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2021-09-30-accounts

Registered number: 04443910 Charity number: 1093118

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 11
Independent auditor's report 12 - 14
Statement of financial activities 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 34

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Trustees

Dr Mark Gilchrist Dr Paul Long Dr Sanjay Patel Dr Helena Parsons Dr Jonathan Sandoe Dr Philip Howard Dr Michael Allen Dr Christopher Longshaw Enas Newire Dr Oliver Van Hecke Dr Naomi Fleming Daniel Hassan Dr Jessica Blair Professor Ian Gould Sally Tipping Neil Powell Dr David Jenkins

Company registered number

04443910

Charity registered number

1093118

Registered office

Griffin House, 53 Regent Place, Birmingham, B1 3NJ

Chief executive officer

Mrs Tracey Guise

Investment advisors

Rathbones Management Investment Ltd, 159 New Bond Street, London, W1S 2UD

Page 1

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Report of the trustees for the year ended 30 September 2021

The trustees are pleased to present their annual directors’ report together with the audited financial statements of the company for the year ending 30 September 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006, and the Charities SORP (FRS 102) - "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (effective from 1 January 2019).

Reference and administrative details

The British Society for Antimicrobial Chemotherapy is both a company limited by guarantee (Registered Company 4443910) and a registered charity (Registered Charity 1093118). It was incorporated on 21 May 2002, having operated as an unincorporated charity since being founded in 1971. The principal and registered address of the Charity is Griffin House, 53 Regent Place, Birmingham, B1 3NJ.

The names of the trustees at the date of approval of the report, and the names of those who served during the financial year are:

1 October 2020 – 30 September 2021

Michael Allen, Medical Affairs, Merck Inc Jessica Blair, Academic Microbiologist, Birmingham Naomi Fleming, Community based Pharmacist, Towcester Mark Gilchrist, Consultant Pharmacist, London Ian Gould, Consultant Microbiologist, Aberdeen Daniel Hassan, PhD Student, USA Oliver Van Hecke, Academic General Practitioner, London Philip Howard OBE, Consultant Pharmacist, , Leeds David Jenkins, Consultant Microbiologist, Leicester Paul Long, Reader in Pharmacology, London Enas Newire, PhD Student, London Helena Parsons, Consultant Microbiologist, Sheffield Sanjay Patel, Consultant Infectious Diseases Pediatrician, Southampton Neil Powell, Consultant Antimicrobial Pharmacist, Cornwall Jonathan Sandoe, Associate Clinical Professor Microbiology, Leeds Sally Tipping, Lead Antimicrobial Pharmacist, Swindon

The name of the Society’s Chief Executive Officer, the senior staff member to whom the trustees delegate dayto-day management of Society affairs, is Mrs Tracey Guise.

The names and addresses of the Society bankers, accountants, investment advisers and solicitors are recorded below:

Bankers Auditors Lloyds-TSB MHA MacIntyre Hudson Colmore Row Peterbridge House, 3 The Lakes Birmingham, B3 3BP Northampton, NN4 7HB

Page 2

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Investment advisers

Rathbones Management Investment Ltd 159 New Bond Street London, W1S 2UD

Solicitors

Hempsons Solicitors 20 Embankment Place London, WC2N 6NN

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The governing document is the Memorandum and Articles of Association (MAA) that is regularly reviewed by Council. The Society Regulations further define the MAA. These documents are published on the Society website.

Election of Trustees

Elected Members of Council act as Trustees and Directors of the Society. The procedure for the election of Trustees is set down in the Articles of Association and further defined by the Regulations. In summary, Council comprises Ordinary Members of Council who are elected by an open process of nomination and, when nominations exceed the number of vacancies, by postal ballot of the Membership; this ballot is conducted by the Electoral Reform Services and Officers of the Society who are elected by Council.

Introduction of Trustees

An internal induction programme for Trustees exists. Trustees receive an induction pack that includes information on the statutory responsibilities of trustees and directors, structure of the Society and timecommitment/duties of a Trustee. At the time of appointment Trustees are required to confirm their eligibility to serve as a Trustee and complete a declaration of interests form for inclusion on the Society Declaration of Interests Register. In addition, the Society offers the opportunity for all newly appointed and existing Trustees to attend training courses on the roles and responsibilities of Trustees. The cost of these courses is met by the Society.

Pay policy for staff

The pay of the senior staff and all other staff is reviewed annually by Remuneration Committee that comprises senior officers of the society and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against levels of remuneration in other nor for profit organisations and learned societies. The remuneration benchmark is the mid-point of the range paid for similar roles with a single salary scale allowing for salary adjustments for any additional responsibilities. During the past year, the Remuneration Committee received, considered, and made their decisions regarding salary supported by the results of a salary survey information published by HR Expert and the Professional Associations Research Network.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Council meets three times annually to consider statutory and financial business and to determine policy for the charity.

Standing Committees are overseen by elected Officers and are each responsible for a major area of BSAC activity. Each of the Standing Committees has delegated authority to carry out work agreed by Council and each report its activities back to Council. Details of the overarching structure, composition and remit of each Committee are published on the Society website.

