OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-09-30-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 2024

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 2-13
Independent auditor's report
14-17
Financial Statements
18-40

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 2024

Mrs. Frances Garraghan Specialist Pharmacist Manchester (Appointed 16 May 2024 resigned 24 October 2024)

Prof. Ian Gould, Consultant Microbiologist, Aberdeen

Dr. Helena Parsons, Consultant Microbiologist, Sheffield (resigned 16 May 2024)

Dr. Sanjay Patel, Consultant Infectious Diseases Paediatrician, Southampton (resigned 10 February 2024)

Dr. Jonathan Sandoe, Associate Clinical Professor Microbiology, Leeds (resigned 16 May 2024)

Prof. Andrew Seaton, Infectious Disease Consultant, Glasgow

Ms. Sally Tipping, Lead Antimicrobial Pharmacist, Swindon

Dr. Oliver Van Hecke, Academic General Practitioner, London (resigned 24 May 2024)

Page 1

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

TRUSTEES REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2024

The trustees are pleased to present their annual directors’ report together with the consolidated financial statements of the charity and its subsidiary for the year ending 30 September 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 (FRS 102) (effective 1 January 2019).

Trustees’ responsibilities in relation to the financial statements

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

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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 charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure to our auditors

The trustees are responsible for the maintenance and integrity of the corporate and financial information

Page 2

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

In so far as the trustees are aware:

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 2023 – 30 September 2024

Dr. Michael Allen, Medical Affairs, Merck Inc

Dr. Tom Ashfield, Medical Adviser, London

Dr. Ioannis Baltas, ID Micro Trainee, London

Dr. Matthew Dryden, Consultant in Infection, Porton Down

Dr. Aoife Fleming, Consultant Pharmacist,

Dr. Naomi Fleming, Community based Pharmacist, Towcester

Prof. Ian Gould, Consultant Microbiologist, Aberdeen

Dr. David Jenkins, Consultant Microbiologist, Leicester

Dr. Amelia (Annie) Joseph, Consultant Medical Microbiologist, Nottingham

Dr. Christopher Longshaw, Medical Adviser, Shiongi

Dr. Aimee Murray, Lecturer, Exeter

Prof. Andrew Seaton Consultant Glasgow

Ms. Sally Tipping, Lead Antimicrobial Pharmacist, Swindon

Dr. Louise Sweeney, Consultant Medical Microbiologist, Manchester

1 October 2023 – 18 January 2024

Dr Daniel Hassan PhD Student USA

1 October 2023 – 16 May 2024

Dr. Jonathan Sandoe, Associate Clinical Professor Microbiology, Leeds

Dr. Helena Parsons, Consultant Microbiologist, Sheffield

1 October 2023- 24 May 2024

Dr. Oliver Van Hecke, Academic General Practitioner, London

16 May 2024 - 30 September 2024

Dr. Michelle Buckner, Professor of Antimicrobial Resistance, Birmingham

Dr. Jane Democratis, Consultant Microbiologist, Leicester

Page 3

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Mrs. Frances Garraghan Specialist Pharmacist Manchester (Resigned 24 October 2024)

Page 3

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

The name of the Society’s Chief Executive Officer, the senior staff member to whom the trustees delegate

day-to-day management of Society affairs, is Mrs Tracey Guise.

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

Bankers

Auditors

Lloyds-TSB MHA Colmore Row Century House, The Lakes Birmingham, B3 3BP Northampton NN4 7HD

Investment advisers

Solicitors

Rathbones Management Investment Ltd Hempsons Solicitors 159 New Bond Street 20 Embankment Place London, W1S 2UD 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.

Induction 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.

Page 4

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Pay policy for staff

The pay of the senior staff and all other staff is reviewed annually by the 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 not for profit organisations and learned societies. During the past year, the Remuneration Committee received, considered, and made their decisions regarding salary supported by the results of a salary survey containing 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.

Advisory Boards are overseen by elected Officers and/or Trustees and are each responsible for a major area of BSAC activity. Each of the Advisory Boards 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.

