for all in allergy education. Mapping what is already available, identifying gaps, and designing new innovative educational events which can support a financially sustainable programme of work. Part of this work has involved gathering data from a survey to foundation doctors on their level of knowledge and understanding of allergies. Currently, there is no published data on the opinions of foundation doctors on this crucial subject. The BSACI will utilise the data collected from the survey to guide the delivery of effective, practice-focused, and clinically relevant allergy education for foundation doctors. Survey responses will be anonymised and submitted for publication in a medical journal.

Strategic/Leadership

The BSACI received assistance from an external third-sector consulting firm, Action Planning, to develop a new organisational structure. The BSACI Board of Trustees then suggested redefining and reshaping the BSACI Council to give it a significant role as a consultative body. The majority of organisational committees go by the name SIGS (Specialist Interest Groups), the leaders of which comprise the BSACI Council.

To enable the BSACI’s trustees to be more responsive and effective in delivering the Society’s goals, the BSACI Council agreed to increase the number of trustees from four to eight. The trustees proposed appointing four Vice Presidents for Workforce; Services; Education; and Science and Research to oversee the four key strategic areas. Trustees are now known collectively as the Senior Leadership Team (SLT.)

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British Society For Allergy and Clinical Immunology

Report of the Trustees for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES

The BSACI Organisational Structure

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES

Significant activities

An important component of the BSACI's strategic goal is to broaden its reach by forming partnerships with organisations that share its interests. This allows the BSACI to grow its expertise and share it with others to improve health outcomes. New collaborations include:

As a registered charity, the BSACI relies on membership subscriptions, royalty income (from Wiley Blackwell’s journal CEA) and industry support to fund our important work. The Society has developed a legacy strategy with Legacy Voice to grow income through Gifts in Wills and In-Memory Giving. Legacy Voice ran workshops for the BSACI team and discussed legacy donations with retired BSACI members.

The Trustees reviewed the BSACI’s membership processes. It is no longer necessary for those submitting membership applications to have their applications supported by two members.

Members are currently allowed to spread the subscription cost monthly to provide a more affordable payment option for those who might find it difficult to pay the full subscription amount in full. This is still a 12-month membership, but with the option of splitting the payments over a 12-month period.

The BSACI runs a fixed membership year from 1st August to 31st July. Members joining partway through the membership year are charged a pro-rata fee for the remaining months’ membership. To ensure all members receive exactly 12 months of membership from the point of application, the Society has moved to rolling membership subscriptions where the 12-month membership year starts once an application is approved. This also reduces the burden on office administration.

At the Annual General Meeting in October 2022 the special resolution that the Articles of Association of the Company be amended was passed to allow members to cast votes electronically and to permit the following meeting formats: (i) A physical meeting at an address where members or their proxies can attend in person; (ii) A virtual on-line meeting where members or their proxies can attend by electronic means: and (iii) A hybrid meeting being any combination of attendees in the above two permitted formats.

New appointments

Ms Margaret Kelman was appointed as the part-time Education Fellow on a two-year fixed term contract, to implement and advance the Society’s education strategy’s aims and objectives.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

OBJECTIVES AND ACTIVITIES

Significant activities after the balance sheet date

The Perioperative Allergy Network is piloting a digital system for referral investigations around cases which will allow anaesthetists to access the records of patients who have had a reaction and will also serve as a database for fatal and non-fatal cases. Funding has been sought for two subsequent pilots.

The Department of Health and Social Care (DHSC) gave its provisional approval of the Terms of Reference for a jointly chaired NASG/DHSC Expert Advisory Group for Allergy (EAGA) and its inaugural meeting is planned for late 2023. The EAGA will act as a conduit for stakeholders to policymakers and it will also act as a steering group for the development of a National Allergy Strategy.

At the 2023 AGM, a special resolution was passed to increase the number of Trustees from seven to eight to include the four newly created Vice President roles for Education and Training; Services; Science and Research; and Workforce.

761 delegates attended the BSACI 2023 annual conference meeting. This number consisted of 686 paying delegates and the remaining 75 were made up of exhibitors, speakers, staff and invited guests. Approximately 40% of the current membership attended the conference compared to 32% of members in 2019. As a percentage of the total number of paying delegates, member attendees accounted for 58% this year as opposed to 53% of the total number of paying delegates in 2019. Speakers Corner was a popular feature with 72% of delegates agreeing that was an effective way to present specific topics. Delegate feedback suggested that more people used the mini programme than the newly introduced app to navigate the conference. 61% reported that they would prefer to have a mini programme rather than just the app.

Public Benefit

The trustee directors confirm that they have complied with their duty in Section 4 of the Charities Act 2006, to have due regard to the public benefit guidance published by the Charity Commission, when reviewing the Society's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

To advance and encourage the study of Allergy and Clinical Immunology for the benefit of the public.

Patient and Public Engagement

Peanut Immunotherapy was initiated in the second phase of BRIT, with its data being collected for analysis. Patients can now directly complete their PROMS (Patient Reported Outcome Measures) questionnaires and keep their personal information up to date. There is a BSACI coordinated open morning every Thursday at 10am for any user requiring help.