Page 3

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

RISK MANAGEMENT

The Trustees acknowledge their responsibility to assess and manage the risks that the Society faces or might face in future. A consolidated risk register, developed using Charity Commission guidance, is maintained by the Society. Officers and senior staff are required to identify and analyse risks relevant to their responsibilities, assess risks according to their likely occurrence and impact and report on procedures that are in place to manage the risks. The risk management process is overseen and reviewed by Council.

To minimise conflicts of interest, the Society maintains a Register of Interests. Those appointed to act on behalf of the Society (Trustees, Chairs of working parties, editors, referees, etc.) are required to complete a declaration of interests’ form, which is recorded centrally at BSAC HQ. Details about the risk register are published on the Society website. There was a full review and update of the risk register and transparency declarations in 2014 and both registers are updated on an annual and ongoing / as required basis. A full review of both registers was undertaken during 2021.

REVIEW OF OBJECTIVES, ACTIVITIES, ACHEIVEMENTS AND PERFORMANCE

Objectives

The purpose of the BSAC, as described by the objects of the Society is to “facilitate the acquisition and dissemination of knowledge in the field of antimicrobial chemotherapy.”

Between October and January of each year Council agrees a programme of work for the forthcoming year. This programme of work includes a range of educational, meetings, grant giving and other activities that are in accordance with, and aimed at furthering, the objects of the Society.

During the year Council referenced, adjusted, and worked towards fulfilment of its agreed strategic framework for 2020-2021. The strategic framework includes mission statements, key messages, and desired deliverables relevant to the current agreed objectives of the society. The aim of the strategic framework and timetable is to enable all elected officers and Council Members the opportunity to be actively involved in setting the agenda for the future, without having undue influence over it, and regularly measuring progress and outcomes against it. The COVID19 pandemic continued to impact on how the Society was able to deliver its activities and during the year the Society continued to develop and increase its range of online activities, namely education through extending its portfolio of e-learning courses and improvements to its online conference and workshops offer. The Society continued to evaluate the ongoing risks posed by the pandemic and other external influences, including likely changes to the academic publishing market.

Public benefit

The Trustees have read the guidance on public benefit provided by the Charity Commission. The Society ensures that its activities are as far as possible to the public benefit by ensuring patient/public involvement and the development of educational initiatives directly aimed at members of the public. During the past year Dr Nicholas Brown served as the BSAC Director for Professional and Public Engagement, serving as a co-opted member of Council and overseeing the work of the All-Party Parliamentary Group on Antibiotics and the advocacy work it undertakes to raise the profile of antimicrobial resistance within civil society.

Page 4

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Grants

Trustees and the Grants Committee go to great lengths to obtain due diligence in the refereeing of grant applications and continues to support its policy of only supporting those applications that are of a high standard. To ensure that the grant award process is as transparent as possible, the Society has developed Standard Operational Procedures for Grants that are regularly reviewed and updated.

During the year the Society expended funds received from the previous year $1 million donation for grants that looked at the impact of COVID19 on antimicrobial resistance. The Grants Committee met once during the year and awarded the following grants:

Education

During the year the Society continued to support the development of clear and well-funded initiatives in education that are designed to support the education and training needs of clinicians, junior doctors, scientists, and technicians, in addition to allied health professionals and that are of wider benefit to the public. The Society continued to develop and promote a wide range of courses on antimicrobial resistance, antimicrobial stewardship and the prevention, diagnosis, and treatment of infection. These courses were underwritten by grants from external sources and/or funding from charitable income. All courses are openly and freely available to health care professionals and other interested stakeholders globally, including members of civil society and are housed on the Society’s Infection Learning Hub (www.infectionlearninghub.com ). The courses have attracted over 250,000 active learners from 6 continents and 205 countries and independent territories across the globe.

Webinars

Throughout the period the Society moved planned conferences and meetings to online platforms and delivered a series of webinars and virtual conferences, the outputs of which are available on demand as recorded events, and for the Infection Clinical Dilemmas series include e-learning courses that extend the value and reach of the learning provided.

Web-based educational resources

During the period the Society maintained the range of educational resources available via its website. These include:

Webcasts and PowerPoint slide sets: This facility increases the number of individuals able to benefit from the Society’s educational programmes and provides valuable learning materials for those unable to attend meetings in person.

Page 5

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Education around antimicrobial prescribing remains as one of the key strategies for supporting antimicrobial stewardship activities, and both resources and other e-learning modules aim to educate and empower health care professionals to provide high quality and safe infection prevention and management across healthcare communities that will enhance the health of the populations they serve.

The Society maintained an open access repository of peer review and non-peer review resources to support health care professionals across the globe to support the World Health Organisation global action plan on antimicrobial resistance. In addition, the Society continued to develop its COVID-19 Hub through which to share open access research and resources on COVID19.

Susceptibility Testing

The Society continued to support the United Kingdom contribution to the European Antimicrobial Susceptibility Testing methodology – EUCAST and underwrote a service provision contract in this area with Public Health Wales. This activity fulfils the three-main charitable objective headings as the Society educates health professionals in susceptibility testing methodology, communicates outputs to the Membership and wider profession and undertakes research to ensure the European methodology is accurate and continually updated.