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. The risk register and transparency declarations are updated on an ongoing/ as required basis.

REVIEW OF OBJECTIVES, ACTIVITIES, ACHIEVEMENTS 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.”

Page 5

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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. 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. An increasing number of meetings and events held online or in person with the option of online, with other online activities increasing, namely education, e-learning courses and virtual conferences and workshops. The Society continued to evaluate the range of risks and external influences the society was exposed to, including likely changes to the academic publishing market and the changing nature of delivery for education and events.

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 continues to serve 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.

Grants

Trustees and the Grants Committee (when in session) 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. No research grant calls were issued by the Society during the period; £49,313 was expended on quality improvement initiatives under the umbrella of the Global Antimicrobial Stewardship Accreditation Programme (GAMSAS), a collaborative disparities programme initiative with Pfizer.

Page 6

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 350,000 learners in total, with between 3,000 and 5,000 learners engaged across all courses at any one time.

Conferences and webinars

Throughout the period the Society hosted a range of in person, hybrid and online conferences and webinars, the outputs of which are available on demand as recorded events, and specific training courses on antimicrobial stewardship to support roll out of the Global AMS Accreditation Programme in different localities across the globe.

Web-based educational resources and training

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. These are available via the past events portal, the Global Antimicrobial Stewardship Hub (GASPH) and the Keep Antimicrobials Working portals.

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. During the year the Society continued to work with the World Health Organisation to deliver a facilitated education course on establishing antimicrobial stewardship services in hospitals across Egypt.

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 and on the development of Masterclass Training Courses on AST and Urinary Tract Infections.

Page 7

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

Outpatient Parenteral Antimicrobial Therapy (OPAT)

The Society continued to host a dedicated website on which it published the outputs of its Outpatient Parenteral Antimicrobial Therapy (OPAT) project, which supports establishing treatment services for serious infections in the home environment. The Society hosted a series of regional workshops and national conference to support the OPAT clinical community. Work commenced on updating Good Practice Recommendations for OPAT in adult and paediatric medicine. The programme continued to support the Drug Stability initiative that explores and provides open access data on the stability of medicines in elastomeric devices, data currently not openly available to the field. Details of all work completed and in progress can be reviewed at www.e-opat.com.

Meetings and accreditation of activities

The Society hosted and/or participated in many national and international meetings during the year. 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.

Major work streams

During the year the Society worked on the delivery and onward development of the following five major workstreams/activities:

Page 8

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

development and use of antimicrobial agents.

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, especially those fostered through GASPH 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, including its global community project focussed initiative Stop Superbugs and within the UK through provision of the Secretariat to the All Party Parliamentary Group on Antibiotics.

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. In addition, the Society continues to support onward development of Mould the Musical, now renamed Frontline, and which secured a performance at the UN General Assembly High Level Meeting on AMR (only the second performance given at such a meeting, the first being by ABBA) and supporting an off Broadway run of the production.

Stop Superbugs continued to provide support to a community of local projects in sub-Saharan Africa. This network of community initiatives meets together to share experiences and discuss opportunities for onward development and collaboration. During the year the first Stop Superbugs Grants Programme awarded three grants to support expansion of local programmes of work.

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. The Society also supported two interns who served in the

Page 9

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

office of Baroness Natalie Bennett; these internships were successful and impactful and the outcomes of the work undertaken was published on the BSAC website.

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 worked on development of a new content management system (CMS) to improve efficiencies in data management and membership/stakeholder engagement.

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 importance of and extend its reach across a range of social media outlets.

Working with others

The Society’s relationships with stakeholder organisations, industry and government are key in ensuring the successful delivery the Society’s agenda. The Society continued to work with many organisations across the globe, diversifying engagements outside of health and pharmaceutical industry to include investment banks and international organisations such as World Health Organisation, WaterAid, UNICEF, Baille Gifford Investments 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 continues 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 (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 continues to champion the need to establish 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, working directly with Kidney Research UK to examine how the Patients Charter can be successfully brought into use across the UK.