BSACI trainees were involved in the development of a range of patient information leaflets, however it was agreed by council that whilst the BSACI should provide healthcare resources and/or assist patient organisations in developing resources, it was not the BSACI's remit to create resources for patients long term.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

ACHIEVEMENTS AND PERFORMANCE

Membership

The list of applications for BSACI membership is distributed to BSACI Council members each quarter for approval. Between 1st August 2022 - 31st July 2023, Council approved 174 new applicants for membership, which is a 20% increase from the previous year (2021-2022.) For the first time, the Society has sustained having over 1,000 members. Below is a breakdown of the membership categories:

Charitable activities

To encourage the study of Allergy and Clinical Immunology for the benefit of the public

BSACI are the official society of the journal Clinical and Experimental Allergy, the official journal of the BSACI. It is published by Wiley-Blackwell and is the essential reading for allergy practitioners and research scientists with an interest in allergic diseases and mechanisms. The highest impact factor in the history of the journal (6.1) was achieved at a time when all other allergy journal impact factors had a post-pandemic drop.

The journal ‘Clinical & Experimental Allergy’ is on track to have an impact factor which is close to double figures in two years, challenging the very top allergy journals internationally in terms of metrics. The editors expected this to lead to increased numbers of high-quality manuscript submissions and an ongoing increase in the quality and impact of the articles published in the journal. There was a new LinkedIn channel to complement Twitter/X, and Wiley continued to support the journal with press releases for the most newsworthy articles. Several successful special issues have been published, most recently on Allergy in India.

Important documents ratified and approved at the 2022 AGM were:

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

ACHIEVEMENT AND PERFORMANCE Charitable activities

To work towards the recognition of Allergy and Clinical Immunology as specialised branches of medicine

In the United Kingdom, allergic illnesses affect approximately one-third of the population. The BSACI continues to urge MPs through the National Allergy Strategy Group (NASG) to improve allergy service and education provision in the UK, ensuring increased access to expert care and treatment across the country.

Our main achievements in the past year

Investment performance

Portfolio
performance (total
return) Benchmark*
3 months -0.71% +0.93%
6 months -1.49% +0.64%
12 months -4.82% +0.03%
*MSCI PIMFA Income Total Return

Market Commentary

The past twelve months have seen market sentiment dominated by interest rate concerns:

  1. US Fed Funds rose to 5%

  2. UK base rate up to 4.5%

  3. Euro area interest rate at 3.75%

The authorities had been catching up with an inflationary cycle that proved more significant and longer lasting than had originally been forecast early in 2022. The scale of interest rate rises generally surprised the equity and bond markets and meant that progress in the major markets had been muted. Although of note has been a resurgence in the NASDAQ index of largely technology names which has proved a standout performer in early 2023. A move further accentuated by investor frenzy over Artificial Intelligence (AI).

During the period evidence of pressure in the financial system was shown with the banking crisis and SVB bank and CSFB both failing. This raised concerns that the precipitate rise in interest rates was creating instability in the financial system with all the 2008/09 dangers of contagion across the banking sector. These failures are now viewed as specific to the particular banks and not indicative of a wider system issue. Notwithstanding, following the decision to raise rates to 5% Fed Chairman Powell argued for a pause in further hikes. Whilst this gave some credibility to the notion that interest rates may have peaked in the US and presaged a decline later in 2023 inflation data continued to disappoint suggesting that the Fed may have to consider further increases in interest rates. As proved, those rates stayed at elevated levels through the remainder of 2023.

In the UK inflation was stubborn to control. Indeed, core inflation alarmed the markets prompting expectations that UK base rates would climb to 5¼-5½% by year end a view which proved prescient.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

ACHIEVEMENT AND PERFORMANCE Portfolio commentary

In respect of the portfolio over the twelve months to 31st July 2023, the total return has been minus 4.82% against the PIMFA benchmark plus 0.03%. This relative underperformance can be attributed to a number of factors:

  1. Our relative overweight to equities versus fixed income.

  2. Within fixed income our alternatives and corporate bonds have underperformed against sovereign debt like gilts and US Treasuries.

  3. Equity holdings geared to ‘quality growth’ have underperformed relative to more value-oriented stocks, like tobaccos and staples.

During the period we have gradually increased our holdings in fixed interest mostly through higher yielding corporate bonds and some alternative assets which have provided better returns over the long term. During the banking crisis, our relative underweight to sovereign debt was unhelpful to performance as there was a flight to safety of government debt. In April and May as the banking fears subsided and further government bond issuance weighed on market sentiment that underperformance started to reverse.

Considering the equity portion of the portfolio the best performers have been those technology names that have rebounded following a dire performance in 2022. Good examples are:

  1. Microsoft Corporation

  2. Alphabet (aka Google)

  3. Apple

These companies – especially the first two – have seen a lot of enthusiasm as announcements about Artificial Intelligence (AI) have hit the headlines. Both Microsoft and Alphabet have announced AI offerings recently to much acclaim.

Other good performers include:

  1. BAe Systems plc; demand for defence equipment has grown with the Ukraine conflict plus the recent AUKUS deal bode well for long-term returns.

  2. Dechra Pharmaceuticals plc; following a mooted takeover bid, now confirmed on Friday 2nd June at 3875 pence.

  3. Veolia Environnement SA; the international water and waste company has gained from the recent acquisition of Suez which presages cost and revenue benefits.