Resistance Surveillance

During the year the Society, gifted the biobank of over 50,000 clinically significant isolates from the Resistance Surveillance programme to a consortia research group led by Universities of Dundee and Edinburgh. This followed a competitive application process. Whilst this marked the formal end of the surveillance programme after more than two decades, the Society will, under contract, continue to benefit from any commercialisation of research arising from use of the isolates over a period of 5 years and as importantly researchers will still be able to access the isolates for ongoing research for many years to come.

Outpatient Parenteral Antimicrobial Therapy (OPAT)

The Society published on a dedicated website the outputs of its Outpatient Parenteral Antimicrobial Therapy (OPAT) project, which supports establishing treatment services for serious infections in the home environment. The Society continued to support, through meetings and provision of free at point of use resources, the development and implementation of services within the UK. The programme continued to support the Drug Stability initiative during the year to provide open access data on the stability of medicines in elastomeric devices, data currently not openly available to the field. Details of all work in progress can be reviewed at www.e-opat.com.

Meetings

The Society hosted and/or participated in many national and international meetings during 2020-21, all of which were hosted as online/virtual events during the year due to the continuing COVID19 pandemic.

All Society organized meetings, e-learning courses and webinars are accredited for Continuing Professional Development under the statutory scheme operated by the Royal College of Pathologists, and when appropriate, the Royal College of Physicians of London. The Society is required, as part of this process, to issue evaluation questionnaires for each event. The responses provided by these anonymous returns allow the Society to monitor the effectiveness of its activities in this area and enables measures for improvement to be introduced.

Page 6

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Guideline Development Groups

During the year the Society worked on the development and establishment of five new major workstreams/activities:

The United Kingdom Antimicrobial Registry (UKAR), developed in partnership with the University of Aberdeen, is a prospective study that will secure longitudinal data on the use of new antimicrobial agents across the United Kingdom.

The Global Antimicrobial Stewardship Accreditation Scheme (GAMSAS) is a continuous quality improvement programme that will drive improvements in appropriate use of antimicrobial prescribing at healthcare facilities across the globe.

The Global Antimicrobial Stewardship Partnership hub (GASP-h) is a globally collaborative initiative aimed at fostering meaningful and impactful partnership working across all stakeholder groups engaged the development and use of antimicrobial agents.

Keep Antimicrobials Working (KAW) is an initiative with representation from the Society, medical schools in the UK and the British Pharmacological Society. Whilst initially UK focussed the initiative has international applicability and aims to ensure antimicrobial prescribing is formally embedded within the undergraduate curricula.

The Paediatric workstream has published pathways for the management / treatment of infections in paediatric populations and includes peer reviewed good practice recommendations supported by open access e-learning courses.

BSAC International

Despite its “British” title the Society has an international membership, and its peer review journal is internationally recognised and renowned. This is also reflected in the activities undertaken by the Society, many of which influence not only UK practice but also contribute to the shaping of international practice, opinion, and research.

During the period, the Society hosted sessions and/or supported speakers at many international meetings and developed collaborative relationships with several external groups. Full details of collaborative relationships are published on the BSAC website.

Public facing activities

Council continued to fulfil its aim of improving public education about infection prevention and appropriate use of antibiotics through a range of activities. Of most note was development of a new public facing initiative Stop Superbugs, developed during the year and due for official launch in October 2020.

During the period the Society continue to advocate the use of the e-Bug educational website that contributes to national and Europe-wide curricula for primary school children. The Society worked with Public Health England to revise the e-Bug teaching materials and undertook to redevelop the overarching website. In addition, the Society continues to support onward development of Mould the Musical, both school and professional versions, engaging with Her Majesty’s Government offices in the US to secure international runs of the musical in Washington DC, Atlanta, and New York City, works which will continue into 2023 and beyond.

Page 7

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Society continued to serve as secretariat to the All-Party Parliamentary Group on Antibiotics and the group continues to ensure that the topics of antibiotic discovery, development, and resistance receive the political interest required to ensure current and future action.

Communication

The Society continues to communicate with its membership via many different media, including its journals, email, website, e-newsletters, and scientific meetings.

The Society’s websites remain one of the primary routes through which BSAC communicates with the membership and wider community. The sites are open to Members and non-Members alike and provide visitors with easy access to resources on antimicrobial chemotherapy and its allied fields.

BSAC continues to recognise the important of, and extend its reach via, social media outlets such as Twitter and Facebook and used viral networking opportunities to deliver messages about appropriate use of antibiotics to public audiences.

Working with others

The Society’s relationships with its sister organisations, industry and government are key in ensuring the successful delivery the Society’s agenda. The Society continued to work with many organisations that across the globe, diversifying engagements outside of health and pharmaceutical industry to include investment banks and international organisations such as UNICEF and Medicines San Frontiers.

The Society continued to develop its relationships with all health care professional groups engaged in antimicrobial use and prescribing, including those outside of human health such as veterinarians, animal husbandry and environmental science. Through the inclusion of all relevant stakeholders in its activities BSAC seeks to ensure that there is a unified voice on infection prevention, detection, and management in the UK, in addition to working on the wider impact of antimicrobial use in other sectors within the One Health.