JAC-Antimicrobial Resistance

Launched in 2019 JAC-Antimicrobial Resistance (JAC-AMR) enjoyed a very successful year, securing its first Impact Factor and seeing a continued increase in both submission and publication of papers. The journal is fully open access.

Page 10

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 content becomes freely available on-line 12 months after publication.

Other significant matters

As in previous years, 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.

Financial review

The audited accounts for the period 1 October 2023 – 30 September 2024 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. The Society is within the infection arena and as such there is a demand for the services it provides which, within a difficult 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. 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 £1,438,893 less external publisher’s expenses £263,352 realising net income of £1,175,541 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 £332,576 from the designated funds, the majority of which was expended on the Society’s public engagement programme.

The general fund is largely represented by the investment portfolio, which performed well in a difficult market with realised and unrealised gains of £622,791 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.

Page 11

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 £100,000 pa.

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 £8.5 million against total free reserves of £9,860,096 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, financially robust and will continue in 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.

Page 12

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

Independent Auditors

MHA has indicated their willingness to continue in office. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Approved by the Trustees and signed on their behalf:

Dr Christopher Longshaw

Trustee

Date: 15[th] May 2025

Page 13

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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

INDEPENDENT AUDITORS REPORT

We have audited the financial statements of British Society for Antimicrobial Chemotherapy (the 'charitable company') for the year ended 30 September 2024 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.

Page 14

(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.

Page 15

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

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 the Companies Act 2006 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.

Page 16

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

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

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.

Rebecca Hughes BSc (Hons) FCCA (Senior Statutory Auditor) for and on behalf of

MHA

Statutory Auditor Northampton, United Kingdom

Date: 10 June 2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

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

Page 17

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
INCOME FROM:
Donations
2
Charitable activities
3
Investments
4
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
5/6
TOTAL EXPENDITURE7
NET (EXPENDITURE) / INCOME BEFORE
INVESTMENT GAINS
Net gains/(losses) on investments
NET (EXPENDITURE) / INCOME BEFORE
OTHER RECOGNISED (LOSSES) AND
GAINS
Transfers between Funds
16
NET INCOME / (EXPENDITURE) BEFORE
OTHER RECOGNISED GAINS AND LOSSES
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£

9,193
112,156
121,349
231,721

2,162,987
180,033
2,343,020
2,355,633

159,471
-
159,471
137,168
2,331,651
292,189
2,623,840 2,724,522
25,450
-
25,450
24,213
2,066,394
332,576
2,398,970
2,530,884
2,091,844
332,576
2,424,420
2,555,097
239,807
(40,387)
199,420
169,425
622,791
-
622,791
203,296
862,598
(40,387)
822,211
372,720
(26,141)
26,141
-
-
836,457
(14,246)
822,211
372,720
836,457
(14,246)
822,211
372,720
9,023,639
1,237,689
10,261,328
9,888,608
9,860,096
1,223,443
11,083,539
10,261,328

The notes on pages 19 to 38 form part of these financial statements.

Page 18

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee) REGISTERED NUMBER 04443910

BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note
Tangible assets
11
Investment property
12
Total tangible assets
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS: amounts falling due within
one year
15
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
16
Unrestricted funds
16
TOTAL FUNDS		 2024
2023
£
£
£

1,045,902
1,090,981
550,000
550,000
1,595,902
1,640,981
6,799,675
5,892,070
8,395,577
7,533,051
777,675
419,083
2,720,551
2,873,825
3,498,226
3,292,908
(810,264)
(564,631)
2,687,962
2,728,277
11,083,539
10,261,328
1,223,443
1,237,689
9,860,096
9,023,639
11,083,539
10,261,328		 2024
2023
£
£
£

1,045,902
1,090,981
550,000
550,000
1,595,902
1,640,981
6,799,675
5,892,070
8,395,577
7,533,051
777,675
419,083
2,720,551
2,873,825
3,498,226
3,292,908
(810,264)
(564,631)
2,687,962
2,728,277
11,083,539
10,261,328
1,223,443
1,237,689
9,860,096
9,023,639
11,083,539
10,261,328		 2024
2023
£
£
£