  4. Relx plc; the information analytics company announced positive recent results and commented on their AI presence.

Company results from other portfolio constituents have in the round been positive with numbers coming in line or ahead of expectations.

Where we have seen some disappointments in the portfolio they have arisen from company specific issues or more widely from the impact of higher interest rates. Among the latter group are:

  1. Primary Health Properties

  2. Assura Group

  3. American Tower Corporation

  4. LXi REIT

  5. GB Group

These companies have large debt issuance and the rise in interest rates has raised concerns about the companies’ ability to fund and re-finance their debts. We see these concerns as overstated given the strong cash flow the businesses generate. It is noted that the underlying businesses continue to perform well.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

ACHIEVEMENT AND PERFORMANCE Recent Portfolio changes

Higher bond yields prompted us to begin increasing our relative weight to fixed income. This was seen with the addition of exposure to 7-10 year maturity US Treasury bonds and most recently 10 year gilts. With yields over 4%, we believe these sovereign bonds offer much more compelling value than we had seen in the past. We also further increased our exposure to corporate investment grade and high yield credit through two collective funds.

With overseas growth superior to that likely to be seen in the UK we continued to avoid UK domestic exposure, like UK retailers and housebuilders. We increased our holdings in international companies like Novo Nordisk A/S, Gen Digital Corp and Japan-listed Keyence Corp. This last example is a company focused on industrial automation and robotics; an area where we see long-term secular growth.

These moves were funded through top-slicing of overweight holdings, sales of collective funds in favour of direct equity exposure thus reducing costs, and reinvestment of accrued income in the portfolio.

FINANCIAL REVIEW

Principal funding sources

Details of Income and Expenditure are given on the Statement of Financial Activities within the financial statements. The company's principal funding sources are annual meeting income, WAO/BSACI meeting income, grants/sponsorships for training days and meetings, royalties from the scientific journal, subscriptions and investment income. The total income for 2023 decreased by 68% to £396,532 (2022: £1,225,256) mainly due to no annual meeting being held during the year.

Expenditure on charitable activities included newsletters and publications and other meeting costs, (together with the costs of the annual meeting and WAO/BSACI meeting costs, in 2022). The allocation of the company's expenditure decreased by 50% to £551,922 from the previous year (2022: £1,101,891) with 99% allocated to charitable activities (2022:99%).

Investment policy and objectives

The directors' investment policy is to establish and maintain a balanced portfolio of investments which preserves the real value of the company's capital base in the longer term, while maximising the generation of income. It is the intention of the directors to continue growing the portfolio so that it will generate income from the dividends.

By using some of the income it had generated from the investment portfolio, the Society purchased an office in London during 2012. The office is large enough to support the administrative staff, so that they are able to carry out their daily administrative duties, to ensure the smooth running of the charity and its activities. The office also has a meeting room, which allows BSACI committees to meet on a regular basis.

Reserves policy

The trustee directors have examined the requirement for free reserves, which are those unrestricted funds not invested in fixed assets, designated for special purposes or otherwise committed. The trustee directors consider that given the nature of the work of the Society and assuming that the Society's activities continue at the current levels, this should equate to approximately six months of the resources expended, which during 2023 amounted to approximately £240,000. This should provide adequate working capital for the Society's core costs. The free reserves at 31st July 2023 are £43,190 (2022: £150,111) and the trustee directors are satisfied that this level of reserves is sufficient to meet the needs of the Society.

The reserves of The British Society for Allergy & Clinical Immunology at 31st July 2023 stood at £1,614,184 (2022: £1,844,821). Of these reserves, £105,907 (2022: £123,145) is restricted and the balance held as unrestricted funds. The charity's unrestricted funds are being built up with the intention of developing a secure investment portfolio to enable the generation of sufficient income to assist in underwriting the Society's current and intended growth.

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British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

FUTURE PLANS

The BSACI has a three-year strategy in place, and the implementation of its funding plan will assist the Society in maintaining long-term stability and delivering its objectives.

As part of the BSACI’s inclusivity strategy, data on gender/age/disability/religion- belief/ethnicity/sexual orientation will be captured. It’s important that the Society is inclusive, diverse and ensures that it reaches all groups proportionately while being able to identify areas of work that are possibly under-represented.

We are in our final year of implementing our three-year strategy, funding generated from planned activity will assist us in maintaining long-term stability so we can deliver our objectives.

Future development includes a series of planned clinical guidelines and clinical practice statements. These are:

  1. Emerging Food Allergens Guideline

  2. Idiopathic Anaphylaxis Guideline

  3. Local Anaesthetic Guideline

  4. Lipid Transfer Protein Allergy (LTP) Clinical Practice Statement

  5. Oral Food Challenge - Clinical Practice Statement

  6. On our website is the Adrenaline Auto-Injector, prescription for patients at risk of anaphylaxis and guidance for primary care practitioners

  7. BSACI Adult Action Plans.

Other future developments

Advertise and appoint the new position of ‘Project Manager’ to support the development of a National Allergy Strategy.