The Society is mindful of the need to engage meaningfully with patients to take on board their views and meet their needs and does so through representation in its activities as and when appropriate, and through the establishment of a Patients Charter to support patient charities to support their members in gaining a better understanding of the importance of antibiotics and their appropriate use.

JAC-Antimicrobial Resistance

The Society’s fully open access journal launched in 2019 - JAC-Antimicrobial Resistance (JAC-AMR) continued to develop during the year. The education component of JAC-AMR is an innovative on-line repository for educational resources intended to support learning and increase knowledge about antimicrobial stewardship practice, antimicrobial resistance, behaviour change and more, for a worldwide audience. The research component will publish clinically oriented opinions, reviews and original articles that advance the science and knowledge of antimicrobial resistance, stewardship and use relating to antibacterial, antifungal, antiviral and antiprotozoal agents.

Journal of Antimicrobial Chemotherapy

The Journal continues to be recognized as a leader in its field and is one of the major routes by which the Society fulfils its educational objectives to disseminate information about antimicrobial chemotherapy. The Journal has continued its policy of publishing BSAC Guideline Development Group reports and systematic reviews of topics in antimicrobial therapy, with a view to promoting the practice of evidence-based medicine.

Page 8

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Journal content becomes freely available on-line 12 months after publication, thus benefiting the profession and consumers alike.

Other significant matters

The Society remained in negotiation with an academic institution regarding commercialization of Intellectual Property arising from research work funded by a grant provided by the Society. Discussions remain ongoing; with a provisional agreement reached on a percentage income share for the Society should commercialization proceed. The Society pursued this during the year, but no further progress had been made on the previous year. The over-riding principle during discussions remained to not commit the Society to additional financial outlay or risk whilst ensuring a fair and appropriate return is possible, as outlined in the terms and conditions for the award of peer review grant funding. Discussions have been ongoing for four years, and did not conclude during the past year and remain ongoing.

The Society continued to work towards diversification of income streams during this period, to reduce risk of reliance on income from the journal and continued to review its supplier base to ensure best value for money and ensure spread of risk.

A full refurbishment of the Society HQ building at 53 Regent Place to provide a business headquarters that better reflects the tone, tenor, and operation of the Society, provide improved flexible and IT enabled meetings spaces and working environment for staff and visitors was completed during the year. The building now provides disabled access and disabled accessible facilities at ground floor level.

Financial review

The audited accounts for the period 1 October 2020 – 30 September 2021 are included in this report.

The Society remains financially sound and to maintain this position, Trustees continued to review the Society’s financial planning and budgeting procedures, as defined in the financial standing orders. Special consideration will continue to be given to the impact of COVID19 on income opportunities and required expenditure. The Society is within the infection arena and as such there is a demand for the services it provides which, within a difficulty financial climate for some, provides reassurance for the financial viability of the Society. The Society adheres to the principles for expenditure and expense claim guidance that is published on the BSAC website. In 2020-21 the Society continued to operate an annual budgeting and planning process, which was overseen and approved by Council, and as of this period built according to the new governance structure.

During the period the principal sources of funding were income from the Journal of Antimicrobial Chemotherapy, and revenue from meetings activities in the form of delegate registration fees and unrestricted educational grants/donations from Industry, and philanthropic donations. Income from the external publishers of the Journal of Antimicrobial Chemotherapy was £1,311,001 less external publisher’s expenses £227,146 realising net income of £1,083,855 before additional in-house editorial costs.

The Society is very grateful to several pharmaceutical and diagnostic companies that generously provided unrestricted educational grants that enabled the Society to deliver educational benefits through meetings to delegates at greatly reduced, or complimentary, rates.

As planned, Council spent £18,109 from the designated funds, the majority of which was expended on the Society’s public engagement programme.

Page 9

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

The general fund is largely represented by the investment portfolio, which performed well in a difficult market with realised and unrealised gains of £794,982. The Society developed revised contractual arrangements for the supply of isolates to academic and commercial contractors, primarily for use in research projects. The Trustees intend to retain the investment portfolio to generate income that will support the long-term fulfilment of the Society’s charitable objectives.

To ensure compliance with the law as established by the Bribery Act 2010, Council has developed and approved an Anti-Bribery Policy Statement, a copy of which is published on the Society website.

Council remains mindful of the need to ensure funds are dispersed in furtherance of its aims through a range of charitable activities. The Society now has designated funds for future allocation of funds to grant, education and meeting activities. Further, the Society has a restricted fund through which it supports the national programme of resistance surveillance.

Council has charged itself with continuing to examine the range of general, designated, and restricted funds its holds to ensure that monies are transferred and dispersed on grants, resistance surveillance, and education and meetings activities in an appropriate and timely fashion.

Investments

The Society investment portfolio is managed by Rathbones Management Investments Ltd, with whom Officers of the Society meet on an annual basis to review and discuss future policy for Society investments. Target income from investments is set at £100,000pa.