1,045,902
1,090,981
550,000
550,000
1,595,902
1,640,981
6,799,675
5,892,070
8,395,577
7,533,051
777,675
419,083
2,720,551
2,873,825
3,498,226
3,292,908
(810,264)
(564,631)
2,687,962
2,728,277
11,083,539
10,261,328
1,223,443
1,237,689
9,860,096
9,023,639
11,083,539
10,261,328
10,261,328
1,237,689
9,023,639
10,261,328		 1,237,689
9,023,639

Page 19

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

BALANCE SHEET (continued) AS AT 30 SEPTEMBER 2024

The company's financial statements (pages 22 to 40) 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: 15 May 2025

The notes on pages 19 to 38 form part of these financial statements.

Page 20

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Note
Cash flows from operating activities
Net (outflow)/inflow provided by operating activities
18
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 provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
19		 2024
2023
£
£
(33,119)350,491
126,303
117,264
(1,073)
(57,989)
849,893 373,019
(1,095,278)
(275,850)
(120,155)
156,444
(153,274)
506,934
2,873,825
2,366,890
2,720,551
2,873,825

The notes on pages 19 to 38 form part of these financial statements.

Page 21

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES

1.1 General information

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. 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 22

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

Page 23

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

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.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

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:

Freehold property (exc. land) - 2% straight line Property improvements - 20 years straight line Computer and other equipment - 25% straight line

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.

Page 24

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

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.

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.

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.

Page 25

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

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.

2. INCOME FROM DONATIONS

Voluntary income: subscriptions
Sundry income
Antibiotic Guardian
Grant income
Total donations and legacies
Total 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
7,455
- 7,455
7,124
1,738
-
1,738
35,872
-
-
-
9,745
-
112,156
112,156
178,980
9,193 112,156
121,349
231,721
42,996
188,725
231,721

3. INCOME FROM CHARITABLE ACTIVITIES

Education
Communications
Research
Total 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
656,053
60,033
716,086
810,217
1,438,893
-
1,438,893
1,292,109
68,041
120,000
188,041
253,307
2,162,987
180,033
2,343,020
2,355,633
2,103,245
252,388
2,355,633

Page 26

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

EDUCATION
Massive Open Online Courses
OPAT
Spring Meeting
Winter Meeting: Infection 2024
E Bug Website and activities
Other meetings/workshops
E Learning
Project funding
Total
COMMUNICATION
Income arising from the society journal and supplements
Total
RESEARCH
UK Antimicrobial Registry
Research implementation partnerships
Total		 2024
£
-
58,339
127,893
125,903
48,220
179,854
164,064
11,813
716,086		 2023
£
10,888
29,712
121,628
138,062
12,338
175,139
317,397
5,050
810,214
2024
£
1,438,893
1,438,893		 2023
£
1,292,109
1,292,109
2024
£
120,000
68,041
188,041		 2023
£
235,000
18,307
253,307

Page 27

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. INVESTMENT INCOME

Option to Purchase
Rental income
Listed investments
Bank interest and other investments
Total 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£

18,510
-
18,510
-
-
-
-
8,593

126,303
- 126,303
117,264
14,658
- 14,658
11,310
159,471
-
159,471
137,168
137,168
-
137,168

Page 28

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. DIRECT COSTS

Delinkage Project
Conferences and events
Antimicrobial Susceptibility Testing
Resistance Surveillance Legacy
Journals- editorial fees
Journals - direct publishing
Research grants
NHSE Consultancy
UK Antimicrobial Registry
Staff training
Miscellaneous
Other indirect costs
Wages and salaries
National insurance
Pension costs
E Learning development
NORS
Drug stability
Wounds That Won`t Heal
Irrecoverable VAT
Public professional and political
Engagement
GAMSAS
Total 2023		 Education
Communica
tions
Research
Total
2024
Total
2023
£
£
£
£
£
1,277
-
-
1,277
-