Seek nominations for the Secretary and, as part of the new organisational structure, the new Vice President of Science and Research.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Memorandum and Articles of Association under the Companies Act

The British Society for Allergy and Clinical Immunology is a company limited by guarantee (no. 03505635), having been incorporated under the Companies Act on 2nd February 1998. On that date, the company took over the assets of the Society, which formerly operated as an unincorporated charity (no. 235489). On incorporation, the company acquired a new charity number (no.1069199). The company does not have a share capital, but its members, in the event of a winding up, have guaranteed to contribute to the assets of the company a sum not exceeding £1 per member. Any surplus on a winding up should be given or transferred to another charitable institution with objects similar to that of the company or if that cannot be done to some other charitable object.

Recruitment and appointment of new trustees

The trustee directors are appointed by the members of the Society at the annual general meeting and hold office for a period of three years, except for the Treasurer and Secretary, who may hold office for a maximum period of six years. Trustee directors are selected from persons of good standing from within the allergy and clinical immunology sector, who have an appreciation of the aims and objectives of the Society and the experience necessary to be able to further those aims and objectives.

Page | 14

British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure

Administration of the Society is overseen by BSACI trustees who are elected by ballot at the annual general meeting.

BSACI Council’s remit is to discuss specific Society issues. It is a consultative body which is representative of the BSACI membership providing Trustees with access to general membership opinion on key strategic issues and policies. Council meetings are generally held three times a year and the annual general meeting of the Society is held during the annual scientific meeting.

The general administration of the company is undertaken by the company secretary who is also the ‘Honorary Secretary’ and is not subject to a fixed term of appointment. Under a Charity Commissioner order, the company delegates the day-to-day management of its investments to an independent investment management company.

Induction and training of new trustees

Prospective trustees are provided with a comprehensive briefing on all aspects of the Society's business. This conforms with the Charity Commission's guidance on Induction of Trustees. In addition, all Trustees are given a copy of the Charity Commission's publication CC3 and a copy of the Society's governing instrument being its Memorandum and Articles of Association under the Companies Act. No formal training is given.

Risk management

The major risks to which the Society is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.

The principal risk faced by the Society lies in the performance of investments. The trustees consider variability of the investment returns and fall in the market value of the investments held to constitute the charity's major financial risk. This is mitigated by retaining an expert investment manager and having a diversified investment portfolio.

The principal risks to the Society's portfolio as identified by the investment manager can be summarised as follows:

Investment risk

This relates to the underlying assets of the Charity not performing in line with expectations either through loss of capital or a reduction/loss in income paid by investment(s). Whilst the day-to-day volatility of asset prices will result in occasional unrealised losses, we seek to minimise such negative effects through effective diversification of holdings, thus reducing the exposure to any single holding. At period end one holding exceeded 5% of the portfolio value. This was the collective fund, the Aberdeen Asian Income Fund which represented 5.2% of the portfolio. We operate a strict 'sell' discipline; if a company announces a 'profit warning' the shares will be sold at the earliest opportunity. This helps to prevent retaining underperforming holdings.

The policy of avoiding long-dated bonds has avoided the significant losses experienced in this asset class in the latter part of the review period. We have sought a bond-like performance offering better returns through alternative assets. These offer superior risk-adjusted returns through investment in infrastructure, renewable energy, specialist property and batteries. Good examples are 3I Infrastructure, Foresight Solar Fund, Primary Health Properties and Gore Street Energy Storage Fund.

Page | 15

British Society For Allergy and Clinical Immunology

Report of the Trustees

for the Year Ended 31 July 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Liquidity risk

This is the risk that the Charity will be unable to realise for cash the investments held to its order. We ensure that such risk is minimised. All equity holdings are traded on recognised exchanges. Additionally, the holdings are not of a size which would prevent them being sold during one trading session and settlement in cash would be achieved in two days.

Furthermore, the collective assets are all realisable for cash in five days and the external managers employed in managing such investments have strong finances and governance ensuring prompt and timely disbursement of cash to the Charity.

FUNDS HELD AS CUSTODIAN FOR OTHERS

During the year, the company held funds as custodian trustee of The National Allergy Strategy Group (NASG). The NASG was set up as a campaign and is led by BSACI, Allergy UK, Anaphylaxis UK and Natasha Allergy Research Foundation, working to pave the way for the All-Party Parliamentary Group on Allergy, with the aim being to make the best possible use of the opportunities created by the publication of the Royal College of Physicians Report and recommendations from the House of Lords Report on Allergy published on 26 September 2007. Net assets held by the company at 31st July 2023 on behalf of the NASG amount to £3,402 (2022: £1,628), comprising of bank balances of £3,402 (2022: £1,628)

Accounting records of the NASG are maintained separately from those of the company. The company maintains a separate bank account in respect of the NASG and incoming and outgoing funds are accounted for separately on an annual basis.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on April 2024 and signed on its behalf by: 26th

----- Start of picture text -----
............................................................
Dr F Ali – Trustee (Treasurer)
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British Society For Allergy and Clinical Immunology

Statement of Trustees Responsibilities for the Year Ended 31 July 2023

The trustees (who are also the directors for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page | 17

Independent Examiner's Report to the Trustees of British Society For Allergy and Clinical Immunology

Independent Examiner’s Report to the Trustees of British Society For Allergy and Clinical Immunology

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of British Society For Allergy and Clinical Immunology (‘the charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charitable company, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Page | 18

Independent Examiner's Report to the Trustees of British Society For Allergy and Clinical Immunology