The charity’s investments are managed according to the powers defined by the Memorandum and Articles of Association. A balanced investment portfolio is maintained, and the investment advisers have been charged with increasing income from investments whilst protecting the capital value of the fund, this being the policy position of Council. The Society has placed certain restrictions on the way in which the fund is managed, including precluding investments in named pharmaceutical companies to ensure conflicts of interest, perceived or real, do not arise.

Reserves

The Trustees’ policy is to maintain a level of free reserves equivalent to not less than 24 months expenditure and aim to have a reserve for 36 months expenditure. This policy would enable the Society to remain operational for between 24-36 months (estimated at £4 million against total free reserves of £8,676,212) and fulfil its commitments in terms of research, grants, education, and meetings activities, some of which are subject to a 3-year planning / completion cycle.

The future

The Trustees remain confident that the Society is, through the activities described in this report, meeting and furthering the aims and objectives of the Society. Through careful planning and collaboration with the Membership and relevant external organisations, Trustees will continue to deliver and develop these activities.

The Trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future and have, therefore, used the going concern basis in preparing the financial statements.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of British Society for Antimicrobial Chemotherapy for the purposes of company law) are responsible for preparing the Trustees' report (incorporating a directors' report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 10

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Company law requires the Trustees to prepare financial statements for each financial year. 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 Charity and of their incoming resources and application of resources, including their income and expenditure, 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 Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 the Charity 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

INDEPENDENT AUDITORS

MHA MacIntyre Hudson has indicated its willingness to continue in office, and as such is deemed to be reappointed under section 487 (2) of Companies Act 2006.

This report was approved by the Trustees, and signed on their behalf by:

Dr Christopher Longshaw Trustee

Date: 29 April 2022

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BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

OPINION

We have audited the financial statements of British Society for Antimicrobial Chemotherapy (the 'charitable company') for the year ended 30 September 2021 which comprise the Statement of financial activities incorporating income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

USE OF OUR REPORT

This report is made solely to the charitable company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's Trustees 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 charitable company and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Hodgkinson BA ACA for and on behalf of MHA MacIntyre Hudson Statutory Auditors Northampton, United Kingdom Date: 31 May 2022

MHA MacIntyre Hudson are eligible to act as auditors of section 1212 of the Companies Act 2006.

Page 14

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Unrestricted
funds
Note
2021
£
INCOME FROM:
Donations
2
259,321
Charitable activities
3
2,112,184
TOTAL INCOME
2,371,505
EXPENDITURE ON:
Raising funds
12,980
Charitable activities
2,064,191
TOTAL EXPENDITURE
6
2,077,171
NET (EXPENDITURE) / INCOME BEFORE
INVESTMENT GAINS
294,334
Net gains on investments
794,982
NET (EXPENDITURE) / INCOME BEFORE
OTHER RECOGNISED (LOSSES) AND
GAINS
1,089,316
Transfers between Funds
14
13,180
NET INCOME BEFORE OTHER
RECOGNISED GAINS AND LOSSES
1,102,496
NET MOVEMENT IN FUNDS
1,102,496
RECONCILIATION OF FUNDS:
Total funds brought forward
7,573,716
TOTAL FUNDS CARRIED FORWARD
8,676,212		 Restricted
funds
2021
£
92,410
99,817
192,227
-
18,109
18,109
174,118
-
174,118
(13,180)
160,938
160,938
1,036,639
1,197,577		 Total
funds
2021
£
351,731
2,212,001
2,563,732
12,980
2,082,300
2,095,280
468,452
794,982
1,263,434
-
1,263,434
1,263,434
8,610,355
9,873,789		 Total
funds
2020
£
1,022,174
1,840,480
2,862,654
25,327
2,657,608
2,682,935
179,719
57,312
237,031
-
237,031
237,031
8,373,324
8,610,355

The notes on pages 19 to 34 form part of these financial statements.

Page 15

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee) REGISTERED NUMBER: 04443910

BALANCE SHEET AS AT 30 SEPTEMBER 2021

Note
FIXED ASSETS
Tangible assets
9
Investment property
Total tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
13
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 £
1,078,392
550,000
377,992
2,346,752
2,724,744
(776,451)		 2021
£
1,628,392
6,297,104
7,925,496
1,948,293
9,873,789
1,197,577
8,676,212
9,873,789		 £
737,517
550,000
447,122
2,219,517
2,666,639
(657,424)		 2020
£
1,287,517
5,313,623
6,601,140
2,009,215
8,610,355
1,036,639
7,573,716
8,610,355

Page 16

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

BALANCE SHEET (continued) AS AT 30 SEPTEMBER 2021

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf, by:

Dr Christopher Longshaw Trustee

Date: 29 April 2022

The notes on pages 19 to 34 form part of these financial statements.

Page 17

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note
Cash flows from operating activities
Net cash provided by operating activities
16
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
17
The notes on pages 19 to 34 form part of these financial statements.		 2021
£
599,400
161,172
(374,105)
674,245
(933,478)
(472,166)
127,234
2,219,518
2,346,752		 2020
£
248,936
108,290
(101,405)
1,031,469
(811,795)
226,559
475,495
1,744,023
2,219,518

Page 18

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES

1.1 General information

The British Society for Antimicrobial Chemotherapy is a private limited company limited by guarantee and registered in England and Wales. Registered company number 04443910 and charity number 1093118.