528,893 -
-
528,893
422,916

- -
20,169
20,169
20,733
- -
3,354
3,354
29,630
-
150,876
-
150,876
243,127
- 263,352
-
263,352
247,385
- - 19,977
19,977
263,288
2,400
-
-
2,400
-
229,834
-
-
229,834
141,567
1,509
-
-
1,509
1,391
223
-
-
223
2,316
77,197
77,197
77,197
231,591
307,133
132,783
132,782
132,783
398,348
402,023
14,215
14,215 14,215
42,645
39,151
54,340
54,341
54,340
163,021
149,157
70,048
-
-
70,048
90,746
- -
-
-
1,431
3,497
-
-
3,497
20,915
134,000
-
-
134,000
-
5,268
-
-
5,268 23,611
-
39,120
-
39,120
32,435
49,313
-
-
49,313
22,447
1,304,797
731,883
322,035
2,358,715
2,461,402
1,026,496
822,102
612,804
2,461,402

Other direct allocated costs

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

Wages, national insurance, and pension costs

Staffing costs are split equally across the three charitable objective headings of research, communication and education.

Page 29

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

EDUCATION - MEETINGS

Spring meeting
Winter meeting
Antibiotic Resistance and Mechanisms Workshop
Mould the Musical underwrite
ECCMID
UNGA High Level Meeting
OPAT Conference and workshops
International AMS Projects
Antimicrobial Chemotherapy Conference
Gram Negative Conference
Infection Clinical Dilemmas
EBRD Project
Webinars
Masterclass
UTI Conference
National Action Plan Workshops
Blood Culture Pathway Project
Total
RESEARCH GRANTS
Covid-19
Stop Superbugs		 2024
£
2023
£
117,168
118,993
103,570
92,369
24,992
-
-
392
54,182 33,060
3,775
-
83,917
56,437
27,522
19,348
9,970
6,863
12,323
10,216
- 36,711
29,954
-
58,909
25,349
2,611
-
-
18,594
-
2,084
-
2,500
528,893
422,916
2024
£
2023
£
15,477
263,288
4,500
-
19,977263,288

6. GOVERNANCE COSTS

Auditor's remuneration
Auditor's non audit costs
Travel		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
24,628
-
24,628
51,209
10,576
-
10,576
11,791
5,051
-
5,051
6,483
40,255
-
40,255
69,483

Page 30

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Expenditure on investment management
Costs of raising funds
Education
Communications
Research
Charitable activities
Expenditure on governance
Total 2023
8.
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		 Other costs
2024
£
25,450		 Other costs
2024
£
25,450		 Total
Total
2024
£
2023
£
25,450
24,213
25,450
 25,450
24,213
1,304,797
731,883
322,035		 1,304,797
1,026,496
731,883
822,102
322,035
612,804
2,358,715 2,358,715
2,461,402
40,255 40,255
69,483
2,424,420 2,424,420
2,555,098
2,555,098 2,555,098
2024
2023
£
£
46,152 45,415
24,628
51,209
10,576
11,791

During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL).

Page 31

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. STAFF COSTS

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

2024 2023

The number of higher paid employees was:
No.
No.
Employees 8 8
2024 2023
No. No.
In the band £60,001 - £70,000 0 0
In the band £70,001 - £80,000 1
In the band £80,001 - £90,000 1 1
In the band £100,001 - £110,000 0 1

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 2 key management personnel for their services to the charity was £191,912 (2023 - £110,450 for 1 person).

Total staff costs for the year amounted to £604,014 (2023 - £590,331) including Employers National Insurance of £42,645 (2023 - £39,151) and Employers pension contributions of £163,021 (2023 - £149,157).

10. GRANT COMMITMENTS

At 30 September 2024 the total of the Charity's future grants payable were as follows:

Grant commitments 2024
2023
£
£
345,330
320,867

Page 32

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. TANGIBLE FIXED ASSETS

Cost
At 1.10.2023
Additions
At 30 September 2024
Depreciation
At 1.10.2023
Charge
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Freehold
Computer and Other
Property
Equipment
Total
£
£
£
1,390,404
202,016
1,592,420
-
1,073
1,073
1,390,404
203,089
1,593,493
303,495
197,944
501,439
43,414
2,738
46,152
346,909
200,682
547,591
1,043,495
2,407
1,045,902
1,086,909
4,072
1,090,981

12. INVESTMENT PROPERTY

Valuation
At 1 October 2023 and 30 September 2024
£
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 Management Limited, who is a chartered surveyor and an RCIS Registered Valuer. The trustees consider this to be an accurate reflection of the property value as at the balance sheet date.