Keeley Edwards FCCA Sawin & Edwards LLP Chartered Accountants Studio 16, Cloisters House 8 Battersea Park Road London SW8 4BG

Date: -- April 2024 26th April 2024

Page | 19

British Society For Allergy and Clinical Immunology

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2023

Unrestricted
fund
Notes
£
INCOME FROM
Donations and legacies
-
Charitable activities
Subscriptions
92,069
Royalties
139,451
Annual meeting
-
Online symposium
22,481
WAO/BSACI meeting
-
Grants/sponsorship
23,097
Investment income
2
33,574
Other income
3
38,360
Total Incoming Resources
349,032
EXPENDITURE ON
Raising funds
Investment management costs
4
7,513
7,513
Charitable activities
5
Annual meeting
-
Dissemination of information
222,591
Education and promotion
257,080
479,671
Total Resources Expended
487,184
Net losses on investments
(75,247)
NET (EXPENDITURE)/INCOME
(213,399)
RECONCILIATION OF FUNDS
Total funds brought forward
1,721,676
TOTAL FUNDS CARRIED FORWARD
1,508,277		 Restricted
fund
£
-
-
-
-
-
-
47,500
-
-
47,500
-
-
-
37,960
26,778
64,738
64,738
-
(17,238)
123,145
105,907		 2023
Total
funds
£
-
92,069
139,451
-
22,481
-
70,597
33,574
38,360
396,532
7,513
7,513
-
260,551
283,858
544,409
551,922
(75,247)
(230,637)
1,844,821
**1,614,184 **		 Audited
2022
Total
funds
£
3,000
100,944
125,177
274,265
-
478,263
166,800
27,545
49,262
1,225,256
7,967
7,967
731,941
198,023
163,960
1,093,924
1,101,891
(28,157)
95,208
1,749,613
1,844,821

The notes form part of these financial statements

Page | 20

British Society For Allergy and Clinical Immunology (Registered number: 03505635)

Statement of Financial Position

At 31 July 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
14
497,880
Investments
15
967,207
1,465,087
CURRENT ASSETS
Debtors
16
233,776
Cash in hand
98,063
331,839
CREDITORS
Amounts falling due within one year
17
(288,649)
NET CURRENT ASSETS
43,190
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,508,277
NET ASSETS
1,508,277
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
105,907
105,907
-
105,907
105,907
105,907		 2023
Total
funds
£
497,880
967,207
1,465,087
233,776
203,970
437,746
(288,649)
149,097
1,614,184
1,614,184
1,508,277
105,907
**1,614,184 **		 Audited
2022
Total
funds
£
512,574
1,058,991
1,571,565
120,835
275,965
396,800
(123,544)
273,256
1,844,821
1,844,821
1,721,676
123,145
1,844,821

The notes form part of these financial statements

continued …

Page | 21

British Society For Allergy and Clinical Immunology (Registered number: 03505635)

Statement of Financial Position - continued

At 31 July 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions applicable to charitable companies subject to small companies regime.

The financial statements were approved by the Board of Trustees on April 2024 and were signed on its 26 behalf by:

............................................. Dr F Ali - Trustee

The notes form part of these financial statements

Page | 22

British Society For Allergy and Clinical Immunology

Statement of Cash Flows for the Year Ended 31 July 2023

Notes
Cash flows from operating activities:
Cash generated from (used in) operations
1
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2023
£
(111,749)
(111,749)
-
(189,215)
195,395
17
33,557
39,754
(71,995)
275,965
203,970		 Audited
2022
£
135,348
135,348
(1,916)
(133,751)
126,205
8
27,537
18,083
153,431
122,534
275,965

The notes form part of these financial statements

Page | 23

British Society For Allergy and Clinical Immunology

Notes to the Statement of Cash Flows

for the Year Ended 31 July 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
statement of financial activities)
Adjustments for:
Realised (gains)/losses on investments
Unrealised losses on investments
Interest received
Dividends received
Depreciation
Movement in fund held for investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities		 2023
£
(230,637)
(2,947)
78,194
(17)
(33,557)
14,694
10,357
(112,941)
165,105
**(111,749) **		 Audited
2022
£
95,208
6,099
22,058
(8)
(27,537)
14,590
(10,155)
117,103
(82,010)
135,348

Page | 24

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements

for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value, unless otherwise stated in the relevant note to the accounts.

These financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.

The British Society for Allergy and Clinical Immunology constitutes a public benefit entity, as defined by FRS102.

An Independent Examination has been carried out for the year ended 31 July 2023, whilst an audit was undertaken in the year ended 31 July 2023.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. In forming their opinion, the trustees have considered a period of one year from the date of signing the financial statements.

The financial statements cover the individual entity. The functional and presentation currency is Sterling.

With respect to the next reporting period, 2024, the most significant areas of uncertainty that affect the carrying value of assets held by the Society are the level of investment return and the performance of investment markets.

Income

All income is recognised in the Statement of Financial Activities (SOFA) once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Where incoming resources have related expenditure (as with fundraising income) the incoming resources and related expenditure are reported gross in the SOFA.

Income is categorised as follows:

Page | 25

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES – continued

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 costs 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.