The registered office and principal trading address is Griffin House, 53 Regent Place, Birmingham, B1 3NJ.

1.2 Basis of preparation of financial statements

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

British Society for Antimicrobial Chemotherapy meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.3 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.4 Going concern

The financial statements have been prepared on a going concern basis. The Trustees have considered relevant information, including the post year end performance and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a minimal impact on the society’s operations, as discussed further in the Trustee's report. Based on these assessments and having regard to the resources available to the entity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 19

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.5 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services

No value has been attributed, as amounts involved, where an objective value can be determined, are not material.

Research grant funding

Income receivable to support research studies is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the income can be measured reliably. If entitlement is not met, relevant amounts are deferred.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

Quoted investments and investment property

Quoted investments are stated at market value at the year end. Gains and losses on disposal and revaluation of investments are charged or credited to the SOFA.

Investment properties are revalued annually, therefore no depreciation is provided in respect of investment properties. The Trustees consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Page 20

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.7 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Page 21

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.13 Financial instruments

The company only has financial assets and financial 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 bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.15 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Sources of estimation uncertainty:

Depreciation on tangible assets

Investment property valuations are based on property market data at the year end.

Page 22

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

2. INCOME FROM DONATIONS

Unrestricted
funds
2021
£
Voluntary income: subscriptions
11,020
Investment income
160,243
Rental income
35,845
Sundry income
52,213
Donations re Covid-19
-
Total donations
259,321
Total 2020
262,776
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2021
£
Education
775,918
Communications
1,336,266
Research
-
2,112,184
Total 2020
1,680,640		 Restricted
funds
2021
£
-
-
-
-
92,410
92,410
759,398
Restricted
funds
2021
£
-
19,127
80,690
99,817
159,840		 Total
funds
2021
£
11,020
160,243
35,845
52,213
92,410
351,731
1,022,174
Total
funds
2021
£
775,918
1,355,393
80,690
2,212,001
1,840,480		 Total
funds
2020
£
11,769
108,290
26,713
70,916
804,486
1,022,174
Total
funds
2020
£
235,012
1,508,953
96,515
1,840,480

3. INCOME FROM CHARITABLE ACTIVITIES

Page 23

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

EDUCATION
MOOC-AS including translations
Drive AB
OPAT
Spring Meeting
Residential Workshops
Susceptibility User Group Days
Stop Superbugs
Antibiotic Residence Mechanisms Workshop
Other meetings/workshops
E Learning
Stewardship and Surveillance
UKAR

Total
COMMUNICATION
Income arising from the society journal and supplements
Resistance surveillance income (40% of total)

Total
RESEARCH
Resistance surveillance income (60% of total)
Donations re Covid-19

Total		 2021
£
9,000
-
51,367
68,899
-
-
3,145
-
252,814
249,433
-
45,000

679,658
2021
£
1,336,266
19,127

1,355,393
2021
£
28,690
52,000

80,690		 2020
£
62,070
(1,018)
57,412
37,900
9,628
2,040
145
15,650
49,514
-
1,671
-
235,012
2020
£
1,444,610
64,343
1,508,953
2020
£
96,515
-
96,515

Page 24

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

4. DIRECT COSTS

Meetings
Sensitivity testing
Resistance
surveillance
Journal - editorial
fees
Journal - editorial
board
Journal - direct
publishing
Research grants
Working parties
Stewardship
surveillance
FCO / MOOC
projects
Staff training
Miscellaneous
Grants
committee
Other indirect
costs
Wages and
salaries
National
insurance
Pension costs
E Learning
NORS
Antibiotic DB
Drug stability
Sponsorship
event refund
Total 2020		 Education
£
156,396
-
-
-
-
-
-
-
5,807
324
1,574
-
-
121,842
158,191
17,726
55,500
47,309
1,491
-
9,452
(58,793)
516,819
867,195		 Communica
tions
£
-
-
-
172,533
-
389,517
-
-
-
-
-
880
-
121,840
158,191
17,726
55,500
-
-
-
-
-
916,187
896,045		 Research
£
-
10,065
18,109
-
-
-
232,992
100
-
-
-
-
-
121,843
158,190
17,725
55,500
-
-
-
-
-
614,524

858,399
 Total
2021
£
156,396
10,065
18,109
172,533
-
389,517
232,992
100
5,807
324
1,574
880
-
365,525
474,572
53,177
166,500
47,309
1,491
-
9,452
(58,793)
2,047,530

2,621,639		 Total
2020
£
326,373
38,894
240,612
107,313
3,546
475,470
272,239
1,102
33,153
52,542
2,345
4,263
199
134,111
544,188
58,848
179,215
95,139
1,000
171
50,916
-
2,621,639

Other indirect allocated costs

Other indirect allocated costs principally comprise of professional fees, computer costs, premises and accomodation costs of the Society's Headquarters.

Wages, national insurance and pension costs

It has been decided, following an increase in core staff, that staffing costs will from 2017-18 onwards be split equally across the three charitable objective headings of research, communication and education.