During the year ended 30 September 2021, the society agreed to grant a purchase option on the property to a third party developer for a value of £830,838 (exclusive of VAT).

Page 33

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. FIXED ASSET INVESTMENTS

Market value
At 1 October 2023
Additions
Disposals
Revaluations
At 30 September 2024		 Listed
securities
£
5,892,070
1,095,278
(849,893)
662,220
6,799,675

Quoted investments

Fixed interest securities UK
Fixed interest securities overseas
Equities UK
Equities overseas
Alternatives
Total
DEBTORS
Trade debtors
Prepayments and accrued income
Short term loan		 Cost
£
2024 Market
value
£
Cost
£
2023 Market
value
£

1,312,952 1,327,049
1,019,958
982,260

124,524
131,440
-
-
1,297,867
1,930,816
1,280,870
1,784,764
1,704,208
2,748,911
1,405,183
2,442,190

467,399 661,459
552,659
682,857
4,906,950
6,799,675
4,258,670
5,892,071		 Cost
£
2024 Market
value
£
Cost
£
2023 Market
value
£

1,312,952 1,327,049
1,019,958
982,260

124,524
131,440
-
-
1,297,867
1,930,816
1,280,870
1,784,764
1,704,208
2,748,911
1,405,183
2,442,190

467,399 661,459
552,659
682,857
4,906,950
6,799,675
4,258,670
5,892,071
2024
2023
£
£
591,024
361,047
86,651
58,036
100,000
-
777,675
419,083

14. DEBTORS

Included within debtors is a short- term loan to Charades Theatre Company of £100,000 at an interest rate of 0%. This is in respect of support for the project Lifelines-The Musical. The loan was repaid in full by 28[th] February 2025.

Page 34

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. CREDITORS: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 October 2023
Resources deferred during the year
Amounts released from previous years
Deferred income at 30 September 2024		 2024
2023
£
£
124,788
10,394
346,751
315,274
338,725
238,963		 2024
2023
£
£
124,788
10,394
346,751
315,274
338,725
238,963
810,264
564,631
£
146,243
185,334
(146,243)
185,334

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

Page 35

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Unrestricted funds
General funds
Restricted funds
Delinkage Project
EBRD Project
Donations re. Covid-19
Sponsor of Webinar
Educational grant
University of Aberdeen
(UKAR)
Drug stability
E-bug
Stop Superbugs
Grants GAMSAS Project
Grants Income Abu Dhabi
Quality Improvement
Blood Culture Pathway
Project
Total of funds		 Balance at
1 October
2023
Income Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at
30
September
2024
£
£
£
£
£
9,023,639 2,331,651
2,091,844
(26,141)
622,791
9,860,096

-
10,000
-
-
-
10,000
- 8,313
29,954
21,641
-
-
232,354
-
15,477
-
-
216,877
125,453
-
-
-
- 125,453
79,026
-
-
-
- 79,026
564,663
120,000
229,834
-
-
454,829
90,639
-
3,498
-
-
87,141
26,838 48,220
-
-
-
75,058
-
-
4,500
4,500
-
-
97,952 93,050
49,313
-
141,689

18,214 9,106
-
-
-
27,320
2,550 3,500
-
-
-
6,050
1,237,689
292,189
332,576
26,141
-
1,223,443
10,261,328
2,623,840
2,424,420
-
622,791
11,083,539