Allocation and apportionment of costs

Support costs have been allocated between governance costs and other support costs

Other support costs are allocated between expenditure categories on a basis designed to reflect the use of the resource. Costs, including overheads relating to a particular activity are allocated directly. Staff costs which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities; all other overheads are apportioned across cost categories on an actual basis and following a trustee review of those costs.

Governance costs include the costs associated with the general running, constitutional and statutory requirements of the charity. It consists of the costs of the preparation and examination of statutory accounts and other costs associated with the management and administration of the charitable company. The governance costs have been apportioned to the charitable activities based on a ratio applied using each charitable activity cost to the total charitable activities costs.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are recognised in the statement of financial activities.

Tangible fixed assets

Leasehold property and fixtures and fittings have been measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation and amortisation are calculated so as to write off the cost of an asset, less its estimated residual value over the useful economic life as follows:

Fixtures, fittings and equipment - 3 years straight line Leasehold property - 40 years straight line Leasehold property improvements - 40 years straight line

All assets which have a useful economic life of more than one year are capitalised at cost. Assets costing less than £500 are not capitalised. Assets are valued at cost or a reasonable value on receipt.

Page | 26

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES - continued Fixed Asset Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair values, as at the balance sheet date, using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Income from investments is recognised, together with the related tax credit on an accruals basis and forms part of the unrestricted general funds.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value, or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value.

Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash and cash equivalents

Cash and cash equivalents include cash at bank.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement amount.

Operating Leases

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the terms of the lease.

Taxation

No provision for taxation has been made as the Company is a charity as defined by Section 467 of the Corporation Taxes Act 2010 and as such is exempt from taxation of its income and gains to the extent that they are applied for its charitable purposes.

Fund accounting

Funds held by the organisation are:

Unrestricted General Funds - these are funds which can be used in accordance with the Charitable objectives, at the discretion of the trustees, without having to take account of any restrictions and are available as general funds.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Page | 27

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES - continued Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of investments, which are subsequently measured at the quoted market value ruling at the balance sheet date.

Pension

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The assets of the scheme are held in a separately administered fund.

2. INVESTMENT INCOME

Unrestricted
Restricted
funds
funds
£
£
Dividends
33,557
-
Deposit account interest
17
-
33,574
-
OTHER INCOME
Unrestricted
Restricted
funds
funds
£
£
Advertising receipts
8,000
-
Other income
30,360
-
38,360
-
INVESTMENT MANAGEMENT COSTS
Unrestricted
Restricted
funds
funds
£
£
Investment management charges
7,513
-		 2023
Audited
2022
Total
Total
funds
funds
£
£
33,557
27,537
17
8
33,574
27,545
2023
Audited
2022
Total
Total
funds
funds
£
£
8,000
15,250
30,360
34,012
38,360
49,262
2023
Audited
2022
Total
Total
funds
funds
£
£
7,513
7,967

3. OTHER INCOME

4. INVESTMENT MANAGEMENT COSTS

Page | 28

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

5. CHARITABLE ACTIVITIES COSTS

Annual meeting
Dissemination of information
Education and promotion		 Direct costs
(See note 6)
£
-
50,382
67,848
118,230		 Support &
Governance
costs
(See note 7)
£
-
210,169
216,010
426,179		 2023
Audited
2022
£
£
-
731,941
260,551
198,023
283,858
163,960
544,409
1,093,924

6. DIRECT COSTS OF CHARITABLE ACTIVITIES

Annual meeting
WAO/BSACI meeting
Newsletter, publications and
postage
Online Symposium
Other meetings
Subscriptions
Donation		 Annual
meeting
£
-
-
-
-
-
-
-

Dissemination
of information
£


-

-

2,391

-

42,133

5,858

-

**50,382 **		 Education
and
promotion
£

-
-
2,390

33,640
31,818
-
-
**67,848 **		 2023
£

-
-
4,781
33,640
73,951
5,858
-
**118,230 **		 Audited
2022
£
254,960
364,842
1,666
-
97,599
2,771
2,000
723,838
-

7. SUPPORT COSTS

Annual meeting
Dissemination of information
Education and promotion		 Other
support
costs
£

-
163,073
164,702
**327,775 **		 Governance
costs
£

-
47,096
51,308
**98,404 **		 2023
£

-
210,169
216,010
**426,179 **		 Audited
2022
£
112,139
143,521
114,426
370,086

Page | 29

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

7. SUPPORT COSTS – continued

Staff costs
Telephone
Audit/Independent
examination and
accountancy
Postage and
stationery
Legal and
professional fees
Insurance
Bank charges
Computer expenses
Depreciation
Premises expenses
Recruitment and
temporary staff
costs
Training
Exchange
movement
Sundry expenses
Apportionment of
governance costs **
Total support and
governance costs		 Annual
meeting
£

-
-
-
-
-
-
-

-
-

-
-
-
-
-

-

-
-		 Dissemination
of information
£

133,547
3,616
-
1,145
9,327
-
1,914
3,802
-
7,382
1,731
609
-
-

163,073
47,096
210,169		 Education
and
promotion
£

133,547
4,172
-
712
9,766
-
-
5,323
-
8,842
1,731
609
-
-


164,702
51,308
216,010		 Governance
£
27,989
3,338
6,500
619
20,649
1,405
213
3,042
14,694
16,223
385
135
636
2,576


98,404
(98,404)
-
2023
£

295,083
11,126
6,500
2,476
39,742
1,405
2,127
12,167
14,694
32,447
3,847
1,353
636
2,576

426,179
-
426,179
Audited
2022
£
227,231
8,718
11,800
2,049
35,751
1,222
2,733
18,041
14,590
22,453
20,638
1,773
-
3,087
370,086
-
370,086

** The governance costs have been apportioned to the charitable activities based on a ratio applied using each charitable activity cost to the total charitable activities costs.