Page 25

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

EDUCATION - MEETINGS
Educational workshops
Spring meeting
Antibiotic resistance and mechanisms workshop
FIS
ECCMID
Conference
OPAT conference
GCCMID
MENA Dubai
Respiratory meeting
Pneumonia
Consultancy
Infection
Page medical

Total
RESEARCH GRANTS
Covid-19		 2021
£
-
44,913
-
-
25,010
3,292
42,291
-
-
-
-
8,000
300
20,000

143,806
2021
£
162,168		 2020
£
27,359
78,660
24,640
5,388
57,191
14,602
50,633
15,715
44,285
7,800
100
-
-
-
326,373
2020
£
272,239

5. GOVERNANCE COSTS

Unrestricted
funds
2021
£
Auditor's remuneration
8,435
Auditor's non audit costs
25,953
Travel
382
34,770		 Restricted
funds
2021
£
-
-
-
-		 Total
funds
2021
£
8,435
25,953
382
34,770		 Total
funds
2020
£
8,435
17,042
10,492
35,969

Page 26

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

6. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Other costs
2021
£
Expenditure on investment management
12,980
Costs of raising funds
12,980
Education
516,819
Communications
916,187
Research
614,524
Charitable activities
2,047,530
Expenditure on governance
34,770
2,095,280
Total 2020
2,682,935
NET INCOME/(EXPENDITURE)
This is stated after charging:

Depreciation of tangible fixed assets:
- owned by the charity
Auditor's remuneration - audit
Auditor's remuneration - other services		 Total
2021
£
12,980
12,980
516,819
916,187
614,524
2,047,530
34,770
2,095,280
2,682,935
2021
£
33,230
8,435
17,218		 Total
2020
£
25,327
25,327
867,195
896,045
858,399
2,621,639
35,969
2,682,935
2020
£
15,016
8,435
17,042

7. NET INCOME/(EXPENDITURE)

During the year, no Trustees received any remuneration (2020 - £NIL). During the year, no Trustees received any benefits in kind (2020 - £NIL).

Page 27

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

8. STAFF COSTS

The average number of persons employed by the company during the year was as follows:

2021 2020
No. No.
Employees 12 12
The number of higher paid employees was:
2021 2020
No. No.
In the band £60,001 - £70,000 2 2

One of the above employees is considered to be a key management personnel. The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the the charity was £111,399 (2020 - £108,667).

The charitable company was charged £10,065 (2020 - £37,425) by the Public Health Wales for the provision of services to support the activities of the sensitivity testing program.

Total staff costs for the year amounted to £694,249 (2020 - £782,251) including Employers National Insurance of £53,177 (2020 - £58,848) and Employers pension contributions of £166,500 (2020 - £179,215).

9. TANGIBLE FIXED ASSETS

Cost
At 1 October 2020
Additions
At 30 September 2021
Depreciation
At 1 October 2020
Charge for the year
At 30 September 2021
Net book value
At 30 September 2021
At 30 September 2020		 Freehold
property
£
923,843
372,111
1,295,954
186,326
32,773
219,099
1,076,855
737,517		 Computer
and other
equipment
£
191,334
1,994
193,328
191,334
457
191,791
1,537
-		 Total
£
1,115,177
374,105
1,489,282
377,660
33,230
410,890
1,078,392
737,517

Page 28

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10. INVESTMENT PROPERTY

INVESTMENT PROPERTY
Long term
leasehold
investment
property
£
Valuation
At 1 October 2020 and 30 September 2021 550,000

The valuation reflects market movements and takes into account expected rental yields since the last valuation performed in 2017 by Mr M Cook of KWB Property Managment Limited, who is a chartered surveyor and an RCIS Registered Valuer.

During the year, the society has agreed to grant a purchase option on the property to a third party developer for a value of £830,838 (exclusive of VAT).

11. FIXED ASSET INVESTMENTS

Market value
At 1 October 2020
Additions
Disposals
Revaluations
At 30 September 2021
 Listed
securities
£
5,313,623
933,478
(674,245
724,248
6,297,104

Quoted investments

Fixed interest securities UK
Equities UK
Equities overseas
Alternatives

Total		 Cost
£
967,136
1,393,346
1,508,134
552,989

4,421,605		 2021 Market
value
£
986,834
2,117,008
2,534,753
658,507

6,297,102		 Cost
£
904,274
1,277,540
1,167,713
552,989

3,902,516		 2020 Market
value
£
964,061
1,676,509
2,001,700
671,353
5,313,623

Page 29

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

12. DEBTORS

DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
312,111
47,259
18,622
377,992		 2020
£
256,691
4,847
185,584
447,122

13. CREDITORS: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income
Grants
Deferred income
Deferred income at 1 October 2020
Resources deferred during the year
Amounts released from previous years
Deferred income at 30 September 2021		 2021
£
90,382
16,294
255,541
414,234
776,451		 2020
£
12,538
82,193
219,323
343,370
657,424
£
72,070
109,103
(72,070)
109,103

Deferred income comprises rental income and project income received in advance.