Page 36

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

STATEMENT OF FUNDS - PRIOR YEAR

General Funds - all funds
Restricted funds
Resistance surveillance
Donations re. Covid-19
Sponsor of Webinar
Educational grant
University of Aberdeen
(UKAR)
Drug stability
E Bug Website
Antibiotic Guardian
Grants GAMSAS Project
Grants Income Abu Dhabi
Quality Improvement
BCP Project Funding
Total of Funds		 Balance at
1 October
2022
£

8,641,250		 Balance at
1 October
2022
£

8,641,250		 Income
Expenditure
Transfers
in/out
Gains/
(Losses)
£
£
£
£
2,283,409
2,104,381
65
203,296		 Income
Expenditure
Transfers
in/out
Gains/
(Losses)
£
£
£
£
2,283,409
2,104,381
65
203,296		 Income
Expenditure
Transfers
in/out
Gains/
(Losses)
£
£
£
£
2,283,409
2,104,381
65
203,296		 Balance at
30
September
2023
£
9,023,639
11,938
432,828
125,453
79,026
471,230
111,554
14,500
829
-
-
-
1,247,358		 -
62,814
-
-
235,000
-
12,338
9,745
97,952
18,214
5,050
441,113		 -
(11,938)
263,288
-
-
-
-
-
141,567
-
20,915
-
-
-
22,447
11,873
-
-
-
-
2,500
-
450,717
(65)		 -
-
-
-
-
-
-
-
-		 -
232,354
125,453
79,026
564,663
90,639
26,838
-
97,952
18,214
2,550
1,237,689
9,888,608 2,724,522 2,555,098
-		 203,296 10,261,328

SUMMARY OF FUNDS - CURRENT YEAR

General funds
Restricted funds		 Balance at
1 October
2023
Income Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at
30
September
2024
£
£
£
£
£
9,023,639
2,331,651
2,091,844
(26,141)
622,791
9,860,096
1,237,689 292,189
332,576
26,141
- 1,223,443
10,261,328
2,623,840
2,424,420
-
622,791
11,083,539

Page 37

(A company limited by guarantee)

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

SUMMARY OF FUNDS - PRIOR YEAR

General funds
Restricted funds		 Balance at
1 October
2022
(As restated)
Income Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at
30
September
2023
£
£
£
£
£
£
8,641,250
2,283,409
2,104,381
65
203,296
9,023,639
1,247,358
441,113
450,717
(65)
-
1,237,689
9,888,608
2,724,522
2,555,098
-
203,2961,0261,328

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Total
funds
2024
£
2024
£
2024
£
1,045,902
-
1,045,902
6,799,675
- 6,799,675
550,000
- 550,000
2,274,783
1,223,443 3,498,226
(810,264)
-(810,264)
9,860,096 1,223,443
11,083,539

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Total
funds
2023
£
2023
£
2023
£
1,090,981
-
1,090,981
5,892,070
-
5,892,070
550,000
-
550,000
2,055,219
1,237,689
3,292,908
(564,631)
-
(564,631)
9,023,639
1,237,689
10,261,328

Page 38

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. 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
Losses/(Gains) on investments
Dividends, interest and rents from investments
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operating activities
19.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Money Held by Investment Manager
Total		 2024
2023
822,211
372,720
46,152
45,415
(662,220)
(284,633)
(126,303)
(117,264)
(358,592)
321,461
245,633
12,792
(33,119)
350,491
2024
2023
£
£
2,655,570
2,532,490
64,981
341,335
2,720,551
2,873,825

20. 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 £163,021 (2023 - £149,147).

21. OPERATING LEASE COMMITMENTS

At 30 September 2024 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		 2024
2023
10,485
13,981
-
10,485
10,485
24,466

Page 39

BRITISH SOCIETY FOR ANTIMICROBIAL CHEMOTHERAPY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. RELATED PARTY TRANSACTIONS

12 Trustees of the charitable company received £16,468 (2023 - 9 Trustees - £7,750) in relation to reimbursed expenses for travel and subsistence incurred as part of their role as trustees. In total, the charitable company paid £5,498 (2023 - £9,686) to third parties for travel and subsistence of trustees for expenses incurred as part of their role as Trustee and for speaking at conferences, events and otherwise representing BSAC.

Page 40