8. NET (EXPENDITURE)/INCOME

Net income is stated after charging/(crediting):

Depreciation 2023
Audited
2022
£
£
14,694
14,590

Page | 30

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023, nor for the year ended 31 July 2022.

Trustees' expenses

During the year, two trustee directors were reimbursed travel and meeting expenses totalling £790 (2022: £Nil).

10. STAFF COSTS

Gross wages and salaries
Employer's National Insurance costs
Life cover
Pension costs
The average number of employees during the year was as follows:
Charitable activities
Governance		 2023
£
276,304
19,885
1,549
15,956
313,694
2023
No.
8
1
9		 Audited
2022
£
210,389
13,922
1,044
11,209
236,564
Audited
2022
No.
7
1
8

The average number of employees during the year was as follows:

One employee received emoluments in excess of £60,000 which fell in the band: £60,000 to £69,999 (2022: None).

The total amount paid to key management personnel for their services to the charity amounted to £65,875 (2022: £58,283)

Page | 31

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Audited
2022
Unrestricted
fund
£
INCOME FROM
Donations and legacies
3,000
Charitable activities
Subscriptions
100,944
Royalties
125,177
Annual meeting
274,265
WAO/BSACI meeting
478,263
Grants/sponsorship
29,500
Investment income
27,545
Other income
49,262
Total
1,087,956
EXPENDITURE ON
Raising funds
7,967
Charitable activities
Annual meeting
731,841
Dissemination of information
150,835
Education and promotion
120,259
Total
1,002,935
Net losses on investments
28,157
NET INCOME
48,897
RECONCILIATION OF FUNDS
Total funds brought forward
1,672,779
TOTAL FUNDS CARRIED FORWARD
1,721,676		 Audited
2022
Restricted
fund
£
-
-
-
-
-
137,300
-
-
137,300
-
100
47,188
43,701
90,989
-
46,311
76,834
123,145		 Audited
2022
Total
funds
£
3,000
100,944
125,177
274,265
478,263
166,800
27,545
49,262
1,225,256
7,967
731,941
198,023
163,960
1,093,924
28,157
95,208
1,749,613
1,844,821

Page | 32

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

12. AUDITORS’ REMUNERATION

Independent examiner's fees for reporting on the accounts
Audit fees
Other services		 2023
Audited
2022
£
£
1,400
-
-
6,800
11,439
11,078
12,839
17,878

13. DEFINED CONTRIBUTION PENSION SCHEME

The company operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The assets of the scheme are held in a separate administered fund.

The costs of the scheme to the charity for the year amounted to £15,956 (2022: £11,209)

14. TANGIBLE FIXED ASSETS

Leasehold
Property
improvements
Leasehold
property
Fixtures
and fittings
£
£
£
COST
At 1 August 2022
42,117
499,811
7,213
Additions
-
-
-
Disposals
-
-
-
At 31 July 2023
42,117
499,811
7,213
DEPRECIATION
At 1 August 2022
2,484
29,491
4,592
Charge for year
1,043
12,377
1,274
Disposals
-
-
-
At 31 July 2023
3,527
41,868
5,866
NET BOOK VALUE
At 31 July 2023
38,590
457,943
1,347
At 31 July 2022
39,633
470,320
2,621		 Totals
£
549,141
-
-
549,141
36,567
14,694
-
51,261
497,880
512,574

Page | 33

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

15. FIXED ASSET INVESTMENTS

Listed
investments
Cash held
for
investment
£
£
MARKET VALUE
At 1 August 2022
1,016,860
42,131
Additions
189,215
-
Disposals
(192,448)
-
Revaluations
(78,194)
-
Movement in the year
-
(10,357)
At 31 July 2023
935,433
31,774
NET BOOK VALUE
At 31 July 2023
935,433
31,774
At 31 July 2022
1,016,860
42,131
There were no investment assets outside the UK.		 Totals
£
1,058,991
189,215
(192,448)
(78,194)
(10,357)
967,207
967,207
1,058,991

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Prepayments and accrued income		 2023
£
162,590
71,186
233,776		 Audited
2022
£
102,437
18,398
120,835

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
Accruals and deferred income		 2022
£
43,069
245,580
288,649		 Audited
2022
£
41,132
82,412
123,544

Page | 34

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued)

Deferred income

Movement in deferred income

Balance brought forward
Amount added in the current period
Amount released to income from the previous period
Balance carried forward		 2023
£
69,080
237,609
(69,080)

**237,609 **		 Audited
2022
£
158,905
69,080
(158,905)
69,080

Income has been deferred because it has been received in advance for events and projects relating to the year ending 31 July 2024.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Withing one year
Between one and five years		 2023
Audited
2022
£
£
630
630
-
210
630
840		 2023
Audited
2022
£
£
630
630
-
210
630
840
840