Page 30

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

14. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Unrestricted funds
General Funds - all funds
Other General funds
Restricted funds
Resistance surveillance
Drive AB
Donations re. Covid-19
Spanish translation of the
EWMA Wound
Management Course
Sponsor of Webinar
Educational grant
University of Aberdeen
Spring conference
Total of funds
 Balance at
1 October
2020
£
7,573,716
-
7,573,716
67,568
209,673
716,153
10,245
9,000
24,000
-
-
1,036,639
8,610,355
 Income Expenditure
£
£
2,371,505
(2,135,964)
-
58,793
2,371,505
(2,077,171)
47,817
(18,109)
-
-
144,410
-
-
-
-
-
-
-
-
-
-
-
192,227
(18,109)
2,563,732
(2,095,280)		 Transfers
in/out
£
13,180
-
13,180
-
(209,673)
-
-
88,493
-
90,000
18,000
(13,180)
-		 Gains/
(Losses)
£
794,982
-
794,982
-
-
-
-
-
-
-
-
-
794,982
 Balance at
30
September
2021
£
8,617,419
58,793
8,676,212
97,276
-
860,563
10,245
97,493
24,000
90,000
18,000
1,197,577
9,873,789

Page 31

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

14. STATEMENT OF FUNDS (continued)

STATEMENT OF FUNDS - PRIOR YEAR

STATEMENT OF FUNDS - PRIOR YEAR
General Funds - all funds
Restricted funds
Resistance surveillance
Drive AB
Donations re. Covid-19
Spanish translation of the EWMA
Wound Management Course
Sponsor of Webinar
Educational grant		 Balance at
1 October
2019
£
8,015,311
147,322
210,691
-
-
-
-
358,013		 Income
£
1,943,416
160,858
(1,018)
716,153
10,245
9,000
24,000
919,238		 Expenditure
£
(2,442,323)
(240,612)
-
-
-
-
-
(240,612)		 Gains/
(Losses)
£
57,312
-
-
-
-
-
-
-
 Balance at
30
September
2020
£
7,573,716
67,568
209,673
716,153
10,245
9,000
24,000
1,036,639

SUMMARY OF FUNDS - CURRENT YEAR

Balance at
1 October
2020
Income Expenditure
£
£
£
General funds
7,573,716
2,371,505
(2,077,171)
Restricted funds
1,036,639
192,227
(18,109)
8,610,355
2,563,732
(2,095,280)
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 October
2019
Income

£
£
General funds
8,015,311
1,943,416
Restricted funds
358,013
919,238
8,373,324
2,862,654
 Transfers
in/out
£
13,180
(13,180)
-
Expenditure
£
(2,442,323)
(240,612)
(2,682,935)		 Gains/
(Losses)
£
794,982
-
794,982

Gains/
(Losses)
£
57,312
-
57,312
 Balance at
30
September
2021
£
8,676,212
1,197,577
9,873,789
Balance at
30
September
2020
£
7,573,716
1,036,639
8,610,355

Page 32

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2021
£
Tangible fixed assets
1,078,392
Fixed asset investments
6,297,104
Investment property
550,000
Current assets
1,527,167
Creditors due within one year
(776,451)
8,676,212
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2020
£
Tangible fixed assets
737,517
Fixed asset investments
5,313,623
Investment property
550,000
Current assets
1,630,000
Creditors due within one year
(657,424)
7,573,716		 Restricted
funds
2021
£
-
-
-
1,197,577
-
1,197,577
Restricted
funds
2020
£
-
-
-
1,036,639
-
1,036,639		 Total
funds
2021
£
1,078,392
6,297,104
550,000
2,724,744
(776,451)
9,873,789
Total
funds
2020
£
737,517
5,313,623
550,000
2,666,639
(657,424)
8,610,355

16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
Adjustment for:
Depreciation charges
Gains on investments
Dividends, interest and rents from investments
Decrease in debtors
Increase in creditors
Net cash provided by operating activities		 2021
£
1,263,434
33,230
(724,248)
(161,172)
69,130
119,026
599,400		 2020
£
237,031
15,016
(114,375)
(108,290)
94,530
125,024
248,936

Page 33

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

17. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Money Held by Investment Manager
Total		 2021
£
2,114,199
232,553
2,346,752		 2020
£
1,773,723
445,795
2,219,518

18. CAPITAL COMMITMENTS

The company had capital commitments for plant and machinery with regards to the refurbishment which was completed on 11 December 2020 for £Nil (2020 - £505,518).

19. PENSION COMMITMENTS

The company operates a defined contribution scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £165,882 (2020 - £179,215).

20. OPERATING LEASE COMMITMENTS

At 30 September 2021 the total of the Charity’s future minimum lease payments under non-cancellable operating leases was:

Amounts payable:
Within 1 year
Between 1 and 5 years
Total		 2021
£
13,981
38,447
52,428		 2020
£
13,981
52,428
66,409

21. RELATED PARTY TRANSACTIONS

1 Trustee of the charitable company received £382 (2020 - 13 Trustees - £4,658) in relation to reimbursed expenses for travel and subsistence incurred as part of their role as trustees.

Page 34