Page | 35

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

19. MOVEMENT IN FUNDS

Audited
At 1.8.22
£
Unrestricted funds
General fund
1,721,676
Restricted funds
Restricted fund
123,145
TOTAL FUNDS
1,844,821
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
£
£
Unrestricted funds
General fund
349,032
(487,184)
Restricted funds
Restricted fund
47,500
(64,738)
TOTAL FUNDS
396,532
(551,922)
Restricted funds
Audited
At 1.8.22
£
Restricted Funds
Legacy – annual meeting
9,600
Sparepen website project
175
Immunotherapy registry project
57,071
Food Standard Agency project
56,299
123,145		 Net
movement
in funds
£
(213,399)
(17,238)
(230,637)
Gains and
(losses)
£
(75,247)
-
(75,247)
Net
movement
in funds
£
-
(140)
4,680
(21,778)
**(17,238) **		 At 31.7.23
£
1,508,277
105,907
1,614,184
Movement
in funds
£
(213,399)
(17,238)
(230,637)
At 31.7.23
£
9,600
35
61,751
34,521
105,907

Page | 36

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

19. MOVEMENT IN FUNDS - continued Comparatives for movement in funds - audited

At 1.8.21
£
Unrestricted funds
General fund
1,672,779
Restricted funds
Restricted fund
76,834
TOTAL FUNDS
1,749,613
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
£
£
Unrestricted funds
General fund
1,087,956
(1,010,902)
Restricted funds
Restricted fund
137,300
(90,989)
TOTAL FUNDS
1,225,256
(1,101,891)
Restricted funds
Unaudited
At 1.8.21
£
Restricted Funds
Legacy – annual meeting
9,700
Sparepen website project
505
Immunotherapy registry project
66,629
Food Standard Agency project
-
76,834		 Net
movement
in funds
£
48,897
46,311
95,208
Gains and
losses
£
(28,157)
-
(28,157)
Net
movement
in funds
£
(100)
(330)
(9,558)
56,299
46,311		 At 31.7.22
£
1,721,676
123,145
1,844,821
Movement
in funds
£
48,897
46,311
95,208
At 31.7.22
£
9,600
175
57,071
56,299
123,145

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2023. (2022: None)

Page | 37

British Society For Allergy and Clinical Immunology

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

21. FUNDS HELD AS CUSTODIAN TRUSTEE

During the year, the company held resources on behalf of the National Allergy Strategy Group (NASG) in a separately maintained bank account. The movement of those resources during the year are as follows:

Bank balances brought forward
Incoming resources
Resources expended
Balance carried forward		 2023
£
1,628
2,500
(726)
**3,402 **		 Audited
2022
£
10,664
6,000
(15,036)
1,628

Assets held and movements on resources in respect of the activities of NASG have not been included in the company's balance sheet or Statement of Financial Activities.

22. LIMITED LIABILITY

The Society is a company limited by guarantee, the liability of the members being limited to £1 each in the event of a winding up. The company does not have a share capital.

23. FINANCIAL INSTRUMENTS

The charity's principal financial instruments comprise cash, short term deposits and listed investments, the main purpose of which is to finance the charity's operations and activities. The charity does not acquire put options, derivatives or other complex financial instruments.

The main risks arising from the charity's financial instruments are interest rate risk, market risk and liquidity risk. The trustees review and agree policies for managing each of these risks and these are summarised below.

Market risk

The main market risk the charity is exposed to is the fall in the market value of the investments and volatility in yield, due to uncertain investment markets. To mitigate this risk the funds are in a welldiversified portfolio and the trustees regularly review the performance and the value of the investments.

Liquidity risks

The charity's policy throughout the year has been to ensure that it has adequate liquidity by careful management of its working capital.

Page | 38

British Society For Allergy and Clinical Immunology

Detailed Statement of Financial Activities for the Year Ended 31 July 2023

INCOME
Donations and legacies
Donations
Investment income
Dividends
Deposit account interest
Charitable activities
Subscriptions
Royalties
Annual meeting
Online Symposium
WAO/BSACI meeting
Grants/sponsorship for Allergy Training days and meetings
Other income
Advertising receipts
Other income
Total incoming resources
EXPENDITURE
Investment management costs
Investment management charges
Charitable activities
Annual meeting
WAO/BSACI meeting
Newsletter, publications and postage
Online Symposium
Other meetings
Subscriptions
Donation		 2023
£
-
33,557
17
33,574
92,069
139,451
-
22,481
-
70,597
324,598
8,000
30,360
38,360
396,532
7,513
-
-
4,781
33,640
73,951
5,858
-
118,230

This page does not form part of the statutory financial statements

Page | 39

British Society For Allergy and Clinical Immunology

Detailed Statement of Financial Activities for the Year Ended 31 July 2023

Support costs
Other
Wages
Legal and professional
Training
Computer expenses
Telephone
Postage and stationery
Premises expenses
Recruitment and temporary staff costs
Bank charges
Governance costs
Governance costs
Total resources expended
Net (expenditure)/income before gains
and losses
Realised recognised gains and losses
Realised gain/(losses) on fixed asset investments
Unrealised losses on fixed asset investments
Net (expenditure)/income

Page | 40